Document:

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                                                                     EXHIBIT 4.1

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

                              AMENDED AND RESTATED
                                 TRUST AGREEMENT

                                     BETWEEN

                             BAS SECURITIZATION LLC,
                                AS THE DEPOSITOR

                                       AND

                            WILMINGTON TRUST COMPANY,
                              AS THE OWNER TRUSTEE

                            DATED AS OF JULY 7, 2005

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                                TABLE OF CONTENTS

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                                                                           PAGE

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ARTICLE I     DEFINITIONS....................................................1

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

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

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

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

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

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

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

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

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

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

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

  SECTION 2.9.   Representations and Warranties of the Seller................4

  SECTION 2.10.  Situs of Issuer.............................................5

ARTICLE III   RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES.................5

  SECTION 3.1.   Initial Ownership...........................................5

  SECTION 3.2.   Authorization of the Certificates...........................5

  SECTION 3.3.   Form of the Certificate.....................................5

  SECTION 3.4.   Registration of the Certificates............................5

  SECTION 3.5.   Transfer of the Certificate.................................5

  SECTION 3.6.   Lost, Stolen, Mutilated or Destroyed Certificates...........7

ARTICLE IV    ACTIONS BY OWNER TRUSTEE.......................................8

  SECTION 4.1.   Prior Notice to Residual Interestholder with Respect
                 to Certain Matters .........................................8

  SECTION 4.2.   Action by Residual Interestholder with Respect to
                 Certain Matters ............................................8

  SECTION 4.3.   Action by Residual Interestholder with Respect
                 to Bankruptcy ..............................................8

  SECTION 4.4.   Restrictions on Residual Interestholder's Power.............8

  SECTION 4.5.   Majority Control............................................9
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                                TABLE OF CONTENTS
                                  (continued)

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ARTICLE V     APPLICATION OF TRUST FUNDS; CERTAIN DUTIES......................9

  SECTION 5.1.   Application of Trust Funds...................................9

  SECTION 5.2.   Method of Payment............................................9

  SECTION 5.3.   Sarbanes-Oxley Act...........................................9

  SECTION 5.4.   Accounting and Reports to Residual Interestholders,
                 the Internal Revenue Service and Others......................9

ARTICLE VI    AUTHORITY AND DUTIES OF OWNER TRUSTEE..........................10

  SECTION 6.1.   General Authority...........................................10

  SECTION 6.2.   General Duties..............................................10

  SECTION 6.3.   Action upon Instruction.....................................10

  SECTION 6.4.   No Duties Except as Specified in this Agreement or
                 in Instructions.............................................11

  SECTION 6.5.   No Action Except under Specified Documents or
                 Instructions................................................11

  SECTION 6.6.   Restrictions................................................11

  SECTION 6.7.   Administrative Duties.......................................12

ARTICLE VII   CONCERNING OWNER TRUSTEE.......................................17

  SECTION 7.1.   Acceptance of Trusts and Duties.............................17

  SECTION 7.2.   Furnishing of Documents.....................................19

  SECTION 7.3.   Representations and Warranties..............................19

  SECTION 7.4.   Reliance; Advice of Counsel.................................20

  SECTION 7.5.   Not Acting in Individual Capacity...........................20

  SECTION 7.6.   The Owner Trustee May Own Notes.............................21

ARTICLE VIII  COMPENSATION OF OWNER TRUSTEE..................................21

  SECTION 8.1.   Owner Trustee's Fees and Expenses...........................21

  SECTION 8.2.   Indemnification.............................................21

  SECTION 8.3.   Payments to the Owner Trustee...............................21

ARTICLE IX    TERMINATION OF TRUST AGREEMENT.................................22

  SECTION 9.1.   Termination of Trust Agreement..............................22

  SECTION 9.2.   Dissolution of the Issuer...................................22

  SECTION 9.3.   Limitations on Termination..................................22
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                                TABLE OF CONTENTS
                                  (continued)

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ARTICLE X     SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES........22

  SECTION 10.1.  Eligibility Requirements for the Owner Trustee.............22

  SECTION 10.2.  Resignation or Removal of the Owner Trustee................23

  SECTION 10.3.  Successor Owner Trustee....................................23

  SECTION 10.4.  Merger or Consolidation of the Owner Trustee...............24

  SECTION 10.5.  Appointment of Co-Trustee or Separate Trustee..............24

ARTICLE XI    MISCELLANEOUS.................................................25

  SECTION 11.1.  Amendments.................................................25

  SECTION 11.2.  No Legal Title to Trust Estate in Residual
                 Interestholder.............................................27

  SECTION 11.3.  Limitations on Rights of Others............................27

  SECTION 11.4.  Notices....................................................27

  SECTION 11.5.  Severability...............................................27

  SECTION 11.6.  Separate Counterparts......................................27

  SECTION 11.7.  Successors and Assigns.....................................27

  SECTION 11.8.  No Petition................................................28

  SECTION 11.9.  Information Request........................................29

  SECTION 11.10. Headings...................................................29

  SECTION 11.11. GOVERNING LAW..............................................29

EXHIBIT A   FORM OF CERTIFICATE
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         This AMENDED AND RESTATED TRUST AGREEMENT is made as of July 7, 2005
(as from time to time amended, supplemented or otherwise modified and in effect,
this "Agreement") between BAS SECURITIZATION LLC, a Delaware limited liability
company, as the depositor (the "Seller"), and WILMINGTON TRUST COMPANY, a
Delaware banking corporation, as the owner trustee (the "Owner Trustee").

                                    RECITALS

         WHEREAS, the Seller and the Owner Trustee entered into that certain
Trust Agreement dated as of May 18, 2005 (the "Original Trust Agreement"),
pursuant to which the Issuer (as defined below) was created; and

         WHEREAS, in connection with the issuance of the Notes, the parties have
agreed to amend and restate the Original Trust Agreement;

         NOW THEREFORE, IN CONSIDERATION of the mutual agreements herein
contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         SECTION 1.1. Capitalized Terms. Unless otherwise indicated, capitalized
terms used in this Agreement are defined in Appendix A to the Sale Agreement
dated as of the date hereof (as from time to time amended, supplemented or
otherwise modified and in effect, the "Sale Agreement") between the Issuer and
the Seller, as the same may be amended, modified or supplemented from time to
time.

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

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                                   ARTICLE II

                                  ORGANIZATION

         SECTION 2.1. Name. The trust created under the Original Trust Agreement
shall be known as "Banc of America Securities Auto Trust 2005-WF1" (the
"Issuer"), in which name the Owner Trustee may conduct the business of such
trust, make and execute contracts and other instruments on behalf of such trust
and sue and be sued.

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

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

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

                  (b) to issue the Revolving Liquidity Note pursuant to the
         Revolving Liquidity Note Agreement;

                  (c) to acquire the property and assets set forth in the Sale
         Agreement from the Seller pursuant to the terms thereof, to make
         deposits to and withdrawals from the Collection Account, the Principal
         Distribution Account and the Reserve Account and to pay the
         organizational, start-up and transactional expenses of the Issuer;

                  (d) to assign, grant, transfer, pledge, mortgage and convey
         the Trust Estate pursuant to the Indenture and to hold, manage and
         distribute to the Residual Interestholder any portion of the Trust
         Estate released from the lien of, and remitted to the Issuer pursuant
         to, the Indenture;

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

                  (f) 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

                  (g) subject to compliance with the Transaction Documents, to
         engage in such other activities as may be required in connection with
         conservation of the Trust Estate and the making of distributions to the
         Residual Interestholder and the Noteholders.

The Owner Trustee is hereby authorized to engage in the foregoing activities on
behalf of the Issuer. Neither the Issuer nor the Owner Trustee on behalf of the
Issuer shall engage in any

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

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

         SECTION 2.5. Initial Capital Contribution of Trust Estate. As of the
date of the Original Trust Agreement, the Seller sold, assigned, transferred,
conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee
hereby acknowledges receipt in trust from the Seller, as of such date, of the
foregoing contribution, which shall constitute the initial Trust Estate and
shall be deposited in the Collection Account.

         SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions
set forth herein for the use and benefit of the Residual Interestholder, subject
to the obligations of the Issuer under the Transaction Documents. It is the
intention of the parties hereto that the Issuer constitute a statutory trust
under the Statutory Trust Act and that this Agreement constitute the governing
instrument of such statutory trust. It is the intention of the parties hereto
that, solely for federal, state and local income and franchise tax purposes: (1)
if there is one beneficial owner of the Certificates, the Issuer shall be
treated as a disregarded entity, and (2) if there is more than one beneficial
owner of the Certificates, the Issuer shall be treated as a partnership for
income and franchise tax purposes, 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 the Notes and the Revolving Liquidity Note
being debt of the partnership. The parties agree that, unless otherwise required
by appropriate tax authorities, the Issuer will not file or cause to be filed
annual or other necessary returns, reports and other forms consistent with the
characterization of the Issuer as an entity separate from its owner. In the
event that the Issuer is deemed to have more than one beneficial owner for
federal income tax purposes, the Issuer will file returns, reports and other
forms consistent with the characterization of the Issuer as a partnership, and
this Agreement shall be amended to include such provisions as may be required
under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective
as of the date hereof, the Owner Trustee shall have all rights, powers and
duties set forth herein and in the Statutory Trust Act with respect to
accomplishing the purposes of the Issuer. The Owner Trustee filed the
Certificate of Trust with the Secretary of State of the State of Delaware as
required by Section 3810(a) of the Statutory Trust Act. Notwithstanding anything
herein or in the Statutory Trust Act to the contrary, it is the intention of the
parties hereto that the Issuer constitute a "business trust" within the meaning
of Section 101(9)(A)(v) of the Bankruptcy Code.

         SECTION 2.7. Organizational Expenses; Liabilities of the Holders.

                  (a) The Seller shall pay organizational expenses of the Issuer
         as they may arise, including, without limitation, the commitment fee to
         the initial Holder of the Revolving Liquidity Note required to be paid
         pursuant to Section 4.1 of the Revolving Liquidity Note Agreement.

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                  (b) No Residual Interestholder (including the Seller, if the
         Seller is or becomes a Residual Interestholder) shall have any personal
         liability for any liability or obligation of the Issuer.

         SECTION 2.8. Title to the Trust Estate. Legal title to all the Trust
Estate shall be vested at all times in the Issuer as a separate legal entity.

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

                  (a) Existence and Power. The Seller is a Delaware limited
         liability company validly existing and in good standing under the laws
         of the State of Delaware and has, in all material respects, full power
         and authority to own its assets and operate its business as presently
         owned or operated, and to execute, deliver and perform its obligations
         under the Transaction Documents to which it is a party. The Seller has
         obtained all necessary licenses and approvals in all jurisdictions
         where the failure to do so would materially and adversely affect the
         ability of the Seller to perform its obligations under the Transaction
         Documents and the Underwriting Agreement.

                  (b) Authorization and No Contravention. The execution,
         delivery and performance by the Seller of each Transaction Document and
         the Underwriting Agreement to which it is a party (i) have been duly
         authorized by all necessary action on the part of the Seller and (ii)
         do not violate or constitute a default under (A) any applicable law,
         rule or regulation, (B) its organizational instruments or (C) any
         material indenture or material agreement or instrument to which the
         Seller is a party or by which its properties are bound (other than
         violations of such laws, rules, regulations, indenture or agreements
         which do not affect the legality, validity or enforceability of any of
         such agreements and which, individually or in the aggregate, would not
         materially and adversely affect the transactions contemplated by, or
         the Seller's ability to perform its obligations under, the Transaction
         Documents to which it is a party).

                  (c) No Consent Required. No approval, authorization or other
         action by, or filing with, any Governmental Authority is required in
         connection with the execution, delivery and performance by the Seller
         of any Transaction Document other than UCC filings and other than (i)
         approvals and authorizations that have previously been obtained and
         filings which have previously been made and (ii) approvals,
         authorizations or filings which, if not obtained or made, would not
         have a material adverse effect on the ability of the Seller to perform
         its obligations under the Underwriting Agreement or the Transaction
         Documents to which it is a party.

                  (d) Binding Effect. Each of the Transaction Document to which
         the Seller is a party and the Underwriting Agreement constitutes the
         legal, valid and binding obligation of the Seller enforceable against
         the Seller in accordance with its terms, except as such enforceability
         may be limited by applicable bankruptcy, insolvency, reorganization,
         moratorium, receivership, conservatorship or other similar laws
         affecting creditors' rights generally and, if applicable the rights of
         creditors of limited liability companies from time to time in effect or
         by general principles of equity or other similar laws of general

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         application relating to or affecting the enforcement of creditors'
         rights generally and subject to general principles of equity.

                  (e) No Proceedings. There are no actions, orders, suits or
         proceedings pending or, to the knowledge of the Seller, threatened
         against the Seller before or by any Governmental Authority that (i)
         assert the invalidity or unenforceability of this Agreement or any of
         the other Transaction Documents, (ii) seek to prevent the issuance of
         the Notes or the consummation of any of the transactions contemplated
         by this Agreement or any of the other Transaction Documents or (iii)
         seek any determination or ruling that would materially and adversely
         affect the performance by the Seller of its obligations under this
         Agreement or any of the other Transaction Documents.

         SECTION 2.10. Situs of Issuer. The Issuer shall be located and
administered in the State of Delaware. All bank accounts maintained by the Owner
Trustee on behalf of the Issuer shall be located in the State of Delaware or the
State of New York. The Issuer shall not have any employees in any state;
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 Delaware or New York and payments will be
made by the Issuer only from Delaware or New York.

                                   ARTICLE III

                 RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES

         SECTION 3.1. Initial Ownership. Upon the formation of the Issuer by the
contribution of the Seller pursuant to Section 2.5 and until the issuance of the
Certificates, the Seller is the sole beneficiary of the Issuer.

         SECTION 3.2. Authorization of the Certificates. On the Closing Date,
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 Seller,
signed by its chairman of the board, its president, its chief financial officer,
its chief accounting officer, any vice president, its secretary, any assistant
secretary, its treasurer or any assistant treasurer, without further corporate
action by the Seller. The Certificates shall represent 100% of the beneficial
interest in the Issuer and shall, to the fullest extent permitted by applicable
law, be fully paid and nonassessable.

         SECTION 3.3. Form of the Certificate. Each Certificate, upon issuance,
will be issued in the form of a typewritten Certificate, substantially in the
form of Exhibit A hereto, representing a definitive Certificate and shall be
registered in the name of "Blue Ridge Investments, LLC" or its nominee as the
initial registered owner thereof.

         SECTION 3.4. Registration of the Certificates. The Owner Trustee shall
maintain at its office referred to in Section 2.2, or at the office of any agent
appointed by it and approved in writing by the Residual Interestholder at the
time of such appointment, a register for the registration and transfer of any
Certificate.

         SECTION 3.5. Transfer of the Certificate. (a) The Certificateholder may
assign, convey or otherwise transfer all or any of its right, title and interest
in the Certificate; provided,

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that (i) the Rating Agency Condition is satisfied, (ii) the Owner Trustee and
the Issuer receive an Opinion of Counsel stating that, in the opinion of such
counsel, such transfer will not cause the Issuer to be treated as a publicly
traded partnership for federal income tax purposes, and (iii) the Certificate
may not be acquired by or for the account of or with the assets of (a) an
employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to
the provision of Title I of ERISA, (b) a plan described in Section 4975(e)(1) of
the Code or (c) any entity whose underlying assets include plan assets by reason
of an employee benefit plan's or other plan's investment in the entity. Subject
to the transfer restrictions contained herein and in the Certificate, the
Certificateholder may transfer all or any portion of the beneficial interest in
the Issuer evidenced by such Certificate upon surrender thereof to the Owner
Trustee accompanied by the documents required by this Section. Such transfer may
be made by the registered Certificateholder in person or by his attorney duly
authorized in writing upon surrender of the Certificate to the Owner Trustee
accompanied by a written instrument of transfer and with such signature
guarantees and evidence of authority of the Persons signing the instrument of
transfer as the Owner Trustee may reasonably require. Promptly upon the receipt
of such documents and receipt by the Owner Trustee of the transferor's
Certificate, the Owner Trustee shall record the name of such transferee as a
Certificateholder and its percentage of beneficial interest in the Issuer in the
Certificate register and issue, execute and deliver to such Certificateholder a
Certificate evidencing such beneficial interest in the Issuer. In the event a
transferor transfers only a portion of its beneficial interest in the Issuer,
the Owner Trustee shall register and issue, to such transferor a new Certificate
evidencing such transferor's new percentage of beneficial interest in the
issuer. Subsequent to a transfer and upon the issuance of the new Certificate or
Certificates, the Owner Trustee shall cancel and destroy the Certificate
surrendered to it in connection with such transfer. The Owner Trustee may treat
the Person in whose name any Certificate is registered as the sole owner of the
beneficial interest in the Issuer evidenced by such Certificate.

                  (b) As a condition precedent to any registration of transfer
         under this Section 3.5, the Owner Trustee may require the payment of a
         sum sufficient to cover the payment of any tax or taxes or other
         governmental charges required to be paid in connection with such
         transfer.

                  (c) The Owner Trustee shall not be obligated to register any
         transfer of a Certificate unless each of the transferor and the
         transferee have certified to the Owner Trustee that such transfer does
         not violate any of the transfer restrictions stated herein. The Owner
         Trustee shall not be liable to any Person for registering any transfer
         based on such certifications.

                  (d) Notwithstanding anything to the contrary in this
         Agreement, no transfer (or purported transfer) of any Certificate (or
         any economic interest therein, including any contract described in
         Treasury Regulation Section 1.7704-1(a)(2)(i)(B)) shall be effective,
         and any such transfer (or purported transfer) shall be void ab initio,
         if after such transfer (or purported transfer) there would be more than
         50 Certificateholders (where, for purposes of determining the number of
         Certificateholders, a person (beneficial owner) owning an interest in a
         partnership, grantor trust, or S corporation ("flow-through entity"),
         that owns, directly or through other flow-through entities, an interest
         in the Issuer, is treated as a Certificateholder if more than 50
         percent of the value of such

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         beneficial owner's interest in the flow-through entity is attributable
         to the flow-through entity's interest (direct or indirect) in the
         Issuer) or such transfer would otherwise cause the Issuer to become a
         publicly traded partnership for U.S. federal income tax purposes;

                  (e) No transfer (or purported transfer) of a Certificate (or
         economic interest therein), whether to another Certificateholder or to
         a person who is not a Certificateholder, shall be effective, and any
         such transfer (or purported transfer) shall be void ab initio, and no
         person shall otherwise become a Certificateholder, and none of the
         Issuer, the Owner Trustee or any of the Certificateholders will
         recognize such transfer (or purported transfer), unless the transferee
         has first represented and warranted in writing to the Issuer and the
         Certificateholders that:

                           (i) it is acquiring the Certificates for its own
                  account and is the sole beneficial owner of such Certificates;

                           (ii) the transfer is not being effected on or through
                  (x) an "established securities market" within the meaning of
                  Section 7704(a)(1) of the Code, including without limitation,
                  an over-the-counter market or an interdealer quotation system
                  that regularly disseminates firm buy or sell quotations or (y)
                  a "secondary market" or "substantial equivalent thereof"
                  within the meaning of Section 7704(a)(2) of the Code and any
                  proposed, temporary or final Treasury regulations thereunder;
                  and

                           (iii) such transfer will not cause the Issuer to be
                  classified as a publicly traded partnership for U.S. federal
                  income tax purposes, and such purchaser or transferee will not
                  take any action, including any subsequent disposition of such
                  Certificates or economic interest therein, that would cause
                  the Issuer to be treated as a publicly traded partnership for
                  U.S. federal income tax purposes.

         SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates. If (i)
any mutilated Certificate is surrendered to the Owner Trustee, or (ii) the Owner
Trustee receives evidence to its satisfaction that any Certificate has been
destroyed, lost or stolen, and upon proof of ownership satisfactory to the Owner
Trustee together with such security or indemnity as may be requested by the
Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a
new Certificate for the same percentage of beneficial interest in the Issuer as
the Certificate so mutilated, destroyed, lost or stolen, of like tenor and
bearing a different issue number, with such notations, if any, as the Owner
Trustee shall determine. Upon the issuance of any new Certificate under this
Section 3.6, the Issuer or Owner Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any transfer or exchange of the Certificate and any other
reasonable expenses (including the reasonable fees and expenses of the Issuer
and the Owner Trustee) connected therewith. Any duplicate Certificate issued
pursuant to this Section 3.6 shall constitute complete and indefeasible 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.

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                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

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

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

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

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

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

         SECTION 4.2. Action by Residual Interestholder with Respect to Certain
Matters. The Owner Trustee shall not have the power, except upon the direction
of the Residual Interestholder, except as expressly provided in the Transaction
Documents, to sell the Collateral after the termination of the Indenture in
accordance with its terms. The Owner Trustee shall take the action referred to
in the preceding sentence only upon written instructions signed by the Residual
Interestholder.

         SECTION 4.3. Action by Residual Interestholder with Respect to
Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary
proceeding in bankruptcy relating to the Issuer until one year and one day after
the Outstanding Amount of all the Notes has been reduced to zero, and without
the prior written approval of the Residual Interestholder and the delivery to
the Owner Trustee by the Residual Interestholder of a certificate certifying
that the Residual Interestholder reasonably believes that the Issuer is
insolvent.

         SECTION 4.4. Restrictions on Residual Interestholder's Power. The
Residual Interestholder 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
Transaction Documents or would be contrary to Section 2.3, nor shall the Owner
Trustee be obligated to follow any such direction, if given.

                                       8
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         SECTION 4.5. Majority Control. To the extent that there is more than
one Residual Interestholder, any action which may be taken or consent or
instructions which may be given by the Residual Interestholder under this
Agreement may be taken by Residual Interestholders holding in the aggregate a
percentage of the beneficial interest in the Issuer equal to more than 50% of
the beneficial interest in the Issuer at the time of such action.

                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         SECTION 5.1. Application of Trust Funds. Distributions on the Residual
Interest shall be made in accordance with the provisions of the Indenture.
Subject to the Lien of the Indenture, the Owner Trustee shall promptly
distribute to the Residual Interestholder all other amounts (if any) received by
the Issuer or the Owner Trustee in respect of the Trust Estate. After the
termination of the Indenture in accordance with its terms, the Owner Trustee
shall distribute all amounts received (if any) by the Issuer and the Owner
Trustee in respect of the Trust Estate at the direction of the Residual
Interestholder.

         SECTION 5.2. Method of Payment. Subject to the Indenture, distributions
required to be made to the Residual Interestholder on any Payment Date and all
amounts received by the Issuer or the Owner Trustee on any other date that are
payable to the Residual Interestholder pursuant to this Agreement or any other
Transaction Document shall be made to the Residual Interestholder by wire
transfer, in immediately available funds, to the account of the Residual
Interestholder designated by the Residual Interestholder to the Owner Trustee
and Indenture Trustee in writing.

         SECTION 5.3. Sarbanes-Oxley Act. Notwithstanding anything to the
contrary herein or in any Transaction Document, the Owner Trustee shall not be
required to execute, deliver or certify in accordance with the provisions of the
Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic
reports filed pursuant to the Exchange Act, or any other documents pursuant to
the Sarbanes-Oxley Act.

         SECTION 5.4. Accounting and Reports to Residual Interestholders, the
Internal Revenue Service and Others. The Owner Trustee shall (a) maintain (or
cause to be maintained) the books of the Issuer on a calendar year basis and the
accrual method of accounting, (b) deliver (or cause to delivered) to each
Residual Interestholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1 if the
Issuer is treated as a partnership for federal income tax purposes) to enable
each Residual Interestholder to prepare its federal and state income tax
returns, (c) prepare (or cause to be prepared), file (or cause to be filed) such
tax returns relating to the Issuer (including a partnership information return,
IRS Form 1065 if the Issuer is treated as a partnership for federal income tax
purposes) and make such elections as from time to time may be required or
appropriate under any applicable state or federal statute or any rule or
regulation thereunder so as to maintain the Issuer's characterization, and (d)
cause such tax returns to be signed in the manner required by law. The Owner
Trustee 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 shall not make the election provided under Section 754 of the
Code.

                                       9
<PAGE>

                                   ARTICLE VI

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

         SECTION 6.1. General Authority. The Owner Trustee is authorized and
directed to execute and deliver (i) the Transaction Documents to which the
Issuer is named as a party and (ii) each certificate or other document attached
as an exhibit to or contemplated by the Transaction Documents to which the
Issuer or the Owner Trustee is named as a party and any amendment thereto, in
each case, in such form as the Seller shall approve, as evidenced conclusively
by the Owner Trustee's execution thereof, and at the written direction of the
Seller, to direct the Indenture Trustee to authenticate and deliver Class A-1
Notes in the aggregate principal amount of $259,000,000, Class A-2 Notes in the
aggregate principal amount of $282,000,000, Class A-3 Notes in the aggregate
principal amount of $238,000,000, Class A-4 Notes in the aggregate principal
amount of $73,160,000, Class B Notes in the aggregate principal amount of
$17,800,000 and Class C Notes in the aggregate principal amount of $20,000,000
and to issue the Revolving Liquidity Note. 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 Transaction Documents. The Owner Trustee
is further authorized from time to time to take such action as the Seller or the
Residual Interestholder recommends or directs in writing with respect to the
Transaction Documents, except to the extent that this Agreement expressly
requires the consent of the Residual Interestholder for such action.

         SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee
to discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and the other Transaction Documents and to
administer the Issuer in the interest of the Residual Interestholder, subject to
Transaction Documents, and in accordance with the provisions of this Agreement.
The Owner Trustee shall have no obligation to administer, service or collect the
Receivables or to maintain, monitor or otherwise supervise the administration,
servicing or collection of the Receivables.

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

                  (b) Subject to Section 7.1, the Owner Trustee shall not be
         required to take any action hereunder or under any Transaction Document
         if the Owner Trustee shall have reasonably determined or been advised
         by counsel that such action is likely to result in liability on the
         part of the Owner Trustee or is contrary to the terms hereof or of any
         Transaction Document or is otherwise contrary to law.

                  (c) Whenever the Owner Trustee is unable to decide between
         alternative courses of action permitted or required by the terms of
         this Agreement or any Transaction Document or is unsure as to the
         application of any provision of this Agreement or any Transaction
         Document or any such provision is ambiguous as to its application, or
         is, or appears to be, in conflict with any other applicable provision,
         or in the event that this Agreement permits any determination by the
         Owner Trustee or is silent or is incomplete

                                       10
<PAGE>

         as to the course of action that the Owner Trustee is required to take
         with respect to a particular set of facts, the Owner Trustee shall
         promptly give notice (in such form as shall be appropriate under the
         circumstances) to the Residual Interestholder requesting instruction as
         to the course of action to be adopted or application of such provision,
         and to the extent the Owner Trustee acts or refrains from acting in
         good faith in accordance with any written instruction of the Residual
         Interestholder 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 instruction within ten days of such
         notice (or within such shorter period of time as reasonably may be
         specified in such notice or may be necessary under the circumstances)
         it may, but shall be under no duty to, take or refrain from taking such
         action, not inconsistent with this Agreement or the Transaction
         Documents, as it shall deem to be in the best interests of the Residual
         Interestholder, and shall have no liability to any Person for such
         action or inaction.

         SECTION 6.4. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Issuer or the Owner Trustee is a party, except as expressly
provided by the terms of this Agreement or in any document or written
instruction received by the Owner Trustee pursuant to Section 6.3; and no
implied duties or obligations shall be read into this Agreement or any
Transaction Document against the Owner Trustee. The Owner Trustee shall have no
responsibility, other than as set forth in Section 6.7, 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 (including any filings
required under the Sarbanes-Oxley Act) for the Issuer or to record this
Agreement or any Transaction Document. Wilmington Trust Company nevertheless
agrees that it will, at its own cost and expense, promptly take all action as
may be necessary to discharge any Liens on any part of the Trust Estate that
result from actions by, or claims against, Wilmington Trust Company that are not
related to the ownership or the administration of the Trust Estate.

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

         SECTION 6.6. Restrictions. The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Issuer set forth in Section
2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner
Trustee, would (i) affect the treatment of the Notes as indebtedness for federal
income, state and local income and franchise tax purposes, (ii) be deemed to
cause a taxable exchange of the Notes for federal income or state income or
franchise tax purposes or (iii) cause the Issuer or any portion thereof to be
treated as an association or publicly traded partnership taxable as a
corporation for federal income, state and local income or franchise tax
purposes. The Residual Interestholder shall not direct the Owner Trustee to take
action that would violate the provisions of this Section.

                                       11
<PAGE>

         SECTION 6.7. Administrative Duties.

                  (a) The Owner Trustee shall prepare or shall cause the
preparation by other appropriate Persons (and such preparation shall not be the
responsibility of the Seller, the Depositor, the Indenture Trustee or the
Servicer) of all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer to prepare, file or deliver
pursuant to the Indenture with respect to the following matters under the
Indenture, the Originator Purchase Agreement, the Sale Agreement, the Servicing
Agreement and the Revolving Liquidity Note Agreement:

                           (i) (x) the appointment of a successor Note Registrar
                  and (y) giving the Indenture Trustee notice of any appointment
                  of a new Note Registrar and the location, or change in
                  location, of the Note Registrar (Section 2.4 of the
                  Indenture);

                           (ii) the delivery for cancellation of any Note
                  delivered to the Issuer for cancellation, and the direction to
                  destroy or return such Note (Section 2.8 of the Indenture);

                           (iii) the preparation of Definitive Notes in
                  accordance with the instructions of the Clearing Agency
                  (Section 2.12 of the Indenture);

                           (iv) the designation of an office in the Borough of
                  Manhattan, City of New York, for registration of transfer or
                  exchange of Notes (Section 3.2 of the Indenture);

                           (v) the preparation of an Issuer Order directing the
                  Paying Agent to deposit with the Indenture Trustee all sums
                  held in trust by such Paying Agent (Sections 3.3 and 4.3 of
                  the Indenture);

                           (vi) upon actual knowledge, the preparation of an
                  Issuer Request directing the Indenture Trustee to provide
                  notification of any unclaimed monies and repayments (Section
                  3.3 of the Indenture);

                           (vii) upon request, assist in the obtaining and
                  preservation of the Issuer's qualification to do business in
                  each jurisdiction in which such qualification is or shall be
                  necessary to protect the validity and enforceability of the
                  Indenture, the Notes, the Collateral and each other instrument
                  and agreement included in the Trust Property (Section 3.4 of
                  the Indenture);

                           (viii) upon request, the preparation of all
                  supplements and amendments to the Indenture, instruments of
                  further assurance and other instruments and the taking of such
                  other action as is necessary or advisable to protect the Trust
                  Estate, including the preparation and filing of any financing
                  statements and continuation statements (Section 3.5 of the
                  Indenture);

                           (ix) the delivery of the Opinion of Counsel on the
                  Closing Date and the annual delivery of Opinions of Counsel as
                  to the Trust Estate, and the annual

                                       12
<PAGE>

                  delivery of the Officer's Certificate and certain other
                  statements as to compliance with the Indenture (Sections 3.6
                  and 3.9 of the Indenture);

                           (x) upon its actual knowledge, the delivery of
                  written notice to the Indenture Trustee and the Rating
                  Agencies of each Event of Default under the Indenture (Section
                  3.13 of the Indenture) and each default by the Servicer under
                  the Servicing Agreement;

                           (xi) upon request, the execution of any further
                  instruments and the performance of any acts reasonably
                  necessary to carry out more effectively the purpose of the
                  Indenture (Section 3.14 of the Indenture);

                           (xii) the monitoring of the Issuer's obligations as
                  to the satisfaction and discharge of the Indenture and the
                  preparation of an Officer's Certificate and the obtaining of
                  an Opinion of Counsel and the Independent Certificate relating
                  thereto (Section 4.1 of the Indenture);

                           (xiii) upon request, the preparation, obtaining or
                  filing of instruments, opinions, certificates and other
                  documents required for the release of Collateral (Section 2.9
                  of the Indenture);

                           (xiv) upon its actual knowledge of such, the delivery
                  to the Indenture Trustee of written notice in the form of an
                  Officer's Certificate of any event that with the giving of
                  notice and the lapse of time would become an Event of Default
                  under clause (c) or (d) of Section 5.1 of the Indenture
                  (Section 5.1 of the Indenture);

                           (xv) the performance of any lawful action as the
                  Indenture Trustee may request to compel or secure the
                  performance and observance (1) by the Seller of its
                  obligations to the Issuer under or in connection with the Sale
                  Agreement, (2) by the Servicer of the obligations to the
                  Issuer under or in connection with the Servicing Agreement,
                  (3) by the Seller or BANA, as applicable, of each of their
                  obligations under or in connection with the Purchase
                  Agreement, (4) by the Originator of its obligations to the
                  Issuer under or in connection with the Originator Purchase
                  Agreement or (5) the Holder of the Revolving Liquidity Note to
                  the Issuer under or in connection with the Revolving Liquidity
                  Note Agreement, in each case, in accordance with the terms
                  thereof, and to exercise any and all rights, remedies, powers
                  and privileges lawfully available to the Issuer under or in
                  connection with the Sale Agreement, the Servicing Agreement,
                  the Purchase Agreement, the Originator Purchase Agreement and
                  the Revolving Liquidity Note Agreement (Section 5.16 of the
                  Indenture);

                           (xvi) upon the request of the Indenture Trustee,
                  provide the Indenture Trustee with the information necessary
                  to deliver to each Noteholder such information as may be
                  reasonably requested to enable such Holder to prepare its
                  United States federal and state and local income or franchise
                  tax returns (Section 6.6 of the Indenture);

                                       13
<PAGE>

                           (xvii) the preparation and delivery of notice to
                  Noteholders of the removal of the Indenture Trustee and the
                  appointment of a successor Indenture Trustee (Section 6.8 of
                  the Indenture);

                           (xviii) the preparation of any written instruments
                  required to confirm more fully the authority of any co-trustee
                  or separate trustee and any written instructions necessary in
                  connection with the resignation or removal of any co-trustee
                  or separate trustee (Sections 6.8 and 6.10 of the Indenture);

                           (xix) upon request, the notification to the Indenture
                  Trustee if and when the Notes are listed on any stock exchange
                  (Section 7.3 of the Indenture);

                           (xx) upon request, the preparation of an Issuer Order
                  and Officer's Certificate and the obtaining of an Opinion of
                  Counsel and Independent Certificates, if necessary, for the
                  release of the Collateral (Sections 8.5 and 8.6 of the
                  Indenture);

                           (xxi) the preparation of Issuer Order and the
                  obtaining of Opinions of Counsel with respect to the execution
                  of supplemental indentures and the mailing to the Noteholders
                  of notices with respect to such supplemental indentures
                  (Sections 9.1, 9.2 and 9.3 of the Indenture);

                           (xxii) the delivery of new Notes conforming to any
                  supplemental indenture (Section 9.6 of the Indenture);

                           (xxiii) the duty to furnish to the Holder of the
                  Revolving Liquidity Note, Indenture Trustee and the Owner
                  Trustee notice of redemption of Notes (Section 10.1 of the
                  Indenture);

                           (xxiv) the duty to cause the Indenture Trustee to
                  provide notification to Noteholders of redemption of the Notes
                  (Section 10.2 of the Indenture);

                           (xxv) the preparation and delivery of all Officer's
                  Certificates, Opinions of Counsel and Independent Certificates
                  with respect to any requests by the Issuer to the Indenture
                  Trustee to take any action under the Indenture (Section 11.1
                  of the Indenture);

                           (xxvi) the preparation and delivery of all Officer's
                  Certificates and the obtaining of Independent Certificates, if
                  necessary, for the release of property from the lien of the
                  Indenture (Section 11.1 of the Indenture);

                           (xxvii) the preparation and delivery to the Indenture
                  Trustee, for further delivery to the Noteholders, of any
                  agreements or requests by the Noteholders with respect to
                  alternate payment and notice provisions (Section 11.6 of the
                  Indenture);

                           (xxviii) the recording of the Indenture, if
                  applicable (Section 11.16 of the Indenture);

                                       14
<PAGE>

                           (xxix) notification to the Certificateholders of the
                  substance of any amendment to the Sale Agreement and the
                  Servicing Agreement (Section 9.1(e) of the Sale Agreement and
                  Section 9.7 of the Indenture);

                           (xxx) preparation and filing of UCC continuation
                  statements and delivery of copies thereof (Section 3.4 of the
                  Purchase Agreement, Section 9.2 of the Sale Agreement and
                  Section 3.5 of the Indenture);

                           (xxxi) the execution and delivery to the Holder of
                  the Revolving Liquidity Note a physical certificate evidencing
                  the Revolving Liquidity Note (Section 3.1 of the Revolving
                  Liquidity Note Agreement);

                           (xxxii) the maintenance of a register, recording the
                  name and contact information for each Holder of the Revolving
                  Liquidity Note (Section 3.3 of the Revolving Liquidity Note
                  Agreement);

                           (xxxiii) upon request, the execution and delivery of
                  such instruments as necessary to mortgage, pledge, assign and
                  grant a security interest to the Indenture Trustee pursuant to
                  the Indenture for the benefit of the Noteholders of all right,
                  title and interest of the Issuer to and/or the assignment of
                  any or all of the Issuer's rights and obligations under the
                  Revolving Liquidity Note Agreement to the Indenture Trustee
                  (Section 4.2 of the Revolving Liquidity Note Agreement);

                           (xxxiv) upon actual knowledge or receipt of notice
                  thereof, notification to the Originator and to BANA or the
                  Seller, as applicable, of a breach of any of the
                  representations and warranties described in Section 3.2 of the
                  Purchase Agreement which materially and adversely affects the
                  interests of the Issuer or the Noteholders (Section 3.3
                  Purchase Agreement);

                           (xxxv) upon request, the execution and delivery of
                  such instruments of release, transfer or assignment as may be
                  reasonably requested by BANA to evidence the release, transfer
                  or assignment of any Receivable and related Purchased Asset
                  repurchased pursuant to Section 3.3 of the Purchase Agreement
                  (Section 3.3 of the Purchase Agreement);

                           (xxxvi) upon request, the filing in the proper filing
                  offices and delivery to the Seller of such financing
                  statements and continuation and other statements as may be
                  required to preserve, maintain and protect the interest of the
                  Issuer under the Purchase Agreement in the Receivables
                  (Section 3.4(a) of the Purchase Agreement);

                           (xxxvii) upon request, the preparation and delivery
                  of a written request to the Servicer for the release any
                  document in the Receivable Files (Section 2.2(b) of the
                  Servicing Agreement);

                           (xxxviii) upon request, the provision to the Servicer
                  of evidence of the assignment in trust for the benefit of the
                  Issuer, as applicable, as may be reasonably necessary for the
                  Servicer to participate in a legal proceeding relating

                                       15
<PAGE>

                  to or involving a Receivable of a Defaulted Receivable
                  (Section 3.1 of the Servicing Agreement);

                           (xxxix) upon request, the furnishing to the Servicer
                  any of powers of attorney and other documents and take any
                  other steps which the Servicer may deem necessary or
                  appropriate to enable the Servicer to carry out its servicing
                  and administrative duties under the Servicing Agreement
                  (Section 3.1 of the Servicing Agreement);

                           (xl) upon request, the preparation, execution and
                  delivery of such instruments as required to assign to the
                  Servicer all of the Issuer's right, title and interest in, to
                  and under a Receivable which the Servicer has repurchased
                  pursuant to Section 3.7 of the Servicing Agreement (Section
                  3.7 of the Servicing Agreement);

                           (xli) upon actual knowledge thereof, notification to
                  the Servicer of a breach of any of the covenants set forth in
                  Sections 3.5 and 3.6 of the Servicing Agreement that
                  materially and adversely affects the interest of the Issuer in
                  any Receivable (Section 3.7 of the Servicing Agreement);

                           (xlii) upon its actual knowledge of such, the
                  notification and delivery of a certificate to Wells Fargo of
                  any indemnity amounts that are or will be owed to the Issuer
                  pursuant to Section 5.4 of the Originator Purchase Agreement
                  (Section 5.4(c) of the Originator Purchase Agreement);

                           (xliii) upon its actual knowledge thereof, the
                  notification to Wells Fargo of a breach of any of the
                  covenants set forth in Section 3.2(q) of the Originator
                  Purchase Agreement that materially and adversely affects the
                  interest of the Issuer in any Receivable (Section 6.2 of the
                  Originator Purchase Agreement);

                           (xliv) with respect to all Receivables repurchased
                  pursuant to the Originator Purchase Agreement, upon request,
                  the preparation of any written instruments required to assign
                  to Wells Fargo any such Receivable to be repurchased,
                  (Sections 6.2 and 6.3 of the Originator Purchase Agreement);

                           (xlv) upon actual knowledge thereof, notification to
                  the Seller and the Originator of a breach of any of the
                  representations and warranties described in Section 2.2 of the
                  Sale Agreement which materially and adversely affects the
                  interests of the Issuer or the Noteholders (Section 2.3 Sale
                  Agreement);

                           (xlvi) upon request, the execution and delivery of
                  such instruments of release, transfer or assignment as may be
                  reasonably requested by the Seller to evidence the release,
                  transfer or assignment of any Receivable and related
                  Transferred Assets repurchased pursuant to Section 2.3 of the
                  Sale Agreement (Section 2.3 of the Sale Agreement); and

                           (xlvii) upon request, the provision of any
                  information in the possession of the Owner Trustee reasonably
                  requested by the Servicer, the Issuer, the Seller or

                                       16
<PAGE>

                  any of their Affiliates, in order to comply with or obtain
                  more favorable treatment under any current or future law,
                  rule, regulation, accounting rule or principle (Section 9.5 of
                  the Sale Agreement).

                  (b) The Owner Trustee shall receive as compensation for its
         services hereunder such fees as have been separately agreed upon before
         the date hereof among the Depositor and the Owner Trustee, and the
         Owner Trustee shall be reimbursed for its other reasonable expenses
         hereunder in the priority set forth in Section 8.4 of the Indenture. In
         performing its duties under Section 5.4 or 6.7, the Owner Trustee shall
         be entitled to the indemnification provided by the Issuer under Section
         8.2 of this Agreement, in the priority set forth in Section 8.2(c) of
         the Indenture.

                  (c) It is understood and agreed that the Owner Trustee shall
         be entitled to engage outside counsel, independent accountants and
         other experts to assist the Owner Trustee in connection with the
         performance of its duties set forth in Sections 5.4 and 6.7, including
         the preparation of all tax reports and returns, securities law filings,
         Opinions of Counsel and Independent Certificates and the Owner Trustee
         shall be reimbursed for the expenses of such counsel, accountants and
         experts in accordance with the priority set forth in Section 8.4 of the
         Indenture. The Owner Trustee shall not be obligated to engage any
         counsel, accountant or expert or perform any duty as required under
         this Sections 5.4 and 6.7 for which reimbursement would exceed $1,000
         until such amount has been paid to the Owner Trustee, if payment of
         such reimbursable amount is required of the Owner Trustee prior to the
         next Payment Date.

                  (d) The Depositor and the Indenture Trustee shall furnish to
         the Owner Trustee from time to time such additional information
         regarding the Issuer or the Transaction Documents as the Owner Trustee
         shall reasonably request. The Indenture Trustee shall furnish to the
         Owner Trustee upon request a copy of the Note Register.

                  (e) The Owner Trustee shall not be responsible for taking any
         action with respect to this Section 6.7 unless a Responsible Officer in
         the Corporate Trust Administration Department of the Owner Trustee has
         actual knowledge or has received written notice of the need to take
         such action.

                  (f) The rights and protections afforded to the Owner Trustee
         pursuant to Article VII of this Agreement shall also be afforded to the
         Owner Trustee with respect to the performance of its administrative
         duties under this Section 6.7.

                                   ARTICLE VII

                            CONCERNING OWNER TRUSTEE

         SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts but only upon the terms of this Agreement. The Owner
Trustee also agrees to disburse all moneys actually received by it constituting
part of the Trust Estate upon the terms of the Transaction Documents and this
Agreement. The Owner Trustee shall not be personally liable or

                                       17
<PAGE>

accountable hereunder or under any Transaction Document under any circumstances
notwithstanding anything herein or in the Transaction Documents to the contrary,
except (i) for its own willful misconduct, bad faith or gross negligence, (ii)
in the case of the inaccuracy of any representation or warranty contained in
Section 7.3 expressly made by Wilmington Trust Company in its individual
capacity, (iii) for liabilities arising from the failure of Wilmington Trust
Company to perform obligations expressly undertaken by it in the last sentence
of Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured
by, any fees, commissions or compensation received by the Owner Trustee. In
particular, but not by way of limitation (and subject to the exemptions set
forth in the preceding sentence):

                  (a) The Owner Trustee shall not be liable for any error of
         judgment made in good faith by any officer of the Owner Trustee.

                  (b) Under no circumstances shall the Owner Trustee be
         personally liable hereunder for any indebtedness of the Issuer.

                  (c) The Owner Trustee shall not be personally liable for the
         payment of any tax imposed on the Issuer or amounts that are includable
         in the federal gross income of the Residual Interestholder.

                  (d) No provision of this Agreement shall require the Owner
         Trustee to expend or risk funds or otherwise incur any financial
         liability in the performance of any of the Owner Trustee's duties or
         powers hereunder, if the Owner Trustee believes or is advised by its
         legal counsel that repayment of such funds or adequate indemnity
         against such risk or liability is not assured or provided to its
         reasonable satisfaction.

                  (e) Under no circumstance shall the Owner Trustee be liable
         for any representation, warranty, covenant, or obligation or
         indebtedness of the Issuer hereunder or under the Transaction Documents
         or any other agreement, document or certificate contemplated by the
         foregoing, including the obligations of the Issuer under the Revolving
         Liquidity Note.

                  (f) The Owner Trustee shall not be liable with respect to any
         action taken or omitted to be taken by the Indenture Trustee, the
         Servicer or the Holder of the Revolving Liquidity Note and the Owner
         Trustee shall not be liable for performing or supervising the
         performance of any obligations or duties under this Agreement, the Sale
         Agreement, the Servicing Agreement, the Indenture or the Revolving
         Liquidity Note Agreement, or under any other document contemplated
         hereby or thereby, which are to be performed by the Indenture Trustee,
         the Servicer or the Holder of the Revolving Liquidity Note or any other
         Person under such documents.

                  (g) The Owner Trustee shall not be responsible for or in
         respect of the recitals herein, the validity or sufficiency of this
         Agreement, or for the due execution hereof by the Seller or for the
         form, character, genuineness, sufficiency, value or validity of any of
         the Trust Estate or for or in respect of the validity or sufficiency of
         the Transaction Documents or any other document contemplated thereby to
         which the Owner Trustee is not a party.

                                       18
<PAGE>

                  (h) Notwithstanding anything contained herein or in any of the
         Transaction Documents to the contrary, the Owner Trustee shall not be
         required to take any action in any jurisdiction other than in the State
         of Delaware if the taking of such action will (i) require the consent
         or approval or authorization or order of or the giving of notice to, or
         the registration with or taking of any action in respect of, any state
         or other governmental authority or agency of any jurisdiction other
         than the State of Delaware; (ii) result in any fee, tax or other
         governmental charge under the laws of any jurisdiction or any political
         subdivisions thereof in existence on the date hereof other than the
         State of Delaware becoming payable by the Owner Trustee; or (iii)
         subject the Owner Trustee to personal jurisdiction in any jurisdiction
         other than the State of Delaware for causes of action arising from acts
         unrelated to the consummation of the transactions by the Owner Trustee
         contemplated hereby.

                  (i) The Owner Trustee shall not be liable with respect to any
         action taken or omitted to be taken by it in accordance with the
         instructions of the Residual Interestholder or the Servicer.

                  (j) The Owner Trustee shall be under no duty to exercise any
         of the rights or powers vested in it by this Agreement, or to
         institute, conduct or defend any litigation under this Agreement or
         otherwise or in relation to this Agreement or any Transaction Document,
         at the request, order or written direction of the Residual
         Interestholder, unless such Residual Interestholder has offered to
         provide to the Owner Trustee, to the extent requested by the Owner
         Trustee, security or indemnity satisfactory to it against the costs,
         expenses and liabilities that may be incurred by the Owner Trustee
         therein or thereby. The right of the Owner Trustee to perform any
         discretionary act enumerated in this Agreement or in any Transaction
         Document shall not be answerable for other than its gross negligence,
         bad faith or willful misconduct in the performance of any such act.

                  (k) All funds deposited with the Owner Trustee hereunder may
         be held in a non-interest bearing account and the Owner Trustee shall
         not be liable for any interest thereon or for any loss as a result of
         the investment thereof at the direction of the Residual Interestholder.

         SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish
to the Residual Interestholder promptly upon receipt of a written request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Owner Trustee under the Transaction Documents.

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

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

                                       19
<PAGE>

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

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

                  (d) Neither the execution nor the delivery by it of this
         Agreement, nor the consummation by it of the transactions contemplated
         hereby nor compliance by it with any of the terms or provisions hereof
         will contravene any federal or Delaware law, governmental rule or
         regulation governing the banking or trust powers of the Owner Trustee
         or any judgment or order binding on it, or constitute any default under
         its charter documents or by-laws.

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

                  (b) In the exercise or administration of the trusts hereunder
         and in the performance of its duties and obligations under this
         Agreement or the Transaction Documents, the Owner Trustee (i) may act
         directly or, at the expense of the issuer, through its agents or
         attorneys pursuant to agreements entered into with any of them, but the
         Owner Trustee shall not be personally liable for the conduct or
         misconduct of such agents, custodians, nominees (including persons
         acting under a power of attorney) or attorneys selected with reasonable
         care and (ii) may, at the expense of the issuer, consult with counsel,
         accountants and other skilled persons knowledgeable in the relevant
         area to be selected with reasonable care and employed by it at the
         expense of the Issuer. The Owner Trustee shall not be personally liable
         for anything done, suffered or omitted in good faith by it in
         accordance with the written opinion or advice of any such counsel,
         accountants or other such persons.

         SECTION 7.5. Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created, Wilmington Trust
Company acts solely as the Owner

                                       20
<PAGE>

Trustee hereunder and not in its individual capacity and all Persons having any
claim against the Owner Trustee by reason of the transactions contemplated by
this Agreement or any Transaction Document shall look only to the Trust Estate
for payment or satisfaction thereof.

         SECTION 7.6. The Owner Trustee May Own Notes. The Owner Trustee in its
individual or any other capacity may become the owner or pledgee of Notes. The
Owner Trustee may deal with the Seller, the Indenture Trustee and their
respective Affiliates in banking transactions with the same rights as it would
have if it were not the Owner Trustee, and the Seller, the Indenture Trustee and
their respective Affiliates may maintain normal commercial banking relationships
with the Owner Trustee and its Affiliates.

                                  ARTICLE VIII

                          COMPENSATION OF OWNER TRUSTEE

         SECTION 8.1. 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 Seller and the Owner
Trustee, and the Owner Trustee shall be reimbursed 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, in the priority set forth in Sections 5.4 and 8.4 of
the Indenture.

         SECTION 8.2. Indemnification. The Issuer shall indemnify the Owner
Trustee, Wells Fargo and their respective successors, assigns, agents and
servants (collectively, the "Indemnified Parties") from and against, any and all
liabilities, obligations, losses, damages, taxes, claims, actions and suits, and
any and all reasonable costs, expenses and disbursements (including reasonable
legal fees and expenses) of any kind and nature whatsoever (collectively,
"Expenses") which may at any time be imposed on, incurred by, or asserted
against the Owner Trustee, or any Indemnified Party in any way relating to or
arising out of this Agreement, the Transaction Documents, the Trust Estate, the
administration of the Trust Estate or the action or inaction of the Owner
Trustee hereunder, except only that the Issuer shall not be liable for or
required to indemnify an Indemnified Party from or against Expenses arising or
resulting from (i) the willful misconduct, gross negligence or bad faith of the
Owner Trustee or (ii) the inaccuracy of a representation or warranty made by the
Owner Trustee in Section 7.3. 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 Indemnified Party's
choice of legal counsel shall be subject to the approval of the Issuer, which
approval shall not be unreasonably withheld. When the Owner Trustee incurs
expenses after the occurrence of an Event of Default under Sections 5.1(e) and
5.1(f) of the Indenture, the expenses are intended to constitute expenses of
administration under the Bankruptcy Code or any applicable federal or state
bankruptcy, insolvency or similar law.

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

                                       21
<PAGE>

                                   ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT

         SECTION 9.1. Termination of Trust Agreement. The Issuer shall wind-up
and dissolve, and this Agreement (other than Article VIII) shall terminate, upon
the later of (a) the final distribution by the Owner Trustee of all moneys or
other property or proceeds of the Trust Estate in accordance with the terms of
the Indenture and Article V and (b) the discharge of the Indenture in accordance
with Article IV of the Indenture. The bankruptcy, liquidation, dissolution,
death or incapacity of the Residual Interestholder shall not (x) operate to
terminate this Agreement or the Issuer, nor (y) entitle the Residual
Interestholder'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 Trust Estate nor (z) otherwise affect the rights,
obligations and liabilities of the parties hereto.

         SECTION 9.2. Dissolution of the Issuer. Upon dissolution of the Issuer,
the Owner Trustee shall wind up the business and affairs of the Issuer as
required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and
discharge of the Indenture, and receipt of a certificate from the Indenture
Trustee stating that all Noteholders have been paid in full and that the
Indenture Trustee is aware of no claims remaining against the Issuer in respect
of the Indenture and the Notes, the Owner Trustee, in the absence of actual
knowledge of any other claim against the Issuer and at the written direction of
the Residual Interestholder, shall be deemed to have made reasonable provision
to pay all claims and obligations (including conditional, contingent or
unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust
Act and shall cause the Certificate of Trust to be cancelled by filing a
certificate of cancellation with the Delaware Secretary of State in accordance
with the provisions of Section 3810 of the Statutory Trust Act, at which time
the Issuer shall terminate and this Agreement (other than Article VIII) shall be
of no further force or effect.

         SECTION 9.3. Limitations on Termination. Except as provided in Section
9.1, neither the Seller nor the Residual Interestholder shall be entitled to
revoke or terminate the Issuer.

                                    ARTICLE X

                     SUCCESSOR OWNER TRUSTEES AND ADDITIONAL
                                 OWNER TRUSTEES

         SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner
Trustee shall at all times be a bank (i) authorized to exercise corporate trust
powers, (ii) having a combined capital and surplus of at least $50,000,000 and
(iii) subject to supervision or examination by Federal or state authorities. If
such bank shall publish reports of condition at least annually, pursuant to law
or to the requirements of the aforesaid supervising or examining authority, then
for the purpose of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. The Owner Trustee shall at
all times be an institution satisfying the provisions of Section 3807(a) of the
Statutory Trust Act. In case at any time the Owner

                                       22
<PAGE>

Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Owner Trustee shall resign immediately in the manner and with the
effect specified in Section 10.2.

         SECTION 10.2. Resignation or Removal of the Owner Trustee. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Seller, the Servicer, the Indenture
Trustee and the Residual Interestholder. Upon receiving such notice of
resignation, the Seller shall promptly appoint a successor Owner Trustee which
satisfies the eligibility requirements set forth in Section 10.1 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; provided, however, that such right to
appoint or to petition for the appointment of any such successor shall in no
event relieve the resigning Owner Trustee from any obligations otherwise imposed
on it under the Transaction Documents until such successor has in fact assumed
such appointment.

         If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.1 and shall fail to resign after
written request therefor by the Seller or if at any time the Owner Trustee shall
be legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Seller may remove the Owner Trustee. If the Seller shall
remove the Owner Trustee under the authority of the immediately preceding
sentence, the Seller shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
outgoing Owner Trustee so removed and one copy to the successor Owner Trustee
and shall pay all fees owed to the outgoing Owner Trustee.

         Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Seller shall provide (or shall cause to be
provided) notice of such resignation or removal of the Owner Trustee to each of
the Rating Agencies.

         SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the
Seller and to its predecessor Owner Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of
the predecessor Owner Trustee shall become effective and such successor Owner
Trustee, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor under
this Agreement, with like effect as if originally named as the Owner Trustee.
The predecessor Owner Trustee shall upon payment of its fees and expenses
deliver to the successor Owner Trustee all documents and statements and monies
held by it under this Agreement; and the Seller and the predecessor Owner
Trustee shall execute and deliver such instruments and do such other

                                       23
<PAGE>

things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties and
obligations.

         No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall
be eligible pursuant to Section 10.1.

         Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Seller shall mail (or shall cause to be mailed) notice of the
successor of such Owner Trustee to the Residual Interestholder, Indenture
Trustee, the Noteholders and each of the Rating Agencies. If the Seller shall
fail to mail (or cause to be mailed) such notice within 10 days after acceptance
of appointment by the successor Owner Trustee, the successor Owner Trustee shall
cause such notice to be mailed at the expense of the Seller.

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

         SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any
corporation into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Owner Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall, without the execution or filing of any
instrument or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding, be the successor of the Owner Trustee
hereunder; provided that such corporation shall be eligible pursuant to Section
10.1; and provided further that the Owner Trustee shall file an amendment to the
Certificate of Trust of the Issuer, if required by applicable law, and mail
notice of such merger or consolidation to the Seller and the Rating Agencies.

         SECTION 10.5. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Estate may at the time be located, the Seller and the Owner Trustee
acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by the Owner Trustee to act
as co-trustee, jointly with the Owner Trustee, or separate trustee or separate
trustees, of all or any part of the Trust Estate, and to vest in such Person, in
such capacity, such title to the Issuer, or any part thereof, and, subject to
the other provisions of this Section, such powers, duties, obligations, rights
and trusts as the Seller and the Owner Trustee may consider necessary or
desirable. If the Seller shall not have joined in such appointment within 15
days after the receipt by it of a request so to do, the Owner Trustee alone
shall have the power to make such appointment. No co-trustee or separate trustee
under this Agreement shall be required to meet the terms of eligibility as a
successor trustee pursuant to Section 10.1 and no notice of the appointment of
any co-trustee or separate trustee shall be required pursuant to Section 10.3.

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

                                       24
<PAGE>

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

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

                           (iii) the Seller 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.

         Any separate trustee or co-trustee may at any time appoint the Owner
Trustee, its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee. The Owner Trustee shall have no obligation to determine
whether a co-trustee or separate trustee is legally required in any jurisdiction
in which any part of the Trust Estate may be located.

                                   ARTICLE XI

                                  MISCELLANEOUS

         SECTION 11.1. Amendments.

                  (a) Any term or provision of this Agreement may be amended by
         the Seller and the Owner Trustee with prior notice to each Rating
         Agency but without the consent of the Indenture Trustee, any
         Noteholder, the Holder of the Revolving Liquidity Note or the Issuer;
         provided that such amendment shall not, as evidenced by an Officer's
         Certificate

                                       25
<PAGE>

         of the Depositor delivered to the Indenture Trustee and the Owner
         Trustee materially and adversely affect the interests of the
         Noteholders or the Holder of the Revolving Liquidity Note; provided,
         further, any amendment entered into pursuant to this Section 11.1(a)
         shall not significantly change the permitted activities of the Issuer.

                  (b) Any term or provision of this Agreement may be amended by
         the Seller and the Owner Trustee, with prior notice to each Rating
         Agency but without the consent of the Indenture Trustee, any
         Noteholder, the Holder of the Revolving Liquidity Note, the Issuer or
         any other Person to add, modify or eliminate any provisions as may be
         necessary or advisable in order to enable the Seller, the Owner Trustee
         or any of their Affiliates to comply with or obtain more favorable
         treatment under any law or regulation or any accounting rule or
         principle, provided that such amendment shall not, as evidenced by an
         Officer's Certificate of the Depositor delivered to the Indenture
         Trustee, materially and adversely affect the interests of the
         Noteholders or the Holder of the Revolving Liquidity Note; provided,
         further, that the Rating Agency Condition with respect to Standard &
         Poor's shall have been satisfied; provided, further, that any amendment
         entered into pursuant to this Section 11.1(b) shall not significantly
         change the permitted activities of the Issuer.

                  (c) This Agreement may also be amended from time to time by
         the Seller and the Owner Trustee, with prior notice to each Rating
         Agency and with the consent of the Holders of a majority of the Note
         Balance of the Controlling Class and, if the interests of the Holder of
         the Revolving Liquidity Note are affected, the Holder of the Revolving
         Liquidity Note, for the purpose of adding any provisions to or changing
         in any manner or eliminating any of the provisions of this Agreement or
         of modifying in any manner the rights of the Noteholders. It will not
         be necessary to obtain the consent of the Noteholders or the Holder of
         the Revolving Liquidity Note to approve the particular form of any
         proposed amendment or consent, but it will be sufficient if such
         consent approves the substance thereof. The manner of obtaining such
         consents (and any other consents of Noteholders provided for in this
         Agreement) and of evidencing the authorization of the execution thereof
         by Noteholders and the Holder of the Revolving Liquidity Note, as
         applicable will be subject to such reasonable requirements as the
         Indenture Trustee may prescribe, including the establishment of record
         dates pursuant to the Note Depository Agreement.

                  (d) Prior to the execution of any such amendment, the Seller
         shall provide written notification of the substance of such amendment
         to each Rating Agency and the Owner Trustee; and promptly after the
         execution of any such amendment or consent, the Seller shall furnish a
         copy of such amendment or consent to each Rating Agency, the Owner
         Trustee and the Indenture Trustee.

                  (e) Prior to the execution of any amendment to this Agreement,
         the Owner Trustee shall be entitled to receive and conclusively rely
         upon an Opinion of Counsel stating that the execution of such amendment
         is authorized or permitted by this Agreement and that all conditions
         precedent to the execution and delivery of such amendment have been
         satisfied. The Owner Trustee may, but shall not be obligated to,

                                       26
<PAGE>

         enter into any such amendment which affects the Owner Trustee's own
         rights, duties or immunities under this Agreement.

         SECTION 11.2. No Legal Title to Trust Estate in Residual
Interestholder. The Residual Interestholder shall not have legal title to any
part of the Trust Estate. The Residual Interestholder shall be entitled to
receive distributions with respect to its undivided beneficial interest therein
only in accordance with Articles V and IX. No transfer, by operation of law or
otherwise, of any right, title or interest of the Residual Interestholder to and
in its ownership interest in the 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 Trust Estate.

         SECTION 11.3. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Seller, the
Residual Interestholder and, to the extent expressly provided herein, the
Indenture Trustee, the Noteholders and the Holder of the Revolving Liquidity
Note, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in the Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

         SECTION 11.4. Notices. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given by telecopy with receipt acknowledged by the recipient thereof or
upon receipt personally delivered, delivered by overnight courier or mailed
certified mail, return receipt requested or via Electronic Transmission, if to
the Owner Trustee, addressed as specified on Schedule II to the Sale Agreement;
or, as to each party, at such other address as shall be designated by such party
in a written notice to each other party.

                  (b) Any notice required or permitted to be given to a Residual
         Interestholder shall be given by first-class mail, postage prepaid, at
         the address of such Residual Interestholder as shall be designated by
         such party in a written notice to each other party. Any notice so
         mailed within the time prescribed in this Agreement shall be
         conclusively presumed to have been duly given, whether or not the
         Residual Interestholder receives such notice.

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

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

         SECTION 11.7. Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the Seller,
the Owner Trustee and its

                                       27
<PAGE>

successors and the Residual Interestholder and its successors and permitted
assigns, all as herein provided. Any request, notice, direction, consent, waiver
or other instrument or action by the Residual Interestholder shall bind the
successors and assigns of the Residual Interestholder.

         SECTION 11.8. No Petition.

                  (a) Each of the Owner Trustee (in its individual capacity and
         as the Owner Trustee), by entering into this Agreement, the Seller, the
         Residual Interestholder, by accepting the Residual Interest, and the
         Indenture Trustee and each Noteholder, the Holder of the Revolving
         Liquidity Note or Note Owner by accepting the benefits of this
         Agreement, hereby covenants and agrees that prior to the date which is
         one year and one day after payment in full of all obligations of each
         Bankruptcy Remote Party in respect of all securities issued by the
         Bankruptcy Remote Parties (i) such party shall not authorize any
         Bankruptcy Remote Party to commence a voluntary winding-up or other
         voluntary case or other proceeding seeking liquidation, reorganization
         or other relief with respect to such Bankruptcy Remote Party or its
         debts under any bankruptcy, insolvency or other similar law now or
         hereafter in effect in any jurisdiction or seeking the appointment of
         an administrator, a trustee, receiver, liquidator, custodian or other
         similar official with respect to such Bankruptcy Remote Party or any
         substantial part of its property or to consent to any such relief or to
         the appointment of or taking possession by any such official in an
         involuntary case or other proceeding commenced against such Bankruptcy
         Remote Party, or to make a general assignment for the benefit of, its
         creditors generally, any party hereto or any other creditor of such
         Bankruptcy Remote Party, and (ii) such party shall not commence, join
         or institute against, with any other Person, any proceeding against
         such Bankruptcy Remote Party under any bankruptcy, reorganization,
         arrangement, liquidation or insolvency law or statute now or hereafter
         in effect in any jurisdiction; provided, that, notwithstanding the
         foregoing, Bankruptcy Remote Party shall not be prohibited from filing
         a voluntary bankruptcy petition to the extent such Bankruptcy Remote
         Party obtains the necessary vote for filing a voluntary bankruptcy
         petition as required by the organizational documents of such Bankruptcy
         Remote Party. Without limiting the foregoing, in no event shall the
         Owner Trustee authorize, institute or join in any bankruptcy or similar
         proceeding described in the preceding sentence without the prior
         written approval of the Residual Interestholder and the delivery to the
         Owner Trustee of a certificate certifying that the Residual
         Interestholder reasonably believes that the Issuer is insolvent.

                  (b) The Seller's obligations under this Agreement are
         obligations solely of the Seller and will not constitute a claim
         against the Seller to the extent that the Seller does not have funds
         sufficient to make payment of such obligations. In furtherance of and
         not in derogation of the foregoing, each of the Owner Trustee (in its
         individual capacity and as the Owner Trustee), by entering into or
         accepting this agreement, each Certificateholder, by accepting a
         Certificate, and the Indenture Trustee and each Noteholder or Note
         Owner, by accepting the benefits of this Agreement, hereby acknowledges
         and agrees that such Person has no right, title or interest in or to
         the Other Assets of the Seller. To the extent that, notwithstanding the
         agreements and provisions contained in the preceding sentence, each of
         the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner
         and the Certificateholder either (i) asserts an interest or

                                       28
<PAGE>

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

         SECTION 11.9. Information Request. Owner Trustee shall provide any
information in its possession reasonably requested by the Servicer, the Issuer,
the Seller, the Residual Interestholder or any of their Affiliates, in order to
comply with or obtain more favorable treatment under any current or future law,
rule, regulation, accounting rule or principle.

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

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

                  [Remainder of Page Intentionally Left Blank]

                                       29
<PAGE>

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

                                         Wilmington Trust Company

                                         By:  /s/ JANEL R. HAVRILLA
                                         Name:  Janel R. Havrilla
                                         Title: Financial Services Officer

                                                                 Trust Agreement

                                      S-1

<PAGE>

                                         BAS SECURITIZATION LLC

                                         By: /s/ JAMES G. MACKEY
                                         Name:   James G. Mackey
                                         Title:  Principal Financial Officer

                                                                 Trust Agreement

                                       S-2

<PAGE>

                                                                       EXHIBIT A

                               FORM OF CERTIFICATE

NUMBER                                                  100% BENEFICIAL INTEREST
R-____

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

                                   CERTIFICATE

         Evidencing the 100% beneficial interest in all of the assets of the
Issuer (as defined below), which consist primarily of motor vehicle receivables,
including motor vehicle retail installment sales contracts and/or installment
loans that are secured by new and used automobiles, light-duty trucks and
motorcycles.

         (THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
BAS SECURITIZATION LLC, BANK OF AMERICA, NATIONAL ASSOCIATION OR ANY OF THEIR
RESPECTIVE AFFILIATES, EXCEPT TO THE EXTENT DESCRIBED BELOW.)

         THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR
ANY OTHER APPLICABLE SECURITIES OR "BLUE SKY" LAWS OF ANY STATE OR OTHER
JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
ANY OTHER APPLICABLE SECURITIES OR "BLUE SKY" LAWS, PURSUANT TO AN EXEMPTION
THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.

         THIS CERTIFIES THAT _______________________________ is the registered
owner of a 100% nonassessable, fully-paid, beneficial interest in the Trust
Estate of BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1, a Delaware statutory
trust (the "Issuer") formed by BAS Securitization LLC, a Delaware limited
liability company, as depositor (the "Seller").

         The Issuer was created pursuant to a Trust Agreement dated as of May
18, 2005 (as amended and restated as of July 7, 2005, the "Trust Agreement"),
between the Seller and Wilmington Trust Company, as owner trustee (the "Owner
Trustee"), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized terms
used herein have the meanings assigned to them in the Sale Agreement, dated as
of July 7, 2005, between the Seller and the Issuer as the same may be amended or
supplemented from time to time.

         This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
holder of this Certificate by virtue of the acceptance hereof assents and by
which such holder is bound. The provisions and conditions of the Trust Agreement
are hereby incorporated by reference as though set forth in their entirety
herein.

                                      A-1
<PAGE>

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

         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.

         By accepting this Certificate, the Certificateholder hereby covenants
and agrees that prior to the date which is one year and one day after payment in
full of all obligations of each Bankruptcy Remote Party in respect of all
securities issued by the Bankruptcy Remote Parties (i) such Person shall not
authorize such Bankruptcy Remote Party to commence a voluntary winding-up or
other voluntary case or other proceeding seeking liquidation, reorganization or
other relief with respect to such Bankruptcy Remote Party or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect in any
jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to consent to
any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other proceeding commenced against such
Bankruptcy Remote Party, or to make a general assignment for the benefit of any
party hereto or any other creditor of such Bankruptcy Remote Party, and (ii)
such Person shall not commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

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

         It is the intention of the parties to the Trust Agreement that, solely
for federal, state and local income and franchise tax purposes: (1) if there is
one beneficial owner of the Certificates, the Issuer shall be treated as a
disregarded entity, and (2) if there is more than one beneficial owner of the
Certificates, the Issuer shall be treated as a partnership for income and
franchise tax purposes, 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 the Notes and the Revolving Liquidity Note being debt of
the partnership.

         By accepting this Certificate, the Certificateholder acknowledges that
this Certificate represents a beneficial interest in the Issuer only and does
not represent interests in or obligations of the Seller, the Servicer, the Owner
Trustee, the Indenture Trustee or any of their respective

                                      A-2
<PAGE>

Affiliates and no recourse may be had against such parties or their assets,
except as expressly set forth or contemplated in this Certificate, the Trust
Agreement or any other Transaction Document.

                                      A-3
<PAGE>

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

                                 BANC OF AMERICA SECURITIES AUTO
                                 TRUST 2005-WF1

                                 By: Wilmington Trust Company, not in its
                                 individual capacity, but solely as Owner
                                 Trustee

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

                                      A-4
<PAGE>

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                    Wilmington Trust Company, not in its
                                    individual capacity but solely as Owner
                                    Trustee

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

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

                                      A-5<PAGE>

                                                                     EXHIBIT 4.2

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

                 Class A-1 3.50545% Auto Loan Asset Backed Notes
                  Class A-2 3.89% Auto Loan Asset Backed Notes
                  Class A-3 3.99% Auto Loan Asset Backed Notes
                  Class A-4 4.08% Auto Loan Asset Backed Notes
                   Class B 4.30% Auto Loan Asset Backed Notes
                   Class C 4.49% Auto Loan Asset Backed Notes

                                   ----------

                                    INDENTURE

                            Dated as of July 7, 2005

                                   ----------

            U.S. BANK NATIONAL ASSOCIATION, as the Indenture Trustee

<PAGE>

                            CROSS REFERENCE TABLE(1)

<Table>
<Caption>
TIA                                                                                                Indenture
Section                                                                                            Section
<S>           <C>                                                                                  <C>
310           (a)(1)..........................................................................     6.11
              (a)(2)..........................................................................     6.11
              (a)(3)..........................................................................     6.10; 6.11
              (a)(4)..........................................................................     N.A.(2)
              (a)(5)..........................................................................     6.11
              (b).............................................................................     6.8; 6.11
              (c).............................................................................     N.A.
311           (a).............................................................................     6.12
              (b).............................................................................     6.12
              (c).............................................................................     N.A.
312           (a).............................................................................     7.1
              (b).............................................................................     7.2
              (c).............................................................................     7.2
313           (a).............................................................................     7.3
              (b)(1)..........................................................................     7.3
              (b)(2)..........................................................................     7.3
              (c).............................................................................     7.3
              (d).............................................................................     7.3
314           (a).............................................................................     3.9
              (b).............................................................................     11.16, 3.6
              (c)(1)..........................................................................     11.1
              (c)(2)..........................................................................     11.1
              (c)(3)..........................................................................     11.1
              (d).............................................................................     11.1
              (e).............................................................................     11.1
              (f).............................................................................     N.A.
315           (a).............................................................................     6.1(b)
              (b).............................................................................     6.5
              (c).............................................................................     6.1(a)
              (d).............................................................................     6.1(c)
              (e).............................................................................     5.13
316           (a)(1)(A).......................................................................     5.11
              (a)(1)(B).......................................................................     5.12
              (a)(2)..........................................................................     N.A.
              (b).............................................................................     5.7
              (c).............................................................................     5.6(b)
317           (a)(1)..........................................................................     5.3(b)
              (a)(2)..........................................................................     5.3(d)
              (b).............................................................................     3.3
318           (a).............................................................................     11.7
</Table>

----------

(1)      Note: This Cross Reference Table shall not, for any purpose, be deemed
         to be part of this Indenture.

(2)      N.A. means Not Applicable.

                                                              2005-WF1 Indenture
<PAGE>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                                PAGE
<S>      <C>          <C>                                                                                       <C>
ARTICLE I             DEFINITIONS AND INCORPORATION BY REFERENCE.................................................2

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

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

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

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

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

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

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

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

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

         SECTION 2.6           Persons Deemed Owners.............................................................6

         SECTION 2.7           Payment of Principal and Interest; Defaulted Interest.............................7

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

         SECTION 2.9           Release of Collateral.............................................................8

         SECTION 2.10          Book-Entry Notes..................................................................8

         SECTION 2.11          Notices to Clearing Agency........................................................9

         SECTION 2.12          Definitive Notes..................................................................9

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

         SECTION 2.14          Tax Treatment....................................................................10

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

         SECTION 3.1           Payment of Principal and Interest and Amounts due under Revolving Liquidity Note.10

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

         SECTION 3.3           Money for Payments To Be Held in Trust...........................................11

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

         SECTION 3.5           Protection of Collateral.........................................................12

         SECTION 3.6           Opinions as to Collateral........................................................13

         SECTION 3.7           Performance of Obligations; Servicing of Receivables.............................14

         SECTION 3.8           Negative Covenants...............................................................14

         SECTION 3.9           Annual Compliance Statement......................................................15
</Table>

                                      -i-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                                PAGE
<S>      <C>          <C>                                                                                       <C>
         SECTION 3.10          [Reserved].......................................................................16

         SECTION 3.11          Restrictions on Certain Other Activities.........................................16

         SECTION 3.12          Restricted Payments..............................................................16

         SECTION 3.13          Notice of Events of Default......................................................16

         SECTION 3.14          Further Instruments and Acts.....................................................17

         SECTION 3.15          Compliance with Laws.............................................................17

         SECTION 3.16          [Reserved].......................................................................17

         SECTION 3.17          Perfection Representations, Warranties and Covenants.............................17

         SECTION 3.18          Release of Transferred Assets....................................................17

ARTICLE IV            SATISFACTION AND DISCHARGE................................................................17

         SECTION 4.1           Satisfaction and Discharge of Indenture..........................................17

         SECTION 4.2           Application of Trust Money.......................................................18

         SECTION 4.3           Repayment of Monies Held by Paying Agent.........................................18

ARTICLE V             REMEDIES..................................................................................18

         SECTION 5.1           Events of Default................................................................18

         SECTION 5.2           Acceleration of Maturity; Waiver of Event of Default.............................20

         SECTION 5.3           Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee....21

         SECTION 5.4           Remedies; Priorities.............................................................23

         SECTION 5.5           [Reserved].......................................................................25

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

         SECTION 5.7           Unconditional Rights of Noteholders To Receive Principal and Interest............26

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

         SECTION 5.9           Rights and Remedies Cumulative...................................................27

         SECTION 5.10          Delay or Omission Not a Waiver...................................................27

         SECTION 5.11          Control by Noteholders...........................................................27

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

         SECTION 5.13          Undertaking for Costs............................................................28

         SECTION 5.14          Waiver of Stay or Extension Laws.................................................28

         SECTION 5.15          Action on Notes..................................................................29
</Table>

                                      -ii-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                                PAGE
<S>      <C>          <C>                                                                                       <C>
         SECTION 5.16          Performance and Enforcement of Certain Obligations...............................29

         SECTION 5.17          Sale of Collateral...............................................................30

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

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

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

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

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

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

         SECTION 6.6           Reports by the Indenture Trustee to Noteholders..................................33

         SECTION 6.7           Compensation and Indemnity.......................................................33

         SECTION 6.8           Removal, Resignation and Replacement of the Indenture Trustee....................34

         SECTION 6.9           Successor Indenture Trustee by Merger............................................35

         SECTION 6.10          Appointment of Co-Indenture Trustee or Separate Indenture Trustee................35

         SECTION 6.11          Eligibility; Disqualification....................................................36

         SECTION 6.12          Preferential Collection of Claims Against the Issuer.............................37

         SECTION 6.13          Revolving Liquidity Note Provisions..............................................37

ARTICLE VII           NOTEHOLDERS' LISTS AND REPORTS............................................................38

         SECTION 7.1           The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders...38

         SECTION 7.2           Preservation of Information; Communications to Noteholders.......................38

         SECTION 7.3           Reports by the Indenture Trustee.................................................39

         SECTION 7.4           Statements to Residual Interestholders and Noteholders...........................39

         SECTION 7.5           Periodic Filings.................................................................40

ARTICLE VIII          ACCOUNTS, DISBURSEMENTS AND RELEASES......................................................42

         SECTION 8.1           Collection of Money..............................................................42

         SECTION 8.2           Accounts.........................................................................42

         SECTION 8.3           General Provisions Regarding Accounts............................................44

         SECTION 8.4           Distributions....................................................................46

         SECTION 8.5           Release of Collateral............................................................48

         SECTION 8.6           Opinion of Counsel...............................................................48
</Table>

                                     -iii-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                                PAGE
<S>      <C>          <C>                                                                                       <C>
ARTICLE IX            SUPPLEMENTAL INDENTURES...................................................................49

         SECTION 9.1           Supplemental Indentures Without Consent of Noteholders...........................49

         SECTION 9.2           Supplemental Indentures with Consent of Noteholders..............................50

         SECTION 9.3           Execution of Supplemental Indentures.............................................52

         SECTION 9.4           Effect of Supplemental Indenture.................................................52

         SECTION 9.5           Conformity With Trust Indenture Act..............................................52

         SECTION 9.6           Reference in Notes to Supplemental Indentures....................................52

         SECTION 9.7           Amendments to Servicing Agreement, Originator Purchase Agreement and Assignment,
                               Assumption and Recognition Agreement.............................................52

ARTICLE X             REDEMPTION OF NOTES.......................................................................54

         SECTION 10.1          Redemption.......................................................................54

         SECTION 10.2          Form of Redemption Notice........................................................54

         SECTION 10.3          Notes Payable on Redemption Date.................................................55

ARTICLE XI            MISCELLANEOUS.............................................................................55

         SECTION 11.1          Compliance Certificates and Opinions, etc........................................55

         SECTION 11.2          Form of Documents Delivered to the Indenture Trustee.............................57

         SECTION 11.3          Acts of Noteholders..............................................................57

         SECTION 11.4          Notices..........................................................................58

         SECTION 11.5          Notices to Noteholders; Waiver...................................................58

         SECTION 11.6          Alternate Payment and Notice Provisions..........................................59

         SECTION 11.7          Conflict with Trust Indenture Act................................................59

         SECTION 11.8          Information Requests.............................................................59

         SECTION 11.9          Effect of Headings and Table of Contents.........................................59

         SECTION 11.10         Successors and Assigns...........................................................59

         SECTION 11.11         Separability.....................................................................59

         SECTION 11.12         Benefits of Indenture............................................................60

         SECTION 11.13         Legal Holidays...................................................................60

         SECTION 11.14         GOVERNING LAW....................................................................60

         SECTION 11.15         Counterparts.....................................................................60
</Table>

                                      -iv-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                                PAGE
<S>      <C>          <C>                                                                                       <C>
         SECTION 11.16         Recording of Indenture...........................................................60

         SECTION 11.17         Trust Obligation.................................................................60

         SECTION 11.18         No Petition......................................................................61

         SECTION 11.19         Intent...........................................................................61

         SECTION 11.20         Submission to Jurisdiction; Waiver of Jury Trial.................................61

         SECTION 11.21         Subordination of Claims..........................................................62

         SECTION 11.22         Limitation of Liability of Owner Trustee.........................................63

SCHEDULE I                 Perfection Representations, Warranties and Covenants

EXHIBIT A                  Form of Notes

EXHIBIT B                  Form of Depositor Certification

EXHIBIT C                  Form of Indenture Trustee Certification
</Table>

                                      -v-
<PAGE>

         This INDENTURE, dated as of July 7, 2005 (as amended, modified or
supplemented from time to time, this "Indenture"), is between BANC OF AMERICA
SECURITIES AUTO TRUST 2005-WF1, a Delaware statutory trust (the "Issuer"), and
U.S. BANK NATIONAL ASSOCIATION, a national banking association, solely as
trustee and not in its individual capacity (the "Indenture Trustee").

         Each party agrees as follows for the benefit of the other party and the
equal and ratable benefit of the Holders of the Issuer's Class A-1 3.50545% Auto
Loan Asset Backed Notes (the "Class A-1 Notes"), Class A-2 3.89% Auto Loan Asset
Backed Notes (the "Class A-2 Notes"), Class A-3 3.99% Auto Loan Asset Backed
Notes (the "Class A-3 Notes"), the Class A-4 4.08% Auto Loan Asset Backed Notes
(the "Class A-4 Notes"; together with the Class A-1 Notes, the Class A-2 Notes
and the Class A-3 Notes, the "Class A Notes"), and then for the equal and
ratable benefit of the Holders of the Issuer's Class B 4.30% Auto Loan Asset
Backed Notes (the "Class B Notes") and then for the equal and ratable benefit of
the Holders of the Issuer's Class C 4.49% Auto Loan Asset Backed Notes (the
"Class C Notes"; and together with the Class A Notes and the Class B Notes, the
"Notes") and then for the Holder of the Revolving Liquidity Note.

                                 GRANTING CLAUSE

         The Issuer, to secure the payment of principal of and interest on, and
any other amounts owing in respect of, the Notes and the Revolving Liquidity
Note, equally and ratably without prejudice, priority or distinction except as
set forth herein, to secure the obligations of the Issuer to the Noteholders and
the Holder of the Revolving Liquidity Note and to secure compliance with the
provisions of this Indenture, hereby Grants in trust to the Indenture Trustee on
the Closing Date, as trustee for the benefit of the Noteholders and the Holder
of the Revolving Liquidity Note, all of the Issuer's right, title and interest,
whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii)
all present and future claims, demands, causes and choses in action in respect
of any or all of the Trust Estate and all payments on or under and all proceeds
of every kind and nature whatsoever in respect of any or all of the Trust
Estate, including all proceeds of the conversion, voluntary or involuntary, into
cash or other liquid property, all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind and other
forms of obligations and receivables, instruments, securities, financial assets
and other property which at any time constitute all or part of or are included
in the proceeds of any of the Trust Estate (collectively, the "Collateral").

         The Indenture Trustee, on behalf of the Noteholders and the Holder of
the Revolving Liquidity Note, acknowledges the foregoing Grant, accepts the
trusts under this Indenture and agrees to perform its duties required in this
Indenture in accordance with the provisions of this Indenture.

         The foregoing Grant is made in trust to secure (i) the payment of
principal of and interest on, and any other amounts owing in respect of, the
Notes and the Revolving Liquidity Note, equally and ratably without prejudice,
priority or distinction except as set forth herein and (ii) to secure compliance
with the provisions of this Indenture, all as provided in this Indenture.

                                                              2005-WF1 Indenture
<PAGE>

         Without limiting the foregoing Grant and Section 3.18 herein, any
Receivable purchased by the Seller pursuant to Section 2.3 of the Sale
Agreement, by the Originator pursuant to Section 6.2 of the Originator Purchase
Agreement, by BANA pursuant to Section 3.3 of the Purchase Agreement or by the
Servicer pursuant to Section 3.7 of the Servicing Agreement shall be deemed to
be automatically released from the lien of this Indenture without any action
being taken by the Indenture Trustee upon payment by the Seller, BANA, the
Originator or the Servicer, as applicable of the related Repurchase Price for
such Repurchased Receivable.

                                   ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         SECTION 1.1. Definitions. Capitalized terms are used in this Indenture
as defined in Appendix A to the Sale Agreement dated as of July 7, 2005 (as
amended, modified or supplemented from time to time, the "Sale Agreement"),
between BAS Securitization LLC, as seller and the Issuer.

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

         "Commission" means the Securities and Exchange Commission.

         "indenture securities" means the Notes.

         "indenture security holder" means a Noteholder.

         "indenture to be qualified" means this Indenture.

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

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

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

         SECTION 1.3 Other Interpretive Provisions. All terms defined in this
Indenture shall have the defined meanings when used in any certificate or other
document delivered pursuant hereto unless otherwise defined therein. For
purposes of this Indenture and all such certificates and other documents, unless
the context otherwise requires: (a) accounting terms not otherwise defined in
this Indenture, and accounting terms partly defined in this Indenture to the
extent not defined, shall have the respective meanings given to them under GAAP
(provided, that, to the extent that the definitions in this Indenture and GAAP
conflict, the definitions in this Indenture shall control); (b) the words
"hereof," "herein" and "hereunder" and words of similar import refer to this
Indenture as a whole and not to any particular provision of this Indenture; (c)

                                                              2005-WF1 Indenture
                                       2
<PAGE>

references to any Article, Section, Schedule or Exhibit are references to
Articles, Sections, Schedules and Exhibits in or to this Indenture and
references to any paragraph, subsection, clause or other subdivision within any
Section or definition refer to such paragraph, subsection, clause or other
subdivision of such Section or definition; (d) the term "including" and all
variations thereof means "including without limitation"; (e) except as otherwise
expressly provided herein, references to any law or regulation refer to that law
or regulation as amended from time to time and include any successor law or
regulation; (f) references to any Person include that Person's successors and
assigns; and (g) headings are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision hereof.

                                   ARTICLE II

                                    THE NOTES

         SECTION 2.1 Form. The Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class B Notes and Class C Notes, in each case together
with the Indenture Trustee's certificate of authentication, shall be in
substantially the form set forth in Exhibit A hereto, respectively, with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon as
may, consistently herewith, be determined by the officers executing the 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.

         Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit A hereto are part of the terms of this Indenture.

         SECTION 2.2 Execution, Authentication and Delivery. 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 at the date of such Notes.

         The Indenture Trustee shall, upon Issuer Order, authenticate and
deliver Class A-1 Notes for original issue in an Initial Note Balance of
$259,000,000, Class A-2 Notes for original issue in an Initial Note Balance of
$282,000,000, Class A-3 Notes for original issue in an Initial Note Balance of
$238,000,000, Class A-4 Notes for original issue in an Initial Note Balance of
$73,160,000, Class B Notes for the original issue in an Initial Note Balance of
$17,800,000 and Class C Notes for original issue in an Initial Note Balance of
$20,000,000. The Note Balance of Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class B Notes and Class C Notes outstanding at any time
may not exceed such amounts except as provided in Section 2.5.

         Each Note shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes in the minimum denomination of $1,000 and
in integral multiples of $1,000 in

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<PAGE>

excess thereof (except for one Note of each Class which may be issued in a
denomination other than an integral multiple of $1,000).

         No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by 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 2.3 Temporary Notes. Pending the preparation of Definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order, the
Indenture Trustee shall authenticate and deliver, temporary Notes which are
printed, lithographed, typewritten, mimeographed or otherwise produced, of the
tenor of the Definitive Notes in lieu of which they are issued and with such
variations not inconsistent with the terms of this Indenture as the officers
executing such Notes may determine, as evidenced by their execution of such
Notes.

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

         SECTION 2.4 Registration of Transfer and Exchange. 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. The Indenture
Trustee shall initially be "Note Registrar" for the purpose of registering Notes
and transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Issuer shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of Note Registrar.

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

         Upon surrender for registration of transfer of any Note at the office
or agency of the Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401 of the UCC are met, the Issuer shall execute and
upon its written request the Indenture Trustee shall authenticate and the
Noteholder shall obtain from the Indenture Trustee, in the name of the

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<PAGE>

designated transferee or transferees, one or more new Notes, in any authorized
denominations, of the same Class and a like aggregate outstanding principal
amount.

         At the option of the related Noteholder, Notes may be exchanged for
other Notes in any authorized denominations, of the same Class and a like
aggregate outstanding principal amount, upon surrender of the Notes to be
exchanged at such office or agency. Whenever any Notes are so surrendered for
exchange, if the requirements of Section 8-401 of the UCC are met the Issuer
shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate
and the related Noteholder shall obtain from the Indenture Trustee, the Notes
which the Noteholder making the exchange is entitled to receive.

         All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of 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.

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

         By acquiring a Note, each purchaser or transferee will be deemed to
represent and warrant that either (i) it is not acquiring and will not hold such
Note with the assets of (a) an employee benefit plan (as defined in Section 3(3)
of ERISA) that is subject to the provisions of Title I of ERISA, (b) a plan
described in Section 4975(e)(1) of the Code or (c) any entity whose underlying
assets include "plan assets" by reason of an employee benefit plan's or other
plan's investment in the entity; or (ii) the acquisition and holding of such
Note will not give rise to a nonexempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code.

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

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

         SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. 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, and (ii) there is delivered to the

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<PAGE>

Indenture Trustee such security or indemnity as may be required by it to hold
the Issuer and the Indenture Trustee harmless, 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" (as contemplated by Article 8 of the UCC),
and provided that the requirements of Section 8-405 of the UCC are met, the
Issuer shall execute and upon its written 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; provided that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or
within seven days shall be due and payable, or shall have been called for
redemption, instead of issuing a replacement Note, the Issuer may upon delivery
of the security or indemnity herein required pay such destroyed, lost or stolen
Note when so due or payable or upon the Redemption Date without surrender
thereof. If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note pursuant to the proviso to the preceding
sentence, a "protected purchaser" (as contemplated by Article 8 of the UCC) 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 it was delivered or any Person taking such replacement Note from such
Person to whom such replacement Note was delivered or any assignee of such
Person, except a "protected purchaser" (as contemplated by Article 8 of the
UCC), 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.

         Upon the issuance of any replacement Note under this Section 2.5, the
Issuer or the Indenture Trustee may require the payment by the Noteholder 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.

         Every replacement Note issued pursuant to this Section 2.5 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.

         The provisions of this Section 2.5 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes.

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

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<PAGE>

         SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. (a)
The Notes shall accrue interest at its respective Interest Rate, and such
interest shall be due and payable on each Payment Date as specified therein,
subject to Sections 3.1 and 8.2. Any installment of interest or principal, if
any, due and payable on any Note which is punctually paid or duly provided for
by the Issuer on the applicable Payment Date shall be paid to the Person in
whose name such Note (or one or more Predecessor Notes) is registered on the
Record Date, by check mailed first-class, postage prepaid, to such Person's
address as it appears on the Note Register on such Record Date, except that,
unless Definitive Notes have been issued pursuant to Section 2.12, with respect
to Notes registered on the Record Date in the name of the nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made
by wire transfer in immediately available funds to the account designated by
such nominee and except for the final installment of principal payable with
respect to such Note on a Payment Date or on the Final Scheduled Payment Date
for such Class (and except for the Redemption Price for any Note called for
redemption pursuant to Section 10.1) which shall be payable as provided below.
The funds represented by any such checks returned undelivered shall be held in
accordance with Section 3.3.

         (b) The principal of each Note shall be payable in installments on each
Payment Date as provided in Section 8.2. Notwithstanding the foregoing, the
entire unpaid Note Balance and all accrued interest thereon shall be due and
payable, if not previously paid, on the earlier of (i) the date on which an
Event of Default shall have occurred and be continuing, if the Indenture Trustee
or the Holders of a majority of the Note Balance of the Controlling Class, have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 and (ii) with respect to any Class of Notes, on the Final Scheduled
Payment Date for that Class. All principal payments on each Class of Notes shall
be made pro rata to the Noteholders of such Class entitled thereto. The
Indenture Trustee shall notify the Person in whose name a Note is registered at
the close of business on the Record Date preceding the Payment Date on which
Indenture Trustee expects that the final installment of principal of and
interest on such Note will be paid. Such notice shall be transmitted prior to
such final Payment Date and shall specify that such final installment will be
payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemptions of Notes shall be mailed to
Noteholders as provided in Section 10.2.

         (c) If the Issuer defaults in a payment of interest on any Class of
Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted
interest to the extent lawful at the applicable Interest Rate for such Class of
Notes), which shall be due and payable on the Payment Date following such
default. The Issuer shall pay such defaulted interest to the Persons who are
Noteholders on the Record Date for such following Payment Date.

         SECTION 2.8 Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption 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

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<PAGE>

Section, except as expressly permitted by this Indenture. All cancelled Notes
may be held or disposed of by the Indenture Trustee in accordance with its
standard retention or disposal policy as in effect at the time unless the Issuer
shall direct by an Issuer Order that they be destroyed or returned to it;
provided that such Issuer Order is timely and that such Notes have not been
previously disposed of by the Indenture Trustee.

         SECTION 2.9 Release of Collateral. Subject to Section 11.1, 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 TIA Sections
314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent
Certificates to the effect that the TIA does not require any such Independent
Certificates. If the Commission shall issue an exemptive order under TIA Section
304(d) modifying the Issuer's obligations under TIA Sections 314(c) and
314(d)(1), subject to Section 11.1 and the terms of the Transaction Documents,
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 2.10 Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of typewritten Notes representing the Book-Entry Notes, to
be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing
Agency, by, or on behalf of, the Issuer. One fully registered Note shall be
issued with respect to each $500 million in principal amount of each Class of
Notes and any such lesser amount. Such Notes shall initially be registered on
the Note Register in the name of Cede & Co., the nominee of the initial Clearing
Agency, and no Note Owner shall receive a Definitive Note representing such Note
Owner's interest in such Note, except as provided in Section 2.12. Unless and
until definitive, fully registered Notes (the "Definitive Notes") have been
issued to Note Owners pursuant to Section 2.12:

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

         (b) 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 Noteholders, and shall have no obligation
to the Note Owners;

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

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

         (e) whenever this Indenture requires or permits actions to be taken
based upon instructions or directions of Noteholders evidencing a specified
percentage of the Note Balance,

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<PAGE>

the Clearing Agency shall be deemed to represent such percentage only to the
extent that it has received instructions to such effect from Note Owners and/or
Clearing Agency Participants or Persons acting through Clearing Agency
Participants owning or representing, respectively, such required percentage of
the beneficial interest in the Notes and has delivered such instructions to 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 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 the Note Owners.

         SECTION 2.12 Definitive Notes. If (a) the Residual Interestholder
advises the Indenture Trustee in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities with respect to the
Notes, and the Residual Interestholder is unable to locate a qualified
successor, (b) the Residual Interestholder at its option advises the Indenture
Trustee in writing that it elects to terminate the book-entry system through the
Clearing Agency or (c) after the occurrence of an Event of Default, Note Owners
representing beneficial interests aggregating at least a majority of the Note
Balance, voting together as a single Class, advise the Indenture Trustee through
the Clearing Agency or its successor in writing that the continuation of a book
entry system through the Clearing Agency or its successor is no longer in the
best interests of the Note Owners, then the Clearing Agency shall notify all
Note Owners and the Indenture Trustee of the occurrence of any such event and of
the availability of Definitive Notes to Note Owners requesting the same. Upon
surrender to the Indenture Trustee of the typewritten Note or Notes representing
the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute and the Indenture Trustee shall
authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency. None of the Issuer, 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, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

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

         SECTION 2.13 Authenticating Agents. (a) Upon the request of the Issuer,
the Indenture Trustee shall, and if the Indenture Trustee so chooses, the
Indenture Trustee may appoint one or more Persons (each, an "Authenticating
Agent") with power to act on its behalf and subject to its direction in the
authentication of Notes in connection with issuance, transfers and exchanges
under Sections 2.2, 2.3, 2.4, 2.5 and 9.6, 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."
The Indenture Trustee shall be the Authenticating Agent in the absence of any
appointment thereof.

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<PAGE>

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

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

         (d) The provisions of Section 6.4 shall be applicable to any
Authenticating Agent.

         SECTION 2.14 Tax Treatment. The Issuer has entered into this Indenture,
and the Notes shall be issued, with the intention that, solely for federal,
state and local income and franchise tax purposes, the Notes shall qualify as
indebtedness secured by the Collateral. 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 for federal, state and local income and franchise tax purposes
as indebtedness.

                                  ARTICLE III

                                    COVENANTS

         SECTION 3.1 Payment of Principal and Interest and Amounts due under
Revolving Liquidity Note. The Issuer will duly and punctually pay in accordance
with the terms of this Indenture (a) the principal of and interest on the Notes
in accordance with the terms of the Notes and (b) pay to the Holder of the
Revolving Liquidity Note payments under the Revolving Liquidity Note when due.
Without limiting the foregoing and subject to Section 8.2, on each Payment Date
the Issuer shall cause to be paid all amounts on deposit in the Collection
Account which represent Collections received by the Servicer during the
preceding Collection Period and amounts deposited from the Reserve Account, in
each case in accordance with Section 8.4. Amounts properly withheld under the
Internal Revenue Code by any Person from a payment to any Noteholder of interest
and/or principal shall be considered to have been paid by the Issuer to such
Noteholder such for all purposes of this Indenture. Interest accrued on the
Notes shall be due and payable on each Payment Date. The final interest payment
on each Class of Notes is due on the earlier of (a) the Payment Date (including
any Redemption Date) on which the principal amount of that Class of Notes is
reduced to zero or (b) the applicable Final Scheduled Payment Date for that
Class of Notes.

         SECTION 3.2 Maintenance of Office or Agency. The Issuer shall 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

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<PAGE>

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

         SECTION 3.3 Money for Payments To Be Held in Trust. As provided in
Sections 8.2 and 5.4, all payments of amounts due and payable with respect to
any Notes or the Revolving Liquidity Note that are to be made from amounts
withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the
Indenture Trustee or by another Paying Agent, and no amounts so withdrawn
therefrom for payments on the Notes or the Revolving Liquidity Note shall be
paid over to the Issuer except as provided in this Section and Section 8.4.

         On the Business Day immediately preceding each Payment Date and
Redemption Date, the Issuer shall deposit or cause to be deposited (including
the provision of instructions to the Indenture Trustee to make any required
draws on the Revolving Liquidity Note or withdrawals from the Reserve Account)
into the Collection Account an aggregate sum sufficient to pay the amounts then
becoming due under the Notes and other Persons entitled to payment on each
Payment Date, and the Paying Agent shall hold such sum to be held in trust for
the benefit of the Persons entitled thereto pursuant to the Transaction
Documents 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.

         The Issuer shall 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 to the extent relevant),
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 or the Revolving Liquidity Note 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 provided in the Transaction Documents;

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

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

                  (iv) immediately resign as a Paying Agent and forthwith pay to
         the Indenture Trustee all sums held by it in trust for the payment of
         Notes or the Revolving Liquidity

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<PAGE>

         Note if at any time it ceases to meet the standards required to be met
         by a Paying Agent at the time of its appointment; and

                  (v) comply with all requirements of the Code with respect to
         the withholding from any payments made by it on any Notes or the
         Revolving Liquidity Note of any applicable withholding taxes imposed
         thereon and with respect to any applicable reporting requirements in
         connection therewith.

         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 a payment by any Paying Agent to the Indenture Trustee, such
Paying Agent shall be released from all further liability with respect to such
money.

         Subject to applicable laws with respect to the escheat of funds, any
money held by 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 distributed by the Indenture Trustee to the Issuer on Issuer Request and the
Holder of such Note shall thereafter, as an unsecured general creditor, look
only to the Issuer for payment thereof 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 reasonable
expense 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 date shall not be less than 30
days from the date of such publication, any unclaimed balance of such money then
remaining shall be paid to the Issuer. The Indenture Trustee may also adopt and
employ, at the written direction of and at the expense of the Issuer, any other
reasonable means of notification of such repayment (including, but not limited
to, mailing notice of such repayment to Holders whose Notes have been called but
have not been surrendered for redemption or whose right to or 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 Noteholder).

         SECTION 3.4 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.

         SECTION 3.5 Protection of Collateral. 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
Collateral, 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
Collateral. The Issuer shall from time to time 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 Issuer and delivered to the Indenture Trustee, and shall
take such other action necessary or advisable to:

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<PAGE>

         (a) Grant more effectively all or any portion of the Collateral;

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

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

         (d) enforce any of the Collateral (including all rights under the
Revolving Liquidity Note Agreement);

         (e) made draw requests pursuant to the terms of the Revolving Liquidity
Note Agreement under any circumstances in which the Issuer or the Indenture
Trustee has the right to make such draws pursuant to the terms of the Revolving
Liquidity Note Agreement; or

         (f) preserve and defend title to the Collateral and the rights of the
Indenture Trustee and the Noteholders in the Collateral against the claims of
all Persons.

         The Issuer hereby designates the Indenture Trustee as its agent and
attorney-in-fact and hereby authorizes the Indenture Trustee to execute all
financing statements, continuation statements or other instruments required to
be executed (if any) pursuant to this Section. Notwithstanding any statement to
the contrary contained herein or in any other Transaction Document, the Issuer
shall not be required to notify any insurer with respect to any Insurance Policy
about any aspect of the transactions contemplated by the Transaction Documents.

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

         (b) Within 120 days after the beginning of each calendar year,
beginning with April 30, 2006, the Issuer shall furnish to the Indenture Trustee
an Opinion of Counsel either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the execution (if necessary) and filing
of any financing statements and continuation statements as are necessary to
maintain the lien and security interest created by this Indenture and reciting
the details of such action or stating that in the opinion of such counsel no
such action is necessary to maintain such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until April 30 in
the following calendar year.

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<PAGE>

         SECTION 3.7 Performance of Obligations; Servicing of Receivables. (a)
The Issuer shall not take any action and shall 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 covenants or obligations under any instrument or agreement
included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the Transaction Documents or such other instrument or agreement.

         (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 Depositor and the Owner Trustee to assist the
Issuer in performing its duties under this Indenture.

         (c) The Issuer shall punctually perform and observe all of its
respective obligations and agreements contained in this Indenture, the other
Transaction Documents and the instruments and agreements included in the
Collateral, including but not limited to preparing (or causing to prepared) and
filing (or causing to be filed) all UCC financing statements and continuation
statements required to be filed by the terms of this Indenture and the other
Transaction Documents in accordance with and within the time periods provided
for herein and therein. Except as otherwise expressly provided therein, the
Issuer shall not waive, amend, modify, supplement or terminate any Transaction
Document or any provision thereof other than in accordance with the amendment
provisions set forth in such Transaction Document.

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

         (a) engage in any activities other than financing, acquiring, owning,
pledging and managing the Receivables and the other Collateral as contemplated
by this Indenture and the other Transaction Documents;

         (b) except as expressly permitted by this Indenture or in the other
Transaction Documents, sell, transfer, exchange or otherwise dispose of any of
the properties or assets of the Issuer;

         (c) 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 any part of the Trust Estate;

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

         (e) (i) permit the validity or effectiveness of this Indenture to be
impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from
any covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (ii) permit any Lien (other than
the Liens of this Indenture or the Revolving Liquidity Note Agreement) to be
created on or

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                                       14
<PAGE>

extend to or otherwise arise upon or burden the assets of the Issuer or any part
thereof or any interest therein or the proceeds thereof and (iii) permit the
lien of this Indenture not to constitute a valid first priority (other than with
respect to any Permitted Lien) security interest in the Collateral (it being
understood that (A) either each Receivable constituting part of the Collateral
is secured by a first priority validly perfected security interest in the
Financed Vehicle in favor of the applicable Originator, as secured party, or all
necessary actions with respect to the Receivable have been taken or will be
taken to perfect a first priority security interest in the Financed Vehicle in
favor of the applicable Originator, as secured party and (B) the Issuer shall
not be required to notify any insurer with respect to any Insurance Policy
obtained by an Obligor about any aspect of the transactions contemplated by the
Transaction Documents);

         (f) incur, assume or guarantee any indebtedness other than indebtedness
incurred in accordance with the Transaction Documents; or

         (g) merge or consolidate with, or transfer substantially all of its
assets to, any other Person.

         SECTION 3.9 Annual Compliance Statement.

         (a) The Issuer shall deliver to the Indenture Trustee and each Rating
Agency, within 120 days after the end of each calendar year (commencing with the
year ending December 31, 2005), an Officer's Certificate stating, as to the
Responsible Officer signing such Officer's Certificate, that:

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

                  (ii) 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 such year, or, if there has
         been a default in the compliance of any such condition or covenant,
         specifying each such default known to such Authorized Officer and the
         nature and status thereof.

         (b) The Issuer shall:

                  (i) file with the Indenture Trustee, within 15 days after the
         Issuer is required (if at all) to file the same with the Commission,
         copies of the annual reports and such other information, documents and
         reports (or copies of such portions of any of the foregoing as the
         Commission may from time to time by rules and regulations prescribe) as
         the Issuer may be required to file with the Commission pursuant to
         Section 13 or 15(d) of the Exchange Act or such other reports required
         pursuant to TIA Section 314(a)(1);

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

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                                       15
<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 transmit by mail to all Noteholders as required by 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 3.9(b) as may be required pursuant to rules and
         regulations prescribed from time to time by the Commission.

         (c) Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall be the same as the fiscal year of the Depositor.

         SECTION 3.10 [Reserved].

         SECTION 3.11 Restrictions on Certain Other Activities. The Issuer shall
not: (i) engage in any activities other than financing, acquiring, owning,
pledging and managing the Trust Estate and the other Collateral in the manner
contemplated by the Transaction Documents and activities incidental thereto,
including issuing the Revolving Liquidity Note pursuant to the Revolving
Liquidity Note Agreement; (ii) issue, incur, assume, guarantee or otherwise
become liable, directly or indirectly, for any indebtedness other than the Notes
or the Revolving Liquidity Note; (iii) make any loan, advance or credit to,
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, 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; or (iv) make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty or
personalty).

         SECTION 3.12 Restricted Payments. The Issuer shall not, directly or
indirectly, (a) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or security
in or of the Issuer or to the Servicer, (b) redeem, purchase, retire or
otherwise acquire for value any such ownership or equity interest or security or
(c) set aside or otherwise segregate any amounts for any such purpose; provided
that the Issuer may cause to be made, (i) distributions to the Servicer, the
Owner Trustee, the Indenture Trustee, the Noteholders and the Residual
Interestholders as permitted by, and to the extent funds are available for such
purpose under this Indenture, the Sale Agreement, the Servicing Agreement, the
Revolving Liquidity Note Agreement or the Trust Agreement. Other than as set
forth in the preceding sentence, the Issuer will not, directly or indirectly,
make distributions from the Trust Accounts.

         SECTION 3.13 Notice of Events of Default. The Issuer shall promptly
deliver to the Indenture Trustee and each Rating Agency written notice in the
form of an Officer's Certificate of any event which with the giving of notice,
the lapse of time or both would become an Event of Default, its status and what
action the Issuer is taking or proposes to take with respect thereto.

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<PAGE>

         SECTION 3.14 Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer shall 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 3.15 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
other Transaction Document.

         SECTION 3.16 [Reserved].

         SECTION 3.17 Perfection Representations, Warranties and Covenants. The
perfection representations, warranties and covenants attached hereto as Schedule
I shall be deemed to be part of this Indenture for all purposes.

         SECTION 3.18 Release of Transferred Assets. If (a) the Seller is
required to repurchase a Receivable pursuant to Section 2.3 of the Sale
Agreement, (b) the Originator is required to repurchase a Receivable pursuant to
Section 6.1 of the Originator Purchase Agreement, (c) BANA is required to
repurchase a Receivable pursuant to Section 3.3 of the Purchase Agreement or (d)
the Servicer is required to repurchase a Receivable pursuant to Section 3.7 of
the Servicing Agreement, upon payment of the Repurchase Price by the Seller, the
Originator, BANA or the Servicer, as applicable, the Indenture Trustee shall
release and shall execute and deliver such instruments of release, transfer or
assignment, in each case without recourse or representation, as may be
reasonably requested by the Seller, the Originator, BANA or the Servicer, as
applicable, to evidence such release, transfer or assignment or more effectively
vest in the Seller, the Originator, BANA or the Servicer, as applicable, or
their respective designee all of the Indenture Trustee's rights in any
Receivable and related Transferred Assets repurchased pursuant to Section 2.3 of
the Sale Agreement, Section 6.1 of the Originator Purchase Agreement, Section
3.3 of the Purchase Agreement or Section 3.7 of the Servicing Agreement, as the
case may be.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

         SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (a)
rights of registration of transfer and exchange, (b) substitution of mutilated,
destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments
of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8,
3.11, 3.12, (e) the rights, obligations and immunities of the Indenture Trustee
hereunder (including the rights of the Indenture Trustee under Section 6.7 and
the obligations of the Indenture Trustee under Section 4.2) and (f) the rights
of Noteholders and the Holder of the Revolving Liquidity Note 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:

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<PAGE>

         (a) either (i) all Notes and the Revolving Liquidity Note theretofore
authenticated and delivered (other than (1) Notes that have been destroyed, lost
or stolen and that have been replaced or paid as provided in Section 2.5 and (2)
Notes for which payment money has theretofore been deposited in trust or
segregated and held in trust by the Issuer and thereafter repaid to the Issuer
or discharged from such trust, as provided in Section 3.3) have been delivered
to the Indenture Trustee for cancellation and the Revolving Liquidity Note
Agreement has been terminated and all payments owed under the Revolving
Liquidity Note Agreement have been paid or (ii) all Notes not theretofore
delivered to the Indenture Trustee for cancellation (1) have become due and
payable, (2) will become due and payable at the Final Scheduled Payment Date
within one year, or (3) 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 (1), (2) or (3), has irrevocably
deposited or caused to be irrevocably deposited with the Indenture Trustee cash
or direct obligations of or obligations guaranteed by the United States of
America (which will mature prior to the date such amounts are payable), in trust
for such purpose, in an amount sufficient to pay and discharge the entire
indebtedness on such Notes not theretofore delivered to the Indenture Trustee
for cancellation when due and the Revolving Liquidity Note when due to the Final
Scheduled Payment Date or Redemption Date (if Notes shall have been called for
redemption pursuant to Section 10.1), as the case may be;

         (b) the Issuer has paid or caused to be paid all other sums payable
under the Transaction Documents by the Issuer;

         (c) the Issuer has delivered to the Indenture Trustee an Officer's
Certificate, an Opinion of Counsel and (if required by the TIA or the Indenture
Trustee) a certificate from a firm of certified public accountants, each meeting
the applicable requirements of Section 11.1(a) and, subject to Section 11.2, and
each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.

         SECTION 4.2 Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by
it, in accordance with the provisions of the Notes, this Indenture and the
Revolving Liquidity Note Agreement. Such monies need not be segregated from
other funds except to the extent required herein or by law.

         SECTION 4.3 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 3.3 and thereupon such Paying Agent shall be released from all
further liability with respect to such monies.

                                   ARTICLE V

                                    REMEDIES

         SECTION 5.1 Events of Default. The occurrence and continuation of any
one of the following events (whatever the reason for such Event of Default and
whether it shall be

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                                       18
<PAGE>

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) shall constitute a default under this
Indenture (each, an "Event of Default"):

                           (a) 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 or more;

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

                           (c) any failure by the Issuer to duly observe or
                  perform in any material respect any of its material covenants
                  or agreements made in this Indenture (other than a covenant or
                  agreement, a default in the observance or performance of which
                  is elsewhere in this Section specifically dealt with), which
                  failure materially and adversely affects the interests of the
                  Noteholders, and such failure shall continue unremedied for a
                  period of 90 days after there shall have been given, by
                  registered or certified mail, to the Issuer by the Indenture
                  Trustee by Noteholders evidencing at least 25% of the Note
                  Balance, a written notice specifying such failure and
                  requiring it to be remedied and stating that such notice is a
                  "Notice of Default" hereunder;

                           (d) any representation or warranty of the Issuer made
                  in this Indenture proves to have been incorrect in any
                  material respect when made, which failure materially and
                  adversely affects the rights of the Noteholders, and which
                  failure continues unremedied for 60 days after there shall
                  have been given, by registered or certified mail, to the
                  Issuer by the Indenture Trustee or by Noteholders evidencing
                  at least 25% of the Note Balance, a written notice specifying
                  such failure and requiring it to be remedied and stating that
                  such notice is a "Notice of Default" hereunder;

                           (e) 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 Collateral 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 Collateral, 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

                           (f) 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

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<PAGE>

                  benefit of creditors, or the failure by the Issuer generally
                  to pay its debts as such debts become due, or the taking of
                  action by the Issuer in furtherance of any of the foregoing.

         SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default.
Except as set forth in the following sentence, if an Event of Default should
occur and be continuing, then and in every such case the Indenture Trustee (at
the direction of the majority of the Note Balance of the Controlling Class) or
the Noteholders representing not less than a majority of the Note Balance of the
Controlling Class shall declare all the Notes to be immediately due and payable,
by a notice in writing to the Issuer (and to the Indenture Trustee if given by
Noteholders), and upon any such declaration the unpaid Note Balance of such
Notes, together with accrued and unpaid interest thereon through the date of
acceleration, shall become immediately due and payable. If an Event of Default
specified in Section 5.1(e) or (f) occurs, all unpaid principal, together with
all accrued and unpaid interest thereon, of all Notes, and all other amounts
payable hereunder, shall automatically become due and payable without any
declaration or other act on the part of the Indenture Trustee or any Noteholder.

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

         (a) the Issuer has paid or deposited with the Indenture Trustee a sum
sufficient to pay (i) all payments of principal of and interest on all Notes and
all other amounts that would then be due hereunder (including all payments
payable to the Holder of the Revolving Liquidity Note under the Revolving
Liquidity Note Agreement) or upon such Notes if the Event of Default giving rise
to such acceleration had not occurred and (ii) all sums paid or advanced by the
Indenture Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel;
and

         (b) all Events of Default, other than the nonpayment of the principal
of the Notes that has become due solely by such acceleration, have been cured or
waived as provided in Section 5.12.

         No such rescission shall affect any subsequent default or impair any
right consequent thereto.

         If the Notes have been declared due and payable or have automatically
become due and payable following an Event of Default, the Indenture Trustee may,
and at the request of the majority of the Note Balance of the Controlling Class,
shall institute proceedings to collect amounts due, exercise remedies as a
secured party (including foreclosure or sale of the Collateral) or elect to
maintain the Collateral and continue to apply the proceeds from the Collateral
as if there had been no declaration of acceleration. Any sale of the Collateral
by the Indenture Trustee will be subject to the terms and conditions of Section
5.4.

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                                       20
<PAGE>

         SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the
Indenture Trustee. (a) The Issuer covenants that if (i) default is made in the
payment of 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) default is made in the payment of the principal of or any installment of
the principal of any Note when the same becomes due and payable, the Issuer
will, upon demand of the Indenture Trustee in writing as directed by a majority
of the Note Balance of the Controlling Class, pay to the Indenture Trustee, for
the benefit of the Noteholders, the whole amount then due and payable on such
Notes for principal and interest, with interest upon the overdue principal, and,
to the extent payment at such rate of interest shall be legally enforceable,
upon overdue installments of interest, at the 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.

         (b) In case the Issuer shall fail forthwith to pay the amounts
described in clause (a) above 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 other
obligor upon such 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 occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.4, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders, by
such appropriate proceedings as the Indenture Trustee shall deem most effective
to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy or legal or
equitable right vested in the Indenture Trustee by this Indenture or by law.

         (d) In case 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 Collateral, proceedings under the Bankruptcy Code or any other applicable
federal or state bankruptcy, insolvency or other similar law, or in case a
receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken
possession of the Issuer or its property or such other obligor or Person, or in
case of 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

                                                              2005-WF1 Indenture
                                       21
<PAGE>

         each predecessor Indenture Trustee, and their respective agents,
         attorneys and counsel, and for reimbursement of all expenses and
         liabilities incurred, and all advances made, by the Indenture Trustee
         and each predecessor Indenture Trustee, except as a result of
         negligence, bad faith or willful misconduct) and of the Noteholders
         allowed in such proceedings;

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

                  (iii) to collect and receive any monies or other property
         payable or deliverable on any such claims and to distribute all amounts
         received with respect to the claims of the Noteholders, the Holder of
         the Revolving Liquidity Note 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, the Noteholders or the Holder of the
         Revolving Liquidity Note allowed in any judicial 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 Noteholder to make payments to
the Indenture Trustee, and, in the event that the Indenture Trustee shall
consent to the making of payments directly to such 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, attorneys and counsel, and all other expenses and
liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee except as a result of negligence, bad faith or
willful misconduct, and any other amounts due the Indenture Trustee under
Section 6.7.

         (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 or the Holder of the Revolving Liquidity Note 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 or the Holder of the Revolving
Liquidity Note 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 or the Revolving Liquidity Note Agreement 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 benefit of the Noteholders and
the Holder of the Revolving Liquidity Note, to the extent set forth in Section
5.4(b).

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                                       22
<PAGE>

         (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 the Holder of the Revolving Liquidity
Note, and it shall not be necessary to make any Noteholder or the Holder of the
Revolving Liquidity Note a party to any such proceedings.

         SECTION 5.4 Remedies; Priorities. (a) If an Event of Default shall have
occurred and be continuing, the Indenture Trustee shall, at the request of the
majority of the Note Balance of the Controlling Class, do one or more of the
following (subject to Sections 5.2 and 5.5):

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

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

                  (iii) exercise any other 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) subject to Section 5.17, after an acceleration of the
         maturity of the Notes pursuant to Section 5.2, sell the Collateral 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 shall not sell or otherwise
liquidate the Collateral following an Event of Default unless (A) the holders of
100% of the Note Balance of the Controlling Class have consented to such
liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay
in full the principal of and the accrued interest on the Outstanding Notes and
the Revolving Liquidity Note or (C) the default relates to the failure to pay
interest or principal when due (a "Payment Default") and the Indenture Trustee
determines (but shall have no obligation to make such determination) that the
Collections on the Receivables will not be sufficient on an ongoing basis to
make all payments on the Notes and the Revolving Liquidity Note as they would
have become due if the Notes and the Revolving Liquidity Note had not been
declared due and payable; and the Indenture Trustee obtains the consent of the
holders of 66-2/3% of the Note Balance of the Controlling Class. In determining
such sufficiency or insufficiency with respect to clauses (B) and (C) of the
preceding sentence, 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. Notwithstanding anything
herein to the contrary, if the Event of Default does not relate to a Payment
Default or Bankruptcy Event with respect to the Issuer, the Indenture Trustee
may not sell or otherwise liquidate the Trust Estate unless the Holders of all
Outstanding Notes consent to such sale or the proceeds of such sale are
sufficient to pay in full the principal of and accrued interest on the
Outstanding Notes.

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                                       23
<PAGE>

         (b) Notwithstanding the provisions of Sections 8.2 or 8.4 of this
Indenture, if the Indenture Trustee collects any money or property pursuant to
this Article V and the Notes have been accelerated, it shall pay out such money
or property (and other amounts, including all amounts held on deposit in the
Trust Accounts) held as Collateral for the benefit of the Noteholders and the
Holder of the Revolving Liquidity Note (net of liquidation costs associated with
the sale of the Trust Estate) in the following order of priority:

                  (i) first, to the Servicer, the Servicing Fee and all unpaid
         Servicing Fees with respect to prior periods;

                  (ii) second, to the Indenture Trustee and the Owner Trustee,
         any accrued and unpaid fees (including any unpaid Indenture Trustee
         fees or Owner Trustee fees with respect to prior periods) and any
         reasonable expenses (including indemnification amounts) not previously
         paid; provided that aggregate expenses payable (a) to the Indenture
         Trustee pursuant to this clause (ii) and Section 8.4(a)(ii) shall be
         limited to $100,000 per annum in the aggregate and (b) to the Owner
         Trustee pursuant to this clause (ii) and Section 8.4(a)(ii) shall be
         limited to $100,000 per annum in the aggregate;

                  (iii) third, to the Class A Noteholders, the Accrued Class A
         Note Interest; provided that if there are not sufficient funds
         available to pay the entire amount of the Class A Note Interest, the
         amounts available shall be applied to the payment of such interest on
         the Class A Notes on a pro rata basis based upon the amount of interest
         payable to each Class of Class A Notes;

                  (iv) fourth, if an Event of Default described in Section
         5.1(a), (b), (e) or (f) has occurred, in the following order of
         priority:

                           (a) to the Holders of the Class A-1 Notes in respect
                  of principal thereof until the Class A-1 Notes have been paid
                  in full;

                           (b) to the Holders of the Class A-2 Notes, Class A-3
                  Notes and Class A-4 Notes, in respect of principal thereon, on
                  a pro rata basis (based on the Note Balance of each Class on
                  such Payment Date), until all Classes of the Class A Notes
                  have been paid in full;

                           (c) to the Holders of the Class B Notes, the Accrued
                  Class B Note Interest; and

                           (d) to the Holders of the Class B Notes in respect of
                  principal thereon until the Class B Notes have been paid in
                  full;

                           (e) to the Holders of the Class C Notes, the Accrued
                  Class C Note Interest; and

                           (f) to the Holders of the Class C Notes in respect of
                  principal thereon until the Class C Notes have been paid in
                  full;

                                                              2005-WF1 Indenture
                                       24
<PAGE>

                  (v) fifth, if an Event of Default described in Section 5.1(c)
         or (d) has occurred, in the following order of priority:

                           (a) to the Holders of the Class B Notes, the Accrued
                  Class B Note Interest;

                           (b) to the Holders of the Class C Notes, the Accrued
                  Class C Note Interest;

                           (c) to the Holders of the Class A-1 Notes in respect
                  of principal thereof until the Class A-1 Notes have been paid
                  in full;

                           (d) to the Holders of the Class A-2 Notes, Class A-3
                  Notes and Class A-4 Notes, in respect of principal thereon, on
                  a pro rata basis (based on the Note Balance of each Class on
                  such Payment Date), until all Classes of the Class A Notes
                  have been paid in full;

                           (e) to the Holders of the Class B Notes in respect of
                  principal thereon until the Class B Notes have been paid in
                  full; and

                           (f) to the Holders of the Class C Notes in respect of
                  principal thereon until the Class C Notes have been paid in
                  full;

                  (vi) sixth, to the Holder of the Revolving Liquidity Note, the
         amount of any unreimbursed draw previously funded thereunder in
         accordance with the Revolving Liquidity Note Agreement;

                  (vii) seventh, to the Holder of the Revolving Liquidity Note,
         the amount of any accrued and unpaid interest on any draw previously
         funded thereunder in accordance with the Revolving Liquidity Note
         Agreement;

                  (viii) eighth, to the Indenture Trustee and the Owner Trustee,
         any accrued and unpaid fees, reasonable expenses and indemnity payments
         which have not previously been paid; and

                  (ix) ninth, any remaining funds shall be distributed to or at
         the direction of the Residual Interestholder.

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

         Prior to an acceleration of the Notes after an Event of Default, if the
Indenture Trustee collects any money or property pursuant to this Article V,
such amounts shall be deposited into the Collection Account and distributed in
accordance with Sections 8.2 and 8.4 hereof.

         SECTION 5.5 [Reserved].

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                                       25
<PAGE>

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

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

                  (ii) the Holders of 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 the Indenture Trustee hereunder;

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

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

                  (v) no direction inconsistent with such written request has
         been given to the Indenture Trustee during such 60-day period by the
         Holders of a majority of the Note Balance.

No Noteholder or group of 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 each case, to the extent and
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 Noteholders, each
representing less than a majority 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.

         (b) No Noteholder shall have any right to vote except as provided
pursuant to this Indenture and the Notes, nor any right in any manner to
otherwise control the operation and management of the Issuer. However, in
connection with any action as to which Noteholders are entitled to vote or
consent under this Indenture and the Notes, the Issuer may set a record date for
purposes of determining the identity of Noteholders entitled to vote or consent
in accordance with TIA Section 316(c).

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

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                                       26
<PAGE>

         SECTION 5.8 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 to 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 5.9 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders or the
Holder of the Revolving Liquidity Note 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, the Holder of the Revolving Liquidity Note or any Holder
of any Note to exercise any right or remedy accruing upon any Default or Event
of Default shall impair any such right or remedy or constitute a waiver of any
such Default or Event of Default or an acquiescence therein. Every right and
remedy given by this Article V or by law to the Indenture Trustee, the Holder of
the Revolving Liquidity Note or to the Noteholders may be exercised from time to
time, and as often as may be deemed expedient, by the Indenture Trustee, the
Holder of the Revolving Liquidity Note or by the Noteholders, as the case may
be.

         SECTION 5.11 Control by Noteholders. Subject to the provisions of
Sections 5.2, 5.4, 5.6, 6.2(d) and 6.2(e), Noteholders holding not less than a
majority of the Note Balance of the Controlling Class (or if the Note Balance
has been reduced to zero, the Holder of the Revolving Liquidity Note), 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
with respect to the exercise of any trust or power conferred on the Indenture
Trustee; provided that

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

                           (b) subject to the express terms of the proviso and
                  the last sentence of Section 5.4(a), any direction to the
                  Indenture Trustee to sell or liquidate the Trust Estate shall
                  be by the Holders of Notes representing not less than 100% of
                  the Note Balance unless the proceeds of such sale are
                  sufficient to pay in full the principal of and accrued
                  interest on the Outstanding Notes and the Revolving Liquidity
                  Note;

                           (c) the Indenture Trustee may take any other action
                  deemed proper by the Indenture Trustee that is not
                  inconsistent with such direction, applicable law and the terms
                  of this Indenture; and

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                                       27
<PAGE>

                           (d) such direction shall be in writing;

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

         SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.2, the
Holders of Notes of not less than a majority of the Note Balance of the
Controlling Class, without the consent of the Holder of the Revolving Liquidity
Note, may waive any past Default or Event of Default and its consequences except
a Default (a) in payment of principal of or interest on any of the Notes, (b) in
respect of a covenant or provision hereof which cannot be modified or amended
without the consent of each Noteholder or (c) arising from a Bankruptcy Event
with respect to the Issuer. In the case of 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 impair any right consequent thereto.

         Upon any such waiver, such 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
prior, 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 a Note by such Holder's acceptance of such Note and
the Holder of the Revolving Liquidity Note by such Holder's acceptance of the
Revolving Liquidity Note Agreement 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 the Indenture
Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys' fees, against any party
litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this
Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b)
any suit instituted by any Noteholder, or group of Noteholders, in each case
holding in the aggregate more than 10% of the Note Balance or (c) any suit
instituted by any Noteholder or the Holder of the Revolving Liquidity Note for
the enforcement of the payment of principal of or interest on any Note or the
Revolving Liquidity Note on or after the respective due dates expressed in such
Note, the Revolving Liquidity 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 will not at any time insist upon,
or plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it will not hinder,
delay or

                                                              2005-WF1 Indenture
                                       28
<PAGE>

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, the Revolving Liquidity Note 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 5.4(b) of this Indenture, if the maturity of the Notes has been
accelerated pursuant to Section 5.2 of this Indenture, or Sections 8.2 and 8.4
of this Indenture, if the maturity of the Notes has not been accelerated.

         SECTION 5.16 Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from the Indenture Trustee to do so, the Issuer
shall take all such lawful action as the Indenture Trustee may request to compel
or secure the performance and observance (i) by the Seller of its obligations to
the Issuer under or in connection with the Sale Agreement, (ii) by the Servicer
of the obligations to the Issuer under or in connection with the Servicing
Agreement, (iii) by the Seller or BANA, as applicable, of each of their
obligations under or in connection with the Purchase Agreement, (iv) by the
Originator of its obligations to the Issuer under or in connection with the
Originator Purchase Agreement or (v) the Holder of the Revolving Liquidity Note
to the Issuer under or in connection with the Revolving Liquidity Note
Agreement, in each case, in accordance with the terms thereof, and to exercise
any and all rights, remedies, powers and privileges lawfully available to the
Issuer under or in connection with the Sale Agreement, the Servicing Agreement,
the Purchase Agreement, the Originator Purchase Agreement and the Revolving
Liquidity Note Agreement, as the case may be, to the extent and in the manner
directed by the Indenture Trustee, including the transmission of notices of
default on the part of the Seller, the Servicer, the Originator, BANA or the
Holder of the Revolving Liquidity Note thereunder and the institution of legal
or administrative actions or proceedings to compel or secure performance by the
Seller of its obligations under the Sale Agreement, the Servicer of its
obligations under the Servicing Agreement, the Originator of its obligations
under the Originator Purchase Agreement, by the Seller or BOAF, as applicable,
of each of their obligations under or in connection with the Purchase Agreement,
or the Holder of the Revolving Liquidity Note of its obligations under the
Revolving Liquidity Note Agreement.

         (b) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and, at the direction (which direction shall be in
writing) of the Holders of a majority of the Note Balance of the Controlling
Class shall, exercise all rights, remedies, powers, privileges and claims of the
Issuer against the Seller under or in connection with the Sale Agreement,
against the Servicer under or in connection with the Servicing Agreement,
against the Originator under or in connection with the Originator Purchase
Agreement, against the Seller or BANA under or in connection with the Purchase
Agreement or against the Holder of the Revolving Liquidity Note under or in
connection with the Revolving Liquidity Note Agreement, including the right or
power to take any action to compel or secure performance or observance by the
Seller, the Servicer, the Originator, BANA or the Holder of the Revolving
Liquidity Note of each of their obligations to the Issuer thereunder and to give
any consent, request, notice, direction, approval,

                                                              2005-WF1 Indenture
                                       29
<PAGE>

extension or waiver under the Sale Agreement, the Servicing Agreement, the
Originator Purchase Agreement, the Purchase Agreement or the Revolving Liquidity
Note Agreement, as applicable, and any right of the Issuer to take such action
shall be suspended.

         SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell
the Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture
Trustee shall publish a notice in an Authorized Newspaper stating that the
Indenture Trustee intends to effect such a sale in a commercially reasonable
manner and on commercially reasonable terms, which shall include the
solicitation of competitive bids. Following such publication, the Indenture
Trustee shall, unless otherwise prohibited by applicable law from any such
action, sell the Collateral or any part thereof, in such manner and on such
terms as provided above to the highest bidder, provided, however, that the
Indenture Trustee may from time to time postpone any sale by public announcement
made at the time and place of such sale. The Indenture Trustee may obtain a
prior determination from a conservator, receiver or trustee in bankruptcy of the
Issuer that the terms and manner of any proposed sale are commercially
reasonable. The power to effect any sale of any portion of the Collateral
pursuant to Section 5.4 and this Section 5.17 shall not be exhausted by any one
or more sales as to any portion of the Collateral remaining unsold, but shall
continue unimpaired until the entire Collateral shall have been sold or all
amounts payable on the Notes shall have been paid.

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

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

         (b) Prior to the occurrence 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 the other Transaction Documents to which it is a party and no
         implied covenants or obligations shall be read into this Indenture or
         the other Transaction Documents 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 conforming to the
         requirements of this Indenture; provided however, 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 shall 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 paragraph (b)
         of this Section;

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                                       30
<PAGE>

                  (ii) the Indenture Trustee shall not be liable for any error
         of judgment made in good faith by a Responsible Officer 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).

         (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.

         (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.

         (g) No provision of this Indenture or any other Transaction Document
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
thereunder or in the exercise of any of its rights or powers, if it shall have
reasonable grounds to believe that repayment of such funds or indemnity
satisfactory to it against such risk or liability is not reasonably assured to
it.

         (h) Every provision of this Indenture and each other Transaction
Document 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.

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

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

         (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 co-trustee or separate trustee appointed in accordance with
the provisions of Section 6.10, or any other such agent, attorney, custodian or
nominee appointed with due care by it hereunder. Such agents may include,
without limitation, appraisers, accountants or other third parties in connection
with the sale of the Collateral pursuant to Section 5.17 or the sale or
liquidation of the Trust Estate pursuant to Section 5.4.

         (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,

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<PAGE>

that the Indenture Trustee's conduct 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 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 or the Revolving
Liquidity Note Agreement (except as specified in Section 3.5(d)) or to
institute, conduct or defend any litigation under this Indenture or in relation
to this Indenture or the Revolving Liquidity Note Agreement or to honor the
request or direction of any of the Noteholders pursuant to this Indenture or the
Revolving Liquidity Note Agreement unless such Noteholders shall have offered to
the Indenture Trustee reasonable security or indemnity satisfactory to the
Indenture Trustee against the reasonable costs, expenses, disbursements,
advances and liabilities that might be incurred by it, its agents and its
counsel in compliance with such request or direction.

         SECTION 6.3 Individual Rights of the Indenture Trustee. Subject to
Section 310 of the TIA, the Indenture Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with
the Seller, the Owner Trustee, the Holder of the Revolving Liquidity Note and
their respective Affiliates with the same rights it would have if it were not
the Indenture Trustee, and the Seller, the Owner Trustee, the Holder of the
Revolving Liquidity Note and their respective Affiliates may maintain normal
commercial banking and investment banking relationships with the Indenture
Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar,
co-paying agent, co-trustee or separate trustee may do the same with like
rights. However, the Indenture Trustee must comply with Section 6.11.

         SECTION 6.4 The Indenture Trustee's Disclaimer. The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Revolving Liquidity Note Agreement or the Notes,
shall not be accountable for the Issuer's use of the proceeds from the Notes or
the Revolving Liquidity Note, and shall not be responsible for any statement of
the Issuer in the Revolving Liquidity Note Agreement, the Indenture or in any
document issued in connection with the sale of the Notes, including but not
limited to any prospectus, prospectus supplement or other disclosure material
prepared and distributed with respect to the issuance of the Notes, or in the
Notes, all of which shall be taken as the statements of the Issuer, other than
the Indenture Trustee's certificate of authentication.

         SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing
and if it is either actually known or written notice of the existence thereof
has been delivered to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder and the Rating Agencies notice
of the Default within 90 days after such knowledge or notice occurs. Except in
the case of a Default in payment of principal of or interest on any Note
(including payments pursuant to the mandatory redemption provisions of such
Note), 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. In addition, if a

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<PAGE>

Servicer Termination Event occurs and is continuing and if it is either actually
known or written notice of the existence thereof has been delivered to a
Responsible Officer of the Indenture Trustee, the Indenture Trustee shall
provide each Rating Agency prior written notice of such Servicer Termination
Event.

         SECTION 6.6 Reports by the Indenture Trustee to Noteholders. The
Indenture Trustee, based on information provided to the Indenture Trustee by the
Issuer, at the expense of the Issuer, shall deliver to each Noteholder, not
later than the latest date permitted by law, such information as may be required
by law to enable such Holder to prepare its federal and state income tax
returns.

         SECTION 6.7 Compensation and Indemnity. (a) The Issuer shall cause the
payment to be made to U.S. Bank National Association from time to time
compensation for all services rendered by U.S. Bank National Association
pursuant to the Transaction Documents pursuant to a fee letter between the
Depositor and U.S. Bank National Association (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee to an
express trust).

         (b) The Issuer, except as otherwise expressly provided herein, agrees
to reimburse the Indenture Trustee any expense incurred by the Indenture Trustee
in pursuing remedies pursuant to Section 5.4 (including, but not limited to, the
reasonable compensation, expenses and disbursements of its agents and counsel
and allocable costs of in-house counsel); provided, however, in no event shall
the Issuer pay or reimburse the Indenture Trustee or the agents or counsel,
including in-house counsel of either, for any expenses, disbursements and
advances incurred or made by the Indenture Trustee in connection with any action
or inaction on the part of the Indenture Trustee for which a court of competent
jurisdiction has found the Indenture Trustee to be grossly negligent.

         (c) The Issuer agrees to indemnify the Indenture Trustee and its
officers, directors, employees and agents for, and to hold them harmless
against, any loss, liability or expense incurred without gross negligence or bad
faith on the part of the Indenture Trustee arising out of, or in connection
with, the acceptance or administration of this trust, including the costs and
expenses of defending itself against any claim in connection with the exercise
or performance of any of its powers or duties hereunder; provided, however,
that:

                  (i) with respect to any such claim the Indenture Trustee shall
         have given the Issuer written notice thereof promptly after the
         Indenture Trustee shall have actual knowledge thereof; provided that
         failure to notify shall not relieve the parties of their obligations
         hereunder;

                  (ii) while maintaining absolute control over its own defense,
         the Indenture Trustee shall cooperate and consult fully with the Owner
         Trustee in preparing such defense; provided that the interests of the
         Indenture Trustee are not adverse to those of such parties; and

                  (iii) the Indenture Trustee, its officers, directors,
         employees and agents, as a group, shall be entitled to counsel separate
         from the Issuer; to the extent its interests are

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<PAGE>

         not adverse to the interests of the Indenture Trustee, its officers,
         directors, employees or agents, the Indenture Trustee may agree to be
         represented by the same counsel as the Issuer.

         (d) The Issuer's payment obligations to the Indenture Trustee pursuant
to this Section shall survive the discharge of this Indenture or the Indenture
Trustee's earlier resignation or removal. When the Indenture Trustee incurs
expenses after the occurrence of a Default specified in Section 5.1(d) or 5.1(e)
with respect to the Issuer, the expenses are intended to constitute expenses of
administration under the Bankruptcy Code or any other applicable federal or
state bankruptcy, insolvency or similar law.

         SECTION 6.8 Removal, Resignation and Replacement of the Indenture
Trustee. The Indenture Trustee may resign at any time by so notifying the
Issuer, the Holder of the Revolving Liquidity Note, the Servicer, the Depositor
and each Rating Agency. The Holders of a majority of the Note Balance of the
Controlling Class may remove the Indenture Trustee without cause by so notifying
the Indenture Trustee and the Issuer, and following that removal may appoint a
successor to the Indenture Trustee. The Issuer shall remove the Indenture
Trustee if:

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

                           (b) a Bankruptcy Event occurs with respect to the
                  Indenture Trustee;

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

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

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

         A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective,
and the successor Indenture Trustee, without any further act, deed or
conveyance, shall have all the rights, powers and duties of the Indenture
Trustee under this Indenture subject to satisfaction of the Rating Agency
Condition. The successor Indenture Trustee shall mail a notice of its succession
to Noteholders. The retiring Indenture Trustee shall promptly transfer all
property held by it as the Indenture Trustee to the successor Indenture Trustee.

         If a successor Indenture Trustee does not take office within 60 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of a majority 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.

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<PAGE>

         Any resignation or removal of the Indenture Trustee and appointment of
a successor Indenture Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.8 and payment of all fees and
expenses owed to the outgoing Indenture Trustee.

         Notwithstanding the resignation or removal of the Indenture Trustee
pursuant to this Section, the Issuer's obligations under Section 6.7 shall
continue for the benefit of the retiring Indenture Trustee.

         The Indenture Trustee shall not be liable for the acts or omissions of
any successor Indenture Trustee.

         SECTION 6.9 Successor Indenture Trustee by Merger. Subject to Section
6.11, 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 without any further act shall be the successor Indenture
Trustee, provided, that such corporation or banking association shall be
otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall
provide each Rating Agency and the Residual Interestholder prior written notice
of any such transaction.

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

         SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee. (a) Notwithstanding any other provisions of this Indenture, at any
time, after delivering written notice to the Residual Interestholder 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
Residual Interestholder acting jointly shall have the power and may execute and
deliver all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the
Trust 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
hereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Indenture Trustee and the Residual
Interestholder may consider necessary or desirable. No co-trustee or separate
trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under
Section 6.8.

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

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                                       35
<PAGE>

                  (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 intended that such separate
         trustee or co-trustee is not 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 Collateral 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 separate trustee or co-trustee hereunder shall be
         personally liable by reason of any act or omission of any other trustee
         hereunder, including acts or omissions of predecessor or successor
         trustees; and

                  (iii) the Indenture Trustee and the Residual Interestholder
         may at any time accept the resignation of or, acting jointly, 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 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 VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with 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. Every such instrument shall be filed with
the Indenture Trustee and a copy thereof given to the Residual Interestholder.

         (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 not prohibited 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. Notwithstanding anything to the
contrary in this Indenture, the appointment of any separate trustee or
co-trustee shall not relieve the Indenture Trustee of its obligations and duties
under this Indenture.

         SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall
at all times satisfy the requirements of TIA Section 310(a) and, in addition,
shall have a combined capital and surplus of at least $50,000,000 as set forth
in its most recent published annual report of condition and shall have a long
term debt rating of investment grade or better by each Rating Agency or shall
otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also
satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any
Affiliate of the Issuer may serve as Indenture Trustee.

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<PAGE>

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

         SECTION 6.13 Revolving Liquidity Note Provisions. (a) The Issuer has
entered into the Revolving Liquidity Note Agreement, in a form satisfactory to
the Rating Agencies, as a credit and liquidity enhancement arrangement that will
provide funding for certain required payments of principal and interest on the
Notes in the event that Available Funds and any amounts on deposit in the
Reserve Account that are available therefor are insufficient to fund such
required payments. All payments owed by the Issuer to the Holder of the
Revolving Liquidity Note will be fully subordinated to payments of principal and
interest on the Notes. As provided in Sections 5.4(b), 8.2(c) and 8.4, the
Indenture Trustee will be responsible for remitting all payments to the Holder
of the Revolving Liquidity Note.

         (b) Pursuant to the Revolving Liquidity Note Agreement, the Issuer will
issue a Revolving Liquidity Note, with a maximum draw amount equal to the
greater of (i) the product of (A) 0.50% and (B) the Principal Balance of the
Receivables as of the Cutoff Date minus the YSOC Amount on the Closing Date and
(ii) the product of (A) 1.25% and (B) the Pool Balance as of the end of the
related Collection Period minus the YSOC Amount for the related Payment Date
(provided, however, that in no event will the maximum draw amount for a Payment
Date exceed the aggregate Note Balance of the Class A Notes, the Class B Notes
and the Class C Notes after giving effect to all payments on such Payment Date),
to be initially held by BANA, but may, in the future be held a "Permitted
Assignee" (as defined in the Revolving Liquidity Note Agreement). On the
Business Day preceding each Payment Date with respect to which Available Funds
are insufficient to fund any payment to be made to the Noteholders pursuant to
clauses (iii) through (v) of Section 5.4(b) or clauses (iii) through (viii) of
Section 8.4(a), the Indenture Trustee will be entitled to make draw requests (to
the maximum draw amount) in the amount of any such shortfalls that are not
funded from amounts on deposit in the Reserve Account and that are therefore to
be funded by the Holder of the Revolving Liquidity Note. Amounts so funded by
the Holder of the Revolving Liquidity Note will be applied by the Indenture
Trustee pursuant to the written direction of the Depositor to fund such
shortfalls in the order of priority of payments specified in Sections 5.4 and
8.4.

         (c) In addition, if (i) the Holder of the Revolving Liquidity Note's
short-term unsecured debt rating falls below "P-1" by Moody's or "A-1+" by
Standard & Poor's (or in either case, such lower ratings as may be permitted by
Moody's and Standard & Poor's), (ii) the Holder of the Revolving Liquidity
Note's long-term unsecured debt rating falls below "A1" by Moody's or "AA-" by
Standard & Poor's (or in either case, such lower ratings as may be permitted by
Moody's and Standard & Poor's) or (iii) the Holder of the Revolving Liquidity
Note fails to fund any amount drawn under the Revolving Liquidity Note, then the
Indenture Trustee shall demand immediate payment of the entire undrawn amount of
the Revolving Liquidity Note; provided, however, that the Indenture Trustee
shall not exercise its right to request that the entire undrawn amount of the
Revolving Liquidity Note be funded for five (5) Business Days following the
occurrence of a downgrade event referred to in clause (i) or (ii) above, during
which time the Holder of the Revolving Liquidity Note shall have the right to
remedy such downgrade event by assigning the Revolving Liquidity Note and the
Revolving

                                                              2005-WF1 Indenture
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<PAGE>

Liquidity Note Agreement to a "Permitted Assignee" (as defined in the Revolving
Liquidity Note Agreement) pursuant to the terms of the Revolving Liquidity Note
Agreement. Upon such assignment, the downgrade event shall be deemed cured and
therefore the Indenture Trustee shall no longer be permitted to request that the
entire undrawn amount of the Revolving Liquidity Note be funded. To the extent
the entire undrawn amount is fully funded pursuant to this Section 6.13(c) and
the Revolving Liquidity Note Agreement, the undrawn amount shall be reduced to
zero and shall no longer be subject to draws. Amounts so funded under the
Revolving Liquidity Note will be applied by the Indenture Trustee pursuant to
the written direction of the Depositor, first, to fund any shortfalls described
in Section 6.13(b) in the order of priority of payments specified in Sections
5.4 or 8.4, as the case may be, and then shall be deposited into the Reserve
Account until the amount on deposit therein equals the Specified Reserve Account
Balance. From and after the occurrence of any event described in this Section
6.13(c), the Reserve Account must be maintained as detailed in Sections 8.2 and
8.3.

                                  ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

         SECTION 7.1 The Issuer to Furnish the Indenture Trustee Names and
Addresses of Noteholders. The Issuer shall furnish or cause to be furnished to
the Indenture Trustee (a) 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 (b) 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 (i) the Indenture Trustee is the Note
Registrar, or (ii) the Notes are issued as Book-Entry Notes, no such list shall
be required to be furnished to the Indenture Trustee.

         SECTION 7.2 Preservation of Information; Communications 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 7.1 and
the names and addresses of Noteholders received by the Indenture Trustee in its
capacity as the Note Registrar. The Indenture Trustee may destroy any list
furnished to it as provided in such Section 7.1 upon receipt of a new list so
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 preserved or maintained.

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

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

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                                       38
<PAGE>

         SECTION 7.3 Reports by the Indenture Trustee. If required by TIA
Section 313(a), within 60 days after each March 31, beginning with March 31,
2006, the Indenture Trustee shall mail to each Noteholder as required by TIA
Sections 313(c), a brief report dated as of such date that complies with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).
A copy of each report at the time of its mailing to Noteholders shall be filed
by the Indenture Trustee with the Commission and each stock exchange, if any, on
which the Notes are listed. The Issuer shall notify the Indenture Trustee if and
when the Notes are listed on any stock exchange.

         SECTION 7.4 Statements to Residual Interestholders and Noteholders. (a)
On or before each Determination Date, the Indenture Trustee shall, based on the
monthly servicer report provided by the Servicer pursuant to the Servicing
Agreement, provide to each Rating Agency, the Issuer, the Residual
Interestholders, each Noteholder of record as of the most recent Record Date and
the Holder of the Revolving Liquidity Note, a certificate (the "Indenture
Trustee's Certificate") setting forth for the Collection Period and Payment Date
relating to such Determination Date the following information (to the extent
applicable):

                  (i) the aggregate amount being paid on such Payment Date in
         respect of interest on and principal of each Class of Notes;

                  (ii) the Class A-1 Note Balance, the Class A-2 Note Balance,
         the Class A-3 Note Balance, the Class A-4 Note Balance, the Class B
         Note Balance and the Class C Note Balance, in each case after giving
         effect to payments on such Payment Date;

                  (iii) the amount, if any, to be drawn under the Revolving
         Liquidity Note Agreement or paid to the Holder of the Revolving
         Liquidity Note (including in respect of interest accrued thereon) or
         withdrawn from or required to be deposited into the Reserve Account;

                  (iv) the balance of the Reserve Account on such Payment Date
         and the Specified Reserve Account Balance on such Payment Date, after
         giving effect to changes thereto on such Payment Date;

                  (v) the YSOC Amount for such payment date;

                  (vi) the First Allocation of Principal, the Second Allocation
         of Principal and the Regular Allocation of Principal for such Payment
         Date;

                  (vii) the Pool Balance and the Pool Factor as of the close of
         business on the last day of the preceding Collection Period;

                  (viii) the amount of the Servicing Fee to be paid to the
         Servicer with respect to the related Collection Period and the amount
         of any unpaid Servicing Fees and the change in such amount from that of
         the prior Payment Date;

                  (ix) the amounts of the Class A Noteholders' Interest
         Carryover Shortfall, the Class B Noteholders' Interest Carryover
         Shortfall and the Class C Noteholders' Interest Carryover Shortfall, if
         any, on such Payment Date and the change in such amounts from the
         preceding Payment Date;

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                                       39
<PAGE>

                  (x) the aggregate Repurchase Price with respect to Repurchased
         Receivables paid by (A) the Servicer, (B) the Seller, (C) BANA or (D)
         the Originator with respect to the related Collection Period;

                  (xi) the amount of fees to be paid to the Indenture Trustee
         and the Owner Trustee with respect to the related Payment Date; and

                  (xii) a copy of the monthly servicer report provided by the
         Servicer pursuant to the Servicing Agreement for the related Collection
         Period.

Each amount set forth pursuant to clause (i) or (vii) above relating to the
Notes shall be expressed as a dollar amount per $1,000 of the Initial Note
Balance of the Notes (or Class thereof). The Indenture Trustee shall not be
responsible for verifying or confirming the accuracy of the information provided
to it by the Servicer.

         (b) The Indenture Trustee may make available via the Indenture
Trustee's internet website all reports or notices required to be provided by the
Indenture Trustee under this Section 7.4. Any information that is disseminated
in accordance with the provisions of this Section 7.4 shall not be required to
be disseminated in any other form or manner. The Indenture Trustee will make no
representation or warranties as to the accuracy or completeness of such
documents and will assume no responsibility therefor. Notwithstanding the
foregoing, the Indenture Trustee shall forward to the Rating Agencies either a
physical copy or an electronic copy of all reports or notices required to be
provided by the Indenture Trustee under this Section 7.4.

         (c) The Indenture Trustee's internet website shall be initially located
at www.usbank.com/abs or at such other address as shall be specified by the
Indenture Trustee from time to time in writing to the Noteholders, the Servicer,
the Issuer or any Paying Agent. In connection with providing access to the
Indenture Trustee's internet website, the Indenture Trustee may require
registration and the acceptance of a disclaimer. The Indenture Trustee shall not
be liable for the dissemination of information in accordance with this
Indenture.

         SECTION 7.5 Periodic Filings. (a) The Indenture Trustee shall
reasonably cooperate with the Depositor in connection with the Issuer's
satisfying its reporting requirements under the Exchange Act. Without limiting
the generality of the foregoing, the Indenture Trustee shall prepare, or cause
to be prepared, on behalf of the Trust any monthly current reports on Form 8-K
(each, a "Monthly Form 8-K") and annual reports on Form 10-K (each, a "Form
10-K") customary for similar securities as required by the Exchange Act and the
rules and regulations of the Securities and Exchange Commission thereunder, and
the Indenture Trustee shall sign (other than any Form 10-K) and file (via the
Securities and Exchange Commission's Electronic Data Gathering and Retrieval
System) such Forms on behalf of the Issuer. The Depositor hereby grants to the
Indenture Trustee a limited power of attorney to execute and file each such
document on behalf of the Depositor. Such power of attorney shall continue until
either the earlier of (i) receipt by the Indenture Trustee from the Depositor of
written termination of such power of attorney and (ii) the termination of the
Issuer. Notwithstanding the foregoing, the Depositor shall sign any Form 10-K
with respect to which the Depositor signs a Certification.

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                                       40
<PAGE>

         (b) Each Monthly Form 8-K shall be filed by the Indenture Trustee
within 15 days after each Payment Date, including a copy of the Indenture
Trustee's Certificate for such Payment Date as an exhibit thereto. Prior to
March 30th of each year (or such earlier date as may be required by the Exchange
Act and the rules and regulations of the Securities and Exchange Commission),
the Indenture Trustee shall file a Form 10-K, in substance as required by
applicable law or applicable Securities and Exchange Commission staff
interpretations. Such Form 10-K shall include as exhibits the Servicer's annual
statement of compliance described under Section 3.9 of the Servicing Agreement
and the accountant's report described under 3.10 of the Servicing Agreement, in
each case, to the extent they have been timely delivered to the Indenture
Trustee. If they are not so timely delivered, the Indenture Trustee shall file
an amended Form 10-K (to the extent permissible) including such documents as
exhibits reasonably promptly after they are delivered to the Indenture Trustee.
The Indenture Trustee shall have no liability with respect to any failure to
properly prepare or file such periodic reports resulting from or relating to the
Indenture Trustee's inability or failure to obtain any information not resulting
from its own negligence, willful misconduct or bad faith. The Form 10-K shall
also include a certification in the form attached hereto as Exhibit B (the
"Depositor Certification"), which shall be signed by a senior officer of the
Depositor in charge of securitization. The Depositor shall deliver the Depositor
Certification to the Indenture Trustee prior to March 15th of each year in which
a Form 10-K is required to be filed with respect to the Issuer. The Indenture
Trustee and the Depositor shall reasonably cooperate to enable the Securities
and Exchange Commission requirements with respect to the Issuer to be met in the
event that the Securities and Exchange Commission issues additional interpretive
guidelines or promulgates rules or regulations, or in the event of any other
change of law that would require reporting arrangements or the allocation of
responsibilities with respect thereto, as described in this Section 7.5, to be
conducted or allocated in a different manner.

         (c) Not later than 15 calendar days prior to the latest date on which
the Form 10-K may be timely filed each year, the Indenture Trustee shall sign
and deliver to the Depositor a certification in the form attached hereto as
Exhibit C (the "Indenture Trustee Certification") for the benefit of the
Depositor and its officers, directors and Affiliates (provided, however, that
the Indenture Trustee shall not undertake an analysis of the accountant's report
attached as an exhibit to the Form 10-K). In addition, the Indenture Trustee
shall also indemnify and hold harmless the Depositor, each Person, if any, who
"controls" the Depositor within the meaning of the Securities Act, and its
officers, directors and Affiliates from and against any losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related
costs, judgments and other costs and expenses arising out of or based upon any
inaccuracy in the certification provided by the Indenture Trustee pursuant to
this Section 7.5(c), any breach of the Indenture Trustee's obligations under
this Section 7.5(c) or the Indenture Trustee's negligence, bad faith or willful
misconduct in connection therewith. If the indemnification provided for herein
is unavailable or insufficient to hold harmless the Depositor, each Person, if
any, who "controls" the Depositor within the meaning of the Securities Act, and
its officers, directors and Affiliates, then the Indenture Trustee agrees that
it shall contribute to the amount paid or payable by the Depositor, its
officers, directors or Affiliates as a result of the losses, claims, damages or
liabilities of the Depositor, its officers, directors or Affiliates in such
proportion as is appropriate to reflect the relative fault of the Depositor and
its officers, directors and Affiliates on the one hand and the Indenture Trustee
on the other in connection with a breach of the Indenture Trustee's obligations

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<PAGE>

under this Section 7.5(c) or the Indenture Trustee's negligence, bad faith or
willful misconduct in connection therewith.

         (d) Upon any filing with the Securities and Exchange Commission, the
Indenture Trustee shall promptly deliver to the Depositor a copy of any such
executed report, statement or information.

         (e) The obligations set forth in paragraphs (a) through (d) of this
Section 7.5 shall only apply with respect to periods for which the Indenture
Trustee is obligated to file reports on Form 8-K or 10-K pursuant to paragraph
(b) of this Section 7.5. Prior to January 30th of the first year in which the
Indenture Trustee is able to do so and the Depositor directs the Indenture
Trustee to do so, the Indenture Trustee shall prepare, execute and file with the
Securities and Exchange Commission a Form 15 Suspension Notification with
respect to the Issuer, and thereafter there shall be no further obligations
under paragraphs (a) through (d) of this Section 7.5 commencing with the
calendar year in which the Form 15 is filed (other than the obligations to be
performed in such calendar year that relate back to the prior calendar year).

         (f) If the Securities and Exchange Commission issues additional
interpretative guidance or promulgates additional rules or regulations, or if
other changes in applicable law occur, which would require the reporting
arrangements, or the allocation of responsibilities with respect thereto,
described in this Section 7.5, to be conducted differently than as described,
the Indenture Trustee and the Depositor will reasonably cooperate to amend the
provisions of this Section 7.5 in order to comply with such amended reporting
requirements and such amendment of this Section 7.5. Any such amendment shall be
made in accordance with Section 9.1 without the consent of the Noteholders, and
may result in a change in the reports filed by the Indenture Trustee on behalf
of the Issuer under the Exchange Act. Notwithstanding the foregoing, none of the
Depositor or the Indenture Trustee shall be obligated to enter into any
amendment pursuant to this Section 7.5 that adversely affects its obligations
and immunities under this Indenture.

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

         SECTION 8.1 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. The Indenture
Trustee shall apply all such money received by it as provided in this Indenture.
Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument
that is part of the Trust Estate, 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 V.

         SECTION 8.2 Accounts. (a) The Indenture Trustee shall cause to be
established:

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                  (i) For the benefit of the Noteholders, in the name of the
         Indenture Trustee, an Eligible Account (the "Collection Account"),
         bearing a designation clearly indicating that the funds deposited
         therein are held for the benefit of the Noteholders and the Holder of
         the Revolving Liquidity Note, which Eligible Account shall be
         established by and maintained with the Indenture Trustee or its
         designee.

                  (ii) For the benefit of the Noteholders, in the name of the
         Indenture Trustee, an Eligible Account (the "Principal Distribution
         Account"), bearing a designation clearly indicating that the funds
         deposited therein are held for the benefit of the Noteholders and the
         Holder of the Revolving Liquidity Note, which Eligible Account shall be
         established by and maintained with the Indenture Trustee or its
         designee.

                  (iii) For the benefit of the Noteholders, in the name of the
         Indenture Trustee, an Eligible Account (the "Reserve Account", and
         collectively with the Collection Account and the Principal Distribution
         Account, the "Trust Accounts"), bearing a designation clearly
         indicating that the funds deposited therein are held for the benefit of
         the Noteholders and the Holder of the Revolving Liquidity Note, which
         Eligible Account shall be established by and maintained with the
         Indenture Trustee or its designee.

         (b) On or before the Business Day immediately preceding each Payment
Date, the Issuer shall cause the Servicer to deposit all Collections with
respect to the Collection Period preceding such Payment Date in the Collection
Account as provided in Section 4.2 of the Servicing Agreement.

         (c) Under the circumstances specified in Section 6.13(c), the Holder of
the Revolving Liquidity Note will be obligated to fund a draw of the entire
amount available to be drawn thereunder, which amounts will be applied by the
Indenture Trustee pursuant to the written direction of the Depositor to fund
certain shortfalls as described in Section 6.13 and be deposited into the
Reserve Account until the amount on deposit therein equals the Specified Reserve
Account Balance. On any Payment Date on which the amount on deposit in the
Reserve Account is less than the Specified Reserve Account Balance (which may be
the case whether or not any of the circumstances specified in Section 6.13 has
occurred and is continuing), the Indenture Trustee will, in accordance with
Section 8.4(a)(ix), deposit into the Reserve Account Available Funds until the
amount on deposit therein equals the Specified Reserve Account Balance. On each
Payment Date, to the extent that Available Funds are insufficient to fully fund
the payments and distributions described in clauses (iii) through (v) of Section
5.4(b) or clauses (iii) through (viii) of Section 8.4(d), the Indenture Trustee
will withdraw amounts then on deposit in the Reserve Account, up to the amounts
of any such deficiencies, and deposit such amounts into the Collection Account
for application pursuant to such clauses. Also on each Payment Date, the
Indenture Trustee will apply any amounts remaining on deposit in the Reserve
Account in excess of the Specified Reserve Account Balance first to repay any
unreimbursed draws on the Revolving Liquidity Note and any interest accrued
thereon (in that order), second, to the Owner Trustee and the Indenture Trustee
for fees and expenses which have not been previously paid, and then will release
to the Residual Interestholders any remaining amounts in excess of the Specified
Reserve Account Balance. Upon the termination of the trusts established under
the Trust Agreement and the Indenture, as directed in writing by the Depositor,
the Indenture Trustee will repay any unreimbursed draws on the Revolving
Liquidity Note and any interest accrued

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<PAGE>

thereon (in that order) and will release to the Residual Interestholders any
amounts remaining on deposit in the Reserve Account. Upon any such distribution
to the Residual Interestholders, the Issuer, the Owner Trustee, the Residual
Interestholder, the Indenture Trustee, the Holder of the Revolving Liquidity
Note and Noteholders will have no further rights in, or claims to, such amounts,
except to the extent that funds may be drawn again pursuant to the terms of the
Revolving Liquidity Note Agreement.

         (d) On or prior to the third Business Day preceding each Determination
Date, the Indenture Trustee shall send a written notice to the Depositor stating
the amount of investment income earned, if any, during the related Collection
Period on each Trust Account maintained at the Indenture Trustee.

         (e) Prior to the acceleration of the Notes pursuant to Section 5.2 of
this Indenture, on each Payment Date and the Redemption Date, the Indenture
Trustee shall distribute all amounts on deposit in the Principal Distribution
Account to Noteholders in respect of the Notes to the extent of the funds
therein in the following order of priority:

                  (i) first, to the Holders of the Class A-1 Notes on a pro rata
         basis in respect of principal, until the Class A-1 Notes are paid in
         full;

                  (ii) second, to the Holders of the Class-2 Notes on a pro rata
         basis in respect of principal, until the Class A-2 Notes are paid in
         full;

                  (iii) third, to the Holders of the Class A-3 notes on a pro
         rata basis in respect of principal until the Class A-3 Notes are paid
         in full;

                  (iv) fourth, to the Holders of the Class A-4 Notes on a pro
         rata basis in respect of principal until the Class A-4 Notes are paid
         in full;

                  (v) fifth, to the Holders of the Class B Notes on a pro rata
         basis in respect of principal until the Class B Notes are paid in full;
         and

                  (vi) sixth, to the Holders of the Class C Notes on a pro rata
         basis in respect of principal until the Class C Notes are paid in full.

         SECTION 8.3 General Provisions Regarding Accounts. (a) Funds on deposit
in the Collection Account and the Reserve Account prior to the Business Day
immediately preceding a Payment Date shall be invested by the Indenture Trustee
in Eligible Investments selected in writing by the Depositor and of which the
Depositor provides notification (pursuant to standing instructions or
otherwise); provided that it is understood and agreed that neither the Indenture
Trustee, the Depositor nor the Issuer shall be liable for any loss arising from
such investment in Eligible Investments. All such Eligible Investments shall be
held by or on behalf of the Indenture Trustee as secured party for the benefit
of the Noteholders and the Holder of the Revolving Liquidity Note. All
investments of funds on deposit in the Collection Account and the Reserve
Account shall mature so that such funds will be available on the Business Day
immediately preceding the following Payment Date. No Eligible Investment shall
be sold or otherwise disposed of prior to its scheduled maturity unless a
default occurs with respect to such

                                                              2005-WF1 Indenture
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<PAGE>

Eligible Investment and the Depositor directs the Indenture Trustee in writing
to dispose of such Eligible Investment. The Principal Distribution Account shall
remain uninvested.

         (b) The Indenture Trustee shall possess all right, title and interest
in all funds on deposit from time to time in the Trust Accounts and in all
proceeds thereof and all such funds, investments and proceeds shall be part of
the Trust Estate. Except as otherwise provided herein, the Trust Accounts shall
be under the sole dominion and control of the Indenture Trustee for the benefit
of the Noteholders and the Holder of the Revolving Liquidity Note. If, at any
time, any Trust Account ceases to be an Eligible Account, the Depositor shall
promptly notify the Indenture Trustee (unless such Trust Account is an account
with the Indenture Trustee) in writing and within 10 Business Days (or such
longer period as to which each Rating Agency may consent) after becoming aware
of the fact, establish a new Trust Account as an Eligible Account and shall
direct the Indenture Trustee to transfer any cash and/or any investments to such
new Trust Account.

         (c) With respect to the Trust Account Property, the parties hereto
agree that:

                  (i) any Trust Account Property that consists of uninvested
         funds shall be held solely in Eligible Accounts and, except as
         otherwise provided herein, each such Eligible Account shall be subject
         to the exclusive custody and control of the Indenture Trustee, and,
         except as otherwise provided in the Transaction Documents, the
         Indenture Trustee or its designee shall have sole signature authority
         with respect thereto;

                  (ii) any Trust Account Property that constitutes Physical
         Property shall be delivered to the Indenture Trustee or its designee,
         in accordance with paragraph (a) of the definition of "Delivery" and
         shall be held, pending maturity or disposition, solely by the Indenture
         Trustee or any such designee;

                  (iii) any Trust Account Property that is an "uncertificated
         security" under Article 8 of the UCC and that is not governed by clause
         (iv) below shall be delivered to the Indenture Trustee or its designee
         in accordance with paragraph (c) of the definition of "Delivery" and
         shall be maintained by the Indenture Trustee or such designee, pending
         maturity or disposition, through continued registration of the
         Indenture Trustee's (or its designee's) ownership of such security on
         the books of the issuer thereof; and

                  (iv) any Trust Account Property that is an uncertificated
         security that is a "book-entry security" (as such term is defined in
         Federal Reserve Bank Operating Circular No. 7) held in a securities
         account at a Federal Reserve Bank and eligible for transfer through the
         Fedwire(R) Securities Service operated by the Federal Reserve System
         pursuant to Federal book-entry regulations shall be delivered in
         accordance with paragraph (b) of the definition of "Delivery" and shall
         be maintained by the Indenture Trustee or its designee or a securities
         intermediary (as such term is defined in Section 8-102(a)(14) of the
         UCC) acting solely for the Indenture Trustee or such designee, pending
         maturity or disposition, through continued book-entry registration of
         such Trust Account Property as described in such paragraph.

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                                       45
<PAGE>

         (d) All interest and investment income (net of losses and investment
expenses) on funds on deposit in the Collection Account and the Reserve Account
shall constitute Available Funds and shall be distributed in accordance with the
provisions of Section 8.4. The Indenture Trustee shall not be directed to make
any investment of any funds or to sell any investment held in any of the Trust
Accounts unless the security interest Granted and perfected in such account will
continue to be perfected in such investment or the proceeds of such sale, in
either 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.

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

         (f) If (i) investment directions shall not have been given in writing
by the Residual Interestholder, as the case may be, in accordance with Section
8.3(a) for any funds on deposit in the Trust Accounts to the Indenture Trustee
by 11:00 a.m., New York City time (or such other time as may be agreed by the
Residual Interestholder and the Indenture Trustee), on any Business Day or (ii)
a Default or Event of Default shall have occurred and is continuing with respect
to the Notes but the Notes shall not have been declared due and payable pursuant
to Section 5.2 or (iii) if the Notes shall have been declared due and payable
following a Default and amounts collected or received from the Trust Estate are
being applied in accordance with Section 5.4 as if there had not been such a
declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in one or more
Eligible Investments in accordance with the standing instructions most recently
given by the Residual Interestholder.

         (g) Except as otherwise provided hereunder or agreed in writing among
the parties hereto, the Issuer shall retain the authority to institute,
participate and join in any plan of reorganization, readjustment, merger or
consolidation with respect to the Issuer of any securities held hereunder, and,
in general, to exercise each and every other power or right with respect to each
such asset or investment as individuals generally have and enjoy with respect to
their own assets and investments, including power to vote upon any securities.

         SECTION 8.4 Distributions. (a) Prior to any acceleration of the Notes
pursuant to Section 5.2, on each Payment Date, the Indenture Trustee (based on
information contained in the Indenture Trustee's Certificate delivered on or
before the related Determination Date pursuant to Section 7.4) shall make the
following deposits and distributions, to the extent of Available Funds, on
deposit in the Collection Account for such Payment Date, in the following order
of priority:

                  (i) first, to the Servicer, the Servicing Fee and all unpaid
         Servicing Fees with respect to prior periods;

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<PAGE>

                  (ii) second, to the Indenture Trustee and the Owner Trustee,
         any accrued and unpaid fees (including unpaid Indenture Trustee fees or
         Owner Trustee fees with respect to prior periods) and any reasonable
         expenses (including indemnification amounts) not previously paid by the
         Issuer; provided, however, that expenses and indemnification amounts
         payable (a) to the Indenture Trustee pursuant to this clause (ii) and
         Section 5.4(b)(ii) shall be limited to $100,000 per annum in the
         aggregate and (b) to the Owner Trustee pursuant to this clause (ii) and
         Section 5.4(b)(ii) shall be limited to $100,000 per annum in the
         aggregate;

                  (iii) third, to the Class A Noteholders, the Accrued Class A
         Note Interest due and accrued for the related Interest Period;
         provided, that if there are not sufficient funds available to pay the
         entire amount of the Accrued Class A Note Interest, the amounts
         available will be applied to the payment of such interest on the Class
         A Notes on a pro rata basis;

                  (iv) fourth, to the Principal Distribution Account for
         distribution to the Noteholders pursuant to Section 8.2(e), the First
         Allocation of Principal, if any;

                  (v) fifth, to the Class B Noteholders, the Accrued Class B
         Note Interest due and accrued for the related Interest Period;

                  (vi) sixth, to the Principal Distribution Account for
         distribution to the Noteholders in accordance with Section 8.2(e), the
         Second Allocation of Principal, if any;

                  (vii) seventh, to the Class C Noteholders, the Accrued Class C
         Note Interest due and accrued for the related Interest Period;

                  (viii) eighth, to the Principal Distribution Account for
         distribution to the Noteholders in accordance with Section 8.2(e), the
         Regular Allocation of Principal, if any;

                  (ix) ninth, to the Reserve Account, any additional amounts
         required to increase the amount in the Reserve Account up to the
         Specified Reserve Account Balance;

                  (x) tenth, to the Holder of the Revolving Liquidity Note, the
         amount of any unreimbursed draw previously funded thereunder in
         accordance with the Revolving Liquidity Note Agreement;

                  (xi) eleventh, to the Holder of the Revolving Liquidity Note,
         the amount of any accrued and unpaid interest on any draw previously
         funded thereunder in accordance with the Revolving Liquidity Note
         Agreement;

                  (xii) twelfth, to the Owner Trustee and the Indenture Trustee,
         expenses (including indemnification amounts) permitted under the Trust
         Agreement and the Indenture, as applicable, which have not been
         previously paid; and

                  (xiii) thirteenth, to or at the direction of the Residual
         Interestholder, any funds remaining.

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                                       47
<PAGE>

Notwithstanding any other provision of this Section 8.4, following the
occurrence and during the continuation of an Event of Default which has resulted
in an acceleration of the Notes, the Indenture Trustee shall apply all amounts
on deposit in the Collection Account pursuant to Section 5.4(b).

         (b) After the payment in full of the Notes and all other amounts
payable under Section 8.4(a), all Collections shall be paid to or in accordance
with the instructions provided from time to time by the Residual Interestholder.

         SECTION 8.5 Release of Collateral. (a) Subject to the payment of its
fees and expenses pursuant to Section 6.7, the Indenture Trustee may if
permitted and in accordance with the terms hereof, 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 VIII 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, all sums due to the Holder of the Revolving Liquidity Note have
been paid, all outstanding fees and expenses of the Owner Trustee and the
Indenture Trustee and all sums due the Indenture Trustee pursuant to Section 6.7
have been paid, release any remaining portion of the Collateral from the lien of
this Indenture and release to or to the order of the Issuer or, in the case of
the Reserve Account, to the Residual Interestholders, or any other Person
entitled thereto any funds then on deposit in the Trust Accounts. Such release
shall include release of the lien of this Indenture and transfer of dominion and
control over the Trust Accounts to the Issuer or its designee. 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 11.1.

         Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, acknowledges that from
time to time the Indenture Trustee shall release the lien of this Indenture on
any Receivable to be sold to (i) the Seller in accordance with Section 2.3 of
the Sale Agreement, (ii) to the Servicer in accordance with Section 3.7 of the
Servicing Agreement, (iii) to BANA in accordance with Section 3.3 of the
Purchase Agreement or (iv) to the Originator in accordance with Section 6.2 of
the Originator Purchase Agreement.

         SECTION 8.6 Opinion of Counsel. The Indenture Trustee shall receive,
unless waived, at least seven days' notice when requested by Issuer to take any
action pursuant to Section 8.5(a), accompanied by copies of any instruments
involved, and the Indenture Trustee may also require 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 the same, and concluding that all conditions
precedent to the taking of such action have been complied with and such action
will not materially and adversely impair the security for the Notes or the
rights of the Noteholders in contravention of the provisions of this Indenture;
provided that such Opinion of Counsel shall not be required to express an
opinion as to the fair

                                                              2005-WF1 Indenture
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<PAGE>

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.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

         SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. (a)
Without the consent of the Noteholders but with prior notice to each Rating
Agency, the Issuer and the Indenture Trustee, when authorized by an Issuer
Order, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as in force at the date of the execution thereof), in form
satisfactory to 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
         additional property to the lien of this Indenture;

                  (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
         contained herein and in the Notes;

                  (iii) to add to the covenants of the Issuer, for the benefit
         of the Noteholders or the Holder of the Revolving Liquidity Note, 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 to supplement any
         provision herein or in any supplemental indenture which may be
         inconsistent with any other provision herein or in any supplemental
         indenture or to make any other provisions with respect to matters or
         questions arising under this Indenture or in any supplemental
         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 VI;

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

                  (viii) to add, modify or eliminate such provisions as may be
         necessary or advisable in order to enable (a) the transfer to the
         Issuer of all or any portion of the

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                                       49
<PAGE>

         Receivables to be derecognized under GAAP by the Seller to the Issuer,
         (b) the Issuer to avoid becoming a member of the Seller's consolidated
         group under GAAP or (c) the Seller or any of its Affiliates to
         otherwise comply with or obtain more favorable treatment under any law
         or regulation or any accounting rule or principle; it being a condition
         to any such amendment under this Section 9.1(viii) that the Rating
         Agency Condition with respect to Standard & Poor's be satisfied and
         that any such addition, modification or elimination shall not
         significantly change the permitted activities of the Issuer; or

                  (ix) to amend the provisions of Section 7.5 in order to comply
         with additional interpretative guidance or promulgations by the
         Securities and Exchange Commission regarding additional rules or
         regulations, or if other changes in applicable law occur, which would
         require the reporting arrangements, or the allocation of
         responsibilities with respect thereto, described in Section 7.5, to be
         conducted differently than as described.

         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.

         (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may also with prior notice to each Rating Agency, but without the consent
of any Noteholder, enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any
manner (other than the modifications set forth in Section 9.2, which require
consent of each Noteholder affected thereby) the rights of the Noteholders under
this Indenture; provided (i) that the Rating Agency Condition with respect to
Standard & Poor's shall have been satisfied with respect to such action, and
(ii) that such action shall not, as evidenced by an Officer's Certificate of the
Depositor, (A) materially and adversely affects the interests of any Noteholder,
(B) affect the treatment of the Notes as debt for federal income tax purposes,
(C) be deemed to cause a taxable exchange of the Notes for federal income tax
purposes or (D) significantly change the permitted activities of the Issuer.

         SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to each Rating Agency and with the consent of the Holders of
not less than a majority of the Controlling Class, by Act of such Holders
delivered to the Issuer and the Indenture Trustee, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Noteholders under this
Indenture; provided that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Note or the Holder of the Revolving
Liquidity Note if their respective interests are affected thereby:

                           (A) change the date of payment of any installment of
                  principal (including, without limitation, the Final Scheduled
                  Payment Date) of or interest on any Note, or reduce the
                  principal amount thereof, the interest rate thereon or the
                  Redemption Price with respect thereto, change the provision of
                  this Indenture relating to the application of collections on,
                  or the proceeds of the sale of, the

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

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

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

                           (D) reduce the percentage of the Note Balance
                  required to direct the Indenture Trustee to direct the Issuer
                  to sell or liquidate the Trust Estate pursuant to Section 5.4
                  if the proceeds of such sale would be insufficient to pay the
                  Note Balance plus accrued but unpaid interest on the Notes;

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

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

                           (G) permit the creation of any Lien ranking prior to
                  or on a parity with the lien of this Indenture with respect to
                  any part of the Trust Estate or, except as otherwise permitted
                  or contemplated herein or in the Transaction Documents,
                  terminate the lien of this Indenture on any property at any
                  time subject hereto or deprive any Noteholder of the security
                  provided by the lien of this Indenture; or

                           (H) impair the right to institute suit for the
                  enforcement of payment as provided in Section 5.7.

         Any such supplemental indenture shall be executed only upon delivery of
an Opinion of Counsel to the same effect as in Section 9.1(b)(ii).

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<PAGE>

         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 (to be provided by the Issuer and at the Issuer's expense)
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 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modifications thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Indenture Trustee may, but 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 9.4 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and be deemed to be modified and amended in accordance therewith with respect
to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuer, the Noteholders and the Holder of the Revolving
Liquidity Note shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

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

         SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by 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.

         SECTION 9.7 Amendments to Servicing Agreement, Originator Purchase
Agreement and Assignment, Assumption and Recognition Agreement. (a) Any term or
provision of the Servicing Agreement, the Originator Purchase Agreement and the
Assignment, Assumption and

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<PAGE>

Recognition Agreement may be amended by the Issuer with prior notice to each
Rating Agency but without the consent of the Indenture Trustee, any Noteholder,
the Holder of the Revolving Liquidity Note or the Owner Trustee; provided that
such amendment shall not, as evidenced by an Officer's Certificate of the
Depositor delivered to the Indenture Trustee and the Owner Trustee materially
and adversely affect the interests of the Noteholders, the Holder of the
Revolving Liquidity Note, the Indenture Trustee or the Owner Trustee; provided,
further, that any amendment entered into pursuant to this Section 9.7(a) shall
not significantly change the permitted activities of the Issuer.

         (b) Any term or provision of the Servicing Agreement, the Originator
Purchase Agreement and the Assignment, Assumption and Recognition Agreement may
be amended by the Issuer with prior notice to each Rating Agency but without the
consent of the Indenture Trustee, any Noteholder, the Holder of the Revolving
Liquidity Note, the Owner Trustee or any other Person to add, modify or
eliminate any provisions as may be necessary or advisable in order to enable the
Issuer or any of its Affiliates to comply with or obtain more favorable
treatment under any law or regulation or any accounting rule or principle;
provided that such amendment shall not, as evidenced by an Officer's Certificate
of the Depositor delivered to the Indenture Trustee and the Owner Trustee
materially and adversely affect the interests of the Noteholders, the Holder of
the Revolving Liquidity Note, the Indenture Trustee or the Owner Trustee;
provided, further, that the Rating Agency Condition with respect to Standard &
Poor's shall have been satisfied; provided, further, that any amendment entered
into pursuant to this Section 9.7(b) shall not significantly change the
permitted activities of the Issuer.

         (c) The Servicing Agreement, the Originator Purchase Agreement and the
Assignment, Assumption and Recognition Agreement may also be amended from time
to time by the Issuer with prior notice to each Rating Agency and with the
consent of the Holders of a majority of the Note Balance of the Controlling
Class, and, if the interests of the Holder of the Revolving Liquidity Note are
affected, the Holder of the Revolving Liquidity Note, for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of the Servicing Agreement, the Originator Purchase Agreement or the Assignment,
Assumption and Recognition Agreement, as the case may be. It will not be
necessary for the consent of Noteholders or the Holder of the Revolving
Liquidity Note to approve the particular form of any proposed amendment or
consent, but it will be sufficient if such consent approves the substance
thereof. The manner of obtaining such consents (and any other consents of
Noteholders provided for in this Indenture) and of evidencing the authorization
of the execution thereof by Noteholders and the Holder of the Revolving
Liquidity Note, as applicable, will be subject to such reasonable requirements
as the Indenture Trustee may prescribe, including the establishment of record
dates pursuant to the Note Depository Agreement.

         (d) Prior to the execution of any amendment to the Servicing Agreement,
the Originator Purchase Agreement or the Assignment, Assumption and Recognition
Agreement, the Issuer shall provide written notification of the substance of
such amendment to each Rating Agency; and promptly after the execution of any
such amendment or consent, the Issuer shall furnish a copy of such amendment or
consent to each Rating Agency, the Indenture Trustee and the Holder of the
Revolving Liquidity Note.

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<PAGE>

         (e) Prior to the execution of any amendment to the Servicing Agreement,
the Originator Purchase Agreement or the Assignment, Assumption and Recognition
Agreement, the Issuer, the Holder of the Revolving Liquidity Note, the Owner
Trustee and the Indenture Trustee shall be entitled to receive and conclusively
rely upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Indenture and that all conditions precedent to
the execution and delivery of such amendment have been satisfied. The Owner
Trustee and the Indenture Trustee may, but shall not be obligated to, enter into
any such amendment which adversely affects the Owner Trustee's or the Indenture
Trustee's, as applicable, own rights, duties or immunities under the Servicing
Agreement, the Originator Purchase Agreement or the Assignment, Assumption and
Recognition Agreement, as the case may be. Furthermore, notwithstanding anything
to the contrary herein, the Servicing Agreement, the Originator Purchase
Agreement and the Assignment, Assumption and Recognition Agreement may not be
amended in any way that would adversely affect the Owner Trustee's rights,
privileges, indemnities, duties or obligations under the Servicing Agreement,
the Originator Purchase Agreement or the Assignment, Assumption and Recognition
Agreement, as the case may be, or otherwise without the prior written consent of
the Owner Trustee.

                                   ARTICLE X

                               REDEMPTION OF NOTES

         SECTION 10.1 Redemption. (a) Each of the Notes is subject to redemption
in whole, but not in part, at the direction of the Servicer pursuant to Section
5.10 of the Servicing Agreement on any Payment Date on which the Servicer
exercises its option to purchase the Trust Estate pursuant to said Section 5.10
of the Servicing Agreement, for a purchase price equal to the Optional Purchase
Price, which amount shall be deposited by the Servicer into the Collection
Account on the Redemption Date.

         (b) Each of the Notes is subject to redemption in whole, but not in
part, on any Payment Date on which the sum of the amounts in the Reserve Account
and the remaining Available Funds after the payments under clauses first through
eighth of Section 8.4(a) would be sufficient to pay in full the aggregate unpaid
Note Balance of all of the Outstanding Notes as determined by the Indenture
Trustee. On such Payment Date, (i) the Indenture Trustee shall transfer all
amounts on deposit in the Reserve Account to the Collection Account, (ii) the
Outstanding Notes shall be redeemed in whole, but not in part and (iii) the
Revolving Liquidity Note shall be repaid to the extent of funds remaining after
redemption of the Outstanding Notes.

         (c) If the Notes are to be redeemed pursuant to Sections 10.1(a) or
10.1(b), the Residual Interestholder or the Issuer shall provide at least 20
days' (or such longer period as may be required under the Note Depository
Agreement) prior notice of the redemption of the Notes to the Holder of the
Revolving Liquidity Note, the Indenture Trustee and the Owner Trustee, and the
Indenture Trustee shall provide prompt (but not later than 10 days prior to the
applicable Redemption Date) notice thereof to the Noteholders.

         SECTION 10.2 Form of Redemption Notice. Notice of redemption under
Section 10.1 shall be given by the Indenture Trustee by facsimile or by
first-class mail, postage prepaid, transmitted or mailed prior to the applicable
Redemption Date to each Holder of Notes as of the

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<PAGE>

close of business on the Record Date preceding the applicable Redemption Date,
at such Holder's address appearing in the Note Register.

                  All notices of redemption shall state:

                  (i) the Redemption Date;

                  (ii) the Redemption Price;

                  (iii) that the Record Date otherwise applicable to such
         Redemption Date is not applicable and that payments shall be made only
         upon presentation and surrender of such Notes, and 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 3.2); and

                  (iv) that interest on the Notes shall cease to accrue on 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. In addition, the Issuer
shall notify each Rating Agency upon redemption of the Notes. 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 Note.

         SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed
shall, following notice of redemption as required by Section 10.2 (in the case
of redemption pursuant to Section 10.1), 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.

                                   ARTICLE XI

                                  MISCELLANEOUS

         SECTION 11.1 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 that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if
required by the TIA in the case of condition precedent compliance with which is
subject to verification by accountants, a certificate or opinion of an
accountant that satisfies TIA Section 314(c)(3), 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 in accordance with TIA Section 314(e) with
respect to compliance with a condition or covenant provided for in this
Indenture shall include:

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<PAGE>

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

                  (ii) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (iii) a statement that, in the opinion of each such signatory,
         such signatory has made such examination or investigation as is
         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 such
         signatory such condition or covenant has been complied with.

         (b) (i) Prior to the deposit of any Collateral or other property or
securities with 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 11.1(a) or
elsewhere in this Indenture, 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 in accordance with TIA Section 314(d) (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
deliver to the Indenture Trustee an Independent Certificate as to the same
matters, if the fair value in accordance with TIA Section 314(d) to the Issuer
of the 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 delivered pursuant to clause (i) and this clause (ii), is 10% or
more of the Note Balance, but such a certificate need not be furnished with
respect to any 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 one percent of the Note Balance.

         (iii) Other than as contemplated by Section 11.1(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 Purchased Receivables, or securities released from the lien
of this Indenture

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                                       56
<PAGE>

since the commencement of the then current calendar year, as set forth in the
certificates required by clause (iii) above and this clause (iv), equals 10% or
more of the Note Balance, but such certificate need not be furnished in the case
of any release of property or securities if the fair value thereof as set forth
in the related Officer's Certificate is less than $25,000 or less than one
percent of the then Note Balance.

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

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

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

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

         Whenever in this Indenture, in connection with any application or
certificate or report to 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 VI.

         SECTION 11.3 Acts of Noteholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by

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<PAGE>

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 6.1) 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 any Noteholder
                  shall bind the Holder of every Note issued upon the
                  registration thereof or in exchange therefor or in lieu
                  thereof, in respect of anything done, omitted or suffered to
                  be done by the Indenture Trustee or the Issuer in reliance
                  thereon, whether or not notation of such action is made upon
                  such Note.

         SECTION 11.4 Notices. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by telecopier, and addressed in each case as specified on Schedule
II to the Sale Agreement or at such other address as shall be designated by any
of the foregoing in a written notice to the other parties hereto. Delivery shall
occur only upon receipt or reported tender of such communication by an officer
of the recipient entitled to receive such notices located at the address of such
recipient for notices hereunder.

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

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

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                                       58

<PAGE>

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

         SECTION 11.6 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 or the Holder of the Revolving
Liquidity Note providing for a method of payment, or notice by the Indenture
Trustee or any Paying Agent to such Noteholder or Holder of the Revolving
Liquidity Note, that is different from the methods provided for in this
Indenture for such payments or notices, provided that such methods are
reasonable and consented to by the Indenture Trustee (which consent shall not be
unreasonably withheld). The Issuer will furnish to the Indenture Trustee a copy
of each such agreement and the Indenture Trustee will forward a copy to the
Noteholders or the Holder of the Revolving Liquidity Note, as the case may be,
and cause payments to be made and notices to be given in accordance with such
agreements.

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

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

         SECTION 11.8 Information Requests. The parties hereto shall provide any
information reasonably requested by the Residual Interestholder, the Issuer, the
Seller or any of their Affiliates, in order to comply with or obtain more
favorable treatment under any current or future law, rule, regulation,
accounting rule or principle.

         SECTION 11.9 Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

         SECTION 11.10 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.

         SECTION 11.11 Separability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

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                                       59
<PAGE>

         SECTION 11.12 Benefits of Indenture. Nothing in this Indenture, in the
Notes or the Revolving Liquidity Note, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, the
Noteholders, the Holder of the Revolving Liquidity Note and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

         SECTION 11.13 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 11.14 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING, SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT EXCLUDING TO THE MAXIMUM
EXTENT PERMITTED BY LAW ALL OTHER CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

         SECTION 11.15 Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

         SECTION 11.16 Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to 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 11.17 Trust Obligation. Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner or a beneficial interest
in a Note, by accepting the benefits of this Indenture, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Seller, the Servicer, the Depositor, the Holder
of the Revolving Liquidity Note, the Owner Trustee or the Indenture Trustee on
the Notes or under this Indenture or the Revolving Liquidity Note Agreement or
any certificate or other writing delivered in connection herewith or therewith,
against (i) the Seller, the Servicer, the Depositor, the Indenture Trustee or
the Owner Trustee in their respective individual capacities, (ii) any Residual
Interestholder or any other owner of a beneficial interest in the Issuer or
(iii) the Seller, the Servicer, the Depositor, the Indenture Trustee or the
Owner Trustee in its individual capacity, any holder of a beneficial interest in
the Issuer, the Seller, the Servicer, the Depositor, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Seller, the Servicer, the
Depositor, 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 and the

                                                              2005-WF1 Indenture
                                       60
<PAGE>

Owner Trustee have no such obligations in their individual capacity) and except
that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
entity.

         SECTION 11.18 No Petition. Each of the Indenture Trustee, by entering
into this Indenture, and each Noteholder and Note Owner, by accepting a Note or,
in the case of a Note Owner, a beneficial interest in a Note, hereby covenants
and agrees that prior to the date which is one year and one day after payment in
full of all obligations of each Bankruptcy Remote Party in respect of all
securities issued by the Bankruptcy Remote Parties, (i) such party shall not
authorize any Bankruptcy Remote Party to commence a voluntary winding-up or
other voluntary case or other proceeding seeking liquidation, reorganization or
other relief with respect to such Bankruptcy Remote Party or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect in any
jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to consent to
any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other proceeding commenced against such
Bankruptcy Remote Party, or to make a general assignment for the benefit of, its
creditors generally, any party hereto or any other creditor of such Bankruptcy
Remote Party, and (ii) none of the parties hereto shall commence, join or
institute against, with any other Person, any proceeding against such Bankruptcy
Remote Party under any bankruptcy, reorganization, arrangement, liquidation or
insolvency law or statute now or hereafter in effect in any jurisdiction;
provided, that, notwithstanding the foregoing, a Bankruptcy Remote Party shall
not be prohibited from filing a voluntary bankruptcy petition to the extent such
Bankruptcy Remote Party obtains the necessary vote for filing a voluntary
bankruptcy petition as required by the organizational documents of such
Bankruptcy Remote Party.

         SECTION 11.19 Intent.

         (a) It is the intent of the Issuer that the Notes constitute
indebtedness for all financial accounting purposes and the Issuer agrees and
each purchaser of a Note (by virtue of the acquisition of such Note or an
interest therein) shall be deemed to have agreed, to treat the Notes as
indebtedness for all financial accounting purposes.

         (b) It is the intent of the Issuer that the Notes constitute
indebtedness of the Issuer for all tax purposes and the Issuer agrees and each
purchaser of a Note (by virtue of the acquisition of such Note or an interest
therein) shall be deemed to have agreed to treat the Notes as indebtedness for
all federal, state and local income and franchise tax purposes.

         SECTION 11.20 Submission to Jurisdiction; Waiver of Jury Trial. Each of
the parties hereto hereby irrevocably and unconditionally:

         (a) submits for itself and its property in any legal action or
proceeding relating to this Indenture or any documents executed and delivered in
connection herewith, or for recognition and enforcement of any judgment in
respect thereof, to the nonexclusive general jurisdiction of the courts of the
State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof;

                                                              2005-WF1 Indenture
                                       61
<PAGE>

         (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue
of such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same;

         (c) agrees that service of process in any such action or proceeding may
be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its
address determined in accordance with Section 11.4 of this Indenture;

         (d) agrees that nothing herein shall affect the right to effect service
of process in any other manner permitted by law or shall limit the right to sue
in any other jurisdiction; and

         (e) to the extent permitted by applicable law, waives all right of
trial by jury in any action, proceeding or counterclaim based on, or arising out
of, under or in connection with this Indenture, any other Transaction Document,
or any matter arising hereunder or thereunder.

         SECTION 11.21 Subordination of Claims. The Issuer's obligations under
this Indenture are obligations solely of the Issuer and will not constitute a
claim against the Seller to the extent that the Issuer does not have funds
sufficient to make payment of such obligations. In furtherance of and not in
derogation of the foregoing, each of the Owner Trustee (in its individual
capacity and as the Owner Trustee), by accepting the benefits of this Indenture,
a Certificateholder, by accepting a Certificate, and Indenture Trustee (in its
individual capacity and as Indenture Trustee), by entering into this Indenture,
and each Noteholder and each Note Owner, by accepting the benefits of this
Indenture, hereby acknowledges and agrees that such Person has no right, title
or interest in or to the Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or
Note Owner and any Certificateholder either (i) asserts an interest or claim to,
or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Person
further acknowledges and agrees that any such interest, claim or benefit in or
from Other Assets is and will be expressly subordinated to the indefeasible
payment in full, which, under the terms of the relevant documents relating to
the securitization or conveyance of such Other Assets, are entitled to be paid
from, entitled to the benefits of, or otherwise secured by such Other Assets
(whether or not any such entitlement or security interest is legally perfected
or otherwise entitled to a priority of distributions or application under
applicable law, including insolvency laws, and whether or not asserted against
the Seller), including the payment of post-petition interest on such other
obligations and liabilities. This subordination agreement will be deemed a
subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. Each of the Indenture Trustee (in its individual capacity and as the
Indenture Trustee), by entering into or accepting this Indenture, a
Certificateholder, by accepting a Certificate, and the Owner Trustee, and each
Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby
further acknowledges and agrees that no adequate remedy at law exists for a
breach of this Section and the terms of this Section may be enforced

                                                              2005-WF1 Indenture
                                       62
<PAGE>

by an action for specific performance. The provisions of this Section will be
for the third party benefit of those entitled to rely thereon and will survive
the termination of this Indenture.

         SECTION 11.22 Limitation of Liability of Owner Trustee. It is expressly
understood and agreed by and between the parties hereto that (i) this Indenture
is executed and delivered by Wilmington Trust Company, not in its individual
capacity but solely as Owner Trustee under the Trust Agreement in the exercise
of the power and authority conferred and vested in it as such Owner Trustee,
(ii) each of the representations, undertakings and agreements made herein by the
Issuer are not personal representations, undertakings and agreements of
Wilmington Trust Company, but are binding only on the trust estate created
pursuant to the Trust Agreement, (iii) nothing contained herein shall be
construed as creating any liability on Wilmington Trust Company, individually or
personally, to perform any covenant of the Issuer either expressed or implied
contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any person claiming by, through or under any such party,
and (iv) under no circumstances shall Wilmington Trust Company be personally
liable for the payment of any indebtedness or expense of the Issuer or be liable
for the breach or failure of any obligation, representation, warranty or
covenant made or undertaken by the Issuer under this Indenture.

                  [Remainder of Page Intentionally Left Blank]

                                                              2005-WF1 Indenture
                                       63
<PAGE>

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

                                  BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

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

                                  By: /s/ JANEL R. HAVRILLA
                                  Name: Janel R. Havrilla
                                  Title: Financial Services Officer

                                  U.S. BANK NATIONAL ASSOCIATION,
                                  a national banking association, not in its
                                  individual capacity but solely as the
                                  Indenture Trustee

                                  By: /s/ NANCIE J. ARVIN
                                  Name: Nancie J. Arvin
                                  Title: Vice President

Acknowledged and agreed with
respect to Section 7.5:

BAS SECURITIZATION LLC, as Depositor

By: /s/ JAMES G. MACKEY
Name: James G. Mackey
Title: Principal Financial Officer

                                                              2005-WF1 Indenture
                                       64
<PAGE>

                                    EXHIBIT A

                                  Form of Notes

                                       A-1
<PAGE>

                                 CLASS A-1 NOTE

REGISTERED                                            $_________________(1)
No. R-____                                            CUSIP NO. 059478 AA 5
                                                      ISIN. US059478AA56

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

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

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

                 3.50545% CLASS A-1 AUTO LOAN ASSET BACKED NOTE

         Banc of America Securities Auto Trust 2005-WF1, a statutory trust
organized and existing under the laws of the State of Delaware (including any
successor, the "Issuer"), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of _______________________DOLLARS
($________________), in monthly installments on the 18th of each month, or if
such day is not a Business Day, on the immediately succeeding Business Day,
commencing on July 18, 2005 (each, a "Payment Date") until the principal of this
Note is paid or made available for payment, and to pay interest due and payable
on each Payment Date on the Class A-1 Note Balance as of the preceding Payment
Date (after giving effect to all payments of principal made on the preceding
Payment Date), or as of the Closing Date in the case of the first Payment Date,
at the rate per annum shown above (the "Interest Rate"), in each case as and to
the extent set forth in Sections 2.7, 3.1, 5.4(b), 8.2 and 8.4 of the Indenture;
provided, however, that the entire Class A-1 Note Balance shall be due and
payable on the earliest of July 18, 2006 (the "Final Scheduled Payment Date"),
(ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and
(iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the preceding Payment Date (or, in the case of the
initial Payment Date, from and including the Closing Date) to but excluding such
Payment Date.

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

                                                              2005-WF1 Indenture
                                      A-2
<PAGE>

Interest will be computed on the basis of the actual number of days elapsed and
a 360-day year. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of 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 the name of which appears below by manual signature, this
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof or be valid or obligatory for any purpose.

                                                              2005-WF1 Indenture
                                      A-3
<PAGE>

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

Dated: July ___, 2005

                                       BANC OF AMERICA SECURITIES AUTO
                                       TRUST 2005-WF1

                                       By: Wilmington Trust Company, not in its
                                           individual capacity but solely as
                                           Owner Trustee

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

                                                              2005-WF1 Indenture
                                      A-4
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: July ___, 2005

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

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

                                                              2005-WF1 Indenture
                                      A-5
<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 3.50545% Class A-1 Auto Loan Asset-Backed Notes (herein called
the "A-1 Notes" or the "Notes"), all issued under an Indenture dated as of July
7, 2005 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and U.S. Bank National Association, a national
banking association, not in its individual capacity but solely as trustee (the
"Indenture Trustee"), which term includes any successor Indenture Trustee under
the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee, the Noteholders and
the Holder of the Revolving Liquidity Note. The Notes are subject to all terms
of the Indenture. All terms used in this Note that are not otherwise defined
herein and that are defined in the Indenture shall have the meanings assigned to
them in Appendix A of the Sale Agreement.

         The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. The Class C Notes are subordinated to the Class A Notes and the Class
B Notes, and are secured by the collateral pledged as security therefor on a
subordinated basis as provided for in the Indenture. All covenants and
agreements made by the Issuer in the Indenture are for the benefit of the
Holders of the Class A Notes, the Class B Notes and the Class C Notes.

         Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture. As described above, that the entire Class A-1
Note Balance shall be due and payable on the earliest of (i) the Final Scheduled
Payment Date, (ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of Default
pursuant to Section 5.2 of the Indenture. All principal payments on the Class
A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto.

         Payments of principal of and interest on this Note due and payable on
each Payment Date, Redemption Date or upon acceleration shall be made by check
mailed to the Person whose name appears as the registered Holder of this Note
(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 Depository
(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) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future Holders 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 Payment 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 Holder hereof

                                                              2005-WF1 Indenture
                                      A-6
<PAGE>

as of the Record Date preceding such Payment Date or Redemption Date by notice
mailed prior to such Payment 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.

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

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

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that,
prior to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,

                                                              2005-WF1 Indenture
                                      A-7
<PAGE>

reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                                              2005-WF1 Indenture
                                      A-8
<PAGE>

                                   ASSIGNMENT

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

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

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

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
     ---------------------------------------------------------------------------
                               (name and address of assignee)

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

Dated:                                                        */
        --------------------        --------------------------

                                    Signature Guaranteed:

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

----------

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

                                                              2005-WF1 Indenture
                                      A-9
<PAGE>

                                 CLASS A-2 NOTE

REGISTERED                                            $______________________(1)
No. R-____                                            CUSIP NO. 059478 AB 3
                                                      ISIN. US059478AB30

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

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

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

                   3.89% CLASS A-2 AUTO LOAN ASSET BACKED NOTE

         Banc of America Securities Auto Trust 2005-WF1, a statutory trust
organized and existing under the laws of the State of Delaware (including any
successor, the "Issuer"), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of __________________________
DOLLARS ($______________________), in monthly installments on the 18th of each
month, or if such day is not a Business Day, on the immediately succeeding
Business Day, commencing on July 18, 2005 (each, a "Payment Date") until the
principal of this Note is paid or made available for payment, and to pay
interest due and payable on each Payment Date on the Class A-2 Note Balance as
of the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), or as of the Closing Date in the case of
the first Payment Date, at the rate per annum shown above (the "Interest Rate"),
in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b), 8.2
and 8.4 of the Indenture; provided, however, that the entire Class A-2 Note
Balance shall be due and payable on the earliest of (i) June 18, 2008 (the
"Final Scheduled Payment Date"), (ii) the Redemption Date, if any, pursuant to
Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after
an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this
Note will accrue for each Payment Date from and including the preceding Payment
Date (or, in the case of the initial Payment Date, from and including the
Closing Date) to but excluding such

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

                                      A-10
<PAGE>

Payment Date. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of 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 the name of which appears below by manual signature, this
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof or be valid or obligatory for any purpose.

                                                              2005-WF1 Indenture
                                      A-11
<PAGE>

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

Dated:  July ___, 2005

                                             BANC OF AMERICA SECURITIES AUTO
                                             TRUST 2005-WF1

                                             By: Wilmington Trust Company, not
                                                 in its individual capacity but
                                                 solely as Owner Trustee

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

                                                              2005-WF1 Indenture
                                      A-12
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:  July ___, 2005

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

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

                                                              2005-WF1 Indenture
                                      A-13
<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 3.89% Class A-2 Auto Loan Asset-Backed Notes (herein called
the "A-2 Notes" or the "Notes"), all issued under an Indenture dated as of July
7, 2005 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and U.S. Bank National Association, a national
banking association, not in its individual capacity but solely as trustee (the
"Indenture Trustee"), which term includes any successor Indenture Trustee under
the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee, the Noteholders and
the Holder of the Revolving Liquidity Note. The Notes are subject to all terms
of the Indenture. All terms used in this Note that are not otherwise defined
herein and that are defined in the Indenture shall have the meanings assigned to
them in Appendix A of the Sale Agreement.

         The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. The Class C Notes are subordinated to the Class A Notes and the Class
B Notes, and are secured by the collateral pledged as security therefor on a
subordinated basis as provided for in the Indenture. All covenants and
agreements made by the Issuer in the Indenture are for the benefit of the
Holders of the Class A Notes, the Class B Notes and the Class C Notes.

         Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture. As described above, that the entire Class A-2
Note Balance shall be due and payable on the earliest of (i) the Final Scheduled
Payment Date, (ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of Default
pursuant to Section 5.2 of the Indenture. All principal payments on the Class
A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto.

         Payments of principal of and interest on this Note due and payable on
each Payment Date, Redemption Date or upon acceleration shall be made by check
mailed to the Person whose name appears as the registered Holder of this Note
(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 Depository
(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) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future Holders 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 Payment 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 Holder hereof as of the Record Date preceding such
Payment Date or Redemption Date by notice mailed prior

                                                              2005-WF1 Indenture
                                      A-14
<PAGE>

to such Payment 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.

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

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

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that
prior to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

                                                              2005-WF1 Indenture
                                      A-15
<PAGE>

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                                              2005-WF1 Indenture
                                      A-16
<PAGE>

                                   ASSIGNMENT

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

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

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

         FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                          ------------------------------------------------------
                                        (name and address of assignee)

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

Dated:                                                              */
        -------------               ---------------------------------

                                            Signature Guaranteed:

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

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

                                                              2005-WF1 Indenture
                                      A-17
<PAGE>

                                 CLASS A-3 NOTE

REGISTERED                                           $_______________________(1)
No. R-____                                           CUSIP NO. 059478 AC 1
                                                     ISIN. US0597478AC13

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

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

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

                   3.99% CLASS A-3 AUTO LOAN ASSET BACKED NOTE

         Banc of America Securities Auto Trust 2005-WF1, a statutory trust
organized and existing under the laws of the State of Delaware (including any
successor, the "Issuer"), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of _________________________
DOLLARS ($________________________), in monthly installments on the 18th of each
month, or if such day is not a Business Day, on the immediately succeeding
Business Day, commencing on July 18, 2005 (each, a "Payment Date") until the
principal of this Note is paid or made available for payment, and to pay
interest due and payable on each Payment Date on the Class A-3 Note Balance as
of the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), or as of the Closing Date in the case of
the first Payment Date, at the rate per annum shown above (the "Interest Rate"),
in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b), 8.2
and 8.4 of the Indenture; provided, however, that the entire Class A-3 Note
Balance shall be due and payable on the earliest of (i) August 18, 2009 (the
"Final Scheduled Payment Date"), (ii) the Redemption Date, if any, pursuant to
Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after
an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this
Note will accrue for each Payment Date from and including the preceding Payment
Date (or, in the case of the initial Payment Date, from and including the
Closing Date) to but excluding such

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

                                      A-18
<PAGE>

Payment Date. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of 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 the name of which appears below by manual signature, this
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof or be valid or obligatory for any purpose.

                                                              2005-WF1 Indenture
                                      A-19
<PAGE>

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

Dated: July ___, 2005

                                         BANC OF AMERICA SECURITIES AUTO
                                         TRUST 2005-WF1

                                         By: Wilmington Trust Company, not in
                                             its individual capacity but solely
                                             as Owner Trustee

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

                                                              2005-WF1 Indenture
                                      A-20
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: July ___, 2005

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

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

                                                              2005-WF1 Indenture
                                      A-21
<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 3.99% Class A-3 Auto Loan Asset-Backed Notes (herein called
the "A-3 Notes" or the "Notes"), all issued under an Indenture dated as of July
7, 2005 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and U.S. Bank National Association, a national
banking association, not in its individual capacity but solely as trustee (the
"Indenture Trustee"), which term includes any successor Indenture Trustee under
the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee, the Noteholders and
the Holder of the Revolving Liquidity Note. The Notes are subject to all terms
of the Indenture. All terms used in this Note that are not otherwise defined
herein and that are defined in the Indenture shall have the meanings assigned to
them in Appendix A of the Sale Agreement.

         The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. The Class C Notes are subordinated to the Class A Notes and the Class
B Notes, and are secured by the collateral pledged as security therefor on a
subordinated basis as provided for in the Indenture. All covenants and
agreements made by the Issuer in the Indenture are for the benefit of the
Holders of the Class A Notes, the Class B Notes and the Class C Notes.

         Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture. As described above, that the entire Class A-3
Note Balance shall be due and payable on the earliest of (i) the Final Scheduled
Payment Date, (ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of Default
pursuant to Section 5.2 of the Indenture. All principal payments on the Class
A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.

         Payments of principal of and interest on this Note due and payable on
each Payment Date, Redemption Date or upon acceleration shall be made by check
mailed to the Person whose name appears as the registered Holder of this Note
(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 Depository
(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) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future Holders 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 Payment 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 Holder hereof as of the Record Date preceding such
Payment Date or Redemption Date by notice mailed prior

                                                              2005-WF1 Indenture
                                      A-22
<PAGE>

to such Payment 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.

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

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

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that,
prior to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

                                                              2005-WF1 Indenture
                                      A-23
<PAGE>

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                                              2005-WF1 Indenture
                                      A-24
<PAGE>

                                   ASSIGNMENT

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

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

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

         FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                           -----------------------------------------------------
                                     (name and address of assignee)

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

Dated:                                                              */
        -------------               ------------------------------- --

                                            Signature Guaranteed:

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

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

                                                              2005-WF1 Indenture
                                      A-25
<PAGE>

                                 CLASS A-4 NOTE

REGISTERED                                      $___________________________(1)
No. R-____                                      CUSIP NO. 059478 AD 9
                                                ISIN. US059478AD95

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

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

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

                   4.08% CLASS A-4 AUTO LOAN ASSET BACKED NOTE

         Banc of America Securities Auto Trust 2005-WF1, a statutory trust
organized and existing under the laws of the State of Delaware (including any
successor, the "Issuer"), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of ___________________________
DOLLARS ($_______________________), in monthly installments on the 18th of each
month, or if such day is not a Business Day, on the immediately succeeding
Business Day, commencing on July 18, 2005 (each, a "Payment Date") until the
principal of this Note is paid or made available for payment, and to pay
interest due and payable on each Payment Date on the Class A-4 Note Balance as
of the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), or as of the Closing Date in the case of
the first Payment Date, at the rate per annum shown above (the "Interest Rate"),
in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b), 8.2
and 8.4 of the Indenture; provided, however, that the entire Class A-4 Note
Balance shall be due and payable on the earliest of (i) April 18, 2010 (the
"Final Scheduled Payment Date"), (ii) the Redemption Date, if any, pursuant to
Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after
an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this
Note will accrue for each Payment Date from and including the preceding Payment
Date (or, in the case of the initial Payment Date, from and including the
Closing Date) to but excluding such

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

                                      A-26
<PAGE>

Payment Date. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of 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 the name of which appears below by manual signature, this
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof or be valid or obligatory for any purpose.

                                                              2005-WF1 Indenture
                                      A-27
<PAGE>

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

Dated: July ___, 2005

                                      BANC OF AMERICA SECURITIES AUTO
                                      TRUST 2005-WF1

                                      By: Wilmington Trust Company, not in its
                                          individual capacity but solely as
                                          Owner Trustee

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

                                                              2005-WF1 Indenture
                                      A-28
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: July ___, 2005

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

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

                                                              2005-WF1 Indenture
                                      A-29
<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 4.08% Class A-4 Auto Loan Asset-Backed Notes (herein called
the "A-4 Notes" or the "Notes"), all issued under an Indenture dated as of July
7, 2005 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and U.S. Bank National Association, a national
banking association, not in its individual capacity but solely as trustee (the
"Indenture Trustee"), which term includes any successor Indenture Trustee under
the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee, the Noteholders and
the Holder of the Revolving Liquidity Note. The Notes are subject to all terms
of the Indenture. All terms used in this Note that are not otherwise defined
herein and that are defined in the Indenture shall have the meanings assigned to
them in Appendix A of the Sale Agreement.

         The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. The Class C Notes are subordinated to the Class A Notes and the Class
B Notes, and are secured by the collateral pledged as security therefor on a
subordinated basis as provided for in the Indenture. All covenants and
agreements made by the Issuer in the Indenture are for the benefit of the
Holders of the Class A Notes, Class B Notes and the Class C Notes.

         Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture. As described above, that the entire Class A-4
Note Balance shall be due and payable on the earliest of (i) the Final Scheduled
Payment Date, (ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of Default
pursuant to Section 5.2 of the Indenture. All principal payments on the Class
A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled thereto.

         Payments of principal of and interest on this Note due and payable on
each Payment Date, Redemption Date or upon acceleration shall be made by check
mailed to the Person whose name appears as the registered Holder of this Note
(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 Depository
(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) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future Holders 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 Payment 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 Holder hereof as of the Record Date preceding such
Payment Date or Redemption Date by notice mailed prior

                                                              2005-WF1 Indenture
                                      A-30
<PAGE>

to such Payment 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.

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

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

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that,
prior to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

                                                              2005-WF1 Indenture
                                      A-31
<PAGE>

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                                              2005-WF1 Indenture
                                      A-32
<PAGE>

                                   ASSIGNMENT

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

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

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

         FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                           -----------------------------------------------------
                                    (name and address of assignee)

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

Dated:                                                              */
        -------------               ------------------------------- --

                                            Signature Guaranteed:

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

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

                                                              2005-WF1 Indenture
                                      A-33
<PAGE>

                                  CLASS B NOTE

REGISTERED                                          $________________________(1)
No. R-____                                          CUSIP NO. 059478 AE 7
                                                    ISIN. US059478AE78

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

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

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

                    4.30% CLASS B AUTO LOAN ASSET BACKED NOTE

         Banc of America Securities Auto Trust 2005-WF1, a statutory trust
organized and existing under the laws of the State of Delaware (including any
successor, the "Issuer"), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of ______________________ DOLLARS
($_______________________), in monthly installments on the 18th of each month,
or if such day is not a Business Day, on the immediately succeeding Business
Day, commencing on July 18, 2005 (each, a "Payment Date") until the principal of
this Note is paid or made available for payment, and to pay interest due and
payable on each Payment Date on the Class B Note Balance as of the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), or as of the Closing Date in the case of the first
Payment Date, at the rate per annum shown above (the "Interest Rate"), in each
case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b), 8.2 and 8.4 of
the Indenture; provided, however, that the entire Class B Note Balance shall be
due and payable on the earliest of October 18, 2010 (the "Final Scheduled
Payment Date"), (ii) the Redemption Date, if any, pursuant to Section 10.1 of
the Indenture and (iii) the date the Notes are accelerated after an Event of
Default pursuant to Section 5.2 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the preceding Payment Date (or,
in the case of the initial Payment Date, from and including the Closing Date) to
but excluding such

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

                                      A-34
<PAGE>

Payment Date. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of 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 the name of which appears below by manual signature, this
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof or be valid or obligatory for any purpose.

                                                              2005-WF1 Indenture
                                      A-35
<PAGE>

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

Dated: July ___, 2005

                                        BANC OF AMERICA SECURITIES AUTO
                                        TRUST 2005-WF1

                                           By: Wilmington Trust Company, not in
                                               its individual capacity but
                                               solely as Owner Trustee

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

                                                              2005-WF1 Indenture
                                      A-36
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: July ___, 2005

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

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

                                                              2005-WF1 Indenture
                                      A-37
<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 4.30% Class B Auto Loan Asset-Backed Notes (herein called the
"B Notes" or the "Notes"), all issued under an Indenture dated as of July 7,
2005 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and U.S. Bank National Association, a national
banking association, not in its individual capacity but solely as trustee (the
"Indenture Trustee"), which term includes any successor Indenture Trustee under
the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee, the Noteholders and
the Holder of the Revolving Liquidity Note. The Notes are subject to all terms
of the Indenture. All terms used in this Note that are not otherwise defined
herein and that are defined in the Indenture shall have the meanings assigned to
them in Appendix A of the Sale Agreement.

         The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. The Class C Notes are subordinated to the Class A Notes and the Class
B Notes, and are secured by the collateral pledged as security therefor on a
subordinated basis as provided for in the Indenture. All covenants and
agreements made by the Issuer in the Indenture are for the benefit of the
Holders of the Class A Notes, the Class B Notes and the Class C Notes.

         Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture. As described above, that the entire Class B
Note Balance shall be due and payable on the earliest of (i) the Final Scheduled
Payment Date, (ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of Default
pursuant to Section 5.2 of the Indenture. All principal payments on the Class B
Notes shall be made pro rata to the Class B Noteholders entitled thereto.

         Payments of principal of and interest on this Note due and payable on
each Payment Date, Redemption Date or upon acceleration shall be made by check
mailed to the Person whose name appears as the registered Holder of this Note
(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 Depository
(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) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future Holders 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 Payment 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 Holder hereof as of the Record Date preceding such
Payment Date or Redemption Date by notice mailed prior

                                                              2005-WF1 Indenture
                                      A-38
<PAGE>

to such Payment 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.

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

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

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that,
prior to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

                                                              2005-WF1 Indenture
                                      A-39
<PAGE>

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                                              2005-WF1 Indenture
                                      A-40
<PAGE>

                                   ASSIGNMENT

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

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

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

         FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                           -----------------------------------------------------
                                      (name and address of assignee)

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

Dated:                                                            _ */
        -------------               ------------------------------- --

                                            Signature Guaranteed:

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

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

                                                              2005-WF1 Indenture
                                      A-41
<PAGE>

                                  CLASS C NOTE

REGISTERED                                         $________________________(1)
No. R-____                                         CUSIP NO. 059478 AF 4
                                                   ISIN. US059478AF44

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

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

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

                    4.49% CLASS C AUTO LOAN ASSET BACKED NOTE

         Banc of America Securities Auto Trust 2005-WF1, a statutory trust
organized and existing under the laws of the State of Delaware (including any
successor, the "Issuer"), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of ______________________ DOLLARS
($_______________________), in monthly installments on the 18th of each month,
or if such day is not a Business Day, on the immediately succeeding Business
Day, commencing on July 18, 2005 (each, a "Payment Date") until the principal of
this Note is paid or made available for payment, and to pay interest due and
payable on each Payment Date on the Class C Note Balance as of the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), or as of the Closing Date in the case of the first
Payment Date, at the rate per annum shown above (the "Interest Rate"), in each
case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b), 8.2 and 8.4 of
the Indenture; provided, however, that the entire Class C Note Balance shall be
due and payable on the earliest of February 18, 2013 (the "Final Scheduled
Payment Date"), (ii) the Redemption Date, if any, pursuant to Section 10.1 of
the Indenture and (iii) the date the Notes are accelerated after an Event of
Default pursuant to Section 5.2 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the preceding Payment Date (or,
in the case of the initial Payment Date, from and including the Closing Date) to
but excluding such

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

                                      A-42
<PAGE>

Payment Date. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of 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 the name of which appears below by manual signature, this
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof or be valid or obligatory for any purpose.

                                                              2005-WF1 Indenture
                                      A-43
<PAGE>

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

Dated: July ___, 2005

                                           BANC OF AMERICA SECURITIES AUTO
                                           TRUST 2005-WF1

                                              By: Wilmington Trust Company, not
                                                  in its individual capacity but
                                                  solely as Owner Trustee

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

                                                              2005-WF1 Indenture
                                      A-44
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: July ___, 2005

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

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

                                                              2005-WF1 Indenture
                                      A-45
<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 4.49% Class C Auto Loan Asset-Backed Notes (herein called the
"C Notes" or the "Notes"), all issued under an Indenture dated as of July 7,
2005 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and U.S. Bank National Association, a national
banking association, not in its individual capacity but solely as trustee (the
"Indenture Trustee"), which term includes any successor Indenture Trustee under
the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee, the Noteholders and
the Holder of the Revolving Liquidity Note. The Notes are subject to all terms
of the Indenture. All terms used in this Note that are not otherwise defined
herein and that are defined in the Indenture shall have the meanings assigned to
them in Appendix A of the Sale Agreement.

         The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. The Class C Notes are subordinated to the Class A Notes and the Class
B Notes, and are secured by the collateral pledged as security therefor on a
subordinated basis as provided for in the Indenture. All covenants and
agreements made by the Issuer in the Indenture are for the benefit of the
Holders of the Class A Notes, the Class B Notes and the Class C Notes.

         Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture. As described above, that the entire Class C
Note Balance shall be due and payable on the earliest of (i) the Final Scheduled
Payment Date, (ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of Default
pursuant to Section 5.2 of the Indenture. All principal payments on the Class C
Notes shall be made pro rata to the Class C Noteholders entitled thereto.

         Payments of principal of and interest on this Note due and payable on
each Payment Date, Redemption Date or upon acceleration shall be made by check
mailed to the Person whose name appears as the registered Holder of this Note
(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 Depository
(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) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future Holders 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 Payment 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 Holder hereof as of the Record Date preceding such
Payment Date or Redemption Date by notice mailed prior

                                                              2005-WF1 Indenture
                                      A-46
<PAGE>

to such Payment 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.

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

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

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that,
prior to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

                                                              2005-WF1 Indenture
                                      A-47
<PAGE>

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                                              2005-WF1 Indenture
                                      A-48
<PAGE>

                                   ASSIGNMENT

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

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

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

         FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                           -----------------------------------------------------
                                       (name and address of assignee)

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

Dated:                                                              */
        -------------               ------------------------------- --

                                            Signature Guaranteed:

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

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

                                                              2005-WF1 Indenture
                                      A-49
<PAGE>

                                    EXHIBIT B

                         FORM OF DEPOSITOR CERTIFICATION

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

                 o I, [identify the certifying individual] certify that:

1.       I have reviewed the annual report on Form 10-K, and all Monthly Form
         8-K's containing Indenture Trustee's Certificate filed in respect of
         periods included in the year covered by this annual report, of the Banc
         of America Securities Auto Trust 2005-WF1;

2.       Based on my knowledge, the information in these reports, taken as a
         whole, does not contain any untrue statement of a material fact or omit
         to state a material fact necessary to make the statements made, in
         light of the circumstances under which such statements were made, not
         misleading as of the last day of the period covered by this annual
         report;

3.       Based on my knowledge, the distribution or servicing information
         required to be provided to the Indenture Trustee by the Servicer under
         the Amended and Restated Servicing Agreement, dated as of July 7, 2005
         (the "Agreement"), among Wells Fargo Bank, N.A., as servicer (the
         "Servicer") and Bank of America, National Association ("BANA") for
         inclusion in these reports is included in these reports;

4.       Based on my knowledge and upon the annual compliance statement included
         in the annual report on Form 10-K and required to be delivered to U.S.
         Bank National Association, as indenture trustee (the "Indenture
         Trustee"), in accordance with the terms of the Agreement, and except as
         disclosed in the reports, the Servicer has fulfilled its obligations
         under the Agreement;

5.       The reports disclose all significant deficiencies relating to the
         Servicer's compliance with the minimum servicing standards based upon
         the report provided by an independent public accountant, after
         conducting a review in compliance with the Uniform Single Attestation
         Program for Mortgage Bankers or similar procedure, as set forth in the
         Agreement, that is included in these reports; and

6.       In giving the certifications above, I have reasonably relied on
         information provided to me by the following unaffiliated parties: Wells
         Fargo Bank, N.A. and U.S. Bank National Association.

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

                                      B-1
<PAGE>

                                    EXHIBIT C

                     FORM OF INDENTURE TRUSTEE CERTIFICATION

                 BANC OF AMERICA SECURITIES AUTO TRUST 2005-WF1

         The Indenture Trustee hereby certifies to BAS Securitization LLC and
its officers, directors and affiliates, and with the knowledge and intent that
they will rely upon this certification, that:

1.       The Indenture Trustee has reviewed the annual report on Form 10-K for
         the fiscal year [___], and all reports on Form 8-K containing
         distribution reports filed in respect of periods included in the year
         covered by that annual report, relating to the above-referenced Trust;

2.       Subject to paragraph (4), the payment information in the payment
         reports contained in all monthly Form 8-K's included in the year
         covered by the annual report on Form 10-K for the calendar year [____],
         taken as a whole, does not contain any untrue statement of a material
         fact or omit to state a material fact required by the Indenture to be
         included therein and necessary to make the statements made, in light of
         the circumstances under which statements were made, not misleading as
         of the last day of the period covered by that annual report;

3.       The payment information required to be provided by the Indenture
         Trustee under the Indenture is included in these reports; and

4.       In compiling the payment information and making the foregoing
         certifications, I have relied upon information furnished to me by the
         Servicer under the Servicing Agreement. The Indenture Trustee shall
         have no responsibility or liability for any inaccuracy in such reports
         resulting from information so provided by the Servicer.

                                    U.S. BANK NATIONAL ASSOCIATION,
                                    as Indenture Trustee

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

                                      C-1
<PAGE>

                                                                      SCHEDULE I

              PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

         In addition to the representations, warranties and covenants contained
in the Indenture, the Issuer hereby represents, warrants, and covenants to the
Indenture Trustee as follows on the Closing Date:

                                     GENERAL

1.       This Indenture creates a valid and continuing security interest (as
         defined in the applicable UCC) in the Receivables and the other
         Collateral in favor of the Indenture Trustee, which security interest
         is prior to all other Liens, and is enforceable as such as against
         creditors of and purchasers from the Issuer.

2.       The Receivables constitute "chattel paper" (including "electronic
         chattel paper" or "tangible chattel paper"), "accounts," "instruments"
         or "general intangibles" within the meaning of the UCC.

3.       Each Receivable is secured by a first priority validly perfected
         security interest in the related Financed Vehicle in favor of the
         Originator, as secured party, or all necessary actions with respect to
         such Receivable have been taken or will be taken to perfect a first
         priority security interest in the related Financed Vehicle in favor of
         the Originator, as secured party.

4.       Each Trust Account constitutes either a "deposit account" or a
         "securities account" within the meaning of the UCC.

                                    CREATION

5.       Immediately prior to the sale, transfer, assignment and conveyance of a
         Receivable by the Seller to the Issuer, the Seller owned and had good
         and marketable title to such Receivable free and clear of any Lien and
         immediately after the sale, transfer, assignment and conveyance of such
         Receivable to the Issuer, the Issuer will have good and marketable
         title to such Receivable free and clear of any Lien.

                                   PERFECTION

6.       The Issuer has caused or will have caused, within ten days after the
         effective date of this Indenture, the filing of all appropriate
         financing statements in the proper filing office in the appropriate
         jurisdictions under applicable law in order to perfect the security
         interest in the Receivables granted to the Indenture Trustee hereunder;
         and the Servicer has in its possession the original copies of such
         instruments or tangible chattel paper that constitute or evidence the
         Receivables, and all financing statements referred to in this paragraph
         contain a statement that: "A purchase of or security interest in any
         collateral described in this financing statement will violate the
         rights of the Secured Party".

7.       With respect to Receivables that constitute instruments or tangible
         chattel paper, either:

                                    Sch. I-1                  2005-WF1 Indenture
<PAGE>

         (i) All original executed copies of each such instrument or tangible
         chattel paper have been delivered to the Indenture Trustee; or

         (ii) Such instruments or tangible chattel paper are in the possession
         of the Servicer and the Indenture Trustee has received a written
         acknowledgment from the Servicer that the Servicer is holding such
         instruments or tangible chattel paper solely on behalf and for the
         benefit of the Indenture Trustee; or

         (iii) The Servicer received possession of such instruments or tangible
         chattel paper after the Indenture Trustee received a written
         acknowledgment from the Servicer that the Servicer is acting solely as
         agent of the Indenture Trustee.

8.       With respect to the Trust Accounts that constitutes deposit accounts,
         either:

         (i) the Issuer has delivered to the Indenture Trustee a fully executed
         agreement pursuant to which the bank maintaining the deposit accounts
         has agreed to comply with all instructions originated by the Indenture
         Trustee directing disposition of the funds in such Trust Accounts
         without further consent by the Issuer; or

         (ii) the Issuer has taken all steps necessary to cause the Indenture
         Trustee to become the account holder of such Trust Accounts.

9.       With respect to the Trust Accounts that constitute securities accounts
         or securities entitlements, either:

         (i) the Issuer has delivered to the Indenture Trustee a fully executed
         agreement pursuant to which the securities intermediary has agreed to
         comply with all instructions originated by the Indenture Trustee
         relating to such Trust Accounts without further consent by the Issuer;
         or

         (ii) the Issuer has taken all steps necessary to cause the securities
         intermediary to identify in its records the Indenture Trustee as the
         person having a security entitlement against the securities
         intermediary in each of such Trust Accounts.

                                    PRIORITY

10.      The Issuer has not authorized the filing of, or is not aware of, any
         financing statements against the Issuer that include a description of
         collateral covering the Receivables other than any financing statement
         (i) relating to the conveyance of the Receivables by BANA to the Seller
         under the Purchase Agreement, (ii) relating to the conveyance of the
         Receivables by the Seller to the Issuer under the Sale Agreement, (iii)
         relating to the security interest granted to the Indenture Trustee
         hereunder or (iv) that has been terminated.

11.      The Issuer is not aware of any material judgment, ERISA or tax lien
         filings against the Issuer.

                                    Sch. I-2                  2005-WF1 Indenture
<PAGE>

12.      Neither the Issuer nor a custodian holding any Receivable that is
         electronic chattel paper has communicated an authoritative copy of any
         loan agreement that constitutes or evidences such Receivable to any
         Person other than the Servicer.

13.      None of the instruments, tangible chattel paper or electronic chattel
         paper that constitute or evidence the Receivables has any marks or
         notations indicating that they have been pledged, assigned or otherwise
         conveyed to any Person other than the Issuer or the Indenture Trustee.

14.      No Trust Account that constitutes a securities account or securities
         entitlement is in the name of any person other than the Issuer or the
         Indenture Trustee. The Issuer has not consented to the securities
         intermediary of any such Trust Account to comply with entitlement
         orders of any person other than the Indenture Trustee.

15.      No Trust Account that constitutes a deposit account is in the name of
         any person other than the Issuer or the Secured Party. The Issuer has
         not consented to the bank maintaining such Trust Account to comply with
         instructions of any person other than the Indenture Trustee.

                     SURVIVAL OF PERFECTION REPRESENTATIONS

16.      Notwithstanding any other provision of this Indenture or any other
         Transaction Document, the perfection representations, warranties and
         covenants contained in this Schedule I shall be continuing, and remain
         in full force and effect until such time as all obligations under this
         Indenture have been finally and fully paid and performed.

                                    NO WAIVER

17.      The Issuer shall provide the Rating Agencies with prompt written notice
         of any breach of the perfection representations, warranties and
         covenants contained in this Schedule I, and shall not, without
         satisfying the Rating Agency Condition, waive a breach of any of such
         perfection representations, warranties or covenants.

                   ISSUER TO MAINTAIN PERFECTION AND PRIORITY

18.      The Issuer covenants that, in order to evidence the interests of the
         Indenture Trustee under this Indenture, the Issuer shall take such
         action, or execute and deliver such instruments as may be necessary or
         advisable (including, without limitation, such actions as are requested
         by the Indenture Trustee) to maintain and perfect, as a first priority
         interest, the Indenture Trustee's security interest in the Receivables.
         The Issuer shall, from time to time and within the time limits
         established by law, prepare and file, all financing statements,
         amendments, continuations, initial financing statements in lieu of a
         continuation statement, terminations, partial terminations, releases or
         partial releases, or any other filings necessary or advisable to
         continue, maintain and perfect the Indenture Trustee's security
         interest in the Receivables as a first-priority interest (each a
         "Filing").

                                    Sch. I-3                  2005-WF1 Indenture

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