Document:

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                                                                     Exhibit 4.2

                                                                  EXECUTION COPY

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                                    INDENTURE

                                     between

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-B,
                                    as Issuer

                                       and

                              THE BANK OF NEW YORK,
                              as Indenture Trustee

                          Dated as of December 2, 2003

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                               TABLE OF CONTENTS

                                                                            Page
                                                                            ----

                                    ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01   Definitions.....................................................2
Section 1.02   Incorporation by Reference of Trust Indenture Act...............2

                                   ARTICLE II

                                   THE NOTES

Section 2.01   Form............................................................3
Section 2.02   Execution, Authentication and Delivery..........................3
Section 2.03   Temporary Notes.................................................4
Section 2.04   [Reserved]......................................................4
Section 2.05   Registration; Registration of Transfer and Exchange.............4
Section 2.06   Mutilated, Destroyed, Lost or Stolen Notes......................5
Section 2.07   Persons Deemed Owner............................................6
Section 2.08   Payment of Principal and Interest; Defaulted Interest...........6
Section 2.09   Cancellation....................................................8
Section 2.10   Release of Collateral...........................................8
Section 2.11   Book-Entry Notes................................................8
Section 2.12   Notices to Clearing Agency......................................9
Section 2.13   Definitive Notes................................................9
Section 2.14   Tax Treatment...................................................9

                                   ARTICLE III

                                    COVENANTS

Section 3.01   Payment of Principal and Interest..............................10
Section 3.02   Maintenance of Office or Agency................................10
Section 3.03   Money for Payments to Be Held in Trust.........................10
Section 3.04   Existence......................................................12
Section 3.05   Protection of Trust Estate.....................................12
Section 3.06   Opinions as to Trust Estate....................................13
Section 3.07   Performance of Obligations; Servicing of Receivables...........13
Section 3.08   Negative Covenants.............................................15
Section 3.09   Annual Statement as to Compliance..............................16
Section 3.10   Issuer May Consolidate, etc., Only on Certain Terms............16

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Section 3.11   Successor or Transferee........................................18
Section 3.12   No Other Business..............................................18
Section 3.13   No Borrowing...................................................18
Section 3.14   Servicer's Obligations.........................................18
Section 3.15   Guarantees, Loans, Advances and Other Liabilities..............18
Section 3.16   Capital Expenditures...........................................18
Section 3.17   Removal of Administrator.......................................19
Section 3.18   Restricted Payments............................................19
Section 3.19   Notice of Events of Default....................................19
Section 3.20   Further Instruments and Acts...................................19

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

Section 4.01   Satisfaction and Discharge of Indenture........................19
Section 4.02   Application of Trust Money.....................................20
Section 4.03   Repayment of Monies Held by Paying Agent.......................21

                                    ARTICLE V

                                    REMEDIES

Section 5.01   Events of Default..............................................21
Section 5.02   Acceleration of Maturity; Rescission and Annulment.............22
Section 5.03   Collection of Indebtedness and Suits for Enforcement by
                Indenture Trustee.............................................23
Section 5.04   Remedies; Priorities...........................................25
Section 5.05   Optional Preservation of the Receivables.......................26
Section 5.06   Limitation of Suits............................................26
Section 5.07   Unconditional Rights of Noteholders to Receive Principal and
                Interest......................................................27
Section 5.08   Restoration of Rights and Remedies.............................27
Section 5.09   Rights and Remedies Cumulative.................................28
Section 5.10   Delay or Omission Not a Waiver.................................28
Section 5.11   Control by Noteholders.........................................28
Section 5.12   Waiver of Past Defaults........................................28
Section 5.13   Undertaking for Costs..........................................29
Section 5.14   Waiver of Stay or Extension Laws...............................29
Section 5.15   Action on Notes................................................29
Section 5.16   Performance and Enforcement of Certain Obligations.............30

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                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

Section 6.01   Duties of Indenture Trustee....................................30
Section 6.02   Rights of Indenture Trustee....................................32
Section 6.03   Individual Rights of Indenture Trustee.........................33
Section 6.04   Indenture Trustee's Disclaimer.................................33
Section 6.05   Notice of Defaults.............................................33
Section 6.06   Reports by Indenture Trustee to Holders........................33
Section 6.07   Compensation and Indemnity.....................................34
Section 6.08   Replacement of Indenture Trustee...............................34
Section 6.09   Successor Indenture Trustee by Merger..........................35
Section 6.10   Appointment of Co-Indenture Trustee or Separate Indenture
                Trustee.......................................................35
Section 6.11   Eligibility; Disqualification..................................37
Section 6.12   Preferential Collection of Claims Against Issuer...............37
Section 6.13   Representations and Warranties of the Indenture Trustee........37

                                   ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

Section 7.01   Issuer to Furnish Indenture Trustee Names and Addresses of
                Noteholders...................................................39
Section 7.02   Preservation of Information; Communications to Noteholders.....39
Section 7.03   Reports by Issuer..............................................39
Section 7.04   Reports by Indenture Trustee...................................40

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01   Collection of Money............................................40
Section 8.02   Trust Accounts.................................................40
Section 8.03   General Provisions Regarding Accounts..........................43
Section 8.04   Release of Trust Estate........................................43
Section 8.05   Opinion of Counsel.............................................44

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

Section 9.01   Supplemental Indentures Without Consent of Noteholders.........44
Section 9.02   Supplemental Indentures with Consent of Noteholders............45
Section 9.03   Execution of Supplemental Indentures...........................47

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Section 9.04   Effect of Supplemental Indenture...............................47
Section 9.05   Conformity with Trust Indenture Act............................47
Section 9.06   Reference in Notes to Supplemental Indentures..................47

                                    ARTICLE X

                               REDEMPTION OF NOTES

Section 10.01  Redemption.....................................................48
Section 10.02  Form of Redemption Notice......................................48
Section 10.03  Notes Payable on Redemption Date...............................48

                                   ARTICLE XI

                                  MISCELLANEOUS

Section 11.01  Compliance Certificates and Opinions, etc......................49
Section 11.02  Form of Documents Delivered to Indenture Trustee...............51
Section 11.03  Acts of Noteholders............................................52
Section 11.04  Notices, etc., to Indenture Trustee, Issuer and Rating
                Agencies......................................................52
Section 11.05  Notices to Noteholders; Waiver.................................53
Section 11.06  Alternate Payment and Notice Provisions........................53
Section 11.07  Conflict with Trust Indenture Act..............................53
Section 11.08  Effect of Headings and Table of Contents.......................54
Section 11.09  Successors and Assigns.........................................54
Section 11.10  Severability...................................................54
Section 11.11  Benefits of Indenture..........................................54
Section 11.12  Legal Holidays.................................................54
Section 11.13  GOVERNING LAW..................................................54
Section 11.14  Counterparts...................................................54
Section 11.15  Recording of Indenture.........................................54
Section 11.16  Trust Obligation...............................................55
Section 11.17  No Petition....................................................55
Section 11.18  Inspection.....................................................55

SCHEDULE A     -   Schedule of Receivables

EXHIBIT A-1    -   Form of Class A-1 Note
EXHIBIT A-2    -   Form of Class A-2 Note
EXHIBIT A-3    -   Form of Class A-3 Note
EXHIBIT A-4    -   Form of Class A-4 Note

EXHIBIT B      -   Form of Class B Note

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          THIS INDENTURE dated as of December 2, 2003 (as it may be amended and
supplemented from time to time, "Indenture"), between WORLD OMNI AUTO
RECEIVABLES TRUST 2003-B, a Delaware statutory trust (the "Issuer"), and THE
BANK OF NEW YORK a New York banking corporation, as trustee and not in its
individual capacity (the "Indenture Trustee").

          Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Issuer's Class A-1 1.13%
Asset-Backed Notes (the "Class A-1 Notes"), Class A-2 1.54% Asset-Backed Notes
(the "Class A-2 Notes"), Class A-3 2.20% Asset-Backed Notes (the "Class A-3
Notes"), Class A-4 2.87% Asset-Backed Notes (the "Class A-4 Notes") and Class B
2.56% Asset-Backed Notes (the "Class B Notes" and, together with the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the
"Notes"):

                                 GRANTING CLAUSE

          The Issuer hereby Grants to the Indenture Trustee at the Closing Date,
as Indenture Trustee for the benefit of the Holders of the Notes, all of the
Issuer's right, title and interest, whether now or hereafter acquired, and
wherever located, in and to (a) the Receivables identified on the Initial SSA
Assignment (all of which are identified in World Omni's computer files by a code
indicating that such Receivables are owned by the Issuer and pledged to the
Indenture Trustee) and Subsequent Receivables which will be acquired by the
Issuer from time to time during the Funding Period pursuant to the Sales and
Servicing Agreement which will be identified on the schedules to the Subsequent
Transfer SSA Assignments with respect to such Subsequent Receivables and all
monies received thereon and in respect thereof after the applicable Cutoff Date;
(b) the security interests in, and the liens on, the Financed Vehicles granted
by Obligors in connection with the Receivables and any other interest of the
Issuer in such Financed Vehicles; (c) any proceeds with respect to the
Receivables from claims on any physical damage, credit life or disability
insurance policies covering Financed Vehicles or Obligors; (d) any Financed
Vehicle that shall have secured a Receivable and that shall have been acquired
by or on behalf of the Seller, the Servicer or the Issuer; (e) all right, title
and interest in all funds on deposit in, and "financial assets" (as such term is
defined in the Uniform Commercial Code as from time to time in effect) credited
to, the Trust Accounts from time to time, including the Reserve Account Initial
Deposit and Reserve Account Subsequent Transfer Deposits, the Negative Carry
Account Initial Deposit and the Pre-Funding Account Initial Deposit, and in all
investments and proceeds thereof (including all income thereon); (f) the
Receivables Purchase Agreement, including the Initial RPA Assignment and any
Subsequent RPA Assignment, and the Sale and Servicing Agreement, including any
Subsequent Transfers SSA Assignment (including the Issuer's right to cause World
Omni, the Servicer or the Seller to repurchase Receivables from the Issuer under
certain circumstances described therein); (g) all "accounts," "chattel paper,"
"general intangibles" and "promissory notes" (as such terms are defined in the
UCC) constituting or relating to the foregoing; and (h) all proceeds of any and
all of the foregoing and all present and future claims, demands, causes of
action and choses in action in respect of any or all of the foregoing and all
payments on or under and all proceeds of every kind and nature whatsoever in
respect of any or all of the foregoing, including all proceeds of the conversion
thereof, voluntary or involuntary, into cash or other liquid property, all cash

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proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights
to payment of any and every kind and other forms of obligations and receivables,
instruments, general intangibles and other property which at any time constitute
all or part of or are included in the proceeds of any of the foregoing;
provided, however, that the foregoing items (a) through (h) shall not include
the Notes and Trust Certificates (collectively, the "Collateral").

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

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

                                    ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

          Section 1.01 Definitions. Certain capitalized terms used in this
Indenture shall have the respective meanings assigned them in Part I of Appendix
A to the Sale and Servicing Agreement of even date herewith between the Issuer
and World Omni Auto Receivables LLC. All references herein to "the Indenture" or
"this Indenture" are to this Indenture as it may be amended, supplemented or
modified from time to time, the exhibits hereto and the capitalized terms used
herein which are defined in such Appendix A. All references herein to Articles,
Sections, subsections and exhibits are to Articles, Sections, subsections and
exhibits contained in or attached to this Indenture unless otherwise specified.
All terms defined in this Indenture shall have the defined meanings when used in
any certificate, notice, Note or other document made or delivered pursuant
hereto unless otherwise defined therein. The rules of construction set forth in
Part II of such Appendix A shall be applicable to this Indenture.

          Section 1.02 Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

          "Commission" means the Securities and Exchange Commission.

          "indenture securities" means the Notes.

          "indenture security holder" means a Noteholder.

          "indenture to be qualified" means this Indenture.

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

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

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

                                   ARTICLE II

                                   THE NOTES

          Section 2.01 Form. The Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes and the Class B Notes, in each case
together with the Indenture Trustee's certificate of authentication, shall be in
substantially the form set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3,
Exhibit A-4 and Exhibit B, respectively, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing such Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Note.

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

          Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and
Exhibit B are part of the terms of this Indenture.

          Section 2.02 Execution, Authentication and Delivery. The Notes shall
be executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

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

          The Indenture Trustee shall upon Issuer Order authenticate and deliver
Class A-1 Notes for original issue in an aggregate principal amount of
$215,000,000, Class A-2 Notes for original issue in an aggregate principal
amount of $223,000,000, Class A-3 Notes for original issue in an aggregate
principal amount of $235,000,000, Class A-4 Notes for original issue in an

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aggregate principal amount of $201,000,000 and Class B Notes for original issue
in an aggregate principal amount of $39,100,000. The aggregate principal amount
of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class
B Notes outstanding at any time may not exceed such respective amounts except as
provided in Section 2.06.

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

          No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

          Section 2.03 Temporary Notes. Pending the preparation of definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee shall authenticate and deliver, temporary Notes that are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

          If temporary Notes are issued, the Issuer shall cause definitive Notes
to be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes shall be exchangeable for definitive Notes upon
surrender of the temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.02, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall
execute, and the Indenture Trustee shall authenticate and deliver in exchange
therefor, a like principal amount of definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be
entitled to the same benefits under this Indenture as definitive Notes. Section

          2.04 [Reserved].

          Section 2.05 Registration; Registration of Transfer and Exchange. The
Issuer shall cause to be kept a register (the "Note Register") in which the
Issuer shall provide for the registration of Notes and the registration of
transfers of Notes. The Indenture Trustee initially shall be the "Note
Registrar" for the purpose of registering Notes and transfers of Notes as herein
provided. Upon any resignation of any Note Registrar, the Issuer shall promptly
appoint a successor or, if it elects not to make such an appointment, assume the
duties of Note Registrar.

          If a Person other than the Indenture Trustee is appointed by the
Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location,
and any change in the location, of the Note Register, and the Indenture Trustee
shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to rely
upon a certificate

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executed on behalf of the Note Registrar by an Executive Officer thereof as to
the names and addresses of the Holders of the Notes and the principal amounts
and number of such Notes.

          Upon surrender for registration of transfer of any Note at the office
or agency of the Issuer to be maintained as provided in Section 3.02, if the
requirements of Section 8-401 of the UCC are met the Issuer shall execute, and
the Indenture Trustee shall authenticate and the Noteholder shall obtain from
the Indenture Trustee, in the name of the designated transferee or transferees,
one or more new Notes of the same Class in any authorized denominations, of a
like aggregate principal amount.

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

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

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

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

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

          Section 2.06 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee or Note Registrar, or the
Indenture Trustee receives evidence to its satisfaction of the destruction, loss
or theft of any Note, and (ii) there is delivered to the Indenture Trustee such
security or indemnity as may be required by it to hold the Issuer and the
Indenture Trustee harmless, then, in the absence of notice to the Issuer, the
Note Registrar or the Indenture Trustee that such Note has been acquired by a
bona fide purchaser,

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and provided that the requirements of Sections 8-405 and 8-406 of the UCC are
met, the Issuer shall execute, and upon its request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of the same Class; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated
Note, shall have become or within seven days shall be due and payable, or shall
have been called for redemption, instead of issuing a replacement Note, the
Issuer may pay such destroyed, lost or stolen Note when so due or payable or
upon the Redemption Date without surrender thereof. If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to
the proviso to the preceding sentence, a bona fide purchaser of the original
Note in lieu of which such replacement Note was issued presents for payment such
original Note, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a bona
fide purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Indenture Trustee in connection therewith.

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

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

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

          Section 2.07 Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
agent of the Issuer or the Indenture Trustee may treat the Person in whose name
any Note is registered (as of the day of determination) as the owner of such
Note for the purpose of receiving payments of principal of and interest, if any,
on such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and none of the Issuer, the Indenture Trustee or any agent of the
Issuer or the Indenture Trustee shall be affected by notice to the contrary.

          Section 2.08 Payment of Principal and Interest; Defaulted Interest.

          (a)  The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
the Class A-4 Notes and the Class B Notes shall accrue interest during the
related Interest Accrual Period at the Class A-1 Interest Rate, the Class A-2
Interest Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate and the
Class B Interest Rate, respectively, and such interest shall be payable on each
Payment Date in accordance with the priorities set forth in Section 8.02(c), (d)

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and (e), as applicable, subject to Section 3.01. Interest on each Class of Notes
(other than the Class A-1 Notes) will be calculated on the basis of a 360-day
year consisting of twelve 30-day months. Interest on the Class A-1 Notes will
calculated on the basis of the actual number of days in the related Interest
Accrual Period and a 360-day year. The Issuer will pay interest on each Class of
Notes at the related Interest Rate on each Payment Date on the principal amount
of the related Class of Notes outstanding on the preceding Payment Date (after
giving effect to all payments of principal made on the preceding Payment Date),
subject to certain limitations contained in the last sentence of Section 3.01.
Any installment of interest or principal payable on a Note that is punctually
paid or duly provided for by the Issuer on the applicable Payment Date shall be
paid to the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the Record Date by check mailed first-class postage prepaid to
such Person's address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.13,
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will
be made by wire transfer in immediately available funds to the account
designated by such nominee and except for the final installment of principal
payable with respect to such Note on a Payment Date or on the applicable class
final scheduled Payment Date (and except for the Redemption Price for any Note
called for redemption pursuant to Section 10.01) which shall be payable as
provided below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.03.

          (b)  Prior to the occurrence of an Event of Default and a declaration
in accordance with Section 5.02 that the Notes have become immediately due and
payable, the Outstanding Amount of each Class of Notes shall be payable in full
on the Final Scheduled Payment Date for such class and, to the extent of funds
available therefor, in installments on the Payment Dates (if any) preceding the
Final Scheduled Payment Date for such Class, in the amounts and in accordance
with the priorities set forth in Section 8.02(c), subject to Section 3.01 and,
if applicable, Section 8.02(f).

          (c)  Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable, if not previously paid, on the date on
which an Event of Default shall have occurred and be continuing, if the
Indenture Trustee or Holders of the Notes representing not less than 50% of the
Outstanding Amount of the Controlling Securities have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02. In such
case, principal shall be paid in accordance with the priorities set forth in
Section 8.02(d) or Section 8.02(e), as the case may be. The Indenture Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Payment Date on which the Issuer
expects that the final installment of principal of and interest on such Note
will be paid. Such notice shall be mailed or transmitted by facsimile prior to
such final Payment Date and shall specify that such final installment will be
payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemptions of Notes shall be mailed to
Noteholders as provided in Section 10.02.

          (d)  If the Issuer defaults in a payment of interest on the Notes, the
Issuer shall pay defaulted interest (plus interest on such defaulted interest to
the extent lawful) at the

                                      -7-

<PAGE>

applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted
interest to the persons who are Noteholders on a subsequent special record date,
which date shall be at least five Business Days prior to the payment date. The
Issuer shall fix or cause to be fixed any such special record date and payment
date, and, at least 15 days before any such special record date, the Issuer
shall mail to each Noteholder a notice that states the special record date, the
payment date and the amount of defaulted interest to be paid.

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

          Section 2.10  Release of Collateral. Subject to Section 11.01 and the
terms of the Basic Documents, the Indenture Trustee shall release property from
the lien of this Indenture only upon receipt of an Issuer Request accompanied by
an Officer's Certificate, an Opinion of Counsel and Independent Certificates in
accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in
lieu of such Independent Certificates to the effect that the TIA does not
require any such Independent Certificates.

          Section 2.11  Book-Entry Notes. The Notes, upon original issuance,
will be issued in the form of typewritten Notes representing the Book-Entry
Notes, to be delivered to (or held by the Indenture Trustee on behalf of) The
Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the
Issuer. The Book-Entry Notes shall be registered initially on the Note Register
in the name of Cede & Co., the nominee of the initial Clearing Agency, and no
Note Owner will receive a definitive Note representing such Note Owner's
interest in such Note, except as provided in Section 2.13. Unless and until
definitive, fully registered Notes (the "Definitive Notes") have been issued to
such Note Owners pursuant to Section 2.13:

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

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

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

                                      -8-

<PAGE>

                    (iv)  the rights of Note Owners shall be exercised only
          through the Clearing Agency and shall be limited to those established
          by law and agreements between such Note Owners and the Clearing Agency
          and/or the Clearing Agency Participants pursuant to the Note
          Depository Agreement. Unless and until Definitive Notes are issued
          pursuant to Section 2.13, the initial Clearing Agency will make
          book-entry transfers among the Clearing Agency Participants and
          receive and transmit payments of principal of and interest on the
          Notes to such Clearing Agency Participants; and

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

          Section 2.12  Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to
Section 2.13, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Holders of the Notes to the
Clearing Agency, and shall have no obligation to such Note Owners.

          Section 2.13  Definitive Notes. If (i) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes and the Administrator is unable to locate a qualified successor, (ii) the
Administrator at its option advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency or (iii)
after the occurrence of an Event of Default or a Servicer Default, Owners of the
Book-Entry Notes representing beneficial interests aggregating at least 50% of
the Outstanding Amount of the Controlling Securities advise the Clearing Agency
in writing that the continuation of a book-entry system through the Clearing
Agency is no longer in the best interests of such Note Owners, then the Clearing
Agency shall notify all Note Owners and the Indenture Trustee of the occurrence
of any such event and of the availability of Definitive Notes to Note Owners
requesting the same. Upon surrender to the Indenture Trustee of the typewritten
Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer shall execute and the Indenture Trustee
shall authenticate the Definitive Notes in accordance with the instructions of
the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

          Section 2.14  Tax Treatment. The Issuer has entered into this
Indenture, and the Notes will be issued, with the intention that, for all
purposes including federal, state and local

                                      -9-

<PAGE>

income and franchise tax purposes, the Notes will qualify as indebtedness
secured by the Trust Estate. The Issuer, by entering into this Indenture, and
each Noteholder, by its acceptance of a Note (and each Note Owner by its
acceptance of an interest in the applicable Book-Entry Note), agree to treat the
Notes for all purposes including federal, state and local income and franchise
tax purposes as indebtedness.

                                   ARTICLE III

                                    COVENANTS

          Section 3.01  Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the
foregoing, subject to and in accordance with Section 8.02(c), the Issuer will
cause to be distributed all amounts on deposit in the Note Distribution Account
and allocated for distribution to the Noteholders on a Payment Date pursuant to
the Sale and Servicing Agreement (i) for the benefit of the Class A-1 Notes, to
the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the
Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the
Class A-3 Noteholders, (iv) for the benefit of the Class A-4 Notes, to the Class
A-4 Noteholders and (v) for the benefit of the Class B Notes, to the Class B
Noteholders. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest and/or principal shall be considered as
having been paid by the Issuer to such Noteholder for all purposes of this
Indenture.

          Section 3.02  Maintenance of Office or Agency. The Issuer will
maintain in the Borough of Manhattan, The City of New York, an office or agency
where Notes may be surrendered for registration of transfer or exchange, and
where notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. Such office or agency will initially be the Corporate
Trust Office, and the Issuer hereby initially appoints the Indenture Trustee to
serve as its agent for the foregoing purposes. The Issuer will give prompt
written notice to the Indenture Trustee of any change in the location of any
such office or agency. If at any time the Issuer shall fail to maintain any such
office or agency or shall fail to furnish the Indenture Trustee with the address
thereof, such surrenders, notices and demands may be made or served at the
Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as
its agent to receive all such surrenders, notices and demands.

          Section 3.03  Money for Payments to Be Held in Trust. As provided in
Section 8.02(a) and (b), all payments of amounts due and payable with respect to
any Notes that are to be made from amounts withdrawn from the Collection Account
and the Note Distribution Account pursuant to Section 8.02(c), (d), (e), (f) and
(g) shall be made on behalf of the Issuer by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn from the Collection Account and the
Note Distribution Account for payments of Notes shall be paid over to the Issuer
except as provided in this Section.

          On or before the Business Day preceding each Payment Date and
Redemption Date, the Issuer shall allocate or cause to be allocated in the Note
Distribution Account for

                                      -10-

<PAGE>

distribution to the Noteholders an aggregate sum sufficient to pay the amounts
then becoming due under the Notes, such sum to be held in trust for the benefit
of the Persons entitled thereto, and (unless the Paying Agent is the Indenture
Trustee) shall promptly notify the Indenture Trustee of its action or failure so
to act.

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

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

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

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

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

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

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

          Subject to applicable laws with respect to escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and be paid to the Issuer on Issuer Request; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof (but only to the extent of the amounts so paid to the Issuer),
and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon

                                      -11-

<PAGE>

cease; provided, however, that the Indenture Trustee or such Paying Agent,
before being required to make any such repayment, shall at the expense and
direction of the Issuer cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in The City of New York, notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication, any unclaimed balance of such money then
remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt
and employ, at the expense and direction of the Issuer, any other reasonable
means of notification of such repayment (including, but not limited to, mailing
notice of such repayment to Holders whose Notes have been called but have not
been surrendered for redemption or whose right to or interest in monies due and
payable but not claimed is determinable from the records of the Indenture
Trustee or of any Paying Agent, at the last address of record for each such
Holder).

          Section 3.04  Existence. The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other State or of the United States of
America, in which case the Issuer will keep in full effect its existence, rights
and franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Trust Estate.

          Section 3.05  Protection of Trust Estate. The Issuer will from time to
time execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance
and other instruments, and also deliver the Schedule of Receivables and the Sale
and Servicing Agreement (including Schedule A thereto, as revised from time to
time) to the Indenture Trustee, and will take such other action necessary or
advisable to:

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

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

                    (iii) enforce any of the Collateral; or

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

          The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required to be executed pursuant to this Section 3.05. The
Issuer hereby authorizes the filing of such financing statements and ratifies
any such financing statements filed prior to the date hereof.

                                      -12-

<PAGE>

          Section 3.06  Opinions as to Trust Estate.

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

          (b)  On or before April 30, in each calendar year, beginning in 2004,
the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and with
respect to the execution and filing of any financing statements and continuation
statements as is necessary to maintain the lien and security interest created by
this Indenture and reciting the details of such action, or stating that in the
opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the execution and filing of any
financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until April 30 in the following calendar year.

          Section 3.07  Performance of Obligations; Servicing of Receivables.

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

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

          (c)  The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Basic Documents and
in the instruments and agreements included in the Trust Estate, including but
not limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of this Indenture and
the Sale and Servicing Agreement in accordance with and within the time periods
provided for herein and therein. Except as otherwise expressly provided therein,
the

                                      -13-

<PAGE>

Issuer shall not waive, amend, modify, supplement or terminate any Basic
Document or any provision thereof without the consent of the Indenture Trustee
or the Holders of at least 50% of the Outstanding Amount of the Controlling
Securities.

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

          (e)  As promptly as possible after the giving of notice of termination
to the Servicer of the Servicer's rights and powers pursuant to Section 8.01 of
the Sale and Servicing Agreement, the Indenture Trustee shall appoint a
successor servicer (the "Successor Servicer"), and such Successor Servicer shall
accept its appointment by a written assumption in a form acceptable to the
Indenture Trustee. In the event that a Successor Servicer has not been appointed
and accepted its appointment at the time when the Servicer ceases to act as
Servicer, the Indenture Trustee without further action shall automatically be
appointed the Successor Servicer. The Indenture Trustee may resign as the
Servicer by giving written notice of such resignation to the Issuer and in such
event will be released from such duties and obligations, such release not to be
effective until the date a new servicer enters into a servicing agreement with
the Issuer as provided below. Upon delivery of any such notice to the Issuer,
the Indenture Trustee shall obtain a new servicer as the Successor Servicer
under the Sale and Servicing Agreement. Any Successor Servicer other than the
Indenture Trustee shall (i) be an established financial institution having a net
worth of not less than $100,000,000 and whose regular business includes the
servicing of Contracts and (ii) enter into a servicing agreement with the Issuer
having substantially the same provisions as the provisions of the Sale and
Servicing Agreement applicable to the Servicer. If within 30 days after the
delivery of the notice referred to above, the Issuer shall not have obtained
such a new servicer, the Indenture Trustee may appoint, or may petition a court
of competent jurisdiction to appoint, a Successor Servicer. In connection with
any such appointment, the Indenture Trustee may make such arrangements for the
compensation of such successor as it and such successor shall agree, subject to
the limitations set forth below and in the Sale and Servicing Agreement, and in
accordance with Section 8.02 of the Sale and Servicing Agreement, the Issuer
shall enter into an agreement with such successor for the servicing of the
Receivables (such agreement to be in form and substance satisfactory to the
Indenture Trustee). Notwithstanding anything herein or in the Sale and Servicing
Agreement to the contrary, in no event shall the Indenture Trustee be liable for
any Servicing Fee or for any differential in the amount of the Servicing Fee
paid hereunder and the amount necessary to induce any Successor Servicer to act
as Successor Servicer under the Basic Documents and the transactions set forth
or provided for therein. If the Indenture Trustee shall succeed to the
Servicer's duties as servicer of the Receivables as provided herein, it shall do
so in its individual capacity and not in its capacity as Indenture Trustee and,
accordingly, the provisions of Article VI hereof shall be inapplicable to the
Indenture Trustee in its duties as the successor to the Servicer and the
servicing of the Receivables. In case the Indenture Trustee shall become
successor to the Servicer under the Sale and Servicing Agreement, the Indenture
Trustee shall be

                                      -14-

<PAGE>

entitled to appoint as Servicer any one of its affiliates, provided that it
shall be fully liable for the actions and omissions of such affiliate in such
capacity as Successor Servicer.

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

          (g)  Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer agrees (i) that it will not, without the
prior written consent of the Indenture Trustee or the Holders of at least 50% of
the Outstanding Amount of the Controlling Securities, amend, modify, waive,
supplement, terminate or surrender, or agree to any amendment, modification,
supplement, termination, waiver or surrender of, the terms of any Collateral
(except to the extent otherwise provided in the Sale and Servicing Agreement) or
the Basic Documents (except as may be permitted thereby), or waive timely
performance or observance by the Servicer or the Seller under the Sale and
Servicing Agreement (except as may be permitted thereby); and (ii) that any such
amendment shall not (A) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made
for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the
Controlling Securities that is required to consent to any such amendment,
without the consent of the Holders of all the Outstanding Notes. If any such
amendment, modification, supplement or waiver shall be so consented to by the
Indenture Trustee or such Holders, the Issuer agrees, promptly following a
request by the Indenture Trustee to do so, to execute and deliver, in its own
name and at its own expense, such agreements, instruments, consents and other
documents as the Indenture Trustee may deem necessary or appropriate in the
circumstances.

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

                    (i)   except as expressly permitted by this Indenture, the
          Receivables Purchase Agreement or the Sale and Servicing Agreement,
          (A) dissolve or liquidate in whole or in part or (B) sell, transfer,
          exchange or otherwise dispose of any of the properties or assets of
          the Issuer, including those included in the Trust Estate, in either
          case, unless directed to do so by the Indenture Trustee;

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

                    (iii) (A) permit the validity or effectiveness of this
          Indenture to be impaired, or permit the lien of this Indenture to be
          amended, hypothecated, subordinated, terminated or discharged, or
          permit any Person to be released from any covenants or obligations
          with respect to the Notes under this Indenture except

                                      -15-

<PAGE>

          as may be expressly permitted hereby, (B) permit any lien, charge,
          excise, claim, security interest, mortgage or other encumbrance (other
          than the lien of this Indenture) to be created on or extend to or
          otherwise arise upon or burden the Trust Estate or any part thereof or
          any interest therein or the proceeds thereof (other than tax liens,
          mechanics' liens and other liens that arise by operation of law, in
          each case on any of the Financed Vehicles and arising solely as a
          result of an action or omission of the related Obligor) or (C) permit
          the lien of this Indenture not to constitute a valid first priority
          (other than with respect to any such tax, mechanics' or other lien)
          security interest in the Trust Estate.

          Section 3.09  Annual Statement as to Compliance. The Issuer will
deliver to the Indenture Trustee, within 120 days after the end of each fiscal
year of the Issuer (commencing with the fiscal year 2003), an Officer's
Certificate stating, as to the Authorized Officer signing such Officer's
Certificate, that:

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

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

          Section 3.10  Issuer May Consolidate, etc., Only on Certain Terms.

          (a)  The Issuer shall not consolidate or merge with or into any other
Person, unless:

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

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

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

                    (iv)  the Issuer shall have received an Opinion of Counsel
          (and shall have delivered copies thereof to the Indenture Trustee) to
          the effect that such

                                      -16-

<PAGE>

          transaction will not have any material adverse tax consequence to the
          Issuer, any Noteholder or any Certificateholder;

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

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

          (b)  The Issuer shall not convey or transfer any of its properties or
assets, including those included in the Trust Estate, to any Person, unless:

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

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

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

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

                                      -17-

<PAGE>

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

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

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

          (b)  Upon a conveyance or transfer of all the assets and properties of
the Issuer pursuant to Section 3.10(b), World Omni Auto Receivables Trust 2003-B
will be released from every covenant and agreement of this Indenture to be
observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Indenture Trustee stating
that World Omni Auto Receivables Trust 2003-B is to be so released.

          Section 3.12  No Other Business. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the Basic Documents
and activities incidental thereto. After the end of the Funding Period, the
Issuer shall not fund the purchase of any new Contracts.

          Section 3.13  No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness.

          Section 3.14  Servicer's Obligations. The Issuer shall use all
reasonable efforts to cause the Servicer to comply with Sections 4.09, 4.10,
4.11 and 5.07(b) and Article IX of the Sale and Servicing Agreement.

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

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

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          Section 3.17  Removal of Administrator. So long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless
the Rating Agency Condition shall have been satisfied in connection with such
removal.

          Section 3.18  Restricted Payments. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or security
in or of the Issuer or to the Servicer (except as provided in the Basic
Documents), (ii) redeem, purchase, retire or otherwise acquire for value any
such ownership or equity interest or security or (iii) set aside or otherwise
segregate any amounts for any such purpose; provided, however, that the Issuer
may make, or cause to be made, (x) distributions as contemplated by, and to the
extent funds are available for such purpose under, the Sale and Servicing
Agreement or the Trust Agreement and (y) payments to the Indenture Trustee
pursuant to Section 1.01(a)(ii) of the Administration Agreement. The Issuer will
not, directly or indirectly, make payments to or distributions from the
Collection Account except in accordance with this Indenture and the Basic
Documents.

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

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

                                   ARTICLE IV

                          SATISFACTION AND DISCHARGE

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

                    (A)  either:

                                      -19-

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                    (1)  all Notes theretofore authenticated and delivered
          (other than (i) Notes that have been destroyed, lost or stolen and
          that have been replaced or paid as provided in Section 2.06 and (ii)
          Notes for whose payment money has theretofore been deposited in trust
          or segregated and held in trust by the Issuer and thereafter repaid to
          the Issuer or discharged from such trust, as provided in Section 3.03)
          have been delivered to the Indenture Trustee for cancellation; or

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

                         (I)  have become due and payable, or

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

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

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

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

          Section 4.02  Application of Trust Money. All monies deposited with
the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, as the
Indenture Trustee may determine, to the Holders of the particular Notes for the
payment or redemption of which such monies have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but

                                      -20-

<PAGE>

such monies need not be segregated from other funds except to the extent
required herein or in the Sale and Servicing Agreement or required by law.

          Section 4.03  Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies then held by any Paying Agent other than the Indenture Trustee under
the provisions of this Indenture with respect to such Notes shall, upon demand
of the Issuer, be paid to the Indenture Trustee to be held and applied according
to Section 3.03 and thereupon such Paying Agent shall be released from all
further liability with respect to such monies.

                                    ARTICLE V

                                    REMEDIES

          Section 5.01  Events of Default. "Event of Default," wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and, subject to Sections 5.01(iv) and (v) whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

                    (i)   default in the payment of any interest on any Note
          when the same becomes due and payable, and such default shall continue
          for a period of five Business Days; provided, however, that until the
          Outstanding Amount of the Class A Notes is reduced to zero, a default
          in the payment of any interest on any Class B Note shall not by itself
          constitute an Event of Default hereunder;

                    (ii)  default in the payment of the principal of or any
          installment of the principal of any Note when the same becomes due and
          payable (A) in accordance with Sections 3.01 and 8.02(c) to the extent
          funds are available therefor and (B) on the related Final Scheduled
          Payment Date; or

                    (iii) material default in the observance or performance of
          any covenant or agreement of the Issuer made in this Indenture (other
          than a covenant or agreement, a default in the observance or
          performance of which is elsewhere in this Section specifically dealt
          with), or any representation or warranty of the Issuer made in this
          Indenture or in any certificate or other writing delivered pursuant
          hereto or in connection herewith proving to have been incorrect in any
          material respect as of the time when the same shall have been made,
          and such default shall continue or not be cured, or the circumstance
          or condition in respect of which such misrepresentation or warranty
          was incorrect shall not have been eliminated or otherwise cured, for a
          period of 60 days after there shall have been given, by registered or
          certified mail, to the Issuer by the Indenture Trustee or to the
          Issuer and the Indenture Trustee by the Holders of at least 25% of the
          Outstanding Amount of the Controlling Securities, a written notice
          specifying

                                      -21-

<PAGE>

          such default or incorrect representation or warranty and requiring it
          to be remedied and stating that such notice is a notice of Default
          hereunder; or

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

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

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

          Notwithstanding the foregoing, a delay in or failure of performance
referred to under clauses (i) and (ii) above for a period of ten Business Days
or referred to under clause (iii) for a period of 90 Business Days, shall not
constitute a Servicer Default if such delay or failure could not be prevented by
the exercise of reasonable diligence by the Servicer and was caused by an act of
God or other similar occurrence. Upon the occurrence of any such event, the
Servicer shall not be relieved from using its best efforts to perform its
obligations in a timely manner in accordance with the terms of this Indenture
and the Servicer shall provide the Indenture Trustee, the Owner Trustee, the
Noteholders and the Certificateholders prompt notice of such failure or delay by
it, together with a description of its efforts to so perform its obligations.

          Section 5.02  Acceleration of Maturity; Rescission and Annulment. If
an Event of Default should occur and be continuing, then and in every such case
the Indenture Trustee or the Holders of Notes representing not less than 50% of
the Outstanding Amount of the Controlling Securities may declare all the Notes
to be immediately due and payable, by a notice in writing to the Issuer (and to
the Indenture Trustee if given by Noteholders), and upon any such declaration
the unpaid principal amount of such Notes, together with accrued and unpaid
interest thereon through the date of acceleration, shall become immediately due
and payable.

                                      -22-

<PAGE>

          At any time after such declaration of acceleration of maturity has
been made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article V provided, the
Holders of Notes representing 50% of the Outstanding Amount of the Controlling
Securities, by written notice to the Issuer and the Indenture Trustee, may
rescind and annul such declaration and its consequences if:

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

                    (A)  all payments of principal of and interest on all Notes
               and all other amounts that would then be due hereunder or upon
               such Notes if the Event of Default giving rise to such
               acceleration had not occurred; and

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

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

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

          Section 5.03 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. The Issuer covenants that if (i) an Event of Default
specified in Section 5.01(i) has occurred and is continuing or (ii) an Event of
Default specified in Section 5.01(ii) has occurred and is continuing, the Issuer
will, upon demand of the Indenture Trustee, pay to it, for the benefit of the
Holders of the Notes, the whole amount then due and payable on such Notes for
principal and interest, with interest on the overdue principal and, to the
extent payment at such rate of interest shall be legally enforceable, on overdue
installments of interest at the rate borne by the Notes and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel.

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

          (b) If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.04, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders, by
such appropriate Proceedings as the Indenture Trustee shall deem most effective
to protect and enforce any such rights, whether for

                                      -23-

<PAGE>

the specific enforcement of any covenant or agreement in this Indenture or in
aid of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Indenture Trustee by this
Indenture or by law.

          (c)  In case there shall be pending, relative to the Issuer or any
other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, Proceedings under Title 11 of the United States
Code or any other applicable federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, or liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable judicial Proceedings
relative to the Issuer or other obligor upon the Notes, or to the creditors or
property of the Issuer or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether
the Indenture Trustee shall have made any demand pursuant to the provisions of
this Section, shall be entitled and empowered, by intervention in such
Proceedings or otherwise:

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

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

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

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

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

                                      -24-

<PAGE>

advances made, by the Indenture Trustee and each predecessor Indenture Trustee
except as a result of negligence or bad faith.

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

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

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

          Section 5.04 Remedies; Priorities.

          (a)  If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may, or at the direction of the holders of at least 50% of the
Controlling Securities shall, do one or more of the following (subject to
Section 5.05):

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

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

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

                    (iv)  sell the Trust Estate or any portion thereof or rights
          or interest therein, at one or more public or private sales called and
          conducted in any manner permitted by law; provided, however, that the
          Indenture Trustee may not

                                      -25-

<PAGE>

          sell or otherwise liquidate the Trust Estate following an Event of
          Default, other than an Event of Default described in Section 5.01(i)
          or (ii), unless (A) the Holders of 100% of the Outstanding Amount of
          the Notes consent thereto, (B) the proceeds of such sale or
          liquidation distributable to the Noteholders are sufficient to
          discharge in full all amounts then due and unpaid upon such Notes for
          principal and interest or (C) the Indenture Trustee determines that
          the Trust Estate will not continue to provide sufficient funds for the
          payment of principal of and interest on the Notes as they would have
          become due if the Notes had not been declared due and payable, and the
          Indenture Trustee obtains the consent of Holders of not less than 66
          2/3% of the Outstanding Amount of the Controlling Securities. In
          determining such sufficiency or insufficiency with respect to clauses
          (B) and (C), the Indenture Trustee may, but need not, obtain and rely
          upon an opinion of an Independent investment banking or accounting
          firm of national reputation as to the feasibility of such proposed
          action and as to the sufficiency of the Trust Estate for such purpose.

          (b)  If the Indenture Trustee collects any money or property pursuant
to this Article V, it shall pay out the money or property in the following order
or priority: (i) to the Indenture Trustee for amounts due under Section 6.07 and
to the Owner Trustee for amounts due under Section 8.02 of the Trust Agreement
and (ii) to the Collection Account as Collections to be applied pursuant to
Article V of the Sale and Servicing Agreement.

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

          Section 5.05 Optional Preservation of the Receivables.If the Notes
have been declared to be due and payable under Section 5.02 following an Event
of Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, but need not, elect to maintain possession
of the Trust Estate. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and the Indenture Trustee shall take such desire into
account when determining whether or not to maintain possession of the Trust
Estate. In determining whether to maintain possession of the Trust Estate, the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

          Section 5.06 Limitation of Suits.No Holder of any Note shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

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

                                      -26-

<PAGE>

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

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

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

                    (v)   no direction inconsistent with such written request
          has been given to the Indenture Trustee during such 60-day period by
          the Holders of at least 50% of the Outstanding Amount of the
          Controlling Securities.

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

          Subject to Section 5.06(v), in the event the Indenture Trustee shall
receive, in connection with Sections 5.06(ii) and (iii), conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than 50% of the Outstanding Amount of the Controlling
Securities, the Indenture Trustee shall act at the direction of the group of
Holders of Notes representing the greater Outstanding Amount of Controlling
Securities. If the Indenture Trustee receives, in connection with this Section
5.06, conflicting or inconsistent requests and indemnity from two or more groups
of Holders of Notes representing an equal Outstanding Amount of the Controlling
Securities, the Indenture Trustee in its sole discretion may determine what
action, if any, shall be taken, notwithstanding any other provisions of this
Indenture.

          Section 5.07 Unconditional Rights of Noteholders to Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Note on or
after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.

          Section 5.08 Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all

                                      -27-

<PAGE>

rights and remedies of the Indenture Trustee and the Noteholders shall continue
as though no such Proceeding had been instituted.

          Section 5.09 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

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

          Section 5.11 Control by Noteholders. The Holders of 50% of the
Outstanding Amount of the Controlling Securities shall have the right to direct
the time, method and place of conducting any Proceeding for any remedy available
to the Indenture Trustee with respect to the Notes or exercising any trust or
power conferred on the Indenture Trustee; provided that:

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

                    (ii)  subject to the express terms of Section 5.04, any
          direction to the Indenture Trustee to sell or liquidate the Trust
          Estate shall be by Holders of Notes representing not less than 100% of
          the Outstanding Amount of the Controlling Securities;

                    (iii) if the conditions set forth in Section 5.05 have been
          satisfied and the Indenture Trustee elects to retain the Trust Estate
          pursuant to such Section, then any direction to the Indenture Trustee
          by Holders of Notes representing less than 100% of the Outstanding
          Amount of the Controlling Securities to sell or liquidate the Trust
          Estate shall be of no force and effect; and

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

Notwithstanding the rights of Noteholders set forth in this Section, subject to
Section 6.01, the Indenture Trustee need not take any action that it determines
might involve it in liability or might materially adversely affect the rights of
any Noteholders not consenting to such action.

          Section 5.12 Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02, the
Holders of Notes of not less than

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<PAGE>

50% of the Outstanding Amount of the Controlling Securities may waive any past
Default or Event of Default and its consequences except a Default (a) in payment
of principal of or interest on any of the Notes or (b) in respect of a covenant
or provision hereof which cannot be modified or amended without the consent of
the Holder of each Note. In the case of any such waiver, the Issuer, the
Indenture Trustee and the Holders of the Notes shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other Default or impair any right consequent thereto.

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

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

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

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

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<PAGE>

          Section 5.16 Performance and Enforcement of Certain Obligations.

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

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

                                   ARTICLE VI

                             THE INDENTURE TRUSTEE

          Section 6.01 Duties of Indenture Trustee.

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

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

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

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<PAGE>

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

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

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

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

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

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

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

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

          (g)  No provision of this Indenture shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of
its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it, and none of the provisions contained in this
Indenture shall in any event require the Indenture Trustee to perform, or be
responsible for the performance of, any of the obligations of the Servicer under
this Indenture except during such time, if any, as the Indenture Trustee shall
be the successor to, and be vested with the rights, duties, powers and
privileges of the Servicer in accordance with the terms of this Indenture.

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

          (i)  Subject to the other provisions of this Indenture and the Basic
Documents, the Indenture Trustee shall have no duty (i) to see to any recording,
filing, or depositing of this

                                      -31-

<PAGE>

Indenture or any agreement referred to herein or any financing statement or
continuation statement evidencing a security interest, or to see to the
maintenance of any such recording or filing or depositing or to any
re-recording, refiling or redepositing of any thereof, (ii) to see to any
insurance or (iii) to see to the payment or discharge of any tax, assessment, or
other governmental charge or any lien or encumbrance of any kind owing with
respect to, assessed or levied against, any part of the Collateral.

          (j)  The Indenture Trustee shall not be charged with knowledge of any
Event of Default unless either (1) a Responsible Officer shall have actual
knowledge of such Event of Default or (2) written notice of such Event of
Default shall have been given to such Indenture Trustee in accordance with the
provisions of this Indenture.

          Section 6.02 Rights of Indenture Trustee.

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

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

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

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

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

          (f)  The Indenture Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto or to honor the
request or direction of any of the Noteholders pursuant to this Indenture unless
such Noteholders shall have offered to the Indenture Trustee reasonable security
or indemnity against the reasonable costs, expenses, disbursements, advances and
liabilities which might be incurred by it, its agents and its counsel in
compliance with such request or direction.

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<PAGE>

          (g)  The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless requested in writing to do so
by the Holders of Notes representing at least 25% of the Controlling Securities;
provided that if the payment within a reasonable time to the Indenture Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Indenture Trustee, not
reasonably assured to the Indenture Trustee by the security afforded to it by
the terms of this Indenture, the Indenture Trustee may require indemnity
satisfactory to the Indenture Trustee in its reasonable discretion against such
cost, expense or liability as a condition to taking any such action.

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

          Section 6.03 Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or its Affiliates with the same
rights it would have if it were not Indenture Trustee. Any Paying Agent, Note
Registrar, co-registrar or co-paying agent may do the same with like rights.
However, the Indenture Trustee must comply with Sections 6.11 and 6.12.

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

          Section 6.05 Notice of Defaults. If a Default occurs and is continuing
and if it is known to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder notice of the Default within 90
days after it occurs. Except in the case of a Default in payment of principal of
or interest on any Note (including payments pursuant to the mandatory redemption
provisions of such Note), the Indenture Trustee may withhold the notice if and
so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders.

          Section 6.06 Reports by Indenture Trustee to Holders. The Indenture
Trustee shall deliver to each Noteholder such information as may be required to
enable such holder to prepare its federal and state income tax returns
(including, without limitation, Form 1099, which for the avoidance of doubt,
will be filed with the Internal Revenue Service as may be required by the
Internal Revenue Code or regulations thereunder). On each Payment Date, the
Indenture Trustee shall send to The Depository Trust Company to distribute in
accordance with its procedures the statement or statements provided to the
Indenture Trustee by the Servicer pursuant to Section 5.08 of the Sale and
Servicing Agreement with respect to such Payment Date.

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<PAGE>

          Section 6.07 Compensation and Indemnity. The Issuer shall, or shall
cause the Administrator to, pay to the Indenture Trustee from time to time
reasonable compensation for its services. The Indenture Trustee's compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall, or shall cause the Administrator to, reimburse the
Indenture Trustee for all reasonable and documented out-of-pocket expenses
incurred or made by it, including costs of collection, in addition to the
compensation for its services. Such expenses shall include the reasonable and
documented compensation and expenses, disbursements and advances of the
Indenture Trustee's agents, counsel, accountants and experts. The Issuer shall,
or shall cause the Administrator to, indemnify the Indenture Trustee against any
and all loss, liability or expense (including attorneys' fees) incurred by it in
connection with the administration of this trust and the performance of its
duties hereunder. The Indenture Trustee shall notify the Issuer and the
Administrator promptly of any claim for which it may seek indemnity. Failure by
the Indenture Trustee to so notify the Issuer and the Administrator shall not
relieve the Issuer or the Administrator of its obligations hereunder. The Issuer
shall, or shall cause the Administrator to, defend any such claim, and the
Indenture Trustee may have separate counsel and the Issuer shall, or shall cause
the Administrator to, pay the fees and expenses of such counsel. Neither the
Issuer nor the Administrator need reimburse any expense or indemnify against any
loss, liability or expense incurred by the Indenture Trustee through the
Indenture Trustee's own willful misconduct, negligence or bad faith.

          The Issuer's payment obligations to the Indenture Trustee pursuant to
this Section shall survive the resignation or removal of the Indenture Trustee
and the discharge of this Indenture. When the Indenture Trustee incurs expenses
after the occurrence of a Default specified in Section 5.01(iv) or (v) with
respect to the Issuer, the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable
federal or state bankruptcy, insolvency or similar law.

          Section 6.08 Replacement of Indenture Trustee. No resignation or
removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee
may resign at any time by so notifying the Issuer. The Indenture Trustee shall
resign following the occurrence of an Event of Default if required by Section
3.10 of the TIA. The Indenture Trustee shall bear all costs and expenses of
locating and procuring the written acceptance by a qualified successor Indenture
Trustee within 90 days of such Event of Default. The Holders of at least 50% of
the Outstanding Amount of the Controlling Securities may remove the Indenture
Trustee by so notifying the Indenture Trustee and may appoint a successor
Indenture Trustee. The Issuer shall remove the Indenture Trustee if:

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

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

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

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<PAGE>

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

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

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

          If a successor Indenture Trustee does not take office within 60 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of at least 50% of the Outstanding
Amount of the Controlling Securities may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

          If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder may petition any court of competent jurisdiction for the removal of
the Indenture Trustee and the appointment of a successor Indenture Trustee.

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

          Section 6.09 Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee; provided, that
such corporation or banking association shall be otherwise qualified and
eligible under Section 6.11. The Indenture Trustee shall provide the Rating
Agencies prior written notice of any such transaction.

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

          Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture

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<PAGE>

Trustee. (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate may at the time be located, the Indenture
Trustee shall have the power and may execute and deliver all instruments to
appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Trust, and to vest in
such Person or Persons, in such capacity and for the benefit of the Noteholders,
such title to the Trust Estate, or any part hereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts
as the Indenture Trustee may consider necessary or desirable. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as
a successor trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under
Section 6.08 hereof.

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

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

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

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

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

          (d)  Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee, its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of
this Indenture on its behalf and in its name. If

                                      -36-

<PAGE>

any separate trustee or co-trustee shall die, become incapable of acting, resign
or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Indenture Trustee, to the extent permitted by
law, without the appointment of a new or successor trustee.

          Section 6.11 Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA Section 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition, and the time
deposits of the Indenture Trustee shall be rated at least A-1 by Standard &
Poor's and Prime-1 by Moody's. The Indenture Trustee shall comply with TIA
Section 310(b), including the optional provision permitted by the second
sentence of TIA Section 310(b)(9); provided, however, that there shall be
excluded from the operation of TIA Section 310(b)(1) any indenture or indentures
under which other securities of the Issuer are outstanding if the requirements
for such exclusion set forth in TIA Section 310(b)(1) are met.

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

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

          (a)  the Indenture Trustee is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
formation;

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

          (c)  the execution, delivery and performance by the Indenture Trustee
of this Indenture (i) shall not violate any provision of any law or regulation
governing the banking and trust powers of the Indenture Trustee or any order,
writ, judgment or decree of any court, arbitrator, or governmental authority
applicable to the Indenture Trustee or any of its assets, (ii) shall not violate
any provision of the corporate charter or by-laws of the Indenture Trustee and
(iii) shall not violate any provision of, or constitute, with or without notice
or lapse of time, a default under, or result in the creation or imposition of
any lien on any properties included in the Trust Estate pursuant to the
provisions of any mortgage, indenture, contract, agreement or other undertaking
to which it is a party, which violation, default or lien could reasonably be
expected to have a materially adverse effect on the Indenture Trustee's
performance or ability to perform its duties under this Indenture or on the
transactions contemplated in this Indenture;

          (d)  the execution, delivery and performance by the Indenture Trustee
of this Indenture shall not require the authorization, consent approval of, the
giving of notice to, the filing or registration with, or the taking of any other
action in respect of, any governmental authority or agency regulating the
banking and corporate trust activities of the Indenture Trustee;

                                      -37-

<PAGE>

          (e)  this Indenture has been duly executed and delivered by the
Indenture Trustee and constitutes the legal, valid and binding agreement of the
Indenture Trustee, enforceable in accordance with its terms; and

                                      -38-

<PAGE>

                                   ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

          Section 7.01  Issuer to Furnish Indenture Trustee Names and Addresses
of Noteholders. The Issuer will furnish or cause to be furnished to the
Indenture Trustee (a) not more than five days after the earlier of (i) each
Record Date and (ii) three months after the last Record Date, a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses
of the Holders of Notes as of such Record Date, and (b) at such other times as
the Indenture Trustee may request in writing, within 30 days after receipt by
the Issuer of any such request, a list of similar form and content as of a date
not more than 10 days prior to the time such list is furnished; provided,
however, that so long as the Indenture Trustee is the Note Registrar, no such
lists shall be required to be furnished.

          Section 7.02  Preservation of Information; Communications to
                        Noteholders.

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

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

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

          Section 7.03  Reports by Issuer.

          (a)  The Issuer shall:

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

                    (ii)  file with the Indenture Trustee and the Commission in
          accordance with rules and regulations prescribed from time to time by
          the Commission such additional information, documents and reports with
          respect to compliance by the Issuer with the conditions and covenants
          of this Indenture as may be required from time to time by such rules
          and regulations; and

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<PAGE>

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

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

          Section 7.04  Reports by Indenture Trustee. If required by TIA
Section 313(a), within 60 days after each February 1 beginning with February 1,
2004, the Indenture Trustee shall mail to each Noteholder as required by TIA
Section 313(c) a brief report dated as of such date that complies with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

          A copy of each report at the time of its mailing to Noteholders shall
be filed by the Indenture Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer shall notify the Indenture
Trustee if and when the Notes are listed on any stock exchange.

                                  ARTICLE VIII

                     ACCOUNTS, DISBURSEMENTS AND RELEASES

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

          Section 8.02  Trust Accounts.

          (a)  On or prior to the Closing Date, the Issuer shall cause the
Servicer to establish and maintain with and in the name of the Indenture
Trustee, for the benefit of the Noteholders and the Certificateholders, the
Trust Accounts as provided in Section 5.01 of the Sale and Servicing Agreement.

          (b)  On or before each Payment Date, Available Funds and any
withdrawals from the Negative Carry Account up to the Negative Carry Amount with
respect to the preceding Collection Period will be deposited in the Collection
Account as provided in Sections 5.01(e)

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<PAGE>

and 5.02 of the Sale and Servicing Agreement. On or before each Payment Date,
the Indenture Trustee shall make all withdrawals and deposits to the Collection
Account, Note Distribution Account, Reserve Account, the Pre-Funding Account and
the Negative Carry Account and shall make all distributions to
Certificateholders in accordance with Sections 5.06 and 5.07 of the Sale and
Servicing Agreement.

          (c)  Except as otherwise provided in paragraphs (d), (e) and (f)
below, on each Payment Date and Redemption Date, the Indenture Trustee shall
distribute all amounts on deposit in the Note Distribution Account, other than
amounts deposited in the Note Distribution Account pursuant to Section 5.01(d)
of the Sale and Servicing Agreement, and allocated pursuant to Section 5.06 of
the Sale and Servicing Agreement to Noteholders in respect of the Notes to the
extent of amounts due and unpaid on the Notes for principal and interest
(including any premium) in the following amounts:

                    (i)   to the Holders of Class A Notes, all amounts allocated
          to such Holders in respect of interest on the Class A Notes pro rata
          based upon the aggregate amount of accrued and unpaid interest due and
          payable to the Holders of such Notes;

                    (ii)  to the Holders of the Class B Notes, all amounts
          allocated to such Holders in respect of interest on the Class B Notes;

                    (iii) to the Holders of the Class A Notes and the Class B
          Notes, all amounts allocated to such Holders in respect of principal
          on the Notes will be paid to the Holders of the Class A Notes and
          Class B Notes in the following order of priority:

                    (A)     to the Class A-1 Notes until they are paid in full;

                    (B)     to the other Class A Notes, sequentially to the
               Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes
               until the Outstanding Amount of each Class is paid in full, the
               amount required to reduce the Outstanding Amount of the Class A
               Notes to an amount equal to the Class A Percentage of the amount
               by which the Pool Balance exceeds the Overcollateralization
               Target Amount for that Payment Date; and

                    (C)     to the Class B Notes, the amount required to reduce
               the Outstanding Amount of the Class B Notes to an amount equal to
               the Class B Percentage of the amount by which the Pool Balance
               exceeds the Overcollateralization Target Amount for that Payment
               Date.

          In addition, on the Final Scheduled Payment Date for any Class of
Notes, if the Outstanding Amount of any Class of Notes remains greater than
zero, the Indenture Trustee shall apply funds from the Reserve Account to repay
the Outstanding Amount of such Class of Notes in full.

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<PAGE>

          (d)  In the event the Notes are declared to be due and payable
following the occurrence of an Event of Default pursuant to Section 5.01(i) or
(ii), the Indenture Trustee shall distribute all amounts on deposit in the Note
Distribution Account and allocated pursuant to Section 5.06 of the Sale and
Servicing Agreement to Noteholders in the following order of priority: (i) to
the Holders of the Class A Notes, all amounts allocated to such Holders in
respect of interest on the Class A Notes pro rata based upon the aggregate
amount of accrued and unpaid interest due and payable to the Holders of such
Notes; (ii) to the Holders of the Class A Notes, all amounts allocated to such
Holders in respect of principal on the Class A Notes, first to the Holders of
the Class A-1 Notes until the Outstanding Amount of the Class A-1 Notes is
reduced to zero, then to the Holders of the Class A-2 Notes, the Class A-3 Notes
and the Class A-4 Notes, pro rata based upon the Outstanding Amount due and
payable to the Holders of such Notes; (iii) to the Holders of the Class B Notes,
all amounts allocated to such Holders in respect of interest on the Class B
Notes and (iv) to the Holders of the Class B Notes, all amounts allocated to
such Holders in respect of principal on the Class B Notes. If the Outstanding
Amount of any Class of Notes remains greater than zero after application of
clauses (i), (ii), (iii) and (iv) above, the Indenture Trustee shall apply funds
from the Reserve Account in the same order of priority as described above to
repay the Outstanding Amount of such Class of Notes in full.

          (e)  In the event the Notes are declared to be due and payable
following the occurrence of an Event of Default pursuant to Sections 5.01(iii),
(iv) or (v), the Indenture Trustee shall distribute all amounts on deposit in
the Note Distribution Account and allocated pursuant to Section 5.06 of the Sale
and Servicing Agreement to Noteholders in the following order of priority: (i)
to the Holders of the Class A Notes, all amounts allocated to such Holders in
respect of interest on the Class A Notes pro rata based upon the aggregate
amount of accrued and unpaid interest due and payable to the Holders of such
Notes; (ii) to the Holders of the Class B Notes, all amounts allocated to such
Holders in respect of interest on the Class B Notes; (iii) to the Holders of the
Class A Notes, all amounts allocated to such Holders in respect of principal on
the Class A Notes, first to the Holders of the Class A-1 Notes until the
Outstanding Amount of the Class A-1 Notes is reduced to zero, then to the
Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro
rata based upon the Outstanding Amount due and payable to the Holders of such
Notes; and (iv) to the Holders of the Class B Notes, all amounts allocated to
such Holders in respect of principal on the Class B Notes.

          (f)  Subject to Sections 8.02(d) and 8.02(e), in the event that on any
Payment Date the Average Net Loss Ratio for the Receivables in the Trust exceeds
4.25%, then on each Payment Date until such Average Net Loss Ratio is reduced to
below 4.25%, the Indenture Trustee shall distribute the funds allocated to the
Note Distributable Account pursuant to Section 5.06 of the Sale and Servicing
Agreement to pay principal of the Notes to the Holders of the Class A Notes and
then Class B Notes in the following order of priority: to the Class A-1 Notes
until paid in full, then to each other class of Class A Notes, in order of
earlier maturity, until paid in full, and then to the Class B Notes until paid
in full.

          (g)  Subject to Sections 8.02(d) and 8.02(e), on the Payment Date
immediately following the calendar month in which the Funding Period ends, the
Indenture Trustee shall apply any and all amounts deposited into the Note
Distribution Account pursuant to Section

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<PAGE>

5.01(d) of the Sales and Servicing Agreement to the repayment of principal on
the Notes in accordance with the priorities set forth in Section 8.02(c), (d),
(e), or (f), as applicable.

          Section 8.03  General Provisions Regarding Accounts.

          (a)  So long as no Default or Event of Default shall have occurred and
be continuing, all or a portion of the funds in the Trust Accounts shall be
invested in Eligible Investments and reinvested by the Indenture Trustee subject
to the provisions of Section 5.01(b) of the Sale and Servicing Agreement. All
income or other gain from investments of monies deposited in the Trust Accounts
shall be deposited by the Indenture Trustee in the Collection Account, and any
loss resulting from such investments shall be charged to such account. The
Issuer will not direct the Indenture Trustee to make any investment of any funds
or to sell any investment held in any Trust Account unless the security interest
Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further
action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, if requested by the Indenture
Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of
Counsel, acceptable to the Indenture Trustee, to such effect.

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

          (c)  If (i) the Issuer (or the Servicer) shall have failed to give
investment directions for any funds on deposit in the Trust Accounts to the
Indenture Trustee by such time as may be agreed by the Issuer and Indenture
Trustee on any Business Day or (ii) a Default or Event of Default shall have
occurred and be continuing with respect to the Notes but the Notes shall not
have been declared due and payable pursuant to Section 5.02 or (iii) if such
Notes shall have been declared due and payable following an Event of Default but
amounts collected or receivable from the Trust Estate are being applied in
accordance with Section 5.05 as if there had not been such a declaration, then
the Indenture Trustee shall, to the fullest extent practicable, invest and
reinvest funds in the Trust Accounts in Eligible Investments (as defined in the
Sale and Servicing Agreement) specified in clause (h) of the definition thereof.

          Section 8.04  Release of Trust Estate.

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

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<PAGE>

          (b)  The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid, release any remaining portion of the Trust Estate that secured the
Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Trust Accounts. The
Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and (if required
by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.01.

          Section 8.05  Opinion of Counsel. The Indenture Trustee shall receive
at least seven days notice when requested by the Issuer to take any action
pursuant to Section 8.04(a), accompanied by copies of any instruments involved,
and the Indenture Trustee shall also require, as a condition to such action, an
Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee,
stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action will not materially and
adversely impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair
value of the Trust Estate. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such
action.

                                   ARTICLE IX

                            SUPPLEMENTAL INDENTURES

          Section 9.01  Supplemental Indentures Without Consent of Noteholders.

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

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

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

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<PAGE>

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

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

                    (v)   to cure any ambiguity, to correct or supplement any
          provision herein or in any supplemental indenture that may be
          inconsistent with any other provision herein or in any supplemental
          indenture or to make any other provisions with respect to matters or
          questions arising under this Indenture or in any supplemental
          indenture; provided, that such action, as evidenced by an Officer's
          Certificate of the Servicer, shall not adversely affect the interests
          of the Holders of the Notes;

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

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

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

          (b)  The Issuer and the Indenture Trustee, when authorized by an
Issuer Order, may, also without the consent of any of the Holders of the Notes,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided that such amendments
require: (i) satisfaction of the Rating Agency Condition and (ii) an Officer's
Certificate of the Servicer stating that the amendment will not materially and
adversely affect the interest of any Noteholder.

          Section 9.02  Supplemental Indentures with Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to the Rating Agencies and with the consent of the Holders of
not less than 50% of the Outstanding Amount of the Controlling Securities, by
Act of such Holders delivered to the Issuer and the Indenture Trustee, enter
into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this

                                      -45-

<PAGE>

Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Note affected thereby:

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

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

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

                    (iv)   reduce the percentage of the Outstanding Amount of
          the Controlling Securities required to direct the Indenture Trustee to
          direct the Issuer to sell or liquidate the Trust Estate pursuant to
          Section 5.04;

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

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

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

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<PAGE>

                    (viii) except as provided in Section 5.04(a)(iv), liquidate
          the Receivables when the proceeds of such sale would be insufficient
          to fully pay the Notes.

The Indenture Trustee may in its discretion determine whether or not any Notes
would be affected by any supplemental indenture and any such determination shall
be conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder. The Indenture Trustee shall not be liable
for any such determination made in good faith.

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

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

          Section 9.03  Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Indenture Trustee may, but shall
not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise.

          Section 9.04  Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith
with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes
shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

          Section 9.05  Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as then
in effect so long as this Indenture shall then be qualified under the Trust
Indenture Act.

          Section 9.06  Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall,
bear a notation in form approved

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<PAGE>

by the Indenture Trustee as to any matter provided for in such supplemental
indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes
so modified as to conform, in the opinion of the Indenture Trustee and the
Issuer, to any such supplemental indenture may be prepared and executed by the
Issuer and authenticated and delivered by the Indenture Trustee in exchange for
Outstanding Notes.

                                    ARTICLE X

                               REDEMPTION OF NOTES

          Section 10.01 Redemption. The outstanding Notes are subject to
redemption in whole, but not in part, at the direction of the Servicer pursuant
to Section 9.01(a) of the Sale and Servicing Agreement, on any Payment Date on
which the Servicer exercises its option to purchase the Trust Estate pursuant to
said Section 9.01(a), for a purchase price equal to the Redemption Price;
provided that the Issuer has available funds sufficient to pay the Redemption
Price. The Servicer or the Issuer shall furnish the Rating Agencies notice of
such redemption. If the outstanding Notes are to be redeemed pursuant to this
Section, the Servicer or the Issuer shall furnish notice of such election to the
Indenture Trustee not later than 20 days prior to the Redemption Date and the
Issuer shall deposit by 10:00 A.M. New York City time on the Redemption Date
with the Indenture Trustee in the Note Distribution Account the Redemption Price
of the Notes to be redeemed, whereupon all such Notes shall be due and payable
on the Redemption Date upon the furnishing of a notice complying with Section
10.02 to each Holder of the Notes.

          Section 10.02 Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted not later than 10 days
prior to the applicable Redemption Date to each Holder of Notes, as of the close
of business on the Record Date preceding the applicable Redemption Date, at such
Holder's address or facsimile number appearing in the Note Register.

          All notices of redemption shall state:

          (a)  the Redemption Date;

          (b)  the Redemption Price; and

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

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

          Section 10.03 Notes Payable on Redemption Date. The Notes or portions
thereof

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<PAGE>

to be redeemed shall, following notice of redemption as required by Section
10.02, on the Redemption Date become due and payable at the Redemption Price and
(unless the Issuer shall default in the payment of the Redemption Price) no
interest shall accrue on the Redemption Price for any period after the date to
which accrued interest is calculated for purposes of calculating the Redemption
Price.

                                   ARTICLE XI

                                  MISCELLANEOUS

          Section 11.01 Compliance Certificates and Opinions, etc.

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

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

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

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

                    (3)  a statement that, in the opinion of each such
               signatory, such signatory has made such examination or
               investigation as is necessary to enable such signatory to express
               an informed opinion as to whether or not such covenant or
               condition has been complied with; and

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

          (b)  (i)   Prior to the deposit of any Collateral or other property or
          securities with the Indenture Trustee that is to be made the basis for
          the release of any property or securities subject to the lien of this
          Indenture, the Issuer shall, in

                                      -49-

<PAGE>

          addition to any obligation imposed in Section 11.01(a) or elsewhere in
          this Indenture, furnish to the Indenture Trustee an Officer's
          Certificate certifying or stating the opinion of the person signing
          such certificate as to the fair value (within 90 days of such deposit)
          to the Issuer of the Collateral or other property or securities to be
          so deposited.

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

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

               (iv)  Whenever the Issuer is required to furnish to the Indenture
          Trustee an Officer's Certificate certifying or stating the opinion of
          any signer thereof as to the matters described in clause (iii) above,
          the Issuer shall also furnish to the Indenture Trustee an Independent
          Certificate as to the same matters if the fair value of the property
          or securities and of all other property, other than property as
          contemplated by clause (v) below or securities released from the lien
          of this Indenture since the commencement of the then-current calendar
          year, as set forth in the certificates required by clause (iii) above
          and this clause (iv), equals 10% or more of the Outstanding Amount of
          the Notes, but such certificate need not be furnished in the case of
          any release of property or securities if the fair value thereof as set
          forth in the related Officer's Certificate is less than $25,000 or
          less than one percent of the then Outstanding Amount of the Notes.

               (v)   Notwithstanding Section 2.10 or any other provision of this
          Section, the Issuer may, without compliance with the requirements of
          the other provisions of this Section, (A) collect, liquidate, sell or
          otherwise dispose of Receivables and Financed Vehicles as and to the
          extent permitted or required by the Basic Documents and (B) make cash
          payments out of the Note Distribution Account as and to the extent
          permitted or required by the Basic Documents, so

                                      -50-

<PAGE>

          long as the Issuer shall deliver to the Indenture Trustee every six
          months, commencing May 15, 2004, an Officer's Certificate of the
          Issuer stating that all the dispositions of Collateral described in
          clauses (A) or (B) above that occurred during the preceding six
          calendar months were in the ordinary course of the Issuer's business
          and that the proceeds thereof were applied in accordance with the
          Basic Documents.

          Section 11.02 Form of Documents Delivered to Indenture Trustee. In
any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

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

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

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

                                      -51-

<PAGE>

          Section 11.03 Acts of Noteholders.

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

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

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

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

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

                    (i)   the Indenture Trustee by any Noteholder or by the
          Issuer shall be sufficient for every purpose hereunder if made, given,
          furnished or filed in writing to or with the Indenture Trustee at its
          Corporate Trust Office, or

                    (ii)  the Issuer by the Indenture Trustee or by any
          Noteholder shall be sufficient for every purpose hereunder if in
          writing and mailed first-class, postage prepaid to the Issuer
          addressed to: World Omni Auto Receivables Trust 2003-B, in care of
          Chase Manhattan Bank USA, National Association, 500 Stanton Christiana
          Rd., Floor 3 OPS4, Newark, Delaware 19713, or at any other address
          previously furnished in writing to the Indenture Trustee by the Issuer
          or the Administrator. The Issuer shall promptly transmit any notice
          received by it from the Noteholders to the Indenture Trustee.

          Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be by facsimile or in writing,
personally delivered or mailed by certified mail, return receipt requested, to
(i) in the case of Moody's, at the following address:

                                      -52-

<PAGE>

Moody's Investors Service, Inc., ABS Monitoring Department, 99 Church Street,
New York, New York 10007, and (ii) in the case of Standard & Poor's, at the
following address: Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041,
Attention of Asset Backed Surveillance Department; or as to each of the
foregoing, at such other address as shall be designated by written notice to the
other parties.

          Section 11.05 Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at such Holder's address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

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

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

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

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

          Section 11.07 Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

          The provisions of TIA Sections 310 through 317 that impose duties on
any person

                                      -53-

<PAGE>

(including the provisions automatically deemed included herein unless expressly
excluded by this Indenture) are a part of and govern this Indenture, whether or
not physically contained herein.

          Section 11.08 Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

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

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

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

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

          Section 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

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

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

                                      -54-

<PAGE>

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

          Section 11.17 No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder, by accepting a Note, hereby covenant and
agree that they will not at any time institute against the Seller or the Issuer,
or join in any institution against the Seller 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, this Indenture or any
of the Basic Documents.

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

                                      -55-

<PAGE>

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

                                        WORLD OMNI AUTO RECEIVABLES
                                        TRUST 2003-B,

                                        By: CHASE MANHATTAN BANK USA, NATIONAL
                                            ASSOCIATION, not in its individual
                                            capacity but solely as Owner
                                            Trustee,

                                            By:      /s/ John J. Cashin
                                               ---------------------------------
                                               Name:  John J. Cashin
                                               Title: Vice President

                                        THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                        By:      /s/ Allison R. Clan
                                           -------------------------------------
                                           Name: Allison R. Clan
                                           Title: Assistant Treasurer

                                                                       Indenture

<PAGE>

                                   SCHEDULE A

                             Schedule of Receivables
                             -----------------------

          Provided to the Indenture Trustee and Owner Trustee at Closing

<PAGE>
                                   EXHIBIT A-1

                            [FORM OF CLASS A-1 NOTE]

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

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

REGISTERED                                                          $215,000,000

No.:__                                                     CUSIP No.:  98152DBA8

                                                          ISIN No.: US98152DBA81

                                                          CINS No.: ............

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-B

                       CLASS A-1 1.13% ASSET-BACKED NOTES

          WORLD OMNI AUTO RECEIVABLES TRUST 2003-B, a statutory trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of TWO-HUNDRED AND FIFTEEN MILLION DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $215,000,000 and the
denominator of which is $215,000,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-1 Notes pursuant to Section 3.01 of the Indenture dated as of December 2, 2003
(the "Indenture"), between the Issuer and The Bank of New York, a New York
banking corporation, as Indenture Trustee (the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the earlier of the December 15, 2004 Payment Date (the "Class A-1
Final Scheduled Payment Date") and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture. Capitalized terms used but not defined herein
are defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein.

                                      A-1-1

<PAGE>

          The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of the actual number of days in the Interest Accrual
Period divided by 360. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

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

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

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

                                      A-1-2

<PAGE>

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

Date:  December 2, 2003                 WORLD OMNI AUTO RECEIVABLES
                                        TRUST 2003-B,

                                        By:  CHASE MANHATTAN BANK USA,
                                             NATIONAL ASSOCIATION, not in its
                                             individual capacity but solely as
                                             Owner Trustee,

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:  December 2, 2003                 THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

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

                                      A-1-3

<PAGE>

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 1.13% Asset-Backed Notes (herein called the "Class
A-1 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all
terms of the Indenture.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes (collectively, the "Notes") are and will
be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions set forth
therein.

          Principal of the Class A-1 Notes will be payable on each Payment Date
and, if the Class A-1 Notes have not been paid in full prior to the Class A-1
Final Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date, in
an amount described on the face hereof. "Payment Date" means the fifteenth day
of each month or, if such day is not a Business Day, the immediately following
Business Day. The first Payment Date will be December 15, 2003.

          As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-1 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled
thereto.

          Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date or, if applicable, the Class A-1
Final Scheduled Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Payment Date or the Class A-1 Final
Scheduled Payment Date, as applicable, by notice mailed or transmitted by
facsimile prior to such Payment Date or the

                                      A-1-4

<PAGE>

Class A-1 Final Scheduled Payment Date, as applicable, and the amount then due
and payable shall be payable only upon presentation and surrender of this Note
at the Indenture Trustee's principal Corporate Trust Office or at the office of
the Indenture Trustee's agent appointed for such purposes located in The City of
New York.

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

          As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

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

                                      A-1-5

<PAGE>

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

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

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

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

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

          This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

                                      A-1-6

<PAGE>

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, Chase Manhattan Bank USA, National Association in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or failure to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                      A-1-7

<PAGE>

                                   ASSIGNMENT

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

_________________________________________________

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

_________________________________________________
         (name and address of assignee)

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

Dated:
       ______________                   _______________________________________*

                    Signature Guaranteed:

                    _________________________________*

----------

*  NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                      A-1-8

<PAGE>

                                   EXHIBIT A-2

                            [FORM OF CLASS A-2 NOTE]

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

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

REGISTERED                                                          $223,000,000

No.:__                                                      CUSIP NO.: 98152DBB6

                                                          ISIN No.: US98152DBB64

                                                          CINS No.: ............

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-B

                       CLASS A-2 1.54% ASSET-BACKED NOTES

WORLD OMNI AUTO RECEIVABLES TRUST 2003-B, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of TWO-HUNDRED AND TWENTY-THREE MILLION
DOLLARS payable on each Payment Date in an amount equal to the result obtained
by multiplying (i) a fraction the numerator of which is $223,000,000 and the
denominator of which is $223,000,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-2 Notes pursuant to Section 3.01 of the Indenture dated as of December 2, 2003
(the "Indenture"), between the Issuer and The Bank of New York, a New York
banking corporation, as Indenture Trustee (the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the earlier of the August 15, 2006 Payment Date (the "Class A-2 Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. Generally, no payments of principal of the Class A-2

                                      A-2-1

<PAGE>

Notes shall be made until the Class A-1 Notes have been paid in full.
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

          The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

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

                                      A-2-2

<PAGE>

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

Date:  December 2, 2003                 WORLD OMNI AUTO RECEIVABLES
                                        TRUST 2003-B,

                                        By:  CHASE MANHATTAN BANK USA,
                                             NATIONAL ASSOCIATION, not in its
                                             individual capacity but solely
                                             as Owner Trustee,

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:  December 2, 2003                 THE BANK OF NEW YORK, not in its
                                        individual  capacity but solely as
                                        Indenture Trustee,

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

                                      A-2-3

<PAGE>

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 1.54% Asset-Backed Notes (herein called the "Class
A-2 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all
terms of the Indenture.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes (collectively, the "Notes") are and will
be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions therein.

          Principal of the Class A-2 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing December 15, 2003.

          As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-2 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the
Controlling Securities have declared the Notes to be immediately due and payable
in the manner provided in Section 5.02 of the Indenture. All principal payments
on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders
entitled thereto.

          Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's

                                      A-2-4

<PAGE>

principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

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

          As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or such Holder's attorney
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended, and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

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

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

          The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Trust Estate. Each Noteholder, by acceptance of a

                                      A-2-5

<PAGE>

Note (and each Note Owner by acceptance of a beneficial interest in a Note),
agrees to treat the Notes for federal, state and local income, single business
and franchise tax purposes as indebtedness of the Issuer.

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

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

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

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

          This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

                                      A-2-6

<PAGE>

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, Chase Manhattan Bank USA, National Association in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                      A-2-7

<PAGE>

                                   ASSIGNMENT

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

_________________________________________________

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

_________________________________________________
          (name and address of assignee)

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

Dated:
      ______________                    _______________________________________*

                    Signature Guaranteed:

                    _________________________________*

----------

*  NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                      A-2-8

<PAGE>

                                   EXHIBIT A-3

                            [FORM OF CLASS A-3 NOTE]

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

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

REGISTERED                                                          $235,000,000

No.:__                                                      CUSIP NO.: 98152DBC4

                                                          ISIN No.: US98152DBC48

                                                          CINS No.: ............

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-B

                       CLASS A-3 2.20% ASSET-BACKED NOTES

          WORLD OMNI AUTO RECEIVABLES TRUST 2003-B, a statutory trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of TWO-HUNDRED AND THIRTY-FIVE MILLION
DOLLARS payable on each Payment Date in an amount equal to the result obtained
by multiplying (i) a fraction the numerator of which is $235,000,000 and the
denominator of which is $235,000,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-3 Notes pursuant to Section 3.01 of the Indenture dated as of December 2, 2003
(the "Indenture"), between the Issuer and The Bank of New York, a New York
banking corporation, as Indenture Trustee (the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the earlier of the January 15, 2008 Payment Date (the "Class A-3
Final Scheduled Payment Date") and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture. Generally, no payments of principal of the Class
A-3 Notes shall be made until the Class A-1 and Class A-2 Notes have been paid
in full. Capitalized

                                      A-3-1

<PAGE>

terms used but not defined herein are defined in Article I of the Indenture,
which also contains rules as to construction that shall be applicable herein.

          The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

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

                                      A-3-2

<PAGE>

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

Date: December 2, 2003                  WORLD OMNI AUTO RECEIVABLES
                                        TRUST 2003-B,

                                        By:  CHASE MANHATTAN BANK USA,
                                             NATIONAL ASSOCIATION, not in its
                                             individual capacity but solely as
                                             Owner Trustee,

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: December 2, 2003                  THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

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

                                      A-3-3

<PAGE>

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 2.20% Asset-Backed Notes (herein called the "Class
A-3 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-3 Notes are subject to all
terms of the Indenture.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes (collectively, the "Notes") are and will
be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions therein.

          Principal of the Class A-3 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing December 15, 2003.

          As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-3 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled
thereto.

          Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's

                                      A-3-4

<PAGE>

principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

          The Issuer shall pay interest on overdue installments of interest at
the Class A-3 Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or such Holder's attorney
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended, and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

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

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

          The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Trust Estate. Each Noteholder, by acceptance of a

                                      A-3-5

<PAGE>

Note (and each Note Owner by acceptance of a beneficial interest in a Note),
agrees to treat the Notes for federal, state and local income, single business
and franchise tax purposes as indebtedness of the Issuer.

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

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

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

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

          This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

                                      A-3-6

<PAGE>

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, Chase Manhattan Bank USA, National Association in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                      A-3-7

<PAGE>

                                   ASSIGNMENT

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

_________________________________________________

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

_________________________________________________
         (name and address of assignee)

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

Dated:_______________                   _______________________________________*

                    Signature Guaranteed:

                    _________________________________*

----------

* NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                      A-3-8

<PAGE>

                                   EXHIBIT A-4

                            [FORM OF CLASS A-4 NOTE]

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

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

REGISTERED                                                          $201,000,000

No.:__                                                      CUSIP NO.: 98152DBD2

                                                          ISIN No.: US98152DBD21

                                                            CINS No.: ..........

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-B

                       CLASS A-4 2.87% ASSET-BACKED NOTES

          WORLD OMNI AUTO RECEIVABLES TRUST 2003-B, a statutory trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of TWO-HUNDRED AND ONE MILLION DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $201,000,000 and the
denominator of which is $201,000,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-4 Notes pursuant to Section 3.01 of the Indenture dated as of December 2, 2003
(the "Indenture"), between the Issuer and The Bank of New York, a New York
banking corporation, as Indenture Trustee (the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the earlier of the November 15, 2010 Payment Date (the "Class A-4
Final Scheduled Payment Date") and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture. Generally, no payments of principal of the Class
A-4 Notes shall be made until the Class A-1, Class A-2 and Class A-3 Notes have
been paid in full.

                                      A-4-1

<PAGE>

Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

          The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

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

                                      A-4-2

<PAGE>

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

Date: December 2, 2003                  WORLD OMNI AUTO RECEIVABLES
                                        TRUST 2003-B,

                                        By:  CHASE MANHATTAN BANK USA,
                                             NATIONAL ASSOCIATION, not in its
                                             individual capacity but solely as
                                             Owner Trustee,

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: December 2, 2003                  THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

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

                                      A-4-3

<PAGE>

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 2.87% Asset-Backed Notes (herein called the "Class
A-4 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all
terms of the Indenture.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes (collectively, the "Notes") are and will
be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions therein.

          Principal of the Class A-4 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing December 15, 2003.

          As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-4 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled
thereto.

          Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's

                                      A-4-4

<PAGE>

principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

          The Issuer shall pay interest on overdue installments of interest at
the Class A-4 Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or such Holder's attorney
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended, and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

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

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

          The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Trust Estate. Each Noteholder, by acceptance of a

                                      A-4-5

<PAGE>

Note (and each Note Owner by acceptance of a beneficial interest in a Note),
agrees to treat the Notes for federal, state and local income, single business
and franchise tax purposes as indebtedness of the Issuer.

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

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

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

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

          This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

                                      A-4-6

<PAGE>

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, Chase Manhattan Bank USA, National Association in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                      A-4-7

<PAGE>

                                   ASSIGNMENT

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

_________________________________________________

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

_________________________________________________
         (name and address of assignee)

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

Dated:_______________                   _______________________________________*

                    Signature Guaranteed:
                    _________________________________*

----------

* NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                      A-4-8

<PAGE>

                                    EXHIBIT B

                             [FORM OF CLASS B NOTE]

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

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

REGISTERED                                                           $39,100,000

No.:__                                                       CUSIP NO.:98152DBE0

                                                           ISIN No.:US98152DBE04

                                                           CINS No.:............

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-B

                        CLASS B 2.56% ASSET-BACKED NOTES

          WORLD OMNI AUTO RECEIVABLES TRUST 2003-B, a statutory trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of THIRTY-NINE MILLION AND ONE-HUNDRED
THOUSAND DOLLARS payable on each Payment Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $39,100,000 and
the denominator of which is $39,100,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
B Notes pursuant to Section 3.01 of the Indenture dated as of December 2, 2003
(the "Indenture"), between the Issuer and The Bank of New York, a New York
banking corporation, as Indenture Trustee (the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the earlier of the November 15, 2010 Payment Date (the "Class B Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. Generally, no payments of principal of the Class B Notes
shall be made until the Class A-1 Notes have been paid in full, and, under
certain

                                       B-1

<PAGE>

circumstances until certain principal payments on the Class A-2, Class A-3 and
Class A-4 Notes have been paid Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein.

          The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

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

                                       B-2

<PAGE>

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

Date:  December 2, 2003                 WORLD OMNI AUTO RECEIVABLES TRUST
                                        2003-B,

                                        By:  CHASE MANHATTAN BANK USA,
                                             NATIONAL ASSOCIATION, not in its
                                             individual capacity but solely as
                                             Owner Trustee,

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:  December 2, 2003                 THE BANK OF NEW YORK, not in its
                                        individual  capacity but solely as
                                        Indenture Trustee,

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

                                       B-3

<PAGE>

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class B 2.56% Asset-Backed Notes (herein called the "Class B
Notes"), all issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Holders of the Notes. The Class B Notes are subject to all terms of the
Indenture.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class
A-4 Notes and the Class B Notes (collectively, the "Notes") are and will be
equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions therein.

          Principal of the Class B Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the fifteenth day
of each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing December 15, 2003.

          As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class B Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class B Notes shall be made pro rata to the Class B Noteholders entitled
thereto.

          Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's

                                       B-4

<PAGE>

principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

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

          As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or such Holder's attorney
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended, and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

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

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

          The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Trust Estate. Each Noteholder, by acceptance of a

                                       B-5

<PAGE>

Note (and each Note Owner by acceptance of a beneficial interest in a Note),
agrees to treat the Notes for federal, state and local income, single business
and franchise tax purposes as indebtedness of the Issuer.

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

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

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

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

          This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

                                       B-6

<PAGE>

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, Chase Manhattan Bank USA, National Association in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                       B-7

<PAGE>

                                   ASSIGNMENT

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

________________________________________

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

________________________________________
     (name and address of assignee)

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

Dated:________________________________    ___________________________________*

                         Signature Guaranteed:

                         _____________________________________*

----------
* NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                       B-8<PAGE>

                                                                     Exhibit 4.3

                                                                  EXECUTION COPY

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

                                 TRUST AGREEMENT

                                     between

                        WORLD OMNI AUTO RECEIVABLES LLC,
                                  as Depositor,

                                       and

                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
                                as Owner Trustee

                             Dated December 2, 2003

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

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

ARTICLE I Definitions..........................................................1

   SECTION 1.01   Capitalized Terms............................................1

ARTICLE II Organization........................................................1

   SECTION 2.01   Name.........................................................1
   SECTION 2.02   Office.......................................................1
   SECTION 2.03   Purposes and Powers..........................................1
   SECTION 2.04   Appointment of Owner Trustee.................................3
   SECTION 2.05   Initial Capital Contribution of Owner Trust Estate...........3
   SECTION 2.06   Declaration of Trust.........................................3
   SECTION 2.07   Liability of the Depositor and the Certificateholders........3
   SECTION 2.08   Title to Trust Property......................................4
   SECTION 2.09   Situs of Trust...............................................4
   SECTION 2.10   Representations and Warranties of the Depositor..............4
   SECTION 2.11   Financing Statements.........................................6
   SECTION 2.12   Amended and Restated Trust Agreement.........................6

ARTICLE III Trust Certificates and Transfer of Interests.......................6

   SECTION 3.01   [Reserved]...................................................6
   SECTION 3.02   The Trust Certificates.......................................6
   SECTION 3.03   Authentication of Trust Certificates.........................6
   SECTION 3.04   Registration of Transfer and Exchange of Trust
                  Certificates.................................................7
   SECTION 3.05   Mutilated, Destroyed, Lost or Stolen Trust Certificates......9
   SECTION 3.06   Persons Deemed Owners........................................9
   SECTION 3.07   Access to List of Certificateholders' Names and Addresses....9
   SECTION 3.08   Maintenance of Office or Agency.............................10
   SECTION 3.09   Appointment of Paying Agent.................................10

ARTICLE IV Actions by Owner Trustee...........................................10

   SECTION 4.01   Prior Notice to Certificateholders with Respect to
                  Certain Matters.............................................10
   SECTION 4.02   Action by Certificateholders with Respect to Certain
                  Matters.....................................................11
   SECTION 4.03   Action by Certificateholders with Respect to Bankruptcy.....11
   SECTION 4.04   Restrictions on Certificateholders' Power...................12
   SECTION 4.05   Majority Control............................................12

ARTICLE V Application of Trust Funds; Certain Duties..........................12

                                       i

<PAGE>

   SECTION 5.01   [Reserved]..................................................12
   SECTION 5.02   Application of Trust Funds..................................12
   SECTION 5.03   Method of Payment...........................................13
   SECTION 5.04   No Segregation of Monies; No Interest.......................13
   SECTION 5.05   Accounting and Reports to the Certificateholders, the
                  Internal Revenue Service and Others.........................13
   SECTION 5.06   Signature on Returns........................................14

ARTICLE VI Authority and Duties of Owner Trustee..............................14

   SECTION 6.01   General Authority...........................................14
   SECTION 6.02   General Duties..............................................14
   SECTION 6.03   Action upon Instruction.....................................15
   SECTION 6.04   No Duties Except as Specified in this Agreement or in
                  Instructions................................................16
   SECTION 6.05   No Action Except Under Specified Documents or
                  Instructions................................................16
   SECTION 6.06   Restrictions................................................16
   SECTION 6.07   Issuance of Notes...........................................16

ARTICLE VII Concerning the Owner Trustee......................................16

   SECTION 7.01   Acceptance of Trusts and Duties.............................17
   SECTION 7.02   Furnishing of Documents.....................................19
   SECTION 7.03   Representations and Warranties of the Owner Trustee.........19
   SECTION 7.04   [Reserved]..................................................20
   SECTION 7.05   Reliance; Advice of Counsel.................................20
   SECTION 7.06   Not Acting in Individual Capacity...........................20
   SECTION 7.07   Owner Trustee Not Liable for Trust Certificates or
                  Receivables.................................................20
   SECTION 7.08   Owner Trustee May Own Trust Certificates and Notes..........21

ARTICLE VIII Compensation of Owner Trustee....................................21

   SECTION 8.01   Owner Trustee's Fees and Expenses...........................21
   SECTION 8.02   Indemnification.............................................21
   SECTION 8.03   Payments to the Owner Trustee...............................22

ARTICLE IX Termination of Trust Agreement.....................................22

   SECTION 9.01   Termination of Trust Agreement..............................22

ARTICLE X Successor Owner Trustees and Additional Owner Trustees..............23

   SECTION 10.01  Eligibility Requirements for Owner Trustee..................23
   SECTION 10.02  Resignation or Removal of Owner Trustee.....................23
   SECTION 10.03  Successor Owner Trustee.....................................24
   SECTION 10.04  Merger or Consolidation of the Owner Trustee................25
   SECTION 10.05  Appointment of Co-Trustee or Separate Trustee...............25

ARTICLE XI Miscellaneous......................................................26

   SECTION 11.01  Supplements and Amendments..................................26

                                       ii

<PAGE>

   SECTION 11.02  No Legal Title to Owner Trust Estate in
                  Certificateholders..........................................28
   SECTION 11.03  Limitations on Rights of Others.............................28
   SECTION 11.04  Notices.....................................................28
   SECTION 11.05  Severability................................................28
   SECTION 11.06  Separate Counterparts.......................................29
   SECTION 11.07  Successors and Assigns......................................29
   SECTION 11.08  Covenants of the Depositor..................................29
   SECTION 11.09  No Petition.................................................29
   SECTION 11.10  No Recourse.................................................30
   SECTION 11.11  Headings....................................................30
   SECTION 11.12  GOVERNING LAW...............................................30

EXHIBIT A   Form of Trust Certificate
EXHIBIT B   Form of Certificate of Trust
EXHIBIT C   Form of Transferor Certificate
EXHIBIT D   Form of Investment Letter
EXHIBIT E   [Reserved]
EXHIBIT F   Forms of Receivables

                                      iii

<PAGE>

                                 TRUST AGREEMENT

          This TRUST AGREEMENT is dated December 2, 2003, between WORLD OMNI
AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national banking association,
as owner trustee.

                                    ARTICLE I

                                   DEFINITIONS

          SECTION 1.01  Capitalized Terms. Certain capitalized terms used in
this Agreement shall have the respective meanings assigned to them in Part I of
Appendix A to the Sale and Servicing Agreement of even date herewith. All
references herein to "the Agreement" or "this Agreement" are to this Trust
Agreement as it may be amended and supplemented from time to time, the Exhibits
hereto and the capitalized terms used herein which are defined in such Appendix
A, and all references herein to Articles, Sections and subsections are to
Articles, Sections and subsections of this Agreement unless otherwise specified.
The rules of construction set forth in Part II of such Appendix A shall be
applicable to this Agreement.

                                   ARTICLE II

                                  ORGANIZATION
                                  ------------

          SECTION 2.01  Name. The Trust created hereby shall be known as "World
Omni Auto Receivables Trust 2003-B" in which name the Owner Trustee may conduct
the business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

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

          SECTION 2.03  Purposes and Powers. (a) The purpose of the Trust is to
engage in the following activities and the Trust shall have the power and
authority:

                    (i)   to issue and cause to be authenticated the Notes
          pursuant to the Indenture and the Trust Certificates pursuant to this
          Agreement and to transfer the Notes and the Certificates to the
          Depositor;

                                       1

<PAGE>

                    (ii)  with the proceeds of the sale of the Notes, to
          purchase the Receivables, to make deposits into and withdrawals from
          the Reserve Account, the Pre-Funding Account and the Negative Carry
          Account, and to pay the organizational, start-up and transactional
          expenses of the Trust;

                    (iii) to assign, grant, transfer, pledge, mortgage and
          convey the Owner Trust Estate pursuant to the Indenture (including the
          filing of financing statements in connection therewith) and to hold,
          manage and distribute to the Certificateholders pursuant to the terms
          of the Sale and Servicing Agreement any portion of the Owner Trust
          Estate released from the Lien of, and remitted to the Trust pursuant
          to, the Indenture;

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

                    (v)   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;

                    (vi)  to give the Issuer Order (as defined in the Indenture)
          to the Indenture Trustee to authenticate and deliver the Notes; 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 Certificateholders and the Noteholders.

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

                                       2

<PAGE>

          SECTION 2.04  Appointment of Owner Trustee. The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein and under the
Statutory Trust Act.

          SECTION 2.05  Initial Capital Contribution of Owner Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, the sum of $1 previously delivered. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of the
foregoing contribution, which shall constitute the initial Owner Trust Estate.
The Depositor shall pay organizational expenses of the Trust 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 Trust under the Basic Documents. It is the
intention of the parties hereto that the Trust constitute a statutory trust
under the Statutory Trust Statute and that this Agreement constitute the
governing instrument of such statutory trust. The Trust is not intended to be a
business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy
Code. It is also the intention of the parties hereto that, solely for Federal,
state and local income and franchise tax purposes, on and after the Closing
Date, (a) so long as the Trust has only one Certificateholder, the Trust shall
be disregarded as a separate entity and (b) at such time as the Trust has more
than one Certificateholder, the Trust will be treated as a partnership, with the
assets of the partnership being the Receivables and other assets held by the
Trust, the partners of the partnership being the Certificateholders, and the
Notes being non-recourse debt of the partnership. The Depositor (and any future
Certificateholder by the purchase of the Trust Certificate will be deemed to
have agreed) and the Owner Trustee agree to take no action inconsistent with
such tax treatment. The Trust shall not elect to be treated as an association
under Treasury Regulations Section 301.7701-3(a). The parties agree that, unless
otherwise required by appropriate tax authorities, the sole Certificateholder or
the Trust, as applicable, will file or cause to be filed annual or other
necessary returns, reports and other forms consistent with the foregoing
characterization of the Trust 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 with respect to accomplishing the
purposes of the Trust. Any action taken on behalf of the Trust prior to the date
hereof with respect to the filing of financing statements or the Certificate of
Trust is hereby ratified.

          SECTION 2.07  Liability of the Depositor and the Certificateholders.
(a) The Depositor shall be liable directly to and will indemnify any injured
party for all losses, claims, damages, liabilities and expenses of the Trust
(including Expenses, to the extent not paid out of the Owner Trust Estate) to
the extent that the Depositor would be liable if the Trust were a partnership
under the Delaware Revised Uniform Limited Partnership Act in which the

                                       3

<PAGE>

Depositor were a general partner; provided, however, that the Depositor shall
not be liable for any losses incurred by a Certificateholder in the capacity of
an investor in the Trust Certificates, or by a Noteholder in the capacity of an
investor in the Notes. In addition, any third party creditors of the Trust
(other than in connection with the obligations described in the preceding
sentence for which the Depositor shall not be liable) shall be deemed third
party beneficiaries of this Section 2.07.

          (b)  No Certificateholder, other than to the extent set forth in
paragraph (a), shall have any personal liability for any liability or obligation
of the Trust.

          SECTION 2.08  Title to Trust Property. Legal title to all the Owner
Trust Estate shall be vested at all times in the Trust 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
and/or a separate trustee, as the case may be.

          SECTION 2.09  Situs of Trust. The Trust will be located in the State
of Delaware and administered in the State of Delaware. All bank accounts
maintained by the Owner Trustee on behalf of the Trust shall be located in the
State of Delaware or the State of New York. The Trust shall not have any
employees in any state other than 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 Trust only in
Delaware or New York, and payments will be made by the Trust only from Delaware
or New York. The only office of the Trust shall be the principal corporate trust
office of the Owner Trustee located at 500 Stanton Christiana Road, Floor 3
OPS4, Newark, Delaware 19713.

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

          (a)  The Depositor is duly organized and validly existing as a limited
liability company in good standing under the laws of the State of Delaware, with
power and authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted.

          (b)  The Depositor is duly qualified to do business as a foreign
limited liability company in good standing, and has obtained all necessary
material licenses and approvals, in all jurisdictions in which the ownership or
lease of property or the conduct of its business shall require such
qualifications, except where the failure to be so qualified or to have obtained
such licenses or approvals would not have a material adverse effect on the
Depositor's earnings, business affairs or business prospects.

          (c)  The Depositor has the power and authority to execute and deliver
this Agreement and to carry out its terms; the Depositor has full power and
authority to sell and

                                       4

<PAGE>

assign the property to be sold and assigned to and deposited with the Trust and
the Depositor has duly authorized such sale and assignment and deposit to the
Trust by all necessary action; and the execution, delivery and performance of
this Agreement have been duly authorized by the Depositor by all necessary
action.

          (d)  The consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof do not (i) conflict with,
result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time) a default under, the limited liability
company agreement or bylaws of the Depositor; (ii) breach, 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;
(iii) 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); or (iv) violate any law
or, to the best of the Depositor's knowledge, any order, rule or regulation
applicable to the Depositor of any court or of any federal or state regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties, except, in the case of
clauses (ii), (iii) and (iv), for such breaches, defaults, conflicts, liens or
violations that would not have a material adverse effect on the Depositor's
earnings, business affairs or business prospects.

          (e)  To the Depositor's best knowledge, there are no proceedings or
investigations pending or threatened before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties: (A) asserting the invalidity of this
Agreement or any of the other Basic Documents, (B) seeking to prevent the
issuance of the Trust Certificates or the consummation of any of the
transactions contemplated by this Agreement or any of the other Basic Documents,
(C) seeking any determination or ruling that could reasonably be expected to
materially and adversely affect the performance by the Depositor of its
obligations under, or the validity or enforceability of, this Agreement or any
of the other Basic Documents or (D) involving the Depositor and which might
materially and adversely affect the federal income tax or other federal, state
or local tax attributes of the Trust Certificates.

                                       5

<PAGE>

          SECTION 2.11  Financing Statements. The Trust hereby authorizes the
filing of financing statements in connection with the grant of a security
interest to the Indenture Trustee pursuant to the granting clause of the
Indenture. In addition, the Trust hereby ratifies any such financing statements
filed prior to the date hereof.

          SECTION 2.12  Amended and Restated Trust Agreement. This Trust
Agreement is the amended and restated trust agreement contemplated by the Trust
Agreement dated as of November 14, 2003 between the Seller and the Owner Trustee
(the "Initial Trust Agreement"). This Trust Agreement amends and restates in its
entirety the Initial Trust Agreement.

                                   ARTICLE III

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS
                  --------------------------------------------

          SECTION 3.01  [Reserved]

          SECTION 3.02  The Trust Certificates. The Trust Certificates shall
represent a 100% Percentage Interest in the Trust. On the date hereof, the
Depositor or its designee shall be the sole Certificateholder of each of the
Trust Certificates and each of the Trust Certificates shall be registered, upon
initial issuance, in the name of the Depositor or its designee. The Trust
Certificates shall be executed on behalf of the Trust by manual or facsimile
signature of an authorized officer of the Owner Trustee. Trust 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 Owner Trustee, shall be validly issued and entitled to the benefit 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
Trust Certificates or did not hold such offices at the date of authentication
and delivery of such Trust Certificates.

          A transferee of a Trust 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 Trust
Certificate duly registered in such transferee's name pursuant to Section 3.04.

          SECTION 3.03  Authentication of Trust Certificates. On the Closing
Date, the Owner Trustee shall cause the Trust Certificates to be executed on
behalf of the Trust, authenticated and delivered to or upon the written order of
the Depositor signed by the Depositor's president, any vice president,
secretary, treasurer or any assistant treasurer, without further company action
by the Depositor. No Trust Certificate shall entitle a Certificateholder to any
benefit under this Agreement or be valid for any purpose unless there shall
appear on such Trust Certificate a certificate of authentication substantially
in the form set forth in Exhibit A, executed by the Owner Trustee, by manual
signature; such authentication shall constitute

                                       6

<PAGE>

conclusive evidence that such Trust Certificate shall have been duly
authenticated and delivered hereunder. All Trust Certificates shall be dated the
date of their authentication.

          SECTION 3.04  Registration of Transfer and Exchange of Trust
Certificates. The certificate registrar (the "Certificate Registrar") shall
keep or cause to be kept, at the office or agency maintained pursuant to Section
3.08, a certificate register (the "Certificate Register") in which, subject to
such reasonable regulations as it may prescribe, the Owner Trustee shall provide
for the registration of Trust Certificates and of transfers and exchanges of
Trust Certificates as herein provided. The Owner Trustee shall be the initial
Certificate Registrar.

          The Trust Certificates have not been and will not be registered under
the Securities Act and will not be listed on any exchange. No transfer of a
Certificate shall be made unless such transfer is made pursuant to an effective
registration statement under the Securities Act and any applicable state
securities laws or is exempt from the registration requirements under the
Securities Act and such state securities laws. In the event that a transfer is
to be made in reliance upon an exemption from the Securities Act and state
securities laws, in order to assure compliance with the Securities Act and such
laws, the Certificateholder desiring to effect such transfer and such Holder's
prospective transferee shall each certify to the Owner Trustee and the Depositor
in writing the facts surrounding the transfer in substantially the forms set
forth in Exhibit C (the "Transferor Certificate") and Exhibit D (the "Investment
Letter"). Except in the case of a transfer as to which the proposed transferee
has provided an Investment Letter with respect to a Rule 144A transaction, there
shall also be delivered to the Owner Trustee an opinion of counsel that such
transfer may be made pursuant to an exemption from the Securities Act and state
securities laws, which opinion of counsel shall not be an expense of the Trust,
the Owner Trustee or the Indenture Trustee (unless it is the transferee from
whom such opinion is to be obtained) or of the Depositor or World Omni; provided
that such opinion of counsel in respect of the applicable state securities laws
may be a memorandum of law rather than an opinion if such counsel is not
licensed in the applicable jurisdiction. The Depositor shall provide to any
Certificateholder and any prospective transferee designated by any such
Certificateholder information regarding the Certificates and the Receivables and
such other information as shall be necessary to satisfy the condition to
eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate
without registration thereof under the Securities Act pursuant to the
registration exemption provided by Rule 144A. Each Certificateholder desiring to
effect such a transfer shall, and does hereby agree to, indemnify the Issuer,
the Owner Trustee, the Indenture Trustee, the Depositor and World Omni (in any
capacity) against any liability that may result if the transfer is not so exempt
or is not made in accordance with federal and state securities laws.

          No transfer of a Trust Certificate shall be made to any Person unless
the Owner Trustee has received (A) a certificate in the form of paragraph 3 to
the Investment Letter attached hereto as Exhibit D from such Person to the
effect that such Person is not (i) an employee benefit plan (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as

                                       7

<PAGE>

amended ("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 (each, a "Benefit Plan") or (B) an opinion of counsel satisfactory to the
Owner Trustee and the Depositor to the effect that the purchase and holding of
such Trust Certificate will not constitute or result in the assets of the Issuer
being deemed to be "plan assets" subject to the prohibited transactions
provisions of ERISA or Section 4975 of the Code and will not subject the Owner
Trustee, the Indenture Trustee or the Depositor to any obligation in addition to
those undertaken in the Basic Documents; provided, however, that the Owner
Trustee will not require such certificate or opinion in the event that, as a
result of a change of law or otherwise, counsel satisfactory to the Owner
Trustee has rendered an opinion to the effect that the purchase and holding of a
Trust Certificate by a Benefit Plan or a Person that is purchasing or holding
such a Trust Certificate with the assets of a Benefit Plan will not constitute
or result in a prohibited transaction under ERISA or Section 4975 of the Code.
The preparation and delivery of the certificate and opinions referred to above
shall not be an expense of the Issuer, the Owner Trustee, the Indenture Trustee,
World Omni (in any capacity) or the Depositor. Any attempted or purported
transfer in violation of these transfer restrictions will be null and void and
will vest no rights in any purported transferee.

          The Owner Trustee shall cause each Certificate to contain a legend
stating that transfer of the Certificates is subject to certain restrictions and
referring prospective purchasers of the Certificates to the terms of this
Agreement with respect to such restrictions.

          Upon surrender for registration of transfer of any Trust Certificate
at the office or agency maintained pursuant to Section 3.08, the Owner Trustee
shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Trust Certificates in authorized
denominations of a like aggregate amount dated the date of authentication by the
Owner Trustee or any authenticating agent. At the option of a Certificateholder,
Trust Certificates may be exchanged for other Trust Certificates of authorized
denominations of a like aggregate amount upon surrender of the Trust
Certificates to be exchanged at the office or agency maintained pursuant to
Section 3.08.

          Every Trust Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by 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. Each Trust Certificate surrendered for registration of
transfer or exchange shall be cancelled and subsequently disposed of by the
Owner Trustee in accordance with its customary practice.

          No service charge shall be made for any registration of transfer or
exchange of Trust 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 or
exchange of Trust Certificates.

                                       8

<PAGE>

          The preceding provisions of this Section notwithstanding, the Owner
Trustee shall not make, and the Certificate Registrar shall not register
transfers or exchanges of, Trust Certificates for a period of 15 days preceding
the due date for any payment with respect to the Trust Certificates.

          SECTION 3.05  Mutilated, Destroyed, Lost or Stolen Trust Certificates.
If (a) any mutilated Trust Certificate shall be surrendered to the Certificate
Registrar, or if the Certificate Registrar shall receive evidence to its
satisfaction of the destruction, loss or theft of any Trust Certificate and (b)
there shall be 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 Trust Certificate has been acquired by a
bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and
the Owner Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust
Certificate of like tenor and denomination. In connection with the issuance of
any new Trust Certificate under this Section, the Owner Trustee or the
Certificate Registrar may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection therewith.
Any duplicate Trust Certificate issued pursuant to this Section shall constitute
conclusive evidence of ownership in the Trust, as if originally issued, whether
or not the lost, stolen or destroyed Trust Certificate shall be found at any
time.

          SECTION 3.06  Persons Deemed Owners. Prior to due presentation of a
Trust Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar or any Paying Agent may treat the Person in whose name any
Trust Certificate is registered in the Certificate Register as the owner of such
Trust 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 or any Paying Agent shall be bound by any notice to the
contrary.

          SECTION 3.07  Access to List of Certificateholders' Names and
Addresses. The Owner Trustee shall furnish or cause to be furnished to the
Servicer and the Depositor, within 15 days after receipt by the Owner Trustee of
a written request therefor from the Servicer or the Depositor, a list, in such
form as the Servicer or the Depositor 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 of Trust
Certificates evidencing not less than a 25% Percentage Interest of the
Certificates apply in writing to the Owner Trustee, and such application states
that the applicants desire to communicate with other Certificateholders with
respect to their rights under this Agreement or under the Trust Certificates and
such application is accompanied by a copy of the communication that such
applicants propose to transmit, then the Owner Trustee 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 Trust Certificate, shall be

                                       9

<PAGE>

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

          SECTION 3.09  Appointment of Paying Agent. The Paying Agent shall
make distributions to Certificateholders pursuant to Section 5.02 and shall
report the amounts of such distributions to the Owner Trustee. Any Paying Agent
shall have the revocable power to withdraw funds from the Collection 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 Indenture Trustee
will be the initial Paying Agent. In the event that the Indenture Trustee shall
no longer be the Paying Agent, the Owner Trustee 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 Paying Agent 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. Any reference in this Agreement to the Paying
Agent shall include any co-paying agent unless the context requires otherwise.

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE
                            ------------------------

          SECTION 4.01  Prior Notice to Certificateholders with Respect to
Certain Matters. With respect to the following matters, the Owner Trustee shall
not take action unless, at least 30 days before the taking of such action, the
Owner Trustee shall have notified the Certificateholders in writing of the
proposed action and the Certificateholders shall not have

                                       10

<PAGE>

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 Trust (except
claims or lawsuits brought in connection with the collection of the Receivables)
and the compromise of any action, claim or lawsuit brought by or against the
Trust (except with respect to the aforementioned claims or lawsuits for
collection of the Receivables);

          (b)  the election by the Trust 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 would materially adversely affect the interests of the
Certificateholders;

          (e)  the amendment, change or modification of the Administration
Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner or 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 or Indenture Trustee or Certificate Registrar of its
obligations under the Indenture or this Agreement, as applicable.

          SECTION 4.02  Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not have the power, except upon the written
direction of the Certificateholders, to (a) remove the Administrator under the
Administration Agreement pursuant to Section 1.08 thereof, (b) appoint a
successor Administrator under the Administration Agreement pursuant to Section
1.08 thereof, (c) remove the Servicer under the Sale and Servicing Agreement
pursuant to Section 8.01 thereof or (d) except as expressly provided in the
Basic Documents, sell the Receivables after the termination of the Indenture.
The Owner Trustee shall take the actions referred to in the preceding sentence
only upon written instructions signed by the Certificateholders.

          SECTION 4.03  Action by Certificateholders with Respect to Bankruptcy.
To the fullest extent permitted by applicable law, the Owner Trustee shall not
have any power to, and shall not, (i) institute proceedings to have the Trust
declared or adjudicated a bankrupt or insolvent, (ii) consent to the institution
of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition
or consent to a petition seeking reorganization or relief on behalf of the

                                       11

<PAGE>

Trust under any applicable federal or state law relating to bankruptcy, (iv)
consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or any similar official) of the Trust or a substantial portion of
the assets of the Trust, (v) make any assignment for the benefit of the Trust's
creditors, (vi) cause the Trust to admit in writing its inability to pay its
debts generally as they become due, or (vii) take any action, or cause the Trust
to take any action, in furtherance of any of the foregoing (any of the above, a
"Bankruptcy Action"). So long as the Indenture remains in effect, no
Certificateholder shall have the power to take, and shall not take, any
Bankruptcy Action with respect to the Trust or direct the Owner Trustee to take
any Bankruptcy Action with respect to the Trust.

          SECTION 4.04  Restrictions on Certificateholders' Power. The
Certificateholders shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Agreement or any of the Basic
Documents or would be contrary to Section 2.03 or contrary to applicable law,
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 of Trust Certificates evidencing in the
aggregate not less than a 50% 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 of Trust
Certificates evidencing in the aggregate not less than a 50% Percentage Interest
at the time of the delivery of such notice.

                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
                   ------------------------------------------

          SECTION 5.01  [Reserved]

          SECTION 5.02  Application of Trust Funds. (a) On each Payment Date,
subject to Section 5.02(b) hereof, the Paying Agent shall distribute to
Certificateholders, on a pro rata basis, amounts pursuant to Section 5.01(e),
Section 5.06(ii)(G), (iii)(E) or (iv)(E) or Section 5.07(d) of the Sale and
Servicing Agreement with respect to such Payment Date.

          (b)  The Certificateholders of 100% Percentage Interest of the
Certificates will have the right, but not the obligation, in their sole
discretion, to instruct the Indenture Trustee in writing to retain in the
Collection Account all or a portion of distributions otherwise payable to them
pursuant to Section 5.01(e), Section 5.06(ii)(G), (iii)(E) or (iv)(E) or Section
5.07(d) of the Sale and Servicing Agreement. If the Certificateholders make this
election, these amounts will be treated as collections during the then-current
Collection Period and the Certificateholders will

                                       12

<PAGE>

have no claim to such amounts (unless distributed on a subsequent Payment Date
pursuant to Section 5.06(ii)(G) of the Sale and Servicing Agreement).

          (c)  On each Payment Date, the Paying Agent shall send to each
Certificateholder copies of the statement or statements provided to the Owner
Trustee by the Servicer pursuant to Section 5.08 of the Sale and Servicing
Agreement with respect to such Payment Date.

          SECTION 5.03  Method of Payment. Subject to Section 9.01(c),
distributions required to be made to Certificateholders on any Payment Date
shall be made to each Certificateholder of record on the preceding Record Date
either (x) 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 appropriate written instructions no later than the Record Date prior
to such Payment Date, or (y) if such Certificateholder does not qualify under
clause (x), by check mailed to such Certificateholder at the address of such
holder appearing in the Certificate Register.

          SECTION 5.04  No Segregation of Monies; No Interest. Subject to
Section 5.02, monies received by the Owner Trustee hereunder need not be
segregated in any manner except to the extent required by law 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 the Certificateholders, the
Internal Revenue Service and Others. The Administrator shall deliver to each
Certificateholder, as may be required by the Code and applicable Treasury
Regulations, or as may be requested by such Certificateholder, such information,
reports or statements as may be necessary to enable each Certificateholder to
prepare its federal and state income tax returns. Consistent with the Trust's
characterization for tax purposes as a disregarded entity so long as the
Depositor or any other Person is the sole Certificateholder, no federal income
tax return shall be filed on behalf of the Trust unless either (i) the Owner
Trustee shall be provided with an Opinion of Counsel that, based on a change in
applicable law occurring after the date hereof, or as a result of a transfer
permitted by Section 3.04, the Code requires such a filing or (ii) the Internal
Revenue Service shall determine that the Trust is required to file such a
return. In the event that there shall be two or more beneficial owners of the
Trust, the Administrator shall inform the Indenture Trustee in writing of such
event, (x) the Administrator shall prepare or shall cause to be prepared federal
and, if applicable, state or local partnership tax returns, with all such
necessary information provided to it, required to be filed by the Trust and
shall remit such returns to the Depositor (or if the Depositor no longer owns
any Certificates, the Certificateholder designated for such purpose by the
Depositor to the Owner Trustee in writing) at least (5) days before such returns
are due to be filed, and (y) capital accounts shall be maintained by the
Administrator for each Certificateholder in accordance with the Treasury
Regulations under Section 704(b) of the Code

                                       13

<PAGE>
reflecting each such Certificateholder's share of the income, gains, deductions,
and losses of the Trust and/or guaranteed payments made by the Trust and
contributions to, and distributions from, the Trust. The Depositor (or such
designee Certificateholder, as applicable) shall promptly sign such returns and
deliver such returns after signature to the Administrator and such returns shall
be filed by the Administrator with the appropriate tax authorities. In the event
that a "tax matters partner" (within the meaning of Code Section 6231(a)(7)) is
required to be appointed with respect to the Trust, the Depositor or its
designee is hereby designated as tax matters partner or, if the Depositor is not
a Certificateholder, the Certificateholder selected by a majority of the
Certificateholders (by Percentage Interest) shall be designated as tax matters
partner. In no event shall the Certificateholder or the Depositor (or such
designee Certificateholder, as applicable) be liable for any liabilities, costs
or expenses of the Trust or the Noteholders arising out of the application of
any tax law, including federal, state, foreign or local income or excise taxes
or any other tax imposed on or measured by income (or any interest, penalty or
addition with respect thereto or arising from a failure to comply therewith)
except for any such liability, cost or expense attributable to any negligent act
or omission by the Owner Trustee or the Depositor (or such designee
Certificateholder, as applicable), as the case may be, in breach of its
obligations under this Agreement.

          SECTION 5.06  Signature on Returns.

          The Depositor (or, if the Depositor no longer owns any of the
Certificates, the Certificateholder designated for such purpose pursuant to
Section 5.05) shall sign the tax returns of the Trust on behalf of the Trust,
unless applicable law requires the Owner Trustee to sign such documents, in
which case such documents shall be signed by the Owner Trustee, as required by
applicable law.

                                   ARTICLE VI

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE
                      -------------------------------------

          SECTION 6.01  General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be
a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party and, in
each case, in such form as the Depositor shall approve, as evidenced
conclusively by the Owner Trustee's execution thereof. In addition to the
foregoing, the Owner Trustee is authorized, but shall not be obligated, to take
all actions required of the Trust pursuant to the Basic Documents. The Owner
Trustee is further authorized from time to time to take such action as the
Administrator recommends with respect to the Basic Documents.

          SECTION 6.02  General Duties. It shall be the duty of the Owner
Trustee to discharge (or cause to be discharged) all of its responsibilities
pursuant to the terms of this Agreement and to administer the Trust in the
interest of the Certificateholders, subject to the

                                       14

<PAGE>

Basic Documents and in accordance with the provisions of this Agreement.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have
discharged its duties and responsibilities hereunder 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 Trust hereunder or under any
Basic Document, and the Owner Trustee shall not be held liable for the default
or failure of the Administrator to carry out its obligations under the
Administration Agreement.

          SECTION 6.03  Action upon Instruction.

          (a)  Subject to Article IV 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 Trust. Such direction may be exercised at
any time by written instruction of the Certificateholders pursuant to Article
IV.

          (b)  The Owner Trustee shall not be required to take any action
hereunder or under any 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
hereof or of any Basic Document or is otherwise contrary to law.

          (c)  Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or under any Basic Document, the Owner Trustee shall promptly give
notice (in such form as shall be appropriate under the circumstances) to the
Certificateholders 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 instruction within 10 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 Basic Documents, as it shall deem
necessary, and shall have no liability to any Person for such action or
inaction.

          (d)  In the event that the Owner Trustee is unsure as to the
application of any provision of this Agreement or any 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 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 instruction within 10 days of

                                       15

<PAGE>

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 Basic Documents, as it shall deem
necessary, 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 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 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 filing, including any Securities and
Exchange Commission filing for the Trust or to record this Agreement or any
Basic Document. The Owner Trustee nevertheless agrees that it will promptly take
all action as may be necessary to discharge any liens on any part of the Owner
Trust Estate that result from actions by, or claims against, the Owner Trustee
that are not related to the ownership or the administration of the Owner Trust
Estate.

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

          SECTION 6.06  Restrictions. The Owner Trustee shall not take any
action (a) that is inconsistent with the purposes of the Trust set forth in
Section 2.03 or (b) that, to the actual knowledge of the Owner Trustee, would
result in the Trust's becoming taxable as a corporation for federal income tax
purposes. The Certificateholders shall not direct the Owner Trustee to take
action that would violate the provisions of this Section 6.06.

          SECTION 6.07  Issuance of Notes. The Owner Trustee is hereby
authorized and directed on behalf of the Trust to issue the Notes pursuant to
the Indenture.

                                   ARTICLE VII

                          CONCERNING THE OWNER TRUSTEE
                          ----------------------------

                                       16

<PAGE>

          SECTION 7.01  Acceptance of Trusts and Duties. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts, but only upon the terms of this Agreement. The
Owner Trustee also agrees to disburse all monies actually received by it
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
Basic Document under any circumstances, except (i) for its own willful
misconduct or negligence (including where such willful misconduct or negligence
results in non-compliance with any covenant or agreement of the Owner Trustee
herein), (ii) for liabilities arising from the failure by the Owner Trustee to
perform obligations expressly undertaken by it in the last sentence of Section
6.04 hereof, (iii) in the case of the inaccuracy of any representation or
warranty contained in Section 7.03 expressly made by the Owner Trustee or (iv)
for federal or state taxes, fees or other charges, based on or measured by any
fees, commissions or compensation received by the Owner Trustee in connection
with any of the transactions contemplated by this Agreement or any of the Basic
Documents. 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 by a Trust Officer of the Owner Trustee;

          (b)  The Owner Trustee shall not be liable with respect to any action
taken or omitted to be taken by them in accordance with the instructions of the
Administrator or any Certificateholder (provided that the instructions have been
given by the requisite Percentage Interest of the Certificates pursuant to this
Agreement or one of the Basic Documents, as applicable);

          (c)  No provision of this Agreement or any Basic Document shall
require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of their rights or powers
hereunder or under any 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 them;

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

          (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 certificate of
authentication on the Trust Certificates, and the Owner Trustee shall not in any
event assume or incur any liability, duty or obligation to any Noteholder or to
any Certificateholder, other than as expressly provided for herein;

                                       17

<PAGE>

          (f)  The Owner Trustee shall not be liable for the default or
misconduct of the Administrator, the Depositor, the Indenture Trustee or the
Servicer under any of the Basic Documents or otherwise, and the Owner Trustee
shall not have any obligation or liability to perform the obligations of the
Trust under this Agreement or the Basic Documents that are required to be
performed by the Administrator under the Administration Agreement, the Indenture
Trustee under the Indenture or the Servicer or the Depositor under the Sale and
Servicing Agreement;

          (g)  The Owner Trustee shall not be under any obligation to exercise
any of the rights or powers vested in them by this Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in
relation to this Agreement or any Basic Document, at the request, order or
direction of any of the Certificateholders, unless such Certificateholders have
offered to them reasonable security or indemnity satisfactory to the Owner
Trustee against the costs, expenses and liabilities that may be incurred by them
therein or thereby. The right of the Owner Trustee to perform any discretionary
act enumerated in this Agreement or in any Basic Document shall not be construed
as a duty, and the Owner Trustee shall not be answerable for other than their
negligence or willful misconduct in the performance of any such act;

          (h)  The Owner Trustee shall not be liable for any losses due to
forces beyond the control of the Owner Trustee, including without limitation
strikes, work stoppages, acts of war or terrorism, insurrection, revolution,
nuclear or natural catastrophes or acts of God and interruptions, loss or
malfunctions of utilities or communications services; and

          (i)  In no event shall the Owner Trustee be personally liable (i) for
special, consequential or punitive damages, (ii) for the acts or omissions of
its nominees, correspondents, clearing agencies or securities depositories and
(iii) for the acts or omissions of brokers or dealers. The Owner Trustee shall
have no responsibility for the accuracy of any information provided to the
Certificateholders or any other Person that has been obtained from, or provided
to the Owner Trustee.

          (j)  Notwithstanding anything to the contrary herein or any Basic
Document, the Owner Trustee shall not be required to execute, deliver or certify
on behalf of the Trust or any other Person, any filings, certificates,
affidavits or other instruments required under the Sarbanes-Oxley Act of 2002.

                                       18

<PAGE>

          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. The Owner Trustee shall have no responsibility for
the accuracy of any information provided to the Certificateholders or any other
Person that has been obtained from, or provided to the Owner Trustee.

          SECTION 7.03  Representations and Warranties of the Owner Trustee. The
Owner Trustee hereby represents and warrants to the Depositor, for the benefit
of the Certificateholders, that:

          (a)  It is a national banking association duly formed and validly
existing under the federal laws of the United States of America. It has all
requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement.

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

          (c)  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 (i) 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, (ii) constitute any default under its charter documents or bylaws, (iii)
constitute any default under any indenture, mortgage, contract, agreement or
instrument to which it is a party or by which any of its properties may be bound
or (iv) result in the creation or imposition of any lien, charge or encumbrance
on the Owner Trust Estate resulting from actions by or claims against the Owner
Trustee which are unrelated to this Agreement or the other Basic Documents.

          (d)  It has the power and authority to execute and deliver this
Agreement and, on behalf of the Trust, the other Basic Documents to which the
Trust is a party and to carry out their respective terms; and the execution,
delivery, and performance of this Agreement by it and the other Basic Documents
to which the Trust is a party have been duly authorized by all necessary
corporate action.

          (e)  This Agreement constitutes the legal, valid, and binding
obligation of the Owner Trustee, enforceable in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, 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.

                                       19

<PAGE>

          SECTION 7.04  [Reserved]

          SECTION 7.05  Reliance; Advice of Counsel. (a) The Owner Trustee 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 (whether in its original or facsimile form) believed by
it to be genuine and believed by it to be signed by the proper party or parties.
The Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence
that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of determination of
which is not specifically prescribed herein, the Owner Trustee may for all
purposes hereof rely on a certificate, signed by its president or any vice
president or by the treasurer or other authorized officers, as to such fact or
matter, and such certificate shall constitute full protection to the Owner
Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon.

          (b)  In the exercise or administration of the trusts hereunder and in
the performance of its duties and obligations under this Agreement or the Basic
Documents, the Owner Trustee (i) may act directly or through its agents or
attorneys pursuant to agreements entered into with it, 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) may 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 which it believes to be authorized or within its rights or powers, in
accordance with the opinion or advice of any such counsel, accountants or other
such Persons and not to its knowledge contrary to this Agreement or any Basic
Document.

          SECTION 7.06  Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created, Chase Manhattan Bank
USA, National Association 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 Basic
Document shall look only to the Owner Trust Estate for payment or satisfaction
thereof.

          SECTION 7.07  Owner Trustee Not Liable for Trust Certificates or
Receivables. The Owner Trustee makes no representations as to the validity or
sufficiency of this Agreement, of any Basic Document or of the Trust
Certificates (other than the signature and countersignature of the Owner Trustee
on the Trust Certificates) or the Notes, or of any Receivable or related
documents. The Owner Trustee shall not at any 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

                                       20

<PAGE>

respect to the sufficiency of the Owner Trust Estate or its ability to generate
the payments to be distributed to Certificateholders under this Agreement or the
Noteholders under the Indenture, including, without limitation: 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 Trust or of any intervening assignment; the
completeness of any Receivable; the performance or enforcement of any
Receivable; the compliance by the Depositor or the 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 Servicer or any subservicer taken in
the name of the Owner Trustee.

          SECTION 7.08  Owner Trustee May Own Trust Certificates and Notes. The
Owner Trustee in its individual or any other capacity may become the owner or
pledgee of Trust Certificates or Notes and may deal with the Depositor, the
Administrator, the Indenture Trustee and the Servicer in banking transactions
with the same rights as it would have if it were not Owner Trustee.

                                  ARTICLE VIII

                          COMPENSATION OF OWNER TRUSTEE
                          -----------------------------

          SECTION 8.01  Owner Trustee's Fees and Expenses. The Owner Trustee
shall receive as compensation for its services hereunder during the term of this
Agreement such fees as have been separately agreed upon in writing before the
date hereof between the Administrator and the Owner Trustee, and the Owner
Trustee shall be entitled to be reimbursed by the Administrator pursuant to the
Administration Agreement for its other reasonable and documented expenses
hereunder, including the reasonable and documented 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. Pursuant to the Administration
Agreement, the Administrator shall be liable as primary obligor for, and shall
indemnify the Owner Trustee and its officers, directors, employees, successors,
assigns, agents and servants (collectively, the "Indemnified Parties") from and
against, any and all liabilities, obligations, losses, damages, taxes, claims,
actions and suits, and any and all reasonable and documented costs, expenses and
disbursements (including reasonable and documented legal fees and expenses) of
any kind and nature whatsoever (collectively, "Expenses") which may at any time
be imposed on, incurred by or asserted against any Indemnified Party in any way
relating to or arising out of this Agreement, the Basic Documents, the Owner
Trust Estate, the administration of the Owner Trust Estate or the action or
inaction of any Indemnified Party hereunder, except

                                       21

<PAGE>

only that the Administrator 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 clauses (i), (ii), (iii) or (iv) of the third sentence of
Section 7.01. The indemnities contained in this Section shall survive the
resignation or termination of the Owner Trustee or the termination of this
Agreement. In any event of any claim, action or proceeding for which indemnity
is sought pursuant to this Section, the Owner Trustee's choice of legal counsel
shall be subject to the approval of the Administrator, 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 VIII shall be deemed not to be a part of
the Owner Trust Estate simultaneously with such payment.

                                   ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT
                         ------------------------------

          SECTION 9.01  Termination of Trust Agreement. (a) This Agreement
(other than Article VIII) and the Trust shall terminate and be of no further
force or effect upon the final distribution by the Owner Trustee or Paying Agent
of all monies or other property or proceeds of the Owner Trust Estate in
accordance with the terms of the Indenture, the Sale and Servicing Agreement and
Article V. The bankruptcy, liquidation, dissolution, death or incapacity of any
Certificateholder shall not (x) operate to terminate this Agreement or the Trust
or (y) 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 Trust or Owner Trust Estate or (z)
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 Trust.

          (c)  Notice of any termination of the Trust, specifying the Payment
Date upon which Certificateholders shall surrender their Trust Certificates to
the Paying Agent for payment of the final distribution and cancellation, shall
be given by the Paying Agent by letter to Certificateholders mailed within five
Business Days of receipt of actual notice of such termination from the Servicer
given pursuant to Section 9.01(b) of the Sale and Servicing Agreement, stating
(i) the Payment Date upon or with respect to which final payment of the Trust
Certificates shall be made upon presentation and surrender of the Trust
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 Payment Date is not applicable, and, as a result, payments
will be made only upon presentation and surrender of the Trust Certificates by
Certificateholders at the office of the Paying Agent therein specified. The
Paying Agent shall give such notice to the Certificate Registrar (if other than
the Owner Trustee) and the Owner Trustee at the time such notice is given to
Certificateholders. Upon presentation and surrender of

                                       22

<PAGE>

the Trust Certificates, the Paying Agent shall cause to be distributed to
Certificateholders amounts distributable on such Payment Date pursuant to
Section 5.02.

          In the event that all of the Certificateholders shall not surrender
their Trust Certificates for cancellation within six months after the date
specified in the above-mentioned written notice, the Paying Agent shall give a
second written notice to the remaining Certificateholders to surrender their
Trust Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the Trust
Certificates shall not have been surrendered for cancellation, the Owner Trustee
or Paying Agent may take appropriate steps, or may appoint an agent to take
appropriate steps, to contact the remaining Certificateholders concerning
surrender of their Trust Certificates, and the cost thereof shall be paid out of
the funds and other assets that shall remain subject to this Agreement. Any
funds remaining in the Owner Trust Estate after exhaustion of such remedies
shall be distributed by the Owner Trustee to the Depositor.

          (d)  Upon the winding up of the Trust and its termination, the Owner
Trustee shall cause the Certificate of Trust to be cancelled by filing a
certificate of cancellation (as provided to it) with the Secretary of State of
the State of Delaware in accordance with the provisions of Section 3810 of the
Business Trust Statute.

                                    ARTICLE X

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
             ------------------------------------------------------

          SECTION 10.01 Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Business Trust Statute and it shall at all times be authorized to
exercise corporate trust powers; having a combined capital and surplus of at
least $50,000,000, subject to supervision or examination by federal or state
authorities and having (or having a parent which has) a long-term rating of at
least "A" (or the equivalent) by each Rating Agency. If such corporation shall
publish reports of condition at least annually pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. In case at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of this Section,
the Owner Trustee shall resign promptly in the manner and with the effect
specified in Section 10.02.

          SECTION 10.02 Resignation or Removal of Owner Trustee. (a) Subject to
paragraph (c) of this Section, the Owner Trustee may at any time resign and be
discharged from the trusts hereby created by giving written notice thereof to
the Administrator. Upon receiving such notice of resignation, the Administrator
shall promptly appoint a successor Owner Trustee 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

                                       23

<PAGE>

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, as applicable, may petition (at the expense of the Depositor) any court
of competent jurisdiction for the appointment of a successor Owner Trustee.

          (b)  Subject to paragraph (c) of this Section, if at any time the
Owner Trustee shall cease to be eligible in accordance with the provisions of
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, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner
Trustee or of its property shall be appointed, or any public officer shall take
charge or control of the Owner Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then the Administrator
may remove the Owner Trustee. If the Administrator shall remove the Owner
Trustee under the authority of the immediately preceding sentence, the
Administrator shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
outgoing Owner Trustee so removed and one copy to the successor Owner Trustee,
and shall pay all fees owed to the outgoing Owner Trustee.

          (c)  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.

          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 thereupon the resignation or removal
of the predecessor Owner Trustee shall become effective, and such successor
Owner Trustee, without any further act, deed or conveyance, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor
under this Agreement, with like effect as if originally named as 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.

                                       24

<PAGE>

          Upon written 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 the Rating
Agencies. If the Administrator shall fail to mail such notice within 10 business
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.

          Any successor Owner Trustee appointed hereunder shall promptly file an
amendment to the Certificate of Trust with the Secretary of State of the State
of Delaware as required by the Statutory Trust Statute.

          SECTION 10.04 Merger or Consolidation of the Owner Trustee. Any
corporation or other entity into which the Owner Trustee may be merged or
converted or with which it may be consolidated, or any corporation or other
entity resulting from any merger, conversion or consolidation to which the Owner
Trustee shall be a party, or any corporation or other entity succeeding to all
or substantially all of the corporate trust business of the Owner Trustee, shall
be the successor to and assume all obligations of the Owner Trustee, without the
execution or filing of any assignment or other instrument or any further act on
the part of such other entity or any of the parties hereto, anything herein to
the contrary notwithstanding; provided, that such corporation shall be eligible
pursuant to Section 10.01 and, provided, further, that the Owner Trustee shall
mail notice of such merger or consolidation to each Rating Agency.

          SECTION 10.05 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the 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, such title to the Trust 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 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 upon and exercised or performed by the
Owner Trustee and

                                       25

<PAGE>

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;

          (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
without notice to any Rating Agency or any other Person.

          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.

                                   ARTICLE XI

                                  MISCELLANEOUS
                                  -------------

          SECTION 11.01 Supplements and Amendments. This Agreement may be
amended by the Depositor and the Owner Trustee, without the consent of any of
the Noteholders or the Certificateholders, to cure any ambiguity, to correct or
supplement any provision in this Agreement or for the purpose of adding any
provision to or changing in any manner or

                                       26

<PAGE>

eliminating any of the provisions in this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholders. Such amendments
require: (i) satisfaction of the Rating Agency Condition and (ii) an officer's
certificate of the Depositor stating that the amendment will not materially and
adversely affect the interest of any Noteholder or Certificateholder.

          This Agreement may also be amended from time to time by the Depositor
and the Owner Trustee, with the consent of holders of at least 50% of the
Outstanding Amount of the Controlling Securities (as defined in the Indenture)
and the consent of the Certificateholders evidencing not less than a 50%
Percentage Interest of the Trust Certificates, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholders; provided, however, that no such amendment shall (a)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on Receivables or distributions that shall be
required to be made for the benefit of the Noteholders or the Certificateholders
or (b) reduce the aforesaid percentage of the Outstanding Amount of the
Controlling Securities and the Percentage Interest in the Trust Certificates
required to consent to any such amendment, without the consent of the holders of
all the outstanding Notes and Certificates affected thereby.

          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 the Administrator and the Administrator shall furnish
such notice to each Certificateholder, the Indenture Trustee and each Rating
Agency.

          It shall not be necessary for the consent of Certificateholders,
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.

          Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State of the State of Delaware.

          Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Owner Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement. The Owner Trustee may, but shall not
be obligated to, enter into any such amendment that affects the Owner Trustee's
own rights, duties or immunities under this Agreement or otherwise.

                                       27

<PAGE>

          In connection with the execution of any amendment to this Agreement or
any amendment of any other agreement to which the Issuer is a party, the Owner
Trustee shall be entitled to receive and conclusively rely upon an Opinion of
Counsel or certificate of the Administrator to the effect that such amendment is
authorized or permitted by the Basic Documents and that all conditions precedent
in the Basic Documents for the execution and delivery thereof by the Issuer or
the Owner Trustee, as the case may be, have been satisfied.

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

          SECTION 11.03 Limitations on Rights of Others. Except for Section
2.07, the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Certificateholders, the Administrator, the Servicer
and, to the extent expressly provided herein, the Indenture Trustee and the
Noteholders, and nothing in this Agreement (other than Section 2.07 hereof),
whether express or implied, shall be construed to give to any other Person any
legal or equitable right, remedy or claim in the Owner Trust Estate or under or
in respect of this Agreement or any covenants, conditions or provisions
contained herein.

          SECTION 11.04 Notices. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt by the intended recipient or on the next Business Day
after delivery if delivered by a recognized overnight courier or upon receipt of
written confirmation of receipt of facsimile, if delivered by facsimile (except
that notice to the Owner Trustee shall be deemed given only upon actual receipt
by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust
Office, facsimile: (302) 552-6280; if to the Depositor, addressed to World Omni
Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442,
telephone: (954) 429-2200, facsimile: (954) 429-2685, Attention: Patrick C.
Ossenbeck; or, as to each party, at such other address as shall be designated by
such party in a written notice to each other party.

          (b)  Any notice required or permitted to be given to a
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 receives such notice.

          SECTION 11.05 Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the

                                       28

<PAGE>

extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

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

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

          SECTION 11.08 Covenants of the Depositor. In the event that any
Certificateholder commences any litigation with claims in excess of $1,000,000
to which the Depositor is a party which in the judgment of counsel to the
Depositor who may be an employee of the Depositor, shall be reasonably likely to
result in a material judgment against the Depositor that the Depositor will not
be able to satisfy, during the period beginning nine months following the
commencement of such litigation and continuing until such litigation is
dismissed or otherwise terminated (and, if such litigation has resulted in a
final judgment against the Depositor, such judgment has been satisfied), the
Depositor shall not pay any dividend to World Omni, or make any distribution to
World Omni, or repay the principal amount of any indebtedness of the Depositor
held by World Omni, unless (i) after giving effect to such dividend,
distribution or repayment, the Depositor's liquid assets shall not be less than
the amount of actual damages claimed in such litigation that are reasonably
likely to equal the amount of the judgment, if any, against the Depositor or
(ii) the Rating Agency Condition shall have been satisfied with respect to any
such dividend, distribution or repayment. The Depositor will not at any time
institute against the Trust any bankruptcy proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Trust Certificates, the Notes, the Trust Agreement or any of the
Basic Documents.

          SECTION 11.09 No Petition. To the fullest extent permitted by
applicable law, the Owner Trustee, by entering into this Agreement, each
Certificateholder, by accepting a Trust Certificate, 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 Trust, or join in any institution against the Depositor or the
Trust 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

                                       29

<PAGE>

with any obligations relating to the Trust Certificates, the Notes, this
Agreement or any of the Basic Documents.

          SECTION 11.10 No Recourse. Each Certificateholder by accepting a Trust
Certificate acknowledges that such Certificateholder's Trust Certificates
represent beneficial interests in the Trust only and do not represent interests
in or obligations of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be
had against such parties or their assets, except as may be expressly set forth
or contemplated in this Agreement, the Trust Certificates or the Basic Documents
to which such parties are a party.

          SECTION 11.11 Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

          SECTION 11.12 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

                                   * * * * * *

                                       30

<PAGE>

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

                                          WORLD OMNI AUTO RECEIVABLES LLC,
                                          as Depositor

                                          By:  /s/ Alan Kirschenbaum
                                             -----------------------------------
                                             Name: Alan Kirschenbaum
                                             Title: Assistant Treasurer

                                          CHASE MANHATTAN BANK USA,
                                          NATIONAL ASSOCIATION
                                          not in its individual capacity
                                          but solely as Owner Trustee,

                                          By:  /s/ John J. Cashin
                                             -----------------------------------
                                             Name: John J. Cashin
                                             Title: Vice President

THE BANK OF NEW YORK acknowledges and accepts, as of the date first above
written, its appointment as Paying Agent in accordance with the terms of this
Agreement and agrees to be bound by the terms of this Agreement applicable to
the Paying Agent.

By:       /s/ Allison R. Clan
    ----------------------------------
Name: Allison R. Clan
Title: Assistant Treasurer

                                                                 Trust Agreement

<PAGE>
                                                                       EXHIBIT A

                            FORM OF TRUST CERTIFICATE
                            -------------------------

THIS CERTIFICATE IS SUBORDINATED TO THE NOTES, AS AND TO THE EXTENT SET FORTH IN
THE SALE AND SERVICING AGREEMENT.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR UNDER THE SECURITIES OR BLUE SKY
LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS
ACCEPTANCE OF THIS CERTIFICATE THE HOLDER HEREOF IS DEEMED TO REPRESENT TO THE
DEPOSITOR AND THE OWNER TRUSTEE (i) THAT IT IS AN "ACCREDITED INVESTOR" AS
DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D PROMULGATED UNDER THE
1933 ACT (AN "ACCREDITED INVESTOR") AND THAT IT IS ACQUIRING THIS CERTIFICATE
FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR
AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER
IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT AND NOT WITH A VIEW
TO, OR FOR OFFER OR SALE IN CONNECTION WITH, THE PUBLIC DISTRIBUTION HEREOF,
(ii) THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER
THE 1933 ACT (A "QUALIFIED INSTITUTIONAL BUYER") AND IS ACQUIRING SUCH
CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A
FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL
BUYERS) OR (iii) THAT IT IS AN INVESTOR THAT IS OTHERWISE PERMITTED TO ACQUIRE
THIS CERTIFICATE UNDER THE TRUST AGREEMENT.

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE MAY BE MADE BY ANY PERSON
UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE DEPOSITOR,
(ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO AN ACCREDITED INVESTOR THAT
EXECUTES A CERTIFICATE, SUBSTANTIALLY IN THE FORM SPECIFIED IN THE TRUST
AGREEMENT, TO THE EFFECT THAT IT IS AN ACCREDITED INVESTOR ACTING FOR ITS OWN
ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR
OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK
ACTING IN ITS FIDUCIARY CAPACITY), (iii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, SUCH SALE, PLEDGE OR OTHER
TRANSFER IS MADE TO A PERSON WHO THE PROSPECTIVE TRANSFEROR REASONABLY BELIEVES
AFTER DUE INQUIRY IS A QUALIFIED INSTITUTIONAL BUYER, ACTING FOR ITS OWN ACCOUNT
(AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH
OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM

                                       A-1

<PAGE>

NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, OR (iv) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, IN WHICH
CASE THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND
THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN
WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN
FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR. EXCEPT
IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i) OR (iii) ABOVE, THE OWNER
TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE
EXPENSE OF THE DEPOSITOR, ANY AFFILIATE OF THE DEPOSITOR OR THE OWNER TRUSTEE)
SATISFACTORY TO THE DEPOSITOR AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH
TRANSFER WILL NOT VIOLATE THE 1933 ACT.

EACH SECURITYHOLDER, BY ITS ACCEPTANCE OF THIS SECURITY, COVENANTS AND AGREES
THAT SUCH SECURITYHOLDER, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE
DAY AFTER THE TERMINATION OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR
OTHERWISE INVOKE OR CAUSE THE TRUST OR THE DEPOSITOR TO INVOKE THE PROCESS OF
ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING
A CASE AGAINST THE TRUST OR THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY,
INSOLVENCY, REORGANIZATION OR SIMILAR LAW, OR APPOINTING A RECEIVER, LIQUIDATOR,
ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE
TRUST OR THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE
WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE TRUST OR THE DEPOSITOR.

THIS CERTIFICATE WILL NOT BE REGISTERED FOR TRANSFER UNLESS THE OWNER TRUSTEE
RECEIVES EITHER (1) A REPRESENTATION FROM THE TRANSFEREE OF SUCH CERTIFICATE TO
THE EFFECT THAT SUCH TRANSFEREE NEITHER IS NOR IS ACTING ON BEHALF OF AN
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") OR A GOVERNMENTAL
PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) SUBJECT TO ANY FEDERAL, STATE OR
LOCAL LAW ("SIMILAR LAW") WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE
FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A "PLAN") AND IS NOT
USING THE ASSETS OF A PLAN SUBJECT TO ERISA, THE CODE OR SIMILAR LAW TO INVEST
IN THE CERTIFICATES OR (2) IF THE TRANSFEREE IS A PLAN, OR IS ACTING ON BEHALF
OF A PLAN TO INVEST IN THIS CERTIFICATE, OR IS USING THE ASSETS OF A PLAN TO
INVEST IN THIS CERTIFICATE, AN OPINION OF COUNSEL SATISFACTORY TO THE OWNER

                                       A-2

<PAGE>

TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT RESULT IN THE ASSETS OF THE
TRUST BEING DEEMED TO BE "PLAN ASSETS" OR SUBJECT THE DEPOSITOR, THE SERVICER,
THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE TO ANY OBLIGATION IN ADDITION TO
THOSE UNDERTAKEN IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND
THE ADMINISTRATION AGREEMENT, INCLUDING ANY LIABILITIES ASSESSED FOR "PROHIBITED
TRANSACTIONS" UNDER ERISA, THE CODE OR SIMILAR LAW. ANY PURPORTED TRANSFER OF A
CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE DELIVERY OF AN OPINION OF
COUNSEL REFERRED TO IN CLAUSE (2) ABOVE SHALL BE VOID AND OF NO EFFECT.

                                       A-3

<PAGE>

NO.:

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-B
                                TRUST CERTIFICATE

evidencing a fractional undivided interest in the Trust, as defined below, the
property which consists of retail installment sale contracts for new and used
automobiles and light-duty trucks (transferred to the Trust on the Closing Date
(the "Initial Receivables") and those retail installment contracts transferred
to the Trust on Subsequent Transfer Dates during the Funding Period (the
"Subsequent Receivables" and, together with the Initial Receivables, the
"Receivables"), all monies received on or after the applicable Cutoff Date; any
proceeds with respect to the Receivables from claims on any physical damage,
credit life or disability, theft, mechanical breakdown or "guaranteed auto
protection" insurance policies relating to Financed Vehicles or Obligors; any
Financed Vehicle that shall have secured a Receivable and shall have been
acquired by or on behalf of the Depositor, the Servicer, or the Trust; the
Receivables Purchase Agreement; the Sale and Servicing Agreement, including the
right of the Depositor to cause World Omni to purchase Receivables under certain
circumstances; the Trust Accounts; and certain other rights under the Trust
Agreement and Sale and Servicing Agreement and all proceeds of the foregoing
(but excluding the Notes and Trust Certificates).

THIS TRUST CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF WORLD
OMNI AUTO RECEIVABLES LLC, WORLD OMNI FINANCIAL CORP. OR ANY OF THEIR RESPECTIVE
AFFILIATES.

          THIS CERTIFIES THAT ________________ is the registered owner of ___%
nonassessable, fully-paid, fractional undivided interest in World Omni Auto
Receivables Trust 2003-B (the "Trust"), formed by World Omni Auto Receivables
LLC, a Delaware limited liability company (the "Depositor").

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                       A-4

<PAGE>

                                        CHASE MANHATTAN BANK USA, NATIONAL
                                        ASSOCIATION not in its individual
                                        capacity but solely as Owner Trustee

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

                                       A-5

<PAGE>

          The Trust was created pursuant to a Trust Agreement dated November 14,
2003, (as amended and restated as of December 2, 2003 and as may be further
amended, restated or supplemented from time to time, the "Trust Agreement"),
between the Depositor, and Chase Manhattan Bank USA, National Association, as
owner trustee (the "Owner Trustee"), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined
herein, the capitalized terms used herein have the meanings assigned to them in
the Trust Agreement or the Sale and Servicing Agreement, dated as of December 2,
2003 (as amended and supplemented from time to time, the "Sale and Servicing
Agreement"), among the Trust, the Depositor and World Omni Financial Corp., as
servicer (the "Servicer"), as applicable.

          This Certificate is one of the duly authorized Certificates designated
as "Trust Certificates" (herein called the "Trust Certificates"). Also issued
under an Indenture, dated as of December 2, 2003 (the "Indenture"), between the
Trust and The Bank of New York, as indenture trustee, are the Notes designated
as "Asset-Backed Notes" (the "Notes"). This Trust Certificate is issued under
and is subject to the terms, provisions and conditions of the Trust Agreement,
to which Trust Agreement the Certificateholder of this Trust Certificate by
virtue of its acceptance hereof assents and by which such Certificateholder is
bound. The property of the Trust consists of retail installment sale contracts
for new and used automobiles and light-duty trucks transferred to the Trust on
the Closing Date (the "Initial Receivables") and those retail installment
contracts transferred to the Trust on Subsequent Transfer Dates during the
Funding Period (the "Subsequent Receivables" and, together with the Initial
Receivables, the "Receivables"), all monies received after the applicable Cutoff
Date; any proceeds with respect to the Receivables from claims on any physical
damage, credit life or disability, theft, mechanical breakdown or "guaranteed
auto protection" insurance policies relating to Financed Vehicles or Obligors;
any Financed Vehicle that shall have secured a Receivable and shall have been
acquired by or on behalf of the Depositor, the Servicer, or the Trust; the
Receivables Purchase Agreement; the Sale and Servicing Agreement, including the
right of the Depositor to cause World Omni to purchase Receivables under certain
circumstances; the Trust Accounts; and certain other rights under the Trust
Agreement and Sale and Servicing Agreement and all proceeds of the foregoing
(but excluding the Notes and Trust Certificates). The rights of the
Certificateholders are subordinated to the rights of the Noteholders, as and to
the extent set forth in the Sale and Servicing Agreement.

          Under the Trust Agreement, there will be distributed on the 15/th/ of
each month of each year or, if such day is not a Business Day, the immediately
following Business Day (each, a "Payment Date"), commencing on December 15,
2003, to the Person in whose name this Trust Certificate is registered at the
close of business on the business day immediately preceding such Payment Date
(the "Record Date"), such Certificateholder's fractional undivided interest in
the amount to be distributed to Certificateholders on such Payment Date. No
distributions will be made on any Certificate on any Payment Date until the full
amount of interest and principal payable on the Notes on such Payment Date has
been paid in full and the Reserve Account has been replenished to its required
amount, if necessary.

                                       A-6

<PAGE>

          The Certificateholder of this Trust Certificate acknowledges and
agrees that its rights to receive distributions in respect of this Trust
Certificate are subordinated to the rights of the Noteholders as described in
the Sale and Servicing Agreement and the Indenture.

          It is the intention of the Depositor, the Servicer and the
Certificateholders that, solely for Federal, state and local income and
franchise tax purposes, (a) so long as the Trust has only one Certificateholder,
the Trust will be disregarded as a separate entity and (b) at such time as the
Trust has more than one Certificateholder, the Trust will be treated as a
partnership. Neither the Servicer nor the Depositor or any Certificateholder
will take any action to the contrary.

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

          Distributions on this Trust Certificate will be made as provided in
the Trust Agreement by the Paying Agent by wire transfer or check mailed to the
Certificateholder without the presentation or surrender of this Trust
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 Trust Certificate will be made after due notice by the Owner Trustee or
Paying Agent of the pendency of such distribution and only upon presentation and
surrender of this Trust Certificate at the office or agency maintained for that
purpose by the Owner Trustee.

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

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

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

                                       A-7

<PAGE>

          IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not
in its individual capacity, has caused this Trust Certificate to be duly
executed.

                                        WORLD OMNI AUTO RECEIVABLES
                                        TRUST 2003-B

                                        By: CHASE MANHATTAN BANK USA, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Owner Trustee

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

                                       A-8

<PAGE>

                         [REVERSE OF TRUST CERTIFICATE]

          The Trust Certificates do not represent an obligation of, or an
interest in, the Depositor, the Servicer, the Owner Trustee, or any affiliates
of any of them and no recourse may be had against such parties or their assets,
except as expressly set forth or contemplated herein or in the Trust Agreement
or the Basic Documents. In addition, this Trust Certificate is not guaranteed by
any governmental agency or instrumentality and is limited in right of payment to
certain collections and recoveries with respect to the Receivables (and certain
other amounts), all as more specifically set forth herein and in the Sale and
Servicing Agreement. A copy of each of the Sale and Servicing Agreement and the
Trust Agreement may be examined by any Certificateholder upon written request
during normal business hours at the principal office of the Depositor and at
such other places, if any, designated by the Depositor.

          The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor and the rights of the Certificateholders under the Trust Agreement at
any time by the Depositor and the Owner Trustee with the consent of the
Certificateholders of not less than a 50% Percentage Interest in the Trust
Certificates and holders of not less than 50% of the Outstanding Amount of the
Controlling Securities (as defined in the Indenture). Any such consent by the
Certificateholder of this Trust Certificate shall be conclusive and binding on
such Certificateholder and on all future Certificateholders of this Trust
Certificate and of any Trust Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent is
made upon this Trust Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the
Certificateholders of any of the Trust Certificates.

          As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Trust Certificate is registerable in the
Certificate Register upon surrender of this Trust Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
by the Owner Trustee, accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by
the Certificateholder hereof or such Certificateholder's attorney duly
authorized in writing, and thereupon one or more new Trust Certificates of
authorized denominations evidencing the same aggregate interest in the Trust
will be issued to the designated transferee. The initial Certificate Registrar
appointed under the Trust Agreement is Chase Manhattan Bank USA, National
Association.

          Except as provided in the Trust Agreement, the Trust Certificates
shall be issued in a 100% Percentage Interest. As provided in the Trust
Agreement and subject to certain limitations therein set forth, Trust
Certificates are exchangeable for new Trust Certificates of authorized
denominations evidencing the same aggregate denomination, as requested by the
Certificateholder surrendering the same. No service charge will be made for any
such registration of transfer or exchange, but the Owner Trustee or the
Certificate Registrar may

                                       A-9

<PAGE>

require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith.

          The Owner Trustee, the Certificate Registrar and any agent of the
Owner Trustee or the Certificate Registrar may treat the Person in whose name
this Certificate is registered as the owner hereof for all purposes, and none of
the Owner Trustee, the Certificate Registrar or any such agent shall be affected
by any notice to the contrary.

          The obligations and responsibilities created by the Trust Agreement
and the Trust created thereby shall terminate upon the payment to
Certificateholders of all amounts required to be paid to them pursuant to the
Trust Agreement and the Sale and Servicing Agreement and the disposition of all
property held as part of the Owner Trust Estate. The Servicer may at its option
purchase the Owner Trust Estate at a price specified in the Sale and Servicing
Agreement, and such purchase of the Receivables and other property of the Trust
will effect early retirement of the Notes and the Trust Certificates; however,
such right of purchase is exercisable only as of the last day of any Collection
Period as of which the Pool Balance is less than or equal to 10% of the
Aggregate Starting Principal Balance of all Receivables transferred to the
Trust.

                                      A-10

<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)

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

Dated:

                                        ______________________________________*/

                                           Signature Guaranteed:

                                              ________________________________*/

----------

*/ NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Trust Certificate in every particular,
without alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.

                                      A-11

<PAGE>

                                                                       EXHIBIT B
                             CERTIFICATE OF TRUST OF
                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-B
                    ----------------------------------------

          THIS Certificate of Trust of WORLD OMNI AUTO RECEIVABLES TRUST 2003-B
(the "Trust"), is being duly executed and filed by the undersigned, as trustees,
to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C.
Section 3801 et seq.) (the "Act").

          1.  Name. The name of the statutory trust formed hereby is World Omni
Auto Receivables Trust 2003-B.

          2.  Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware are Chase Manhattan Bank USA, National
Association, 500 Stanton Christiana Road, Floor 3 OPS4, Newark, Delaware 19713.

          3.  Effective Date. This Certificate of Trust shall be effective upon
filing.

                                       B-1

<PAGE>

          IN WITNESS WHEREOF, the undersigned has executed this Certificate of
Trust in accordance with Section 3811(a) of the Act.

                                        CHASE MANHATTAN BANK USA,
                                        NATIONAL ASSOCIATION
                                        as Owner Trustee,

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

                                       B-2

<PAGE>

                                                                       EXHIBIT C

                         FORM OF TRANSFEROR CERTIFICATE

                                     [DATE]

World Omni Auto Receivables LLC
190 Jim Moran Boulevard
Deerfield Beach, FL 33442

Chase Manhattan Bank USA, National Association,
as Owner Trustee
World Omni Auto Receivables Trust 2003-B

           Re:  World Omni Auto Receivables Trust 2003-B
                Trust Certificates
                ------------------

Ladies and Gentlemen:

          In connection with our disposition of the above-referenced Trust
Certificates (the "Certificates") we certify that (a) we understand that the
Certificates have not been registered under the Securities Act of 1933, as
amended (the "Act"), and are being transferred by us in a transaction that is
exempt from the registration requirements of the Act and (b) we have not offered
or sold any Certificates to, or solicited offers to buy any Certificates from,
any person, or otherwise approached or negotiated with any person with respect
thereto, in a manner that would be deemed, or taken any other action which would
result in, a violation of Section 5 of the Act.

                                        Very truly yours,

                                        [NAME OF TRANSFEROR]

                                        By:
                                            ------------------------------------
                                            Authorized Officer

                                       C-1

<PAGE>

                                                                       EXHIBIT D

                            FORM OF INVESTMENT LETTER

World Omni Auto Receivables LLC
190 Jim Moran Boulevard
Deerfield Beach, FL 33442

The Chase Manhattan Bank USA, National Association, as Owner Trustee
World Omni Auto Receivables Trust 2003-B

Ladies and Gentlemen:

          In connection with our proposed purchase of Trust Certificates (the
"Certificates") of World Omni Auto Receivables Trust 2003-B (the "Issuer"), we
confirm that:

               1.   We understand that the Certificates have not been registered
     under the Securities Act of 1933, as amended (the "1933 Act"), and may not
     be sold except as permitted in the following sentence. We understand and
     agree, on our own behalf and on behalf of any accounts for which we are
     acting as hereinafter stated, (x) that such Certificates are being offered
     only in a transaction not involving any public offering within the meaning
     of the 1933 Act and (y) that such Certificates may be resold, pledged or
     transferred only (i) to the Depositor, (ii) to an "accredited investor" as
     defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act
     (an "Accredited Investor") acting for its own account (and not for the
     account of others) or as a fiduciary or agent for others (which others also
     are Accredited Investors unless the holder is a bank acting in its
     fiduciary capacity) that executes a certificate substantially in the form
     hereof, (iii) so long as such Certificate is eligible for resale pursuant
     to Rule 144A under the 1933 Act ("Rule 144A"), to a person whom we
     reasonably believe after due inquiry is a "qualified institutional buyer"
     as defined in Rule 144A, acting for its own account (and not for the
     account of others) or as a fiduciary or agent for others (which others also
     are "qualified institutional buyers") to whom notice is given that the
     resale, pledge or transfer is being made in reliance on Rule 144A or (iv)
     in a sale, pledge or other transfer made in a transaction otherwise exempt
     from the registration requirements of the 1933 Act, in which case the Owner
     Trustee shall require that both the prospective transferor and the
     prospective transferee certify to the Owner Trustee and the Depositor in
     writing the facts surrounding such transfer, which certification shall be
     in form and substance satisfactory to the Owner Trustee and the Depositor.
     Except in the case of a transfer described in clauses (i) or (iii) above,
     the Owner Trustee shall require that a written opinion of counsel (which
     will not be at the expense of the Depositor, any affiliate of the Depositor
     or the

                                       D-1

<PAGE>

     Owner Trustee) satisfactory to the Depositor and the Owner Trustee be
     delivered to the Depositor and the Owner Trustee to the effect that such
     transfer will not violate the 1933 Act, and will be effected in accordance
     with any applicable securities laws of each state of the United States. We
     will notify any purchaser of the Certificates from us of the above resale
     restrictions, if then applicable. We further understand that in connection
     with any transfer of the Certificates by us that the Depositor and the
     Owner Trustee may request, and if so requested we will furnish, such
     certificates and other information as they may reasonably require to
     confirm that any such transfer complies with the foregoing restrictions.

               2.   [CHECK ONE]

               (a)  We are an Accredited Investor acting for our own account
               (and not for the account of others) or as a fiduciary or agent
               for others (which others also are Accredited Investors unless we
               are a bank acting in its fiduciary capacity). We have such
               knowledge and experience in financial and business matters as to
               be capable of evaluating the merits and risks of our investment
               in the Certificates, and we and any accounts for which we are
               acting are each able to bear the economic risk of our or their
               investment for an indefinite period of time. We are acquiring the
               Certificates for investment and not with a view to, or for offer
               and sale in connection with, a public distribution.

               (b)  We are a "qualified institutional buyer" as defined under
               Rule 144A under the 1933 Act and are acquiring the Certificates
               for our own account (and not for the account of others) or as a
               fiduciary or agent for others (which others also are "qualified
               institutional buyers"). We are familiar with Rule 144A under the
               1933 Act and are aware that the seller of the Certificates and
               other parties intend to rely on the statements made herein and
               the exemption from the registration requirements of the 1933 Act
               provided by Rule 144A.

               3.   We are not (i) an employee benefit plan (as defined in
     Section 3(3) of the Employee Retirement Income Security Act of 1974, as
     amended ("ERISA")) that is subject to the provisions of Title I of ERISA,
     (ii) a plan described in Section 4975(e)(1) of the Code, (iii) a
     governmental plan (as defined in Section 3(32) of ERISA) subject to any
     federal, state or local law ("Similar Law") which is, to a material extent,
     similar to the foregoing provisions of ERISA or the Code or (iv) any entity
     whose underlying assets include plan assets by reason of a plan's
     investment in the entity (each, a "Benefit Plan"). We hereby acknowledge
     that no transfer of any Certificate shall be permitted to be made to any
     person unless the Trustee has received (i) a certificate from such
     transferee to the effect of the preceding sentence or (ii) an opinion of
     counsel satisfactory to the Trustee to

                                       D-2

<PAGE>

     the effect that the purchase and holding of any such Certificate will not
     constitute or result in the assets of the Issuer being deemed to be "plan
     assets" and subject to the prohibited transaction provisions of ERISA or
     Section 4975 of the Code and will not subject the Owner Trustee, the
     Indenture Trustee, the Seller, the Servicer or the Depositor to any
     obligation in addition to those undertaken in the Basic Documents with
     respect to the Certificates (provided, however, that the Owner Trustee will
     not require such certificate or opinion in the event that, as a result of
     change of law or otherwise, counsel satisfactory to the Owner Trustee has
     rendered an opinion to the effect that the purchase and holding of any such
     Certificate by a Benefit Plan or a Person that is purchasing or holding any
     such Certificate with the assets of a Benefit Plan will not constitute or
     result in a prohibited transaction under ERISA or Section 4975 of the
     Code).

               4.   We understand that the Depositor, the Trust and others will
     rely upon the truth and accuracy of the foregoing acknowledgments,
     representations and agreements, and we agree that if any of the
     acknowledgments, representations and warranties deemed to have been made by
     us by our purchase of the Certificates, for our own account or for one or
     more accounts as to each of which we exercise sole investment discretion,
     are no longer accurate, we shall promptly notify the Depositor.

               5.   You are entitled to rely upon this letter and you are
     irrevocably authorized to produce this letter or a copy hereof to any
     interested party in any administrative or legal proceeding or official
     inquiry with respect to the matters covered hereby.

                                        Very truly yours,

                                        [NAME OF PURCHASER]

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

                                        Date:
                                             -----------------------------------

                                       D-3

<PAGE>

                                                                       EXHIBIT E

                                    RESERVED

<PAGE>

                                                                       EXHIBIT F

                               FORM OF RECEIVABLES

                              Documents on file at:

                                Kirkland & Ellis
                             200 East Randolph Drive
                                Chicago, IL 60601

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