Document:

efc7-1762_emailex42.htm

    Exhibit
      4.2

     

    EXECUTION
      COPY

     

    
 

    
      
        
          

        

      

       

      

    

    WDS
      RECEIVABLES LLC,

     

    as
      Depositor,

     

    and

     

    WILMINGTON
      TRUST COMPANY,

     

    as
      Owner
      Trustee

     

    
      ____________________________________________

       

      SECOND
        AMENDED AND RESTATED

      TRUST
        AGREEMENT

      Dated
        as
        of June 1, 2007

    

    
      ____________________________________________

    

     

    

     
      
        

      

    

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF
      CONTENTS

     

    Page

     

    
      

       

      ARTICLE
        ONE

       

      DEFINITIONS

      
        	
                Section
                  1.01

              	
                General
                  Definitions

              	
                1

              
	
                Section
                  1.02

              	
                Other
                  Definitional Provisions.

              	
                6

              
	
                Section
                  1.03

              	
                Interpretive
                  Provisions

              	
                6

              

      

       

      ARTICLE
        TWO

       

      ORGANIZATION

      
        	
                Section
                  2.01

              	
                Name

              	
                7

              
	
                Section
                  2.02

              	
                Office

              	
                7

              
	
                Section
                  2.03

              	
                Purposes
                  and Powers.

              	
                7

              
	
                Section
                  2.04

              	
                Appointment
                  of Owner Trustee

              	
                8

              
	
                Section
                  2.05

              	
                Initial
                  Capital Contribution of Owner Trust Estate

              	
                8

              
	
                Section
                  2.06

              	
                Declaration
                  of Trust

              	
                8

              
	
                Section
                  2.07

              	
                Liability
                  of Certificateholders

              	
                8

              
	
                Section
                  2.08

              	
                Title
                  to Trust Property

              	
                8

              
	
                Section
                  2.09

              	
                Situs
                  of Issuer

              	
                9

              
	
                Section
                  2.10

              	
                Representations
                  and Warranties of the Depositor

              	
                9

              
	
                Section
                  2.11

              	
                Federal
                  Income Tax Matters

              	
                10

              

      

       

      ARTICLE
        THREE

       

      CERTIFICATES
        AND TRANSFER OF INTERESTS

      
        	
                Section
                  3.01

              	
                Initial
                  Ownership

              	
                11

              
	
                Section
                  3.02

              	
                The
                  Certificates

              	
                11

              
	
                Section
                  3.03

              	
                Authentication
                  and Delivery of Certificates

              	
                11

              
	
                Section
                  3.04

              	
                Registration,
                  Transfer and Exchange of Certificates.

              	
                11

              
	
                Section
                  3.05

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              	
                13

              
	
                Section
                  3.06

              	
                Persons
                  Deemed Certificateholders

              	
                13

              
	
                Section
                  3.07

              	
                Access
                  to List of Certificateholders’ Names and Addresses

              	
                14

              
	
                Section
                  3.08

              	
                Maintenance
                  of Office or Agency

              	
                14

              
	
                Section
                  3.09

              	
                Appointment
                  of Paying Agent

              	
                14

              
	
                Section
                  3.10

              	
                Certificates
                  Nonassessable and Fully Paid

              	
                15

              

      

       

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        FOUR

       

      ACTIONS
        BY OWNER TRUSTEE

      
        	
                Section
                  4.01

              	
                Prior
                  Notice to Certificateholders with Respect to Certain
                  Matters

              	
                16

              
	
                Section
                  4.02

              	
                Action
                  by Certificateholders with Respect to Certain Matters

              	
                16

              
	
                Section
                  4.03

              	
                Action
                  by Certificateholders with Respect to Bankruptcy

              	
                17

              
	
                Section
                  4.04

              	
                Restrictions
                  on Certificateholders’ Power

              	
                17

              
	
                Section
                  4.05

              	
                Majority
                  Control

              	
                17

              
	
                Section
                  4.06

              	
                Certain
                  Litigation Matters

              	
                17

              

      

       

      ARTICLE
        FIVE

       

      APPLICATION
        OF TRUST FUNDS; CERTAIN DUTIES

      
        	
                Section
                  5.01

              	
                Establishment
                  of Certificate Payment Account

              	
                18

              
	
                Section
                  5.02

              	
                Application
                  of Trust Funds.

              	
                18

              
	
                Section
                  5.03

              	
                Method
                  of Payment

              	
                19

              
	
                Section
                  5.04

              	
                No
                  Segregation of Monies; No Interest

              	
                19

              
	
                Section
                  5.05

              	
                Accounting
                  and Reports to Noteholders, Certificateholders, the IRS and
                  Others

              	
                19

              
	
                Section
                  5.06

              	
                Signature
                  on Returns; Tax Matters Partner.

              	
                20

              

      

       

      ARTICLE
        SIX

       

      AUTHORITY
        AND DUTIES OF OWNER TRUSTEE

      
        	
                Section
                  6.01

              	
                General
                  Authority

              	
                21

              
	
                Section
                  6.02

              	
                General
                  Duties.

              	
                21

              
	
                Section
                  6.03

              	
                Action
                  Upon Instruction.

              	
                22

              
	
                Section
                  6.04

              	
                No
                  Duties Except as Specified in this Agreement or in
                  Instructions

              	
                22

              
	
                Section
                  6.05

              	
                No
                  Action Except Under Specified Documents or Instructions

              	
                23

              
	
                Section
                  6.06

              	
                Restrictions

              	
                23

              

      

       

      ARTICLE
        SEVEN

       

      THE
        OWNER
        TRUSTEE

      
        	
                Section
                  7.01

              	
                Acceptance
                  of Duties

              	
                24

              
	
                Section
                  7.02

              	
                Furnishing
                  of Documents

              	
                25

              
	
                Section
                  7.03

              	
                Representations
                  and Warranties

              	
                26

              
	
                Section
                  7.04

              	
                Reliance;
                  Advice of Counsel.

              	
                26

              
	
                Section
                  7.05

              	
                Not
                  Acting in Individual Capacity

              	
                27

              
	
                Section
                  7.06

              	
                Owner
                  Trustee Not Liable for Certificates or Receivables

              	
                27

              
	
                Section
                  7.07

              	
                Owner
                  Trustee May Own Certificates and Notes

              	
                27

              
	
                Section
                  7.08

              	
                Paying
                  Agent; Authenticating Agent

              	
                28

              

      

       

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        EIGHT

       

      COMPENSATION
        AND INDEMNIFICATION OF OWNER TRUSTEE

      
        	
                Section
                  8.01

              	
                Owner
                  Trustee’s Fees and Expenses

              	
                29

              
	
                Section
                  8.02

              	
                Indemnification

              	
                29

              
	
                Section
                  8.03

              	
                Payments
                  to the Owner Trustee

              	
                29

              

      

       

      ARTICLE
        NINE

       

      TERMINATION
        OF TRUST AGREEMENT

      
        	
                Section
                  9.01

              	
                Termination
                  of Trust Agreement.

              	
                30

              

      

       

      ARTICLE
        TEN

       

      SUCCESSOR
        AND ADDITIONAL OWNER TRUSTEES

      
        	
                Section
                  10.01

              	
                Eligibility
                  Requirements for Owner Trustee

              	
                32

              
	
                Section
                  10.02

              	
                Resignation
                  or Removal of Owner Trustee.

              	
                32

              
	
                Section
                  10.03

              	
                Successor
                  Owner Trustee

              	
                33

              
	
                Section
                  10.04

              	
                Merger
                  or Consolidation of Owner Trustee.

              	
                33

              
	
                Section
                  10.05

              	
                Appointment
                  of Co-Trustee or Separate Trustee

              	
                34

              

      

       

      ARTICLE
        ELEVEN

       

      REGULATION
        AB

      
        	
                Section
                  11.01

              	
                Intent
                  of the Parties; Reasonableness.

              	
                36

              
	
                Section
                  11.02

              	
                Representations
                  and Warranties

              	
                36

              
	
                Section
                  11.03

              	
                Information
                  to Be Provided by the Owner Trustee.

              	
                36

              

      

       

      ARTICLE
        TWELVE

       

      MISCELLANEOUS

      
        	
                Section
                  12.01

              	
                Supplements
                  and Amendments.

              	
                38

              
	
                Section
                  12.02

              	
                No
                  Legal Title to Owner Trust Estate in Certificateholders

              	
                39

              
	
                Section
                  12.03

              	
                Limitations
                  on Rights of Others

              	
                39

              
	
                Section
                  12.04

              	
                Notices

              	
                40

              
	
                Section
                  12.05

              	
                Severability

              	
                40

              
	
                Section
                  12.06

              	
                Counterparts

              	
                40

              
	
                Section
                  12.07

              	
                Successors
                  and Assigns

              	
                40

              
	
                Section
                  12.08

              	
                Covenants
                  of the Depositor

              	
                40

              
	
                Section
                  12.09

              	
                No
                  Petition

              	
                41

              
	
                Section
                  12.10

              	
                No
                  Recourse

              	
                41

              
	
                Section
                  12.11

              	
                Headings

              	
                41

              

      

       

       

       

      
 

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

         

         

      

      
        	
                Section
                  12.12

              	
                GOVERNING
                  LAW

              	
                41

              
	
                Section
                  12.13

              	
                Servicer
                  Payment Obligation

              	
                41

              

      

      

       

      EXHIBITS

       

      
        	
                Exhibit A
                  – Form of Certificate

              	
                A-1

              
	
                Exhibit B
                  – Form of Certificate of Trust

              	
                B-1

              

      

    

     

     

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

       

    

    SECOND
      AMENDED AND RESTATED TRUST AGREEMENT

     

    This
      Second Amended and Restated Trust Agreement, dated as of June 1, 2007, is
      between WDS Receivables LLC, a Nevada limited liability company, as depositor
      (the “Depositor”), and Wilmington Trust Company, a Delaware banking corporation,
      as trustee (the “Owner Trustee”).

     

    WHEREAS,
      Wachovia Auto Owner Trust 2007-A has been created pursuant to a trust agreement,
      dated as of July 6, 2006, as amended on December 20, 2006, between the Depositor
      and the Owner Trustee (the “Initial Trust Agreement”), and the filing of a
      certificate of trust with the Secretary of State of the State of Delaware on
      July 6, 2006, as amended on December 20, 2006; and

     

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

     

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

     

    ARTICLE
      ONE

     

    DEFINITIONS

     

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

    “Accountants”
      means a firm of independent public accountants.

     

    “Administration
      Agreement” means the administration agreement, dated as of June 1, 2007,
      among the Administrator, the Issuer, the Depositor and the Indenture
      Trustee.

     

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

     

    “Affiliate”
      has the meaning specified in the Sale and Servicing Agreement.

     

    “Agreement”
      means this Amended and Restated Trust Agreement.

     

    “Applicants”
      has the meaning specified in Section 3.07.

     

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

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    “Certificate
      Payment Account” has the meaning specified in
      Section 5.01.

     

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

     

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

     

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

     

    “Class”
      has the meaning specified in the Indenture.

     

    “Closing
      Date” has the meaning specified in the Indenture.

     

    “Code”
      has the meaning specified in the Indenture.

     

    “Collection
      Period” has the meaning specified in the Indenture.

     

    “Commission”
      has the meaning specified in the Indenture.

     

    “Corporate
      Trust Office” means, with respect to the Owner Trustee, the principal
      corporate trust office of the Owner Trustee located at 1100 North Market Street,
      Wilmington, Delaware 19890-1605, Attention: Corporate Trust Administration,
      or
      at such other address as the Owner Trustee may designate from time to time
      by
      notice to the Certificateholders, the Indenture Trustee, the Master Servicer
      and
      the Depositor, or the principal corporate trust office of any successor Owner
      Trustee at the address designated by such successor Owner Trustee by notice
      to
      the Certificateholders, the Indenture Trustee, the Master Servicer and the
      Depositor.

     

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

     

    “Depositor”
      means WDS Receivables, in its capacity as depositor hereunder, and its
      successors in such capacity.

     

    “Distribution
      Date” has the meaning specified in the Indenture.

     

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

     

    “Eligible
      Investments” has the meaning specified in the Sale and Servicing
      Agreement.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “ERISA”
      means the Employee Retirement Income Security Act of 1974.

     

    “Excess
      Collections” has the meaning specified in the Indenture.

     

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

     

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

     

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

     

    “Final
      Scheduled Distribution Date” has the meaning specified in the
      Indenture.

     

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

     

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

     

    “Indenture”
      means the indenture, dated as of June 1, 2007, between the Issuer and the
      Indenture Trustee.

     

    “Indenture
      Trustee” has the meaning specified in the Indenture.

     

    “IRS”
      means the United States Internal Revenue Service.

     

    “Issuer”
      has the meaning specified in the Indenture.

     

    “Item
      1119 Party” has the meaning specified in the Sale and Servicing
      Agreement.

     

    “Lien”
      has the meaning specified in the Sale and Servicing Agreement.

     

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

     

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

     

    “Moody’s”
      has the meaning specified in the Indenture.

     

    “Note
      Balance” has the meaning specified in the Indenture.

     

    “Note
      Registrar” has the meaning specified in the Indenture.

     

    “Noteholder”
      has the meaning specified in the Indenture.

     

    “Notes”
      has the meaning specified in the Indenture.

     

    “Opinion
      of Counsel” means one or more written opinions of counsel, who may, except
      as expressly provided in this Trust Agreement, be an employee of or outside
      counsel to the Issuer, Depositor, the Seller or the Master Servicer, and who
      shall be acceptable to the Indenture Trustee or the Owner Trustee, as the case
      may be.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

     

    “Outstanding”
      has the meaning specified in the Indenture.

     

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

     

    “Owner
      Trustee” means Wilmington Trust Company, not in its individual capacity but
      solely as Owner Trustee under this Agreement, and any successor in such
      capacity.

     

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

     

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

     

    “Person”
      has the meaning specified in the Sale and Servicing Agreement.

     

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

     

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

     

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

     

    “PTCE
      95-60” means Prohibited Transaction Class Exemption 95-60.

     

    “Rating
      Agency” has the meaning specified in the Indenture.

     

    “Rating
      Agency Condition” has the meaning specified in the Indenture.

     

    “Receivable”
      has the meaning specified in the Receivables Purchase Agreement.

     

    “Receivables
      Purchase Agreement” means the receivables purchase agreement, dated as of
      June 1, 2007, between the Seller and WDS Receivables.

     

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

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    “Regulation
      AB” has the meaning specified in the Sale and Servicing
      Agreement.

     

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

     

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

     

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

     

    “Sale
      and Servicing Agreement” means the sale and servicing agreement, dated as of
      June 1, 2007, among the Issuer, the Depositor, the Seller and the Master
      Servicer.

     

    “Secretary
      of State” means the Secretary of State of the State of
      Delaware.

     

    “Securities
      Act” has the meaning specified in the Sale and Servicing
      Agreement.

     

    “Securitization
      Transaction” means any transaction involving a sale or other transfer of
      receivables directly or indirectly to an issuing entity in connection with
      an issuance of publicly offered or privately placed, rated or
      unrated asset-backed securities.

     

    “Seller”
      has the meaning specified in the Receivables Purchase Agreement.

     

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

     

    “Standard &
      Poor’s” has the meaning specified in the Indenture.

     

    “State”
      has the meaning specified in the Indenture.

     

    “Statutory
      Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12
      Del. Code § 3801 et seq.

     

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

     

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

     

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

     

    “UCC”
      has the meaning specified in the Indenture.

     

    “United
      States” has the meaning specified in the Indenture.

     

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

     

    “Wachovia
      Bank” means Wachovia Bank, National Association.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    “WDS
      Receivables” means WDS Receivables LLC.

     

    Section
      1.02.  Other
      Definitional Provisions.

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

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

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

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      TWO

     

    ORGANIZATION

     

    Section
      2.01.  Name.  The
      statutory trust created by the Initial Trust Agreement and the filing of the
      Certificate of Trust and continued hereby shall be known as “Wachovia Auto Owner
      Trust 2007-A”, in which name the Owner Trustee may conduct the business of the
      Issuer, make and execute contracts and other instruments on behalf of the Issuer
      and sue and be sued on behalf of the Issuer, to the extent herein
      provided.

     

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

     

    Section
      2.03.  Purposes
      and Powers.

     

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

     

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

     

    (ii)  to
      permit
      the Depositor to use, or to use, at the direction of the Depositor, the proceeds
      of the sale of the Notes to (A) purchase the Receivables to be acquired on
      the
      Closing Date, (B) fund the Reserve Fund with an amount equal to the Reserve
      Fund Deposit, (C) pay the organizational, start-up and transactional expenses
      of
      the Issuer and (D) to pay the balance to the Depositor (or to permit the
      Depositor to retain the balance, as applicable) pursuant to the Sale and
      Servicing Agreement;

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    Section
      2.05.  Initial
      Capital Contribution of Owner Trust Estate.  As of July 6, 2006,
      the Depositor assigned, transferred, conveyed and set over to the Owner Trustee
      the sum of $1,000.  The Owner Trustee hereby 

    acknowledges
      receipt in trust from the Depositor, as of such date, of the foregoing
      contribution, which amounts constituted the initial Owner Trust Estate and
      were
      deposited in the Certificate Payment Account.  The Depositor shall pay
      the organizational expenses of the Issuer as they may arise or shall, upon
      the
      request of the Owner Trustee, promptly reimburse the Owner Trustee for any
      such
      expenses paid by the Owner Trustee.

     

    Section
      2.06.  Declaration
      of Trust.  The Owner Trustee hereby declares that it will hold the
      Owner Trust Estate in trust upon and subject to the conditions set forth herein
      for the use and benefit of the Certificateholders, subject to the obligations
      of
      the Issuer under the Basic Documents.  It is the intention of the
      parties hereto that (i) the Issuer constitute a statutory trust under the
      Statutory Trust Statute and that this Agreement constitute the governing
      instrument of such statutory trust and (ii) solely for income and franchise
      tax purposes, the Issuer shall be treated as either an entity that is
      disregarded as separate from the beneficial owner of the equity if there is
      only
      one such owner, or as a partnership (other than an association or publicly
      traded partnership) if there are two or more such owners, with the assets of
      the
      partnership being the Receivables and other assets held by the Issuer, the
      partners of the partnership being the Certificateholders and any holders of
      the
      Notes that are required by the IRS to be treated as equity in the Issuer, and
      the remaining Notes constituting indebtedness of the partnership. The parties
      agree that, unless otherwise required by appropriate tax authorities, the Issuer
      will file or cause to be filed annual or other necessary returns, reports and
      other forms consistent with the foregoing characterization of the Issuer for
      such tax purposes.  Effective as of the date hereof, the Owner Trustee
      shall have all rights, powers and duties set forth herein and in the Statutory
      Trust Statute to accomplish the purposes of the Issuer as set forth in
      Section 2.03(a).  The Owner Trustee has filed the Certificate of
      Trust with the Secretary of State.

     

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

     

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

     

     

    
      
        
        

      

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

     

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

     

    (a)  The
      Depositor has been duly organized and is validly existing as a limited liability
      company in good standing under the laws of the State of Nevada, with power,
      authority and legal right to own its properties and to conduct its business
      as
      such properties are currently owned and such business is presently conducted,
      and had at all relevant times, and has the power, authority and legal right
      to
      acquire, own and sell the Receivables.

     

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

     

    (c)  The
      Depositor has the power and authority to execute, deliver and perform its
      obligations under this Agreement and each other Basic Document to which it
      is a
      party; the Depositor has full power and authority to sell, assign, transfer
      and
      convey the property to be sold and assigned to and deposited with the Owner
      Trustee as part of the Owner Trust Estate and the Depositor has duly authorized
      such sale and assignment and deposit to the Issuer by all necessary limited
      liability company action; and the execution, delivery and performance of this
      Agreement and the other Basic Documents to which it is a party have been duly
      authorized by the Depositor by all necessary limited liability company
      action.

     

    (d)  This
      Agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable in accordance with its terms, except as enforceability may be
      subject to or limited by bankruptcy, insolvency, reorganization, moratorium,
      liquidation, fraudulent conveyance or other similar laws affecting the
      enforcement of creditors’ rights in general and by general principles of equity,
      regardless of whether such enforceability shall be considered in a proceeding
      in
      equity or at law.

     

    (e)  The
      execution, delivery and performance by the Depositor of this Agreement and
      each
      other Basic Document to which the Depositor is a party, the consummation of
      the
      transactions contemplated hereby and thereby and the fulfillment of the terms
      hereof and thereof do not conflict with, result in any breach of any of the
      terms and provisions of, nor constitute (with or without notice or lapse of
      time
      or both) a default under, the certificate of formation or limited liability
      company agreement of the Depositor, or conflict with or violate any of the
      material terms or provisions of, or constitute (with or without notice or lapse
      of time) a default under, any indenture, agreement or other instrument to which
      the Depositor is a party or by which it is bound or to which any of its
      properties are subject; nor result in the creation or imposition of any Lien
      upon any of its properties pursuant to the terms of any such indenture,
      agreement or other instrument (other than pursuant to the Basic Documents);
      nor
      violate any law or, to the best of the Depositor’s knowledge, any order of any
      court, rule or regulation applicable to the Depositor or its properties or
      of
      any federal or State regulatory body, court, administrative agency or other
      governmental instrumentality having jurisdiction over the Depositor or its
      properties; which breach, default, conflict, Lien or violation would have a
      material adverse effect on the earnings, business affairs or business prospects
      of the Depositor.

     

     

    
      
        
        

      

      
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    (f)  There
      are
      no proceedings or investigations pending or, to the Depositor’s knowledge,
      threatened against the Depositor before any court, regulatory body,
      administrative agency or other governmental instrumentality having jurisdiction
      over the Depositor or its properties (i) asserting the invalidity of this
      Agreement, any other Basic Document, the Notes or the Certificates,
      (ii) seeking to prevent the issuance of the Notes or the Certificates or
      the consummation of any of the transactions contemplated by this Agreement
      or
      any of the other Basic Documents, (iii) seeking any determination or ruling
      that would materially and adversely affect the performance by the Depositor
      of
      its obligations under, or the validity or enforceability of, this Agreement,
      any
      of the other Basic Documents, the Receivables, the Notes or the Certificates
      or
      (iv) seeking any determination or ruling that would adversely affect the
      federal tax attributes of the Issuer or of the Notes or the
      Certificates.

     

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

     

    Section
      2.11.  Federal
      Income Tax Matters.  The Certificateholders acknowledge that it is
      their intent and that they understand it is the intent of the Depositor and
      the
      Master Servicer that, for purposes of federal income, State and local income
      and
      franchise tax and any other income taxes, the Issuer shall be treated as either
      an entity that is disregarded as separate from the beneficial owner of the
      equity in the Issuer if there is only one such owner, or as a partnership (other
      than an association or publicly traded partnership) if there are two or more
      such owners, and income, gain or loss of the Issuer for such month as determined
      for federal, State and local income and franchise tax purposes shall be
      allocated among the Certificateholders as of the Record Date occurring within
      such month, in proportion to their ownership of the Certificate Percentage
      Interest on such date.  The Depositor hereby agrees and each
      Certificateholder by acceptance of a Certificate agrees to such treatment and
      each agrees to take no action inconsistent with the foregoing
      characterization.

     

    The
      Depositor is authorized to modify the allocations in this Section if necessary
      or appropriate, in its sole discretion, for the allocations to reflect fairly
      the economic income, gain or loss to the Certificateholders or as otherwise
      required by the Code.

     

    
      
        
        

      

      
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    ARTICLE
      THREE

     

    CERTIFICATES
      AND TRANSFER OF INTERESTS

     

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

     

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

     

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

     

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

     

    Section
      3.04.  Registration,
      Transfer and Exchange of Certificates.

     

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

     

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

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

     

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

     

    Section
      3.09.  Appointment
      of Paying Agent.  The Paying Agent shall make distributions to
      Certificateholders from the Certificate Payment Account pursuant to
      Section 5.02(a) and shall report the amount of such distributions to the
      Owner Trustee.  The Paying Agent shall have the revocable power to
      withdraw funds from the Certificate Payment Account for the purpose of making
      the distributions referred to above.  The Owner Trustee may revoke
      such power and remove the Paying Agent if the Owner Trustee determines in its
      sole discretion that the Paying Agent shall have failed to perform its
      obligations under this Agreement in any material respect.  The Paying
      Agent shall initially be the Indenture Trustee, and any co-paying agent chosen
      by the Paying Agent that is acceptable to the Owner Trustee and the
      Depositor.  Each Paying Agent shall be permitted to resign as Paying
      Agent upon 30 days’ prior written notice to the Owner Trustee.  In the
      event that the Indenture Trustee shall no longer be the Paying Agent, the Owner
      Trustee, upon receipt of written instruction from the Depositor, shall appoint
      a
      successor to act as Paying Agent (which shall be a bank or trust
      company).  The Owner Trustee shall cause such successor Paying Agent
      or any additional Paying Agent appointed by the Owner Trustee to execute and
      deliver to the Owner Trustee an instrument in which such successor Paying Agent
      or additional Paying Agent shall agree with the Owner Trustee that, as Paying
      Agent, such successor or additional Paying Agent will hold all sums, if any,
      held by it for payment to the Certificateholders in trust for the benefit of the
      Certificateholders entitled thereto until such sums shall be paid to such
      Certificateholders.  The Paying Agent shall return all unclaimed funds
      to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall
      also return all funds in its possession to the Owner Trustee.  If at
      any time the Owner Trustee shall act as Paying Agent, the rights, privileges,
      protections and indemnities afforded to the Owner Trustee hereunder shall apply
      equally to the Owner Trustee in its role as Paying Agent.  Any
      reference in this Agreement to the Paying Agent shall include any co-paying
      agent unless the context requires otherwise.

     

     

    
      
        
        

      

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

     

    
      
        
        

      

      
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    ARTICLE
      FOUR

     

    ACTIONS
      BY OWNER TRUSTEE

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      FIVE

     

    APPLICATION
      OF TRUST FUNDS; CERTAIN DUTIES

     

    Section
      5.01.  Establishment
      of Certificate Payment Account.  Pursuant to Section 4.01 of
      the Sale and Servicing Agreement, the Master Servicer has agreed to establish,
      on or before the Closing Date, and maintain in the name of the Owner Trustee
      at
      an Eligible Institution (which shall initially be U.S. Bank National
      Association) a segregated account designated as the “Wachovia Auto Owner Trust
      2007-A Certificate Payment Account” (the “Certificate Payment
      Account”).  The Certificate Payment Account shall be held in trust for
      the benefit of the Certificateholders.  Except as expressly provided
      in Section 3.09, the Certificate Payment Account shall be under the sole
      dominion and control of the Owner Trustee.  All monies deposited from
      time to time in the Certificate Payment Account pursuant to the Sale and
      Servicing Agreement or the Indenture shall be applied as provided in this
      Agreement, the Sale and Servicing Agreement and the Indenture.

     

    Section
      5.02.  Application
      of Trust Funds.

     

    (a)  On
      each
      Distribution Date, upon receipt from the Master Servicer of a distribution
      statement pursuant to Section 4.10(a) of the Sale and Servicing Agreement,
      the Owner Trustee shall (if at any time it is the Paying Agent) or shall direct
      the Paying Agent to distribute to the Certificateholders, in proportion to
      each
      Certificateholder’s Certificate Percentage Interest, amounts deposited in the
      Certificate Payment Account on such Distribution Date pursuant to
      Section 4.09 of the Sale and Servicing Agreement and Section 2.08 of
      the Indenture.

     

    (b)  On
      each
      Distribution Date, the Owner Trustee shall (if at any time it is the Paying
      Agent), or shall direct the Paying Agent to, send to each Certificateholder
      the
      statement or statements provided to the Owner Trustee by the Master Servicer
      pursuant to Section 4.10 of the Sale and Servicing Agreement with respect
      to such Distribution Date.

     

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

     

     

    
      
        
        

      

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

     

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

     

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

     

    The
      Owner
      Trustee may satisfy its obligations with respect to this Section and
      Section 5.02(c) by retaining, at the expense of the Seller, Accountants
      selected by the Seller.  The Owner Trustee may require the Accountants
      to provide to the Owner Trustee, on or before December 31, 2007, a letter in
      form and substance satisfactory to the Owner Trustee as to whether any federal
      tax withholding on Certificates is then required and, if required, the
      procedures to be followed with respect thereto to comply with the requirements
      of the Code.  The Accountants shall be required to update such letter
      in each instance that any additional tax withholding is subsequently required
      or
      any previously required tax withholding shall no longer be
      required.  The Owner Trustee shall be deemed to have discharged its
      obligations pursuant to this Section and Section 5.02(c) upon its retention
      of the Accountants, and the Owner Trustee shall not have any liability with
      respect to the default, negligence or misconduct of the
      Accountants.  The Owner Trustee shall be entitled to rely on and shall
      be fully protected in so relying, upon the letter, referred to in this
      paragraph, from the Accountants and shall have no duty or obligation to verify
      the accuracy of the contents of such letter.

     

     

    
      
        
        

      

      
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    Section
      5.06.  Signature
      on Returns; Tax Matters Partner.

     

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

     

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

     

     

    
      
        
        

      

      
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    ARTICLE
      SIX

     

    AUTHORITY
      AND DUTIES OF OWNER TRUSTEE

     

    Section
      6.01.  General
      Authority.  Subject to the provisions and limitations of
      Section 2.03, the Owner Trustee is authorized and directed to execute and
      deliver each Basic Document to which the Issuer is to be a party and each
      certificate or other document attached as an exhibit to or contemplated by
      any
      Basic Document to which the Issuer is to be a party, in each case in such form
      as the Depositor shall approve and provide to the Owner Trustee for execution,
      as evidenced conclusively by the Owner Trustee’s execution thereof and the
      Depositor’s execution of this Agreement, and to direct the Indenture Trustee to
      authenticate and deliver Notes in the aggregate principal amount of $645,000,000
      (comprised of $132,000,000 aggregate principal amount of 5.34013% Class A-1
      Asset Backed Notes, $169,000,000 aggregate principal amount of 5.38% Class
      A-2
      Asset Backed Notes, $185,000,000 aggregate principal amount of  5.39%
      Class A-3 Asset Backed Notes, $142,875,000 aggregate principal amount of 5.49%
      Class A-4 Asset Backed Notes and $16,125,000 aggregate principal amount of
      5.80%
      Class B Asset Backed Notes).  In addition to the foregoing, the
      Owner Trustee is authorized, but shall not be obligated, to take all actions
      required of the Issuer pursuant to the Basic Documents.  Subject to
      Section 2.03, the Owner Trustee is further authorized from time to time to
      take such action on behalf of the Issuer as is permitted by the Basic Documents
      and which the Certificateholders, the Master Servicer or the Administrator
      recommends in writing with respect to the Basic Documents, except to the extent
      that this Agreement expressly requires the consent of the Certificateholders
      for
      such action.

     

    Section
      6.02.  General
      Duties.

     

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

     

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

     

     

    
      
        
        

      

      
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    Section
      6.03.  Action
      Upon Instruction.

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

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

     

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

     

     

    
      
        
        

      

      
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    ARTICLE
      SEVEN

     

    THE
      OWNER
      TRUSTEE

     

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

     

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

     

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

     

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

     

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

     

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

     

    (f)  the
      Owner
      Trustee shall not be liable for the default, negligence or misconduct of the
      Administrator, the Depositor, any Certificateholder, the Indenture Trustee,
      the
      Master Servicer or the Seller under any Basic Document or otherwise, and the
      Owner Trustee shall have no obligation or liability to perform the obligations
      of the Issuer under this Agreement or the other Basic Documents that are
      required to be performed by the Administrator under the Administration
      Agreement, the Indenture Trustee under the Indenture or the Seller, the Master
      Servicer or the Depositor under the Sale and Servicing Agreement;

     

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Section
      7.04.  Reliance;
      Advice of Counsel.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

     

    
      
        
        

      

      
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    ARTICLE
      EIGHT

     

    COMPENSATION
      AND INDEMNIFICATION OF OWNER TRUSTEE

     

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

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      NINE

     

    TERMINATION
      OF TRUST AGREEMENT

     

    Section
      9.01.  Termination
      of Trust Agreement.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    
      
        
        

      

      
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    ARTICLE
      TEN

     

    SUCCESSOR
      AND ADDITIONAL OWNER TRUSTEES

     

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

     

    Section
      10.02.  Resignation
      or Removal of Owner Trustee.

     

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

     

    (b)  If
      at any
      time the Owner Trustee shall: (i) cease to be eligible in accordance with
      Section 10.01 and shall fail to resign after written request therefor by
      the Administrator, or if at any time the Owner Trustee shall be legally unable
      to act; (ii) be adjudged bankrupt or insolvent, or a receiver of the Owner
      Trustee or of its property shall be appointed, or any public officer shall
      take
      charge or control of the Owner Trustee or of its property or affairs for the
      purpose of rehabilitation, conservation or liquidation; (iii) fail to
      comply with any of its obligations under Section 10.02, Section 10.04 or Section
      11.03 of this Agreement, during the period that the Depositor is required to
      file Exchange Act Reports with respect to the Issuer and such failure is not
      remedied within the lesser of ten calendar days and the period of time in which
      the related Exchange Act Report is required to be filed (without taking into
      account any extensions) or (iv) otherwise become incapable of acting, then
      the Administrator or the Depositor may remove the Owner Trustee.  If
      the Administrator or Depositor shall remove the Owner Trustee under the
      authority of the immediately preceding sentence, the Administrator shall
      promptly appoint a successor Owner Trustee acceptable to the Depositor by
      written instrument, in duplicate, one copy of which instrument shall be
      delivered to the outgoing Owner Trustee so removed and one copy to the successor
      Owner Trustee, and shall pay all fees and expenses owed to the outgoing Owner
      Trustee.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Section
      10.04.  Merger
      or Consolidation of Owner Trustee.

     

    (a)  If
      the
      Owner Trustee consolidates with, merges or converts into, or transfers all
      or
      substantially all its corporate trust business or assets to, another entity,
      the
      resulting, surviving or transferee corporation or banking association without
      any further act, except the filing of an amendment to the Certificate of Trust,
      if required under the Statutory Trust Statute, shall be the successor Owner
      Trustee; provided, however, that such corporation or banking association must
      be
      otherwise qualified and eligible under Section 10.01.  The Owner
      Trustee shall (i) provide the Rating Agencies that have provided ratings of
      the Notes with written notice as soon as practicable after a public announcement
      is made regarding any such transaction, (ii) file an amendment to the
      Certificate of Trust as required by Section 9.03 (if required under the
      Statutory Trust Statute) and (iii) provide the Depositor in writing and in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably requested by the Depositor in order to comply with its reporting
      obligation under the Exchange Act with respect to the successor Owner
      Trustee.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      ELEVEN

     

    REGULATION
      AB

     

    Section
      11.01.  Intent
      of the Parties; Reasonableness.

     

    (a)  The
      Depositor and the Owner Trustee acknowledge and agree that the purpose of this
      Article Eleven is to facilitate compliance by the Depositor with the provisions
      of Regulation AB and related rules and regulations of the
      Commission.  The Depositor shall not exercise its right to request
      delivery of information or other performance under these provisions other than
      in good faith, or for purposes other than the Depositor’s compliance with the
      Securities Act, the Exchange Act and the rules and regulations of the Commission
      thereunder (or the provision in a private offering of disclosure comparable
      to
      that required under the Securities Act).  The Owner Trustee agrees to
      cooperate in good faith with any reasonable request by the Depositor for
      information regarding the Owner Trustee which is required in order to enable
      the
      Depositor to comply with the provisions of Regulation AB, including, without
      limitation, Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB as it relates
      to the Owner Trustee or to the Owner Trustee’s obligations under this
      Agreement.

     

    Section
      11.02.  Representations
      and Warranties.  The Owner Trustee represents that:

     

    (i)  there
      are
      no affiliations, relating to the Owner Trustee with respect to any Item 1119
      Party;

     

    (ii)  there
      are
      no relationships or transactions with respect to any Item 1119 Party and the
      Owner Trustee that are outside the ordinary course of business or on terms
      other
      than would be obtained in an arm's length transaction with an unrelated third
      party, apart from the transactions contemplated under the Basic Documents,
      and
      that are material to the investors' understanding of the Notes; and

     

    (iii)  there
      are
      no legal proceedings pending, or known to be contemplated by governmental
      authorities, against the Owner Trustee, or of which the property of the Owner
      Trustee is subject, that is material to the Noteholders.

     

    Section
      11.03.  Information
      to Be Provided by the Owner Trustee.

     

    (a)  For
      so
      long as the Depositor is required to report under Regulation AB, the Owner
      Trustee shall, as promptly as practicable, notify the Depositor, in writing,
      of:
      (i) the commencement of, a material development in or, if applicable, the
      termination of, any and all legal proceedings against the Owner Trustee or
      any
      and all proceedings of which any property of the Owner Trustee is the subject,
      that is material to the noteholders; and (ii) any such proceedings known to
      be
      contemplated by governmental authorities.  The Owner Trustee shall
      also notify the Depositor, in writing, as promptly as practicable following
      notice to or discovery by a Responsible Officer of the Owner Trustee of any
      material changes to proceedings described in the preceding
      sentence.  In addition, the Owner Trustee will furnish to the
      Depositor, in writing, the necessary disclosure regarding the Owner Trustee
      describing such proceedings required to be disclosed under Item 1117 of
      Regulation AB, for inclusion in reports filed by or on behalf of the Depositor
      pursuant to the Exchange Act.

     

    
      
        
        

      

      
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    (b)  For
      so
      long as the Depositor is required to report under Regulation AB, the Owner
      Trustee shall (i) on or before the fifth Business Day of each January, April,
      July and October, provide to the Depositor such information regarding the Owner
      Trustee as is required for the purpose of compliance with Items 1109(a), 1109(b)
      and 1119 of Regulation AB; provided, however, the Owner Trustee shall not be
      required to provide such information in the event that there has been no change
      to the information previously provided by the Owner Trustee to the Depositor;
      and (ii) as promptly as practicable following notice to or discovery by a
      Responsible Officer of the Owner Trustee of any changes to such information,
      provide to the Depositor, in writing, such updated information.  Such
      information shall include, at a minimum:

     

    (A)  the
      Owner
      Trustee’s name and form of organization;

     

    (B)  a
      description of the extent to which the Owner Trustee has had prior experience
      serving as a trustee for asset-backed securities transactions involving auto
      finance receivables;

     

    (C)  a
      description of any affiliation between the Owner Trustee and any of the
      following parties to a Securitization Transaction, as such parties are
      identified to the Owner Trustee by the Depositor in writing in advance of such
      Securitization Transaction:

     

    (1)  the
      sponsor;

     

    (2)  any
      depositor;

     

    (3)  the
      issuing entity;

     

    (4)  any
      master servicer or subservicer;

     

    (5)  any
      other
      trustee;

     

    (6)  any
      originator;

     

    (7)  any
      significant obligor;

     

    (8)  any
      enhancement or support provider; and

     

    (9)  any
      other
      material party related to any Securitization Transaction.

     

    In
      addition, the Owner Trustee shall provide a description of whether there is,
      and
      if so the general character of, any business relationship, agreement,
      arrangement, transaction or understanding between the Owner Trustee and any
      above-listed party that is entered into outside the ordinary course of business
      or is on terms other than would be obtained in an arm’s length transaction with
      an unrelated third party, apart from the Securitization Transactions, that
      currently exists or that existed during the past two years and that is material
      to an investor’s understanding of the Notes.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      TWELVE

     

    MISCELLANEOUS

     

    Section
      12.01.  Supplements
      and Amendments.

     

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

     

    (b)  This
      Agreement may be amended from time to time by the Depositor and the Owner
      Trustee with prior written notice to the Rating Agencies that have provided
      ratings of the Notes and with the consent of the Noteholders of Notes evidencing
      not less than 51% of the Note Balance or, if the Notes have been paid in full,
      the Certificateholders evidencing not less than 51% of the aggregate Certificate
      Percentage Interest, for the purpose of adding any provisions to, or changing
      in
      any manner or eliminating any of the provisions of, this Agreement or modifying
      in any manner the rights of the Noteholders or the Certificateholders; provided,
      however, that no such amendment will be permitted unless an Opinion of Counsel
      is delivered to the Owner Trustee to the effect that such amendment will not
      cause the Issuer to be characterized for federal income tax purposes as an
      association or a publicly traded partnership taxable as a corporation or
      otherwise have any material adverse impact on the federal income taxation of
      any
      Notes Outstanding or outstanding Certificates; and, provided further, that
      no
      such amendment may:

     

    (i)  increase
      or reduce in any manner the amount of, or accelerate or delay the timing of,
      or
      change the allocation or priority of, collections of payments on or in respect
      of the Receivables or distributions that are required to be made for the benefit
      of the Noteholders or the Certificateholders without the consent of all
      Noteholders and Certificateholders adversely affected by such
      amendment;

     

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

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    (iii)  adversely
      affect the rating assigned by any Rating Agency that has provided ratings of
      the
      Notes, to any Class of Notes without the consent of the Noteholders evidencing
      not less than 662⁄3% of the Note Balance of such Class of Notes.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      12.03.  Limitations
      on Rights of Others.  The provisions of this Agreement are solely
      for the benefit of the Owner Trustee, the Indemnified Parties, the Depositor,
      the Certificateholders, the Administrator, the Master Servicer and, to the
      extent expressly provided herein, the Indenture Trustee and the Noteholders,
      and
      nothing in this Agreement or in the Certificates, whether express or implied,
      shall be construed to give to any other Person any legal or equitable right,
      remedy or claim in the Owner Trust Estate or under or in respect of this
      Agreement or any covenants, conditions or provisions contained
      herein.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    Section
      12.04.  Notices.  All
      demands, notices and other communications under this Agreement shall be in
      writing, personally delivered, sent by telecopier, overnight courier or mailed
      by certified mail, return receipt requested, or where electronic delivery is
      applicable and requested, shall be delivered by electronic delivery, and shall
      be deemed to have been duly given upon receipt in the case of (i) the Owner
      Trustee, at the Corporate Trust Office, (ii) the Depositor, at 444 East
      Warm Springs Road, Suite 118, Las Vegas, Nevada  89119,
      (iii) the Indenture Trustee, at the Corporate Trust Office (as defined in
      the Indenture), (iv) Moody’s, at Moody’s Investors Service, Inc., ABS
      Monitoring Department, 99 Church Street, New York, New York 10007
      (e-mail:  ServicerReports@Moodys.com), (v) Standard &
Poor’s, to Standard & Poor’s Ratings Services, a Division of The
      McGraw-Hill Companies, Inc., 55 Water Street, New York, New
      York  10041, Attention: Asset Backed Surveillance Department (e-mail:
Servicer_reports@sandp.com) or (vi) as to each of the foregoing, at
      such other address as shall be designated by written notice to the other
      entities whose addresses are listed in this Section.  Any notice
      required or permitted to be mailed to a Certificateholder shall be given by
      first class mail, postage prepaid, at the address of such Certificateholder
      as
      shown in the Certificate Register.  Any notice so mailed within the
      time prescribed in this Agreement shall be conclusively presumed to have been
      duly given, whether or not the Certificateholder shall receive such
      notice.

     

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

     

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

     

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

     

    Section
      12.08.  Covenants
      of the Depositor.  The Depositor shall not at any time institute
      against the Issuer, or join in any institution against the Issuer of, any
      bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
      or other proceedings under any United States federal or State bankruptcy or
      similar law in connection with any obligations relating to the Certificates,
      the
      Notes, this Agreement or any of the other Basic Documents.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	
              WDS
                RECEIVABLES LLC,

                  as
                Depositor

               

               

               

              By:  /s/
                Keith
                Ford                                         
                                                  

              Name: 
                Keith Ford

              Title:  
                Assistant Vice President

               

            
	 	
              WILMINGTON
                TRUST COMPANY,

                  not
                in
                its individual capacity but solely 

                  as
                Owner Trustee

               

               

               

              By:  /s/
                Patricia A.
                Evans                                                                  

              Name:
                Patricia A. Evans

              Title:
                Vice President

               

            
	 
              
              Agreed
                and Accepted:

               

              WACHOVIA
                BANK, NATIONAL ASSOCIATION

               

               

              By:
                /s/ Scott D.
                Weaver                                        
                

              Name:
                Scott D.
                Weaver

              Title:
                Senior Vice
                President

            	
            

    

     

     

    Second
      Amended and Restated Trust Agreement

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT A

     

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

     

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

     

    THIS
      ASSET BACKED CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR AN OBLIGATION
      OF
      WDS RECEIVABLES LLC,  WACHOVIA DEALER SERVICES, INC. OR ANY OF THEIR
      RESPECTIVE AFFILIATES.

     

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

     

    
      	
              REGISTERED

            	
              NO. R-1

            

    

     

    WACHOVIA
      AUTO OWNER TRUST 2007-A

    ASSET
      BACKED CERTIFICATE

     

    evidencing
      a beneficial interest in the property of Wachovia Auto Owner Trust 2007-A,
      a
      Delaware statutory trust (the “Issuer”), which property includes a pool of
      retail installment sale contracts and installment loans secured by new and
      used
      motor vehicles sold by Wachovia Dealer Services, Inc., a California corporation
      (“Wachovia Dealer Services”), to WDS Receivables LLC (“WDS Receivables”), a
      Nevada limited liability company (the “Depositor”), and sold by the Depositor to
      the Issuer.  The property of the Issuer (other than the Certificate
      Payment Account and the proceeds thereof) has been pledged by the Issuer to
      U.S.
      Bank National Association, a national banking association, as trustee (the
      “Indenture Trustee”), pursuant to an indenture, dated as of June 1, 2007 (as
      amended, restated, supplemented or otherwise modified from time to time, the
      “Indenture”), between the Issuer and the Indenture Trustee, to secure the
      payment of the Notes issued thereunder.

     

    This
      certifies that WDS Receivables is the registered owner of a 100% Certificate
      Percentage Interest nonassessable, fully paid, beneficial interest in the
      Issuer.  The Issuer was created pursuant to a trust agreement dated
      July 6, 2006 (as amended and restated on December 20, 2006) between the
      Depositor and Wilmington Trust Company, as trustee (in such capacity, and not
      in
      its individual capacity, the “Owner Trustee”), as amended and restated by the
      second amended and restated trust agreement, dated as of June 1, 2007 (as
      amended, restated, supplemented or otherwise modified from time to time, the
      “Trust Agreement”), between the Depositor and the Owner Trustee, a summary of
      certain of the pertinent provisions of which is set forth
      below.  Capitalized terms used herein that are not otherwise defined
      shall have the meanings ascribed in the Trust Agreement, the Indenture or in
      the
      sale and servicing agreement, dated as of June 1, 2007 (as amended, restated,
      supplemented or otherwise modified from time to time, the “Sale and Servicing
      Agreement”), among the Issuer, the Depositor, Wachovia Dealer Services, as
      seller (in such capacity, the “Seller”) and Wachovia Bank, National Association,
      as master servicer (the “Master Servicer”).

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Trust Agreement, to which Trust Agreement the registered
      holder of this Certificate (the “Certificateholder”) by virtue of the acceptance
      hereof assents and by which such Certificateholder is bound.  The
      property of the Issuer primarily includes: (i) a pool of retail installment
      sale contracts and installment loans originated in connection with the sale
      of
      new or used motor vehicles (the “Receivables”), (ii) all amounts received
      on or in respect of the Receivables after the Cutoff Date, (iii) the
      security interests in the Financed Vehicles granted by the Obligors pursuant
      to
      the Receivables and (iv) all proceeds of the foregoing.

     

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

     

    Pursuant
      to the Trust Agreement, there will be distributed on each Distribution Date
      to
      the Person in whose name this Certificate is registered at the close of business
      on the Business Day preceding such Distribution Date such Certificateholder’s
      Certificate Percentage Interest in the amount to be distributed to
      Certificateholders on such Distribution Date.  “Distribution Date”
means the 20th day of each month or, if such 20th day is not a Business Day,
      the
      following Business Day, commencing on August 20, 2007.

     

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

     

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

     

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

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

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

     

    
      	
              Dated:
                June 28, 2007

            	
              WACHOVIA
                AUTO OWNER TRUST 2007-A,

               

              By:    
                WILMINGTON TRUST COMPANY, 

              not
                in its individual capacity but solely as Owner Trustee

               

               

              By:                                                                                                                       

              Name:

              Title:

               

            

    

    

     

    OWNER
      TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

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

     

    
      	
              Dated:
                June 28, 2007

            	
              WILMINGTON
                TRUST COMPANY,

              not
                in its individual capacity but solely as Owner Trustee

               

               

               

              
                By:                                                                                                                       

                Name:

                Title:

              

            

    

     

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    
 

    [REVERSE
      OF CERTIFICATE]

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    SOCIAL
      SECURITY NUMBER

    OR
      OTHER
      IDENTIFICATION

    NUMBER
      OF
      ASSIGNEE: ________________

     

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

    

    ______________________________________________________________________________________________________________________________________________________

    

    (name
      and
      address of assignee)

    

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

    

    Dated:

    

                                    ________________________________________*/

    

                                    Signature
      Guaranteed:

    

                                    ________________________________________*/

    

    
      	
              */

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

            

    

     

     

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT B

     

    CERTIFICATE
      OF TRUST OF

    WACHOVIA
      AUTO OWNER TRUST 2007-A

     

    This
      Certificate of Trust of Wachovia Auto Owner Trust 2007-A (the “Trust”), is being
      duly executed and filed by Wilmington Trust Company, a Delaware banking
      corporation, as trustee (the “Trustee”), to form a statutory trust under the
      Delaware Statutory Trust Act (12 Del. Code, § 3801
et seq.) (the “Act”).

     

    1.           Name.  The
      name of the statutory trust formed hereby is Wachovia Auto Owner Trust
      2007-A.

     

    2.           Delaware
      Trustee.  The name and business address of a trustee of the Trust
      having its principal place of business in the State of Delaware is Wilmington
      Trust Company, 1100 North Market Street, Wilmington,
      Delaware  19890-0001, Attention: Corporate Trust
      Administration.

     

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

     

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

     

     

    
      	 	
              
                WILMINGTON
                  TRUST COMPANY,

                    as
                  Trustee

                 

                 

                By:_________________________________________

                    Name:

                    Title:

              

            

    

     

     

    
      B-1Exhibit 10.1 

 

Execution Copy

 

SEPARATION AGREEMENT AND MUTUAL RELEASE

 

THIS SEPARATION AGREEMENT and MUTUAL RELEASE (“Agreement”) is entered into by and between TrueYou.Com Inc. (the “Company”) and James F. O’Crowley (“Employee”).

 

WHEREAS, Employee has been employed by the Company or a subsidiary since December 29, 2006 and has now submitted his resignation;

 

WHEREAS, the Company and Employee desire to enter into a mutual release agreement and resolve any and all disputes that exist or may exist between them.

 

NOW, THEREFORE, the parties agree as follows:

 

1.                  The
    parties agree that the Employee has resigned as an employee, officer and
    director of the Company and each of its subsidiaries, and from any position
    as a trustee, administrator or other position with any benefit plan of the
    Company or any subsidiary, effective as of July 1, 2007.  The
    Company will cause all steps to be taken by any benefit plan to accomplish
    such resignation.   

2.                  In consideration of Employee’s execution, compliance with and non-revocation of this Agreement (as provided in section 16 below), the Company will provide Employee the following:

(a)          The Company will continue to pay to Employee or the employee’s estate, Employee’s base salary at the current annualized rate for the period July 2, 2007 through September 30, 2007 (3 months of compensation) (the “Continuation Period”).  All continued salary payments due and payable hereunder shall be subject to required withholdings and deductions with such payments to be made on the Company’s regular pay dates during the Continuation Period.

(b)          On the Company’s first regular pay date following the date on which this Agreement becomes effective as provided in Section 16 below, the Company shall, per its applicable policies and procedures, pay Employee for accrued unused vacation time and any outstanding business expenses incurred by Employee in the course of his employment with the Company, against receipt of appropriate documentation with respect thereto.

(c)          In accordance with understandings with its lenders in connection with its refinancing implemented on May 7, 2007, management of the Company may receive up to 10% of the equity of the Company.  That right may not currently be an accrued right of Employee.  The Company agrees that when, as, and if granted or issued to management of the Company, Employee shall be given the election to receive one-tenth of the total of 10% (or 1% of the equity of the Company) when, as, and if and on no less beneficial 

 

 

 

terms than the terms and conditions as granted or issued to management of the Company.  The grant or issue is not dependent on Employee being an employee of the Company and the terms thereof will not change depending on whether Employee is an employee or has any other particular status with the Company.  Employee will be given 20 days after notice of the grant terms to elect to receive or not receive the grant. 

(d)          For a period terminating on the earlier of (i) 18 months from September 30, 2007 or (ii) such date as Employee becomes eligible to participate in the medical benefits program of another entity, the Company will pay towards the premiums for insurance continuation pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), if Employee elects COBRA continuation coverage.  The proportion the Company will pay of such COBRA premiums is the same proportion the Company pays of the insurance premium for health care insurance for senior executives of the Company.  Employee shall promptly advise the Company if he becomes eligible to participate in the medical benefits program of another entity and shall otherwise cooperate with the Company with respect thereto.

3.                  In consideration of the payments and benefits specified in section 2 of this Agreement, Employee knowingly and voluntarily releases and forever discharges the Company and its subsidiaries and affiliates, together with all of their respective past and present directors, trustees, managers, officers, shareholders, partners, employees, agents, attorneys, administrators and servants, and each of their predecessors, successors, assigns, in such capacities (collectively, the “Releasees”) from any and all claims, charges, complaints, promises, agreements, controversies, liens, demands, causes of action, obligations, damages and liabilities of any nature whatsoever, known or unknown, suspected or unsuspected (“Claims”), which against them Employee or

his administrators, executors,
successors or assigns ever had, now have, or may hereafter claim to have against the Releasees by reason of any matter, fact, act, omission or cause whatsoever, arising on or before the execution date of this Agreement, whether or not previously asserted before any state or federal court, or before any state or federal agency or governmental entity (the “Release”).  The Release includes, without limitation, (a) any rights or claims arising out of or attributable to Employee’s employment or the termination of Employee’s employment with the Company; (b) any claims for wages, severance pay, bonuses, accrued vacation, personal days, holidays, sick days, stock, stock options, attorneys’ fees, costs or expense; (c) any rights or claims arising under any agreement, understanding, promise or contract (express or implied, oral or written) between Employee and the Company; (d) any claim of wrongful termination, unjust dismissal, defamation, violation of the implied
covenant of good faith and fair dealing, libel or slander; (e) any claim arising under tort law; (f) any claim or discrimination based on age, race, sex, national origin, handicap, disability, religion or sexual preference; (g) any claim arising under any federal, state or local constitution, statute, regulation or ordinance to the extent such claims may validly be waived, including, without limitation, the Age Discrimination in Employment Act of 1967 (the “ADEA”), Title VII of the Civil rights Act of 1964, the Americans with Disabilities Act of 1990, the Civil Rights Act of 1991, the Family and Medical Leave Act of 1993, the Employee Retirement and Income Security Act of 1974, the New York Labor law, the New York Human rights Law, the New York City Administrator Code, and the Connecticut Fair Employment Practices Act; 

 

	
             
 	
            2
 

 

 

 

and (h) any claim for any other loss or damage.   Employee represents that he has not commenced or joined in any claim, charge, action or proceeding against the Company or any of the Releasees arising out of or relating to any of the matters set forth in this section 3.  Employee agrees that he will not in the future commence or join in any claim, charge or proceeding whatsoever against the Company or any of the Releasees for any of the matters set forth in this section 3.  Notwithstanding the foregoing, nothing in this section 3 shall (i) impair the responsibility of the Equal Employment Opportunity Commission (the “Commission”) to enforce the ADEA, Employee’s right to file a charge or participate in the Commission’s proceeding under the ADEA, or Employee’s right to challenge the knowing and voluntary nature of this Agreement under the ADEA; (ii) be construed to prohibit Employee
from enforcing this Agreement; (iii) release or discharge any claim Employee may have for disability benefits pursuant to the terms of an employee welfare benefit plan sponsored or maintained by the Company or a subsidiary or any claim for defense or  indemnity under any provision of the Company’s or any of its subsidiary’s articles of incorporation, certificate of incorporation, bylaws, other governing instruments, board of director resolutions, policies or practices, or under any insurance policy, covering actions of directors, officers, employees,  trustees, and administrators (or comparable positions) of the Company, its subsidiaries, or any Company or subsidiary benefit plan.

Notwithstanding the other terms hereof, if a person (including any entity) asserts that the claims or defenses of Employee against them have been released pursuant to this section 3, but that such person has not released their claims under section 5 hereof, the release in this section 3 of such person shall not be effective.

4.                  Employee acknowledges that certain of the amounts payable pursuant to section 2 of this Agreement exceed any payment or benefit to which he might otherwise be entitled pursuant to any policy, plan, practice or procedure of the Company, or pursuant to any prior agreement or contract with the Company.  Employee specifically acknowledges that among the rights and claims against the Company that he is waiving are all of his rights and claims under the Age Discrimination in Employment Act of 1967, and his understanding that he is not waiving any rights or claims that arise after the date he signs this Agreement.  

5.                  In consideration of Employee entering into this Agreement, the Company hereby forever releases, waives, discharges Employee from and against any and all Claims, related to any act or omission by Employee while acting within the scope of his authority with the Company (or any subsidiary or benefit plan of the Company), whether known or unknown, including, without limitation, any Claims arising under any applicable federal, state, local or non-United States law, statutory or decisional, constitutional provision, ordinance, order, regulation or common law doctrine, that the Company now has, may ever have had, or hereafter may have or may claim to have against Employee by reason of any actual or alleged act, omission, transaction, practice, plan, policy, procedure, conduct, occurrence or other matter up to and including the date

 of Employee’s execution of this Agreement. In addition the Company will indemnify Employee for any Claims of the Releasees related to the foregoing released Claims of the Company.  The Company represents that none of it nor any of its subsidiaries or benefit plans has commenced or

 

	
             
 	
            3
 

 

 

 

joined in any claim, charge, action or proceeding against Employee arising out of or relating to any of the matters set forth in this section 5.  The Company agrees that it will not in the future commence or join in any claim, charge or proceeding whatsoever against Employee for any of the matters set forth in this section 5 and will not in the future commence or join in any claim, charge or proceeding whatsoever against Employee for any other matter unless such action is required by the Company to protect its interests as a result of events or circumstances occurring in the future.  Notwithstanding the other terms hereof, if the Employee asserts that the claims and defenses of any Releasee against him have been released pursuant to this section 5 but that the Employee has not released his claim under section 3 hereof, the release in this section 5 of such Releasee shall not be effective.

6.                  Employee represents that he will maintain in confidence all property of the Company that he has in his possession other than to defend himself from claims or to assert his rights under or related to this Agreement, and that he has not provided any of the Company’s property to any third party other than in the course of the conduct of the Company’s business.  

7.                  (a)         Employee hereby agrees to provide reasonable assistance to and cooperation with Releasees if called upon by any of them with regard to any lawsuit, claim, action, or investigation, administrative or otherwise, that may be brought by a third party against Releasees or by Releasees against any third party.

(b)          The Company hereby agrees to provide reasonable assistance to and cooperation with Employee if called upon by the Employee with regard to any lawsuit, claim, action, or investigation, administrative or otherwise, that may be brought by a third party against Employee or by Employee against any third party.

8.                  The parties agree that the execution of this Agreement is in compromise and final resolution among parties of all disputed matters, whether asserted or not, constitutes full satisfaction of all claims made or which could be made and does not in any way constitute an admission of liability or wrongdoing by any entity or individual.  

9.                  This Agreement, and the Exhibit A hereto which is incorporated herein by reference, contain the entire understanding of the Executive and Company with respect to the subject matter hereof and supersedes all other agreements, whether written, oral or implied, regarding the subject matter of this Agreement.  No amendment, deletion, addition, modification, or waiver of any provision of this Agreement shall be binding or enforceable unless in writing and signed by all parties.

As a condition to the Company’s willingness to enter this Agreement and make the payments set forth in section 2 of this Agreement, Employee agrees that during the Continuation Period, he shall not, directly or indirectly, induce or solicit (or authorize or assist in the taking of any such actions by any third party) any employee or consultant of Releasees to leave their employment or business association with the Releasees.  

 

 

	
             
 	
            4
 

 

 

 

10.          The Company and Employee agree that Employee’s separation is voluntary and that each shall refrain from making statements to the contrary.  The Company and Employee each further agree (and the Company shall cause each of its directors and senior executives to agree), not to disparage, defame, libel, or slander the other (or any of the Company’s present or former personnel) as to any events occurring during the term of Employee’s employment to any persons or organizations including but not limited to current or former Company customers, employees, individuals or organizations making any enquiry about the Employee; employers (past, present, or future of Employee); members of the investor, financial, or business communities, or members of the media.  If contacted by a third party, the Company
will only verify dates of employment, last position held and final salary unless otherwise agreed by the Employee and the Company.  Nothing herein shall limit the right of either party to make any truthful statement in good faith which is required by any applicable law or regulation or the order of a court or other governmental body.

11.          The parties intend this Agreement to be legally binding upon and to inure to the benefit of each of them and their respective successors, legal representatives, heirs, estates, and assigns.

12.          This Agreement sets forth the entire agreement and understanding between the parties, and supersedes all prior agreements, arrangements and understanding, written or oral between the parties.  There are no written or oral understandings, promises or agreements directly or indirectly related to this Agreement that have not been incorporated herein in full.  This Agreement may be modified only by a written document duly executed by the Company and Employee.  This Agreement shall be deemed to have been mutually drafted by the parties, and shall not be construed or interpreted for or against either party because that party drafted or caused that party’s legal representative to draft any of its provisions.

13.          Except for informing his spouse and communicating with legal or financial advisers and, except as otherwise may be required by applicable law, Employee will keep confidential the terms and conditions of this Agreement.  In the case of disclosure of this Agreement to Employee’s spouse or legal or financial advisors, Employee shall require any person receiving such information to maintain its confidentiality.   

14.          Employee acknowledges and represents that he has read the Agreement, that he has been advised prior to execution of this Agreement to seek the advise of an attorney, that he had the opportunity to have his attorney explain to him the terms of this Agreement, that he knows and understands the contents of this Agreement, that he executes this Agreement knowingly and voluntarily as his own free and voluntary act and that this Agreement was freely entered into without fraud, duress or coercion.

15.          It is the desire and intent of the parties that the provisions of this Agreement shall be enforced to the fullest extent permissible under the laws and public policy applied in each jurisdiction in which enforcement is sought.  In the event that any one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or 

 

	
             
 	
            5
 

 

 

 

impaired thereby.  Moreover, if one or more of the provisions contained in this Agreement is held to be excessively broad as to duration, scope, activity or subject, such provisions shall be construed by limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law. 

16.                Employee acknowledges that this Agreement was proposed to him on June 21, 2007, and that although he may sign this Agreement as soon as he desires, Employee may take up to twenty-one (21) days to consider this Agreement.  Once Employee has signed this Agreement, he shall have seven (7) additional days from the date of execution to revoke his consent to the release in section 4 above.  Any such revocation shall be made in writing and shall be submitted by hand delivery, facsimile or overnight delivery to the C.F.O. of the Company at its principal address.  If no such revocation occurs, the release and this Agreement shall become effective on the eighth (8th) day following execution of this Agreement by Employee.  In the event that Employee revokes the release and his assent to this A

greement,
this Agreement shall be null and void and shall not become effective. 

17.                The parties agree that promptly after such time as this Agreement becomes effective, the Company will file the Current Report on Form 8-K attached as Exhibit A hereto with the Securities and Exchange Commission.  

IN WITNESS WHEREOF each of the parties hereto has caused this Agreement to be executed as of the dates indicated.  Each party shall execute two copies of this Agreement, each of which shall be considered an original, and one copy of which shall be delivered to each the Company and Employee.

 

 

	
            TrueYou.Com Inc.

 
 	
             
 
	
            By:________________________

 

 

Date:   June 21, 2007
 	
            _____________________________

James F. O’Crowley

 

Date:                 June
    21, 2007
 

 

 

 

 

	
             
 	
            6

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