Document:

<PAGE>
                                                                     Exhibit 4.1

                              JPMORGAN CHASE BANK,
            not in its individual capacity but solely in its capacity
                              as Indenture Trustee

                                       and

                GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.,
                                    as Issuer

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

                                    INDENTURE

                            Dated as of March 1, 2002

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

                 [$65,419,401] Class A-1 Receivable-Backed Notes
                 [$12,827,334] Class A-2 Receivable-Backed Notes
                [$107,749,602] Class A-3 Receivable-Backed Notes
                 [$27,450,494] Class A-4 Receivable-Backed Notes
                  [$10,774,960] Class B Receivable-Backed Notes
                  [$10,903,234] Class C Receivable-Backed Notes
                  [$13,725,247] Class D Receivable-Backed Notes
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                     Page
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<S>                                                                                                  <C>
ARTICLE I  DEFINITIONS AND INCORPORATION BY REFERENCE ............................................      1
         Section 1.01.     Definitions ...........................................................      1
         Section 1.02.     Incorporation by Reference of Trust Indenture Act .....................      7
         Section 1.03.     Rules of Construction .................................................      7

ARTICLE II  THE NOTES ............................................................................      8
         Section 2.01.     Form ..................................................................      8
         Section 2.02.     Execution, Authentication and Delivery ................................      8
         Section 2.03.     Temporary Notes .......................................................      9
         Section 2.04.     Registration; Registration of Transfer and Exchange ...................      9
         Section 2.05.     Mutilated, Destroyed, Lost or Stolen Notes ............................     11
         Section 2.06.     Persons Deemed Owner ..................................................     11
         Section 2.07.     Payment of Principal and Interest; Defaulted Interest .................     12
         Section 2.08.     Cancellation ..........................................................     13
         Section 2.09.     Book-Entry Notes ......................................................     13
         Section 2.10.     Notices to Clearing Agency ............................................     14
         Section 2.11.     Definitive Notes ......................................................     14
         Section 2.12.     Release of Collateral .................................................     15
         Section 2.13.     Tax Treatment .........................................................     15
         Section 2.14.     CUSIP Numbers .........................................................     15
         Section 2.15.     Transfer Restrictions .................................................     15
         Section 2.16.     Rule 144A Information .................................................     17
         Section 2.17.     Investor Letters ......................................................     17

ARTICLE III  COVENANTS; REPRESENTATIONS AND WARRANTIES ...........................................     17
         Section 3.01.     Payment of Principal and Interest .....................................     17
         Section 3.02.     Maintenance of Office or Agency .......................................     17
         Section 3.03.     Money for Payments to be Held in Trust ................................     18
         Section 3.04.     Existence .............................................................     19
         Section 3.05.     Protection of Collateral ..............................................     20
         Section 3.06.     Reserved ..............................................................     20
         Section 3.07.     Performance of Obligations; Servicing of Contracts ....................     20
         Section 3.08.     Negative Covenants ....................................................     21
         Section 3.09.     Issuer May Consolidate, etc. Only on Certain Terms ....................     22
         Section 3.10.     Successor or Transferee ...............................................     24
         Section 3.11.     No Other Business .....................................................     24
         Section 3.12.     No Borrowing ..........................................................     24
         Section 3.13.     Notice of Events of Default ...........................................     24
         Section 3.14.     Further Instruments and Acts ..........................................     24
         Section 3.15.     Compliance with Laws ..................................................     24
         Section 3.16.     Amendments of Limited Liability Company Agreement .....................     25
         Section 3.17.     Security Interest Representations and Warranties ......................     25
         Section 3.18.     Representations and Warranties of Issuer ..............................     26
</TABLE>

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<TABLE>
<S>                                                                                                  <C>
ARTICLE IV  SATISFACTION AND DISCHARGE ...........................................................     28
         Section 4.01.     Satisfaction and Discharge of Indenture ...............................     28
         Section 4.02.     Application of Trust Money ............................................     29
         Section 4.03.     Repayment of Moneys Held by Paying Agent ..............................     29
         Section 4.04.     Release of Collateral .................................................     29

ARTICLE V  REMEDIES ..............................................................................     30
         Section 5.01.     Events of Default .....................................................     30
         Section 5.02.     Rights Upon Event of Default; Notice ..................................     31
         Section 5.03.     Collection of Indebtedness and Suits for Enforcement by Indenture
                           Trustee; Authority of Indenture Trustee. ..............................     31
         Section 5.04.     Remedies ..............................................................     34
         Section 5.05.     Optional Preservation of the Contracts ................................     35
         Section 5.06.     Priorities ............................................................     35
         Section 5.07.     Limitation of Suits ...................................................     39
         Section 5.08.     Unconditional Rights of Noteholders to Receive Principal and Interest .     39
         Section 5.09.     Restoration of Rights and Remedies ....................................     40
         Section 5.10.     Rights and Remedies Cumulative ........................................     40
         Section 5.11.     Delay or Omission Not a Waiver ........................................     40
         Section 5.12.     Control by Noteholders ................................................     40
         Section 5.13.     Waiver of Past Defaults ...............................................     41
         Section 5.14.     Undertaking for Costs .................................................     41
         Section 5.15.     Waiver of Stay or Extension Laws ......................................     41
         Section 5.16.     Action on Notes .......................................................     42
         Section 5.17.     Performance and Enforcement of Certain Obligations ....................     42

ARTICLE VI  THE INDENTURE TRUSTEE ................................................................     43
         Section 6.01.     Duties of Indenture Trustee ...........................................     43
         Section 6.02.     Rights of Indenture Trustee ...........................................     44
         Section 6.03.     Individual Rights of Indenture Trustee ................................     46
         Section 6.04.     Indenture Trustee's Disclaimer ........................................     47
         Section 6.05.     Notice of Defaults ....................................................     47
         Section 6.06.     Reports by Indenture Trustee to Holders ...............................     47
         Section 6.07.     Compensation and Indemnity ............................................     47
         Section 6.08.     Replacement of Indenture Trustee ......................................     48
         Section 6.09.     Successor Indenture Trustee by Merger .................................     49
         Section 6.10.     Appointment of Co-Indenture Trustee or Separate Indenture Trustee .....     49
         Section 6.11.     Eligibility ...........................................................     51
         Section 6.12.     Preferential Collection of Claims Against Issuer ......................     51
         Section 6.13.     Representations and Warranties of Indenture Trustee ...................     51

ARTICLE VII  NOTEHOLDERS' LISTS AND REPORTS ......................................................     52
         Section 7.01.     Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders      52
         Section 7.02.     Preservation of Information; Communication to Noteholders .............     53
         Section 7.03.     Reports by Issuer .....................................................     53
         Section 7.04.     Reports by Indenture Trustee ..........................................     54

ARTICLE VIII  ACCOUNTS, DISBURSEMENTS AND RELEASES ...............................................     54
         Section 8.01.     Collection of Money ...................................................     54
</TABLE>

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<TABLE>
<S>                                                                                                  <C>
         Section 8.02.     Trust Accounts ........................................................     54
         Section 8.03.     General Provisions Regarding Accounts .................................     60
         Section 8.04.     Release of Collateral .................................................     61
         Section 8.05.     Opinion of Counsel ....................................................     61

ARTICLE IX  SUPPLEMENTAL INDENTURES ..............................................................     62
         Section 9.01.     Supplemental Indentures Without Consent of Noteholders ................     62
         Section 9.02.     Supplemental Indentures With Consent of Noteholders ...................     63
         Section 9.03.     Execution of Supplemental Indentures ..................................     64
         Section 9.04.     Effect of Supplemental Indenture ......................................     65
         Section 9.05.     Conformity With Trust Indenture Act ...................................     65
         Section 9.06.     Reference in Notes to Supplemental Indentures .........................     65

ARTICLE X  REDEMPTION OF NOTES ...................................................................     65
         Section 10.01.    Redemption ...............................................................  65
         Section 10.02.    Form of Redemption Notice .............................................     66
         Section 10.03.    Notes Payable on Redemption Date ......................................     66

ARTICLE XI  MISCELLANEOUS ........................................................................     67
         Section 11.01.    Compliance Certificates and Opinions, etc .............................     67
         Section 11.02.    Form of Documents Delivered to Indenture Trustee ......................     68
         Section 11.03.    Acts of Noteholders ...................................................     69
         Section 11.04.    Notices ...............................................................     70
         Section 11.05.    Notices to Noteholders; Waiver ........................................     70
         Section 11.06.    Alternate Payment and Notice Provisions ...............................     71
         Section 11.07.    Effect of Headings and Table of Contents ..............................     71
         Section 11.08.    Successors and Assigns ................................................     71
         Section 11.09.    Separability ..........................................................     71
         Section 11.10.    Benefits of Indenture .................................................     71
         Section 11.11.    Legal Holidays ........................................................     71
         Section 11.12.    Governing Law .........................................................     72
         Section 11.13.    Counterparts ..........................................................     72
         Section 11.14.    Recording of Indenture ................................................     72
         Section 11.15.    Issuer Obligation .....................................................     72
         Section 11.16.    No Petition ...........................................................     73
         Section 11.17.    Inspection ............................................................     73
         Section 11.18.    Conflict with Trust Indenture Act .....................................     73
         Section 11.19.    Communication by Note Owners with Other Note Owners ...................     74
</TABLE>

<TABLE>
<CAPTION>
                                    EXHIBITS
<S>                                                                         <C>
         EXHIBIT A - Form of Transfer and Servicing Agreement ...........    A-1
         EXHIBIT B - Form of Class A-1 Note .............................    B-1
         EXHIBIT C - Form of Class A-2 Note .............................    C-1
         EXHIBIT D - Form of Class A-3 Note .............................    D-1
         EXHIBIT E - Form of Class A-4 Note .............................    E-1
         EXHIBIT F - Form of Class B Note ...............................    F-1
</TABLE>

                                      iii
<PAGE>
<TABLE>
<S>                                                                         <C>
         EXHIBIT G - Form of Class C Note ...............................    G-1
         EXHIBIT H - Form of Class D Note ...............................    H-1
         EXHIBIT I - Form of Note Assignment ............................    I-1
         EXHIBIT J - Form of Note Depository Agreement ..................    J-1
         EXHIBIT K - Form of Investor Letter ............................    K-1
         EXHIBIT L
</TABLE>

                                       iv
<PAGE>
                              CROSS-REFERENCE TABLE

<TABLE>
<CAPTION>
Trust Indenture
Act of 1939                                                          Indenture
Section                                                              Section
-------------------                                                  -------
<S>                                                                  <C>
310(a)                                                               6.11
310(b)                                                               6.11
310(c)                                                               N.A.
311(a)                                                               6.12
311(b)                                                               6.12
311(c)                                                               N.A.
312(a)                                                               7.01, 7.02
312(b)                                                               7.02
312(c)                                                               7.02
313(a)                                                               7.04
313(b)                                                               7.04
313(c)                                                               7.03, 7.04
314(a)                                                               7.03
314(b)                                                               3.06
314(c)                                                               4.04, 11.01
314(d)                                                               8.04, 11.01
314(e)                                                               11.01
314(f)                                                               N.A.
315(a)                                                               6.01
315(b)                                                               6.05
315(c)                                                               6.01
315(d)                                                               6.01
315(e)                                                               5.14
316(a)                                                               2.07, 5.04
316(b)                                                               5.08, 9.02
316(c)                                                               1.01
317(a)                                                               5.03
317(b)                                                               3.03
318(a)                                                               11.18
</TABLE>
<PAGE>
         This INDENTURE, dated as of March 1, 2002 (this "Indenture"), is
between GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C., a Delaware limited
liability company (the "Issuer"), and JPMORGAN CHASE BANK, in its capacity as
indenture trustee (the "Indenture Trustee") and not in its individual capacity.

         Each party agrees as follows for the benefit of the other parties and
for the equal and ratable benefit of the Holders of the Issuer's [_____%] Class
A-1 Receivable-Backed Notes (the "Class A-1 Notes"), [_____%] Class A-2
Receivable-Backed Notes (the "Class A-2 Notes"), [_____%] Class A-3
Receivable-Backed Notes (the "Class A-3 Notes"), [_____%] Class A-4
Receivable-Backed Notes (the "Class A-4 Notes"), [_____%] Class B
Receivable-Backed Notes (the "Class B Notes") [_____%] Class C Receivable-Backed
Notes (the "Class C Notes") and [_____%] Class D Receivable-Backed Notes (the
"Class D Notes," together with the Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class B Notes and Class C Notes, the "Notes"):

                                 GRANTING CLAUSE

         The Issuer hereby grants, transfers, assigns and otherwise conveys to
the Indenture Trustee on the Closing Date, on behalf of and for the benefit of
the Holders of the Notes, without recourse, all of the Issuer's right, title and
interest in, to and under the Conveyed Assets as may be held from time to time
by the Issuer (as each such defined term is defined in Section 1.01)
(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 all other
sums owing by the Issuer hereunder or under any other Transaction Document, 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.

                                    ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         SECTION 1.01. DEFINITIONS.

         (a) Except as otherwise specified herein or as the context may
otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Indenture.

         "Act" shall have the meaning specified in Section 11.03(a).
<PAGE>
         "Authorized Officer" means, with respect to the Issuer, any officer of
the Issuer who is authorized to act for the Issuer who is identified on the list
of Authorized Officers delivered by the Issuer to the Indenture Trustee on the
Closing Date (as such list may be modified or supplemented from time to time
thereafter).

         "Book-Entry Notes" means a beneficial interest in the Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.09.

         "Business Day" means any day other than a Saturday, Sunday or other day
on which banking institutions in the city of Cedar Rapids, Iowa or New York, New
York are authorized or obligated by law, executive order or governmental decree
to be closed.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

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

         "Collateral" means the Collateral Granted to the Indenture Trustee
under this Indenture, including all proceeds thereof.

         "Collateral Data" means the loan level data and the aggregate data
regarding the Contracts indicated on Exhibit L.

         "Commission" means the United States Securities and Exchange
Commission.

         "Conveyed Assets" has the same meaning given such term in the Transfer
and Servicing Agreement.

         "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered which office at date of the execution of this Indenture is located
at 450 West 33rd Street, New York, New York 10001, Attention: Institutional
Trust Services, GreatAmerica Leasing Receivables 2002-1; or at such other
address as the Indenture Trustee may designate from time to time by notice to
the Noteholders and the Issuer, or the principal corporate trust office of any
successor Indenture Trustee (the address of which the successor Indenture
Trustee will notify the Noteholders and the Issuer).

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

         "Definitive Notes" shall have the meaning specified in Section 2.09.

         "DTC" means The Depository Trust Company, and its successors.

                                       2
<PAGE>
         "ERISA" means the United States Employee Retirement Income Security Act
of 1974, as amended from time to time, and the regulations promulgated and
rulings issued thereunder.

         "Event of Default" shall have the meaning specified in Section 5.01.

         "Exchange Act" means the Securities Exchange Act of 1934, and
regulations promulgated thereunder.

         "Executive Officer" means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
Executive Vice President, any Vice President, the Secretary or the Treasurer of
such corporation; and with respect to any partnership, any general partner
thereof.

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

         "Holder" means with respect to a Note, the Person in whose name such
Note is registered in the Note Register.

         "Indenture Securities" means the Notes.

         "Indenture Security Holder" means a Noteholder.

         "Indenture Trustee" means JPMorgan Chase Bank, as Indenture Trustee
under this Indenture, or any successor Indenture Trustee under this Indenture.

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

         "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01, made by
an Independent appraiser or other expert appointed by an Issuer Order and
approved by the Indenture Trustee in the exercise of reasonable care, and

                                       3
<PAGE>
such opinion or certificate shall state that the signer has read the definition
of "Independent" in this Indenture and that the signer is Independent within the
meaning thereof.

         "Interest Rate" means, as the context may require, the Class A-1
Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate, the
Class A-4 Interest Rate, the Class B Interest Rate, the Class C Interest Rate
and the Class D Interest Rate, or any of them, in each case as defined in the
Transfer and Servicing Agreement.

         "Issuer Order" and "Issuer Request" means a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Indenture Trustee.

         "Note Depository Agreement" means the agreement dated as of the Closing
Date, among the Issuer, GreatAmerica Leasing Corporation, the Indenture Trustee
and DTC, as the initial Clearing Agency, relating to the Notes, substantially in
the form of Exhibit J hereto.

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

         "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.04.

         "Noteholders" means Holders.

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

         "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be internal or
outside counsel to the Issuer (except as to legal matters relating to federal
securities laws (including the Trust Indenture Act) or tax laws, who shall be
outside counsel) and who shall be satisfactory to the Indenture Trustee and
which shall comply with any applicable requirements of Section 11.01.

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

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

                                       4
<PAGE>
                  (ii) Notes or portions thereof the payment for which money in
         the necessary amount has been theretofore deposited with the Indenture
         Trustee or any Paying Agent in trust for the Holders of such Notes;
         provided, however, that if such Notes are to be redeemed, notice of
         such redemption has been duly given pursuant to this Indenture or
         provision for such notice, satisfactory to the Indenture Trustee, has
         been made; and

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

provided, however, that in determining whether the Holders of the requisite
Outstanding Amount have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any other Transaction Document,
Notes owned by the Issuer, the Originator, the Servicer or any of their
respective Affiliates shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Indenture Trustee shall be protected in
relying upon any such request, demand, authorization, direction, notice, consent
or waiver, only Notes that a Responsible Officer of the Indenture Trustee
actually knows to be so owned shall be so disregarded. Notes so owned that have
been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Indenture Trustee the pledgee's right so
to act with respect to such Notes and that the pledgee is not the Issuer, the
Originator or any of their respective Affiliates.

         "Outstanding Amount" means the aggregate principal amount of all Notes
of one Class or of all Classes, as the case may be, Outstanding at the date of
determination.

         "Paying Agent" means the Indenture Trustee or any other Person that
meets the eligibility standards for the Indenture Trustee specified in Section
6.11 and is authorized by the Issuer to make the distributions from the Note
Distribution Account, including payment of principal of or interest on the Notes
on behalf of the Issuer.

         "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and for the purpose of this definition, any Note
authenticated and delivered under Section 2.05 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

         "Private Notes" means each of the Class C Notes and the Class D Notes.

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

         "Redemption Date" means, in the case of a redemption of the Notes
pursuant to Section 10.01(a) or a payment to Noteholders pursuant to Section
10.01(b), the Payment Date specified by the Servicer or the Issuer pursuant to
Section 10.01(a) or 10.01(b), as the case may be.

                                       5
<PAGE>
         "Redemption Date Amount" means (i) in the case of a redemption of the
Notes pursuant to Section 10.01(a), an amount equal to the unpaid principal
amount of the Notes redeemed plus accrued and unpaid interest thereon at the
Interest Rate for each Class of Notes being so redeemed to but excluding the
Redemption Date plus Unreimbursed Servicer Advances, or (ii) in the case of a
payment made to Noteholders pursuant to Section 10.01(b), the amount on deposit
in the Note Distribution Account, but not in excess of the amount specified in
clause (i) above.

         "Registered Holder" means the Person in whose name a Note is registered
on the Note Register on the applicable Record Date.

         "Responsible Officer" means, with respect to the Indenture Trustee, any
officer within the Corporate Trust Office (or any successor group of the
Indenture Trustee), including any vice president, assistant secretary or other
officer or assistant officer of the Indenture Trustee customarily performing
functions similar to those performed by the people who at such time shall be
officers, respectively, and, in each case, having direct responsibility for the
administration of this Indenture or, with respect to a particular matter, to
whom any corporate trust matter is referred at the Corporate Trust Office of the
Indenture Trustee because of his knowledge of and familiarity with the
particular subject.

         "State" means any one of the 50 states of the United States, or the
District of Columbia or any of its territories.

         "Termination Date" means the date on which the Indenture Trustee shall
have received payment and performance of all amounts and obligations which the
Issuer may owe to or on behalf of the Indenture Trustee for the benefit of the
Noteholders under this Indenture or the Notes.

         "Transfer and Servicing Agreement" means the Transfer and Servicing
Agreement, dated as of the date hereof, among the Indenture Trustee, the Issuer,
the Servicer and the Originator, substantially in the form of Exhibit A hereto.

         "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939,
as amended.

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

         "Unit" means the units issued to the sole equity member of the Issuer,
as reflected in the limited liability company agreement of the Issuer dated as
of September 24, 2001, as such limited liability company agreement may be
amended from time to time.

         (b) Except as otherwise specified herein or as the context may
otherwise require, capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Transfer and Servicing
Agreement.

                                       6
<PAGE>
         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.

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

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

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

         SECTION 1.03. RULES OF CONSTRUCTION.

         Unless the context otherwise requires:

                  (i) a term has the meaning assigned to it;

                  (ii) an accounting term not otherwise defined has the meaning
         assigned to it in accordance with generally accepted accounting
         principles as in effect from time to time;

                  (iii) "or" is not by its use intended to exclude all other
         items;

                  (iv) "including" means including without limitation;

                  (v) words in the singular include the plural and words in the
         plural include the singular;

                  (vi) any agreement, instrument or statute defined or referred
         to herein or in any instrument or certificate delivered in connection
         herewith means such agreement, instrument or statute as from time to
         time amended, modified or supplemented and includes (in the case of
         agreements or instruments) references to all attachments thereto and
         instruments incorporated therein; references to a Person are also to
         its permitted successors and assigns; and

                                       7
<PAGE>
                  (vii) the words "hereof," "herein" and "hereunder" and words
         of similar import when used in this Indenture shall refer to this
         Indenture as a whole and not to any particular provision of this
         Indenture; Section, subsection and Schedule references contained in
         this Indenture are references to Sections, subsections and Schedules in
         or to this Indenture unless otherwise specified.

                                   ARTICLE II

                                    THE NOTES

         SECTION 2.01. FORM.

         The Notes, in each case together with the Indenture Trustee's
certificate of authentication, shall be in substantially the forms set forth as
Exhibits B, C, D, E, F, G and H to this Indenture 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.

         Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in the Exhibits hereto 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 receipt of an Issuer Order,
authenticate and deliver for original issue (i) Class A-1 Notes in an aggregate
principal amount of [$65,419,401], (ii) Class A-2 Notes in an aggregate
principal amount of [$12,827,334], (iii) Class A-3 Notes in an aggregate
principal amount of [$107,749,602], (iv) Class A-4 Notes in an aggregate
principal amount of [$27,450,494], (v) Class B Notes in an aggregate principal
amount of [$10,774,960], (vi) Class C Notes in an aggregate principal amount of
[$10,903,234] and (vii) Class D Notes in an aggregate principal amount of
[$13,725,247]. The aggregate principal amount of such Classes of Notes
Outstanding at any time may not exceed such respective amounts, except as
otherwise provided in Section 2.05.

         Each Note shall be dated the date of its authentication. The Class A-1,
Class A-2, Class A-3, Class A-4 and Class B Notes shall be issuable as
registered Notes in the minimum

                                       8
<PAGE>
denomination of $1,000 and in integral multiples of $1,000 in excess thereof,
except that one Note of each Class may be issued in an incremental denomination
of less than $1,000. The Class C and Class D Notes shall be issuable as Notes in
the minimum denomination of $100,000 and in integral multiples of $100,000 in
excess thereof, except that one Note of each Class will be issued in an
incremental denomination of less than $100,000.

         No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein 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 Book-Entry Notes or 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 will cause Book-Entry Notes
or Definitive Notes to be prepared without unreasonable delay. After the
preparation of Book-Entry Notes or Definitive Notes, the temporary Notes shall
be exchangeable for Book-Entry Notes or 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 Notes, the Issuer shall execute and the
Indenture Trustee shall authenticate and deliver in exchange therefor a like
tenor and principal amount of definitive Notes of authorized denominations.
Until so exchanged, the temporary Notes shall in all respects be entitled to the
same benefits under this Indenture as Book-Entry Notes or Definitive Notes.

         SECTION 2.04. REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE.

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

         If a Person other than the Indenture Trustee is appointed by the Issuer
as Note Registrar, the Issuer 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

                                       9
<PAGE>
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 the amounts and number of such Notes.

         Only 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,
shall the Issuer execute, and the Indenture Trustee authenticate and the
Noteholder 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 amount, upon
surrender of the Notes to be exchanged at such office or agency. Whenever any
Notes are so surrendered for exchange, the Issuer shall execute, and the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the
Indenture Trustee, the Notes that 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 a commercial bank or trust company located, or having a
correspondent located in the city in which the Corporate Trust Office is
located, or by a member firm of a national securities exchange, and such other
documents as the Indenture Trustee may require.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer or the Indenture Trustee may
require payment 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 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.

         Neither the Indenture Trustee nor the Registrar shall have any
responsibility to monitor or restrict the transfer of beneficial ownership in
any Note an interest in which is transferable through the facilities of the
Clearing Agency.

                                       10
<PAGE>
         SECTION 2.05. MUTILATED, DESTROYED, LOST OR STOLEN NOTES.

         If (i) any mutilated Note is surrendered to the Indenture Trustee, or
the Indenture Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee
such security or indemnity as may be required by them 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, the Issuer shall execute and upon its written request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Note, a replacement Note 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 or the Indenture Trustee may require the payment by the Holder of such
Note of a sum sufficient to cover any tax or other governmental charge that may
be imposed in relation thereto and any other reasonable expenses (including the
fees and expenses of the Indenture Trustee or the Note Registrar) connected
therewith.

         Every replacement Note issued pursuant to this Section 2.05 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 of the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder.

         The provisions of this Section 2.05 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 2.06. PERSONS DEEMED OWNER.

         Prior to due presentment for registration of transfer of any Note, the
Issuer, the Indenture Trustee, and any of their respective agents may 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,

                                       11
<PAGE>
whether or not such Note be overdue, and none of the Issuer, the Indenture
Trustee nor any of their respective agents shall be affected by notice to the
contrary.

         SECTION 2.07. PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST.

         (a) Each Class of Notes shall accrue interest at the related Interest
Rate, and such interest shall be payable on each Payment Date as specified
therein, subject to Section 3.01. Any installment of interest or principal, if
any, payable on any Note which is punctually paid or duly provided for by the
Issuer on the applicable Payment Date shall be paid to the Person in whose name
such Note (or one or more Predecessor Notes) is registered on the Record Date,
by wire transfer, if such Person is either DTC or its nominee or if such Person
provides written instructions to the Indenture Trustee at least ten days prior
to the Payment Date, otherwise by check, in immediately available funds to the
account designated by such Person and except for the final installment of
principal payable with respect to such Note on a Payment Date or on the related
final Payment Date, as the case may be (and except for the Redemption Date
Amount for any Note called for redemption pursuant to Section 10.01(a)), which
shall be payable as provided below; provided, however, that if Definitive Notes
are made available under Section 2.11, payments may be made to such Persons by
either wire transfer or check. Any funds returned undelivered shall be held in
accordance with Section 3.03.

         (b) The principal of each Note shall be payable on each Payment Date to
the extent provided herein, including as provided in the form of the related
Note set forth as an Exhibit hereto. 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, unless the Required Holders have waived such Event of Default in the
manner provided in Section 5.02. All principal payments on each Class of Notes
shall be made pro rata to the Noteholders of such Class entitled thereto. The
Indenture Trustee shall notify the Person in whose name a Note is registered at
the close of business on the Record Date preceding the Payment Date on which the
Issuer expects that the final installment of principal of and interest on such
Note will be paid. Such notice 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.

         (c) If the Issuer defaults in a payment of interest on the Notes, the
Issuer shall pay defaulted interest at the applicable Interest Rate in any
lawful manner. The Issuer may pay such defaulted interest to the Persons who are
Noteholders on any Payment Date in the manner and to the extent provided in the
Transfer and Servicing Agreement.

         (d) All payments to be made by the Issuer under this Indenture shall be
made only from the income and proceeds from the Collateral and only to the
extent that the Issuer shall have sufficient income or proceeds from the
Collateral to enable the Issuer to make payments in accordance with the terms
hereof.

                                       12
<PAGE>
         SECTION 2.08. 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 destroyed or
returned to it; provided that such Issuer Order is timely and the Notes have not
been previously disposed of by the Indenture Trustee.

         SECTION 2.09. BOOK-ENTRY NOTES.

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

                  (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
         Noteholders;

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

                  (iv) the rights of Noteholders shall be exercised only through
         the Clearing Agency and shall be limited to those established by law
         and agreements between such Noteholders 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 2.11, the Clearing Agency will make book-entry transfers among
         the Clearing Agency Participants and receive and transmit payments of
         principal of and interest on the Notes to such Clearing Agency
         Participants; and

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

                                       13
<PAGE>
         Outstanding Amount, the Clearing Agency shall be deemed to represent
         such percentage only to the extent that it has received instructions to
         such effect from Note Owners and/or Clearing Agency Participants owning
         or representing, respectively, such required percentage of the
         beneficial interest in the Notes and has delivered such instructions to
         the Indenture Trustee.

         SECTION 2.10. 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 Noteholders pursuant to Section 2.11, the Indenture Trustee shall give all
such notices and communications specified herein to be given to Noteholders of
the Notes to the Clearing Agency, and shall have no obligation to the
Noteholders.

         SECTION 2.11. DEFINITIVE NOTES.

         If (i)(A) the Issuer advises the Indenture Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its
responsibilities as described in the Note Depository Agreement, and (B) the
Indenture Trustee or the Issuer is unable to locate a qualified successor, (ii)
the Issuer 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, Note Owners for such Notes representing
not less than 66 2/3% of the Outstanding Amount of such Class of Notes advise
the Indenture Trustee and the Clearing Agency through the Clearing Agency
Participants in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interests of the related Note Owners,
then the Indenture Trustee shall notify all Note Owners of the related Class or
Classes of Notes, through the Clearing Agency, of the occurrence of any such
event and of the availability of Definitive Notes of the related Class of Notes
to Note Owners requesting the same. Upon surrender to the Indenture Trustee of
the Note or Notes representing the Book-Entry Notes by the Clearing Agency,
accompanied by registration instructions, the Issuer 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 of a Class, the
Indenture Trustee shall recognize the holders of the Definitive Notes as
Noteholders hereunder.

         The Indenture Trustee shall not be liable if the Indenture Trustee or
the Issuer is unable to locate a qualified successor Clearing Agency. 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.

                                       14
<PAGE>
         SECTION 2.12. RELEASE OF COLLATERAL.

         The Indenture Trustee shall release property from the lien of this
Indenture only in accordance with the provisions of Section 4.04.

         SECTION 2.13. TAX TREATMENT.

         The Issuer and the purchasers of the Notes intend, and will take all
actions consistent with such intention and will not take or permit to be taken
any action inconsistent with such intention, that the Notes be treated as
indebtedness that is solely secured by the Pledged Assets for all federal,
state, local, and foreign income and franchise tax purposes. The Issuer, by
entering into this Indenture, and each Noteholder, by its acceptance of its
Note, agree to treat the Notes for federal, state and local income, single
business and franchise tax purposes as indebtedness.

         SECTION 2.14. CUSIP NUMBERS.

         The Issuer in issuing the Notes may use "CUSIP" or "private placement"
numbers (if then generally in use), and, if so, the Indenture Trustee shall
indicate the "CUSIP" or "private placement" numbers of the Notes in notices of
redemption and related materials as a convenience to Holders of Notes; provided
that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Notes or as contained in
any notice of redemption and related materials.

         SECTION 2.15. TRANSFER RESTRICTIONS.

         Other than the initial purchase occurring on the Closing Date, neither
the Private Notes nor any interest therein may be offered or sold except to a
Person whom the transferor of the Private Notes or an interest therein
reasonably believes is a Qualified Institutional Buyer ("QIB") purchasing for
its own account in accordance with Rule 144A under the Securities Act.
Prospective investors in the Private Notes are hereby notified that transferors
of the Private Notes are relying on the exemption from the provisions of the
Securities Act provided by Rule 144A. Each Private Noteholder and each
beneficial owner of the Private Notes, by its acceptance thereof or of such
beneficial interest, will be deemed to have represented and agreed as follows:
(i) such Holder or owner understands that the Private Notes may be resold only
to QIBs pursuant to Rule 144A and that the Private Notes will be available only
as beneficial interests in the Rule 144A Global Note; (ii) such Holder or owners
understands that the Private Notes are restricted securities and have not been
and will not be registered under the Securities Act or any state or other
applicable securities law and that the Private Notes, or any interest or
participation therein, may not be offered, sold, pledged or otherwise
transferred unless registered pursuant to, or exempt from registration under,
the Securities Act and any other applicable securities law; (iii) such Holder or
owner acknowledges that none of the initial investors has made any
representation to it with respect to the offering or sale of any Private Notes,
other than the information contained in the Private Placement Memorandum
(including the exhibit attached thereto) that has been delivered to it and upon
which it is relying in making its investment decision with respect to the
Private Notes; (iv) it has had access to such financial and other information
concerning the Private Notes as it has

                                       15
<PAGE>
deemed necessary in connection with its decision to purchase the Private Notes;
(v) such Holder or owner acknowledges that the Private Notes will bear a legend
as set forth in the form of Private Note attached as Exhibit G or Exhibit H, as
applicable, hereto, unless the Issuer determines otherwise, consistent with
applicable law; (vi) if it is acquiring any Private Note, or any interest or
participation therein, as a fiduciary or agent for one or more investor
accounts, such Holder or owner represents that it has sole investment discretion
with respect to such account and that it has full power to make the
acknowledgments, representations and agreements contained herein on behalf of
each such account; (vii) such Holder or owner (1) is a QIB, (2) is aware that
the sale to it is being made in reliance on Rule 144A and if it is acquiring
such Private Notes or any interest or participation therein for the account of
another QIB, such other QIB is aware that the sale is being made in reliance on
Rule 144A and (3) is acquiring such Private Notes or any interest or
participation therein for its own account or for the account of a QIB; (viii)
such Holder or owner is purchasing the Private Notes for its own account, or for
one or more investor accounts for which it is acting as fiduciary or agent, in
each case for investment, and not with a view to, or for offer or sale in
connection with, any distribution thereof in violation of the Securities Act,
subject to any requirements of law that the disposition of its property or the
property of such investor account or accounts be at all times within its or
their control and subject to its or their ability to resell such Private Notes,
or any interest or participation therein, as provided herein and in the
Indenture; (ix) such Holder or owner agrees that if in the future it should
offer, sell or otherwise transfer such Private Note or any interest or
participation therein, it will do so only (A) to the Issuer, or (B) pursuant to
Rule 144A to a person whom it reasonably believes is a QIB in a transaction
meeting the requirements of Rule 144A, purchasing for its own account or for the
account of a QIB, whom it has informed that such offer, sale or other transfer
is being made in reliance on Rule 144A, (x) such Holder or owner acknowledges
that each class of the Private Notes will be represented by a Rule 144A Global
Note and that transfers thereof or any interest or participation therein are
restricted; and (xi) such Holder or owner acknowledges that the Issuer, the
Originator and others will rely on the truth and accuracy of the foregoing
acknowledgments, representations and agreements, and agrees that if any of the
foregoing acknowledgments, representations and agreements deemed to have been
made by it are no longer accurate, it shall promptly notify the Issuer and the
Originator.

         By its acceptance of a Class D Note, each Holder of any such Class D
Note will be deemed to have represented and agreed that no transfer of such
Class D Note shall be made (i) that would result in there being more than one
hundred (100) owners of the Units and the Class D Notes or (ii) to any
beneficial owner of an interest in a partnership, grantor trust or S corporation
(herein referred to as a "Flow-through entity") which Flow-through entity owns,
directly or indirectly through other Flow-through entities, any Units or the
Class D Notes if fifteen percent (15%) or more of such beneficial owner's
interest in the Flow-through entity is attributable to the Flow-through entity's
interest (direct or indirect) in the Units or the Class D Notes.

         By its acceptance of a Class D Note, each Holder of any such Class D
Note will be deemed to have acknowledged that the Issuer shall not participate
in the (i) creation of an interdealer quotation system or a secondary market or
the substantial equivalent thereof (a "Market") for the Units or the Class D
Notes, or (ii) inclusion of Units or the Class D Notes on a Market. If a Market
develops without the participation by the Issuer, the Issuer will not recognize
any transfers made on the Market by (i) redeeming the transferor Member or owner
of

                                       16
<PAGE>
a Class D Note (in the case of a redemption or repurchase by the Issuer) or (ii)
admitting the transferee as a partner or otherwise recognizing any rights of the
transferee, such as a right of the transferee to receive distributions (directly
or indirectly) or to acquire an interest in the capital or profits of the Issuer
(except as otherwise expressly provided in the Class D Notes).

         SECTION 2.16. RULE 144A INFORMATION.

         In order to preserve the exemption for resales and other transfers of
the Private Notes under Rule 144A under the Securities Act, the Issuer shall
provide to any Private Noteholder and any prospective purchaser or transferee
designated by a Private Noteholder, upon request of the Private Noteholder or
prospective purchaser or transferee, the information required by Rule 144A to
enable resales of such Private Notes to be made pursuant to Rule 144A.

         SECTION 2.17. INVESTOR LETTERS.

         In the event the Private Notes are at any time available as Definitive
Notes, it shall be a condition to the transfer of any Private Note that is a
Definitive Note that there be delivered to the Indenture Trustee a letter from
the proposed transferee of any such Private Notes in substantially the form and
substance set forth as Exhibit K to this Indenture.

                                   ARTICLE III

                    COVENANTS; REPRESENTATIONS AND WARRANTIES

         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 Section 8.02(c), the
Issuer and the Indenture Trustee will cause to be deposited into the Note
Distribution Account amounts allocated pursuant to Section 7.05 of the Transfer
and Servicing Agreement, and cause to be distributed all such amounts on a
Payment Date as deposited therein (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, (v) for the benefit of the Class B Notes, to the Class B
Noteholders, (vi) for the benefit of the Class C Notes, to the Class C
Noteholders and (vii) for the benefit of the Class D Notes, to the Class D
Noteholders, in each case as further specified herein or therein. 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 New York, New York an office or agency
where Notes may be surrendered for registration of transfer or exchange, and
where notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby

                                       17
<PAGE>
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
the location, and of any change in the location, of any such office or agency.
If at any time the Issuer shall fail to maintain any such office or agency or
shall fail to furnish the Indenture Trustee with the address thereof, such
surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Issuer hereby appoints the Indenture Trustee as its agent to
receive all such surrenders, notices and demands.

         SECTION 3.03. MONEY FOR PAYMENTS TO BE HELD IN TRUST.

         As provided in Section 8.02, all payments of amounts due and payable
with respect to any Notes that are to be made from amounts withdrawn from the
Collection Account and the Note Distribution Account pursuant to Section 8.02(b)
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 immediately preceding each Payment Date
and Redemption Date, the Issuer shall deposit or cause to be deposited in the
Note Distribution Account an aggregate sum sufficient to pay the amounts then
becoming due, such sum to be held in trust for the benefit of the Persons
entitled thereto and (unless the Paying Agent is the Indenture Trustee) shall
promptly notify the Indenture Trustee in writing of its action or failure so to
act.

         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 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

                                       18
<PAGE>
                  (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 upon receipt of an Issuer Request shall be deposited by the Indenture
Trustee in the Collection Account; and the Holder of such Note shall thereafter,
as an unsecured general creditor, look only to the Issuer for payment thereof,
and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease; provided, however, that if such money or
any portion thereof had been previously deposited by the Issuer with the
Indenture Trustee for the payment of principal or interest on the Notes, and
provided, further, that the Indenture Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Issuer cause to
be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The City of New
York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to or for the
account of the Issuer. The Indenture Trustee may also adopt and employ, at the
expense of the Issuer, any other reasonable means of notification of such
repayment (including, but not limited to, mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys 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 limited liability company under the laws of the State of
Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other state or of the United States, in which
case the Issuer will keep in full effect its existence, rights and franchises
under the laws of such other jurisdiction) and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is
or shall be necessary to protect the validity and enforceability of this
Indenture, the Notes, the other Transaction Documents, the Collateral and each
other instrument or agreement included in the Collateral.

                                       19
<PAGE>
         SECTION 3.05. PROTECTION OF COLLATERAL.

         The Issuer intends the security interest Granted pursuant to this
Indenture in favor of the Indenture Trustee on behalf of the Noteholders to be
prior to all other liens in respect of the Collateral, and the Issuer shall take
all actions necessary to obtain and maintain, for the benefit of the Indenture
Trustee on behalf of the Noteholders, a first lien on and a first priority,
perfected security interest in the Collateral. The Issuer 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, all as prepared by the Servicer and delivered to the
Issuer, and will take such other action necessary or advisable to:

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

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

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

                  (iv) enforce any of the Collateral;

                  (v) preserve and defend title to the Collateral and the rights
         of the Indenture Trustee and the Noteholders in such Collateral against
         the claims of all persons and parties; and

                  (vi) pay all taxes or assessments levied or assessed upon the
         Collateral when due.

         The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute all financing statements, continuation statements or
other instruments required to be executed pursuant to this Section. In no event
shall the Indenture Trustee be responsible for filing or maintaining such
financing statements, continuation statements or other instruments, unless it
shall have become the Successor Servicer.

         SECTION 3.06. RESERVED.

         SECTION 3.07. PERFORMANCE OF OBLIGATIONS; SERVICING OF CONTRACTS.

         (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 such Person's material covenants or obligations under any instrument or
agreement included in the Collateral 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 the Transaction Documents or such other instrument or
agreement.

                                       20
<PAGE>
         (b) The Issuer may contract with other Persons to assist it in
performing its duties and obligations under this Indenture, and any performance
of such duties by a Person identified to the Indenture Trustee in an Officer's
Certificate shall be deemed to be action taken by the Issuer. The Indenture
Trustee shall not be responsible for the action or inaction of the Servicer.
Initially, the Issuer has contracted with the Servicer to assist the Issuer in
performing some of its duties under this Indenture.

         (c) The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Transaction
Documents and in the instruments and agreements included in the Collateral,
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 Transfer and Servicing Agreement in accordance with and within
the time periods provided for herein and therein. Except as otherwise expressly
provided therein, the Issuer shall not waive, amend, modify, supplement or
terminate any Transaction Document or any provision thereof without the consent
of the Indenture Trustee or the Required Holders.

         (d) If the Issuer shall have knowledge of the occurrence of a Servicer
Default, the Issuer shall promptly notify in writing the Indenture Trustee and
each Rating Agency thereof. Upon any termination of the Servicer's rights and
powers pursuant to the Transfer and Servicing Agreement, the Issuer shall
promptly notify the Indenture Trustee in writing. As soon as a Successor
Servicer is appointed, the Issuer shall notify in writing the Indenture Trustee
and the Rating Agencies of such appointment (to the extent such party has not
already been notified pursuant to the Transfer and Servicing Agreement),
specifying in such notice the name and address of such Successor Servicer.

         (e) The Issuer agrees that it will not waive timely performance or
observance by the Servicer or the Originator of their respective duties under
the Transaction Documents if the effect thereof would adversely affect the
Holders of the Notes.

         SECTION 3.08. NEGATIVE COVENANTS.

         Until the Termination Date, the Issuer shall not:

                  (i) except as expressly permitted by the Transaction
         Documents, sell, transfer, exchange or otherwise dispose of any of the
         properties or assets of the Issuer, including those included in the
         Collateral, 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 Collateral;

                  (iii) (A) permit the validity or effectiveness of this
         Indenture to be impaired, or permit the lien created by this Indenture
         to be amended, hypothecated, subordinated, terminated or discharged, or
         permit any Person to be released from any covenants or

                                       21
<PAGE>
         obligations with respect to the Notes under this Indenture except as
         may be expressly permitted hereby, (B) permit any lien, charge, excise,
         claim, security interest, mortgage or other encumbrance (other than the
         lien of this Indenture) to be created on or extend to or otherwise
         arise upon or burden the Collateral or any part thereof or any interest
         therein or the proceeds thereof (other than Permitted Liens), (C)
         permit the lien created by this Indenture not to constitute a valid
         first priority (other than with respect to any such tax, mechanics' or
         other lien) security interest in the Collateral, or (D) amend, modify
         or fail to comply with the provisions of the Transaction Documents
         without the prior written consent of the Indenture Trustee, except
         where the Transaction Documents allow for amendment or modification
         without the consent or approval of the Indenture Trustee; or

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

         SECTION 3.09. 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 or any State and shall
         expressly assume, by an indenture supplemental hereto, executed and
         delivered to the Indenture Trustee, in form and substance satisfactory
         to the Indenture Trustee, the due and punctual payment of the principal
         of and interest on all Notes and the performance or observance of every
         agreement and covenant of this Indenture and each other Transaction
         Document 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
         which shall be delivered to the Indenture Trustee to the effect that
         such transaction will not have any material adverse tax consequence to
         the Issuer or any Noteholder;

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

                  (vi) the Issuer shall have delivered to the Indenture Trustee
         an Officer's Certificate and an Opinion of Counsel (which shall
         describe the actions taken as required by clause (v) above or that no
         such actions will be taken) each stating that such consolidation or
         merger and such supplemental indenture comply with this Section 3.09(a)
         and that all conditions precedent herein provided for relating to such
         transaction have been complied with; and

                                       22
<PAGE>
                  (vii) the Person (if other than the Issuer) formed by or
         surviving such consolidation or merger has a net worth, immediately
         after such consolidation or merger, that is (A) greater than zero and
         (B) not less than the net worth of the Issuer immediately prior to
         giving effect to such consolidation or merger.

         (b) The Issuer shall not convey or transfer all or substantially all of
its properties or assets, including those included in the Collateral, to any
Person (except as expressly permitted by the Transaction Documents), unless:

                  (i) the Person that acquires by conveyance or transfer the
         properties and assets of the Issuer shall (A) be a United States
         citizen or a Person organized and existing under the laws of the United
         States or any State, (B) expressly assume, by an indenture supplemental
         hereto, executed and delivered to the Indenture Trustee, in form and
         substance satisfactory to the Indenture Trustee, the due and punctual
         payment of the principal of and interest on all Notes and the
         performance or observance of every agreement and covenant of this
         Indenture and each other Transaction Document on the part of the Issuer
         to be performed or observed, all as provided herein, (C) expressly
         agree by means of such supplemental indenture that all right, title and
         interest so conveyed or transferred shall be subject and subordinate to
         the rights of Holders of the Notes and (D) unless otherwise provided in
         such supplemental indenture, expressly agree to indemnify, defend and
         hold harmless the Issuer against and from any loss, liability or
         expense arising under or related to this Indenture and the Notes;

                  (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
         which shall be delivered to the Indenture Trustee to the effect that
         such transaction will not have any material adverse tax consequence to
         the Issuer or any Noteholder;

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

                  (vi) the Issuer shall have delivered to the Indenture Trustee
         an Officer's Certificate and an Opinion of Counsel (which shall
         describe the actions taken as required by clause (v) above or that no
         such actions will be taken) each stating that such conveyance or
         transfer and such supplemental indenture comply with this Section
         3.09(b) and that all conditions precedent herein provided for relating
         to such transaction have been complied with (including any filings
         required by Exchange Act); and

                  (vii) the Issuer has a net worth, immediately after such
         conveyance or transfer, that is (A) greater than zero and (B) not less
         than the net worth of the Issuer immediately prior to giving effect to
         such conveyance or transfer.

                                       23
<PAGE>
         SECTION 3.10. SUCCESSOR OR TRANSFEREE.

         (a) Upon any consolidation or merger of the Issuer in accordance with
Section 3.09(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 same
effect as if such Person has been named as the Issuer herein.

         (b) Upon a conveyance or transfer of all or substantially all of the
assets or properties of the Issuer pursuant to Section 3.09(b), the Issuer will
be released from every covenant and agreement of this Indenture to be observed
or performed on the part of the Issuer with respect to the Notes immediately
upon the delivery of written notice to the Indenture Trustee stating that the
Issuer is to be so released.

         SECTION 3.11. NO OTHER BUSINESS.

         The Issuer shall not engage in any business other than acquiring the
Contract Assets and issuing the Notes in the manner contemplated by this
Indenture and the other Transaction Documents and activities incidental thereto.

         SECTION 3.12. NO BORROWING.

         The Issuer shall not issue, incur, assume, guarantee or otherwise
become liable, directly or indirectly, for any Indebtedness except for (i) the
Notes and (ii) any other Indebtedness permitted by or arising under the other
Transaction Documents. The proceeds of the Notes shall be used exclusively to
fund the Issuer's purchase of the Contract Assets, to fund the Reserve Fund and
to pay the transactional expenses of the Issuer.

         SECTION 3.13. NOTICE OF EVENTS OF DEFAULT.

         The Issuer agrees to give the Indenture Trustee and each Rating Agency
prompt written notice of each Event of Default hereunder and of a Servicer
Default under the Transfer and Servicing Agreement.

         SECTION 3.14. FURTHER INSTRUMENTS AND ACTS.

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

         SECTION 3.15. COMPLIANCE WITH LAWS.

         The Issuer shall comply with the requirements of all applicable laws,
the non-compliance with which would, individually or in the aggregate,
materially and adversely affect the ability of

                                       24
<PAGE>
the Issuer to perform its obligations under the Notes, this Indenture or any
other Transaction Document.

         SECTION 3.16. AMENDMENTS OF LIMITED LIABILITY COMPANY AGREEMENT.

         The Issuer shall not agree to any amendment to Section 9(j) of the
limited liability company agreement unless the Indenture Trustee or the Required
Holders consent to any such amendment thereto.

         SECTION 3.17. SECURITY INTEREST REPRESENTATIONS AND WARRANTIES.

The Issuer represents and warrants as follows:

         (a) This Indenture creates a valid and continuing security interest (as
defined in the UCC) in the Collateral in favor of the Indenture Trustee for the
benefit of the Noteholders, which security interest is prior to all other Liens,
and is enforceable as such as against creditors of and purchasers from the
Issuer.

         (b) The Equipment constitutes "goods" or "inventory" within the meaning
of the applicable UCC. The Contracts constitute "tangible chattel paper" or
"instruments" within the meaning of the UCC. The Trust Accounts constitute
"securities accounts" within the meaning of the UCC.

         (c) The Issuer owns and has good and marketable title to the
Collateral, free and clear of any Lien, claim or encumbrance of any Person,
except for the Liens created or permitted pursuant to the Indenture.

         (d) To the extent required in the Transaction Documents, the Issuer has
caused the filing of all appropriate financing statements or documents of
similar import in the proper filing office in the appropriate jurisdictions
under applicable law in order to perfect the security interest in the Collateral
granted to the Indenture Trustee in this Indenture. All financing statements
filed against the Issuer in favor of the Indenture Trustee in connection
herewith describing the Collateral contain a statement to the following effect:
"A purchase of or security interest in any collateral described in this
financing statement will violate the rights of the Indenture Trustee."

         (e) Other than the security interest granted to the Indenture Trustee
pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted
a security interest in or otherwise conveyed any of the Collateral, except as
permitted pursuant to the Indenture. The Issuer has not authorized the filing of
and is not aware of any financing statements against the Issuer that include a
description of collateral covering the Collateral other than any financing
statement or document of similar import (i) relating to the security interest
granted to the Indenture Trustee in this Indenture, (ii) that has been
terminated, or (iii) that names JPMorgan Chase Bank as Indenture Trustee as
secured party. The Issuer is not aware of any judgment or tax lien filings
against the Issuer.

                                       25
<PAGE>

         (f) The Contracts that constitute or evidence the Collateral have been
marked with the following legend

         This Contract/Note is subject to a security interest granted to
         JPMorgan Chase Bank, as Indenture Trustee, or its assignee, on behalf
         of certain Holders of Notes issued by GreatAmerica Leasing Receivables
         2002-1, L.L.C. UCC-1 Financing Statements covering this Contract/Note
         have been filed with the Secretaries of State of both the State of Iowa
         and the State of Delaware. Such lien will be released only in
         connection with appropriate filings in such offices. Consequently,
         potential purchasers of this Contract/Note must refer to such filings
         to determine whether such lien has been released.

and none of the Contracts have any current marks or notations indicating that
they are pledged, assigned or otherwise conveyed to any named Person other than
the Indenture Trustee.

         (g) The Issuer has received all necessary consents and approvals
required by the terms of the Collateral to the Pledge to the Indenture Trustee
of its interest and rights in such Collateral hereunder or under the Indenture.

         (h) The Issuer has taken all steps necessary to cause JPMorgan Chase
Bank (in its capacity as securities intermediary) to identify in its records the
Indenture Trustee as the Person having a security entitlement against the
securities intermediary in each of the Trust Accounts.

         (i) The Trust Accounts are not in the name of any Person other than the
Indenture Trustee. The Issuer has not consented to JPMorgan Chase Bank (as the
securities intermediary of any Trust Accounts, to comply with entitlement orders
of any Person other than the Indenture Trustee).

         (j) No creditor of the Issuer has in its possession any goods that
constitute or evidence the Collateral.

The foregoing representations and warranties shall survive until the Indenture
is terminated in accordance with its terms. Breaches of the foregoing
representations and warranties may not be waived by the Indenture Trustee,
except with the consent of the Rating Agencies.

         SECTION 3.18. REPRESENTATIONS AND WARRANTIES OF ISSUER.

         The Issuer represents and warrants as follows:

         (a) Power and Authority. It has full power, authority and legal right
to execute, deliver and perform its obligations as Issuer under this Indenture
and the Notes (the foregoing documents, the "Issuer Documents") and under each
of the other Transaction Documents to which the Issuer is a party.

         (b) Due Authorization and Binding Obligation. The execution and
delivery of the Issuer Documents and the consummation of the transactions
provided for therein have been duly

                                       26
<PAGE>
authorized by all necessary action on its part. Each of the Issuer Documents and
the other Transaction Documents to which the Issuer is a party constitutes the
legal, valid and binding obligation of the Issuer and is enforceable in
accordance with its terms, except as enforcement of such terms may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors'
rights generally and by the availability of equitable remedies.

         (c) No Conflict. The execution and delivery of the Issuer Documents and
the other Transaction Documents to which the Issuer is a party, the performance
of the transactions contemplated thereby and the fulfillment of the terms
thereof will not conflict with, result in any breach of any of the materials
terms and provisions of, or constitute (with or without notice or lapse of time
or both) a default under, any indenture, contract, agreement, mortgage, deed of
trust, or other instrument to which the Issuer is a party or by which it or any
of its property is bound.

         (d) No Violation. The execution and delivery of the Issuer Documents
and the other Transaction Documents to which the Issuer is a party, the
performance of the transactions contemplated thereby and the fulfillment of the
terms thereof will not conflict with or violate, in any material respect, any
Requirements of Law applicable to the Issuer.

         (e) All Consents Required. All approvals, authorizations, consents,
orders or other actions of any Person or any Governmental Authority required in
connection with the execution and delivery of the Issuer Documents and the other
Transaction Documents to which the Issuer is a party, the performance of the
transactions contemplated thereby and the fulfillment of the terms thereof have
been obtained.

         (f) No Proceedings. No litigation or administrative proceeding of or
before any court, tribunal or governmental body is currently pending, or to the
knowledge of the Issuer, threatened, against the Issuer or any of its respective
properties or with respect to the Issuer Documents or any other Transaction
Document to which the Issuer is a party that, if adversely determined, would
have a material adverse effect on the business, properties, assets or condition
(financial or otherwise) of the Issuer or the transactions contemplated by the
Issuer Documents or any of the other Transaction Documents to which the Issuer
is a party.

         (g) Organization and Good Standing. The Issuer is a limited liability
company duly organized, validly existing and in good standing under the laws of
Delaware and has the requisite power to own its assets and to transact the
business in which it is currently engaged, and had at all relevant times, and
now has, all necessary power, authority and legal right to acquire, own and sell
the Conveyed Assets.

         (h) 1940 Act. The Issuer is not an "investment company" (and does not
control and is not under the control of) within the meaning of the Investment
Company Act of 1940, as amended.

         (i) Limited Liability Company Structure or Location. Not, without
providing thirty (30) days' prior written notice to the Originator, the
Servicer, the Indenture Trustee and the Rating Agencies and without filing such
amendments to any previously filed financing

                                       27
<PAGE>
statements as may be required, (a) alter its limited liability company
existence, (b) change its state of formation or (c) change its registered name.

         (j) Security Interest in Equipment. The Issuer has a perfected security
interest in the Equipment and, upon the transfer and assignment of the
Collateral hereunder, the Indenture Trustee will have a perfected security
interest in the Equipment.

                                   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 3.01, 3.03, 3.04, 3.05, 3.07, 3.08, 3.10, 3.12, 3.13, 3.15 and 3.16,
(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 written 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

                           (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
                  2.05 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) will become due and payable at the
                           applicable Maturity Date within one year, or

                                    (iii) 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,

                                       28
<PAGE>
         and the Issuer, in the case of (i), (ii) or (iii) 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 (which will mature prior to the date
         such amounts are payable), in trust in an Eligible Deposit Account
         (which shall be the Collection Account or Note Distribution Account)
         for such purpose, in an amount sufficient to pay and discharge (i) the
         entire indebtedness on such Note not theretofore delivered to the
         Indenture Trustee for cancellation when due to the final Scheduled
         Payment Date (if Notes shall have been called for redemption pursuant
         to Section 10.01(a)) and (ii) payment of the Indenture Trustee's fees
         and expenses;

                  (B) the Issuer has paid or performed or caused to be paid or
         performed all amounts and obligations that the Issuer may owe to or on
         behalf of the Indenture Trustee for the benefit of the Noteholders
         under this Indenture or the Notes; and

                  (C) the Issuer has delivered to the Indenture Trustee an
         Officer's Certificate and an Opinion of Counsel and 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, stating that all conditions precedent herein provided for
         relating to the satisfaction and discharge of this Indenture have been
         complied with and the Rating Agency Condition has been satisfied.

         SECTION 4.02. APPLICATION OF TRUST MONEY.

         All moneys deposited with the Indenture Trustee pursuant to Section
4.01 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 moneys have been
deposited with the Indenture Trustee, of all sums due and to become due thereon
for principal and interest; but such moneys need not be segregated from other
funds except to the extent required herein or in the Transfer and Servicing
Agreement or required by law.

         SECTION 4.03. REPAYMENT OF MONEYS HELD BY PAYING AGENT.

         In connection with the satisfaction and discharge of this Indenture
with respect to the Notes, all moneys 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 moneys.

         SECTION 4.04. RELEASE OF COLLATERAL.

         Subject to the terms of the Transaction 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 and an Opinion of
Counsel and Independent Certificates in accordance

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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.

                                    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 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):

         (a) failure to pay on each Payment Date the full amount of accrued
interest on any Note;

         (b) failure to pay the then outstanding Principal Amount of any Note,
if any, on its related Maturity Date;

         (c) (i) failure on the part of the Originator or the Servicer to make
any payment or deposit required under the Transfer and Servicing Agreement
within three Business Days after the date the payment or deposit is required to
be made, or (ii) failure on the part of the Originator or the Issuer to observe
or perform any other covenants or agreements of such entity set forth in the
Transfer and Servicing Agreement or the Indenture, which failure has a material
adverse effect on the Noteholders and continues unremedied for a period of 60
days after written notice; provided, that no such 60-day cure period shall apply
in the case of a failure by the Originator to perform its agreement to
repurchase or substitute for Ineligible Contracts, and further provided, that
only a five-day cure period shall apply in the case of a failure by the
Originator or the Issuer to observe their respective covenants not to grant a
security interest in or otherwise intentionally create a lien on the Contracts;

         (d) any representation or warranty made by the Originator, the Servicer
or the Issuer in the Transfer and Servicing Agreement or the Indenture or any
information required to be given by the Originator or the Issuer to the
Indenture Trustee to identify the Contracts proves to have been incorrect in any
material respect when made and continues to be incorrect in any material respect
for a period of 60 days after written notice and as a result of which the
interests of the Noteholders are materially and adversely affected; provided,
however, that an Event of Default shall not be deemed to occur thereunder if the
Originator has repurchased the related Contracts through the Issuer during such
period in accordance with the provisions of the Transfer and Servicing
Agreement;

         (e) the occurrence of an Insolvency Event relating to the Issuer;

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<PAGE>
         (f) the occurrence of an Insolvency Event relating to the Originator or
the Servicer; or

         (g) the Issuer becomes an "investment company" within the meaning of
the Investment Company Act of 1940, as amended.

         SECTION 5.02. RIGHTS UPON EVENT OF DEFAULT; NOTICE.

         If an Event of Default referred to in clause (e) of Section 5.01 has
occurred, then and in every such case the unpaid principal of the Notes,
together with interest accrued but unpaid thereon, and all other amounts due to
the Noteholders under the Indenture, shall immediately and without further act
become due and payable.

         In the case of any event described in clause (a), (b), (c), (d), (f) or
(g) of Section 5.01, an Event of Default with respect to the Notes will be
deemed to have occurred provided such Event of Default may be waived if the
Indenture Trustee acting at the direction of the Required Holders provides
written notice to the Issuer, Indenture Trustee and the Servicer of such waiver.
In the event a Responsible Officer of the Indenture Trustee has actual knowledge
of an Event of Default, it shall give written notice thereof to the Issuer, the
Originator, the Servicer and the Rating Agencies.

         If an Insolvency Event relating to the Issuer occurs, pursuant to the
Transfer and Servicing Agreement, on the day of such Insolvency Event, the
Issuer shall promptly give written notice to the Indenture Trustee of the
Insolvency Event, and the Indenture Trustee shall, unless notified to the
contrary in writing prior to such sale by the Required Holders, promptly act
pursuant to and in accordance with the terms thereof to sell, dispose of or
otherwise liquidate, at the expense of the Issuer, the Collateral in a
commercially reasonable manner and on commercially reasonable terms. The
Indenture Trustee shall conclusively rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
commercial reasonableness of its action. The proceeds from any such sale,
disposition or liquidation of Contracts (less all of the costs and expenses of
the Indenture Trustee incurred in connection therewith) shall be deposited in
the Collection Account and allocated as described in the Transfer and Servicing
Agreement and herein.

         Promptly following its receipt of notice hereunder or under any other
Transaction Document of any Event of Default, the Indenture Trustee shall send a
copy thereof to the Issuer and each Rating Agency.

         SECTION 5.03. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
                       INDENTURE TRUSTEE; AUTHORITY OF INDENTURE TRUSTEE.

         (a) The Issuer covenants that if the Notes are accelerated following
the occurrence of an Event of Default, 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 upon the overdue principal, and, to the extent payment at such rate of
interest shall be legally enforceable, upon overdue installments of interest, at
the

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<PAGE>
applicable Interest Rate and in addition thereto such further amount as shall be
sufficient to cover costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and
its agents and counsel.

         (b) The Indenture Trustee, following the occurrence of an Event of
Default, shall have full right, power and authority to take, or defer from
taking, any and all acts with respect to the administration, maintenance or
disposition of the Collateral.

         (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may, in its discretion (except as provided in Section 5.03(d)), and
shall, at the direction of the Required Holders, proceed to protect and enforce
its rights and the rights of the Noteholders, by such appropriate Proceedings as
shall be deemed most effective to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in this Indenture or
in aid of the exercise of any power granted herein, or to enforce any other
proper remedy or legal or equitable right vested in the Indenture Trustee by
this Indenture or by law.

         (d) Notwithstanding anything to the contrary contained in this
Indenture, if an Event of Default shall have occurred and be continuing, and if
the Issuer fails to perform its obligations under Section 10.01(b) when and as
due, the Indenture Trustee may, in its discretion and shall, at the direction of
the Required Holders, proceed to protect and enforce its rights and the rights
of the Noteholders by such appropriate Proceedings as the Indenture Trustee or
the Required Holders, as the case may be, shall deem most effective to protect
and enforce any such rights, whether for specific performance 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, provided that the
Indenture Trustee shall only be entitled to take any such actions to the extent
such actions (i) are taken only to enforce the Issuer's obligations to redeem
the principal amount of Notes, and (ii) are taken only against the Collateral,
any investments therein and any proceeds thereof.

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

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

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<PAGE>
         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 in accordance with the written
         direction of a majority of the Holders;

                  (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 in accordance with the written direction of a majority of
         the Holders;

                  (iii) to collect and receive any moneys 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
         judicial proceedings relative to the Issuer, its creditors and its
         property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee, as administrative expenses associated with
any such proceeding, and, in the event that the Indenture Trustee shall consent
to the making of payments directly to such Noteholders, to pay to the Indenture
Trustee such amounts as shall be sufficient to cover reasonable compensation to
the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents, attorneys and counsel, and all other expenses and liabilities incurred,
and all advances made, by the Indenture Trustee and each predecessor Indenture
Trustee except as a result of negligence or bad faith.

         (f) 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
compensation 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.

         (g) 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.

         (h) In any Proceedings brought by the Indenture Trustee (including any
Proceedings involving the interpretation of any provision of this Indenture),
the Indenture Trustee shall be

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<PAGE>
         held to represent all of 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.

         If an Event of Default shall have occurred and be continuing, the
Indenture Trustee (subject to Section 5.05) may, and shall if so directed by the
Required Holders in writing:

                  (i) institute Proceedings in its own name and as or on behalf
         of a 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 moneys
         adjudged due;

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

                  (iii) exercise any remedies of a secured party under the UCC
         and any other remedy available to the Indenture Trustee and take any
         other appropriate action to protect and enforce the rights and remedies
         of the Indenture Trustee on behalf of the Noteholders under this
         Indenture or the Notes; and

                  (iv) direct the Issuer to sell the Collateral or any portion
         thereof or rights or interest therein, at one or more public or private
         sales called and conducted in any manner permitted by law; provided,
         however, that the Indenture Trustee may not sell or otherwise liquidate
         the Collateral following an Event of Default, other than an Event of
         Default described in Section 5.01(a) or (b), unless (A) the Holders of
         100% of the Principal 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 Collateral 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 provides prior written notice to
         each Rating Agency and obtains the consent of the Required Holders. In
         determining such sufficiency or insufficiency with respect to clauses
         (B) and (C), the Indenture Trustee may, but need not, obtain and
         conclusively 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 Collateral for such
         purpose and shall in no event be liable for relying on such opinions;
         provided, however, upon the occurrence of an Event of Default described
         in Section 5.01(e), caused solely from an event described in such
         subparagraph occurring with respect to the Issuer, the Collateral will
         be liquidated by the Indenture Trustee, at the expense of the Issuer,
         90 days after the date of such Insolvency Event, unless, before the end
         of such 90-day period, the Issuer, the Servicer and the Indenture
         Trustee shall have received written instructions from the Required
         Holders, to the effect that such Required Holders disapprove of the
         liquidation of such Collateral.

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<PAGE>
         SECTION 5.05. OPTIONAL PRESERVATION OF THE CONTRACTS.

         Following an Event of Default and if such Event of Default has not been
rescinded and annulled, and except as otherwise provided above, the Indenture
Trustee may, but need not, elect to maintain possession of the Collateral;
provided, however, that the Indenture Trustee shall at all times maintain
possession of the Collateral, consisting of "instruments" (within the meaning of
the UCC), not constituting part of chattel paper (if any), evidencing any
Contract that had previously been delivered to the Indenture Trustee as part of
the Collateral, unless and until such "instruments" are delivered in connection
with a realization with respect to the Collateral in accordance with the terms
of this Indenture. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal 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
Collateral. In determining whether to maintain possession of the Collateral, the
Indenture Trustee may, but need not, obtain and conclusively 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 Collateral for such purpose.

         SECTION 5.06. PRIORITIES.

         (a) If the Indenture Trustee collects any money or property pursuant to
this Article Five, it shall pay out the money or property in the following order
and priority:

                  first, so much of such payment as shall be required to
                  reimburse the Indenture Trustee (to the extent not paid by the
                  Servicer) (A) the amount of any unpaid fees, expenses and
                  indemnity payments due it either as Indenture Trustee or as a
                  paying agent of the Issuer, any tax, fee, expense, charge or
                  other loss incurred by it (to the extent not previously
                  reimbursed) (including, without limitation, the expense of
                  sale, taking or other proceeding, attorneys' fees and
                  expenses, court costs, and any other expenditures incurred or
                  expenditures or advances made by the Indenture Trustee in the
                  protection, exercise or enforcement of any right, power or
                  remedy or any damages sustained by the Indenture Trustee,
                  liquidated or otherwise, upon the Event of Default giving rise
                  to such expenditures or advances) and shall be applied by the
                  Indenture Trustee in reimbursement of such costs and expenses,
                  (B) the costs and expenses associated with the appointment of
                  a Successor Servicer and the transition relating thereto
                  (which amount described in clause (B) shall not, taken in the
                  aggregate with all other amounts withdrawn in accordance with
                  this Section 5.06(a) clause first (B) and Section 8.02(c)
                  clause second during the term of the transaction, exceed the
                  Trustee Cap) and (C) until such time as a Successor Servicer
                  has been appointed pursuant to Section 8.03, an amount equal
                  to the product of (1) one-twelfth, (2) 0.025% and (3) the
                  aggregate remaining Principal Balance of the Contracts Pool as
                  of the first day of the related Collection Period;

                                       35
<PAGE>
                  second, so much of such payment remaining as shall be required
                  to reimburse the Noteholders in full for certain indemnity
                  payments, if any, made by such Noteholders to the Indenture
                  Trustee (to the extent not previously reimbursed) shall be
                  distributed to the Noteholders, and, if the aggregate amount
                  remaining shall be insufficient to reimburse all such payments
                  in full, it shall be distributed ratably, without priority of
                  any Noteholder over any other, in the proportion that the
                  aggregate amount of such unreimbursed indemnity payments made
                  by each such Noteholder bears to the aggregate amount of such
                  unreimbursed indemnity payments made by all Noteholders;

                  third, so much of such payment remaining as shall be required
                  to pay to the Servicer its Servicing Fee for the preceding
                  monthly period, together with any amounts in respect of the
                  Servicer's Fees that were due in respect of prior monthly
                  periods that remain unpaid;

                  fourth, so much of such payment remaining as shall be required
                  to pay in full the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on the Class A-1 Notes,
                  the Class A-2 Notes, the Class A-3 Notes and the Class A-4
                  Notes shall be distributed to the Class A-1 Noteholders, the
                  Class A-2 Noteholders, the Class A-3 Noteholders and the Class
                  A-4 Noteholders together with interest on such unpaid amounts
                  from prior Collection Periods at the applicable Interest Rate
                  and, if the aggregate amount remaining shall be insufficient
                  to pay all such amounts in full, it shall be distributed
                  ratably, without priority of any one Class A-1 Note, one Class
                  A-2 Note, one Class A-3 Note and one Class A-4 Note over any
                  other Class A-1 Note, over any other Class A-2 Note, over any
                  other Class A-3 Note or over any other Class A-4 Note in the
                  proportion that the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on each Class A-1 Note,
                  Class A-2 Note, Class A-3 Note or Class A-4 Note bears to the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on all Class A-1 Notes, Class A-2 Notes,
                  Class A-3 Note and Class A-4 Notes;

                  fifth, so much of such payment remaining as shall be required
                  to pay in full the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on the Class B Notes
                  shall be distributed to the Class B Noteholders together with
                  interest on such unpaid amounts from prior Collection Periods
                  at the Class B Interest Rate, and, if the aggregate amount
                  remaining shall be insufficient to pay all such amounts in
                  full, it shall be distributed ratably, without priority of any
                  one Class B Note over any other Class B Note, in the
                  proportion that the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on each Class B Note
                  bears to the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on all Class B Notes;

                  sixth, so much of such payment remaining as shall be required
                  to pay in full the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on the Class C Notes
                  shall be distributed to the Class C Noteholders together with

                                       36
<PAGE>
                  interest on such unpaid amounts from prior Collection Periods
                  at the Class C Interest Rate, and, if the aggregate amount
                  remaining shall be insufficient to pay all such amounts in
                  full, it shall be distributed ratably, without priority of any
                  one Class C Note over any other Class C Note, in the
                  proportion that the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on each Class C Note
                  bears to the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on all Class C Notes;

                  seventh, so much of such payment remaining as shall be
                  required to pay in full the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on the Class D
                  Notes shall be distributed to the Class D Noteholders together
                  with interest on such unpaid amounts from prior Collection
                  Periods at the Class D Interest Rate, and, if the aggregate
                  amount remaining shall be insufficient to pay all such amounts
                  in full, it shall be distributed ratably, without priority of
                  any one Class D Note over any other Class D Note, in the
                  proportion that the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on each Class D Note
                  bears to the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on all Class D Notes;

                  eighth, the balance, if any, of such payment remaining shall
                  be distributed to the Class A-1 Noteholders in order to pay in
                  full the outstanding aggregate amount of principal of the
                  Class A-1 Notes;

                  ninth, the balance, if any, of such payment remaining
                  thereafter shall be distributed ratably to the Class A-2
                  Noteholders, the Class A-3 Noteholders and the Class A-4
                  Noteholders in order to pay in full the outstanding aggregate
                  amount of principal of the Class A-2 Notes, the Class A-3
                  Notes and the Class A-4 Notes, and, if the aggregate amount
                  remaining shall be insufficient to pay all such amounts in
                  full, it shall be distributed ratably, without priority of any
                  one Class A-2 Note, one Class A-3 Note or one Class A-4 Note
                  over any other Note, any other Class A-2 Note, any other Class
                  A-3 Note or any other Class A-4 Note, in the proportion that
                  the aggregate unpaid principal amount of each Class A-2 Note,
                  Class A-3 Note and Class A-4 Note bears to the aggregate
                  unpaid principal amount of all Class A-2 Notes, Class A-3
                  Notes and Class A-4 Notes;

                  tenth, the balance, if any, of such payment remaining
                  thereafter shall be distributed ratably to the Class B
                  Noteholders to pay in full the aggregate amount of principal
                  of the Class B Notes then due pursuant to or in respect of the
                  Class B Notes, and, if the aggregate amount remaining shall be
                  insufficient to pay all such amounts in full, it shall be
                  distributed ratably, without priority of any one Class B Note
                  over any other Class B Note, in the proportion that the
                  aggregate unpaid principal amount of each Class B Note bears
                  to the aggregate unpaid principal amount of all Class B Notes;

                  eleventh, the balance, if any, of such payment remaining
                  thereafter shall be distributed ratably to the Class C
                  Noteholders to pay in full the aggregate amount

                                       37
<PAGE>
                  of principal of the Class C Notes then due pursuant to or in
                  respect of the Class C Notes, and, if the aggregate amount
                  remaining shall be insufficient to pay all such amounts in
                  full, it shall be distributed ratably, without priority of any
                  one Class C Note over any other Class C Note, in the
                  proportion that the aggregate unpaid principal amount of each
                  Class C Note bears to the aggregate unpaid principal amount of
                  all Class C Notes;

                  twelfth, the balance, if any, of such payment remaining
                  thereafter shall be distributed ratably to the Class D
                  Noteholders to pay in full the aggregate amount of principal
                  of the Class D Notes then due pursuant to or in respect of the
                  Class D Notes, and, if the aggregate amount remaining shall be
                  insufficient to pay all such amounts in full, it shall be
                  distributed ratably, without priority of any one Class D Note
                  over any other Class D Note, in the proportion that the
                  aggregate unpaid principal amount of each Class D Note bears
                  to the aggregate unpaid principal amount of all Class D Notes;

                  thirteenth, the balance, if any, of such payment remaining
                  thereafter shall be paid to the Indenture Trustee as shall be
                  required to reimburse the Indenture Trustee for any amounts
                  due and not paid under Section 5.06(a) (first);

                  fourteenth, the balance, if any, of such payment remaining
                  thereafter shall be paid to the Servicer as shall be required
                  to reimburse the Servicer for Unreimbursed Servicer Advances;
                  and

                  fifteenth, the balance, if any, of such payments remaining
                  thereafter shall be distributed to the Issuer.

         Following the occurrence and during the continuance of an Event of
Default, if the Available Amounts are less than the amount required to make in
full the payments and allocations set forth in priorities first through twelfth
above, amounts held in the Residual Account shall be withdrawn in order for the
payments or allocations set forth in priorities first through twelfth to be made
and such amounts will be considered as Available Amounts for such purpose only.
Amounts withdrawn from the Residual Account pursuant to the preceding sentence
shall be applied to repay principal of such Notes in such order of priority set
forth in priorities first through twelfth until the Residual Account is
exhausted.

         Following the occurrence and during the continuance of an Event of
Default, if the Available Amounts and any amounts available from the Residual
Account are less than the amount required to make in full the payments and
allocations set forth in priorities first through twelfth above, amounts held in
the Reserve Fund shall be withdrawn in order for the payments or allocations set
forth in priorities first through twelfth to be made and such amounts will be
considered as Available Amounts for such purpose only. Amounts withdrawn from
the Reserve Fund pursuant to the preceding sentence shall be applied to repay
principal of such Notes in such order of priority set forth in priorities first
through twelfth until the Reserve Fund is exhausted.

         (b) 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

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<PAGE>
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 5.07. 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 (and in all
events subject to Section 11.16 hereof):

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

                  (ii) the Holders of not less than 25% of the Outstanding
         Amount of the Notes 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 indemnity satisfactory to it against the costs, expenses and
         liabilities to be incurred in complying with such request;

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

                  (v) no direction inconsistent with such written request has
         been given to the Indenture Trustee during such 60-day period by the
         Holders of a majority of the Outstanding Amount of the Notes, voting
         together as a single class.

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.

         In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than a majority of the Outstanding Amount of the Notes,
the Indenture Trustee shall act at the direction of the group of Holders
representing the greater percentage of the Outstanding Amount of the Notes.

         SECTION 5.08. UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL
                       AND INTEREST.

         Notwithstanding any other provisions in the Indenture, the Holder of
any Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest on such Note on or after the respective
due dates thereof expressed in such Note or in this Indenture (or, in the case
of redemption, on or after the Redemption Date) and to institute suit for

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the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder.

         SECTION 5.09. 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 Indenture Trustee and the Noteholders shall, subject to any
determination in such Proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such
Proceeding had been instituted.

         SECTION 5.10. 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 5.11. 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 of 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 5.12. CONTROL BY NOTEHOLDERS.

         The Required Holders 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 (in all events subject to Section 6.02(f)); provided that:

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

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

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<PAGE>
                  (iii) if the conditions set forth in Section 5.05 have been
         satisfied and the Indenture Trustee elects to retain the Collateral
         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 Notes to sell or liquidate the Collateral 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 5.12,
subject to Section 6.01, the Indenture Trustee need not take any action that it
determines might involve it in liability or might materially and adversely
affect the rights of any Noteholders not consenting to such action.

         SECTION 5.13. WAIVER OF PAST DEFAULTS.

         In the case of any waiver of an Event of Default, 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 Event of Default or impair any right consequent thereto.
Upon any such waiver, such Event of Default shall cease to exist and be deemed
to have been cured and not to have occurred, for every purpose of this
Indenture.

         SECTION 5.14. UNDERTAKING FOR COSTS.

         All parties to this Indenture agree, and each Holder of any Note by
such Holder's acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Indenture Trustee for
any action taken, suffered or omitted by it as Indenture Trustee, the filing by
any party litigant in such suit of an undertaking to pay the costs of such suit
and that such court may in its discretion assess reasonable costs, including
reasonable attorneys' fees, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to (i) any suit
instituted by the Indenture Trustee, (ii) 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 Notes or (iii) 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 5.15. 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 advantages of any such
law, and covenants that it

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<PAGE>
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 5.16. 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 Collateral 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 5.06.

         SECTION 5.17. PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS.

         (a) Promptly following a request from the Indenture Trustee to do so
and at the Issuer'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 Servicer, as applicable, of each of their obligations to the Issuer under
or in connection with the Transfer and Servicing Agreement in accordance with
the terms thereof, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuer under or in connection with the
Transfer 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 Servicer thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Servicer of each
of their obligations under the Transfer 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, including facsimile) of the Required Holders shall, exercise all
rights, remedies, powers, privileges and claims of the Issuer against the
Servicer under or in connection with the Transfer and Servicing Agreement,
including the right or power to take any action to compel or secure performance
or observance by 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 Transfer and Servicing Agreement, and any right of
the Issuer to take such action shall be suspended.

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<PAGE>
                                   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 in 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

                  (ii) in the absence of bad faith on its part, the Indenture
         Trustee may conclusively rely, as to the truth of the factual
         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 and the other Transaction Documents to which the Indenture
         Trustee is a party.

         (c) The Indenture Trustee and the Servicer will agree to the format
specifications of the electronic transmission of the lease data. On a monthly
basis, the Indenture Trustee shall receive Collateral Data and master cashflows
(collectively the "Electronic Information") in electronic format from the
Servicer. The Indenture Trustee shall open such Collateral Data solely for the
purpose of determining if it is readable and shall then store the Electronic
Information. The Indenture Trustee shall have no responsibility whatsoever to
confirm or verify any of the information contained in such Electronic
Information. On a quarterly basis, beginning on July 15, 2002, the Indenture
Trustee shall use the Collateral Data portion of the most recent electronic
information received from the Servicer to identify the total number of Contracts
and verify that the aggregate amounts of the terms specified in Exhibit L match
those amounts indicated in the Monthly Reports delivered to the Indenture
Trustee by the Servicer. The Indenture Trustee shall only be obligated to verify
the aggregate data contained in the Collateral Data to the aggregate data
indicated in the Monthly Reports and the Indenture Trustee shall inform the
Servicer if any discrepancies between the two exist. If discrepancies exist the
Servicer shall deliver corrected Electronic Information to the Indenture Trustee
within five (5) days of receiving notice of the discrepancies; provided,
however, the Indenture Trustee shall be entitled to rely on the most recent
Monthly Report delivered by the Servicer to the Indenture Trustee for all
purposes in this Indenture and the Transaction Documents. Following this
quarterly review, the Indenture Trustee shall archive such Electronic
Information. Other than specifically set forth in this Section 6.01(c), the
Indenture Trustee shall have no responsibility

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<PAGE>
whatsoever to confirm or verify any information on any Electronic Information
delivered to the Indenture Trustee hereunder.

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

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

                  (ii) the Indenture Trustee shall not be liable for any error
         of judgment made in good faith by a Responsible Officer 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 5.12.

         (e) Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to paragraphs (a), (b) and (c) of this Section
6.01.

         (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 Transfer 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 repayments
of such funds or indemnity satisfactory to it against such risk or liability is
not reasonably assured to it.

         (h) The Indenture Trustee shall have no discretionary duties other than
those explicitly set forth in this Indenture.

         (i) 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.

         SECTION 6.02. RIGHTS OF INDENTURE TRUSTEE.

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

         (b) 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

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<PAGE>
on the part of, or for the supervision of, any such agent, attorney, custodian
or nominee appointed with due care by it hereunder.

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

         (d) 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.

         (e) The Indenture Trustee shall be under no obligation to institute,
conduct or defend any litigation under this Indenture or in relation to this
Indenture, at the request, order or direction of any of the Holders of Notes,
pursuant to the provisions of this Indenture, unless such Holders of Notes shall
have offered to the Indenture Trustee security or indemnity satisfactory to it
against the costs, expenses and liabilities that may be incurred therein or
thereby; provided, however, that the Indenture Trustee shall, upon the
occurrence of an Event of Default (that has not been cured) and of which the
Indenture Trustee has received notice or which a Responsible Officer of the
Indenture Trustee has actual knowledge, exercise the rights and powers vested in
it by this Indenture in a manner consistent with Section 6.01.

         (f) 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 so requested in writing by the Holders of Notes
evidencing not less than 25% of the Outstanding Amount of the Notes; provided,
however, 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 or the Transfer and Servicing Agreement, the
Indenture Trustee may require indemnity satisfactory to it against such cost,
expense or liability as a condition to so proceeding; the reasonable expense of
every such examination shall be paid by the Person making such request, or, if
paid by the Indenture Trustee, shall be reimbursed by the Person making such
request upon demand.

         (g) The Indenture Trustee shall not be required to give any bond or
surety in respect of the performance of its powers and duties hereunder.

         (h) The Indenture Trustee shall not be bound to ascertain or inquire as
to the performance or observance of any covenants, conditions or agreements on
the part of the Issuer.

         (i) The permissive rights of the Indenture Trustee to do things
enumerated in this Indenture shall not be construed as a duty and the Indenture
Trustee shall not be answerable for other than its negligence or willful
default.

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<PAGE>
         (j) Except for (i) a default under Sections 5.01(a) or (b) hereof or
(ii) any other event of which a Responsible Officer of the Indenture Trustee has
"actual knowledge" and which event, with the giving of notice or the passage of
time or both, would constitute an Event of Default under this Indenture, the
Indenture Trustee shall not be deemed to have notice of any Event of Default or
Servicer Default unless specifically notified in writing of such event by the
Issuer or any Noteholder; as used herein, the term "actual knowledge" means the
actual fact or statement of knowing, by a Responsible Officer without any duty
to make any investigation with regard thereto.

         (k) In the event that the Indenture Trustee is also acting as Paying
Agent or Note Registrar hereunder, the rights and protections afforded to the
Indenture Trustee pursuant to this Article Six shall also be afforded to such
Paying Agent or Registrar.

         (l) In no event shall the Indenture Trustee be liable for the selection
of Eligible Investments or for investment losses incurred thereon. The Indenture
Trustee shall have no liability in respect of losses incurred as a result of the
liquidation of any such investment prior to its stated maturity or the failure
of the party directing such investment to provide timely written investment
direction. The Indenture Trustee shall have no obligation to invest or reinvest
any amounts held hereunder in the absence of such written investment direction.

         (m) Unless the Indenture Trust becomes the Successor Servicer, the
Indenture Trustee shall have no duty (A) to see to any recording, filing, or
depositing of this 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, (B) to see to any
insurance related to this transaction or (C) 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.

         (n) The Indenture Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, Officer's Certificate, opinion of
counsel, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, appraisal, bond or
other paper or document reasonably believed by it to be genuine and to have been
signed or presented by the proper party or parties.

         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 is required to
comply with Section 6.11.

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<PAGE>
         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, the Collateral
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 this Indenture or in any document issued in connection with the sale of the
Notes or in the Notes other than the Indenture Trustee's certificate of
authentication.

         SECTION 6.05. NOTICE OF DEFAULTS.

         If a Default occurs and is continuing and if it is actually 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 redemption of such Notes), 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, including without limitation, IRS Form 1099, as may be required to
enable such Holder to prepare its federal and state income tax returns.

         SECTION 6.07. COMPENSATION AND INDEMNITY.

         The Issuer shall pay or shall cause the Servicer to pay to the
Indenture Trustee from time to time reasonable compensation for its services as
Indenture Trustee and as Paying Agent (if the Indenture Trustee serves as such)
to the extent such compensation is not otherwise paid to the Indenture Trustee.
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 Servicer to reimburse the Indenture Trustee for all reasonable 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
compensation and expenses, disbursements and advances of the Indenture Trustee's
agents, counsel, accountants and experts. The Issuer shall indemnify or shall
cause the Servicer to indemnify the Indenture Trustee against any and all loss,
liability or expense (including attorneys' fees and expenses) incurred by it in
connection with the administration of this Indenture and the performance of its
duties hereunder, under the Transfer and Servicing Agreement, the Custodian
Agreement and any other document or transaction contemplated herewith or
therewith or as a Paying Agent for the Issuer. The Indenture Trustee shall
notify the Issuer promptly of any claim for which it may seek indemnity. Failure
by the Indenture Trustee to so notify the Issuer shall not relieve the Issuer of
its obligations hereunder. The Issuer shall defend or shall cause the Servicer
to defend any such claim, and the Indenture Trustee may have separate counsel
and the Issuer shall pay or shall cause the Servicer to pay the fees and
expenses of such counsel. Neither the Issuer nor the Servicer 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.

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<PAGE>
         The Issuer's payment and indemnification obligations to the Indenture
Trustee pursuant to this Section shall survive the discharge of this Indenture
and the earlier removal or resignation of the Indenture Trustee. When the
Indenture Trustee incurs expenses after the occurrence of a Default specified in
Section 5.01(d), (e) or (f) with respect to the Issuer, the expenses are
intended to constitute expenses of administration under applicable Insolvency
Law.

         SECTION 6.08. REPLACEMENT OF INDENTURE TRUSTEE.

         The Indenture Trustee may resign at any time by so notifying the Issuer
and the Servicer. The Issuer may remove the Indenture Trustee if:

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

                  (ii) a court having jurisdiction in the premises in respect of
         the Indenture Trustee in an involuntary case or proceeding under
         federal or state banking or bankruptcy laws, as now or hereafter
         constituted, or any other applicable federal or state bankruptcy,
         insolvency or other similar law, shall have entered a decree or order
         granting relief or appointing a receiver, liquidator, assignee,
         custodian, trustee, conservator, sequestrator (or similar official) for
         the Indenture Trustee or for any substantial part of the Indenture
         Trustee's property, or ordering the winding-up or liquidation of the
         Indenture Trustee's affairs, provided any such decree or order shall
         have continued unstayed and in effect for a period of 30 consecutive
         days;

                  (iii) the Indenture Trustee commences a voluntary case under
         any federal or state banking or bankruptcy laws, as now or hereafter
         constituted, or any other applicable federal or state bankruptcy,
         insolvency or other similar law, or consents to the appointment of or
         taking possession by a receiver, liquidator, assignee, custodian,
         trustee, conservator, sequestrator or other similar official for the
         Indenture Trustee or for any substantial part of the Indenture
         Trustee's property, or makes any assignment for the benefit of
         creditors or fails generally to pay its debts as such debts become due
         or takes any corporate action in furtherance of any of the foregoing;
         or

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

         A successor Indenture Trustee shall be appointed by the Issuer. 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 of the rights, powers and
duties of the Indenture Trustee under this Indenture. The Issuer or the
successor Indenture Trustee shall mail a notice of its succession to
Noteholders. The retiring Indenture Trustee shall promptly transfer, at the
expense of the Issuer, 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

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<PAGE>
of a majority in Outstanding Amount of the Notes 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.

         Any resignation or removal of the Indenture Trustee and appointment of
a successor Indenture Trustee pursuant to any of the provisions of this Section
6.08 shall not become effective until acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.08 and payment of all fees and
expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement
of the Indenture Trustee pursuant to this Section, the retiring Indenture
Trustee shall be entitled to payment or reimbursement of such amounts as such
Person is entitled pursuant to Section 6.07.

         SECTION 6.09. SUCCESSOR INDENTURE TRUSTEE BY MERGER.

         If the Indenture Trustee consolidates with, merges or converts into, or
transfers all or substantially all of 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.

         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 Indenture 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
                       TRUSTEE.

         (a) Notwithstanding any other provision of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Collateral may at the time be located, the Indenture Trustee
acting jointly shall have the power and may execute and deliver all instruments
to appoint one or more Persons to act as a co-Indenture Trustee or co-Indenture
Trustees, jointly with the Indenture Trustee, or separate Indenture Trustee or
separate Indenture Trustees, of all or any part of the Collateral, and to vest
in such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Collateral, or any part hereof, and, subject to
the other provisions of this Section, such powers, duties, obligations, rights
and trusts as the Indenture Trustee and the Issuer may consider necessary or
desirable. If the Issuer shall not have joined in such appointment within 15
days after the receipt by it of a request so to do, the Indenture Trustee alone
shall have the power to

                                       49
<PAGE>
make such appointment. No co-Indenture Trustee or separate Indenture Trustee
hereunder shall be required to meet the terms of eligibility of a successor
Indenture Trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-Indenture Trustee or separate Indenture Trustee shall be
required under Section 6.08. If the Indenture Trustee is incompetent or
unqualified in any jurisdiction to perform as required by this Indenture, all
rights, powers, duties and obligations conferred or imposed upon the Indenture
Trustee shall be conferred or imposed upon such separate trustee or co-trustee
who shall exercise and perform such rights, powers, duties and obligations
solely at the direction of the Indenture Trustee.

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

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

                  (iii) the Indenture Trustee and the Issuer may at any time
         accept the resignation of or remove any separate Indenture Trustee or
         co-Indenture 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 Indenture
Trustees and co-Indenture Trustees, as effectively as if given to each of them.
Every instrument appointing any separate Indenture Trustee or co-Indenture
Trustee shall refer to this Indenture and the conditions of this Article. Each
separate Indenture Trustee and co-Indenture Trustee, upon its acceptance of the
trusts conferred, shall be vested with the estates or property specified in its
instrument of co-appointment, either jointly with the Indenture Trustee or
separately, as may be provided therein, subject to all of the provisions of this
Indenture, specifically including every provision of this Indenture relating to
the conduct of, affecting the liability of or affording protection to, the
Indenture Trustee. Every such instrument shall be filed with the Indenture
Trustee and a copy thereof given to the Issuer.

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

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

         SECTION 6.11. ELIGIBILITY.

         The Indenture Trustee shall at all times satisfy the requirements of
TIA Section 310(a). The Indenture Trustee hereunder shall at all times be a
financial institution organized and doing business under the laws of the United
States of America or any state, authorized under such laws to exercise corporate
trust powers, whose long term unsecured debt is rated at least Baa3 by Moody's,
BBB- by S&P and BBB- by Fitch (if rated by Fitch) and shall have a combined
capital and surplus of at least $50,000,000 or shall be a member of a bank
holding system the aggregate combined capital and surplus of which is
$50,000,000 and subject to supervision or examination by federal or state
authority, provided that the Indenture Trustee's separate capital and surplus
shall at all times be at least the amount required by Section 310(a)(2) of the
TIA. If such Person publishes reports of condition at least annually, pursuant
to law or to the requirements of a supervising or examining authority, then for
the purposes of this Section 6.11, the combined capital and surplus of such
Person 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
Indenture Trustee shall cease to be eligible in accordance with the provisions
of this Section 6.11, the Indenture Trustee shall resign immediately in the
manner and with the effect specified in Section 6.08. The Indenture Trustee
shall comply with TIA Section 310(b); 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 INDENTURE TRUSTEE.

         The Indenture Trustee in its individual capacity and as Indenture
Trustee represents and warrants as follows:

         (a) Organization and Corporate Power. It is a duly organized and
validly existing New York banking corporation in good standing under the laws of
each jurisdiction where its business so requires. It has full corporate power,
authority and legal right to execute, deliver and perform its obligations as
Indenture Trustee under this Indenture and the Transfer and Servicing Agreement
(the foregoing documents, the "Indenture Trustee Documents") and to authenticate
the Notes.

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<PAGE>
         (b) Due Authorization. The execution and delivery of the Indenture
Trustee Documents, the consummation of the transactions provided for therein and
the authentication of the Notes have been duly authorized by all necessary
corporate action on its part, either in its individual capacity or as Indenture
Trustee, as the case may be.

         (c) No Conflict. The execution and delivery of the Indenture Trustee
Documents, the performance of the transactions contemplated thereby and the
fulfillment of the terms thereof (including the authentication of the Notes)
will not conflict with, result in any breach of any of the material terms and
provisions of, or constitute (with or without notice or lapse of time or both) a
default under, any indenture, contract, agreement, mortgage, deed of trust, or
other instrument to which the Indenture Trustee is a party or by which it or any
of its property is bound.

         (d) No Violation. The execution and delivery of the Indenture Trustee
Documents, the performance of the transactions contemplated thereby and the
fulfillment of the terms thereof (including the authentication of the Notes)
will not conflict with or violate, in any material respect, any Requirements of
Law applicable to the Indenture Trustee.

         (e) All Consents Required. All approvals, authorizations, consents,
orders or other actions of any Person or any Governmental Authority applicable
to the Indenture Trustee, required in connection with the execution and delivery
of the Indenture Trustee Documents, the performance by the Indenture Trustee of
the transactions contemplated thereby and the fulfillment by the Indenture
Trustee of the terms thereof (including the authentication of the Notes), have
been obtained.

         (f) Validity, Etc. Each Indenture Trustee Document constitutes a legal,
valid and binding obligation of the Indenture Trustee, enforceable against the
Indenture Trustee in accordance with its terms, except as such enforceability
may be limited by Insolvency Laws and except as such enforceability may be
limited by general principles of equity, concepts of materiality and
reasonableness (whether considered in a suit at law or in equity) or by an
implied covenant of good faith and fair dealing.

                                   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 (i) not more than five days after the earlier of (a) each Record Date
and (b) 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
Noteholders as of such Record Date and (ii) at such other times as the Indenture
Trustee may request in writing, within 30 days after receipt by the Issuer of
any such request, a list of similar form and content as of a date not more than
ten days prior to the time such list is

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<PAGE>
furnished; provided, however, that so long as the Indenture Trustee is the Note
Registrar, no such list shall be required to be furnished.

         SECTION 7.02. PRESERVATION OF INFORMATION; COMMUNICATION TO
                       NOTEHOLDERS.

         (a) The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Noteholders contained in
the most recent list furnished to the Indenture Trustee as provided in Section
7.01 and the names and addresses of Noteholders received by the Indenture
Trustee in its capacity as Note Registrar and shall otherwise comply with TIA
Section 312(a). 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 (if at all) 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;

                  (iii) supply to the Indenture Trustee (and the Indenture
         Trustee shall transmit by mail to all Noteholders described in TIA
         Section 313(c)) such summaries of any information, documents and
         reports required to be filed by the issuer pursuant to clauses (i) and
         (ii) of this Section 7.03(a) and by 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 May 31 of each year.

                                       53
<PAGE>
         SECTION 7.04. REPORTS BY INDENTURE TRUSTEE.

         (a) If required by TIA Section 313(a), within 60 days after May 31
beginning with May 31, 2002, 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 Issuer, or the Originator on the Issuer's behalf, with the
Commission and each stock exchange, if any, on which the Notes are listed. The
Issuer shall notify the Indenture Trustee in writing if and when the Notes are
listed on any stock exchange.

         The Indenture Trustee shall mail to each Noteholder within a reasonable
period of time after the end of each calendar year, but in no event later than
February 28, commencing in February, 2003, a Form 1099 under the Code with
respect to amounts paid to such Noteholder with respect to the Notes during the
immediately preceding calendar year ending December 31.

         (b) With respect to each Payment Date and the related Collection
Period, the Indenture Trustee will provide to each Noteholder, on the related
Payment Date, the Monthly Report that it has received from the Servicer.

                                  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 and the Transfer and Servicing Agreement. 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 Collateral, 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, in the name of the Indenture Trustee, for
the benefit of the Noteholders, the Trust Accounts as provided in Section 7.01
of the Transfer and Servicing Agreement.

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<PAGE>
         (b) On or before each Payment Date, all amounts required to be
disbursed to the Indenture Trustee with respect to the preceding Collection
Period pursuant to Section 7.01 of the Transfer and Servicing Agreement will be
transferred from the Collection Account, the Reserve Fund, the Residual Account
and the Payahead Account and deposited by the Indenture Trustee upon receipt to
the Note Distribution Account.

         (c) On each Payment Date prior to the occurrence of an Event of
Default, the Indenture Trustee shall distribute all amounts on deposit in the
Note Distribution Account to Noteholders in respect of the Notes to the extent
of amounts due and unpaid on the Notes for principal and interest as follows and
in the following order of priority:

                  first, so much of such installment or payment as shall be
                  required to reimburse the Servicer for Unreimbursed Servicer
                  Advances to the extent that such Unreimbursed Servicer Advance
                  relates to Scheduled Payment on a Contract that has
                  subsequently been received or that the Servicer determines
                  that such Unreimbursed Servicer Advance will not be recovered
                  from the Contract with respect to which it relates;

                  second, if a Successor Servicer is being appointed, the costs
                  and expenses of the Indenture Trustee associated with such
                  Successor Servicer and the transition relating thereto (which
                  amount shall not, taken in the aggregate with all other
                  amounts withdrawn for such purpose, exceed the Trustee Cap);

                  third, so much of such installment or payment as shall be
                  required to pay the Servicer its monthly Servicing Fee for the
                  preceding Collection Period, which includes the amounts
                  payable for the fees and expenses of the Indenture Trustee;

                  fourth, that the Indenture Trustee may deduct and remit to its
                  own account (A) any amounts for the fees (to the extent such
                  fees have not paid by the Servicer), expenses and indemnity
                  payments, if any, due and payable to the Indenture Trustee and
                  (B) until such time as a Successor Servicer has been appointed
                  pursuant to Section 8.03, an amount equal to the product of
                  (1) one-twelfth, (2) 0.025% and (3) the aggregate remaining
                  Principal Balance of the Contracts Pool as of the first day of
                  the related Collection Period;

                  fifth, so much of such payment remaining as shall be required
                  to reimburse the Noteholders in full for certain indemnity
                  payments, if any, made by such Noteholders to the Indenture
                  Trustee (to the extent not previously reimbursed) shall be
                  distributed to the Noteholders, and, if the aggregate amount
                  remaining shall be insufficient to reimburse all such payments
                  in full, it shall be distributed ratably, without priority of
                  any Noteholder over any other, in the proportion that the
                  aggregate amount of such unreimbursed indemnity payments made
                  by each such Noteholder bears to the aggregate amount of such
                  unreimbursed indemnity payments made by all Noteholders;

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<PAGE>
                  sixth, so much of such installment or payment as shall be
                  required to pay in full the aggregate amount of interest then
                  due on or in respect of the Class A-1 Notes , the Class A-2
                  Notes, the Class A-3 Notes and the Class A-4 Notes together
                  with interest on such unpaid amounts from prior Collection
                  Periods at the applicable interest rate for such Class of Note
                  shall be distributed to the Class A-1 Noteholders, the Class
                  A-2 Noteholders, the Class A-3 Noteholders and the Class A-4
                  Noteholders ratably, without priority of any one Class A-1
                  Note, one Class A-2 Note, one Class A-3 Note or one Class A-4
                  Note over any other Class A-1 Note, any other Class A-2 Note,
                  any other Class A-3 Note or any other Class A-4 Note, in the
                  proportion that the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on each Class A-1 Note,
                  each Class A-2 Note, each Class A-3 Note and each Class A-4
                  Note bears to the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on all Class A-1 Notes,
                  all Class A-2 Notes, all Class A-3 Notes and all Class A-4
                  Notes;

                  seventh, so much of such installment or payment as shall be
                  required to pay in full the aggregate amount of interest then
                  due on or in respect of the Class B Notes together with
                  interest on such unpaid amounts from prior Collection Periods
                  at the Class B Interest Rate shall be distributed to the Class
                  B Noteholders ratably, without priority of any one Class B
                  Note over any other Class B Note, in the proportion that the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on each Class B Note bears to the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on all Class B Notes;

                  eighth, so much of such installment or payment as shall be
                  required to pay in full the aggregate amount of interest then
                  due on or in respect of the Class C Notes together with
                  interest on such unpaid amounts from prior Collection Periods
                  at the Class C Interest Rate shall be distributed to the Class
                  C Noteholders ratably, without priority of any one Class C
                  Note over any other Class C Note, in the proportion that the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on each Class C Note bears to the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on all Class C Notes;

                  ninth, so much of such installment or payment as shall be
                  required to pay in full the aggregate amount of interest then
                  due on or in respect of the Class D Notes together with
                  interest on such unpaid amounts from prior Collection Periods
                  at the Class D Interest Rate shall be distributed to the Class
                  D Noteholders ratably, without priority of any one Class D
                  Note over any other Class D Note, in the proportion that the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on each Class D Note bears to the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on all Class D Notes;

                  tenth, the balance, if any, of such installment or payment
                  remaining thereafter shall be distributed ratably to the Class
                  A-1 Noteholders to pay in full the aggregate amount of the
                  Class A Principal Payment Amount then due pursuant to

                                       56
<PAGE>
                  or in respect of the Class A-1 Notes, without priority of any
                  one Class A-1 Note over any other Class A-1 Note, in the
                  proportion that the unpaid principal amount of each Class A-1
                  Note bears to the aggregate unpaid principal amount of all
                  Class A-1 Notes;

                  eleventh, the balance, if any, of such installment or payment
                  remaining thereafter shall be distributed ratably to the Class
                  A-2 Noteholders to pay in full the aggregate amount of the
                  Class A Principal Payment Amount then due pursuant to or in
                  respect of the Class A-2 Notes, without priority of any one
                  Class A-2 Note over any other Class A-2 Note, in the
                  proportion that the aggregate unpaid principal amount of each
                  Class A-2 Note bears to the aggregate unpaid principal amount
                  of all Class A-2 Notes; provided, that the Outstanding Amount
                  of the Class A-1 Notes is $0;

                  twelfth, the balance, if any, of such installment or payment
                  remaining thereafter shall be distributed ratably to the Class
                  A-3 Noteholders to pay in full the aggregate amount of the
                  Class A Principal Payment Amount then due pursuant to or in
                  respect of the Class A-3 Notes, without priority of any one
                  Class A-3 Note over any other Class A-3 Note, in the
                  proportion that the unpaid principal amount of each Class A-3
                  Note bears to the aggregate unpaid principal amount of all
                  Class A-3 Notes; provided, that the Outstanding Amount of the
                  Class A-1 Notes and Class A-2 Notes is $0;

                  thirteenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-4 Noteholders to pay in full the aggregate amount
                  of the Class A Principal Payment Amount then due pursuant to
                  or in respect of the Class A-4 Notes, without priority of any
                  one Class A-4 Note over any other Class A-4 Note, in the
                  proportion that the aggregate unpaid principal amount of each
                  Class A-4 Note bears to the unpaid principal amount of all
                  Class A-4 Notes; provided, that the Outstanding Amount of the
                  Class A-1 Notes, Class A-2 Notes and Class A-3 Notes is $0;

                  fourteenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class B Noteholders to pay in full the aggregate amount of
                  the Class B Principal Payment Amount then due pursuant to or
                  in respect of the Class B Notes, without priority of any one
                  Class B Note over any other Class B Note, in the proportion
                  that the unpaid principal amount of each Class B Note bears to
                  the aggregate unpaid principal amount of all Class B Notes;

                  fifteenth, the balance, if any, of such installment or payment
                  remaining thereafter shall be distributed ratably to the Class
                  C Noteholders to pay in full the aggregate amount of the Class
                  C Principal Payment Amount then due pursuant to or in respect
                  of the Class C Notes, without priority of any one Class C Note
                  over any other Class C Note, in the proportion that the unpaid
                  principal amount of each Class C Note bears to the aggregate
                  unpaid principal amount of all Class C Notes;

                                       57
<PAGE>
                  sixteenth, the balance, if any, of such installment or payment
                  remaining thereafter shall be distributed ratably to the Class
                  D Noteholders to pay in full the aggregate amount of the Class
                  D Principal Payment Amount then due pursuant to or in respect
                  of the Class D Notes, without priority of any one Class D Note
                  over any other Class D Note, in the proportion that the unpaid
                  principal amount of each Class D Note bears to the aggregate
                  unpaid principal amount of all Class D Notes;

                  seventeenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-1 Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  A-1 Notes (after giving effect to the Class A Principal
                  Payment Amount), without priority of any one Class A-1 Note
                  over any other Class A-1 Note, in the proportion that the
                  aggregate unpaid principal amount of each Class A-1 Note bears
                  to the aggregate unpaid principal amount of all Class A-1
                  Notes;

                  eighteenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-2 Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  A-2 Notes (after giving effect to the Class A Principal
                  Payment Amount), without priority of any one Class A-2 Note
                  over any other Class A-2 Note, in the proportion that the
                  aggregate unpaid principal amount of each Class A-2 Note bears
                  to the aggregate unpaid principal amount of all Class A-2
                  Notes; provided, that the Outstanding Amount of the Class A-1
                  Notes is $0;

                  nineteenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-3 Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  A-3 Notes (after giving effect to the Class A Principal
                  Payment Amount), without priority of any one Class A-3 Note
                  over any other Class A-3 Note, in the proportion that the
                  aggregate unpaid principal amount of each Class A-3 Note bears
                  to the aggregate unpaid principal amount of all Class A-3
                  Notes; provided, that the Outstanding Amount of the Class A-1
                  Notes and Class A-2 Notes is $0;

                  twentieth, the balance, if any, of such installment or payment
                  remaining thereafter shall be distributed ratably to the Class
                  A-4 Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  A-4 Notes (after giving effect to the Class A Principal
                  Payment Amount), without priority of any one Class A-4 Note
                  over any other Class A-4 Note, in the proportion that the
                  aggregate unpaid principal amount of each Class A-4 Note bears
                  to the aggregate unpaid principal amount of all Class A-4
                  Notes; provided, that the Outstanding Amount of the Class A-1
                  Notes, Class A-2 Notes and Class A-3 Notes is $0;

                  twenty-first, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class B Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  B Notes (after giving effect to the Class B Principal Payment
                  Amount), without

                                       58
<PAGE>
                  priority of any one Class B Note over any other Class B Note,
                  in the proportion that the aggregate unpaid principal amount
                  of each Class B Note bears to the aggregate unpaid principal
                  amount of all Class B Notes; provided, that the Outstanding
                  Amount of the Class A-1 Notes, Class A-2 Notes, Class A-3
                  Notes and Class A-4 Notes is $0;

                  twenty-second, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class C Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  C Notes (after giving effect to the Class C Principal Payment
                  Amount), without priority of any one Class C Note over any
                  other Class C Note, in the proportion that the aggregate
                  unpaid principal amount of each Class C Note bears to the
                  aggregate unpaid principal amount of all Class C Notes;
                  provided, that the Outstanding Amount of the Class A-1 Notes,
                  Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B
                  Notes is $0;

                  twenty-third, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class D Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  D Notes (after giving effect to the Class D Principal Payment
                  Amount), without priority of any one Class D Note over any
                  other Class D Note, in the proportion that the aggregate
                  unpaid principal amount of each Class D Note bears to the
                  aggregate unpaid principal amount of all Class D Notes;
                  provided, that the Outstanding Amount of the Class A-1 Notes,
                  Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B
                  Notes and Class C Notes is $0;

                  twenty-fourth, if the sum of (i) the remaining Available
                  Amounts, (ii) any other funds available in the Collection
                  Account as of the Determination Date (which for purposes of
                  this subparagraph twenty-second will be deemed to be
                  "Available Amounts") and (iii) the remaining amounts held in
                  the Reserve Fund, the Residual Account and the Payahead
                  Account equals or exceeds the sum of the remaining Principal
                  Amount of the Notes and any accrued and unpaid Servicing Fee,
                  distribute ratably to the Noteholders an amount equal to such
                  remaining Principal Amount;

                  twenty-fifth, unless the Principal Amount of all Notes will be
                  fully paid on such Payment Date, to the Reserve Fund an
                  amount, if any, that, when so deposited, causes the balance in
                  the Reserve Fund to equal the Required Reserve Amount;

                  twenty-sixth, unless the Principal Amount of all Notes will be
                  fully paid on such Payment Date, if a Residual Event exists,
                  the balance to the Residual Account;

                  twenty-seventh, to the indenture trustee, all amounts due to
                  it and not paid pursuant to clause second of this Section
                  8.02(c); and

                  twenty-eighth, the balance, if any, shall be paid to the
                  Issuer.

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<PAGE>
         Prior to the occurrence of an Event of Default, if the Available
Amounts are less than the amount required to make in full the payments and
allocations set forth in priorities first through twenty-third above or to make
principal payments due with respect to any payment at final maturity of any
Notes, amounts held in the Residual Account shall be withdrawn in order for any
of such payments or allocations to be made and such amounts will be considered
as Available Amounts for such purpose only.

         Prior to the occurrence of an Event of Default, if the Available
Amounts and any amounts available from the Residual Account are less than the
amount required to make in full the payments and allocations set forth in
priorities first through twenty-third above or to make principal payments due
with respect to any payment at final maturity of any Notes, amounts held in the
Reserve Fund shall be withdrawn in order for any of such payments or allocations
to be made and such amounts will be considered as Available Amounts for such
purpose only.

         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 accordance with the provisions of Section 7.03 of the Transfer and
Servicing Agreement. Except as otherwise provided in Section 7.03 of the
Transfer and Servicing Agreement, all income or other gain from investments of
moneys deposited in such Trust Accounts shall be deposited by the Indenture
Trustee in the Collection Account, and any loss resulting from such investments
shall be charged to the related Trust Account unless the Issuer (or the Servicer
on behalf of the Issuer) deposits funds to such Trust Account to offset any loss
realized. The Issuer will not direct the Indenture Trustee or permit the
Servicer to make any investment of any funds or to sell any investment held in
any of the Trust Accounts unless the security interest granted and perfected in
such account will continue to be perfected in such investment or the proceeds of
such sale, in either case without any further action by any Person, and, in
connection with any direction to the Indenture Trustee to make any such
investment or sale, if requested by the Indenture Trustee, the Issuer shall
deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the
Indenture Trustee, to such effect.

         (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 Indenture Trustee, in accordance with their
terms.

         (c) If (i) the Issuer shall have failed to give written investment
directions for any funds on deposit in the Trust Accounts to the Indenture
Trustee by 11:00 a.m., New York City time (or such other time as may be agreed
by the 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

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amounts collected or receivable from the Collateral are being applied in
accordance with Section 5.06 as if there had not been such a declaration, then
the Indenture Trustee shall invest funds in the Trust Accounts in investments
meeting the requirements of clause (vi) of the definition of Eligible Investment
in the Transfer and Servicing Agreement and shall promptly notify the Issuer.
The Indenture Trustee shall have no responsibility for losses on investments
made in accordance with this Section 8.03(c), and all income and losses shall be
for the account of the related Trust Account unless the Issuer (or the Servicer
on behalf of the Issuer) deposits funds to such Trust Account to offset any loss
realized.

         SECTION 8.04. RELEASE OF COLLATERAL.

         (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 or the Transfer and Servicing Agreement shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture
Trustee's interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article shall
be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
moneys.

         (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 Collateral that secured the
Notes from the lien of this Indenture without representation, warranty or
recourse 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 as so stated in the Opinion of
Counsel) Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(1) and in each case meeting the applicable requirements of Section 11.01.

         SECTION 8.05. OPINION OF COUNSEL.

         The Indenture Trustee shall receive at least seven days prior written
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 Collateral. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such
action.

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                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

         SECTION 9.01.     SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF
                           NOTEHOLDERS.

         Without the consent of the Holders of any Notes and with prior notice
to each Rating Agency, the Issuer and the Indenture Trustee, when authorized by
an Issuer Order, and the other parties hereto at any time from time to time, may
enter into one or more indentures supplemental hereto (which shall conform to
the provisions of the TIA 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 created by this Indenture, or to
         subject to the lien created by this Indenture additional property;

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

                  (iii)    to add to the covenants of the Issuer, for the
         benefit of the 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 which may be
         inconsistent with any other provision herein or in any supplemental
         indenture or the Transaction Documents 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 shall not
         materially adversely affect the interests of the Holders of the Notes
         as evidenced by an opinion of counsel;

                  (vi)     to evidence and provide for the acceptance of the
         appointment hereunder by a successor Indenture 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 Indenture Trustee, pursuant to the
         requirements of Article VI; and

                  (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.

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         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. Any amendment or supplemental
indenture entered into pursuant to this Section 9.01 shall not adversely affect
the interests of the Holders of the Notes in any material respect, as evidenced
by an Opinion of Counsel delivered to the Indenture Trustee.

         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 each Rating Agency, and with the consent
of the Required Holders, 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 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 Date Amount with
         respect thereto, change the provisions of this Indenture relating to
         the application of collections on, or the proceeds of the sale of, the
         Collateral 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 Five, 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 Notes, 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 definition of
         "Outstanding";

                  (iv)     reduce the percentage of the Outstanding Amount of
         the Notes required to direct the Indenture Trustee to sell or liquidate
         the Collateral pursuant to Section 5.04 or amend the provisions of this
         Article which specify the percentage of the Outstanding Amount of the
         Notes required to amend this Indenture or the other Transaction
         Documents;

                  (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

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         other Transaction Documents cannot be modified or waived without the
         consent of the Holder of each Outstanding Note affected thereby;

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

                  (vii)    alter or modify the provisions of the Transfer and
         Servicing Agreement with respect to the order of priorities in which
         Collections on the Contracts shall be paid to Noteholders or with
         respect to the amount or timing of payments on the Notes;

                  (viii)   reduce, modify or amend any indemnities in favor of
         any Noteholder or in favor of or to be paid by the Originator, or alter
         the definition of "Indemnities" to exclude any Noteholder, except as
         consented to by each person adversely affected by the change; or

                  (ix)     modify, amend or supplement the provisions of the
         Transfer and Servicing Agreement relating to amendments, waivers and
         supplements to the Indenture, the Transfer and Servicing Agreement or
         any other document.

         Neither the Issuer, the Indenture Trustee nor any of their respective
affiliates shall, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to any Note Owner
for or as an inducement to any consent, waiver or amendment of any of the terms
or provisions of this Indenture, the Transfer and Servicing Agreement or the
Notes unless such consideration is offered to be paid to all Note Owners that so
consent, waive or agree to amend in the time frame set forth in solicitation
documents relating to such consent, waiver or agreement.

         It shall not be necessary for any Act of Noteholders, as herein
defined, 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 parties hereto 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 or the modifications 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

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protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture, that
all conditions precedent to the execution of such supplemental indenture have
been met and that such actions shall not adversely affect the interests of the
Holders of the Notes in any material respect. 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 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 parties hereto 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 of the terms and
conditions of any such supplemental indenture shall be and be deemed to be part
of the terms and conditions of this Indenture for any and all purposes.

         SECTION 9.05.     CONFORMITY WITH TRUST INDENTURE ACT.

         Every amendment of this Indenture and every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the 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 may, and if required by the
Indenture Trustee shall, bear a notation in form approved by the Indenture
Trustee as to any matter provided for in such supplemental indenture. If the
Issuer or the Indenture Trustee shall so determine, new notes so modified as to
conform, in the opinion of the Indenture Trustee and the Issuer, to any such
supplemental indenture may be prepared and executed by the Issuer and
authenticated and delivered by the Indenture Trustee in exchange for Outstanding
Notes.

                                    ARTICLE X

                               REDEMPTION OF NOTES

         SECTION 10.01.    REDEMPTION.

         (a)      The Notes are subject to redemption in whole, but not in part,
on any Payment Date on which the aggregate Principal Balance of the Contracts is
less than or equal to 15% of the Original Pool Balance, for a purchase price
equal to the sum of (i) the outstanding principal due on the Notes, (ii) accrued
and unpaid interest on the Notes and (iii) the amount of any

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Unreimbursed Servicer Advances. The Issuer shall furnish each Rating Agency with
notice of such redemption. If the Notes are to be redeemed pursuant to this
Section 10.01(a), the Servicer or the Issuer shall furnish written notice of
such election to the Indenture Trustee not later than 20 days prior to the
Redemption Date and the Issuer shall deposit with the Indenture Trustee in the
Note Distribution Account the Redemption Date Amount 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.

         (b)      In the event that the Conveyed Assets are sold pursuant to
Section 5.03(b) of this Indenture, the proceeds of such sale shall be
distributed as provided in Section 5.06. If amounts are to be paid to
Noteholders pursuant to this Section 10.01(b), the Servicer or the Issuer shall,
to the extent practicable, furnish written notice of such event to the Indenture
Trustee not later than 20 days prior to the Redemption Date whereupon all such
amounts shall be payable on the Redemption Date.

         SECTION 10.02.    FORM OF REDEMPTION NOTICE.

         Notice of redemption under Section 10.01(a) shall be given by the
Indenture Trustee by first-class mail, postage prepaid, mailed not less than
five 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 appearing in the Note Register.

                  All notices of redemption shall state:

                  (i)      the Redemption Date;

                  (ii)     the Redemption Date Amount; and

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

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                                   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 as so stated in the Opinion of
Counsel) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section and TIA Sections 314(c) and
314(d)(1), except that, in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture, no additional certificate or opinion need be furnished.

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

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

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

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

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

         (b)      (i) Prior to the deposit of any Collateral or other property
or securities with the Indenture Trustee that is to be made the basis for
authentication and delivery of the Notes or the release of any property subject
to the lien created by this Indenture, the Issuer shall, in 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 signer thereof 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.

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<PAGE>
                  (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 named matters, if the fair value to
         the Issuer of the property to be so deposited and of all other such
         property 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
         property 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 then Outstanding Amount of the Notes.

                  (iii)    Whenever any property or securities are to be
         released from the lien created by 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 created
         by 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 or securities released
         from the lien created by this Indenture since the commencement of the
         then current fiscal 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 a 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.

         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 Person as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

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

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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
Originator or the Issuer, stating that the information with respect to such
factual matters is in the possession of the Servicer, the Originator or the
Issuer, unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such
matters are erroneous.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, 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 conclusively rely upon the
truth and accuracy of any statement or opinion contained in any such document as
provided in Article Six.

         SECTION 11.03.    ACTS OF NOTEHOLDERS.

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

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

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

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

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         SECTION 11.04.    NOTICES.

         All notices, demands, certificates, requests and communications
hereunder ("notices") shall be in writing and shall be effective (a) upon
receipt when sent through the U.S. mails, registered or certified mail, return
receipt requested, postage prepaid, with such receipt to be effective the date
of delivery indicated on the return receipt, or (b) one Business Day after
delivery to an overnight courier, or (c) on the date personally delivered to,
with respect to the Indenture Trustee, a Responsible Officer or an Authorized
Officer of any other party to which sent, or (d) on the date transmitted by
legible telecopier transmission with a confirmation of receipt, in all cases
addressed to the recipient at the address specified in the Transfer and
Servicing Agreement for such recipient.

         Each party hereto may, by notice given in accordance herewith to each
of the other parties hereto, designate any further or different address to which
subsequent notices shall be sent.

         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 his address as it appears on the Note
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to
Noteholders is given by mail, neither the failure to mail such notice nor any
defect in any notice so mailed to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice
that is mailed in the manner herein provided shall conclusively be presumed to
have been duly given.

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

         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.

                                       70
<PAGE>
         SECTION 11.06.    ALTERNATE PAYMENT AND NOTICE PROVISIONS.

         Notwithstanding any provisions of this Indenture or any of the Notes to
the contrary, the Issuer may enter into any agreement, with the consent of any
Paying Agent, including the Indenture Trustee if acting as Paying Agent, and the
consent of the Indenture Trustee 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.    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 11.08.    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-Indenture Trustees and agents.

         SECTION 11.09.    SEPARABILITY.

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

         SECTION 11.10.    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 Collateral, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

         SECTION 11.11.    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.

                                       71
<PAGE>
         SECTION 11.12.    GOVERNING LAW.

         (a)      THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE
PARTIES UNDER THE AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         (b)      EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS INDENTURE. Each party hereto (i) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of litigation, seek to enforce the
foregoing waiver and (ii) acknowledges that it and the other parties hereto have
been induced to enter into this Indenture by, among other things, the mutual
waivers and certifications in this Section 11.12(b).

         SECTION 11.13.    COUNTERPARTS.

         This Indenture may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same
instrument.

         SECTION 11.14.    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
Issuer) to the effect that such recording is necessary either for the protection
of the Noteholders or any other Person secured hereunder or for the enforcement
of any right or remedy granted to the Indenture Trustee under this Indenture.

         SECTION 11.15.    ISSUER OBLIGATION.

         No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection herewith
or therewith, against (i) the Indenture Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer or the Indenture Trustee or of any successor or assign of the Indenture
Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee has 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.

                                       72
<PAGE>
         SECTION 11.16.    NO PETITION.

         The parties hereto, by entering into this Indenture, and each
Noteholder, by accepting a Note or a beneficial interest in a Note, hereby
covenant and agree that they will not at any time institute against the Issuer
or join in any institution against the Issuer thereof, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the other Transaction Documents; provided, however, that nothing herein shall
prohibit the Indenture Trustee from filing proofs of claim or otherwise
participating in any such proceedings instituted by any other person.

         SECTION 11.17.    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. Notwithstanding anything herein to the contrary,
the foregoing shall not be construed to prohibit (i) disclosure of any and all
information that is or becomes publicly known, or information obtained by the
Indenture Trustee from sources other than the Issuer, (ii) disclosure of any and
all information (A) if required to do so by any applicable statute, law, rule or
regulation, (B) to any government agency or regulatory body having or claiming
authority to regulate or oversee any aspects of the Indenture Trustee's business
or that of its affiliates, (C) pursuant to any subpoena, civil investigative
demand or similar demand or request of any court, regulatory authority,
arbitrator or arbitration to which the Indenture Trustee or an affiliate or an
officer, director, employer or shareholder thereof is a party, (D) in any
preliminary or final offering circular, registration statement or contract or
other document pertaining to the transactions contemplated herein approved in
advance by the Issuer or (E) to any affiliate, independent or internal auditor,
agent, employee or attorney of the Indenture Trustee having a need to know the
same, provided that the Indenture Trustee advises such recipient of the
confidential nature of the information being disclosed, or (iii) any other
disclosure authorized by the Issuer.

         SECTION 11.18.    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.

                                       73
<PAGE>
         SECTION 11.19.    COMMUNICATION BY NOTE OWNERS WITH OTHER NOTE OWNERS.

         Note Owners may communicate with other Note Owners with respect to
their rights under this Indenture or the Notes pursuant to Section 312(b) of the
TIA. Every Note Owner, by receiving and holding the same, agrees with the Issuer
and the Indenture Trustee that none of the Issuer and the Indenture Trustee nor
any agent of the Issuer and the Indenture Trustee shall be deemed to be in
violation of any existing law, or any law hereafter enacted which does not
specifically refer to Section 312 of the TIA, by reason of the disclosure of any
such information as to the names and addresses of the Note Owners in accordance
with Section 312 of the TIA, regardless of the source from which such
information was derived, and that the Indenture Trustee shall not be held
accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the TIA.

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

                                       74
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed and delivered as of the day and year first above written.

                                 GREATAMERICA LEASING RECEIVABLES
                                 2002-1, L.L.C.

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

                                 JPMORGAN CHASE BANK, not in its individual
                                 capacity but solely as Indenture Trustee

                                 By:
                                    ------------------------------------------
                                 Printed Name:
                                              --------------------------------
                                 Title:
                                       ---------------------------------------
<PAGE>
STATE OF [__________]   )
                        ) ss
COUNTY OF [__________]  )

         On March ___, 2002 before me, ______________________________

                                    {Here insert name and title of notary}

personally appeared [__________]

{ }   personally known to me, or

{ }   proved to me on the basis of satisfactory evidence to be the person(s)
      whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

WITNESS my hand and official seal.

Signature ____________________      {Seal}
<PAGE>
STATE OF [__________]   )
                        ) ss
COUNTY OF [__________]  )

         On March ___, 2002 before me, ______________________________

                                    {Here insert name and title of notary}

personally appeared

{ }   personally known to me, or

{ }   proved to me on the basis of satisfactory evidence to be the person(s)
      whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

WITNESS my hand and official seal.

Signature ____________________      {Seal}
<PAGE>
                                    EXHIBIT A

                    FORM OF TRANSFER AND SERVICING AGREEMENT

                                [TO BE ATTACHED]
<PAGE>
                                    EXHIBIT B

                             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 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.

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                 GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.

                 __________ % CLASS A-1 RECEIVABLE-BACKED NOTES

REGISTERED        [$65,419,401]

No. R-1
CUSIP No.  _____________

         GreatAmerica Leasing Receivables 2002-1, L.L.C., a limited liability
company 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 its registered assigns, the principal sum of [$65,419,401] payable on
the earlier of April 15, 2003 (the "Class A-1 Maturity Date") and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture referred to on the
reverse hereof.

         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 Section
3.01 of the Indenture. Interest on this Note will accrue for each Payment
<PAGE>
Date from the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, if no interest has yet been paid, from the
Closing Date. Interest will be computed on the basis of a 360-day year and
actual days elapsed. 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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

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

Date: March ___, 2002               GREATAMERICA LEASING RECEIVABLES 2002-1,
                                    L.L.C.

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

                                       2
<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                    JPMORGAN CHASE BANK, not in its individual
                                    capacity but solely as Indenture Trustee

                                    By:
                                       ----------------------------------
                                          Authorized Signatory
<PAGE>
                           {REVERSE OF CLASS A-1 NOTE}

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 Receivable-Backed Notes (the "Class A-1 Notes"), all
issued under an Indenture, dated as of March 1, 2002 (the "Indenture"), among
the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Class A-1 Notes are subject to all terms of the Indenture. All terms used in
this Note that are defined in the Indenture, as supplemented or amended, shall
have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

         The Class A-1 Notes and the other Notes described in the Indenture
(collectively, the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture subject to
the priorities of allocations as to interest and principal payments as described
therein and in the Transfer and Servicing Agreement.

         Principal of the Class A-1 Notes will be payable on the earlier of the
Class A-1 Maturity Date and the Redemption Date, if any, selected pursuant to
the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Class A-1 Notes shall be due and payable on the date on which an Event of
Default shall have occurred and be continuing unless the Required Holders have
waived such Event of Default.

         Payments of interest on this Note due and payable on each Payment Date
shall be made by wire transfer to the account of 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 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; provided that, if Definitive Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Such checks shall
be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Payment Date 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 within five (5) Business Days of such Payment
Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Corporate Trust Office of the Indenture
Trustee or at the office of the Indenture Trustee's agent appointed for such
purposes located in the City of New York, New York.
<PAGE>
         As provided in the Indenture, the Notes may be redeemed pursuant to
Section 10.01 of the Indenture, in whole, but not in part, at the option of the
Issuer, on any Payment Date on or after the date on which the Pool Balance of
all Contracts then in the Contracts Pool is less than 15% of the Original Pool
Balance.

         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 his attorney duly
authorized in writing, with such signature guaranteed by an eligible guarantor
institution which is a participant in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee program, and such other documents
as the Indenture Trustee may require, 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, by acceptance of a Note or 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 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 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 in its individual capacity, any holder of a beneficial
interest in the Issuer or the Indenture Trustee or of any successor or assign of
the Indenture 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, by acceptance of a Note or a beneficial interest in a
Note, covenants and agrees that by accepting the benefits of the Indenture and
such Note that such Noteholder will not at any time institute against the
Issuer, or join in any institution against the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Transaction 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 which is solely
secured by the Collateral. Each Noteholder, by acceptance of a Note (and each
Noteholder 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.

                                       2
<PAGE>
         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Indenture Trustee and any agent of the Issuer and 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 neither the Issuer, the Indenture Trustee nor any such agent shall
be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Noteholders under the Indenture at any time by the
Issuer and the Required Holders. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Outstanding
Amount of the Notes, on behalf of the Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder (or any one of more Predecessor Notes) shall be conclusive and
binding upon all Holders and upon all future Noteholders 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 Noteholders issued
thereunder.

         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, 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.

                                       3
<PAGE>
                                    EXHIBIT C

                             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 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.

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                 GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.

                  __________% CLASS A-2 RECEIVABLE-BACKED NOTES

REGISTERED        [$12,827,334]

No. R-1
CUSIP No. ______________

         GreatAmerica Leasing Receivables 2002-1, L.L.C., a limited liability
company 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 its registered assigns, the principal sum of [$12,827,334] payable on
the earlier of November 15, 2003 (the "Class A-2 Maturity Date") and the
Redemption Date, if any, pursuant to Section 10.01 of the Indenture referred to
on the reverse hereof. No payments of principal of the Class A-2 Notes shall be
made until the principal on the Class A-1 Notes has been paid in full.

         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
<PAGE>
contained in the Indenture. Interest on this Note will accrue for each Payment
Date from the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, if no interest has yet been paid, from the
Closing 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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       2
<PAGE>
         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.

Date: March ____, 2002              GREATAMERICA LEASING RECEIVABLES
                                    2002-1, L.L.C.

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

                                       3
<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                    JPMORGAN CHASE BANK, not in its individual
                                    capacity but solely as Indenture Trustee

                                    By:
                                       ---------------------------------
                                                Authorized Signatory
<PAGE>
                           {REVERSE OF CLASS A-2 NOTE}

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 Receivable-Backed Notes (the "Class A-2 Notes"), all
issued under an Indenture, dated as of March 1, 2002 (the "Indenture"), among
the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-2 Notes and the other Classes of Notes described in the
Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

         Principal of the Class A-2 Notes will be payable on the earlier of the
Class A-2 Maturity Date and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Class A-2 Notes shall be due and payable on the date on
which an Event of Default shall have occurred and be continuing unless the
Required Holders waive such Event of Default.

         Payments of interest on this Note due and payable on each Payment Date
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 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; provided that, if Definitive Notes are issued pursuant to Section 2.11
of the Indenture, payments may be made by check. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the
Note Register as of the applicable Record Date without requiring that this Note
be submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) affected by any payments made
on any Payment Date 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 within five (5) Business Days of 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 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, New York.
<PAGE>
         As provided in the Indenture, the Notes may be redeemed pursuant to
Section 10.01 of the Indenture, in whole, but not in part, at the option of the
Issuer, on any Payment Date on or after the date on which the Pool Balance of
all Contracts then in the Contracts Pool is less than 15% of the Original Pool
Balance.

         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 his attorney duly
authorized in writing, with such signature guaranteed by an eligible guarantor
institution which is a participant in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee program, and such other documents
as the Indenture Trustee may require, and thereupon one or more new Class A-2
Notes of authorized denomination 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, by acceptance of a Note or 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 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 in their
individual capacities, (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 in their individual capacities, any holder of a beneficial
interest in the Issuer or the Indenture Trustee or of any successor or assign of
the Indenture Trustee in their individual capacities, 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, by acceptance of a Note or a beneficial interest in a
Note, covenants and agrees that by accepting the benefits of the Indenture and
such Note that such Noteholder will not at any time institute against the
Issuer, or join in any institution against the Issuer, of any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Transaction 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 which is solely
secured by the Collateral. Each Noteholder, by acceptance of a Note or 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.

                                       2
<PAGE>
         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Indenture Trustee and any agent of the Issuer and 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 neither the Issuer, the Indenture Trustee nor 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 Required Holders. The Indenture also
contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all of 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
of more Predecessor Notes) shall be conclusive and binding upon all Holders 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 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, 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.

                                       3
<PAGE>
                                    EXHIBIT D

                             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 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.

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                 GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.

                  _________% CLASS A-3 RECEIVABLE-BACKED NOTES

REGISTERED        [$107,749,602]

No. R-1
CUSIP No. __________

         GreatAmerica Leasing Receivables 2002-1, L.L.C., a limited liability
company 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 its registered assigns, the principal sum of [$107,749,602] payable on
the earlier of November 15, 2005 (the "Class A-3 Maturity Date") and the
Redemption Date, if any, pursuant to Section 10.01 of the Indenture referred to
on the reverse hereof. No payments of principal of the Class A-3 Notes shall be
made until the principal on the Class A-2 Notes has been paid in full.

         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
<PAGE>
contained in the Indenture. Interest on this Note will accrue for each Payment
Date from the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, if no interest has yet been paid, from the
Closing 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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       2
<PAGE>
         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.

Date: March ____, 2002              GREATAMERICA LEASING RECEIVABLES
                                    2002-1, L.L.C.

                                    By:
                                       ---------------------------------------
                                    Printed Name:
                                                 -----------------------------
                                    Title:
                                          ------------------------------------
<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                    JPMORGAN CHASE BANK, not in its individual
                                    capacity but solely as Indenture Trustee

                                    By:
                                       ---------------------------------
                                                Authorized Signatory
<PAGE>
                           {REVERSE OF CLASS A-3 NOTE}

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 Receivable-Backed Notes (the "Class A-3 Notes"), all
issued under an Indenture, dated as of March 1, 2002 (the "Indenture"), among
the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-3 Notes and the other Classes of Notes described in the
Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

         Principal of the Class A-3 Notes will be payable on the earlier of the
Class A-3 Maturity Date and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Class A-3 Notes shall be due and payable on the date on
which an Event of Default shall have occurred and be continuing unless the
Required Holders waive such Event of Default.

         Payments of interest on this Note due and payable on each Payment Date
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 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; provided that, if Definitive Notes are issued pursuant to Section 2.11
of the Indenture, payments may be made by check. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the
Note Register as of the applicable Record Date without requiring that this Note
be submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) affected by any payments made
on any Payment Date 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 within five (5) Business Days of 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 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, New York.
<PAGE>
         As provided in the Indenture, the Notes may be redeemed pursuant to
Section 10.01 of the Indenture, in whole, but not in part, at the option of the
Issuer, on any Payment Date on or after the date on which the Pool Balance of
all Contracts then in the Contracts Pool is less than 15% of the Original Pool
Balance.

         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 his attorney duly
authorized in writing, with such signature guaranteed by an eligible guarantor
institution which is a participant in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee program, and such other documents
as the Indenture Trustee may require, and thereupon one or more new Class A-3
Notes of authorized denomination 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, by acceptance of a Note or 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 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 in their
individual capacities, (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 in their individual capacities, any holder of a beneficial
interest in the Issuer or the Indenture Trustee or of any successor or assign of
the Indenture Trustee in their individual capacities, 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, by acceptance of a Note or a beneficial interest in a
Note, covenants and agrees that by accepting the benefits of the Indenture and
such Note that such Noteholder will not at any time institute against the
Issuer, or join in any institution against the Issuer, of any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Transaction 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 which is solely
secured by the Collateral. Each Noteholder, by acceptance of a Note or 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.

                                       2
<PAGE>
         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Indenture Trustee and any agent of the Issuer and 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 neither the Issuer, the Indenture Trustee nor 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 Required Holders. The Indenture also
contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all of 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
of more Predecessor Notes) shall be conclusive and binding upon all Holders 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 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, 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.

                                       3
<PAGE>
                                    EXHIBIT E

                             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 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.

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                 GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.

                  __________% CLASS A-4 RECEIVABLE-BACKED NOTES

REGISTERED        [$27,450,494]

No. R-1
CUSIP No. ____________

         GreatAmerica Leasing Receivables 2002-1, L.L.C., a limited liability
company 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 its registered assigns, the principal sum of [$27,450,494] payable on
the earlier of November 15, 2006 (the "Class A-4 Maturity Date") and the
Redemption Date, if any, pursuant to Section 10.01 of the Indenture referred to
on the reverse hereof. No payments of principal of the Class A-4 Notes shall be
made until the principal on the Class A-3 Notes has been paid in full.

         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
<PAGE>
contained in the Indenture. Interest on this Note will accrue for each Payment
Date from the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, if no interest has yet been paid, from the
Closing 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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       2
<PAGE>
         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.

Date: March ____, 2002              GREATAMERICA LEASING RECEIVABLES
                                    2002-1, L.L.C.

                                    By:
                                       ---------------------------------
                                    Printed Name:
                                                 -----------------------
                                    Title:
                                          ------------------------------
<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                    JPMORGAN CHASE BANK, not in its individual
                                    capacity but solely as Indenture Trustee

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

<PAGE>

                           {REVERSE OF CLASS A-4 NOTE}

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 Receivable-Backed Notes (the "Class A-4 Notes"), all
issued under an Indenture, dated as of March 1, 2002 (the "Indenture"), among
the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-4 Notes and the other Classes of Notes described in the
Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

         Principal of the Class A-4 Notes will be payable on the earlier of the
Class A-4 Maturity Date and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Class A-4 Notes shall be due and payable on the date on
which an Event of Default shall have occurred and be continuing unless the
Required Holders waive such Event of Default.

         Payments of interest on this Note due and payable on each Payment Date
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 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; provided that, if Definitive Notes are issued pursuant to Section 2.11
of the Indenture, payments may be made by check. 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; provided that, if Definitive Notes are
issued pursuant to Section 2.11 of the Indenture, payments may be made by check.
Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date 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 within
five (5) Business Days of such Payment Date and the amount then due and payable
shall be payable only upon presentation and surrender of this Note at the
<PAGE>
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, New York.

         As provided in the Indenture, the Notes may be redeemed pursuant to
Section 10.01 of the Indenture, in whole, but not in part, at the option of the
Issuer, on any Payment Date on or after the date on which the Pool Balance of
all Contracts then in the Contracts Pool is less than 15% of the Original Pool
Balance.

         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 his attorney duly
authorized in writing, with such signature guaranteed by an eligible guarantor
institution which is a participant in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee program, and such other documents
as the Indenture Trustee may require, and thereupon one or more new Class A-4
Notes of authorized denomination 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, by acceptance of a Note or 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 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 in their
individual capacities, (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 in their individual capacities, any holder of a beneficial
interest in the Issuer or the Indenture Trustee or of any successor or assign of
the Indenture Trustee in their individual capacities, 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, by acceptance of a Note or a beneficial interest in a
Note, covenants and agrees that by accepting the benefits of the Indenture and
such Note that such Noteholder will not at any time institute against the
Issuer, or join in any institution against the Issuer, of any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Transaction 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 which is solely
secured by the Collateral. Each Noteholder, by acceptance of a Note or 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.

                                       2
<PAGE>
         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Indenture Trustee and any agent of the Issuer and 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 neither the Issuer, the Indenture Trustee nor 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 Required Holders. The Indenture also
contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all of 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
of more Predecessor Notes) shall be conclusive and binding upon all Holders 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 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, 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.

                                       3
<PAGE>
                                    EXHIBIT F

                              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 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.

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                 GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.

         __________% CLASS B RECEIVABLE-BACKED NOTES

REGISTERED        [$10,774,960]

No. R-1
CUSIP No. __________

         GreatAmerica Leasing Receivables 2002-1, L.L.C., a limited liability
company 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 its registered assigns, the principal sum of [$10,774,960] payable on
the earlier of June 15, 2007 (the "Class B Maturity Date") and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture referred to on the
reverse hereof. After the occurrence of an Event of Default, no payments of
principal of the Class B Notes shall be made until the principal on the Class A
Notes has been paid in full.

         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
<PAGE>
contained in the Indenture. Interest on this Note will accrue for each Payment
Date from the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, if no interest has yet been paid, from the
Closing 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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       2
<PAGE>
         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.

Date: March ____, 2002                          GREATAMERICA LEASING RECEIVABLES
                                                2002-1, L.L.C.

                                                By:_____________________________
                                                Printed Name:___________________
                                                Title:__________________________
<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                     JPMORGAN CHASE BANK, not in its individual
                                     capacity but solely as Indenture Trustee

                                     By:________________________________________
                                                 Authorized Signatory
<PAGE>
                            {REVERSE OF CLASS B NOTE}

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class B Receivable-Backed Notes (the "Class B Notes"), all
issued under an Indenture, dated as of March 1, 2002 (the "Indenture"), among
the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class B Notes and the other Classes of Notes described in the
Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

         Principal of the Class B Notes will be payable on the earlier of the
Class B Maturity Date and the Redemption Date, if any, pursuant to Section 10.01
of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Class B Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing unless the Required
Holders waive such Event of Default.

         Payments of interest on this Note due and payable on each Payment Date
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 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; provided that, if Definition Notes are issued pursuant to Section 2.11
of the Indenture, payments may be made by check. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the
Note Register as of the applicable Record Date without requiring that this Note
be submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) affected by any payments made
on any Payment Date 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 within five (5) Business Days of 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 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, New York.
<PAGE>
         As provided in the Indenture, the Notes may be redeemed pursuant to
Section 10.01 of the Indenture, in whole, but not in part, at the option of the
Issuer, on any Payment Date on or after the date on which the Pool Balance of
all Contracts then in the Contracts Pool is less than 15% of the Original Pool
Balance.

         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 his attorney duly
authorized in writing, with such signature guaranteed by an eligible guarantor
institution which is a participant in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee program, and such other documents
as the Indenture Trustee may require, and thereupon one or more new Class B
Notes of authorized denomination 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, by acceptance of a Note or 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 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 in their
individual capacities, (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 in their individual capacities, any holder of a beneficial
interest in the Issuer or the Indenture Trustee or of any successor or assign of
the Indenture Trustee in their individual capacities, 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, by acceptance of a Note or a beneficial interest in a
Note, covenants and agrees that by accepting the benefits of the Indenture and
such Note that such Noteholder will not at any time institute against the
Issuer, or join in any institution against the Issuer, of any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Transaction 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 which is solely
secured by the Collateral. Each Noteholder, by acceptance of a Note or 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.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Indenture Trustee and any agent of the Issuer and the
Indenture Trustee may treat the Person in

                                       2
<PAGE>
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 neither the Issuer, the
Indenture Trustee nor 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 Required Holders. The Indenture also
contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all of 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
of more Predecessor Notes) shall be conclusive and binding upon all Holders 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 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, 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.

                                       3
<PAGE>
                                    EXHIBIT G

                              FORM OF CLASS C NOTE

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO 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.

         THIS SECURITY HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES THAT THIS
SECURITY MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO THE
ISSUER OR PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A (a "QIB") PURCHASING FOR ITS OWN ACCOUNT, IN ACCORDANCE WITH RULE
144A, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A. THIS SECURITY WILL NOT BE
ACCEPTED FOR REGISTRATION OF TRANSFER EXCEPT UPON PRESENTATION OF EVIDENCE
SATISFACTORY TO THE TRUSTEE THAT THE RESTRICTIONS ON TRANSFER HAVE BEEN COMPLIED
WITH.

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.
<PAGE>
                 GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.

                   __________% CLASS C RECEIVABLE-BACKED NOTES

REGISTERED        [$10,903,234]

No. R-1
CUSIP No. __________

         GreatAmerica Leasing Receivables 2002-1, L.L.C., a limited liability
company 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 its registered assigns, the principal sum of [$10,903,234] payable on
the earlier of July 15, 2007 (the "Class C Maturity Date") and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture referred to on the
reverse hereof. After the occurrence of an Event of Default, no payments of
principal of the Class C Notes shall be made until the principal on the Class A
Notes and Class B Notes have been paid in full.

         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
Indenture. Interest on this Note will accrue for each Payment Date from the most
recent Payment Date on which interest has been paid to but excluding such
Payment Date or, if no interest has yet been paid, from the Closing 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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       2
<PAGE>
         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.

Date: March ____, 2002                          GREATAMERICA LEASING RECEIVABLES
                                                2002-1, L.L.C.

                                                By:_____________________________
                                                Printed Name:___________________
                                                Title:__________________________
<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                      JPMORGAN CHASE BANK, not in its individual
                                      capacity but solely as Indenture Trustee

                                      By:_______________________________________
                                                  Authorized Signatory
<PAGE>
                            {REVERSE OF CLASS C NOTE}

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class C Receivable-Backed Notes (the "Class C Notes"), all
issued under an Indenture, dated as of March 1, 2002 (the "Indenture"), among
the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class C Notes and the other Classes of Notes described in the
Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

         Principal of the Class C Notes will be payable on the earlier of the
Class C Maturity Date and the Redemption Date, if any, pursuant to Section 10.01
of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Class C Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing unless the Required
Holders waive such Event of Default.

         Payments of interest on this Note due and payable on each Payment Date
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 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; provided that, if Definition Notes are issued pursuant to Section 2.11
of the Indenture, payments may be made by check. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the
Note Register as of the applicable Record Date without requiring that this Note
be submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) affected by any payments made
on any Payment Date 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 within five (5) Business Days of 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 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, New York.
<PAGE>
         As provided in the Indenture, the Notes may be redeemed pursuant to
Section 10.01 of the Indenture, in whole, but not in part, at the option of the
Issuer, on any Payment Date on or after the date on which the Pool Balance of
all Contracts then in the Contracts Pool is less than 15% of the Original Pool
Balance.

         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 his attorney duly
authorized in writing, with such signature guaranteed by an eligible guarantor
institution which is a participant in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee program, and such other documents
as the Indenture Trustee may require, and thereupon one or more new program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class C Notes of authorized denomination 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, by acceptance of a Note or 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 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 in their
individual capacities, (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 in their individual capacities, any holder of a beneficial
interest in the Issuer or the Indenture Trustee or of any successor or assign of
the Indenture Trustee in their individual capacities, 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, by acceptance of a Note or a beneficial interest in a
Note, covenants and agrees that by accepting the benefits of the Indenture and
such Note that such Noteholder will not at any time institute against the
Issuer, or join in any institution against the Issuer of any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Transaction 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 which is solely
secured by the Collateral. Each Noteholder, by acceptance of a Note or 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.

                                       2
<PAGE>
         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Indenture Trustee and any agent of the Issuer and 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 neither the Issuer, the Indenture Trustee nor 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 Required Holders. The Indenture also
contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all of 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
of more Predecessor Notes) shall be conclusive and binding upon such Holders 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 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, 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.

                                       3
<PAGE>
                                    EXHIBIT H

                              FORM OF CLASS D NOTE

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO 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.

         THIS SECURITY HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES THAT THIS
SECURITY MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO THE
ISSUER OR PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A (a "QIB") PURCHASING FOR ITS OWN ACCOUNT, IN ACCORDANCE WITH RULE
144A, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A. THIS SECURITY WILL NOT BE
ACCEPTED FOR REGISTRATION OF TRANSFER EXCEPT UPON PRESENTATION OF EVIDENCE
SATISFACTORY TO THE TRUSTEE THAT THE RESTRICTIONS ON TRANSFER HAVE BEEN COMPLIED
WITH.

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.
<PAGE>
                 GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.

                   __________% CLASS D RECEIVABLE-BACKED NOTES

REGISTERED        [$13,725,247]

No. R-1
CUSIP No. __________1

         GreatAmerica Leasing Receivables 2002-1, L.L.C., a limited liability
company 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 its registered assigns, the principal sum of [$13,725,247] payable on
the earlier of December 15, 2008 (the "Class D Maturity Date") and the
Redemption Date, if any, pursuant to Section 10.01 of the Indenture referred to
on the reverse hereof. After the occurrence of an Event of Default, no payments
of principal of the Class D Notes shall be made until the principal on the Class
A Notes, Class B Notes and the Class C Notes have been paid in full.

         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
Indenture. Interest on this Note will accrue for each Payment Date from the most
recent Payment Date on which interest has been paid to but excluding such
Payment Date or, if no interest has yet been paid, from the Closing 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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       2
<PAGE>
         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.

Date: March ____, 2002                          GREATAMERICA LEASING RECEIVABLES
                                                2002-1, L.L.C.

                                                By:_____________________________
                                                Printed Name:___________________
                                                Title:__________________________
<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                      JPMORGAN CHASE BANK, not in its individual
                                      capacity but solely as Indenture Trustee

                                      By:_______________________________________
                                                  Authorized Signatory
<PAGE>
                            {REVERSE OF CLASS D NOTE}

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class D Receivable-Backed Notes (the "Class D Notes"), all
issued under an Indenture, dated as of March 1, 2002 (the "Indenture"), among
the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class D Notes and the other Classes of Notes described in the
Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

         Principal of the Class D Notes will be payable on the earlier of the
Class D Maturity Date and the Redemption Date, if any, pursuant to Section 10.01
of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Class D Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing unless the Required
Holders waive such Event of Default.

         Payments of interest on this Note due and payable on each Payment Date
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 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; provided that, if Definition Notes are issued pursuant to Section 2.11
of the Indenture, payments may be made by check. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the
Note Register as of the applicable Record Date without requiring that this Note
be submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) affected by any payments made
on any Payment Date 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 within five (5) Business Days of 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 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, New York.
<PAGE>
         As provided in the Indenture, the Notes may be redeemed pursuant to
Section 10.01 of the Indenture, in whole, but not in part, at the option of the
Issuer, on any Payment Date on or after the date on which the Pool Balance of
all Contracts then in the Contracts Pool is less than 15% of the Original Pool
Balance.

         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 his attorney duly
authorized in writing, with such signature guaranteed by an eligible guarantor
institution which is a participant in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee program, and such other documents
as the Indenture Trustee may require, and thereupon one or more new program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class D Notes of authorized denomination 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, by acceptance of a Note or 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 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 in their
individual capacities, (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 in their individual capacities, any holder of a beneficial
interest in the Issuer or the Indenture Trustee or of any successor or assign of
the Indenture Trustee in their individual capacities, 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, by acceptance of a Note or a beneficial interest in a
Note, covenants and agrees that by accepting the benefits of the Indenture and
such Note that such Noteholder will not at any time institute against the
Issuer, or join in any institution against the Issuer of any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Transaction Documents.

         By its acceptance of a Class D Note, each Holder of any such Class D
Note will be deemed to have represented and agreed that no transfer of such
Class D Note shall be made (i) that would result in there being more than one
hundred (100) owners of the Units and any Class D Notes or (ii) to any
beneficial owner of an interest in a partnership, grantor trust or S corporation
(herein referred to as a "Flow-through entity") which Flow-through entity owns,
directly or indirectly through other Flow-through entities, any Units or the
Class D Notes if
<PAGE>
fifteen percent (15%) or more of such beneficial owner's interest in the
Flow-through entity is attributable to the Flow-through entity's interest
(direct or indirect) in the Units or the Class D Notes.

         By its acceptance of a Class D Note, each Holder of any such Class D
Note will be deemed to have acknowledged that the Issuer shall not participate
in the (i) creation of an interdealer quotation system or a secondary market or
the substantial equivalent thereof (a "Market") for the Units or the Class D
Notes, or (ii) inclusion of Units or the Class D Notes on a Market. If a Market
develops without the participation by the Issuer, the Issuer will not recognize
any transfers made on the Market by (i) redeeming the transferor Member or owner
of a Class D Note (in the case of a redemption or repurchase by the Issuer) or
(ii) admitting the transferee as a partner or otherwise recognizing any rights
of the transferee, such as a right of the transferee to receive distributions
(directly or indirectly) or to acquire an interest in the capital or profits of
the Issuer (except as otherwise expressly provided in the Class D Notes).

         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 which is solely
secured by the Collateral. Each Noteholder, by acceptance of a Note or 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.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Indenture Trustee and any agent of the Issuer and 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 neither the Issuer, the Indenture Trustee nor 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 Required Holders. The Indenture also
contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all of 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
of more Predecessor Notes) shall be conclusive and binding upon such Holders 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 Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.
<PAGE>
         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, 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.
<PAGE>
                                    EXHIBIT I

                             FORM OF NOTE 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 Note, and all rights thereunder, hereby irrevocably constituting and
appointing

--------------------------------------------------------------------------------
to transfer said Note on the books kept for registration thereof, with full
power of substitution in the premises.

Dated:
      ---------------

Signature Guaranteed:

Signature must be guaranteed by an eligible guarantor institution which is a
participant in the Securities Transfer Agent's Medallion Program (STAMP) or
similar signature guarantee program.

-------------------------------------------
          (Authorized Officer)

-------------------------------------------
Notice: The signature(s) on this assignment must correspond with the name(s) as
it appears on the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever.
<PAGE>
                                    EXHIBIT J

                        FORM OF NOTE DEPOSITORY AGREEMENT

                            [STANDARD DTC AGREEMENT]
<PAGE>
                                    EXHIBIT K

                             FORM OF INVESTOR LETTER

GreatAmerica Leasing Receivables 2002-1, L.L.C.
625 First Street SE, Suite 601
Cedar Rapids, Iowa  52401

JPMorgan Chase Bank,
as Indenture Trustee
450West 33rd Street
New York, New York  10001

                                     [date]

         Re:      GreatAmerica Leasing Receivables 2002-1, L.L.C.
                  Receivable Backed Notes, Series 2002-1
                  [Class C / Class D]

Ladies and Gentlemen:

         This letter (the "Investment Letter") is delivered by the undersigned
(the "Purchaser") pursuant to the Indenture dated as of March 1, 2002 (the
"Indenture") among GreatAmerica Leasing Receivables 2002-1, L.L.C. and JPMorgan
Chase Bank, as Indenture Trustee. The Purchaser is delivering this letter in
connection with the transfer to it of a Receivable Backed Note, Series 2002-1
[Class C Note / Class D Note]. Capitalized terms used herein without definition
shall have the meanings provided in the Indenture.

         The Purchaser hereby represents, warrants and covenants with the Issuer
and the Indenture Trustee as follows:

         (i)      It understands that the [Class C / Class D] Notes may be
                  resold only to QIBs pursuant to Rule 144A and that [Class C /
                  Class D] Notes will be available only as beneficial interests
                  in the Rule 144A Global Note.

         (ii)     It understands that the [Class C / Class D] Notes have not
                  been and will not be registered under the Securities Act or
                  any state or other applicable securities law and that the
                  [Class C / Class D] Notes, or any interest or participation
                  therein, may not be offered, sold, pledged or otherwise
                  transferred unless registered pursuant to, or exempt from
                  registration under, the Securities Act and any other
                  applicable securities law.

         (iii)    It acknowledges that none of the Initial Investors has made
                  any representation to it with respect to the offering or sale
                  of any [Class C / Class D] Notes, other than
<PAGE>
                  the information contained in the Private Placement Memorandum
                  and the Exhibit thereto which has been delivered to it and
                  upon which it is relying in making its investment decision
                  with respect to the [Class C / Class D] Notes. It has had
                  access to such financial and other information concerning the
                  [Class C / Class D] Notes as it has deemed necessary in
                  connection with its decision to purchase the [Class C / Class
                  D] Notes.

         (iv)     It acknowledges that the [Class C / Class D] Notes bear the
                  following legend:

                           THIS SECURITY HAS NOT BEEN AND WILL NOT BE REGISTERED
                  UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
                  ACT"), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY
                  PURCHASING THIS SECURITY, AGREES THAT THIS SECURITY MAY BE
                  REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
                  COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS
                  AND ONLY TO THE ISSUER OR PURSUANT TO RULE 144A UNDER THE
                  SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES
                  IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE
                  144A (a "QIB") PURCHASING FOR ITS OWN ACCOUNT, IN ACCORDANCE
                  WITH RULE 144A, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
                  RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
                  RULE 144A. THIS SECURITY WILL NOT BE ACCEPTED FOR REGISTRATION
                  OF TRANSFER EXCEPT UPON PRESENTATION OF EVIDENCE SATISFACTORY
                  TO THE TRUSTEE THAT THE RESTRICTIONS ON TRANSFER HAVE BEEN
                  COMPLIED WITH.

         (v)      If it is acquiring any [Class C / Class D] Note, or any
                  interest or participation therein, as a fiduciary or agent for
                  one or more investor accounts, it represents that it has sole
                  investment discretion with respect to such account and that it
                  has full power to make the acknowledgments, representations
                  and agreements contained herein on behalf of each such
                  account.

         (vi)     It (1) is a QIB, (2) is aware that the sale to it is being
                  made in reliance on Rule 144A and if it is acquiring such
                  [Class C / Class D] Notes or any interest or participation
                  therein for the account of another QIB, such other QIB is
                  aware that the sale is being made in reliance on Rule 144A and
                  (3) is acquiring such [Class C / Class D] Notes or any
                  interest or participation therein for its own account or for
                  the account of a QIB.

         (vii)    It is purchasing the [Class C / Class D] Notes for its own
                  account, or for one or more investor accounts for which it is
                  acting as fiduciary or agent, in each case for investment, and
                  not with a view to, or for offer or sale in connection with,
                  any distribution thereof in violation of the Securities Act,
                  subject to any requirements
<PAGE>
                  of law that the disposition of its property or the property of
                  such investor account or accounts be at all times within its
                  or their control and subject to its or their ability to resell
                  such [Class C / Class D] Notes, or any interest or
                  participation therein, as described herein and as provided in
                  the Indenture.

         (viii)   It agrees that if in the future it should offer, sell or
                  otherwise transfer such [Class C / Class D] Note or any
                  interest or participation therein, it will do so only (A) to
                  the Issuer, or (B) pursuant to Rule 144A to a person whom it
                  reasonably believes is a QIB in a transaction meeting the
                  requirements of Rule 144A, purchasing for its own account or
                  for the account of a QIB, whom it has informed that such
                  offer, sale or other transfer is being made in reliance on
                  Rule 144A.

         (ix)     It acknowledges that the [Class C / Class D] Notes will be
                  represented by a Rule 144A Global Note and that transfers
                  thereof or any interest or participation therein are
                  restricted.

         (x)      It acknowledges that the Issuer, the Originator, the Initial
                  Investors and others will rely on the truth and accuracy of
                  the foregoing acknowledgments, representations and agreements,
                  and agrees that if any of the foregoing acknowledgments,
                  representations and agreements deemed to have been made by it
                  are no longer accurate, it shall promptly notify the Issuer ,
                  the Originator and the Initial Investors.

                  The Purchaser further represents, warrants and covenants that
                  the [Class C / Class D] Notes or any interest therein may be
                  transferred to any Person unless such Person has executed and
                  delivered the Investor Letter to the Indenture Trustee.

                                              Very truly yours,

                                              ----------------------------------
                                              (type name of Purchaser above)

                                              By:
                                                  ------------------------------
                                                  Name:
                                                  Title:
<PAGE>
                                    EXHIBIT L<PAGE>
                                                                    Exhibit 10.1

                                                          MVA DRAFT DATE: 3/6/02

                        TRANSFER AND SERVICING AGREEMENT

                                      among

                 GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.
                                   as Issuer,

                        GREATAMERICA LEASING CORPORATION
                          as Servicer and as Originator

                                       and

                               JPMORGAN CHASE BANK
                              as Indenture Trustee

                            Dated as of March 1, 2002
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                               Page
                                                                                                                               ----
<S>                                                                                                                            <C>
ARTICLE I  DEFINITIONS.......................................................................................................    1
     Section 1.01.     Definitions...........................................................................................    1
     Section 1.02.     Usage of Terms........................................................................................   30
     Section 1.03.     Section References....................................................................................   30
     Section 1.04.     Calculations..........................................................................................   30
     Section 1.05.     Accounting Terms......................................................................................   30

ARTICLE II  TRANSFER OF CONTRACT ASSETS......................................................................................   30
     Section 2.01.     Transfer of Contract Assets...........................................................................   30
     Section 2.02.     Conditions to Transfer of Conveyed Assets to the Issuer...............................................   32
     Section 2.03.     Acceptance by Issuer..................................................................................   34
     Section 2.04.     Conveyance of Substitute Contracts....................................................................   34
     Section 2.05.     Release of Released Amounts...........................................................................   36
     Section 2.06.     Instruments...........................................................................................   36

ARTICLE III  REPRESENTATIONS AND WARRANTIES..................................................................................   36
     Section 3.01.     Representations and Warranties Regarding the Originator...............................................   37
     Section 3.02.     Representations and Warranties Regarding Each Contract and as to Certain Contracts in the Aggregate...   40
     Section 3.03.     Representations and Warranties Regarding the Initial Contracts in the Aggregate.......................   41
     Section 3.04.     Representations and Warranties Regarding the Contract Files...........................................   41
     Section 3.05.     Representations and Warranties Regarding Concentrations of Initial Contracts..........................   41
     Section 3.06.     Representations and Warranties Regarding the Issuer...................................................   42
     Section 3.07.     Representations and Warranties Regarding the Servicer.................................................   47
     Section 3.08.     [Reserved]............................................................................................   48

ARTICLE IV  PERFECTION OF TRANSFER AND PROTECTION OF SECURITY INTERESTS......................................................   48
     Section 4.01.     Custody of Contracts..................................................................................   48
     Section 4.02.     Filing................................................................................................   48
     Section 4.03.     Name Change or Relocation.............................................................................   49
     Section 4.04.     Chief Executive Office................................................................................   49
     Section 4.05.     Costs and Expenses....................................................................................   49
     Section 4.06.     Sale Treatment........................................................................................   49
     Section 4.07.     Separateness from Issuer..............................................................................   50
     Section 4.08.     Insurance Policy of the Originator....................................................................   50

ARTICLE V  SERVICING OF CONTRACTS............................................................................................   50
     Section 5.01.     Appointment and Acceptance; Responsibility for Contract Administration................................   50
     Section 5.02.     General Duties........................................................................................   50
     Section 5.03.     Consent to Assignment or Replacement..................................................................   51
</TABLE>

                                       i
<PAGE>
<TABLE>
<S>                                                                                                                             <C>
     Section 5.04.     Disposition upon Termination of Contract..............................................................   51
     Section 5.05.     Subservicers..........................................................................................   51
     Section 5.06.     Further Assurance.....................................................................................   52
     Section 5.07.     Notice to Obligors....................................................................................   52
     Section 5.08.     Collection Efforts; Modification of Contracts.........................................................   52
     Section 5.09.     Prepaid Contract......................................................................................   53
     Section 5.10.     Acceleration..........................................................................................   53
     Section 5.11.     Taxes.................................................................................................   54
     Section 5.12.     Insurance Premiums....................................................................................   54
     Section 5.13.     Remittances...........................................................................................   54
     Section 5.14.     Servicer Advances.....................................................................................   54
     Section 5.15.     Realization upon Defaulted Contract...................................................................   54
     Section 5.16.     Maintenance of Insurance Policies.....................................................................   55
     Section 5.17.     Other Servicer Covenants..............................................................................   55
     Section 5.18.     Servicing Compensation................................................................................   56
     Section 5.19.     Payment of Certain Expenses by Servicer...............................................................   56
     Section 5.20.     Records...............................................................................................   57
     Section 5.21.     Inspection............................................................................................   57
     Section 5.22.     Indenture Trustee and Issuer to Cooperate in Releases.................................................   57

ARTICLE VI  COVENANTS OF THE ISSUER..........................................................................................   58
     Section 6.01.     Limited Liability Company Existence...................................................................   58
     Section 6.02.     Contracts Not to Be Evidenced by Promissory Notes.....................................................   58
     Section 6.03.     Security Interests....................................................................................   58
     Section 6.04.     Delivery of Collections...............................................................................   58
     Section 6.05.     Regulatory Filings....................................................................................   58
     Section 6.06.     Compliance with Law...................................................................................   59
     Section 6.07.     Activities............................................................................................   59
     Section 6.08.     Indebtedness..........................................................................................   59
     Section 6.09.     Guarantees............................................................................................   59
     Section 6.10.     Investments...........................................................................................   59
     Section 6.11.     Merger; Sales.........................................................................................   59
     Section 6.12.     Payments..............................................................................................   60
     Section 6.13.     Other Agreements......................................................................................   60
     Section 6.14.     Separate Entity Existence.............................................................................   60
     Section 6.15.     Location; Records.....................................................................................   61
     Section 6.16.     Liability of Issuer; Indemnities......................................................................   61
     Section 6.17.     Bankruptcy Limitations................................................................................   62
     Section 6.18.     Limitation on Liability of Issuer and Others..........................................................   62
     Section 6.19.     Chief Executive Office................................................................................   62

ARTICLE VII  ESTABLISHMENT OF ACCOUNTS; DISTRIBUTIONS; RESERVE FUND..........................................................   63
     Section 7.01.     Trust Accounts; Collections...........................................................................   63
     Section 7.02.     Reserve Fund Deposit..................................................................................   64
     Section 7.03.     Trust Account Procedures..............................................................................   64
     Section 7.04.     Noteholder Distributions..............................................................................   65
     Section 7.05.     Allocations and Distributions.........................................................................   65
</TABLE>

                                       ii
<PAGE>
<TABLE>
<S>                                                                                                                             <C>
ARTICLE VIII  SERVICER DEFAULT; SERVICE TRANSFER.............................................................................   73
     Section 8.01.     Servicer Default......................................................................................   73
     Section 8.02.     Servicer Transfer.....................................................................................   74
     Section 8.03.     Appointment of Successor Servicer; Reconveyance; Successor Servicer to Act............................   75
     Section 8.04.     Notification to Noteholders...........................................................................   76
     Section 8.05.     Effect of Transfer....................................................................................   76
     Section 8.06.     Database File.........................................................................................   76
     Section 8.07.     Successor Servicer Indemnification....................................................................   77
     Section 8.08.     Responsibilities of the Successor Servicer............................................................   77
     Section 8.09.     Rating Agency Condition for Servicer Transfer.........................................................   78

ARTICLE IX  REPORTS..........................................................................................................   78
     Section 9.01.     Monthly Reports.......................................................................................   78
     Section 9.02.     Officer's Certificate.................................................................................   78
     Section 9.03.     Other Data............................................................................................   78
     Section 9.04.     Annual Report of Accountants..........................................................................   78
     Section 9.05.     Annual Statement of Compliance from Servicer..........................................................   79
     Section 9.06.     Annual Summary Statement..............................................................................   79

ARTICLE X  TERMINATION.......................................................................................................   80
     Section 10.01.    Sale of Pledged Assets................................................................................   80

ARTICLE XI  REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION...............................................................   80
     Section 11.01.    Repurchases of, or Substitution for, Contracts for Breach of Representations and Warranties...........   80
     Section 11.02.    Reassignment of Repurchased or Substituted Contracts..................................................   81

ARTICLE XII  ORIGINATOR INDEMNITIES..........................................................................................   81
     Section 12.01.    Originator's Indemnification..........................................................................   81
     Section 12.02.    Liabilities to Obligors...............................................................................   82
     Section 12.03.    Tax Indemnification...................................................................................   82
     Section 12.04.    Real Property Collateral..............................................................................   83
     Section 12.05.    Operation of Indemnities..............................................................................   83

ARTICLE XIII  MISCELLANEOUS..................................................................................................   83
     Section 13.01.    Amendment.............................................................................................   83
     Section 13.02.    Protection of Title...................................................................................   84
     Section 13.03.    Governing Law.........................................................................................   85
     Section 13.04.    Notices...............................................................................................   86
     Section 13.05.    Severability of Provisions............................................................................   87
     Section 13.06.    Third Party Beneficiaries.............................................................................   87
     Section 13.07.    Counterparts..........................................................................................   88
     Section 13.08.    Headings..............................................................................................   88
     Section 13.09.    No Bankruptcy Petition................................................................................   88
     Section 13.10.    Jurisdiction..........................................................................................   88
     Section 13.11.    Prohibited Transactions with Respect to the Issuer....................................................   88
</TABLE>

                                      iii
<PAGE>
<TABLE>
<S>                                                                                                                             <C>
     Section 13.12.    Merger or Consolidation of Originator or Servicer.....................................................   89
     Section 13.13.    Assignment or Delegation by the Originator............................................................   89
</TABLE>

<TABLE>
<CAPTION>
               EXHIBITS
<S>            <C>                                                                <C>
Exhibit A      Form of Assignment..............................................   A-1
Exhibit B      Form of Closing Certificate of Issuer...........................   B-1
Exhibit C      Form of Closing Certificate of Servicer/Originator..............   C-1
Exhibit D      [Reserved]......................................................   D-1
Exhibit E      [Reserved]......................................................   E-1
Exhibit F      Form of Certificate Regarding Repurchased Contracts.............   F-1
Exhibit G      List of Contracts...............................................   G-1
Exhibit H      Form of Monthly Report to Noteholders...........................   H-1
Exhibit I      Form of Subsequent Transfer Agreement...........................   I-1
Exhibit J      Forms of Contracts..............................................   J-1
</TABLE>

                                       iv
<PAGE>
         This TRANSFER AND SERVICING AGREEMENT, dated as of March 1, 2002, is
among GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C. (together with its
successors and assigns, the "Issuer"), JPMorgan Chase Bank (solely in its
capacity as Indenture Trustee, together with its successors and assigns, the
"Indenture Trustee"), GREATAMERICA LEASING CORPORATION (together with its
successors and assigns, "GreatAmerica," in its capacity as Servicer, together
with its successor and assigns, the "Servicer" and in its capacity as
originator, together with its successor and assigns, the "Originator").

         WHEREAS, in the regular course of its business, the Originator
originates and purchases Contracts (as defined herein);

         WHEREAS, the Issuer desires to acquire the Initial Contracts from the
Originator and may acquire from time to time thereafter certain Substitute
Contracts (such Initial Contracts and Substitute Contracts, together with
certain related property as more fully described herein, being the Contract
Assets as defined herein);

         WHEREAS, it is a condition to the Issuer's acquisition of the Contracts
Pool from the Originator that the Originator make certain representations and
warranties regarding the Contract Assets for the benefit of the Issuer;

         WHEREAS, the Issuer is willing to purchase and accept assignment of the
Contract Assets from the Originator pursuant to the terms hereof; and

         WHEREAS, on the Closing Date, the Issuer will grant, transfer, assign
and otherwise convey all its right, title and interest in the Conveyed Assets to
JPMorgan Chase Bank, as Indenture Trustee pursuant to an Indenture, dated as of
the date hereof (the "Indenture") between the Issuer and the Indenture Trustee.

         WHEREAS, the Servicer is willing to service the Contracts for the
benefit and account of the Issuer and the Indenture Trustee on behalf of the
Noteholders pursuant to the terms hereof;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         SECTION 1.01.     DEFINITIONS.

         Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

         "Accrual Period" means the period from and including the most recent
Payment Date to but excluding the following Payment Date, provided that the
initial Accrual Period following the Closing Date shall be the period from and
including the Closing Date to but excluding the first Payment Date following the
Closing Date.
<PAGE>
         "Addition Notice" means, with respect to any transfer of Substitute
Contracts to the Issuer pursuant to Section 2.04, a notice, which shall be given
at least three (3) Business Days prior to the related Subsequent Transfer Date,
identifying the Substitute Contracts to be transferred, the Principal Balance of
such Substitute Contracts and the related Substitution Event (with respect to an
identified Contract or Contracts then in the Contracts Pool) to which such
Substitute Contract relates, with such notice to be signed by the Originator.

         "Additional Principal" means, with respect to a Payment Date (i) if the
Class B Target Investor Principal Amount, the Class C Target Investor Principal
Amount and the Class D Target Investor Principal Amount exceed the Class B
Floor, the Class C Floor and the Class D Floor, respectively, an amount of $0;
or (ii) if any of the conditions in clause (i) are not satisfied, an amount
equal to the excess, if any, of (A) the Monthly Principal Amount, over (B) the
sum of the Class A Principal Payment Amount, Class B Principal Payment Amount,
Class C Principal Payment Amount and the Class D Principal Payment Amount for
such Payment Date.

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

         "Aggregate Loss Amount" means the excess, if any, of (x) the aggregate
amount of the Principal Balances (calculated with respect to a Defaulted
Contract as of the date immediately before such Contract became a Defaulted
Contract) of all the Contracts that became Defaulted Contracts during all prior
Collection Periods (including such Collection Period) over (y) the aggregate
amount of all Recoveries collected by the Servicer with respect to those
Defaulted Contracts.

         "Aggregate Principal Amount" means, with respect to any group of Notes,
at any date of determination, the sum of the Principal Amounts of such Notes on
such date of determination.

         "Agreement" means this Transfer and Servicing Agreement, as amended,
supplemented or otherwise modified from time to time in accordance with the
terms hereof.

         "Assignment" means the Assignment, substantially in the form of Exhibit
A relating to the assignment, transfer and conveyance of the Initial Contracts
and related property by the Originator to the Issuer.

         "Available Amounts" means, as of any Payment Date, the sum of (i)
except for Excluded Amounts, all amounts on deposit in the Collection Account as
of the immediately preceding Determination Date on account of Scheduled Payments
due on or before, Prepayments received on or before, the last day of the
Collection Period immediately preceding such Payment Date (other than Excluded
Amounts) and Servicer Advances received for Scheduled Payments due in such
Collection Period; (ii) Recoveries on account of previously Defaulted Contracts
received as of the last day of the immediately preceding Collection Period;
(iii) amounts received related to Vendor recourse; (iv) Residual Receipts
received during the preceding Collection Period; (v)

                                       2
<PAGE>
amounts on deposit in the Payahead Account received in previous Collection
Periods and (a) due in the related Collection Period, (b) made with respect to
any Contract repurchased by the Originator or (c) with respect to each Contract
for which a prepayment insufficient to prepay the Contract in full has been made
by or on behalf of the Obligor for the related Collection Period; (vi)
Investment Earnings credited to the Collection Account, the Reserve Fund, the
Residual Account or the Payahead Account as of the last day of the immediately
preceding Collection Period and (vii) proceeds of any of the foregoing.

         "Booked Residual Value" means, with respect to any Contract and the
related Equipment on any date of determination, the estimated residual value of
the Equipment subject to such Contract recorded on the Originator's books, in
accordance with the Originator's standard policies, as of the applicable Cut-Off
Date.

         "Business Day" means any day that is neither a Saturday or a Sunday,
nor another day on which banking institutions in the city of Cedar Rapids, Iowa
or New York, New York are authorized or obligated by law, executive order, or
governmental decree to be closed.

         "Casualty Loss" means, with respect to any item of Equipment, the loss,
theft, damage beyond repair or governmental condemnation or seizure of such item
of Equipment.

         "Class" means any of the group of Notes identified herein as, as
applicable, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes, the Class C Notes, or the Class D Notes.

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

         "Class A Percentage" means 83.2%.

         "Class A Principal Payment Amount" means, with respect to a Payment
Date, the amount necessary to reduce the Outstanding Aggregate Principal Amount
of the Class A-1 Notes, the Class A-2 Notes, Class A-3 Notes, and Class A-4
Notes to the Class A Target Investor Principal Amount.

         "Class A Target Investor Principal Amount" means, with respect to a
Payment Date, an amount equal to the product (i) the Class A Percentage and (ii)
the Pool Balance as of the last day of the related Collection Period.

         "Class A-1 Interest Rate" means [_____]% per annum (calculated on the
basis of a year of 360 days and actual days elapsed in the Accrual Period).

         "Class A-1 Maturity Date" means the April, 2003 Payment Date.

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

                                       3
<PAGE>
         "Class A-1 Notes" means the [$65,419,401] aggregate initial principal
amount GreatAmerica Leasing Receivables 2002-1, L.L.C., Class A-1
Receivable-Backed Notes, Series 2002-1, issued pursuant to the Indenture.

         "Class A-2 Interest Rate" means [_____]% per annum (calculated on the
basis of a year of 360 days and twelve 30-day months).

         "Class A-2 Maturity Date" means the November, 2003 Payment Date.

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

         "Class A-2 Notes" means the [$12,827,334] aggregate initial principal
amount GreatAmerica Leasing Receivables 2002-1, L.L.C., Class A-2
Receivable-Backed Notes, Series 2002-1, issued pursuant to the Indenture.

         "Class A-3 Interest Rate" means [_____]% per annum (calculated on the
basis of a year of 360 days and twelve 30-day months).

         "Class A-3 Maturity Date" means the November, 2005 Payment Date.

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

         "Class A-3 Notes" means the [$107,749,602] aggregate initial principal
amount GreatAmerica Leasing Receivables 2002-1, L.L.C., Class A-3
Receivable-Backed Notes, Series 2002-1, issued pursuant to the Indenture.

         "Class A-4 Interest Rate" means [_____]% per annum (calculated on the
basis of a year of 360 days and twelve 30-day months).

         "Class A-4 Maturity Date" means the November, 2006 Payment Date.

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

         "Class A-4 Notes" means the [$27,450,494] aggregate initial principal
amount GreatAmerica Leasing Receivables 2002-1, L.L.C., Class A-4
Receivable-Backed Notes, Series 2002-1, issued pursuant to the Indenture.

         "Class B Floor" means, with respect to a Payment Date,

                  (i)      3.66% of the Original Pool Balance plus

                  (ii)     the Cumulative Loss Amount as of such date, minus

                  (iii)    the sum of (a) the outstanding Principal Amount of
         the Class C Notes and Class D Notes as of the immediately preceding
         Payment Date after giving effect to all principal payments made on such
         Payment Date, (b) the Overcollateralization Balance as

                                       4
<PAGE>
         of the immediately preceding Payment Date and (c) the amount on deposit
         in the Reserve Fund and the Residual Account after giving effect to
         amounts to be withdrawn on such Payment Date.

         "Class B Interest Rate" means [_____]% per annum (calculated on the
basis of a year of 360 days and twelve 30-day months).

         "Class B Maturity Date" means the June, 2007 Payment Date.

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

         "Class B Notes" means the [$10,774,960] aggregate initial principal
amount GreatAmerica Leasing Receivables 2002-1, L.L.C., Class B
Receivable-Backed Notes, Series 2002-1, issued pursuant to the Indenture.

         "Class B Percentage" means 4.20%.

         "Class B Principal Payment Amount" means, with respect to a Payment
Date, the lesser of (1) the excess, if any, of (a) the Monthly Principal Amount
over (b) the Class A Principal Payment Amount and (2) the excess, if any, of (a)
the Outstanding Aggregate Principal Amount of the Class B Notes over (b) the
greater of (x) the Class B Target Investor Principal Amount and (y) the Class B
Floor.

         "Class B Target Investor Principal Amount" means, with respect to a
Payment Date, an amount equal to the product of (i) the Class B Percentage and
(ii) the Pool Balance as of the last day of the related Collection Period.

         "Class C Floor" means, with respect to a Payment Date,

                  (i)      2.82% of the Original Pool Balance plus

                  (ii)     the Cumulative Loss Amount as of such date, minus

                  (iii)    the sum of (a) the outstanding Principal Amount of
         the Class D Notes as of the immediately preceding Payment Date after
         giving effect to all principal payments made on such date, (b) the
         Overcollateralization Balance as of the immediately preceding Payment
         Date and (c) the amount on deposit in the Reserve Fund and the Residual
         Account after giving effect to amounts to be withdrawn on such date;

provided, however, that if the Class B Target Investor Principal Amount as of
such Payment Date is less than or equal to the Class B Floor on such Payment
Date, the Class C Floor will be an amount equal to the Principal Amount of the
Class C Notes utilized in the calculation of the Class B Floor for such Payment
Date.

         "Class C Interest Rate" means [_____]% per annum (calculated on the
basis of a year of 360 days and twelve 30-day months).

                                       5
<PAGE>
         "Class C Maturity Date" means the July, 2007 Payment Date.

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

         "Class C Notes" means the [$10,903,234] aggregate initial principal
amount GreatAmerica Leasing Receivables 2002-1, L.L.C., Class C
Receivable-Backed Notes, Series 2002-1, issued pursuant to the Indenture.

         "Class C Percentage" means 4.25%.

         "Class C Principal Payment Amount" means, with respect to a Payment
Date, the lesser of (1) the excess, if any, of (a) the Monthly Principal Amount
over (b) the sum of the Class A Principal Payment Amount and the Class B
Principal Payment Amount and (2) the excess, if any, of (a) the Outstanding
Aggregate Principal Amount of the Class C Notes over (b) the greater of (x) the
Class C Target Investor Principal Amount and (y) the Class C Floor.

         "Class C Target Investor Principal Amount" means, with respect to a
Payment Date, an amount equal to the product of (i) the Class C Percentage and
(ii) the Pool Balance as of the last day of the related Collection Period.

         "Class D Floor" means, with respect to a Payment Date,

                  (i)      1.97% of the Original Pool Balance plus

                  (ii)     the Cumulative Loss Amount as of such date, minus

                  (iii)    the sum of (a) the Overcollateralization Balance as
         of the immediately preceding Payment Date and (b) the amount on deposit
         in the Reserve Fund and the Residual Account after giving effect to
         amounts to be withdrawn on such date;

provided, however, that if the Class C Target Investor Principal Amount as of
such Payment Date is less than or equal to the Class C Floor on such Payment
Date, the Class D Floor will be an amount equal to the Principal Amount of the
Class D Notes utilized in the calculation of the Class C Floor for such Payment
Date.

         "Class D Interest Rate" means [_____]% per annum (calculated on the
basis of a year of 360 days and twelve 30-day months).

         "Class D Maturity Date" means the December, 2008 Payment Date.

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

         "Class D Notes" means the [$13,725,247] aggregate initial principal
amount GreatAmerica Leasing Receivables 2002-1, L.L.C., Class D
Receivable-Backed Notes, Series 2002-1, issued pursuant to the Indenture.

                                       6
<PAGE>
         "Class D Percentage" means 5.35%.

         "Class D Principal Payment Amount" means, with respect to a Payment
Date, the lesser of (1) the excess, if any, of (a) the Monthly Principal Amount
over (b) the sum of the Class A Principal Payment Amount, the Class B Principal
Payment Amount and the Class C Principal Payment Amount and (2) the excess, if
any, of (a) the Outstanding Aggregate Principal Amount of the Class D Notes over
(b) the greater of (x) the Class D Target Investor Principal Amount and (y) the
Class D Floor.

         "Class D Target Investor Principal Amount" means, with respect to a
Payment Date, an amount equal to the product of (i) the Class D Percentage and
(ii) the Pool Balance as of the last day of the related Collection Period.

         "Closing Date" means March ___, 2002.

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Collateral" has the meaning given such term in the "granting clause"
of the Indenture.

         "Collection Account" means the Trust Account so designated established
pursuant to Section 7.01.

         "Collection Period" means a period beginning on and including the first
day of a calendar month and ending on and including, the last day of such
calendar month, provided that the first Collection Period shall be the period
beginning on the Initial Cutoff Date and ending on and including the last day of
the calendar month in which the Initial Cutoff Date occurs.

         "Collections" means all payments received on or with respect to the
Contracts in the Contracts Pool or the related Equipment, including, without
limitation, Scheduled Payments, Prepayments, Residual Receipts and Recoveries,
all as related to amounts attributable to the Contracts in the Contracts Pool or
the related Equipment (including any such amounts derived from Vendor recourse
provisions), but excluding any Excluded Amounts.

         "Commission" means the United States Securities and Exchange
Commission.

         "Computer Records" means the computer records generated by the Servicer
that provide information relating to the Contracts and that were used by the
Originator in selecting the Contracts conveyed to the Issuer pursuant to Section
2.01 (and any Substitute Contracts conveyed to the Issuer pursuant to Section
2.04).

         "Contract" means each Lease, Secured Note, Purchase Order, Software
Only Agreement or other Financing Agreement covering Financed Items, originated
or purchased by the Originator, and including both Initial Contracts and
Substitute Contracts.

         "Contract Assets" has the meaning assigned in Section 2.01 (and Section
2.04, as applicable in the case of Substitute Contracts).

                                       7
<PAGE>
         "Contract File" means, with respect to each Contract, the fully
executed original counterpart (for UCC purposes) of the Contract, the original
certificate of title or other title document with respect to the related
Equipment (if applicable), the UCC filing, if any, and any assignments thereof,
evidence of ratings of the Obligors by Moody's, S&P or Dun & Bradstreet and
otherwise such documents, if any, that the Servicer keeps on file in accordance
with its customary procedures, evidencing ownership of such Equipment (if
applicable) and all other documents originally delivered to the Originator or
held by the Servicer with respect to any Contract.

         "Contracts Pool" as of any date means the Initial Contracts and the
Substitute Contracts (if any), other than any such Contracts that (i) have been
reconveyed by the Indenture Trustee to the Issuer, and concurrently by the
Issuer to the Originator, pursuant to Section 11.02 hereof, or (ii) have been
paid (or prepaid) in full.

         "Conveyed Assets" has the meaning given to such term in Section 2.01(b)
hereof (and in Section 2.04(a) hereof in respect of Substitute Contracts and
related assets transferred to the Issuer pursuant to Subsequent Transfer
Agreements).

         "Corporate Trust Office" means, with respect to the Indenture Trustee,
the office of the Indenture Trustee at which at any particular time its
corporate trust business shall be principally administered, which office at the
date of the execution of this Agreement is located at the addresses set forth in
Section 13.04.

         "Cumulative Loss Amount" means, with respect to a Payment Date, an
amount equal to the excess, if any, of:

                  (i)      the total of

                           (A)      the Outstanding Principal Amount of the
                  Notes as of the immediately preceding Payment Date after
                  giving effect to all principal payments made on such date,
                  plus

                           (B)      the Overcollateralization Balance as of the
                  immediately preceding Payment Date, minus

                           (C)      the lesser of: (1) the Monthly Principal
                  Amount and (2) Available Amounts remaining after payment of
                  amounts owing to the Servicer, including Unreimbursed Servicer
                  Advances and Servicing Fees, and after payment of interest on
                  the Notes on such date; over

                  (ii)     the Pool Balance as of the last day of the
         immediately preceding Collection Period.

         "Cumulative Net Loss Percentage" means, with respect to a Determination
Date, the percentage equivalent of a fraction, (a) the numerator of which is the
Aggregate Loss Amount as of the last day of the immediately preceding Collection
Period and (b) the denominator of which is the Original Pool Balance.

                                       8
<PAGE>
         "Custodian Agreement" means the Custodian Agreement dated as of the
date hereof between GreatAmerica Leasing Corporation, as custodian and the
Indenture Trustee.

         "Cutoff Date" means either or both (as the context may require) the
Initial Cutoff Date and any Subsequent Cutoff Date, as applicable to the
Contract or Contracts in question.

         "Defaulted Contract" means a Contract in the Contracts Pool with
respect to which there has occurred one or both of the following: (i) less than
ninety percent of any Scheduled Payment under the Contract has been received
from the related Obligor for 120 days or such shorter period as the Servicer may
determine consistent with its collection policy or (ii) the Servicer has
determined, in accordance with its usual and customary practices (and taking
into account any available Vendor recourse), that such Contract is not
collectible.

         "Determination Date" means, with respect to any Payment Date, the third
Business Day prior to such Payment Date or, if such day is not a Business Day,
the Business Day preceding such day.

         "Discount Rate" means the rate of [_____]% which is equal to the sum of
(a) the weighted average of the Class A-1 Interest Rate, the Class A-2 Interest
Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate, the Class B
Interest Rate, the Class C Interest Rate and the Class D Interest Rate, each
weighted by (i) the initial principal balance of the Class A-1 Notes, the
initial principal balance of the Class A-2 Notes, the initial principal balance
of the Class A-3 Notes, the initial principal balance of the Class A-4 Notes,
the initial principal balance of the Class B Notes, the initial principal
balance of the Class C Notes and the initial principal balance of the Class D
Notes and (ii) the weighted average life to call of the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes,
the Class C Notes and the Class D Notes under a 0% conditional prepayment rate
and assuming no loss scenario and that the Issuer will exercise its option to
redeem the Notes when the aggregate Principal Balance of the Contracts is less
than 15% of the Original Pool Balance, (b) the Servicer Fee Rate and (c) 0.025%.

         "Dollar" and "$" means lawful currency of the United States of America.

         "Eligible Contract" means at any date of determination, each Contract
with respect to which each of the following is true (to the extent applicable to
such type of Contract):

                           (A)      the Contract is a valid and binding payment
                  obligation of the Obligor, is enforceable in accordance with
                  its terms (except as may be limited by applicable Insolvency
                  Laws and the availability of equitable remedies) and contains
                  a clause that has the effect of unconditionally and
                  irrevocably obligating the Obligor to make periodic Scheduled
                  Payments (including taxes, if any) to the assignee of the
                  Contract, notwithstanding any rights the Obligor may have
                  against the assignor and is in full force and effect and has
                  not been satisfied, subordinated or rescinded as of the Cutoff
                  Date;

                           (B)      the Contract is noncancellable by the
                  Obligor and does not contain any early termination options
                  (except for Contracts that contain early termination

                                       9
<PAGE>
                  or prepayment clauses, but require full repayment upon
                  cancellation of the contract);

                           (C)      all payments payable under the Contract are
                  absolute, unconditional obligations of the Obligor and the
                  Contract does not provide for offset for any reason and
                  provides for acceleration of the Scheduled Payments upon
                  default by the Obligor;

                           (D)      the Contract (other than each Purchase Order
                  and each Software Only Agreement) is a triple net lease and
                  requires the Obligor to maintain the Equipment in good working
                  order, to bear all the costs of operating the Equipment,
                  including taxes, if any, and insurance relating thereto and to
                  assume all risk of loss or malfunction of the related
                  Equipment;

                           (E)      all requirements of federal, state and local
                  laws, and regulations thereunder, including, without
                  limitation, usury laws, if any, in respect of the Contract
                  have been compiled with, and the Contract complied at the time
                  it was originated or made and as of the Closing Date or
                  related Cutoff Date will comply with all legal requirements of
                  the jurisdiction in which it was originated;

                           (F)      no proceedings or investigations are pending
                  or, to the best of the Originator's knowledge after due
                  inquiry, have been threatened before any court, regulatory
                  body, administrative agency or other tribunal or governmental
                  instrumentality asserting the invalidity of the Contract
                  seeking to prevent payment and performance of such Contract,
                  or seeking any determination or ruling that might adversely
                  and materially affect the validity or enforceability of any
                  Contract;

                           (G)      the Contract was not originated nor was it
                  subject to the laws of any jurisdiction the laws of which
                  would make unlawful the sale, transfer and assignment of such
                  Contract under the Transfer and Servicing Agreement;

                           (H)      the Contract requires that (i) the Obligor
                  will obtain insurance and list GreatAmerica as the loss payee
                  in an amount not less than the replacement cost of the
                  Equipment related thereto; and (ii) in the event of a Casualty
                  Loss, the Servicer may require the Obligor (A) to pay at a
                  minimum the remaining Principal Balance of the Contract or (B)
                  to replace the Equipment with like Equipment in good repair,
                  acceptable to the Servicer, at the Obligor's expense;

                           (I)      in addition to the insurance maintained by
                  the Obligors with respect to the Equipment, the Originator
                  maintains, with an insurer with a general policy rating of A
                  or better with a class of VI or better by A.M. Best & Co., a
                  general liability insurance policy with coverage in the amount
                  of $1,000,000 per occurrence and coverage in the aggregate
                  amount of $2,000,000. The policy is in full force and effect
                  and covers all Equipment owned by the Originator. All premiums
                  in respect of such policies have been paid. The Indenture
                  Trustee is named as an additional insured on such liability
                  policies;

                                       10
<PAGE>
                           (J)      immediately prior to the transfer of such
                  Contract and any related Equipment (or security interest
                  therein) to the Issuer, and immediately prior to the Issuer's
                  concurrent transfer thereof to the Indenture Trustee, such
                  Contract was owned by the Originator (and by the Issuer
                  following the transfer by the Originator) free and clear of
                  any adverse claim, other than with respect to any Permitted
                  Liens;

                           (K)      the Contract and any related Equipment or
                  interest therein has been transferred to the Issuer free and
                  clear of any liens (except for Permitted Liens) and is
                  assignable without prior written consent of the Obligor (or
                  such consent has been obtained); with respect to leases that
                  are not true leases, the Originator has transferred its first
                  priority perfected security interest (if the book value is
                  $25,000 or more and where the related Obligor was rated below
                  (1) Baa3 or better by Moody's, (2) BBB or better by S&P or (3)
                  3A2 or better by Dun & Bradstreet) in the Equipment to the
                  Issuer, free and clear of adverse claims, except Permitted
                  Liens and the Originator had the power to convey such contract
                  and its interest in the Equipment free and clear of any liens
                  or encumbrances;

                           (L)      the Contract does not provide for the
                  substitution, addition or exchange of any item of equipment
                  subject to such contract that would result in any reduction,
                  or change the timing of, payments due, or modification of the
                  Obligor's other obligations under such Contract;

                           (M)      the Contract has an original maturity of not
                  greater than 85 months;

                           (N)      the Obligor on the Contract has paid at
                  least one Scheduled Payment to the Originator or paid the
                  security deposit;

                           (O)      the Contract is a U.S. dollar-denominated
                  obligation and, at inception, the Obligor and the associated
                  Equipment were and will continue to be located in the United
                  States, the United States territories of the Virgin Islands
                  and Puerto Rico and will continue to be located in the United
                  States, the United States territories of the Virgin Islands
                  and Puerto Rico;

                           (P)      there is not more than one "secured party's
                  original" counterpart of the Contract and the sole manually
                  executed counterpart of the Contract that constitutes an
                  instrument is in the possession of the Custodian and has been
                  properly endorsed through the proper chain of title to the
                  Indenture Trustee;

                           (Q)      immediately prior to the Closing Date or the
                  related Cutoff Date, the Originator will have possession of
                  the original Contract, and immediately prior to the
                  Originator's execution and delivery of the Transfer and
                  Servicing Agreement, there will be no other custodial
                  agreements in effect adversely affecting the rights of the
                  Originator to make, or cause to be made, any delivery required
                  thereunder;

                                       11
<PAGE>
                           (R)      the Contract is not a consumer contract or a
                  "consumer lease" as defined in Section 2A-103(1)(e) of the
                  UCC;

                           (S)      the Obligor of such Contract is a
                  corporation, partnership, limited liability company, or
                  unincorporated business association not using the related
                  Equipment for personal, family or household purposes, and no
                  item of Equipment has been repossessed;

                           (T)      the Contract is not subject to any guaranty
                  by the Originator, nor has the Originator established any
                  specific credit reserve with respect to the related Obligor;

                           (U)      the Contract was either originated or
                  purchased in a true sale transaction, by the Originator in the
                  ordinary course of its business in accordance with its
                  customary underwriting practices and credit policies and no
                  adverse selection procedure was used in selecting the Contract
                  for transfer to the Issuer;

                           (V)      the Originator has duly fulfilled all
                  material obligations on its part to be fulfilled under, or in
                  connection with, the Contract and has done nothing to
                  materially impair the rights of the Issuer, the Indenture
                  Trustee or the Noteholders in such Contract, the Equipment,
                  the Scheduled Payments or any income or proceeds with respect
                  thereto;

                           (W)      the origination and collection practices
                  used by the Originator with respect to the Contract have been
                  in all respects, legal and customary in the equipment
                  financing and servicing business and complies in all material
                  respects to the Originator's customary underwriting practice
                  and credit policies;

                           (X)      the Obligor with respect to the Contract has
                  accepted the Equipment under such Contract therefore as being
                  in good working condition, after adequate opportunity to test
                  and inspect, has not notified the Originator of any defects
                  therein and the Originator has no knowledge of any material
                  equipment malfunction or other claim by the Obligor with
                  respect to the material performance of the Equipment under the
                  Contract;

                           (Y)      at the time that any item of Equipment is
                  assigned, transferred and contributed pursuant to the Transfer
                  and Servicing Agreement, such Equipment has not suffered any
                  loss or damage except for such Equipment that has been
                  restored to its original value, ordinary wear and tear
                  excepted;

                           (Z)      the Contract is not the subject of
                  litigation;

                           (AA)     the Obligor of the Contract is not, as of
                  the applicable Cutoff Date, subject to bankruptcy or other
                  insolvency proceedings;

                           (BB)     the Contract is not more than 60 days past
                  due;

                           (CC)     the Contract is not a Defaulted Contract;

                                       12
<PAGE>
                           (DD)     the operation of any of the terms of the
                  Contract or the exercise by the Issuer, the Indenture Trustee
                  or the Servicer of any right under any Contract will not
                  render the Contract unenforceable in whole or in part, and no
                  right of rescission, set-off, counterclaim or defense has been
                  asserted in writing with respect thereto;

                           (EE)     the information with respect to the Contract
                  and the Equipment, where the Contract relates to Equipment
                  being currently acquired is true and correct in all material
                  respects;

                           (FF)     no provision of the Contract has been
                  waived, altered or modified in any respect, except by
                  instruments or documents contained in the Contract File and
                  the Contract is for the item of Equipment identified therein;

                           (GG)     the original date of the final Scheduled
                  Payment of the Contract has not been extended more than once
                  since the origination of such Contract;

                           (HH)     except as otherwise reflected in the List of
                  Contracts, the Contract has not been amended prior to the
                  Closing Date or the related Cutoff Date such that the amount
                  of any Scheduled Payment or the aggregate Scheduled Payments
                  have been decreased, or any other obligations of the Obligor
                  under the Contact have been diminished;

                           (II)     all filings necessary to evidence the
                  conveyance or transfer the Originator's ownership interest in
                  the Contract, and the Originator's corresponding interest in
                  the related Equipment, to the Issuer (as well as the
                  concurrent pledge of such property from the Issuer to the
                  Indenture Trustee), have been made; provided, that Uniform
                  Commercial Code financing statement filings with respect to
                  Equipment that name the Originator as secured party have not
                  been amended to indicate either the Issuer or the Indenture
                  Trustee as an assignee;

                           (JJ)     no item of Equipment has been relocated from
                  the jurisdiction set forth in the Contract;

                           (KK)     the transfer, assignment and contribution to
                  the Issuer of the Contract and the Originator's right, title
                  and interest in and to any item of Equipment will not violate
                  the terms or provisions of any such Contract or any other
                  agreement to which the Originator then is a party or by which
                  it is bound;;

                           (LL)     the Originator has obtained a security
                  interest (subject to Permitted Liens) in the Equipment related
                  to the Contract, which interest shall be a first priority
                  perfected security interest in the case of Equipment with an
                  original book value of $25,000 or more unless the related
                  Obligor was rated (1) Baa3 or better by Moody's, (2) BBB or
                  better by S&P or (3) 3A2 or better by Dun & Bradstreet;

                           (MM)     if the Contract is a lease of Equipment
                  subject to certificate of title statutory requirements, the
                  title is held either in the name of the lessee and the

                                       13
<PAGE>
                  certificate of title indicates the Originator as lienholder or
                  in the name of the Originator as lessor;

                           (NN)     the Contract constitutes "chattel paper" or
                  "instruments" as defined under the UCC;

                           (OO)     in the case of each Contract that consists
                  of a master lease and one or more exhibits or schedules
                  thereto, (i) the Originator has not assigned, and will not
                  assign, such master lease in its entirety or in part (except
                  for the assignment of its rights under such master lease as
                  collateral in connection with the financing of a schedule
                  issued pursuant to and incorporating the terms of such master
                  lease and not constituting a Contract), and has not delivered
                  and will not deliver physical possession of such master lease,
                  to any person other than the Indenture Trustee or the
                  Servicer, (ii) such exhibits or schedules constitute a
                  separate Contract to which all representations and warranties
                  referred to herein apply and are not part of any other
                  Contract not sold to the Issuer, and (iii) no schedule shall
                  be related to an upgrade of equipment unless the entire item
                  of equipment is financed under such schedule; and

                           (PP)     such Contract is on a form substantially
                  similar to one of the Forms of Contracts attached as Exhibit
                  J.

         "Eligible Deposit Account" means either (a) a segregated account with a
Qualified Institution, or (b) a segregated trust account with the corporate
trust department of a depository institution organized under the laws of the
Untied States or any one of the states thereof, including the District of
Columbia (or any domestic branch of a foreign bank), and acting as a trustee for
funds deposited in such account, so long as any of the securities of such
depository institution shall have a credit rating from each Rating Agency in one
of its short-term credit rating categories that signifies investment grade.

         "Eligible Investments" with respect to any Payment Date means
negotiable instruments or securities or other investments maturing on or before
such Payment Date (a) that, except in the case of demand or time deposits,
investments in money market funds and Eligible Repurchase Obligations, are
represented by instruments in bearer or registered form or ownership of which is
represented by book entries by a Clearing Agency or by a Federal Reserve Bank in
favor of depository institutions eligible to have an account with such Federal
Reserve Bank who hold such investments on behalf of their customers, (b) which,
as of any date of determination, mature by their terms on or prior to the
Payment Date immediately following such date of determination, and (c) which
evidence:

                  (i)      direct obligations of, and obligations fully
         guaranteed as to full and timely payment by, the United States of
         America (or by any agency thereof to the extent such obligations are
         backed by the full faith and credit of the United States of America);

                  (ii)     demand deposits, time deposits or certificates of
         deposit of depository institutions or trust companies incorporated
         under the laws of the United States of America or any state thereof and
         subject to supervision and examination by federal or

                                       14
<PAGE>
         state banking or depository institution authorities; provided, however,
         that at the time of the Issuer's investment or contractual commitment
         to invest therein, the commercial paper, if any, and short-term
         unsecured debt obligations (other than such obligation whose rating is
         based on the credit of a Person other than such institution or trust
         company) of such depository institution or trust company shall have a
         credit rating from each Rating Agency in the Highest Required
         Investment Category granted by such Rating Agency;

                  (iii)    commercial paper, or other short term obligations,
         having, at the time of the Issuer's investment or contractual
         commitment to invest therein, a rating in the Highest Required
         Investment Category granted by each Rating Agency;

                  (iv)     demand deposits, time deposits or certificates of
         deposit that are fully insured by the FDIC and either have a rating on
         their certificates of deposit or short-term deposits from Moody's and
         S&P of P-1 and A-1+, respectively, and, if rated by Fitch, from Fitch
         of F1+, or otherwise have a rating acceptable to the Rating Agencies;

                  (v)      notes that are payable on demand or bankers'
         acceptances issued by any depository institution or trust company
         referred to in (ii) above;

                  (vi)     investments in JPMorgan Prime Money Market Funds or
         other regulated investment companies having, at the time of the
         Issuer's investment or contractual commitment to invest therein, a
         rating of the Highest Required Investment Category from each Rating
         Agency or if otherwise approved of in writing by the Rating Agencies;

                  (vii)    Eligible Repurchase Obligations with a rating
         acceptable to the Rating Agencies; and

                  (viii)   any negotiable instruments or securities or other
         investments in which the investment by the Issuer therein has been
         approved in writing by each Rating Agency.

         The Indenture Trustee may purchase or sell to itself or an Affiliate,
as principal or agent, the Eligible Investments described above.

         "Eligible Repurchase Obligations" means repurchase obligations with
respect to any security that is a direct obligation of, or fully guaranteed by,
the United States of America or any agency or instrumentality thereof the
obligations of which are backed by the full faith and credit of the United
States of America, in either case entered into with a depository institution or
trust company (acting as principal) described in clauses (c)(ii) and (c)(v) of
the definition of Eligible Investments.

         "Eligible Servicer" has the meaning given to such term in Section 8.03
hereof.

         "Equipment" means the tangible assets financed or leased by an Obligor
pursuant to a Contract and the related security interest granted by such Obligor
in such assets.

         "ERISA" means the United States Employee Retirement Income Security Act
of 1974, as amended from time to time, and the regulations promulgated and
rulings issued thereunder.

                                       15
<PAGE>
         "Event of Default" shall have the meaning specified in Section 5.01 of
the Indenture.

         "Excess Contract," as of any date of determination, means each Contract
selected by the Servicer in accordance with Section 11.01 at such time as there
shall have been discovered a breach of any of the representations and warranties
set forth in Section 3.05, the removal of which pursuant to Section 11.01 and
the Originator's repurchase thereof or substitution of a Substitute Contract
therefor pursuant to Section 11.01, shall remedy such breach.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended or
supplemented from time to time.

         "Excluded Amounts" means any collections on deposit in the Collection
Account or otherwise received by the Servicer on or with respect to the
Contracts Pool or related Equipment, which collections are attributable to (i)
any (a) late charges or (b) any taxes and fees or other charges imposed by any
Governmental Authority, (ii) reimbursements of insurance premiums or payments
for services that were not financed by the Originator, (iii) indemnity payments
or maintenance payments, (iv) other non-contract charges (including
documentation fees) reimbursable to the Servicer in accordance with the
Servicer's customary policies and procedures, (v) any collections with respect
to repurchased or expired Contracts, and (vi) amounts due to be paid to the
Originator prior to the applicable Cutoff Date.

         "FDIC" shall mean the Federal Deposit Insurance Corporation, or any
successor thereto.

         "Financed Items" means, with respect to a Contract, the specifically
identified Equipment and other property, together with all accessions thereto,
securing indebtedness of an Obligor under such Contract.

         "Financing Agreement" means each financing agreement covering Financed
Items other than a Secured Note, a Purchase Order, a Software Only Agreement or
a Lease.

         "Fitch" means Fitch, Inc. or any successor thereto.

         "Forms of Contracts" means the forms of contracts attached hereto as
Exhibit J.

         "Governmental Authority" means the United States of America, any state
or other political subdivision thereof, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of, or pertaining
to, government.

         "Highest Required Investment Category" means (i) with respect to
ratings assigned by Fitch (if such investment is rated by Fitch), F1+ for
short-term instruments and AAA for long-term instruments, (ii) with respect to
ratings assigned by Moody's, A2 or P-1 for one month instruments, A1 or P-1 for
three month instruments, Aa3 or P-1 for six month instruments and Aaa or P-1 for
instruments with a term in excess of six months and (iii) with respect to
ratings assigned by S&P, A-1+ for short-term instruments and AAA for long-term
instruments.

         "Holder" means with respect to a Note, the Person in whose name such
Note is registered in the Note Register.

                                       16
<PAGE>
         "Indebtedness" means, with respect to any Person at any date, (a) all
indebtedness of such person for borrowed money or for the deferred purchase
price of property or services (other than current liabilities incurred in the
ordinary course of business and payable in accordance with customary trade
practices) or that is evidenced by a note, bond, debenture or similar
instrument, (b) all obligations of such Person under capital leases, (c) all
obligations of such Person in respect of acceptances issued or created for the
account of such Person, and (d) all liabilities secured by any Lien on any
property owned by such Person even though such person has not assumed or
otherwise become liable for the payment thereof.

         "Indenture" means the Indenture, dated as of the date hereof, between
the Issuer and the Indenture Trustee.

         "Indenture Trustee" means the Person acting as Indenture Trustee under
the Indenture, its successors in interest and any successor trustee under the
Indenture.

         "Independent," when used with respect to any specified Person, means
such a Person who (i) is in fact independent of each of the Issuer or the
Servicer, (ii) is not a director, officer or employee of any Affiliate of any of
the Issuer or the Servicer, (iii) is not a person related to any officer or
director of any of the Issuer or the Servicer or any of their respective
Affiliates, (iv) is not a holder (directly or indirectly) of more than 10% of
any voting securities of any of the Issuer or the Servicer or any of their
respective Affiliates, and (v) is not connected with any of the Issuer or the
Servicer as an officer, employee, promoter, underwriter, trustee, partner,
director or person performing similar functions.

         "Independent Director" means a director of a corporation who shall at
no time be employed by, or hold any beneficial interest in any Affiliate of the
Issuer, and who shall at no time hold any beneficial interest in the Issuer.

         "Ineligible Contract" has the meaning specified in Section 11.01.

         "Initial Class A-1 Principal Amount" means [$65,419,401].

         "Initial Class A-2 Principal Amount" means [$12,827,334].

         "Initial Class A-3 Principal Amount" means [$107,749,602].

         "Initial Class A-4 Principal Amount" means [$27,450,494].

         "Initial Class B Principal Amount" means [$10,774,960].

         "Initial Class C Principal Amount" means [$10,903,234].

         "Initial Class D Principal Amount" means [$13,725,247].

         "Initial Contracts" means those Contracts conveyed to the Issuer and
pledged to the Indenture Trustee on the Closing Date.

         "Initial Cutoff Date" means March 1, 2002.

                                       17
<PAGE>
         "Initial Principal Amount" means, when used in the context of a
reference to an individual Class of Notes, the initial class principal amount
applicable to such Class as defined above, and otherwise means, collectively,
the sum of the Initial Class A-1 Principal Amount, the Initial Class A-2
Principal Amount, the Initial Class A-3 Principal Amount, the Initial Class A-4
Principal Amount, the Initial Class B Principal Amount, the Initial Class C
Principal Amount and the Initial Class D Principal Amount i.e., $248,850,272.

         "Insolvency Event" means, with respect to a specified Person, (a) the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or any substantial part of its property in an
involuntary case under any applicable Insolvency Law now or hereafter in effect,
or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for such Person or for any substantial part of its property,
or ordering the winding-up or liquidation of such Person's affairs, and such
decree or order shall remain unstayed or undismissed and in effect for a period
of 60 consecutive days; or (b) the commencement by such person of a voluntary
case under any applicable Insolvency Law now or hereafter in effect, or the
consent by such person to the entry of an order for relief in an involuntary
case under such law, taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for such Person or for any
substantial part of this property, or the making by such Person of any general
assignment for the benefit of creditors, or the failure by such Person generally
to pay its debts as such debts become due, or the taking of action by such
Person in furtherance of any of the foregoing.

         "Insolvency Laws" means the Bankruptcy Code of the United States of
America and all other applicable liquidation, conservatorship, bankruptcy,
moratorium, rearrangement, receivership, insolvency, reorganization, suspension
of payments, or similar debtor relief laws from time to time in effect affecting
the rights of creditors generally.

         "Insolvency Proceeds" has the meaning specified in Section 10.01.

         "Insurance Policy" means, with respect to any Contract, an insurance
policy covering physical damage to or loss of the related Equipment.

         "Insurance Proceeds" means any amounts payable or any payments made to
the Servicer under any Insurance Policy.

         "Internal Revenue Code" means the Internal Revenue Code of 1986, as
amended from time to time.

         "Investment Earnings" means the investment earnings (net of losses and
investment expenses) on amounts on deposit in the Collection Account, the
Reserve Fund, the Residual Account and the Payahead Account, to be credited to
the Collection Account on each Payment Date pursuant to Section 7.03.

         "Late Charges" means any late payment fees paid by Obligors in
accordance with the Servicer's customary policies.

         "Lease" means each agreement and, as applicable, schedules,
subschedules, supplements and amendments to a master lease, pursuant to which
the Originator, as lessor, leased specified

                                       18
<PAGE>
assets to an Obligor at a specified monthly, quarterly, periodic (but in no
event less frequently than annually) or annual rental or pursuant to a similar
agreement for which the Originator is the assignee of a named lessor's rights.

         "Lien" means any mortgage, deed of trust, pledge, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory or other), equity
interest, participation interest, preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever,
including, without limitation, any conditional sale or other title retention
agreement, and any financing lease having substantially the same economic effect
as any of the foregoing.

         "Liquidation Expenses" means, with respect to any Contract, the
aggregate amount of all out-of-pocket expenses reasonably incurred by the
Servicer (including amounts paid to any subservicer) in accordance with the
Servicer's customary procedures in connection with (i) the attempted collection
of any amount owing pursuant to such Contract if it is a Defaulted Contract and
(ii) the repossession, refurbishing and disposition of any related Equipment
upon or after the expiration or earlier termination of such Contract and other
out-of-pocket costs related to the liquidation of any such Equipment.

         "Liquidation Proceeds" means, with respect to a Defaulted Contract,
proceeds from the sale, lease or re-lease of the Equipment, proceeds of the
related Insurance Policy and any other recoveries with respect to such Defaulted
Contract and the related Equipment, net of Liquidation Expenses and amounts, if
any, so received that are required either to be refunded to the Obligor on such
Contract or paid to a third party other than the Originator.

         "List of Contracts" means the list identifying each Contract
constituting part of the Conveyed Assets, which list shall consist of the
initial List of Contracts reflecting the Initial Contracts transferred to the
Issuer on the Closing Date, together with any Subsequent List of Contracts
amending the most current List of Contracts reflecting the Substitute Contracts
transferred to the Issuer on the related Subsequent Transfer Date (together with
a deletion from such list of the related Contract or Contracts identified on the
corresponding Addition Notice with respect to which a Substitution Event has
occurred), and which list in each case (a) identifies by account number each
Contract included in the Contracts Pool, and (b) sets forth as to each such
Contract (i) the Principal Balance as of the applicable Cutoff Date, and (ii)
the maturity date, and which list (as in effect on the Closing Date) is attached
to this Agreement as Exhibit G.

         "Material Modification" means a termination or release (including
pursuant to prepayment), or an amendment, modification or waiver, or equivalent
similar undertaking or agreement, by the Servicer with respect to a Contract
that would not otherwise be permitted under the standards and criteria set forth
in Sections 5.08 and/or 5.09 hereof, as applicable.

         "Maturity Date" means, as applicable, the Class A-1 Maturity Date,
Class A-2 Maturity Date, Class A-3 Maturity Date, Class A-4 Maturity Date, Class
B Maturity Date, Class C Maturity Date or the Class D Maturity Date.

         "Monthly Delinquency Percentage" means with respect to any Payment
Date, the percentage equivalent of a fraction, (a) the numerator of which is the
contract balance remaining

                                       19
<PAGE>
of all Contracts (other than Defaulted Contracts) that are 31 days or more
delinquent as of the last day of the immediately preceding Collection Period,
and (b) the denominator of which is the aggregate contract balance remaining of
all Contracts (other than Defaulted Contracts) as of the last day of the
immediately preceding Collection Period.

         "Monthly Principal Amount" means, with respect to a Payment Date, the
excess, if any, of (i) the sum of the Aggregate Principal Amount of the Notes
and the Overcollateralization Balance both as of the immediately preceding
Payment Date (after making any principal payments on such date) over (ii) the
Pool Balance as of the last day of the Collection Period completed immediately
prior to such Payment Date.

         "Monthly Residual Realization Percentage" means with respect to any
Payment Date, the percentage equivalent of a fraction, (a) the numerator of
which is the cumulative amount of residual receipts collected on all Contracts
(other than with respect to Defaulted Contracts) as to which the Servicer,
during the related Collection Period, determined that the full amount of
residual receipts to be received with respect to the related Equipment has been
collected, and (b) the denominator of which is equal to the aggregate Booked
Residual Value (other than with respect to Defaulted Contracts) with respect to
such Contracts.

         "Monthly Report" has the meaning specified in Section 9.01.

         "Moody's" means Moody's Investors Service, Inc. or any successor
thereto.

         "Note" means any one of the notes of the Issuer of any Class executed
and authenticated in accordance with the Indenture.

         "Note Distribution Account" means the account established and
maintained as such pursuant to Section 7.01.

         "Noteholders" means the registered holders of the Notes.

         "Note Register" has the meaning given such term in Section 2.04 of the
Indenture.

         "Obligor" means, with respect to any Contract, the Person or Persons
obligated to make payments with respect to such Contract, including any
guarantor thereof.

         "Officer's Certificate" shall mean a certificate signed by any officer
of the Issuer or the Servicer and delivered to the Indenture Trustee and the
Issuer (if from the Servicer), as the case may be.

         "Opinion of Counsel" means a written opinion of counsel, who may be
outside counsel, or internal counsel (except with respect to federal securities
law (including the Trust Indenture Act) or tax law matters), for the Issuer or
the Servicer and who shall be reasonably acceptable to the Indenture Trustee, as
the case may be.

         "Original Pool Balance" means the aggregate Principal Balance of the
Contracts transferred to the Issuer as of March 1, 2002, equal to
$256,546,671.20.

                                       20
<PAGE>
         "Originator" means GreatAmerica Leasing Corporation, in its capacity as
Originator of a Contract under this Agreement (including in respect of a
Substitute Contract pursuant to a Subsequent Transfer Agreement).

         "Outstanding" has the meaning given such term in the Indenture.

         "Overcollateralization Balance" means, with respect to a Payment Date,
an amount equal to the excess, if any, of (i) the Pool Balance as of the last
day of the Collection Period completed immediately prior to such Payment Date
over (ii) the Outstanding Aggregate Principal Amount of the Notes as of such
date after giving effect to all principal payments made to the Noteholders on
such date.

         "Payahead" means with respect to a Contract, any early payment, other
than Prepayments, by or on behalf of Obligors that do not constitute Scheduled
Payments due in the current Collection Period.

         "Payahead Account" means the Payahead Account established and
maintained pursuant to Section 7.01 hereof.

         "Paying Agent" means as described in Section 3.03 of the Indenture.

         "Payment Date" shall mean the fifteenth day of each calendar month or,
if such fifteenth day is not a Business Day, the next succeeding Business Day,
with the first such Payment Date hereunder being April 15, 2002.

         "Permitted Liens" means (a) with respect to Contracts in the Contracts
Pool:

                  (i)      Liens for state, municipal and other local taxes if
         such taxes shall not at the time be due and payable or if the Issuer
         shall currently be contesting the validity thereof in good faith by
         appropriate proceedings,

                  (ii)     Liens in favor of the Issuer created by the
         Originator and transferred to the Indenture Trustee pursuant to the
         Indenture,

                  (iii)    Liens in favor of the Indenture Trustee created
         pursuant to this Agreement and/or the Indenture, and

                  (iv)     Liens in favor of the Indenture Trustee created
         pursuant to the Indenture and/or this Agreement;

and (b) with respect to the related Equipment:

                  (i)      materialmen's, warehousemen's, mechanics' and other
         liens arising by operation of law in the ordinary course of business
         for sums not due or sums that are being contested in good faith,

                                       21
<PAGE>
                  (ii)     Liens for state, municipal and other local taxes if
         such taxes shall not at the time be due and payable or if the Issuer
         shall currently be contesting the validity thereof in good faith by
         appropriate proceedings,

                  (iii)    Liens in favor of the Issuer created by the
         Originator and transferred by the Issuer to the Indenture Trustee
         pursuant to the Indenture,

                  (iv)     Liens in favor of the Indenture Trustee created
         pursuant to the Indenture and/or this Agreement.

         "Person" means any individual, corporation, estate, partnership,
business trust, limited liability company, sole proprietorship, joint venture,
association, joint stock company, trust (including any beneficiary thereof),
unincorporated organization or government or any agency or political subdivision
thereof or other entity.

         "Placement Agency Agreement" means, the Placement Agency Agreement,
dated as of March 1, 2002 between First Union Securities, Inc., as agent, the
Issuer and GreatAmerica Leasing Corporation.

         "Pledged Assets" means the assets pledged to the Indenture Trustee by
the Issuer pursuant to the Indenture.

         "Pool Balance" means, with respect to a Payment Date, an amount equal
to the aggregate remaining Principal Balance of the Contracts as of the last day
of the related Collection Period after giving effect to Defaulted Contracts,
Prepaid Contracts, Ineligible Contracts and Excess Contracts.

         "Prepaid Contract" means any Contract that has terminated or been
prepaid in full prior to its scheduled expiration date (including because of a
Casualty Loss), other than a Defaulted Contract.

         "Prepayment Amount" has the meaning specified in Section 5.09.

         "Prepayments" means any full prepayments on a Contract that expressly
permitted the related Obligor to make, in advance of its scheduled due date, and
any and all cash proceeds or rents realized from the sale, lease, re-lease or
re-financing of Equipment under a Prepaid Contract (net of Liquidation
Expenses), Liquidation Proceeds, amounts received in respect of Transfer Deposit
Amounts and payments upon an optional termination pursuant to Section 5.09.

         "Principal Amount" means, with respect to a Class of Notes, the
aggregate Initial Principal Amount thereof reduced by the aggregate amount of
any distributions applied in reduction of such principal amount.

         "Principal Balance" means, with respect to a Contract (i) as of the
related Cutoff Date, the present value of all the remaining Scheduled Payments
becoming due under such Contract after the applicable Cutoff Date (including
Payaheads) discounted monthly at the Discount Rate, unless another rate is
specifically mentioned and (ii) as of any other date of determination, the
present value of all of the remaining Scheduled Payments becoming due under such
Contract

                                       22
<PAGE>
after such date of determination (including Payaheads) discounted monthly at the
Discount Rate, unless another rate is specifically mentioned; except that a
Defaulted Contract or an Excess Contract shall have a Principal Balance of $0.
Contracts which have been prepaid or otherwise terminated or released from the
lien of the Indenture shall also have a Principal Balance of $0.

         "Prospectus" has the meaning given such term in the Underwriting
Agreement.

         "Purchase Order" means any agreement pursuant to which the Originator
invoices an Obligor at a specified periodic payment or rental for specified
Equipment.

         "Qualified Eligible Investments" means Eligible Investments acquired by
the Indenture Trustee in its name and in its capacity as Indenture Trustee at
the written direction of the Issuer, which are held by the Indenture Trustee in
the Collection Account, the Reserve Fund, the Residual Account or the Payahead
Account and with respect to which (a) the Indenture Trustee has noted its
interest therein on its books and records, and (b) the Indenture Trustee has
purchased such investments at the written direction of the Issuer for value
without notice of any adverse claim thereto (and, if such investments are
securities or other financial assets or interests therein, within the meaning of
Section 8-102 of the UCC as enacted in the State of New York, without acting in
collusion with a securities intermediary in violating such securities
intermediary's obligations to entitlement holders in such assets, under Section
8-504 of such UCC, to maintain a sufficient quantity of such assets in favor of
such entitlement holders), and (c) either (i) such investments are in the
possession of the Indenture Trustee, or (ii) such investments, (A) if
certificated securities and in bearer form, have been delivered to the Indenture
Trustee, or in registered form, have been delivered to the Indenture Trustee and
either registered by the issuer in the name of the Indenture Trustee or endorsed
by effective endorsement to the Indenture Trustee or in blank; (B) if
uncertificated securities, the ownership of which has been registered to the
Indenture Trustee on the books of the issuer thereof (or another person, other
than a securities intermediary, either becomes the registered owner of the
uncertified security on behalf of the Indenture Trustee or, having previously
become the registered owner, acknowledges that it holds for the Indenture
Trustee); or (C) if securities entitlements (within the meaning of Section 8-102
of the UCC as enacted in the State of New York) representing interests in
securities or other financial assets (or interests therein) held by a securities
intermediary (within the meaning of said Section 8-102), a securities
intermediary indicates by book entry that a security or other financial asset
has been credited to the Indenture Trustee's securities account with such
securities intermediary. Any such Qualified Eligible Investment may be purchased
by or through the Indenture Trustee or any of its Affiliates acting at the
written direction of the Issuer.

         "Qualified Institution" means (a) the corporate trust department of the
Indenture Trustee, or (b) a depository institution organized under the laws of
the United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank), (i) (A) which has either
(1) a long-term unsecured debt rating of AA- by each of the Rating Agencies, or
(2) a short-term unsecured debt rating or certificate of deposit rating of A-1+
by S&P, F1+ by Fitch and P-1 by Moody's, (B) the parent corporation of which has
either (1) a long-term unsecured debt rating of AA- by each of S&P and Fitch and
Aa3 by Moody's, or (2) a short-term unsecured debt rating or certificate of
deposit rating of A-1+ by S&P, F1+ by Fitch

                                       23
<PAGE>
and P-1 by Moody's, or (C) is otherwise acceptable to the Rating Agencies, and
(ii) whose deposits are insured by the FDIC and have a rating acceptable to the
Rating Agencies.

         "Rating Agency" means each of S&P, Fitch and Moody's, so long as such
Persons maintain a rating on the Notes; and if any of S&P, Fitch or Moody's no
longer maintains a rating on the Notes, such other nationally recognized
statistical rating organization selected by the Issuer.

         "Rating Agency Condition" means, with respect to any action or series
of related actions or any proposed transaction or series of related proposed
transactions, that each Rating Agency shall have notified the Issuer and the
Indenture Trustee in writing that such action or series of related actions or
the consummation of such proposed transaction or series of related transactions
will not result in a Ratings Effect.

         "Ratings Effect" means, with respect to any action or series of related
actions or any proposed transaction or series of related proposed transactions,
a reduction or withdrawal of the rating of any outstanding Class with respect to
which a Rating Agency has previously issued a rating as a result of such action
or series of related actions or the consummation of any such proposed
transaction or series of related transactions.

         "Record Date" means, with respect to a Payment Date, the Business Day
immediately preceding a Payment Date; provided, however, that if Definitive
Notes are issued, the Record Date shall be the last Business Day of the
preceding calendar month.

         "Recoveries" means any and all recoveries on account of a Defaulted
Contract, including, without limitation, any and all cash proceeds or rents
realized from the sale, lease, re-lease or re-financing of repossessed Equipment
or other property, Insurance Proceeds, but in each case net of reimbursable
collection expenses, Servicer Advances and Liquidation Expenses.

         "Released Amounts" means, with respect to any payment or collection
received with respect to any Contract on any Business Day (whether such payment
or collection is received by the Servicer or the Issuer), an amount equal to
that portion of such payment or collection constituting Excluded Amounts.

         "Required Holders" means Noteholders evidencing more than 66 2/3% of
the Aggregate Principal Amount of all Notes Outstanding.

         "Required Reserve Amount" means, with respect to a Payment Date, an
amount equal to the greater of (i) 1.00% of the Original Pool Balance or (ii)
1.50% of the Pool Balance.

         "Requirements of Law" for any Person means the certificate of
incorporation or articles of association and by-laws or other organizational or
governing documents of such Person, and any law, treaty, rule or regulation, or
order or determination of an arbitrator or Governmental Authority, in each case
applicable to or binding upon such Person or to which such Person is subject,
whether Federal, state or local (including, without limitation, usury laws, the
Federal Truth in Lending Act and Regulation Z and Regulation B of the Board of
Governors of the Federal Reserve System).

                                       24
<PAGE>
         "Reserve Fund" means the Reserve Fund established and maintained
pursuant to Section 7.01 hereof.

         "Reserve Fund Initial Deposit" means [$2,565,466.71].

         "Residual Account" means the Residual Account established and
maintained pursuant to Section 7.01 hereof.

         "Residual Event" means the occurrence of one or more of the following:
(a) the occurrence of an Event of Default; (b) GreatAmerica Leasing Corporation
or a successor to GreatAmerica Leasing Corporation as described in Section
13.12(b) is no longer acting as the Servicer; (c) the Three-Month Residual
Realization Percentage on the related Determination Date is less than 85.00%
(unless such Three-Month Residual Realization Percentage has been less than
85.00% on any previous Determination Date, in which case the percentage for this
clause (c) shall be 100.00%); (d) the Three-Month Delinquency Percentage
calculated on the related Determination Date is greater than 6.00%; or (e) the
Cumulative Net Loss Percentage on the related Determination Date exceeds the
"loss trigger percentage" set forth below:

<TABLE>
<CAPTION>
                                                                          LOSS TRIGGER
         COLLECTION PERIOD                                                 PERCENTAGE
         -----------------                                                 ----------
<S>                                                                       <C>
         1st through, and including, the 12th Collection Period:              3.40%
         13th through, and including, the 24th Collection Period:             5.00%
         25th Collection Period ongoing:                                      6.40%
</TABLE>

         Notwithstanding the foregoing: (i) the Residual Event referred to in
clause (c) above may be cured on any Payment Date if the Three-Month Residual
Realization Percentage is greater than or equal to 100% for the related
Determination Date and the five immediately preceding Determination Dates, (ii)
the Residual Event referenced in clause (d) may be cured on any Payment Date if
the Three-Month Delinquency Percentage as of the end of the immediately
preceding Collection Period is less than or equal to 6.00% for the related
Determination Date and the two immediately preceding Determination Dates, (iii)
the Residual Event referenced in clause (e) may be cured if the Cumulative Net
Loss Percentage is less than the associated "loss trigger percentage" for the
related Determination Date and the two immediately preceding Determination
Dates.

         "Residual Receipts" means, with respect to any Contract, proceeds
realized from the sale or re-lease of the Equipment following the termination of
a Contract or from periodic payments made for the continued use of the Equipment
after the termination date of a Contract, other than any Equipment subject to
Defaulted Contracts or Contracts for which the Servicer has delivered a
Substitute Contract.

         "Responsible Officer" means, with respect to the Issuer, any officer of
the Issuer with direct responsibility for the administration of this Agreement
and also, with respect to a particular matter, any other officer to whom such
matter is referred because of such officer's knowledge of and familiarity with
the particular subject and with respect to the Indenture Trustee has the meaning
given to it in the Indenture.

                                       25
<PAGE>
         "S&P" means Standard & Poor's Ratings Group.

         "Scheduled Payment" means, with respect to any Contract, the monthly,
quarterly, periodic or annual rent or financing payment scheduled to be made by
the related Obligor under the terms of such Contract after the related Cutoff
Date and any such payment received after the related Cutoff Date, it being
understood that Scheduled Payments do not include any Excluded Amounts.

         "Secured Note" means each promissory note with a related security
interest evidenced by written agreement, pursuant to which the purchase of
specified assets by an Obligor is financed or provided as collateral security
for specified monthly, quarterly, periodic or annual payments.

         "Securities Act" means the Securities Act of 1933, as amended from time
to time.

         "Servicer" means initially GreatAmerica Leasing Corporation, or its
successor, until any Servicer Transfer hereunder and thereafter means the
Successor Servicer appointed pursuant to Article VIII below with respect to the
duties and obligations required of the Servicer under this Agreement.

         "Servicer Advance" means, with respect to any Payment Date, the
amounts, if any, deposited by the Servicer in the Collection Account for such
Payment Date in respect of Scheduled Payments pursuant to Section 5.14.

         "Servicer Default" shall have the meaning specified in Section 8.01.

         "Servicing Fee" has the meaning specified in Section 5.18.

         "Servicing Fee Percentage" means 0.75%.

         "Servicer Transfer" has the meaning assigned in Section 8.02(a).

         "Servicing Officer" means any officer of the Servicer involved in, or
responsible for, the administration and servicing of Contracts whose name
appears on a list of servicing officers appearing in an Officer's Certificate
furnished to the Indenture Trustee by the Servicer, as the same may be amended
from time to time.

         "Software Only Agreement" means any installment sales contract or
agreement pursuant to which the Originator finances the licensing of software
for an Obligor at a specified periodic payment.

         "Solvent" means, as to any Person at any time, that (a) the fair value
of the Property of such Person is greater than the amount of such Person's
liabilities (including disputed, contingent and unliquidated liabilities) as
such value is established and liabilities evaluated for purposes of Section
101(32) of the Bankruptcy Code; (b) the present fair saleable value of the
Property of such Person in an orderly liquidation of such Person is not less
than the amount that will be required to pay the probable liability of such
Person on its debts as they become absolute and matured; (c) such Person is able
to realize upon its Property and pay its debts and other liabilities (including
disputed, contingent and unliquidated liabilities) as they mature in the normal
course

                                       26
<PAGE>
of business; (d) such Person does not intend to, and does not believe that it
will, incur debts or liabilities beyond such Person's ability to pay as such
debts and liabilities mature; and (e) such Person is not engaged in business or
a transaction, and is not about to engage in a business or a transaction, for
which such Person's property would constitute unreasonably small capital.

         "Subsequent Cutoff Date" means the date specified as such for
Substitute Contracts in the related Subsequent Transfer Agreement.

         "Subsequent List of Contracts" means a list, in the form of the initial
List of Contracts delivered on the Closing Date, but listing each Substitute
Contract transferred to the Issuer pursuant to the related Subsequent Transfer
Agreement.

         "Subsequent Transfer Agreement" means, with respect to any Substitute
Contracts, the agreement between the Originator and the Issuer pursuant to which
the Originator will transfer the Substitute Contracts to the Issuer, the form of
which is attached to hereto as Exhibit I.

         "Subsequent Transfer Date" means any date on which Substitute Contracts
are transferred to the Issuer.

         "Substitute Contract" means a Contract that is (a) transferred to the
Issuer under Section 2.04 with respect to which a related Substitution Event has
occurred with respect to a Contract or Contracts then held in the Contracts Pool
and identified in the related Addition Notice and (b) becomes part of the
Contracts Pool.

         "Substitute Contract Qualification Conditions" means, with respect to
any Substitute Contract being transferred to the Issuer pursuant to Section
2.04, the accuracy of each of the following statements as of the related Cutoff
Date for such Contract:

         (a)      the aggregate Principal Balance of such Substitute Contracts
is not less than that of the Contract or Contracts identified on the related
Addition Notice as the Contract or Contracts to be released by the Indenture
Trustee to the Issuer and reconveyed to the Originator in exchange for such
Substitute Contracts; and

         (b)      the weighted average life of the Contracts Pool after giving
effect to all such substitutions will not be materially greater that the
weighted average life of the Contracts Pool prior to such substitutions;

         (c)      the sum of the aggregate Principal Balance and the Booked
Residual Value on such Substitute Contracts is not materially less than the sum
of the aggregate Principal Balance and the Booked Residual Value on the Contract
or Contracts identified on the related Addition Notice as the Contract or
Contracts to be released by the Indenture Trustee to the Issuer and reconveyed
to the Originator in exchange for such Substitute Contract; and

         (d)      if, instead of such Substitute Contract being added to the
Contracts Pool on the related Subsequent Transfer Date, such Substitute Contract
had instead been included in the Contracts Pool as of the Initial Cutoff Date,
and the related Contract or Contracts identified on the related Addition Notice
were not so included (and assuming such hypothetical inclusion satisfied the
criteria set forth in clause (a) and (b) above that would have been applicable
at such

                                       27
<PAGE>
time), the representations of the Originator set forth in Section
3.05(a)(i)-(xiv) concerning concentrations would not, as a result of such
inclusion, have become inaccurate or incorrect in any material respect;

         (e)      no adverse selection procedure shall have been employed in the
selection of such Substitute Contract from the Originator's portfolio;

         (f)      all actions or additional actions (if any) necessary to
perfect the security interest and assignment of such Substitute Contract and
related Equipment to the Issuer and Indenture Trustee shall have been taken as
of or prior to the Subsequent Transfer Date; and

         (g)      the maturity date for the last Scheduled Payment due under
such Substitute Contract is not later than December, 2007.

         "Substitution Event" shall have occurred if one or more Contracts
pledged to the Indenture Trustee and identified in the related Addition Notice
is either (a) a Prepaid Contract, (b) a Defaulted Contract, (c) an Excess
Contract or (d) the subject of a breach of a representation or warranty under
this Agreement or other provision which breach or other provision, in the
absence of a substitution of a Substitute Contract for such Contract or
Contracts pursuant to Section 2.04, would require the payment of a Transfer
Deposit Amount to the Issuer in respect of such Contract pursuant to Section
11.01; provided, however, that no Substitution Event shall be deemed to occur
under clause (a) (if related to a Casualty Loss), (b), (c) or (d) to the extent
Contracts having initial aggregate Principal Balances of 10% or greater of the
Original Pool Balance have previously been substituted for under such clauses
and provided further, that no Substitution Event shall be deemed to occur under
clause (a) (other than related to a Casualty Loss), (c) or (d) to the extent the
Issuer has not consented to such substitution.

         "Successor Servicer" has the meaning given such term in Section
8.02(b).

         "Tax Opinion" means, with respect to any action, an Opinion of Counsel
to the effect that, for federal income tax purposes, (i) following such action
the Issuer will not be deemed to be an association (or publicly traded
partnership) taxable as a corporation and (ii) such action will not affect the
tax characterization as debt of Notes of any outstanding Class issued by the
Issuer for which an Opinion of Counsel has been provided that such Notes are
debt.

         "Three-Month Delinquency Percentage" means with respect to any Payment
Date commencing with the third Payment Date, the percentage equivalent of a
fraction, (a) the numerator of which is the sum of the Monthly Delinquency
Percentages for such Payment Date and the two immediately preceding Payment
Dates, and (b) the denominator of which is three.

         "Three-Month Residual Realization Percentage" means with respect to any
Payment Date commencing with the third Payment Date, the percentage equivalent
of a fraction, (a) the numerator of which is the sum of the Monthly Residual
Realization Percentage for such Payment Date and the two immediately preceding
Payment Dates and (b) the denominator of which is three.

         "Transaction Documents" means this Agreement, the Indenture, the
Custodian Agreement, the Placement Agency Agreement, any Subsequent Transfer
Agreement, the

                                       28
<PAGE>
Assignment, the Underwriting Agreement and any additional document the execution
of which is necessary or incidental to carrying out the terms of the transaction
contemplated by this Agreement.

         "Transfer Date" means the Business Day immediately preceding each
Payment Date.

         "Transfer Deposit Amount" means, with respect to each Ineligible
Contract or Excess Contract, on any date of determination, the sum of the
Principal Balances of such Contracts, the Booked Residual Value for each such
Contract and any related outstanding Servicer Advances thereon that have not
been waived by the Servicer entitled thereto.

         "Trust Account Property" means the Trust Accounts, all amounts and
investments held from time to time in any Trust Account (whether in the form of
deposit accounts, physical property, book-entry securities, uncertificated
securities or otherwise), including without limitation the Reserve Fund Initial
Deposit, and all proceeds of the foregoing.

         "Trust Accounts" means, collectively, the Collection Account, the
Reserve Fund, the Residual Account, the Payahead Account and the Note
Distribution Account, or any of them.

         "Trustee Cap" means with respect to any date of determination, the
lesser of (i) $200,000 and (ii) the product of (a) $10 and (b) the number of
Contracts in the Contracts Pool on such date.

         "UCC" means the Uniform Commercial Code as from time to time in effect
in the applicable jurisdiction or jurisdictions.

         "UCC Filing Locations" means the States of Delaware and Iowa.

         "Underwriting Agreement" means the Underwriting Agreement, dated March
1, 2002, among First Union Securities, Inc. (as an underwriter thereunder), the
Issuer, and GreatAmerica Leasing Corporation.

         "United States" means the United States of America.

         "Unreimbursed Servicer Advances" means, at any time, the amount of all
previous Servicer Advances (or portions thereof) as to which the Servicer has
not been reimbursed as of such time pursuant to Sections 7.01 or 7.05.

         "Vendor" means, with respect to a Contract, the equipment manufacturer,
dealer or distributor, or other Person that provided financing under such
Contract in connection with the acquisition or use by an Obligor of such party's
Equipment or other products.

         "Vendor Assignment" means each assignment agreement pursuant to which
an individual Contract originated by a Vendor is assigned to the Originator.

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

                                       29
<PAGE>
         SECTION 1.02.     USAGE OF TERMS.

         With respect to all terms in this Agreement, the singular includes the
plural and the plural the singular; words importing any gender include the other
genders; references to "writing" include printing, typing, lithography and other
means of reproducing words in a visible form; references to agreements and other
contractual instruments include all amendments, modifications and supplements
thereto or any changes therein entered into in accordance with their respective
terms and not prohibited by this Agreement; references to Persons include their
permitted successors and assigns; and the term "including" means "including
without limitation."

         SECTION 1.03.     SECTION REFERENCES.

         All section references, unless otherwise indicated, shall be to
Sections in this Agreement.

         SECTION 1.04.     CALCULATIONS.

         Except as otherwise provided herein, all interest rate and basis point
calculations hereunder will be made on the basis of a 360-day year and twelve
30-day months and will be carried out to at least three decimal places.

         SECTION 1.05.     ACCOUNTING TERMS.

         All accounting terms used but not specifically defined herein shall be
construed in accordance with generally accepted accounting principles in the
United States.

                                   ARTICLE II

                          TRANSFER OF CONTRACT ASSETS

         SECTION 2.01.     TRANSFER OF CONTRACT ASSETS.

         (a)      The Originator shall sell, assign and convey assets to the
Issuer pursuant to the terms and provisions hereof.

         (b)      Subject to and upon the terms and conditions set forth herein,
the Originator hereby sells, transfers, assigns, sets over and otherwise conveys
to the Issuer, for a purchase price consisting of [$__________] in cash, all the
right, title and interest of the Originator in and to (items (i) - (vi) below,
being collectively referred to herein as the "Contract Assets"):

                  (i)      the Initial Contracts, and all monies received in
         payment of such Contracts on and after the Initial Cutoff Date, any
         Prepayment Amounts, any payments in respect of a casualty or early
         termination, and any Recoveries received with respect thereto, but
         excluding any Excluded Amounts;

                  (ii)     the Equipment related to such Contracts, including
         the security interest of the Originator in such Equipment and all
         proceeds from any sale or other disposition of such Equipment (but
         subject to the exclusion and release herein of Excluded Amounts);

                                       30
<PAGE>
                  (iii)    the Contract Files;

                  (iv)     all payments made or to be made in the future with
         respect to such Contracts or the Obligor thereunder under any Vendor
         Assignments and under any guarantee or similar credit enhancement with
         respect to such Contracts (other than Excluded Amounts) and all other
         rights under Vendor Assignments or other similar agreements;

                  (v)      all Insurance Proceeds with respect to each such
         Contract; and

                  (vi)     all income from and proceeds of the foregoing.

In addition to the Contract Assets, the Originator hereby sells, transfers,
assigns, sets over and otherwise conveys to the Issuer the remittances, deposits
and payments made into the Trust Accounts from time to time, amounts in the
Trust Accounts from time to time (and any investments of such amounts) and all
proceeds and products of the foregoing, which together with the Contract Assets
are referred to as the "Conveyed Assets").

         (c)      The Originator and the Issuer acknowledge that the
representations and warranties of the Originator in Sections 3.01, 3.02, 3.03,
3.04 and 3.05 will run to and be for the benefit of the Indenture Trustee and
the Noteholders and the Indenture Trustee may enforce directly, without joinder
of the Issuer, the repurchase obligations of the Originator with respect to
breaches of such representations and warranties as set forth herein and in
Section 11.01.

         (d)      The sale, transfer, assignment, set-over and conveyance of the
Conveyed Assets by the Originator to the Issuer and by the Issuer to the
Indenture Trustee pursuant to this Agreement does not constitute and is not
intended to result in a creation or an assumption by the Issuer or the Indenture
Trustee of any obligation of the Originator in connection with the Contract
Assets, or any agreement or instrument relating thereto, including, without
limitation, any obligation to any Obligor, if any, not financed by the
Originator, or (1) any taxes, fees, or other charges imposed by any Governmental
Authority and (2) any insurance premiums that remain owing with respect to any
Contract at the time such Contract is sold hereunder.

         (e)      The Originator and the Issuer intend and agree that (i) the
transfer of the Contract Assets to the Issuer are intended to be a sale,
conveyance and transfer of ownership of the Conveyed Assets rather than the mere
granting of a security interest to secure a borrowing and (ii) such Conveyed
Assets shall not be part of the Originator's estate in the event of a filing of
a bankruptcy petition or other action by or against such Person under any
Insolvency Law. In the event, however, that notwithstanding such intent and
agreement, such transfer is deemed to be of a mere security interest to secure
indebtedness, the Originator shall be deemed to have granted the Issuer a
perfected first priority security interest in such Conveyed Assets and this
Agreement shall constitute a security agreement under applicable law, securing
the repayment of the purchase price paid hereunder and the obligations and/or
interests represented by the Notes, in the order and priorities, and subject to
the other terms and conditions of, this Agreement and the Indenture, together
with such other obligations or interests as may arise hereunder and thereunder
in favor of the parties hereto and thereto.

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<PAGE>
         If any such transfer of the Contract Assets is deemed to be the mere
granting of a security interest to secure a borrowing, the Issuer may, to secure
the Issuer's own borrowing under the Indenture (to the extent that the transfer
of the Contract Assets thereunder is deemed to be a mere granting of a security
interest to secure a borrowing) repledge and reassign (1) all or a portion of
the Contract Assets pledged to the Issuer by the Originator and with respect to
which the Issuer has not released its security interest at the time of such
pledge and assignment, and (2) all proceeds thereof. Such repledge and
reassignment may be made by the Issuer with or without a repledge and
reassignment by the Issuer of its rights under any agreement with the
Originator, and without further notice to or acknowledgment from the Originator.
The Originator waives, to the extent permitted by applicable law, all claims,
causes of action and remedies, whether legal or equitable (including any right
of setoff), against the Issuer or any assignee of the Issuer relating to such
action by the Issuer in connection with the transactions contemplated by this
Agreement.

         SECTION 2.02.     CONDITIONS TO TRANSFER OF CONVEYED ASSETS TO THE
                           ISSUER.

         On or before the Closing Date, the Originator or the Issuer, as
applicable, shall deliver or cause to be delivered to the Indenture Trustee each
of the documents, certificates and other items as follows:

                  (i)      A certificate of an officer of the Originator
         substantially in the form of Exhibit C hereto;

                  (ii)     A certificate of an officer of the Issuer
         substantially in the form of Exhibit B hereto;

                  (iii)    Opinions of counsel for the Originator and the Issuer
         substantially in the form acceptable to the Underwriter and the Rating
         Agencies (and including as an addressee thereof each Rating Agency);

                  (iv)     Copies of resolutions of the Board of Directors of
         the Originator or of the Executive Committee of the Board of Directors
         of the Originator approving the execution, delivery and performance of
         this Agreement and the other Transaction Documents to which it is a
         party and the transactions contemplated hereunder and thereunder,
         certified in each case by the Secretary or an Assistant Secretary of
         the Originator;

                  (v)      Officially certified recent evidence of due
         incorporation and good standing of the Originator under the laws of
         Iowa;

                  (vi)     The initial List of Contracts, certified by the
         Chairman of the Board, President, Executive Vice President or any Vice
         President of the Originator, together with an Assignment substantially
         in the form of Exhibit A (along with the delivery of any instruments as
         required under Section 2.06 below);

                  (vii)    A letter from Deloitte & Touche LLP, or another
         nationally recognized accounting firm, addressed to the Originator and
         the Issuer, stating that such firm has reviewed a sample of the Initial
         Contracts and performed specific procedures for such

                                       32
<PAGE>
         sample with respect to certain contract terms and which identifies
         those Initial Contracts which do not conform;

                  (viii)   Copies of resolutions of the board of directors of
         the Issuer approving the execution, delivery and performance of this
         Agreement and the other Transaction Documents to which it is a party
         and the transactions contemplated hereunder and thereunder, certified
         in each case by the Secretary of the Issuer;

                  (ix)     Officially certified, recent evidence of due
         formation and good standing of the Issuer under the laws of Delaware;

                  (x)      Evidence of proper filing with appropriate offices in
         the UCC Filing Locations of UCC financing statements executed by the
         Originator, as debtor, naming the Issuer as secured party (and the
         Indenture Trustee as assignee) and identifying the Contract Assets as
         collateral; and evidence of proper filing with appropriate officer in
         the UCC Filing Locations of UCC financing statements executed by the
         Issuer, as debtor, naming the Indenture Trustee as secured party and
         identifying the Pledged Assets as collateral;

                  (xi)     An Officer's Certificate listing the Servicer's
         Servicing Officers;

                  (xii)    Evidence of deposit in the Collection Account of all
         funds received with respect to the Initial Contracts after the Initial
         Cutoff Date (other than Excluded Amounts) to the date two days
         preceding the Closing Date, together with an Officer's Certificate from
         the Servicer to the effect that such amount is correct;

                  (xiii)   Evidence of deposit in the Reserve Fund of the
         Reserve Fund Initial Deposit;

                  (xiv)    Evidence of deposit in the Payahead Account of
         Payaheads received with respect to the Initial Contracts after than the
         Initial Cutoff Date to the date two days preceding the Closing Date,
         together with an Officer's Certificate from the Servicer to the effect
         that such amount is correct;

                  (xv)     A fully executed Indenture;

                  (xvi)    A fully executed Custodian Agreement;

                  (xvii)   Opinions of Chapman and Cutler to the effect that for
         federal income tax purposes, the Class A Notes, Class B Notes, Class C
         Notes and the Class D Notes will be characterized as debt and the
         Issuer will not be characterized as an association (or publicly traded
         partnership) taxable as a corporation; and

                  (xviii)  An opinion of Chapman and Cutler to the effect that
         for Iowa tax purposes, the Issuer will not be subject to the Business
         Tax on Corporations imposed by the State of Iowa under Chapter 422.32
         of the Iowa Code or to the Iowa Business Corporation Act under Chapter
         490.101 of the Iowa Code and Noteholders that are not

                                       33
<PAGE>
         otherwise subject to income taxation by the State of Iowa will not
         become subject to income taxation by the State of Iowa solely as a
         result of their ownership of Notes.

         SECTION 2.03.     ACCEPTANCE BY ISSUER.

         On the Closing Date, if the conditions set forth in Section 2.02 have
been satisfied, the Issuer shall issue, and the Indenture Trustee shall
authenticate, to, or upon the order of, the Issuer the Notes secured by the
Collateral. The Issuer hereby acknowledges its acceptance of the Conveyed
Assets, and declares that it shall maintain such right, title and interest in
accordance with the terms of this Agreement and the Indenture.

         SECTION 2.04.     CONVEYANCE OF SUBSTITUTE CONTRACTS.

         (a)      Subject to Sections 2.01(d) and (e) above and the satisfaction
of the conditions set forth in paragraph (b) below, at the option of the Issuer,
the Originator may at its option (but shall not be obligated to) sell, transfer,
assign, set over and otherwise convey to the Issuer (by delivery of an executed
Subsequent Transfer Agreement substantially in the form attached as Exhibit I
hereto), without recourse other than as expressly provided herein and therein
(and the Issuer shall be required to purchase through payment by exchange of one
or more related Contracts released by the Indenture Trustee to the Issuer on the
Subsequent Transfer Date), all the right, title and interest of the Originator
in and to (the property in clauses (i)-(vi) below, upon such transfer, becoming
part of the "Contract Assets"):

                  (i)      the Substitute Contracts identified in the related
         Addition Notice, and all monies received in payment of such Substitute
         Contracts on and after the related Subsequent Cutoff Dates, any
         Prepayment Amounts, any payments in respect of a Casualty Loss or early
         termination, and any Recoveries received with respect thereto, but
         excluding any Excluded Amounts;

                  (ii)     the Equipment related to such Contracts, including
         the security interest of the Originator in such Equipment and all
         proceeds from any sale or other disposition of such Equipment (but
         subject to the exclusion and release herein of Excluded Amounts);

                  (iii)    the Contract Files;

                  (iv)     all payments made or to be made in the future with
         respect to such Contracts or the Obligor thereunder under any Vendor
         Assignments with the Originator and under any guarantee or similar
         credit enhancement with respect to such Contracts (other than Excluded
         Amounts);

                  (v)      all Insurance Proceeds with respect to each such
         Contract; and

                  (vi)     all income from and proceeds of the foregoing.

         (b)      The Originator shall transfer to the Issuer the Substitute
Contracts and the other property and rights related thereto described in
paragraph (a) above only upon the satisfaction of each of the following
conditions on or prior to the related Subsequent Transfer Date (and the delivery
of a related Addition Notice by the Originator shall be deemed a representation
and

                                       34
<PAGE>
warranty by the Originator, that such conditions have been or will be, as of the
related Subsequent Transfer Date, satisfied):

                  (i)      the Originator shall have provided the Issuer and the
         Indenture Trustee with a timely Addition Notice complying with the
         definition thereof contained herein, which notice shall in any event be
         no later than three days prior to the date of addition;

                  (ii)     there shall have occurred, with respect to each such
         Substitute Contract, a corresponding Substitution Event with respect to
         one or more Contracts then in the Contracts Pool;

                  (iii)    the Substitute Contracts being conveyed to the Issuer
         satisfy the Substitute Contract Qualification Conditions;

                  (iv)     the Originator shall have delivered to the Issuer a
         duly executed written assignment in substantially the form of Exhibit I
         hereto (the "Subsequent Transfer Agreement"), which shall include a
         Subsequent List of Contracts listing the Substitute Contracts;

                  (v)      the Originator shall have deposited or caused to be
         deposited in the Collection Account all Collections received with
         respect to the Substitute Contracts on or after the related Subsequent
         Cutoff Date;

                  (vi)     as of each Subsequent Transfer Date, neither the
         Originator nor the Issuer was insolvent nor will either of them have
         been made insolvent by such transfer nor is either of them aware of any
         pending insolvency;

                  (vii)    no selection procedures believed by the Originator or
         the Issuer to be adverse to the interests of the Noteholders shall have
         been utilized in selecting the Substitute Contracts;

                  (viii)   each of the representations and warranties made by
         the Originator pursuant to Sections 3.02, and 3.04 applicable to the
         Substitute Contracts shall be true and correct as of the related
         Subsequent Transfer Date (provided that, with respect to clause (d) of
         the definition of Substitute Contract Qualification Conditions, the
         representations with respect to geographical diversity shall not apply)
         and the Originator shall have performed all obligations to be performed
         by it hereunder on or prior to such Subsequent Transfer Date;

                  (ix)     the Originator shall, at its own expense, on or prior
         to the Subsequent Transfer Date, indicate in its Computer Records that
         ownership of the Substitute Contracts identified on the Subsequent List
         of Contracts in the Subsequent Transfer Agreement has been sold to the
         Issuer and pledged to the Indenture Trustee pursuant to this Agreement
         and the Indenture;

                  (x)      the aggregate Principal Balance of all Substitute
         Contracts that shall be substituted for Prepaid Contracts that relate
         to a Casualty Loss, Defaulted Contracts,

                                       35
<PAGE>
         Excess Contracts or a Contract that is the subject of a breach of
         representation or warranty cannot exceed 10% of the Original Pool
         Balance.

         SECTION 2.05.     RELEASE OF RELEASED AMOUNTS.

         (a)      The Indenture Trustee hereby agrees to release to the Issuer
from the Pledged Assets an amount equal to the Released Amounts immediately upon
identification thereof and upon receipt of an Officer's Certificate of the
Servicer, which release shall be automatic and shall require no further act by
the Indenture Trustee, provided that the Indenture Trustee shall execute and
deliver such instruments of release and assignment, or otherwise confirm the
foregoing release, as may reasonably be requested by (and at the expense of the
Servicer) the Issuer in writing and prepared by the Servicer. Upon such release,
such Released Amounts shall not constitute and shall not be included in the
Pledged Assets.

         (b)      Immediately upon the release to the Issuer by the Indenture
Trustee of the Released Amounts, the Issuer hereby irrevocably agrees to release
to the Originator such Released Amounts, which release shall be automatic and
shall require no further act by the Issuer, provided that the Issuer shall
execute and deliver such instruments of release and assignment, or otherwise
confirming the foregoing release of any Excluded Amounts, as may be reasonably
requested by the Originator.

         SECTION 2.06.     INSTRUMENTS.

         The Originator and the Issuer shall identify on the List of Contracts
(including any deemed amendment thereof associated with any Substitute
Contracts), whether by attached schedule or marking or other effective
identifying designation, all Contracts that are or are evidenced by instruments.

                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

         The Originator makes, and upon execution of each Subsequent Transfer
Agreement is deemed to make, the following representations and warranties, on
which the Issuer will rely in pledging the Pledged Assets on the Closing Date
(and on any Subsequent Transfer Date) to the Indenture Trustee, and on which the
Indenture Trustee and the Noteholders will rely. The Issuer acknowledges that
such representations and warranties are being made by the Originator for the
benefit of the Indenture Trustee on behalf of the Noteholders.

         Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date (or Subsequent Transfer
Date, as applicable), but shall survive the pledge, transfer and assignment of
the Contract Assets to the Indenture Trustee on behalf of the Noteholders. The
repurchase obligation or substitution obligation of the Originator set forth in
Section 11.01 constitutes the sole remedies available for a breach of a
representation or warranty of the Originator set forth in Sections 3.01, 3.02,
3.03, 3.04 or 3.05 of this Agreement. Notwithstanding the foregoing, the
Originator shall not be deemed to be remaking any of the representations set
forth in Section 3.03 or 3.05 on a Subsequent Transfer Date with respect to the
Substitute Contracts, as such representations relate solely to the composition
of the

                                       36
<PAGE>
Initial Contracts conveyed on the Closing Date, provided that any inaccurate
representation as to concentrations contained in any Addition Notice shall be
subject to the same remedies hereunder as if such representation were made under
Section 3.05 on the Closing Date with respect to an Initial Contract.

         SECTION 3.01.     REPRESENTATIONS AND WARRANTIES REGARDING THE
                           ORIGINATOR.

         By its execution of this Agreement and each Subsequent Transfer
Agreement, the Originator represents and warrants that:

         (a)      Organization and Good Standing. The Originator is a
corporation duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization and has the requisite corporate power to
own or lease its assets and to transact the business in which it is currently
engaged. The Originator is duly qualified to do business as a foreign
corporation and is in good standing in each jurisdiction in which the character
of the business transacted by it or properties owned or leased by it requires
such qualification and in which the failure so to qualify would have a material
adverse effect on the business, properties, assets, or condition (financial or
otherwise) of the Originator or the Issuer. The Originator is properly licensed
in each jurisdiction to the extent required by the laws of such jurisdiction in
order to originate, and (if the Originator is to be the Servicer) service the
Contracts in accordance with the terms of this Agreement.

         (b)      Authorization; Binding Obligation. The Originator has the
power and authority to make, execute, deliver and perform this Agreement and the
other Transaction Documents to which the Originator is a party and all of the
transactions contemplated under this Agreement and the other Transaction
Documents to which the Originator is a party, and has taken all necessary
corporate action to authorize the execution, delivery and performance of this
Agreement and the other Transaction Documents to which the Originator is a
party. This Agreement and the other Transaction Documents to which the
Originator is a party constitute the legal, valid and binding obligation of the
Originator enforceable in accordance with their terms, except as enforcement of
such terms may be limited by bankruptcy, insolvency or similar laws affecting
the enforcement of creditors' rights generally and by the availability of
equitable remedies.

         (c)      No Consent Required. The Originator is not required to obtain
the consent of any other party or any consent, license, approval or
authorization from, or registration or declaration with, any governmental
authority, bureau or agency in connection with the execution, delivery,
performance, validity or enforceability of this Agreement and the other
Transaction Documents to which the Originator is a party.

         (d)      No Violations. The Originator's execution, delivery and
performance of this Agreement and the other Transaction Documents to which the
Originator is a party will not violate any provision of any existing law or
regulation or any order or decree of any court or the Certificate of
Incorporation or Bylaws of the Originator, or constitute (with or without notice
or lapse of time or both) a material breach of any mortgage, indenture, contract
or other agreement to which the Originator is a party or by which the Originator
or any of the Originator's properties may be bound.

                                       37
<PAGE>
         (e)      Litigation. No litigation or administrative proceeding of or
before any court, tribunal or governmental body is currently pending, or to the
knowledge of the Originator, threatened, against the Originator or any of its
respective properties or with respect to this Agreement or any other Transaction
Document to which the Originator is a party that, if adversely determined, would
have a material adverse effect on the business, properties, assets or condition
(financial or other) of the Originator or the transactions contemplated by this
Agreement or any other Transaction Document to which the Originator is a party.

         (f)      Place of Business; No Changes; No Trade Names. The
Originator's sole place of business or chief executive office (within the
meaning of Article 9 of the UCC) is as set forth in Section 13.04 below. The
Originator's state of incorporation is Iowa. The Originator has not changed its
name as set forth herein, whether by amendment of its Certificate of
Incorporation, by reorganization or otherwise, and has not changed the location
of its chief executive office, within the four months preceding the Closing Date
(or Subsequent Transfer Date, as applicable, except in accordance with the
requirements of Section 4.03). The legal name of the Originator is as set forth
in this Agreement and, within the five years preceding the Closing Date, the
Originator has not used, and currently does not use, any trade names, fictitious
names, assumed names, or "doing business as" names.

         (g)      No Bulk Sales. The execution, delivery and performance of this
Agreement by the Originator does not require compliance with any "bulk sales"
laws by the Originator.

         (h)      Solvency. The Originator on each date of and, after giving
effect to the transfer of the Contracts and any Substitute Contracts, as the
case may be, to the Issuer pursuant to the transfer agreement, dated as of the
date hereof, between the Originator and the Issuer, is Solvent.

         (i)      Use of Proceeds. No proceeds of the sale of any Initial
Contract or Substitute Contract hereunder received by the Originator will be
used by the Originator to purchase or carry any "margin stock" as such term is
defined in Regulation T, U or X of the Board of Governors of the Federal Reserve
System.

         (j)      Not an Investment Company. The Originator is not an
"investment company" (and does not control, and is not under the control of, an
investment company) within the meaning of the Investment Company Act of 1940, as
amended (or the Originator is exempt from all provisions of such Act).

         (k)      Membership Interests. GreatAmerica is the sole equity member
of the Issuer.

         (l)      Taxes. (i) the Originator has filed all tax returns required
to be filed in the normal course of its business and has paid or made adequate
provisions for the payment of all taxes, assessments and other governmental
charges due from the Originator or is contesting any such tax, assessment or
other governmental charge in good faith through appropriate proceedings, (ii) no
tax lien has been filed with respect thereto, and (iii) no claim is being
asserted with respect to any such tax, fee or other charge.

         (m)      ERISA Plan. The Originator has fully funded any required
contribution to any "employee pension benefit plan" as such term is defined in
Section 3(2) of ERISA.

                                       38
<PAGE>
         (n)      Sale Treatment. The Originator has treated the transfer of
Contract Assets to the Issuer for all purposes (including financial accounting
purposes) as a sale and purchase on all of its relevant books, records,
financial statements and other applicable documents, and such transfer will be
treated as a valid sale and transfer of the Contracts and the related Equipment
to the Issuer.

         (o)      Marking of Files. The Originator will have, at its own
expense, within two Business Days after the Closing Date (i) indicated in its
Computer Records that ownership of the Contracts transferred by it to the Issuer
and identified on the List of Contracts have been sold to the Issuer and (ii)
affixed to the original copy of each Contract (including each note or
instrument) the following legend:

                  This Contract/Note is subject to a security interest granted
                  to JPMorgan Chase Bank, as Indenture Trustee, or its assignee,
                  on behalf of certain Holders of Notes issued by GreatAmerica
                  Leasing Receivables 2002-1, L.L.C. UCC-1 Financing Statements
                  covering this Contract/Note have been filed with the
                  Secretaries of State of both the State of Iowa and the State
                  of Delaware. Such lien will be released only in connection
                  with appropriate filings in such offices. Consequently,
                  potential purchasers of this Contract/Note must refer to such
                  filings to determine whether such lien has been released.

         (p)      Security Interest. The Originator has granted a security
interest (as defined in the UCC) to the Issuer, in the Contract Assets, which is
enforceable in accordance with applicable law upon execution and delivery of
this Agreement. Upon the filing of UCC-1 financing statements naming the Issuer
as secured party and the Originator as debtor, the Issuer shall have a first
priority perfected security interest in the Contract Assets (except for any
Permitted Liens). All filings (including, without limitation, such UCC filings)
as are necessary in any jurisdiction to perfect the interest of the Issuer in
the Contract Assets have been made.

         (q)      Security Interest in Equipment. The Issuer has a perfected
security interest in the Equipment and, upon the sale, transfer and assignment
of the Contract Assets hereunder, the Indenture Trustee will have a perfected
security interest in the Equipment.

         (r)      Title. If a Contract is a lease of Equipment subject to
certificate of title statutory requirements, the title is held either in the
name of the Obligor and the certificate of title indicates the Originator as
lienholder or in the name of the Originator as lessor.

         (s)      Selection Procedures. No selection procedures determined by
the Originator to be materially adverse to the interests of the Issuer or the
Noteholders were utilized by the Originator in selecting the Contracts to be
sold, assigned, transferred, set-over and otherwise conveyed hereunder.

         (t)      No Liens. The Issuer owns each Conveyed Asset to be sold by it
hereunder free and clear of any Liens except as provided herein, and upon the
sale, transfer or assignment hereunder, the Issuer shall (i) become the owner of
each Contract Asset then existing or thereafter arising, free and clear of any
Lien except as provided herein or in the Indenture or

                                       39
<PAGE>
(ii) acquire a first priority perfected security interest in such Conveyed
Asset; provided, however, that the security interest in the Equipment will only
be perfected if the purchase price paid by the Originator to acquire such of
Equipment is $25,000 or more and where the Obligor was rated below (1) Baa3 or
better by Moody's, (2) BBB or better by S&P or (3) 3A2 or better by Dun &
Bradstreet. No effective financing statement or other instrument similar in
effect covering any Contract Asset or the Collections with respect thereto shall
at any time be on file in any recording office except such as may be filed in
favor of the Issuer relating to this Agreement or otherwise as provided under
the this Agreement or the Indenture.

         (u)      Separate Entity. The Originator is an entity with assets and
liabilities distinct from those of the Issuer, and any Affiliates thereof, and
the Issuer hereby acknowledges that the parties hereto are entering into the
transactions contemplated by this Agreement and the other Transaction Documents
in reliance upon the Originator's identity as a separate legal entity from the
Issuer and from each such Affiliate of the Issuer.

         (v)      Value Given. The cash payments received by the Originator in
respect of the purchase price of each Contract Asset sold hereunder constitutes
reasonably equivalent value in consideration for the transfer to the Issuer of
such Contract Asset under this Agreement, such transfer was not made for or on
account of an antecedent debt owed by the Originator to the Issuer, and such
transfer was not and is not voidable or subject to avoidance under any
Insolvency Law.

         (w)      No liens. The Originator will not sell, pledge, assign,
transfer or grant any lien on the Contracts or its interest in the Equipment,
except for Permitted Liens.

         SECTION 3.02.     REPRESENTATIONS AND WARRANTIES REGARDING EACH
                           CONTRACT AND AS TO CERTAIN CONTRACTS IN THE
                           AGGREGATE.

         The Originator represents and warrants as of the Closing Date, and as
of each Subsequent Transfer Date with respect to each Substitute Contract, that:

         (a)      List of Contracts. The information set forth in the List of
Contracts (as the same may be amended or deemed amended in respect of a
conveyance of Substitute Contracts on a Subsequent Transfer Date) is true,
complete and correct as of the applicable Cutoff Date.

         (b)      Eligible Contract. Such Contract satisfies the criteria for
the definition of Eligible Contract set forth in this Agreement as of the date
of its conveyance hereunder.

         (c)      No Fraud. Each Contract was originated without any fraud or
material misrepresentation by the Originator or, to the best of the Originator's
knowledge, on the part of the Obligor or the Vendor.

         (d)      Contracts Secured by Fixtures. No material portion of the
aggregate Principal Balance of the Contracts Pool consists of Contracts secured
by Equipment constituting fixtures.

         (e)      Contracts Secured by Other Real Property. No material portion
of the aggregate Principal Balance of the Contracts Pool consists of Contracts
additionally secured by other real property (exclusive of or in addition to
Equipment constituting fixtures).

                                       40
<PAGE>
         SECTION 3.03.     REPRESENTATIONS AND WARRANTIES REGARDING THE INITIAL
                           CONTRACTS IN THE AGGREGATE.

         The Originator represents and warrants, as of the Closing Date, that:

         (a)      Amounts. The Original Pool Balance of the Contracts as of the
Initial Cutoff Date equals the sum of the principal balance of the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class
B Notes, the Class C Notes and the Class D Notes on the Closing Date plus the
Overcollateralization Balance.

         (b)      Characteristics. The Initial Contracts have the following
additional characteristics: (i) no Contract has a remaining maturity of more
than 71 months; (ii) the final scheduled Payment Date on the Contract with the
latest maturity is not later than December, 2007; (iii) no Contract was
originated after the Initial Cutoff Date; (iv) not more than 3.10% of the
Initial Contracts (as measured by the Original Pool Balance) provide for
Scheduled Payments due on a basis other than monthly.

         SECTION 3.04.     REPRESENTATIONS AND WARRANTIES REGARDING THE CONTRACT
                           FILES.

         The Originator represents and warrants as of the Closing Date with
respect to the Initial Contracts (or as of the Subsequent Transfer Date, with
respect to Substitute Contracts), that (i) immediately prior to such date (as
applicable), the Originator had possession of each original Contract and the
related complete Contract File, and there were no other custodial agreements
relating to the same in effect; (ii) each of such documents that is required to
be signed by the Obligor has been signed by the Obligor in the appropriate
spaces; (iii) all blanks on any form have been properly filled in and each form
has otherwise been correctly prepared; and (iv) the complete Contract File for
each Contract is in the possession of the Servicer.

         SECTION 3.05.     REPRESENTATIONS AND WARRANTIES REGARDING
                           CONCENTRATIONS OF INITIAL CONTRACTS.

         The Originator represents and warrants as of the Closing Date, as to
the composition of the Initial Contracts in the Contracts Pool as of the Initial
Cutoff Date, that:

                  (i)      the aggregate Principal Balance of all Contracts with
         Obligors who finance, lease or are related to Equipment used in the
         services industry does not exceed 48.00% of the aggregate Principal
         Balance of the Contracts Pool;

                  (ii)     the aggregate Principal Balance of all Contracts with
         Obligors who comprise the ten (10) largest Obligors measured by
         Principal Balance does not exceed 2.50% of the aggregate Principal
         Balance of the Contracts Pool;

                  (iii)    the aggregate Principal Balance of all Contracts of
         each Obligor or affiliated group of Obligors shall not exceed 0.35% of
         the aggregate Principal Balance of the Contracts Pool;

                                       41
<PAGE>
                  (iv)     the aggregate Principal Balance of all Contracts with
         Obligors located in a single State of the United States does not exceed
         10.00% of the aggregate Principal Balance of the Contracts Pool;

                  (v)      the aggregate Principal Balance of all Contracts with
         Obligors who are the United States or any other state or local
         government or any agency, department, subdivision, or instrumentally of
         any such government does not exceed 3.85% of the aggregate Principal
         Balance of the Contracts Pool;

                  (vi)     the aggregate Principal Balance of all Contracts that
         are true leases and ten percent purchase option leases shall not be
         less than 35.00% of the aggregate Principal Balance of the Contracts
         Pool;

                  (vii)    the aggregate Principal Balance of all Purchase
         Orders does not exceed 0.25% of the aggregate Principal Balance of the
         Contracts Pool;

                  (viii)   the aggregate Principal Balance of all Contracts that
         are Software Only Agreements does not exceed 1.75% of the aggregate
         Principal Balance of the Contracts Pool;

                  (ix)     the aggregate Principal Balance of all Contracts that
         relate to titled vehicles does not exceed 0.21% of the aggregate
         Principal Balance of the Contracts Pool.

                  (x)      the aggregate Principal Balance of all Contracts with
         quarterly payments does not exceed 0.57% of the aggregate Principal
         Balance of the Contracts Pool;

                  (xi)     the aggregate Principal Balance of all Contracts with
         annual payments does not exceed 0.26% of the aggregate Principal
         Balance of the Contracts Pool;

                  (xii)    the aggregate Principal Balance of all Contracts with
         variable payments does not exceed 0.80% of the aggregate Principal
         Balance of the Contracts Pool;

                  (xiii)   the aggregate Principal Balance of all Contracts with
         skip payments does not exceed 0.07% of the aggregate Principal Balance
         of the Contracts Pool; and

                  (xiv)    the aggregate Principal Balance of all Contracts with
         balloon payments does not exceed 1.40% of the aggregate Principal
         Balance of the Contracts Pool.

         SECTION 3.06.     REPRESENTATIONS AND WARRANTIES REGARDING THE ISSUER.

         By its execution of this Agreement and each Subsequent Transfer
Agreement, the Issuer represents and warrants to the Indenture Trustee and the
Noteholders that:

         (a)      Confirmation of the Originator's Representations and
Warranties. The representations and warranties set forth in Section 3.01,
Section 3.02, Section 3.03, Section 3.04 and Section 3.05 of this Agreement are
true and correct.

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<PAGE>
         (b)      Organization and Good Standing. The Issuer is duly organized,
validly existing and in good standing under the laws of Delaware and has the
requisite power to own its assets and to transact the business in which it is
currently engaged. The Issuer is duly qualified to do business and is in good
standing in each jurisdiction in which the character of the business transacted
by it or properties owned or leased by it requires such qualification and in
which the failure so to qualify would have a material adverse effect on the
business, properties, assets, or condition (financial or other) of the Issuer.

         (c)      Authorization; Valid Pledge; Binding Obligations. The Issuer
has the power and authority to make, execute, deliver and perform this Agreement
and the other Transaction Documents to which it is a party and all of the
transactions contemplated under this Agreement and the other Transaction
Documents to which it is a party and cause it to make, execute, deliver and
perform its obligations under this Agreement and the other Transaction Documents
to which it is a party and has taken all necessary corporate action to authorize
the execution, delivery and performance of this Agreement and the other
Transaction Documents to which it is a party. The Indenture shall effect a valid
grant, transfer, assignment and conveyance of the Pledged Assets from the Issuer
to the Indenture Trustee, enforceable against the Issuer and creditors of and
purchasers from the Issuer. This Agreement and the other Transaction Documents
to which the Issuer is a party constitute the legal, valid and binding
obligation of the Issuer enforceable in accordance with their terms, except as
enforcement of such terms may be limited by bankruptcy, insolvency or similar
laws affecting the enforcement of creditors' rights generally and by the
availability of equitable remedies.

         (d)      No Consent Required. The Issuer is not required to obtain the
consent of any other party or any consent, license, approval or authorization
from, or registration or declaration with, any Governmental Authority in
connection with the execution, delivery, performance, validity or enforceability
of this Agreement or the other Transaction Documents to which it is a party.

         (e)      No Violations. The execution, delivery and performance of this
Agreement and the other Transaction Documents to which it is a party by the
Issuer, and the consummation of the transactions contemplated hereby and
thereby, will not violate any Requirement of Law applicable to the Issuer, or
constitute a material breach of any mortgage, indenture, contract or other
agreement to which the Issuer is a party or by which the Issuer or any of the
Issuer's properties may be bound, or result in the creation or imposition of any
security interest, lien, charge, pledge, preference, equity or encumbrance of
any kind upon any of its properties pursuant to the terms of any such mortgage,
indenture, contract or other agreement, other than as contemplated by the
Transaction Documents.

         (f)      Litigation. No litigation or administrative proceeding of or
before any court, tribunal or governmental body is currently pending, or to the
knowledge of the Issuer threatened, against the Issuer or any of its properties
or with respect to this Agreement, the other Transaction Documents to which it
is a party or the Notes (1) that, if adversely determined, would in the
reasonable judgment of the Issuer have a material adverse effect on the
business, properties, assets or condition (financial or otherwise) of the Issuer
or the transactions contemplated by this Agreement or the other Transaction
Documents to which the Issuer is a party or (2) seeking to adversely affect the
federal income tax or other federal, state or local tax attributes of the Notes.

                                       43
<PAGE>
         (g)      Bulk Sales. The execution, delivery and performance of this
Agreement do not require compliance with any "bulk sales" laws by the Issuer.

         (h)      Solvency. The Issuer, at the time of and after giving effect
to each conveyance of Pledged Assets under the Indenture, is Solvent on and as
of the date thereof.

         (i)      Taxes. The Issuer has filed or caused to be filed all tax
returns which, to its knowledge, are required to be filed and has put all taxes
shown to be due and payable on such returns or on any assessments made against
it or any of its property and all other taxes, fees or other charges imposed on
it or any of its property by any Governmental Authority (other than any amount
of tax due, the validity of which is currently being contested in good faith by
appropriate proceedings and with respect to which reserves in accordance with
generally accepted accounting principles have been provided on the books of the
Issuer); no tax lien has been filed and, to the Issuer's knowledge, no claim is
being asserted, with respect to any such tax, fee or other charge.

         (j)      Place of Business; No Changes. The Issuer's sole place of
business (within the meaning of Article 9 of the UCC) is as set forth in Section
13.04 below and its state of formation in Delaware. The Issuer has not changed
its name, whether by amendment of its certificate of formation, by
reorganization or otherwise, and has not changed the location of its place of
business or its state of formation, within the four months preceding the Closing
Date.

         (k)      Not an Investment Company. The Issuer is not an "investment
company" (and does not control, and is not under the control of, an investment
company) within the meaning of the Investment Company Act of 1940, as amended
(or the Issuer is exempt from all provisions of such act).

         (l)      Sale Treatment. The Issuer has treated the transfer of
Contract Assets from the Originator for all purposes (including financial
accounting purposes) as a sale and purchase on all of its relevant books,
records, financial statements and other applicable documents.

         (m)      Security Interest. The Issuer has granted a security interest
(as defined in the UCC) to the Indenture Trustee in the Pledged Assets that is
enforceable in accordance with applicable law upon execution and delivery of the
Indenture. Upon the filing of UCC-1 financing statements naming the Indenture
Trustee as secured party and the Issuer as debtor, the Indenture Trustee shall
have a first priority perfected security interest in the Pledged Assets (except
for Permitted Liens). All filings (including, without limitation, such UCC
filings) as are necessary in any jurisdiction to perfect the interest of both
the Indenture Trustee and the Issuer in the Pledged Assets and the Contract
Assets, respectively, have been made.

         (n)      Special Purpose Entity. The Issuer has not and shall not:

                  (i)      engage in any business or activity other than the
         purchase and receipt of Contract Assets from the Originator hereunder
         and such other activities as are incidental thereto;

                                       44
<PAGE>
                  (ii)     acquire or own any material assets other than (A) the
         Contract Assets from the Originator hereunder and (B) incidental
         property as may be necessary for the operation of the Issuer;

                  (iii)    merge into or consolidate with any Person or
         dissolve, terminate or liquidate in whole or in part, transfer or
         otherwise dispose of all or substantially all of its assets or change
         its legal structure;

                  (iv)     fail to preserve its existence as an entity duly
         organized, validly existing and in good standing under the laws of the
         jurisdiction of its organization or formation, or amend, modify,
         terminate, fail to comply with the provisions of its Certificates of
         Formation, or fail to observe entity formalities;

                  (v)      own any subsidiary or make any investment in any
         Person;

                  (vi)     commingle its assets with the assets of any of its
         Affiliates, or of any other Person, other than to the extent described
         in Section 7.01;

                  (vii)    incur any debt, secured or unsecured, direct or
         contingent (including guaranteeing any obligation), other than
         indebtedness created hereunder except for trade payables in the
         ordinary course of its business, provided that such debt is not
         evidenced by a note and paid when due;

                  (viii)   become insolvent or fail to pay its debts and
         liabilities from its assets as the same shall become due;

                  (ix)     fail to maintain its records, books of account and
         bank accounts separate and apart from those of its principal and
         Affiliates, and any other Person;

                  (x)      enter into any contract or agreement with any of its
         principals or Affiliates or any other Person, except upon terms and
         conditions that are commercially reasonable and intrinsically fair and
         substantially similar to those that would be available on an
         arms-length basis with third parties other than any principal or
         Affiliates;

                  (xi)     seek its dissolution or winding up in whole or in
         part;

                  (xii)    fail to correct any known misunderstandings regarding
         the separate identity of Issuer or any principal or Affiliate thereof
         or any other Person;

                  (xiii)   guarantee, become obligated for, or hold itself out
         to be responsible for the debt of another Person;

                  (xiv)    make any loan or advances to any third party,
         including any principal or Affiliate, or hold evidence of indebtedness
         issued by any other Person (other than cash and investment-grade
         securities);

                                       45
<PAGE>
                  (xv)     fail to file its own separate tax return, or file a
         consolidated federal income tax return with any other Person;

                  (xvi)    fail either to hold itself out to the public as a
         legal entity separate and distinct from any other Person or to conduct
         its business solely in its own name in order not (A) to mislead others
         as to the identity with which such other party is transacting business,
         or (B) to suggest that it is responsible for the debts of any third
         party (including any of its principals or Affiliates);

                  (xvii)   fail to maintain adequate capital for the normal
         obligations reasonably foreseeable in a business of its size and
         character and in light of its contemplated business operations;

                  (xviii)  file or consent to the filing or any petition, either
         voluntary or involuntary, to take advantage of any applicable
         insolvency, bankruptcy, liquidation or reorganization statute, or make
         an assignment for the benefit of creditors;

                  (xix)    share any common logo with or hold itself out as or
         be considered as a department or division of (A) any of its principals
         or affiliates, (B) any Affiliate of a principal or (C) any other
         Person;

                  (xx)     permit any transfer (whether in any one or more
         transactions) of any ownership interest in the Issuer;

                  (xxi)    fail to maintain separate financial statements,
         showing its assets and liabilities separate and apart from those of any
         other Person;

                  (xxii)   fail to pay its own liabilities and expenses only out
         of its own funds;

                  (xxiii)  fail to pay the salaries of its own employees in
         light of its contemplated business operations;

                  (xxiv)   acquire the obligations or securities of its
         Affiliates or equity holders;

                  (xxv)    fail to allocate fairly and reasonably any overhead
         expenses that are shared with an Affiliate, including paying for office
         space and services performed by any employee of an Affiliate;

                  (xxvi)   fail to use separate invoices and checks bearing its
         own name;

                  (xxvii)  pledge its assets for the benefit of any other
         Person;

                  (xxviii) fail at any time to have at least two Independent
         Directors;

                  (xxix)   fail to provide that the unanimous consent of all
         directors (including the consent of the Independent Directors) is
         required for the Issuer to (A) dissolve or

                                       46
<PAGE>
         liquidate, in whole or part, or institute proceedings to be adjudicated
         bankrupt or insolvent, (B) institute or consent to the institution of
         bankruptcy or insolvency proceedings against it, (C) file a petition
         seeking or consent to reorganization or relief under any applicable
         federal or state law relating to bankruptcy or insolvency, (D) seek or
         consent to the appointment of a receiver, liquidator, assignee,
         trustee, sequestrator, custodian or any similar official for the
         Issuer, (E) make any assignment for the benefit of the Issuer's
         creditors, (F) admit in writing its inability to pay its debts
         generally as they become due, or (G) take any action in furtherance of
         any of the foregoing; and

                  (xxx)    take or refrain from taking, as applicable, each of
         the activities specified in the non-consolidation opinion of Chapman
         and Cutler, delivered on the Closing Date, upon which the conclusions
         expressed therein are based.

         (o)      No Liens. The Issuer will not sell, pledge, assign, transfer
or grant any lien on the Contracts or its interest in the Equipment, except for
Permitted Liens.

Such representations speak as of the execution and delivery of this Agreement
and as of the Closing Date in the case of the Initial Contracts, and as of the
applicable Subsequent Transfer Date in the case of the Substitute Contracts, but
shall survive the sale, transfer and assignment of the Contracts to the
Indenture Trustee.

         SECTION 3.07.     REPRESENTATIONS AND WARRANTIES REGARDING THE
                           SERVICER.

         The Servicer represents and warrants to the Issuer, the Indenture
Trustee and the Noteholders that:

         (a)      Organization and Good Standing. The Servicer is a corporation
duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization and has the corporate power to own its assets
and to transact the business in which it is currently engaged. The Servicer is
duly qualified to do business as a foreign corporation and is in good standing
in each jurisdiction in which the character of the business transacted by it or
properties owned or leased by it requires such qualification and in which the
failure so to qualify would have a material adverse effect on the business,
properties, assets, or condition (financial or otherwise) of the Servicer. The
Servicer is properly licensed in each jurisdiction to the extent required by the
laws of such jurisdiction to service the Contracts in accordance with the terms
hereof.

         (b)      Authorization; Binding Obligations. The Servicer has the power
and authority to make, execute, deliver and perform this Agreement and the other
Transaction Documents to which the Servicer is a party and all of the
transactions contemplated under this Agreement and the other Transaction
Documents to which the Servicer is a party, and has taken all necessary
corporate action to authorize the execution, delivery and performance of this
Agreement and the other Transaction Documents to which the Servicer is a party.
This Agreement and the other Transaction Documents to which the Servicer is a
party constitute the legal, valid and binding obligation of the Servicer
enforceable in accordance with their terms, except as enforcement of such terms
may be limited by bankruptcy, insolvency or similar laws affecting the
enforcement of creditors' rights generally and by the availability of equitable
remedies.

                                       47
<PAGE>
         (c)      No Consent Required. The Servicer is not required to obtain
the consent of any other party or any consent, license, approval or
authorization from, or registration or declaration with, any Governmental
Authority in connection with the execution, delivery, performance, validity or
enforceability of this Agreement and the other Transaction Documents to which
the Servicer is a party.

         (d)      No Violations. The execution, delivery and performance of this
Agreement and the other Transaction Documents to which the Servicer is a party
by the Servicer will not violate any Requirements of Law applicable to the
Servicer, or constitute a material breach of any mortgage, indenture, contract
or other agreement to which the Servicer is a party or by which the Servicer or
any of the Servicer's properties may be bound, or result in the creation of or
imposition of any security interest, lien, pledge, preference, equity or
encumbrance of any kind upon any of its properties pursuant to the terms of any
such mortgage, indenture, contract or other agreement, other than as
contemplated by the Transaction Documents.

         (e)      Litigation. No litigation or administrative proceeding of or
before any court, tribunal or governmental body is currently pending, or to the
knowledge of the Servicer threatened, against the Servicer or any of its
properties or with respect to this Agreement, or any other Transaction Document
to which the Servicer is a party that, if adversely determined, would have a
material adverse effect on the business, properties, assets or condition
(financial or otherwise) of the Servicer or the transactions contemplated by
this Agreement or any other Transaction Document to which the Servicer is a
party.

         (f)      Reports. All reports, certificates and other written
information furnished by the Servicer with respect to the Contracts are correct
in all material respects.

         SECTION 3.08.     [RESERVED].

                                   ARTICLE IV

           PERFECTION OF TRANSFER AND PROTECTION OF SECURITY INTERESTS

         SECTION 4.01.     CUSTODY OF CONTRACTS.

         The contents of each Contract File shall be held in the custody of the
Custodian under the Custodian Agreement for the benefit of, and as agent for,
the Indenture Trustee.

         SECTION 4.02.     FILING.

         On or prior to the Closing Date, the Originator, Issuer and Servicer
shall cause the UCC financing statement(s) referred to in Section 2.02(x) hereof
to be filed, and from time to time the Servicer shall take and cause to be taken
such actions and execute such documents as are necessary or desirable or as the
Indenture Trustee (acting at the direction of the Required Holders) may
reasonably request to perfect and protect the Indenture Trustee's first priority
security interest in the Pledged Assets against all other persons, including,
without limitation, the filing of financing statements, amendments thereto and
continuation statements, the execution of

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<PAGE>
transfer instruments and the making of notations on or taking possession of all
records or documents of title.

         SECTION 4.03.     NAME CHANGE OR RELOCATION.

         (a)      During the term of this Agreement, none of the Originator, the
Servicer and the Issuer shall change its name, identity or structure, state of
formation, or relocate its chief executive office without first giving at least
30 days' prior written notice to the Indenture Trustee and notice to the Rating
Agencies.

         (b)      If any change in either the Servicer's, the Originator's or
the Issuer's name, identity or structure or other action would make any
financing or continuation statement or notice of ownership interest or lien
relating to any Contract Asset seriously misleading within the meaning of
applicable provisions of the UCC or any title statute, the Servicer and/or the
Originator, no later than five days after the effective date of such change,
shall file such amendments as may be required to preserve and protect the
Issuer's and the Indenture Trustee's interests in the Contract Assets and the
Pledged Assets, respectively, and the proceeds thereof. In addition, neither the
Originator, the Servicer nor the Issuer shall change the place of its chief
executive office or its state of formation unless it has first taken such action
as is advisable or necessary to preserve and protect the Issuer's and the
Indenture Trustee's interests in the Contract Assets and the Pledged Assets,
respectively. Promptly after taking any of the foregoing actions, the Servicer
shall deliver to the Indenture Trustee and to the Rating Agencies an Opinion of
Counsel reasonably acceptable to the Indenture Trustee and the Rating Agencies
stating that, in the opinion of such counsel, all financing statements or
amendments necessary to preserve and protect the interests of the Indenture
Trustee in the Pledged Assets have been filed, and reciting the details of such
filing.

         SECTION 4.04.     CHIEF EXECUTIVE OFFICE.

         During the term of this Agreement, and subject to the other terms and
provisions herein relating to changes in location, the Originator will maintain
its chief executive office in one of the States of the United States.

         SECTION 4.05.     COSTS AND EXPENSES.

         The Servicer agrees to pay all reasonable costs and disbursements in
connection with the perfection and the maintenance of perfection, as against all
third parties, of the Issuer's and Indenture Trustee's right, title and interest
in and to the Contract Assets and the Pledged Assets (including, without
limitation, the security interest in the Equipment related thereto to the extent
described in Section 3.06(m) and the security interests provided for in the
Indenture).

         SECTION 4.06.     SALE TREATMENT.

         The Originator and the Issuer shall each treat the transfer of Contract
Assets made hereunder for all purposes as a sale and purchase on all of its
relevant books, records, financial statements and other applicable documents.

                                       49
<PAGE>
         SECTION 4.07.     SEPARATENESS FROM ISSUER.

         The Originator agrees to take or refrain from taking or engaging in
with respect to the Issuer each of the actions or activities specified in the
"substantive consolidation" opinion of Chapman and Cutler (including any
certificates of the Originator attached thereto) delivered on the Closing Date,
upon which the conclusions therein are based.

         SECTION 4.08.     INSURANCE POLICY OF THE ORIGINATOR.

         Originator maintains, with an insurer with a general policy rating of A
or better with a class of VI or better by A.M. Best & Co., a general liability
insurance policy with coverage in the amount of $1,000,000 per occurrence and
coverage in the aggregate amount of $2,000,000. The policy is in full force and
effect and covers all Equipment owned by the Originator. All premiums in respect
of such policies have been paid. The Indenture Trustee is named as an additional
insured on such liability policies.

                                    ARTICLE V

                             SERVICING OF CONTRACTS

         SECTION 5.01.     APPOINTMENT AND ACCEPTANCE; RESPONSIBILITY FOR
                           CONTRACT ADMINISTRATION.

         GreatAmerica is hereby appointed as Servicer and custodian (as
contemplated in Article IV hereof) pursuant to this Agreement. GreatAmerica
accepts the appointment and agrees to act as the Servicer and custodian pursuant
to this Agreement and also as custodian pursuant to the Custodian Agreement.

         The Servicer will have the sole obligation to manage, administer,
service and make collections on the Contracts and perform or cause to be
performed all contractual and customary undertakings of the holder of the
Contracts to the Obligor. The Servicer is hereby appointed the servicer
hereunder until such time as any Servicer Transfer may be effected under Article
VIII.

         SECTION 5.02.        GENERAL DUTIES.

         The Servicer will service, administer and enforce the Contracts in the
Contracts Pool on behalf of the Issuer and will have full power and authority to
do any and all things in connection with such servicing and administration which
it deems necessary or desirable and as shall not contravene the provisions of
this Agreement. The Servicer will manage, service, administer, and make
collections on the Contracts in the Contracts Pool with reasonable care, using
that degree of skill and attention that the Servicer exercises with respect to
all comparable contracts that it services for itself or others. The Servicer's
duties will include collection and posting of all payments, responding to
inquiries of Obligors regarding the Contracts in the Contracts Pool,
investigating delinquencies, accounting for collections, furnishing monthly and
annual statements with respect to collections and payments in accordance with
Article IX hereof and with its customary standards, policies and procedures, and
using its best efforts to maintain the

                                       50
<PAGE>
perfected first priority security interest of the Indenture Trustee in the
Pledged Assets. The Servicer will follow its customary standards, policies, and
procedures and will have full power and authority, acting alone (and consistent
with its customary standards, policies and procedures, in its own name), to do
any and all things in connection with such managing, servicing, administration,
and collection, including, without limitation, litigation that it deems
necessary or desirable. If the Servicer commences a legal proceeding to enforce
a Defaulted Contract pursuant to Section 5.15 or commences or participates in a
legal proceeding (including a bankruptcy proceeding) relating to or involving a
Contract in the Contracts Pool, the Issuer will be deemed to have automatically
assigned such Contract to the Servicer immediately prior to commencement of any
such legal proceeding, for purposes of commencing or participating in any such
proceeding as a party or claimant, and the Servicer is authorized and empowered
by the Issuer, pursuant to this Section 5.02, to execute and deliver, on behalf
of itself and the Issuer, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other notices,
demands, claims, complaints, responses, affidavits or other documents or
instruments in connection with any such proceedings. If in any enforcement suit
or legal proceeding it is held that the Servicer may not enforce a Contract on
the ground that it is not a real party in interest or a holder entitled to
enforce the Contract, then the Issuer will, at the Servicer's expense and
direction, take steps on behalf of the Issuer to enforce the Contract, including
bringing suit in the Issuer's name.

         SECTION 5.03.     CONSENT TO ASSIGNMENT OR REPLACEMENT.

         At the request of an Obligor, the Servicer may in its sole discretion
consent to the assignment of the related Contract or the sublease of a unit of
the Equipment relating to a Contract, so long as such Obligor remains liable for
all of its obligations under such Contract. Upon the request of any Obligor, the
Servicer may, in its sole discretion, provide for the substitution or
replacement of any unit of Equipment for a substantially similar unit of
Equipment, so long as such Obligor remains liable for all of its obligations
under such Contract.

         SECTION 5.04.     DISPOSITION UPON TERMINATION OF CONTRACT.

         Upon the termination of a Contract included in the Contracts Pool as a
result of a default by the Obligor thereunder, and upon any such Contract
becoming a Defaulted Contract, the Servicer will use commercially reasonable
efforts to dispose of any related Equipment. Without limiting the generality of
the foregoing, the Servicer may dispose of any such Equipment by purchasing such
Equipment or by selling such Equipment to any of its Affiliates for a purchase
price equal to the fair market value thereof as reasonably determined by the
Servicer. The Servicer will deposit any Prepayments of any such disposition in
accordance with Section 7.01.

         SECTION 5.05.     SUBSERVICERS.

         The Servicer may enter into servicing agreements with one or more
subservicers (including any Affiliate of the Servicer) to perform all or a
portion of the servicing functions on behalf of the Servicer; provided that the
Servicer shall remain obligated and be liable to the Issuer for servicing and
administering the Contracts in the Contracts Pool in accordance with the
provisions of this Agreement without diminution of such obligation and liability
by virtue of the appointment of such subservicer, to the same extent and under
the same terms and conditions as

                                       51
<PAGE>
if the Servicer alone were servicing and administering such Contracts. The fees
and expenses of the subservicer (if any) will be as agreed between the Servicer
and its subservicer and neither the Issuer, the Indenture Trustee nor the
Holders will have any responsibility therefor. All actions of a subservicer
taken pursuant to such a subservicer agreement will be taken as an agent of the
Servicer with the same force and effect as though performed by the Servicer.

         SECTION 5.06.     FURTHER ASSURANCE.

         The Issuer and the Indenture Trustee will, at the written request and
expense of the Servicer, furnish the Servicer, and the Servicer will furnish any
subservicer, with any powers of attorney and other documents necessary or
appropriate to enable the Servicer or a subservicer, as applicable, to carry out
its servicing and administrative duties under this Agreement, the forms of which
documents shall be prepared by the Servicer and submitted for execution to the
Issuer or the Indenture Trustee, as the case may be. The Servicer shall not, nor
shall the Servicer permit any subservicer to, initiate any action in the
Indenture Trustee's name if such action were to require the Indenture Trustee to
become registered to do business in any state in which it was not already
registered and without both obtaining the Indenture Trustee's prior written
consent and indicating the Servicer's or such subservicer's representative
capacity.

         SECTION 5.07.     NOTICE TO OBLIGORS.

         The Servicer will not be required to notify any Obligor that such
Obligor's Contract or related Equipment, or any security interest in such
Contract or such Equipment, has been sold, transferred, assigned, or conveyed
pursuant to this Agreement; provided that, in the event that the Servicer
resigns or is replaced, then if the place for payment pursuant to any Contract
is changed, the Successor Servicer must give each related Obligor prompt written
notice of the appointment of the Successor Servicer and the place to which such
Obligor should make payments pursuant to each such Contract.

         SECTION 5.08.     COLLECTION EFFORTS; MODIFICATION OF CONTRACTS.

         (a)      The Servicer will make reasonable efforts to collect all
payments called for under the terms and provisions of the Contracts in the
Contracts Pool as and when the same become due, and will follow those collection
procedures that it follows with respect to all comparable contracts that it
services for itself or others.

         (b)      The Servicer may, subject to Sections 5.09 and 5.10, at the
request of an Obligor and at the Servicer's option, waive, modify or otherwise
vary any other provision of a Contract in accordance with its customary and
usual credit and collection practices; provided, that no such waiver,
modification or variance shall (except as provided in Sections 5.09, 5.10 and
5.15), without the consent of each Rating Agency,

                  (i)      have the effect of accelerating, delaying or
         extending the date for or the amount of any payment of Scheduled
         Payments with respect to such Contract;

                  (ii)     be inconsistent with the servicing standards set
         forth in Section 5.02; or

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<PAGE>
                  (iii)    have a material adverse effect on the interests of
         any of the Issuer, the Indenture Trustee or the Noteholders.

Notwithstanding the foregoing, to the extent consistent with the Servicer's
customary and usual credit and collection practices, the Servicer may grant
extensions or adjustments on any Contract; provided, however, that if the
Servicer (i) extends a Contract by more than three months in any calendar year,
(ii) extends a Contract more than twice in the life of such Contract, (iii)
reduces the frequency of periodic payments under a Contract, (iv) reduces the
unpaid principal balance or the rate of interest with respect to a Contract, or
(v) extends a Contract in manner that is inconsistent with the Servicer's
customary and usual credit and collection practices, the Servicer shall purchase
the affected Contract no later than the next succeeding Determination Date by
either (a) depositing the unpaid Principal Balance of the Contract (plus any
related Unreimbursed Servicer Advances (unless the Servicer effectively waives
and releases its rights with respect to such Servicer Advances) and plus accrued
and unpaid interest) in the Collection Account, or (b) transferring a Substitute
Contract to the Issuer in exchange for such Contract. Additionally,
notwithstanding the foregoing, the Servicer may in its discretion waive any late
payment charge or any other fees that may be collected in the ordinary course of
servicing any Contract in the Contracts Pool.

         SECTION 5.09.     PREPAID CONTRACT.

         The Servicer may, at its option and in accordance with its customary
and usual credit and collection practices, agree to permit a Contract in the
Contracts Pool that is not otherwise contractually prepayable by its terms to
become a Prepaid Contract (which shall not include a Contract that becomes an
Prepaid Contract due to a Casualty Loss); provided that the Servicer will not
permit the early termination or full prepayment of such a Contract unless (i)
such early termination or full prepayment would not result in the Issuer
receiving an amount (the "Prepayment Amount") less than the sum of (A) the
remaining Principal Balance on the date of such prepayment and delinquent
payments thereon and (B) any Unreimbursed Servicer Advances thereon (unless
effectively waived and released by the Servicer), or (ii) if such early
termination or full prepayment would result in the Indenture Trustee receiving a
Prepayment Amount less than the amount set forth in clause (i), the Originator
shall have agreed to pay the Issuer for remittance to the Indenture Trustee the
difference between the Prepayment Amount actually paid and the amount set forth
in clause (i) (such payment by the Originator also to be considered a
"Prepayment Amount"). At the option of the Originator, the Servicer may use the
Prepayment Amount to purchase a Substitute Contract for such Prepaid Contract
from the Originator.

         The Servicer shall pay all Payaheads to the Payahead Account. With
respect to any Payment Date, the Indenture Trustee shall withdraw amounts from
the Payahead Account that reflect payments due in the related Collection Period,
for distribution to the Noteholders.

         SECTION 5.10.     ACCELERATION.

         The Servicer, in its sole discretion and consistent with its customary
and usual credit and collection practices, may accelerate (or elect not to
accelerate) the maturity of all or any Scheduled Payments under any Contract in
the Contracts Pool under which a default under the

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terms thereof has occurred and is continuing (after the lapse of any applicable
grace period); provided that the Servicer is required to accelerate the
Scheduled Payments due under any Contract in the Contracts Pool (and take other
action in accordance with the Originator's past practice, including repossessing
the related Equipment, to realize upon the value of such Contract and the
related Equipment) to the fullest extent permitted by the terms of such
Contract, promptly after such Contract becomes a Defaulted Contract.

         SECTION 5.11.     TAXES.

         To the extent provided for in any Contract in the Contracts Pool, the
Servicer will make reasonable efforts to collect (or cause to be collected) all
payments with respect to amounts due for taxes and assessments relating to such
Contracts or the Equipment and remit such amounts to the appropriate
Governmental Authority on or prior to the date such payments are due.

         SECTION 5.12.     INSURANCE PREMIUMS.

         To the extent provided for in any Contract in the Contracts Pool and
consistent with the Servicer's customary collection procedures, the Servicer
will make reasonable efforts to collect (or cause to be collected) all payments
with respect to amounts due for insurance premiums relating to such Contracts or
the Equipment and remit such amounts to the appropriate insurer on or prior to
the date such payments are due.

         SECTION 5.13.     REMITTANCES.

         The Servicer will service all Collections in accordance with Section
7.01 hereof.

         SECTION 5.14.     SERVICER ADVANCES.

         For each Collection Period, if the Servicer determines that any
Scheduled Payment (or portion thereof) which was due and payable pursuant to a
Contract in the Contracts Pool during such Collection Period was not received
prior to the related Determination Date, the Servicer has the right to elect,
but is not obligated, to make a Servicer Advance in an amount up to the amount
of such delinquent Scheduled Payment (or portion thereof) if the Servicer
reasonably believes that the advance will be recovered from subsequent payments
with respect to that Contract. The Servicer will deposit any Servicer Advances
into the Collection Account on or prior to 11:00 a.m. (New York City time) on
the related Transfer Date, in immediately available funds. The Servicer will be
entitled to be reimbursed for Servicer Advances pursuant to Sections 7.05(a) and
7.05(b). The Successor Servicer shall have no obligation to make any Servicer
Advance.

         SECTION 5.15.     REALIZATION UPON DEFAULTED CONTRACT.

         The Servicer will use its best efforts consistent with its customary
and usual credit and collection practices and procedures in its servicing of
contracts to repossess or otherwise comparably convert the ownership of any
Equipment relating to a Defaulted Contract and will either act as sales agent
for Equipment which it repossesses or retain a sales agent consistent with its
current practices. The Servicer will follow such other practices and procedures
as it deems necessary or advisable and as are customary and usual in its
servicing of contracts and other

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<PAGE>
actions by the Servicer in order to realize upon such Equipment, which practices
and procedures may include reasonable efforts to enforce all obligations of
Obligors and repossessing and selling such Equipment at public or private sale
in circumstances other than those described in the preceding sentence. Without
limiting the generality of the foregoing, the Servicer may sell any such
Equipment to the Servicer or its Affiliates for a purchase price equal to the
then fair market value thereof. In any case in which any such Equipment has
suffered damage, the Servicer will not expend funds in connection with any
repair or toward the repossession of such Equipment unless it determines in its
discretion that such repair and/or repossession will increase the Liquidation
Proceeds by an amount greater than the amount of such expenses. The Servicer
will remit to the Collection Account the Liquidation Proceeds received in
connection with the sale or disposition of Equipment relating to a Defaulted
Contract in accordance with Section 7.01.

         SECTION 5.16.     MAINTENANCE OF INSURANCE POLICIES.

         The Servicer will use its best efforts consistent with the Servicer's
customary policies and procedures to ensure that each Obligor maintains an
Insurance Policy with respect to the related Equipment in an amount at least
equal to the replacement cost of the Equipment; provided that the Servicer, in
accordance with its customary servicing procedures, may allow Obligors to
self-insure. Additionally, the Servicer will require that each Obligor maintain
property damage insurance and, in the case of Leases, also liability insurance,
during the term of each Contract in the Contracts Pool in amounts and against
risks customarily insured against. If an Obligor fails to maintain property
damage insurance, the Servicer may, but is under no obligation to, purchase and
maintain such insurance on behalf of, and at the expense of, the Obligor in
accordance with the Servicer's customary practices and policies. In connection
with its activities as Servicer of the Contracts, the Servicer agrees to
present, on behalf of itself, the Issuer, the Indenture Trustee and the Holders,
claims to the insurer under each Insurance Policy and any such liability policy,
and to settle, adjust and compromise such claims, in each case, consistent with
the terms of each Contract and the Servicer's customary practice and policies.

         SECTION 5.17.     OTHER SERVICER COVENANTS.

         The Servicer hereby covenants that:

         (a)      Contract Files. The Servicer will, at its own cost and
expense, maintain all Contract Files in accordance with its customary
procedures. Without limiting the generality of the preceding sentence, the
Servicer will not dispose of any documents constituting the Contract Files in
any manner that is inconsistent with the performance of its obligations as the
Servicer pursuant to this Agreement and will not dispose of any Contract except
as contemplated by this Agreement.

         (b)      Compliance with Law. The Servicer will comply, in all material
respects, with all laws and regulations of any Governmental Authority applicable
to the Servicer or the Contracts in the Contracts Pool and related Equipment and
Contract Files or any part thereof; provided that the Servicer may contest any
such law or regulation in any reasonable manner which will not materially and
adversely affect the value of (or the rights of the Indenture Trustee on behalf
of the Noteholders, with respect to) the Pledged Assets.

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<PAGE>
         (c)      Obligations with Respect to Contracts; Modifications. The
Servicer will duly fulfill and comply with, in all material respects, all
obligations on the part of the Issuer to be fulfilled or complied with under or
in connection with each Contract in the Contracts Pool and will do nothing to
impair the rights of the Indenture Trustee and the Holders in, to and under the
Pledged Assets. The Servicer will perform such obligations under the Contracts
in the Contracts Pool and will not change or modify the Contracts, except as
otherwise permitted hereby.

         (d)      No Bankruptcy Petition. Prior to the date that is one year and
one day after the payment in full of all amounts owing in respect of all
outstanding Notes, the Servicer will not institute against the Issuer or join
any other Person in instituting against the Issuer, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other
similar proceedings under the laws of the United States or any state of the
United States. This Section 5.17(d) will survive the termination of this
Agreement.

         (e)      Location of Contract Files. The Contract Files shall remain at
all times in the possession of the Servicer.

         (f)      Regulatory Filings. The Servicer, on behalf of the Issuer,
shall make any filings, reports, notices, applications and registrations with,
and seek any consents or authorizations from, the Commission and any state
securities authority as may be necessary or that the Issuer deems advisable to
comply with any federal or state securities or reporting requirements laws.

         SECTION 5.18.     SERVICING COMPENSATION.

         As compensation for its servicing activities hereunder and
reimbursement for its expenses as set forth in Section 5.19, the Servicer shall
be entitled to receive a monthly servicing fee in respect of any Collection
Period (or portion thereof) prior to the termination of the Indenture (with
respect to each Collection Period, the "Servicing Fee") equal to one-twelfth of
the product of (A) the Servicing Fee Percentage and (B) the aggregate remaining
Principal Balance of the Contracts Pool as of the first day of such Collection
Period. Notwithstanding anything else herein 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 this Agreement
and the transactions set forth or provided for herein.

         SECTION 5.19.     PAYMENT OF CERTAIN EXPENSES BY SERVICER.

         The Servicer will be required to pay all expenses incurred by it in
connection with its activities under this Agreement, including fees and
disbursements of independent accountants, the Issuer (including with respect to
an administrator acting on behalf of the Issuer), the Indenture Trustee, taxes
imposed on the Servicer, expenses incurred in connection with payments and
reports pursuant to this Agreement, and all other fees and expenses not
expressly stated under this Agreement for the account of the Issuer. The
Servicer will be required to pay all reasonable fees and expenses (including,
without limitation, legal fees, expenses and indemnity amounts) owing to the
Indenture Trustee in connection with the maintenance of the Trust Accounts. The
Servicer shall be required to pay such expenses for its own account and shall
not be entitled to any payment or reimbursement therefor other than the
Servicing Fee, and

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<PAGE>
the reimbursement for Liquidation Expenses, to the extent funds are recovered
related to a Contract with respect to which such Liquidation Expenses were
incurred.

         SECTION 5.20.     RECORDS.

         The Servicer shall, during the period it is Servicer hereunder,
maintain such books of account and other records as will enable the Issuer and
the Indenture Trustee to determine the status of each Contract.

         SECTION 5.21.     INSPECTION.

         (a)      At all times during the term hereof, the Servicer shall afford
the Issuer and the Indenture Trustee and their respective authorized agents
reasonable access during normal business hours to the Servicer's records
relating to the Contracts and will cause its personnel to assist in any
examination of such records by the Issuer or the Indenture Trustee, or such
authorized agents, and allow copies of the same to be made. The examination
referred to in this Section will be conducted in a manner which does not
unreasonably interfere with the Servicer's normal operations or customer or
employee relations. Without otherwise limiting the scope of the examination the
Issuer or the Indenture Trustee may (but shall be under no obligation), using
generally accepted audit procedures, verify the status of each Contract and
review the Computer Records and other records relating thereto for conformity to
Monthly Reports prepared pursuant to Article Nine and compliance with the
standards represented to exist as to each Contract in this Agreement.

         (b)      At all times during the term hereof, the Servicer shall keep
available a copy of the List of Contracts at its principal executive office for
inspection by Noteholders.

         (c)      The Servicer shall, if given reasonable notice by the
Indenture Trustee after the end of any Collection Period, provide the Indenture
Trustee with a copy of the Computer Records.

         SECTION 5.22.     INDENTURE TRUSTEE AND ISSUER TO COOPERATE IN
                           RELEASES.

         At the same time as (i) any Contract becomes a Prepaid Contract and in
connection therewith the Equipment related to such Prepaid Contract is sold, or
(ii) the Servicer substitutes or replaces any unit of Equipment as contemplated
in Section 5.03 (such events in subsections (i) and (ii) to be certified to the
Indenture Trustee by an Authorized Officer of the Servicer), the Issuer, and the
Indenture Trustee, on behalf of the Noteholders, will to the extent requested in
writing by the Servicer release the Indenture Trustee's and the Issuer's
interest in the Equipment relating to such Prepaid Contract or such substituted
or replaced Equipment, as the case may be; provided that such release will not
constitute a release of the their respective interests in the proceeds of such
sale. In connection with any sale of such Equipment, the Issuer and the
Indenture Trustee will execute and deliver to the Servicer any assignments,
bills of sale, termination statements and any other releases and instruments as
the Servicer may request in writing in order to effect such release and
transfer; provided that neither the Issuer nor the Indenture Trustee will make
any representation or warranty, express or implied, with respect to any such
Equipment in connection with such sale or transfer and assignment. Nothing in
this

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<PAGE>
Section 5.22 shall diminish the Servicer's obligations pursuant to Section 7.01
with respect to the proceeds of any such sale.

                                   ARTICLE VI

                             COVENANTS OF THE ISSUER

         SECTION 6.01. LIMITED LIABILITY COMPANY EXISTENCE.

         During the term of this Agreement, the Issuer will keep in full force
and effect its existence, rights and franchises as a limited liability company
under the laws of the jurisdiction of its formation 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 Agreement, the other Transaction Documents and each other
instrument or agreement necessary or appropriate to the proper administration of
this Agreement and the transactions contemplated hereby. In addition, all
transactions and dealings between the Issuer and its Affiliates will be
conducted on an arm's-length basis.

         SECTION 6.02. CONTRACTS NOT TO BE EVIDENCED BY PROMISSORY NOTES.

         The Issuer will take no action to cause any Contract not originally
evidenced by an instrument as described in Section 2.06 hereof, to be evidenced
by an instrument (as defined in the UCC), except in connection with the
enforcement or collection of such Contract.

         SECTION 6.03. SECURITY INTERESTS.

         Except as permitted by the Indenture, the Issuer will not sell, pledge,
assign or transfer to any other Person, or grant, create, incur, assume or
suffer to exist any Lien on any Contract in the Contracts Pool or any related
Equipment owned by it, whether now existing or hereafter transferred to the
Issuer, or any interest therein. The Issuer will immediately notify the
Indenture Trustee of the existence of any Lien on any Contract in the Contracts
Pool or any related Equipment owned by it; and the Issuer shall defend the
right, title and interest of the Indenture Trustee in, to and under the
Contracts in the Contracts Pool and the related Equipment, against all claims of
third parties; provided, however, that nothing in this Section 6.03 shall
prevent or be deemed to prohibit the Issuer from suffering to exist Permitted
Liens upon any of the Contracts in the Contracts Pool or any related Equipment.

         SECTION 6.04. DELIVERY OF COLLECTIONS.

         The Issuer agrees to pay to the Servicer promptly (but in no event
later than two Business Days after receipt) all Collections received by the
Issuer in respect of the Contracts in the Contracts Pool, for application in
accordance with Section 7.01.

         SECTION 6.05. REGULATORY FILINGS.

         The Issuer shall make any filings, reports, notices, applications and
registrations with, and seek any consents or authorizations from, the Commission
and any state securities authority

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<PAGE>
as may be necessary or that the Issuer deems advisable to comply with any
federal or state securities or reporting requirements laws.

         SECTION 6.06. COMPLIANCE WITH LAW.

         The Issuer hereby agrees to comply in all material respects with all
Requirements of Law applicable to the Issuer.

         SECTION 6.07. ACTIVITIES.

         The Issuer shall not engage in any business or activity of any kind, or
enter into any transaction or indenture, mortgage, instrument, agreement,
contract, lease or other undertaking, which is not directly related to the
transactions contemplated and authorized by this Agreement or the other
Transaction Documents.

         SECTION 6.08. INDEBTEDNESS.

         The Issuer shall not create, incur, assume or suffer to exist any
Indebtedness or other liability whatsoever, except (i) obligations incurred
under this Agreement or (ii) liabilities incident to the maintenance of its
entity existence in good standing.

         SECTION 6.09. GUARANTEES.

         The Issuer shall not become or remain liable, directly or contingently,
in connection with any Indebtedness or other liability of any other Person,
whether by guarantee, endorsement (other than endorsements of negotiable
instruments for deposit or collection in the ordinary course of business),
agreement to purchase or repurchase, agreement to supply or advance funds.

         SECTION 6.10. INVESTMENTS.

         The Issuer shall not make or suffer to exist any loans or advances to,
or extend any credit to, or make any investments (by way of transfer of
property, contributions to capital, purchase of stock or securities or evidences
of indebtedness, acquisition of the business or assets, or otherwise) in, any
Person except (i) for purchases of Contract Assets from the Originator or (ii)
for investments in Eligible Investments in accordance with the terms of this
Agreement. Without limiting the generality of the foregoing, the Issuer shall
not provide credit to any Noteholder for the purpose of enabling such Noteholder
to purchase any Notes.

         SECTION 6.11. MERGER; SALES.

         The Issuer shall not enter into any transaction of merger or
consolidation, or liquidate or dissolve itself (or suffer any liquidation or
dissolution) or acquire or be acquired by any Person, or convey, sell, lease or
otherwise dispose of all or substantially all of its property or business,
except as provided for in this Agreement.

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<PAGE>
         SECTION 6.12. PAYMENTS.

         The Issuer shall not declare or pay, directly or indirectly, any
dividend or make any other payment (whether in cash or other property) with
respect to the profits, assets or capital of the Issuer or any Person's interest
therein, or purchase, redeem or otherwise acquire for value any of its equity
ownership interests now or hereafter outstanding, except that so long as no
Event of Default has occurred and is continuing and no Event of Default would
occur as a result thereof or after giving effect thereto and the Issuer would
continue to be Solvent as a result thereof and after giving effect thereto, and
otherwise act in accordance with the Transaction Documents, the Issuer may
effect payments of its earnings in respect of Pledged Assets to its members.

         SECTION 6.13. OTHER AGREEMENTS.

         The Issuer shall not become a party to, or permit any of its properties
to be bound by, any indenture, mortgage, instrument, contract, agreement, lease
or other undertaking, except this Agreement and the other Transaction Documents
to which it is a party; nor shall it amend or modify the provisions of its
certificate of formation or its limited liability company agreement or issue any
power of attorney except to the Indenture Trustee or the Servicer except in
accordance with the Transaction Documents.

         SECTION 6.14. SEPARATE ENTITY EXISTENCE.

         The Issuer shall:

                  (i) Maintain its own deposit account or accounts, separate
         from those of any Affiliate, with commercial banking institutions. The
         funds of the Issuer will not be diverted to any other Person or for
         other than authorized uses of the Issuer.

                  (ii) Ensure that, to the extent that it shares the same
         officers or other employees as its member or Affiliates, the salaries
         of and the expenses related to providing benefits to such officers and
         other employees shall be fairly allocated among such entities, and each
         such entity shall bear its fair share of the salary and benefit costs
         associated with all such common officers and employees.

                  (iii) Ensure that, to the extent that it jointly contracts
         with its member or Affiliates to do business with vendors or service
         providers or to share overhead expenses, the costs incurred in so doing
         shall be allocated fairly among such entities, and each such entity
         shall bear its fair share of such costs. To the extent that the Issuer
         contracts or does business with vendors or service providers when the
         goods and services provided are partially for the benefit of any other
         Person, the costs incurred in so doing shall be fairly allocated to or
         among such entities for whose benefit the goods and services are
         provided, and each such entity shall bear its fair share of such costs.
         All material transactions between Issuer and any of its Affiliates
         shall be only on an arm's length basis.

                  (iv) To the extent that the Issuer, its member or Affiliates
         have offices in the same location, there shall be a fair and
         appropriate allocation of overhead costs among them, and each such
         entity shall bear its fair share of such expenses.

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                  (v) Conduct its affairs strictly in accordance with its
         certificate of formation or its limited liability company agreement and
         observe all necessary, appropriate and customary company formalities,
         including, but not limited to, holding all regular and special members'
         meetings appropriate to authorize all entity action, keeping separate
         and accurate records of its meetings, passing all resolutions or
         consents necessary to authorize actions taken or to be taken, and
         maintaining accurate and separate books, records and accounts,
         including, but not limited to, payroll and intercompany transaction
         accounts.

                  (vi) Take or refrain from taking, as applicable, each of the
         activities specified in the "substantive consolidation" opinion of
         Chapman and Cutler, delivered on the Closing Date, upon which the
         conclusions expressed therein are based.

         SECTION 6.15. LOCATION; RECORDS.

         The Issuer (x) shall not move outside the State of Iowa, the location
of its chief executive office or its state of formation, without 30 days' prior
written notice to the Indenture Trustee and (y) shall not move or permit the
Servicer to move the location of the Contract Files from the location(s) thereof
on the Closing Date, without 30 days' prior written notice to the Indenture
Trustee and (z) will promptly take all actions required (including, but not
limited to, all filings and other acts necessary or advisable under the UCC of
each relevant jurisdiction in order to continue the first priority perfected
security interest of the Indenture Trustee in all Contracts in the Contracts
Pool). The Issuer will give the Indenture Trustee prompt notice of a change
within the State of Iowa of the location of its chief executive office.

         SECTION 6.16. LIABILITY OF ISSUER; INDEMNITIES.

         The Issuer shall be liable in accordance herewith only to the extent of
the obligations specifically undertaken by the Issuer under this Agreement.

         The Issuer shall indemnify, defend and hold harmless the Indenture
Trustee and the Servicer from and against any taxes that may at any time be
asserted against any such Person with respect to the transactions contemplated
herein and in the other Transaction Documents, including any sales, gross
receipts, general corporation, tangible personal property, Iowa personal
property replacement privilege or license taxes and costs and expenses in
defending against the same.

         The Issuer shall indemnify, defend and hold harmless the Indenture
Trustee and the Noteholders from and against any loss, liability or expense
incurred by reason of the Issuer's willful misfeasance, bad faith or negligence
(other than errors in judgment) in the performance of its duties under this
Agreement, or by reason of reckless disregard of its obligations and duties
under this Agreement.

         The Issuer shall indemnify, defend and hold harmless the Indenture
Trustee, its officers, directors, agents and employees, from and against all
costs, expenses, losses, claims, damages and liabilities arising out of or
incurred in connection with the acceptance or performance of the trusts and
duties herein and in the Indenture and any other document or transaction
contemplated in connection herewith or therewith, except to the extent that such
cost, expense, loss, claim,

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<PAGE>
damage or liability, shall be due to the willful misfeasance, bad faith or
negligence of the Indenture Trustee.

         The Issuer shall indemnify, defend and hold harmless the Indenture
Trustee, their officers, directors, agents and employees, from and against any
loss, liability or expense incurred by reason of the Issuer's violation of
federal or state securities laws in connection with the offering and sale of the
Notes.

         Indemnification under this Section shall include, without limitation,
reasonable fees and expenses of counsel and expenses of litigation. If the
Issuer shall have made any indemnity payments pursuant to this Section and the
Person to or on behalf of whom such payments are made thereafter shall collect
any of such amounts from others, such Person shall promptly repay such amounts
to the Issuer, without interest.

         SECTION 6.17. BANKRUPTCY LIMITATIONS.

         The Issuer shall not, without the affirmative vote of the board of
directors of the Issuer (which must include the affirmative vote of the
Independent Directors) (A) dissolve or liquidate, in whole or in part, or
institute proceedings to be adjudicated bankrupt or insolvent, (B) consent to
the institution of bankruptcy or insolvency proceedings against it, (C) file a
petition seeking or consent to reorganization or relief under any applicable
federal or state law relating to bankruptcy, (D) consent to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of the corporation or a substantial part of its property, (E) make a
general assignment for the benefit of creditors, (F) admit in writing its
inability to pay its debts generally as they become due, or (G) take any entity
action in furtherance of the actions set forth in clauses (A) through (F) above.

         SECTION 6.18. LIMITATION ON LIABILITY OF ISSUER AND OTHERS.

         The Issuer and any director or officer or employee or agent of the
Issuer may rely in good faith on any document of any kind, prima facie properly
executed and submitted by any Person respecting any matters arising hereunder.
The Issuer and any director or officer or employee or agent of the Issuer shall
be reimbursed by the Indenture Trustee for any liability or expense incurred by
reason of the Indenture Trustee's willful misfeasance, bad faith or gross
negligence (except errors in judgment) in the performance of its duties
hereunder, or by reason of reckless disregard of its obligations and duties
hereunder. The Issuer shall not be under any obligation to appear in, prosecute
or defend any legal action that shall not be incidental to its obligations under
this Agreement, and that in its opinion may involve it in any expense or
liability.

         SECTION 6.19. CHIEF EXECUTIVE OFFICE.

         During the term of this Agreement, and subject to the other terms and
provisions herein relating to changes in location, the Issuer will maintain its
chief executive office in one of the States of the United States.

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                                   ARTICLE VII

             ESTABLISHMENT OF ACCOUNTS; DISTRIBUTIONS; RESERVE FUND

         SECTION 7.01. TRUST ACCOUNTS; COLLECTIONS.

         (a) On or before the Closing Date, the Issuer shall establish the
Collection Account, Note Distribution Account, Reserve Fund, the Residual
Account and the Payahead Account, each in the name of the Indenture Trustee for
the benefit of the Noteholders. The Residual Account, Reserve Fund, and Payahead
Account may be sub-accounts of the Collection Account. All of the Trust Accounts
shall be established and maintained at JPMorgan Chase Bank. The Servicer and
Indenture Trustee are hereby required to ensure that each of the Trust Accounts
is established and maintained as an Eligible Deposit Account with a Qualified
Institution. If any institution with which any of the accounts established
pursuant to this Section 7.01(a) are established ceases to be a Qualified
Institution, the Servicer, or if the Servicer fails to do so, the Indenture
Trustee shall within 10 Business Days establish a replacement account at a
Qualified Institution after notice of such event. In no event shall the
Indenture Trustee be responsible for monitoring whether such Eligible
Institution shall remain a Qualified Institution.

         (b) The Servicer has established an account at LaSalle Bank, N.A. (the
"Primary Bank"), for the deposit of the amounts representing payments sent by
Obligors and the deposit of amounts representing payments sent by customers
relating to contracts that have not been pledged to the Indenture Trustee. The
Servicer, as agent of the Issuer, shall establish another account at the Primary
Bank (the "Lock Box Account"), which shall be an Eligible Deposit Account in the
name of the Indenture Trustee for the benefit of the Noteholders, for the
deposit of the amounts representing payments sent by Obligors. On each Business
Day the Servicer will cause the Primary Bank to deposit all Collections that
have been sent to the Primary Bank into the Lock Box Account, and within two
Business Days of the deposit into the Lock Box Account with the Primary Bank, at
no later than 12:00 noon, New York time, the Servicer will cause the Primary
Bank to cause the amounts in the Lock Box Account to be deposited into the
Collection Account. The Servicer, as agent of the Issuer, will also establish an
account at Wells Fargo Bank Iowa, National Association (the "Secondary Bank")
for the deposit of the amounts representing payments sent by Obligors and the
deposit of amounts representing payments sent by customers relating to lease
contracts which have not been pledged to the Indenture Trustee. The Servicer, as
agent of the Issuer, shall establish another account at the Secondary Bank (a
"Lock Box Account"), which shall be an Eligible Deposit Account in the name of
the Indenture Trustee for the benefit of the Noteholders, for the deposit of the
amounts representing payments sent by Obligors. On each Business Day the
Servicer will cause the Secondary Bank to deposit all Collections that have been
sent to its LockBox Account, and within two Business Days of the deposit into
such LockBox Account with the Secondary Bank, the Servicer shall cause the
Secondary Bank to cause the amounts in such LockBox Account to be deposited into
the Collection Account. The Primary Bank and the Secondary Bank are collectively
referred to herein as the "Local Banks."

         (c) On each Business Day, the Servicer shall review the amounts that
have been sent to the Local Banks and direct the Local Banks to transfer any
Excluded Amounts to the Servicer. If the Servicer receives any payments relating
to Collections, the Servicer shall hold in trust for

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the benefit of the Noteholders any such payment until such time as the Servicer
transfers any such payment to the Indenture Trustee for deposit in the
Collection Account. The Servicer shall remit such payments to the Indenture
Trustee for deposit in the Collection Account within two Business Days of
receipt.

         (d) Notwithstanding Sections 7.01(b) and (c), the Servicer shall not be
required to deposit or cause to be deposited Collections on any Contracts in the
Contracts Pool on which (and to the extent that) the Servicer has previously
made a Servicer Advance that has not been reimbursed, which amounts the Servicer
may retain (as reimbursement of such Servicer Advance).

         (e) Notwithstanding Sections 7.01(b) and (c), if (i) the Servicer makes
a deposit into the Collection Account in respect of a Collection of a Contract
in the Contract Pool and such Collection was received by the Servicer in the
form of a check that is not honored for any reason, or (ii) the Servicer makes a
mistake with respect to the amount of any Collection and deposits an amount that
is less than or more than the actual amount of such Collection, the Servicer
shall appropriately adjust the amount subsequently deposited into the Collection
Account to reflect such dishonored check or mistake. Any Scheduled Payment in
respect of which a dishonored check is received shall be deemed not to have been
paid.

         SECTION 7.02. RESERVE FUND DEPOSIT.

         On the Closing Date, the Issuer shall deposit the Reserve Fund Initial
Deposit into the Reserve Fund from the net proceeds of the Notes.

         SECTION 7.03. TRUST ACCOUNT PROCEDURES.

         If the Servicer so directs, in writing, the Indenture Trustee shall
accept such directions as directions of the Issuer and shall invest the amounts
in the Trust Accounts in Qualified Eligible Investments of the type specified in
such written direction that mature or are withdrawable not later than one
Business Day prior to the next succeeding Payment Date. Once such funds are
invested, the Indenture Trustee shall not change the investment of such funds.
Any loss on such investments shall be deposited in the applicable Trust Account
by the Servicer out of its own funds immediately as realized. Subject to the
restrictions herein, the Indenture Trustee may purchase a Qualified Eligible
Investment from itself or an Affiliate. Subject to the other provisions hereof,
the Indenture Trustee shall have sole control over each such investment and the
income thereon, and any certificate or other instrument evidencing any such
investment, if any, shall be delivered directly to the Indenture Trustee or its
agent, together with each document of transfer, if any, necessary to transfer
title to such investment to the Indenture Trustee in a manner which complies
with this Section 7.03. All Investment Earnings on investments of funds in the
Trust Accounts shall be deposited in the Collection Account pursuant to Section
7.01 and distributed on the next Payment Date pursuant to Section 7.05. The
Issuer agrees and acknowledges that the Indenture Trustee is to have "control"
(within the meaning of Section 8-102 of the UCC as enacted in Iowa) of
collateral comprised of "Investment Property" (within the meaning of Section
9-102(a)(49) of the UCC as enacted in Iowa) for all purposes of this Agreement.
In the absence of timely written direction from the Servicer, the Indenture

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Trustee shall invest amounts in the Trust Accounts in Qualified Eligible
Investments of the type specified in clause (vi) of the definition of Eligible
Investments herein.

         SECTION 7.04. NOTEHOLDER DISTRIBUTIONS.

         (a) Each Noteholder as of the related Record Date shall be entitled to
distributions payable to the Noteholder on the next succeeding Payment Date by
check mailed to such Noteholder at the address for such Noteholder appearing on
the Note Register or by wire transfer if such Noteholder provides written
instructions to the Indenture Trustee at least ten days prior to such Payment
Date.

         (b) The Indenture Trustee shall serve as the Paying Agent hereunder and
shall make the payments to the Noteholders required hereunder. The Indenture
Trustee hereby agrees that all amounts held by it for payment hereunder will be
held in trust for the benefit of the Noteholders.

         SECTION 7.05. ALLOCATIONS AND DISTRIBUTIONS.

         (a) Allocations and Distributions Prior to an Event of Default. On each
Payment Date prior to an Event of Default, the Servicer, pursuant to written
monthly payment instructions and notification received by the Indenture Trustee
no later than the related Determination Date, shall instruct the Indenture
Trustee to withdraw, and on such Payment Date the Indenture Trustee acting in
accordance with such written instructions shall withdraw, the amounts required
to be withdrawn from the Collection Account pursuant to this Section and
deposited to the Note Distribution Account (pursuant to Sections 3.01 and
8.02(b) of the Indenture) in order to make the following payments or allocations
from the Available Amounts for such Payment Date (in each case, such payment or
transfer to be made only to the extent funds remain available therefor after all
prior payments and transfers for such Payment Date have been made), in the
following order of priority:

                  (i) pay to the Servicer, the amount of any Unreimbursed
         Servicer Advance to the extent that such Unreimbursed Servicer Advance
         relates to a Scheduled Payment on a Contract that has subsequently been
         received or that the Servicer determines that such Unreimbursed
         Servicer Advance will not be recovered from the Contract with respect
         to which it relates;

                  (ii) pay to the Indenture Trustee the costs and expenses
         associated with the appointment of a Successor Servicer and the
         transition relating thereto (which amount shall not, taken in the
         aggregate with all other amounts withdrawn for such purpose during the
         term of the transaction, exceed the Trustee Cap);

                  (iii) pay to the Servicer, the monthly Servicing Fee for the
         preceding Collection Period together with any amounts in respect of the
         Servicing Fee that were due in respect of prior Collection Periods that
         remain unpaid;

                  (iv) pay to the Indenture Trustee (A) any amounts for the fees
         (to the extent such fees have not paid by the Servicer), expenses and
         indemnity payments, if any, due and payable to the Indenture Trustee
         and (B) until such time as a Successor Servicer has been appointed
         pursuant to Section 8.03, an amount equal to the product of (1)
         one-

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         twelfth, (2) 0.025% and (3) the aggregate remaining Principal Balance
         of the Contracts Pool as of the first day of the related Collection
         Period;

                  (v) pay to the Noteholders, pro rata, an amount equal to any
         indemnity payments that Noteholders may have elected to pay to the
         Indenture Trustee in accordance with the terms of the Indenture;

                  (vi) pay to the Indenture Trustee on behalf of the Class A-1
         Noteholders, Class A-2 Noteholders, Class A-3 Noteholders and Class A-4
         Noteholders an amount equal to interest accrued in respect of the
         related Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4
         Notes at the Class A-1 Interest Rate, Class A-2 Interest Rate, Class
         A-3 Interest Rate and Class A-4 Interest Rate, respectively, for the
         Accrual Period immediately preceding such Payment Date, together with
         any such amounts that accrued in respect of prior Accrual Periods for
         which no allocation was previously made together with interest on such
         unpaid amounts from prior Collection Periods at the applicable interest
         rate for such Class of Notes; provided that if the Available Amounts
         remaining to be allocated pursuant to this clause are less than the
         full amount required to be so allocated, such remaining Available
         Amounts shall be allocated to each Holder of a Class A Note pro rata
         based upon the outstanding Principal Amount thereof;

                  (vii) pay to the Indenture Trustee on behalf of the Class B
         Noteholders an amount equal to the interest accrued thereon at the
         Class B Interest Rate for the Accrual Period immediately preceding such
         Payment Date, together with any amounts that accrued in respect of
         prior Accrual Periods for which no allocation was previously made
         together with interest on such unpaid amounts from prior Collection
         Periods at the Class B Interest Rate; provided that if the Available
         Amounts remaining to be allocated pursuant to this clause are less than
         the full amount required to be so paid, such remaining Available Amount
         shall be paid to each Class B Noteholder pro rata based on the
         outstanding Principal Amount thereof;

                  (viii) pay to the Indenture Trustee on behalf of the Class C
         Noteholders, an amount equal to the interest accrued thereon at the
         Class C Interest Rate for the Accrual Period immediately preceding such
         Payment Date, together with any such amounts that accrued in respect of
         prior Accrual Periods for which no allocation was previously made
         together with interest on such unpaid amounts from prior Collection
         Periods at the Class C Interest Rate; provided that if the Available
         Amounts remaining to be allocated pursuant to this clause are less than
         the full amount required to be so paid, such remaining Available
         Amounts shall be paid to each Class C Noteholder pro rata based on the
         outstanding Principal Amount thereof;

                  (ix) pay to the Indenture Trustee on behalf of the Class D
         Noteholders, an amount equal to the interest accrued thereon at the
         Class D Interest Rate for the Accrual Period immediately preceding such
         Payment Date, together with any such amounts that accrued in respect of
         prior Accrual Periods for which no allocation was previously made
         together with interest on such unpaid amounts from prior Collection
         Periods at the Class D Interest Rate; provided that if the Available
         Amounts remaining to be allocated pursuant to this clause are less than
         the full amount required to be so paid, such

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         remaining Available Amounts shall be paid to each Class D Noteholder
         pro rata based on the outstanding Principal Amount thereof;

                  (x) pay to the Indenture Trustee, on behalf of the Class A-1
         Noteholders, the Class A Principal Payment Amount for such Payment
         Date; provided that if the Available Amounts remaining to be allocated
         pursuant to this clause are less than the full amount required to be so
         paid, such remaining Available Amounts shall be allocated to each Class
         A-1 Note pro rata based on the outstanding principal amount thereof;

                  (xi) pay to the Indenture Trustee, on behalf of the Class A-2
         Noteholders, (A) $0 until the Payment Date on which the Principal
         Amount of the Class A-1 Notes is $0; (B) on the Payment Date on which
         the Principal Amount of the Class A-1 Notes is being reduced to $0, the
         excess of the Monthly Principal Amount over the amount necessary to
         reduce the Principal Amount of the Class A-1 Notes to $0 on such date,
         but only up to the amount of the Class A Principal Payment Amount, and
         (C) on each subsequent Payment Date, the Class A Principal Payment
         Amount; provided that if the Available Amounts remaining to be
         allocated pursuant to this clause are less than the full amount
         required to be so paid, such remaining Available Amounts shall be
         allocated to each Class A-2 Note pro rata based on the outstanding
         principal amount thereof;

                  (xii) pay to the Indenture Trustee, on behalf of the Class A-3
         Noteholders, (A) $0 until the Payment Date on which the Principal
         Amount of the Class A-1 Notes and Class A-2 Notes is $0, (B) on the
         Payment Date on which the Principal Amount of the Class A-2 Notes is
         being reduced to $0, the excess of the amount necessary to reduce the
         Principal Amount of the Class A-2 Notes to $0 on such date, but only to
         the amount of the Class A Principal Payment Amount and (C) on each
         subsequent Payment Date, the Class A Principal Payment Amount; provided
         that if the Available Amounts remaining to be allocated pursuant to
         this clause are less than the full amount required to be so paid, such
         remaining Available Amounts shall be allocated to each Class A-3 Note
         pro rata based on the outstanding principal amount thereof;

                  (xiii) pay to the Indenture Trustee, on behalf of the Class
         A-4 Noteholders, (A) $0 until the Payment Date on which the Principal
         Amount of the Class A-1 Notes, Class A-2 Notes and Class A-3 Notes is
         $0, (B) on the Payment Date on which the Principal Amount of the Class
         A-3 Notes is being reduced to $0, the excess of the amount necessary to
         reduce the Principal Amount of the Class A-3 Notes to $0 on such date,
         but only to the amount of the Class A Principal Payment Amount and (C)
         on each subsequent Payment Date, the Class A Principal Payment Amount;
         provided that if the Available Amounts remaining to be allocated
         pursuant to this clause are less than the full amount required to be so
         paid, such remaining Available Amounts shall be allocated to each Class
         A-4 Note pro rata based on the outstanding principal amount thereof;

                  (xiv) pay to the Indenture Trustee, on behalf of the Class B
         Noteholders, the Class B Principal Payment Amount; provided that if the
         Available Amounts remaining to be allocated pursuant to this clause are
         less than the full amount required to be so paid, such remaining
         Available Amounts shall be allocated to each Class B Note pro rata
         based on the outstanding principal amount thereof;

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<PAGE>
                  (xv) pay to the Indenture Trustee, on behalf of the Class C
         Noteholders, the Class C Principal Payment Amount; provided that if the
         Available Amounts remaining to be allocated pursuant to this clause are
         less than the full amount required to be so paid, such remaining
         Available Amounts shall be allocated to each Class C Note pro rata
         based on the outstanding principal amount thereof;

                  (xvi) pay to the Indenture Trustee, on behalf of the Class D
         Noteholders, the Class D Principal Payment Amount; provided that if the
         Available Amounts remaining to be allocated pursuant to this clause are
         less than the full amount required to be so paid, such remaining
         Available Amounts shall be allocated to each Class D Note pro rata
         based on the outstanding principal amount thereof;

                  (xvii) pay to the Indenture Trustee,

                           (A) on behalf of the Class A-1 Noteholders, on each
                  subsequent Payment Date, the Additional Principal, if any,
                  until the Principal Amount of the Class A-1 Notes is $0;
                  provided that if the Additional Principal exceeds the amount
                  needed to reduce the Principal Amount of the Class A-1 Notes
                  to $0, then such excess shall be paid to the Class A-2
                  Noteholders;

                           (B) on behalf of the Class A-2 Noteholders, (1) $0
                  until the Payment Date on which the Principal Amount of the
                  Class A-1 Notes is $0 and (2) on each subsequent Payment Date,
                  the Additional Principal, if any, until the Principal Amount
                  of the Class A-2 Notes is $0; provided that if the Additional
                  Principal exceeds the amount needed to reduce the Principal
                  Amount of the Class A-2 Notes to $0, then such excess shall be
                  paid to the Class A-3 Noteholders;

                           (C) on behalf of the Class A-3 Noteholders, (1) $0
                  until the Payment Date on which the Principal Amount of the
                  Class A-1 Notes and Class A-2 Notes is $0 and (2) on each
                  subsequent Payment Date, the Additional Principal, if any,
                  until the Principal Amount of the Class A-3 Notes is $0;
                  provided that if the Additional Principal exceeds the amount
                  needed to reduce the Principal Amount of the Class A-3 Notes
                  to $0, then such excess shall be paid to the Class A-4
                  Noteholders;

                           (D) on behalf of the Class A-4 Noteholders, (1) $0
                  until the Payment Date on which the Principal Amount of the
                  Class A-1 Notes, Class A-2 Notes and Class A-3 Notes is $0 and
                  (2) on each subsequent Payment Date, the Additional Principal,
                  if any, until the Principal Amount of the Class A-4 Notes is
                  $0; provided that if the Additional Principal exceeds the
                  amount needed to reduce the Principal Amount of the Class A-4
                  Notes to $0, then such excess shall be paid to the Class B
                  Noteholders;

                           (E) on behalf of the Class B Noteholders, (1) $0
                  until the Payment Date on which the Principal Amount of the
                  Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class
                  A-4 Notes is $0 and (2) on each subsequent Payment Date, the
                  Additional Principal, if any, until the Principal Amount of
                  the Class B

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                  Notes is $0; provided that if the Additional Principal exceeds
                  the amount needed to reduce the Principal Amount of the Class
                  B Notes to $0, then such excess shall be paid to the Class C
                  Noteholders;

                           (F) on behalf of the Class C Noteholders, (1) $0
                  until the Payment Date on which the Principal Amount of the
                  Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
                  Notes and Class B Notes is $0 and (2) on each subsequent
                  Payment Date, the Additional Principal, if any, until the
                  Principal Amount of the Class C Notes is $0; and

                           (G) on behalf of the Class D Noteholders, (1) $0
                  until the Payment Date on which the Principal Amount of the
                  Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
                  Notes, Class B Notes and Class C Notes is $0 and (2) on each
                  subsequent Payment Date, the Additional Principal, if any,
                  until the Principal Amount of the Class D Notes is $0; and

                           (H) if the sum of (i) the remaining Available
                  Amounts, (ii) any other funds available in the Collection
                  Account as of the Determination Date (which for purposes of
                  this subparagraph (H) will be deemed to be "Available
                  Amounts") and (iii) the remaining amounts held in the Reserve
                  Fund, the Residual Account and the Payahead Account equals or
                  exceeds the sum of the remaining Principal Amount of the Notes
                  and any accrued and unpaid Servicing Fee, pay to the Indenture
                  Trustee on behalf of the Noteholders an amount equal to such
                  remaining Principal Amount minus the aggregate amount of any
                  distributions then on deposit in the Note Distribution
                  Account, if any, for such Class of Notes established in
                  accordance with the Indenture and to be applied in reduction
                  of such principal amount in accordance with such Indenture;

                  (xviii) unless the Principal Amount of all Notes will be fully
         paid on such Payment Date, pay to the Indenture Trustee, for deposit
         into the Reserve Fund, such remaining Available Amounts up to such
         amount as may be required to cause the amounts on deposit in the
         Reserve Fund to equal the Required Reserve Amount;

                  (xix) unless the Principal Amount of all Notes will be fully
         paid on such Payment Date, if a Residual Event shall have occurred and
         be continuing, pay to the Indenture Trustee for deposit into the
         Residual Account, the lesser of (A) the remaining Available Amounts and
         (B) the aggregate amount of Residual Receipts actually collected and
         included in Available Amounts for that Payment Date;

                  (xx) pay to the Indenture Trustee all amounts due it and not
         paid pursuant to Section 7.05(a)(ii) by reason of the limitation in
         such clause;

                  (xxi) pay any remaining Available Amounts to the Issuer.

         Prior to the occurrence of an Event of Default, if the Available
Amounts are less than the amount required to make in full the payments and
allocations set forth in Sections 7.05(a)(i)-(xvii) above or to make principal
payments due with respect to any payment at final maturity of any Notes, amounts
held in the Residual Account shall be withdrawn in order

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for any of such payments or allocations to be made and such amounts will be
considered as Available Amounts for such purpose only.

         Prior to the occurrence of an Event of Default, if the Available
Amounts and any amounts available from the Residual Account are less than the
amount required to make in full the payments and allocations set forth in
Sections 7.05(a)(i)-(xvii) above or to make principal payments due with respect
to any payment at final maturity of any Notes, amounts held in the Reserve Fund
shall be withdrawn in order for any of such payments or allocations to be made
and such amounts will be considered as Available Amounts for such purpose only.

         (b) Allocations and Payments after an Event of Default. On each Payment
Date after the occurrence and during the continuance of an Event of Default, the
Servicer, pursuant to monthly payment instructions and notification received by
the Indenture Trustee no later than the related Determination Date, shall
instruct the Indenture Trustee in writing to withdraw, and on such Payment Date
the Indenture Trustee acting in accordance with such instructions shall
withdraw, the amounts required to be withdrawn from the Collection Account
pursuant to this Section and deposited to the Note Distribution Account
(pursuant to Sections 3.01 and 8.02(b) of the Indenture) in order to make the
following payments or allocations from the Available Amounts for such Payment
Date (in each case, such payment or transfer to be made only to the extent funds
remain available therefor after all prior payments and transfers for such
Payment Date have been made), in the following order of priority:

                  (i) pay, first, to the Indenture Trustee (to the extent not
         paid by the Servicer) (A) the amount of any accrued and unpaid fees,
         expenses and indemnity payments due it either as Indenture Trustee or
         as a paying agent of the Issuer, any tax, fee, expense, charge or other
         loss incurred by it (to the extent not previously reimbursed)
         (including, without limitation, the expense of sale, taking or other
         proceeding, attorneys' fees and expenses, court costs, and any other
         expenditures incurred or expenditures or advances made by the Indenture
         Trustee in the protection, exercise or enforcement of any right, power
         or remedy or any damages sustained by the Indenture Trustee, liquidated
         or otherwise, upon the Event of Default giving rise to such
         expenditures or advances) and shall be applied by the Indenture Trustee
         in reimbursement of such costs and expenses, (B) the costs and expenses
         associated with the appointment of a Successor Servicer and the
         transition relating thereto (which amount described in clause (B) shall
         not, taken in the aggregate with all other amounts withdrawn in
         accordance with this Section 7.05(b)(i)(B) and Section 7.05(a)(ii)
         during the term of the transaction, exceed the Trustee Cap) and (C)
         until such time as a Successor Servicer has been appointed pursuant to
         Section 8.03, an amount equal to the product of (1) one-twelfth, (2)
         0.025% and (3) the aggregate remaining Principal Balance of the
         Contracts Pool as of the first day of the related Collection Period;

                  (ii) pay to the Noteholders, pro rata, an amount equal to any
         indemnity payments that Noteholders may have elected to pay to the
         Indenture Trustee in accordance with the terms of the Indenture;

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                  (iii) pay to the Servicer, the monthly Servicing Fee for the
         preceding monthly period together with any amounts in respect of the
         Servicing Fee that were due in respect of prior monthly periods that
         remain unpaid;

                  (iv) pay to the Indenture Trustee on behalf of the Class A-1
         Noteholders, Class A-2 Noteholders, Class A-3 Noteholders and Class A-4
         Noteholders an amount equal to interest accrued in respect of the
         related Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4
         Notes at the Class A-1 Interest Rate, Class A-2 Interest Rate, Class
         A-3 Interest Rate and Class A-4 Interest Rate, respectively, for the
         Accrual Period immediately preceding such Payment Date, together with
         any such amounts that accrued in respect of prior Accrual Periods for
         which no allocation was previously made together with interest on such
         unpaid amounts from prior Collection Periods at the applicable interest
         rate for such Class of Notes; provided that if the Available Amounts
         remaining to be allocated pursuant to this clause are less than the
         full amount required to be so allocated, such remaining Available
         Amounts shall be allocated to each Holder of a Class A Note pro rata
         based upon the outstanding Principal Amount thereof;

                  (v) pay to the Indenture Trustee on behalf of the Class B
         Noteholders an amount equal to the interest accrued thereon at the
         Class B Interest Rate for the Accrual Period immediately preceding such
         Payment Date, together with any amounts that accrued in respect of
         prior Accrual Periods for which no allocation was previously made
         together with interest on such unpaid amounts from prior Collection
         Periods at the Class B Interest Rate; provided that if the Available
         Amounts remaining to be allocated pursuant to this clause are less than
         the full amount required to be so paid, such remaining Available Amount
         shall be paid to each Class B Noteholder pro rata based on the
         outstanding Principal Amount thereof;

                  (vi) pay to the Indenture Trustee on behalf of the Class C
         Noteholders, an amount equal to the interest accrued thereon at the
         Class C Interest Rate for the Accrual Period immediately preceding such
         Payment Date, together with any such amounts that accrued in respect of
         prior Accrual Periods for which no allocation was previously made
         together with interest on such unpaid amounts from prior Collection
         Periods at the Class C Interest Rate; provided that if the Available
         Amounts remaining to be allocated pursuant to this clause are less than
         the full amount required to be so paid, such remaining Available
         Amounts shall be paid to each Class C Noteholder pro rata based on the
         outstanding Principal Amount thereof;

                  (vii) pay to the Indenture Trustee on behalf of the Class D
         Noteholders, an amount equal to the interest accrued thereon at the
         Class D Interest Rate for the Accrual Period immediately preceding such
         Payment Date, together with any such amounts that accrued in respect of
         prior Accrual Periods for which no allocation was previously made
         together with interest on such unpaid amounts from prior Collection
         Periods at the Class D Interest Rate; provided that if the Available
         Amounts remaining to be allocated pursuant to this clause are less than
         the full amount required to be so paid, such remaining Available
         Amounts shall be paid to each Class D Noteholder pro rata based on the
         outstanding Principal Amount thereof;

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<PAGE>
                  (viii) pay to the Indenture Trustee, on behalf of Class A-1
         Noteholders, the Principal Amount of the Class A-1 Notes;

                  (ix) pay to the Indenture Trustee, on behalf of the Class A-2
         Noteholders, Class A-3 Noteholders and Class A-4 Noteholders, the
         Principal Amounts of the Class A-2 Notes, Class A-3 Notes and Class A-4
         Notes; provided that if the Available Amounts remaining to be allocated
         pursuant to this clause are less than the full amount required to be so
         paid, such remaining Available Amounts shall be allocated to each Class
         A-2 Note, Class A-3 Note and Class A-4 Note pro rata based on the
         outstanding principal amount of each such Class of Notes;

                  (x) pay to the Indenture Trustee, on behalf of the Class B
         Noteholders, the Principal Amount of the Class B Notes for such Payment
         Date; provided (i) that if the Available Amounts remaining to be
         allocated pursuant to this clause are less than the full amount
         required to be so paid, such remaining Available Amounts shall be
         allocated to each Class B Note pro rata based on the outstanding
         principal amount thereof, and (ii) if the amount to be allocated
         pursuant to this clause exceeds the amount needed to repay outstanding
         Class B Note principal in full, then such excess shall be applied in
         repayment of principal on the Class C Notes;

                  (xi) pay to the Indenture Trustee, on behalf of the Class C
         Noteholders, the Principal Amount of the Class C Notes for such Payment
         Date; provided (i) that if the Available Amounts remaining to be
         allocated pursuant to this clause are less than the full amount
         required to be so paid, such remaining Available Amounts shall be
         allocated to each Class C Note pro rata based on the outstanding
         principal amount thereof, and (ii) if the amount to be allocated
         pursuant to this clause exceeds the amount needed to repay outstanding
         Class C Note principal in full, then such excess shall be applied in
         repayment of principal on the Class D Notes;

                  (xii) pay to the Indenture Trustee, on behalf of the Class D
         Noteholders, the Principal Amount of the Class D Notes for such Payment
         Date; provided (i) that if the Available Amounts remaining to be
         allocated pursuant to this clause are less than the full amount
         required to be so paid, such remaining Available Amounts shall be
         allocated to each Class D Note pro rata based on the outstanding
         principal amount thereof, and (ii) if the amount to be allocated
         pursuant to this clause exceeds the amount needed to repay outstanding
         Class D Note principal in full, then such excess shall be applied as
         set forth in (xi) and (xiv) below;

                  (xiii) pay to the Indenture Trustee all amounts due it and not
         paid pursuant to Section 7.05(b)(i)(B) by reason of the limitation in
         such clause;

                  (xiv) pay to the Servicer, the amount of any Unreimbursed
         Servicer Advance to the extent that such Unreimbursed Servicer Advance
         relates to Scheduled Payment on a Contract that has subsequently been
         received or that the Servicer determines that such Unreimbursed
         Servicer Advance will not be recovered from the Contract with respect
         to which it relates; and

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                  (xv) pay all other remaining Available Amounts to the Issuer.

         Following the occurrence and during the continuance of an Event of
Default, if the Available Amounts are less than the amount required to make in
full the payments and allocations set forth in Sections 7.05(b)(i)-(xii) above,
amounts held in the Residual Account shall be withdrawn in order for the
payments or allocations set forth in Sections 7.05(b)(i)-(xii) to be made and
such amounts will be considered as Available Amounts for such purpose only.
Amounts withdrawn from the Residual Account pursuant to the preceding sentence
shall be applied to repay principal of such Notes in such order of priority set
forth in 7.05(b)(i)-(xii) until the Residual Account is exhausted.

         Following the occurrence and during the continuance of an Event of
Default, if the Available Amounts and any amounts available from the Residual
Account are less than the amount required to make in full the payments and
allocations set forth in Sections 7.05(b)(i)-(xii) above, amounts held in the
Reserve Fund shall be withdrawn in order for the payments or allocations set
forth in Sections 7.05(b)(i)-(xii) to be made and such amounts will be
considered as Available Amounts for such purpose only. Amounts withdrawn from
the Reserve Fund pursuant to the preceding sentence shall be applied to repay
principal of such Notes in such order of priority set forth in 7.05(b)(i)-(xii)
until the Reserve Fund is exhausted.

                                  ARTICLE VIII

                       SERVICER DEFAULT; SERVICE TRANSFER

         SECTION 8.01. SERVICER DEFAULT.

         "Servicer Default" means the occurrence of any of the following:

         (a) any failure by the Servicer to make any payment, transfer or
deposit or to give instructions or notice to the Issuer or Indenture Trustee
pursuant to this Agreement on or before the date occurring three Business Days
after the date such payment, transfer, deposit, or such instruction or notice or
report is required to be made or given, as the case may be, under the terms of
this Agreement; or

         (b) failure on the part of the Servicer duly to observe or perform in
any material respect any other covenants or agreements of the Servicer set forth
in this Agreement that has a material adverse effect on the Noteholders, which
continues unremedied for a period of 30 days after the first to occur of (i) the
date on which written notice of such failure requiring the same to be remedied
shall have been given to the Servicer by the Indenture Trustee or the Issuer or
to the Servicer and the Indenture Trustee by the Noteholders or the Indenture
Trustee on behalf of such Noteholders of Notes aggregating not less than 25% of
the Principal Amount of any Class adversely affected thereby and (ii) the date
on which the Servicer becomes aware thereof and such failure continues to
materially adversely affect such Noteholders for such period; or

         (c) any representation, warranty or certification made by the Servicer
in this Agreement or in any certificate delivered pursuant to this Agreement
shall prove to have been incorrect when made, which has a material adverse
effect on the Noteholders and that continues to be incorrect in any material
respect for a period of 30 days after the first to occur of (i) the

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date on which written notice of such incorrectness requiring the same to be
remedied shall have been given to the Servicer by the Indenture Trustee or the
Issuer, or to the Servicer, the Issuer and the Indenture Trustee by Noteholders
or by the Indenture Trustee on behalf of Noteholders of Notes aggregating not
less than 25% of the Principal Amount of any Class adversely affected thereby
and (ii) the date on which the Servicer becomes aware thereof, and such
incorrectness continues to materially adversely affect such Holders for such
period; or

         (d) an Insolvency Event shall occur with respect to the Servicer.

         Notwithstanding the foregoing, a delay in or failure of performance
referred to under clause (a) above for a period of five Business Days or
referred to under clause (b) or (c) for a period of 60 days (in addition to any
period provided in clause (a), (b) or (c)) shall not constitute a Servicer
Default until the expiration of such additional five Business Days or 60 days,
respectively, if such delay or failure could not be prevented by the exercise of
reasonable diligence by the Servicer and such delay or failure was caused by an
act of God or other events beyond the Servicer's control. 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
Agreement and the Servicer shall provide the Indenture Trustee and the Issuer
prompt notice of such failure or delay by it, together with a description of its
efforts to so perform its obligations. The Servicer shall immediately notify the
Indenture Trustee in writing of any Servicer Default.

         SECTION 8.02. SERVICER TRANSFER.

         (a) If a Servicer Default has occurred and is continuing, (x) the
Required Holders, or (y) the Indenture Trustee may, by written notice (a
"Termination Notice") delivered to the parties hereto, terminate the Servicer's
management, administrative, servicing, custodial and collection functions.

         (b) Upon delivery of the notice required by Section 8.02(a) (or, if
later, on a date designated therein), and on the date that a successor Servicer
shall have been appointed pursuant to Section 8.03 (such appointment being
herein called a "Servicer Transfer"), all rights, benefits, fees, indemnities,
authority and power of the Servicer under this Agreement, whether with respect
to the Contracts, the Contract Files or otherwise, shall pass to and be vested
in such successor (the "Successor Servicer") pursuant to and under this Section
8.02; and, without limitation, the Successor Servicer is authorized and
empowered to execute and deliver on behalf of the Servicer, as attorney-in-fact
or otherwise, any and all documents and other instruments, and to do any and all
acts or things necessary or appropriate to effect the purposes of such notice of
termination. The Servicer agrees to cooperate with the Successor Servicer in
effecting the termination of the responsibilities and rights of the Servicer
hereunder, including, without limitation, the transfer to the Successor Servicer
for administration by it of all cash amounts which shall at the time be held by
the Servicer for deposit, or have been deposited by the Servicer, in the
Collection Account, or for its own account in connection with its services
hereafter or thereafter received with respect to the Contracts. The Servicer
shall transfer to the Successor Servicer (i) all records held by the Servicer
relating to the Contracts in such electronic form as the Successor Servicer may
reasonably request and (ii) any Contract Files in the Servicer's possession. In
addition, the Servicer shall permit access to its premises (including all

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computer records and programs) to the Successor Servicer or its designee. Upon a
Servicer Transfer, the Successor Servicer shall be entitled to receive the
Servicing Fee for performing the obligations of the Servicer.

         SECTION 8.03. APPOINTMENT OF SUCCESSOR SERVICER; RECONVEYANCE;
                       SUCCESSOR SERVICER TO ACT.

         Upon delivery of the notice required by Section 8.02(a) (or, if later,
on a date designated therein), the Servicer shall continue to perform all
servicing functions under this Agreement until the date specified in the
Termination Notice or, if no such date is specified, until a date mutually
agreed by the Servicer and the Indenture Trustee. The Indenture Trustee shall as
promptly as possible after the giving of or receipt of a Termination Notice,
either (i) appoint a Successor Servicer, and such Successor Servicer shall
accept its appointment by a written assumption in a form acceptable to the
Indenture Trustee or (ii) succeed to all the responsibilities, duties and
liabilities of the Servicer under this Agreement. It is the intention of the
Indenture Trustee to appoint Textron Business Services Inc., if Textron Business
Services, Inc. is an Eligible Servicer at the time of such transition. It is
also the intention of the Indenture Trustee that on or before the Closing Date,
the Indenture Trustee shall enter into an arrangement with Textron Business
Services, Inc. whereby Textron Business Services, Inc. has agreed to accept its
appointment as Successor Servicer and perform all the responsibilities, duties
and liabilities as Servicer for a fee not to exceed the Servicing Fee based upon
a Servicing Fee Percentage equal to 0.75%. If (i) the Indenture Trustee does not
appoint Textron Business Services, Inc. as Successor Servicer or (ii) the
Indenture Trustee is unable to act as Successor Servicer or (iii) within 60 days
of delivery of a Termination Notice the Indenture Trustee is unable to obtain
any bids from Eligible Servicers and the Servicer shall have yet to cure the
Servicer Default, then the Indenture Trustee shall offer the Issuer, and the
Issuer shall offer the Originator, the right to accept retransfer of all the
Pledged Assets, and such parties may accept retransfer of such Pledged Assets in
consideration of the Issuer's delivery to the Collection Account on or prior to
the next upcoming Payment Date of a sum equal to (i) the Aggregate Principal
Amount of all Notes then outstanding, together with accrued and unpaid interest
thereon through such date of deposit (provided that the Indenture Trustee, if so
directed by the Required Holders in writing, need not accept and effect such
reconveyance in the absence of evidence (which may include valuations of an
investment bank or similar entity) reasonably acceptable to the Indenture
Trustee or Required Holders that such retransfer would not constitute a
fraudulent conveyance of the Issuer or the Originator) and (ii) all amounts
owing to the Indenture Trustee under the Indenture and hereunder.

         In the event that a Successor Servicer has not been appointed and has
not accepted its appointment at the time when the then Servicer has ceased to
act as Servicer, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer. Notwithstanding the
foregoing, if the Indenture Trustee is legally unable or prohibited from so
acting, it shall petition a court of competent jurisdiction to appoint any
established financial institution having a net worth of at least $50,000,000 and
whose regular business includes the servicing of contracts similar to the
Contracts (each an "Eligible Servicer") as the Successor Servicer hereunder. On
or after a Servicer Transfer, the Successor Servicer shall be the successor in
all respects to the Servicer in its capacity as servicer under this Agreement
and the transactions set forth or provided for herein and shall be subject to
all the responsibilities, duties and liabilities relating thereto placed on the
Servicer by the terms and provisions hereof, and the

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terminated Servicer shall be relieved of such responsibilities, duties and
liabilities arising after such Servicer Transfer; provided, however, that (i)
the Successor Servicer will not assume any obligations of the Servicer described
in Section 8.02 and (ii) the Successor Servicer shall not be liable for any acts
or omissions of the Servicer occurring prior to such Servicer Transfer or for
any breach by the Servicer of any of its representations and warranties
contained herein or in any related document or agreement. As compensation
therefor, the Successor Servicer shall be entitled to receive reasonable
compensation equal to the monthly Servicing Fee. The Noteholders and the
Indenture Trustee and such successor shall take such action, consistent with
this Agreement, as shall be necessary to effectuate any such succession. To the
extent the terminated Servicer has made Servicer Advances, it shall be entitled
to reimbursement of the same notwithstanding its termination hereunder, to the
same extent as if it had continued to service the Contracts hereunder. In
addition, it is understood and agreed that if an Event of Default has occurred
and a Servicer Transfer is being effected by action of the Indenture Trustee
hereunder, any documented expenses reasonably incurred by the Indenture Trustee
in connection with effecting such Servicer Transfer shall be deemed expenses
reimbursable from Available Amounts after an Event of Default pursuant to
Section 7.05(b)(i) hereof and Section 5.06(a)(first) of the Indenture.

         SECTION 8.04. NOTIFICATION TO NOTEHOLDERS.

         (a) Promptly following the occurrence of any Servicer Default, the
Servicer shall give written notice thereof to the Indenture Trustee, the Issuer
and each Rating Agency at the addresses described in Section 13.04 hereof and to
the Noteholders at their respective addresses appearing on the Note Register.

         (b) Within 10 days following any termination or appointment of a
Successor Servicer pursuant to this Article VIII, the Indenture Trustee shall
give written notice thereof to each Rating Agency and the Issuer at the
addresses described in Section 13.04 hereof, and to the Noteholders at their
respective addresses appearing on the Note Register.

         SECTION 8.05. EFFECT OF TRANSFER.

         (a) After a Servicer Transfer, the terminated Servicer shall have no
further obligations with respect to the management, administration, servicing,
custody or collection of the Contracts and the Successor Servicer appointed
pursuant to Section 8.03 shall have all of such obligations, except that the
terminated Servicer will transmit or cause to be transmitted directly to the
Successor Servicer for its own account, promptly on receipt and in the same form
in which received, any amounts (properly endorsed where required for the
Successor Servicer to collect them) received as payments upon or otherwise in
connection with the Contracts.

         (b) A Servicer Transfer shall not affect the rights and duties of the
parties hereunder (including but not limited to the indemnities of the Servicer)
other than those relating to the management, administration, servicing, custody
or collection of the Contracts.

         SECTION 8.06. DATABASE FILE.

         Monthly and otherwise upon reasonable request by the Indenture Trustee,
the predecessor Servicer will provide the Successor Servicer with a magnetic
tape containing the database file for

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each Contract (i) as of the Cutoff Date, (ii) the Subsequent Cutoff Dates, (iii)
thereafter, as of the last day of the preceding Collection Period on the
Determination Date prior to a Servicer Default and (iv) on and as of the
Business Day before the actual commencement of servicing functions by the
Successor Servicer following the occurrence of a Servicer Default.

         SECTION 8.07. SUCCESSOR SERVICER INDEMNIFICATION.

         The original Servicer shall defend, indemnify and hold the Successor
Servicer and any officers, directors, employees or agents of the Successor
Servicer harmless against any and all claims, losses, penalties, fines,
forfeitures, legal fees and related costs, judgments and any other costs, fees,
and expenses that the Successor Servicer may sustain in connection with the
claims asserted at any time by third parties against the Successor Servicer
which result from (i) any willful or negligent act taken or omission by the
Servicer or (ii) a breach of any representations of the Servicer in Section 3.07
hereof. The indemnification provided by this Section 8.07 shall survive the
termination of this Agreement and the removal or resignation of the Successor
Servicer.

         SECTION 8.08. RESPONSIBILITIES OF THE SUCCESSOR SERVICER.

         The Successor Servicer will not be responsible for delays attributable
to the Servicer's failure to deliver information, defects in the information
supplied by the Servicer or other circumstances beyond the control of the
Successor Servicer.

         The Successor Servicer will make arrangements with the Servicer for the
prompt and safe transfer of, and the Servicer shall provide to the Successor
Servicer, all necessary servicing files and records, including (as deemed
necessary by the Successor Servicer at such time): (i) microfiche loan
documentation, (ii) servicing system tapes, (iii) Contract payment history, (iv)
collections history and (v) the trial balances, as of the close of business on
the day immediately preceding conversion to the Successor Servicer, reflecting
all applicable Contract information. The current Servicer shall be obligated to
pay the costs associated with the transfer of the servicing files and records to
the Successor Servicer.

         The Successor Servicer shall have no responsibility and shall not be in
default hereunder nor incur any liability for any failure, error, malfunction or
any delay in carrying out any of its duties under this Agreement if any such
failure or delay results from the Successor Servicer acting in accordance with
information prepared or supplied by a Person other than the Successor Servicer
or the failure of any such Person to prepare or provide such information. The
Successor Servicer shall have no responsibility, shall not be in default and
shall incur no liability (i) for any act or failure to act by any third party,
including the Servicer, the Issuer or the Indenture Trustee or for any
inaccuracy or omission in a notice or communication received by the Successor
Servicer from any third party or (ii) which is due to or results from the
invalidity, unenforceability of any Contract with applicable law or the breach
or the inaccuracy of any representation or warranty made with respect to any
Contract.

         If the Indenture Trustee or any other Successor Servicer assumes the
role of Successor Servicer hereunder, such Successor Servicer shall be entitled
to the benefits of (and subject to the provisions of) Section 5.05 concerning
delegation of duties to subservicers.

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         SECTION 8.09. RATING AGENCY CONDITION FOR SERVICER TRANSFER.

         Notwithstanding the foregoing provisions relating to a Servicer
Transfer, no Servicer Transfer shall be effective hereunder unless prior written
notice thereof shall have been given to the Rating Agencies.

                                   ARTICLE IX

                                     REPORTS

         SECTION 9.01. MONTHLY REPORTS.

         With respect to each Payment Date and the related Collection Period,
the Servicer will provide to the Indenture Trustee, each Rating Agency and First
Union Securities, Inc., on the related Determination Date, a monthly statement
(a "Monthly Report") substantially in the form of Exhibit H hereto.

         SECTION 9.02. OFFICER'S CERTIFICATE.

         Each Monthly Report delivered pursuant to Section 9.01 shall be
accompanied by a certificate of a Servicing Officer certifying the accuracy of
the Monthly Report and that no Servicer Default or event that with notice or
lapse of time or both would become a Servicer Default has occurred, or if such
event has occurred and is continuing, specifying the event and its status.

         SECTION 9.03. OTHER DATA.

         In addition, the Servicer shall, upon the request of the Indenture
Trustee, or any Rating Agency, furnish the Indenture Trustee or Rating Agency,
as the case may be, such underlying data used to generate a Monthly Report as
may be reasonably requested. The Servicer will also forward to the Indenture
Trustee each Rating Agency and First Union Securities, Inc. (a) within 120 days
after each fiscal quarter (other than the fiscal quarter which is also the end
of a fiscal year), commencing with the quarter ending August 31, 2002, the
unaudited quarterly financial statement of the Servicer and (b) within 120 days
after each fiscal year of the Servicer, commencing with the fiscal year ending
May 31, 2002, the annual financial statement of the Servicer, together with the
related report of the independent accountants to the Servicer. On the Payment
Date following the receipt of each such financial statements and report, the
Indenture Trustee will forward to each Noteholder of record a copy of such
financial statements and report.

         SECTION 9.04. ANNUAL REPORT OF ACCOUNTANTS.

         (a) The Servicer shall cause a firm of nationally recognized
independent certified public accountants (the "Independent Accountants"), who
may also render other services to the Servicer or its Affiliates, to deliver to
the Indenture Trustee, the Issuer and each Rating Agency, on or before August 31
(90 days after the end of the Servicer's fiscal year) of each year, beginning on
August 31, 2002, a report addressed to the Board of Directors of the Servicer
and the Indenture Trustee indicating that (i) with respect to the twelve months
ended the immediately preceding May 31 to the effect that such Independent
Accountants have audited the financial

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statements of the Servicer, that as part of that audit, nothing came to the
attention of such Independent Accountant that causes them to believe that the
Servicer was not in compliance with any of the terms, covenants, provisions or
conditions of the relevant sections of the Agreement, insofar as they relate to
accounting matters, except for such exceptions as such Independent Accountants
shall believe to be immaterial and such other exceptions as shall be set forth
in such report, (ii) in connection with Independent Accountant's audit of the
Servicer, there were no exceptions or errors in records related to equipment
leases and loans serviced by the Servicer, except for such exceptions as such
Independent Accountants shall believe to be immaterial and such other exceptions
as shall be set forth in such report, and (iii) the Independent Accountant has
performed certain procedures as agreed by the Servicer, the Indenture Trustee
(subject to the provisions of this Section 9.04(a)) whereby the Independent
Accountant will obtain the Monthly Report for four months with respect to the
twelve months ended the immediately preceding May 31 and for each Monthly Report
the Independent Accountant will agree all amounts in the Monthly Report to the
Servicer's computer, accounting and other reports, which will include in such
report any amounts which were not in agreement. In the event such firm of
Independent Accountants requires the Indenture Trustee to agree to the
procedures performed by such firm of Independent Accountants, the Servicer shall
direct the Indenture Trustee in writing to so agree; it being understood and
agreed that the Indenture Trustee will deliver such letter of agreement in
conclusive reliance upon the direction of the Servicer, and the Indenture
Trustee will not make any independent inquiry or investigation as to, and shall
have no obligation or liability in respect of, the sufficiency, validity or
correctness of such procedures.

         (b) The Independent Accountant's report shall also indicate that the
firm is independent of the Servicer within the meaning of the Code of
Professional Ethics of the American Institute of Certified Public Accountants.

         SECTION 9.05. ANNUAL STATEMENT OF COMPLIANCE FROM SERVICER.

         The Servicer will deliver to the Indenture Trustee, and each of the
Rating Agencies, on or before August 31 of each year commencing August 31, 2002,
an Officer's Certificate stating that (a) a review of the activities of the
Servicer during the prior fiscal year and of its performance under this
Agreement was made under the supervision of the officer signing such certificate
and (b) to such officer's knowledge, based on such review, the Servicer has
fully performed or cause to be performed in all material respects all its
obligations under this Agreement and no Servicer Default has occurred or is
continuing, or, if there has been any default in the performance of any
obligation of the Servicer, specifying each such default known to such officer
and the nature and status thereof and the steps being taken or necessary to be
taken to remedy such event. A copy of such certificate may be obtained by any
Noteholder by a request in writing to the Indenture Trustee.

         SECTION 9.06. ANNUAL SUMMARY STATEMENT.

         On or prior to August 31 of each year, commencing August 31, 2002, the
Servicer shall prepare and provide to the Indenture Trustee, and each Rating
Agency, a cumulative summary of the information required to be included in the
Monthly Reports for the Collection Periods ending during the immediately
preceding fiscal year.

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                                    ARTICLE X

                                   TERMINATION

         SECTION 10.01. SALE OF PLEDGED ASSETS.

         (a) Upon any sale of the Pledged Assets pursuant to the Indenture, the
Servicer shall instruct the Indenture Trustee in writing to deposit the proceeds
from such sale after all payments and reserves therefrom have been made (the
"Insolvency Proceeds") in the Collection Account. On the Payment Date on which
the Insolvency Proceeds are deposited in the Collection Account (or, if such
proceeds are not so deposited on a Payment Date, on the Payment Date immediately
following such deposit), the Servicer shall instruct the Indenture Trustee in
writing to allocate and apply (after the application on such Payment Date of
Available Amounts and funds on deposit in the Reserve Fund, the Residual Account
and the Payahead Account pursuant to Section 7.04) the Insolvency Proceeds as if
(and in the same order of priority as) the Insolvency Proceeds were Available
Amounts being allocated and distributed on such date pursuant to Section
7.04(b).

         (b) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the Issuer will
succeed to the rights of the Noteholders hereunder.

                                   ARTICLE XI

               REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION

         SECTION 11.01. REPURCHASES OF, OR SUBSTITUTION FOR, CONTRACTS FOR
                        BREACH OF REPRESENTATIONS AND WARRANTIES.

          Upon a discovery by the Servicer, the Issuer or the Indenture Trustee
of a breach of a representation or warranty of the Originator as set forth in
Section 3.01, Section 3.02, Section 3.03, Section 3.04, and Section 3.05 or as
made or deemed made in any Addition Notice or any Subsequent Transfer Agreement
relating to Substitute Contracts that materially adversely affects the interest
of the Noteholders, the Issuer or their successors or assigns in such Contract
(without regard to the benefits of the Reserve Fund or the Residual Account) (an
"Ineligible Contract"), or of an inaccuracy with respect to the representations
as to concentrations of the Initial Contracts made under Section 3.05, the party
discovering the breach shall give prompt written notice to the other parties
(and the Servicer shall, with respect to an inaccuracy concerning
concentrations, select one or more Contracts, without employing adverse
selection, to be the related Excess Contract for purposes of this Section),
provided, that the Indenture Trustee shall have no duty or obligation to inquire
or to investigate the breach by the Originator of any of such representations or
warranties. The Originator shall repurchase each such Ineligible Contract or
Excess Contract, at a repurchase price equal to the Transfer Deposit Amount, not
later than the next succeeding Determination Date following the date the
Originator becomes aware of, or receives written notice from the Indenture
Trustee, the Servicer or the Issuer of, any such breach or inaccuracy and which
breach or inaccuracy has not otherwise been cured; provided, however, that if
the Originator is able to effect a substitution for any such Ineligible

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Contract or Excess Contract in compliance with Section 2.04, the Originator may,
in lieu of repurchasing such Contract, effect a substitution for such affected
Contract with a Substitute Contract (subject to the 10% limitation set forth in
Section 2.04 (b)(x)) not later than the date a repurchase of such affected
Contract would be required hereunder, and provided further that with respect to
a breach of representation or warranty relating to the Contracts in the
aggregate and not to any particular Contract the Originator may select Contracts
(without adverse selection) to repurchase (or substitute for) such that had such
Contracts not been included as part of the Conveyed Assets (and, in the case of
a substitution, had such Substitute Contract been included as part of the
Conveyed Assets instead of the selected Contract) there would have been no
breach of such representation or warranty. Notwithstanding any other provision
of this Agreement, the obligation of the Originator described in this Section
11.01 shall not (a) terminate or be deemed released by any party hereto upon a
Servicer Transfer pursuant to Article VIII or (b) include any obligation to make
payment on account of a breach of a Contract by an Obligor subsequent to the
date on which such Contract was transferred to the Issuer. The repurchase
obligation described in this Section 11.01 is in no way to be satisfied with
monies in the Reserve Fund, the Residual Account or the Payahead Account.

         SECTION 11.02. REASSIGNMENT OF REPURCHASED OR SUBSTITUTED CONTRACTS.

         Upon receipt by the Indenture Trustee for deposit in the Collection
Account of the amounts described in Section 11.01 or Section 11.03 (or upon the
Subsequent Transfer Date related to a Substitute Contract described in Section
11.01), and upon receipt of an Officer's Certificate of the Servicer in the form
attached hereto as Exhibit F, the Indenture Trustee shall assign to the Issuer
and the Issuer shall assign to the Originator all of the Issuer's right, title
and interest in the repurchased or substituted Contract and related Conveyed
Assets without recourse, representation or warranty. Such reassigned Contract
shall no longer thereafter be included in any calculations of Principal Balances
required to be made hereunder or otherwise be deemed a part of the Conveyed
Assets.

                                   ARTICLE XII

                             ORIGINATOR INDEMNITIES

         SECTION 12.01. ORIGINATOR'S INDEMNIFICATION.

         The Originator will defend and indemnify the Issuer, the Indenture
Trustee, any agents of the Indenture Trustee and the Noteholders (any of which,
an "Indemnified Party") against any and all costs, expenses, losses, damages,
claims and liabilities, joint or several, including reasonable fees and expenses
of counsel and expenses of litigation (collectively, "Costs") arising out of or
resulting from (i) this Agreement, the Transaction Documents or any document or
transaction contemplated in connection herewith or therewith or the use,
ownership or operation of any Equipment by the Originator or the Servicer or any
Affiliate of either, (ii) any representation or warranty or covenant made by the
Originator in this Agreement being untrue or incorrect (subject to the
limitations described in the preamble to Article Three of this Agreement), and
(iii) any untrue statement or alleged untrue statement of a material fact
contained in the Prospectus or in any amendment thereto or the omission or
alleged omission to state therein a material fact necessary to make the
statements therein, in light of the

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circumstances in which they were made, not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement was made in conformity with information furnished to Issuer by the
Originator specifically for use therein; provided, however, that the Originator
shall not be required to so indemnify any such Indemnified Party for such Costs
to the extent that such Cost shall be due to or arise from the willful
misfeasance, bad faith or negligence of such Indemnified Party. Notwithstanding
any other provision of this Agreement, the obligation of the Originator under
this Section 12.01 shall not terminate upon a Servicer Transfer pursuant to
Article Eight of this Agreement and shall survive any termination of that
agreement or this Agreement and the earlier removal or resignation of the
Indenture Trustee.

         SECTION 12.02. LIABILITIES TO OBLIGORS.

         No obligation or liability to any Obligor under any of the Contracts is
intended to be assumed by the Indenture Trustee, the Issuer or the Noteholders
under or as a result of this Agreement and the transactions contemplated hereby.

         SECTION 12.03. TAX INDEMNIFICATION.

         (a) The Originator agrees to pay, and to indemnify, defend and hold
harmless the Issuer, Indenture Trustee or the Noteholders from, any taxes which
may at any time be asserted with respect to, and as of the date of, the transfer
of the Contracts to the Issuer and the pledge by the Issuer to the Indenture
Trustee, including, without limitation, any sales, gross receipts, general
corporation, personal property, privilege or license taxes and costs, expenses
and reasonable counsel fees in defending against the same, whether arising by
reason of the acts to be performed by the Originator or the Servicer under this
Agreement or imposed against the Issuer, a Noteholder or otherwise.
Notwithstanding any other provision of this Agreement, the obligation of the
Originator under this Section 12.03 shall not terminate, with respect to
obligations incurred by the Servicer prior to a Servicer Transfer, upon a
Servicer Transfer pursuant to Article Eight of this Agreement and shall survive
any termination of this Agreement.

         (b) The Originator agrees to pay and to indemnify, defend and hold
harmless the Issuer and the Indenture Trustee, on an after-tax basis (as
hereinafter defined), from any state or local personal property taxes, gross
rent taxes, leasehold taxes or similar taxes which may at any time be asserted
with respect to the ownership of the Contracts (including security interests
therein) and the receipt of rentals therefrom by the Issuer, and costs, expenses
and reasonable counsel fees in defending against the same, excluding, however,
taxes based upon or measured by gross or net income or receipts (other than
taxes imposed specifically with respect to rentals). As used in this Section,
the term "after-tax basis" shall mean, with respect to any payment to be
received by an indemnified person, that the amount to be paid by the Originator
shall be equal to the sum of (i) the amount to be received without regard to
this sentence, plus (ii) any additional amount that may be required so that
after reduction by all taxes imposed under any federal, state and local law, and
taking into account any current credits or deductions arising therefrom,
resulting either from the receipt of the payments described in both clauses (i)
and (ii) hereof, such sum shall be equal to the amount described in clause (i)
above.

                                       82
<PAGE>
         SECTION 12.04. REAL PROPERTY COLLATERAL.

         The Originator hereby agrees that if any real property collateral
securing any Contract described in Section 3.02(e) hereof becomes the subject of
any claims, proceedings, liens or encumbrances with respect to any material
violation or claimed material violation of any federal or state environmental
laws or regulations, such Contract shall for all purposes hereunder be, at and
following the time of discovery by the Originator, the Issuer, the Servicer or
the Indenture Trustee (it being understood and agreed that the Indenture Trustee
is under no duty of investigation) of such fact, deemed an Ineligible Contract
subject to the same remedial and recourse provisions hereunder as other
Contracts determined to be Ineligible Contracts hereunder.

         SECTION 12.05. OPERATION OF INDEMNITIES.

         Indemnification under this Article Twelve shall include, without
limitation, reasonable fees and expenses of counsel and expenses of litigation.
If the Originator has made any indemnity payments to the Issuer or the Indenture
Trustee pursuant to this Article Twelve and the Issuer or the Indenture Trustee
thereafter collects any of such amounts from others, the Issuer or the Indenture
Trustee will repay such amounts collected to the Originator.

                                  ARTICLE XIII

                                  MISCELLANEOUS

         SECTION 13.01. AMENDMENT.

         (a) This Agreement may be amended by the Originator, the Issuer, the
Servicer and the Indenture Trustee, collectively, without the consent of any
Noteholders, to cure any ambiguity, to correct or supplement any provisions in
this Agreement which are inconsistent with the provisions herein, or to add any
other provisions with respect to matters or questions arising under this
Agreement that shall not be inconsistent with the provisions of this Agreement,
provided, however that any such action shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Noteholder.

         (b) This Agreement may also be amended from time to time by the
Originator, the Issuer, the Servicer and the Indenture Trustee, with the consent
of the Required Holders, for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders; provided, however, that
no such amendment shall (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of or change the method of calculating (A)
Collections of payments on the Contracts or distributions that shall be required
to be made on any Note (including by way of amendment of related definitions),
or (B) the manner in which the Reserve Fund or Residual Account is applied, or
(ii) change in any manner (including through amendment of related definitions),
the Holders which are required to consent to any such amendment, (iii) make any
Note payable in money other than Dollars, without the consent of the Holders of
all Notes of the relevant affected Class then outstanding or (iv) change the
definition

                                       83
<PAGE>
of or the manner of calculating the Class A-1 Principal Payment Amount, the
Class A-2 Principal Payment Amount, the Class A-3 Principal Payment Amount, the
Class A-4 Principal Payment Amount, the Class B Principal Payment Amount, the
Class C Principal Payment Amount, the Class C Principal Payment Amount, the
Class D Principal Payment Amount, the Additional Principal, the Discounted
Contract Balance, the Required Holders, the amounts available for distribution
to noteholders or the principal amount of the notes without the consent of each
noteholder.

         (c) Prior to the execution of any such amendment or consent, the
Indenture Trustee shall furnish written notification of the substance of such
amendment or consent, together with a copy thereof, to each Rating Agency.

         (d) Promptly after the execution of any such amendment or consent, the
Indenture Trustee shall furnish written notification of the substance of such
amendment or consent to each Noteholder. It shall not be necessary for the
consent of Noteholders pursuant to Section 13.01(b) to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such
consents and of evidencing the authorization by Noteholders of the execution
thereof shall be subject to such reasonable requirements as the Indenture
Trustee may prescribe.

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

         SECTION 13.02. PROTECTION OF TITLE.

         (a) The Servicer shall execute and file such financing statements and
cause to be executed and filed such continuation statements, all in such manner
and in such places as may be required by law fully to preserve, maintain and
protect the interest of the Issuer, the Noteholders and the Indenture Trustee in
the Contracts and in the proceeds thereof. The Servicer shall deliver (or cause
to be delivered) to the Indenture Trustee file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available
following such filing.

         (b) Neither the Originator, the Issuer nor the Servicer shall change
its name, identity or corporate structure in any manner that would, could or
might make any financing statement or continuation statement filed in accordance
with Section 4.02(a) seriously misleading within the meaning of Section 9-506 of
the UCC, unless it shall have given the Issuer and the Indenture Trustee at
least 30 days' prior written notice thereof and shall have promptly filed
appropriate amendments to all previously filed financing statements or
continuation statements.

         (c) The Originator, the Issuer and the Servicer shall give the
Indenture Trustee at least 30 days' prior written notice of any relocation of
the principal executive office of the Originator, the Issuer or the Servicer if,
as a result of such relocation, the applicable provisions of the UCC would
require filing of any amendment of any previously filed financing or

                                       84
<PAGE>
continuation statement or of any new financing statement, and the Servicer shall
promptly file or cause to be filed any such amendment or new financing
statement. The Servicer shall at all times maintain each office from which it
shall service Contracts, and its principal executive office, within the United
States.

         (d) The Servicer shall maintain or cause to be maintained accounts and
records as to each Contract accurately and in sufficient detail to permit (i)
the reader thereof to know at any time the status of such Contract, including
payments and recoveries made and payments owing (and the nature of each) and
(ii) reconciliation between payments or recoveries on (or with respect to) each
Contract and the amounts from time to time deposited in or credited to the
Collection Account in respect of each Contract.

         (e) The Servicer shall maintain or cause to be maintained its computer
systems so that, from and after the time of sale under this Agreement of the
Contracts, the Servicer's master computer records (including any backup
archives) that shall refer to a Contract indicate clearly the interest of the
Issuer and the Indenture Trustee in such Contract and that such Contract is
owned by the Issuer and has been pledged to the Indenture Trustee. Indication of
the Issuer's ownership of and the Indenture Trustee's interest in a Contract
shall be deleted from or modified on the Servicer's computer systems when, and
only when, the related Contract shall have been paid in full or repurchased or
substituted for.

         (f) The Servicer shall deliver to the Issuer, the Indenture Trustee and
each Rating Agency promptly after the execution and delivery of this Agreement
and of each amendment hereto, an Opinion of Counsel either (A) stating that, in
the opinion of such counsel, all financing statements and continuation
statements have been executed and filed that are necessary fully to preserve and
protect the interest of the Issuer and the Indenture Trustee and reciting the
details of each filing or referring to prior Opinions of Counsel in which such
details are given, or (B) stating that, in the opinion of such counsel, no such
action shall be necessary to preserve and protect such interest.

         SECTION 13.03. GOVERNING LAW.

         (a) This Agreement shall be construed in accordance with the laws of
the State of New York and the obligations, rights, and remedies of the parties
under the Agreement shall be determined in accordance with such laws.

         (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT. Each party hereto (i) certifies that no representative, agent or
attorney of any other party has represented, expressly or otherwise, that such
other party would not, in the event of litigation, seek to enforce the foregoing
waiver and (ii) acknowledges that it and the other parties hereto have been
induced to enter into this Agreement by, among other things, the mutual waivers
and certifications in this Section 13.03(b).

                                       85
<PAGE>
         SECTION 13.04. NOTICES.

         All notices, demands, certificates, requests and communications
hereunder ("notices") shall be in writing and shall be effective (a) upon
receipt when sent through the U.S. mails, registered or certified mail, return
receipt requested, postage prepaid, with such receipt to be effective the date
of delivery indicated on the return receipt, or (b) one Business Day after
delivery to an overnight courier, or (c) on the date personally delivered to an
Authorized Officer of the party to which sent, or (d) on the date transmitted by
legible telecopier transmission with a confirmation of receipt, in all cases
addressed to the recipient as follows:

                  (i)      If to the Servicer or Originator:

                           GreatAmerica Leasing Corporation
                           625 First Street SE, Suite 800
                           Cedar Rapids, IA  52401
                           Attention:  Chief Financial Officer

                           Fax No.:  (319) 365-9607

                  (ii)     If to the Issuer:

                           GreatAmerica Leasing Receivables 2002-1, L.L.C.
                           625 First Street SE, Suite 601
                           Cedar Rapids, IA  52401
                           Attention:  President

                           Fax No.:  (319) 366-7577

                  (iii)    If to the Indenture Trustee:

                           JPMorgan Chase Bank
                           450 West 33rd Street
                           14th Floor
                           New York, New York  10001
                           Attention: Institutional Trust Services,
                                         GreatAmerica Leasing Receivable 2002-1
                           Fax No.:  (212) 946-8302

                  (iv)     If to S&P:

                           Standard & Poor's Ratings Group
                           55 Water Street
                           41st Floor
                           New York, New York 10004
                           Attention:  Surveillance:  Asset Backed Services

                           Fax No.:  (212) 438-2662

                                       86
<PAGE>
                  (v)      If to Fitch:

                           Fitch, Inc.
                           55 East Monroe Street
                           35th Floor
                           Chicago, Illinois  60603
                           Attention:  ABS Monitoring

                           Fax No.:  (312) 368-2069

                  (vi)     If to Moody's:

                           Moody's Investors Service, Inc.
                           99 Church Street
                           4th Floor
                           New York, New York  10007
                           Attention:  ABS Monitoring Department

                           Fax No.:  (212) 553-0344

                  (vii)    If to the Underwriter:

                           First Union Securities, Inc.
                           One First Union Center, Mail Code:  NC0610
                           301 South College Street
                           Charlotte, North Carolina 28288-0610
                           Attention:  Asset Securitization Division

                           Fax No.:  (704) 374-3254

Each party hereto may, by notice given in accordance herewith to each of the
other parties hereto, designate any further or different address to which
subsequent notices shall be sent.

         SECTION 13.05. SEVERABILITY OF PROVISIONS.

         If one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Notes or the rights of the Holders thereof.

         SECTION 13.06. THIRD PARTY BENEFICIARIES.

         Except as otherwise specifically provided herein, the parties hereto
hereby manifest their intent that no third party, other than the Indenture
Trustee, shall be deemed a third party beneficiary of this Agreement, and
specifically that the Obligors are not third party beneficiaries of this
Agreement.

                                       87
<PAGE>
         SECTION 13.07. COUNTERPARTS.

         This Agreement may be executed by facsimile signature and in several
counterparts, each of which shall be an original and all of which shall together
constitute but one and the same instrument.

         SECTION 13.08. 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 13.09. NO BANKRUPTCY PETITION.

         Each of the Originator, the Indenture Trustee, the Servicer, the Issuer
and each Holder (by acceptance of the applicable Notes) covenants and agrees
that, prior to the date that is one year and one day after the payment in full
of all amounts owing in respect of all Outstanding Notes, it will not institute
against the Issuer or join any other Person in instituting against the Issuer,
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or other similar proceedings under the laws of the United States or
any state of the United States provided, however, that nothing herein shall
prohibit the Indenture Trustee from filing proofs of claim or otherwise
participating in any such proceedings instituted by any other Person. This
Section 13.09 will survive the termination of this Agreement.

         SECTION 13.10.       JURISDICTION.

         Any legal action or proceeding with respect to this Agreement may be
brought in the courts of the United States for the Southern District of New
York, and by execution and delivery of this Agreement, each party hereto
consents, for itself and in respect of its property, to the non-exclusive
jurisdiction of those courts. Each such party irrevocably waives any objection,
including any objection to the laying of venue or based on the grounds of forum
non conveniens, which it may now or hereafter have to the bringing of any action
or proceeding in such jurisdiction in respect of this Agreement or any document
related hereto.

         SECTION 13.11. PROHIBITED TRANSACTIONS WITH RESPECT TO THE ISSUER.

         The Originator shall not:

         (a) Provide credit to any Noteholder for the purpose of enabling such
Noteholder to purchase Notes, respectively;

         (b) Purchase any Notes in an agency or trustee capacity; or

         (c) Except in its capacity as Servicer as provided in this Agreement,
lend any money to the Issuer.

                                       88
<PAGE>
         SECTION 13.12. MERGER OR CONSOLIDATION OF ORIGINATOR OR SERVICER.

         (a) Each of the Originator and the Servicer will keep in full force and
effect its existence, rights and franchise as a Iowa corporation, and each of
the Originator and the Servicer will obtain and preserve its qualification to do
business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement and of any of the Contracts and to perform its
duties under this Agreement.

         (b) Any person into which the Originator or the Servicer, as the case
may be, may be merged or consolidated, or any corporation resulting from such
merger or consolidation to which the Originator or the Servicer, as the case may
be, is a party, or any person succeeding by acquisition or transfer to
substantially all of the assets and the business of the Originator or the
Servicer, as the case may be, shall be the successor to the Originator or the
Servicer, as the case may be, hereunder, without execution or filing of any
paper or any further act on the part of any of the parties hereto,
notwithstanding anything herein to the contrary.

         (c) Upon the merger or consolidation of the Originator or the Servicer,
as the case may be, as described in this Section 13.12, the Originator or the
Servicer, as the case may be, shall provide the Indenture Trustee and the Rating
Agencies notice of such merger, consolidation or transfer of substantially all
of the assets and business within thirty (30) days after completion of the same.

         SECTION 13.13. ASSIGNMENT OR DELEGATION BY THE ORIGINATOR.

         Except as specifically authorized hereunder, the Originator may not
convey and assign or delegate any of its rights or obligations hereunder absent
the prior written consent of the Issuer and the Indenture Trustee, and any
attempt to do so without such consent shall be void.

                                       89
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective officers as of the day and year first above
written.

                           GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.

                           By:   GREATAMERICA LEASING CORPORATION,
                                 as Member

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

                           GREATAMERICA LEASING CORPORATION,
                           as Servicer and as Originator

                                 By:
                                     -------------------------------------------
                                 Printed Name:
                                               ---------------------------------
                                 Title:
                                        ----------------------------------------
<PAGE>
                           JPMORGAN CHASE BANK, not in its individual capacity
                           but solely as Indenture Trustee

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

<PAGE>
                                    EXHIBIT A

                               FORM OF ASSIGNMENT

         In accordance with the Transfer and Servicing Agreement (the "Transfer
and Servicing Agreement") dated as of March 1, 2002 made by and between the
undersigned, as Issuer ("Issuer"), GreatAmerica Leasing Corporation, as Servicer
and as Originator and JPMorgan Chase Bank, as Indenture Trustee, the undersigned
does hereby sell, transfer, convey and assign, set over and otherwise convey to
the Issuer (i) all the right, title and interest of the Originator in and to the
Initial Contracts listed on the initial List of Contracts delivered on the
Closing Date (including, without limitation, all rights to receive Collections
with respect thereto on or after the Initial Cutoff Date, but excluding any
rights to receive payments which were collected pursuant thereto prior to the
Initial Cutoff Date), and (ii) all other Contract Assets relating to the
foregoing.

         Capitalized terms used herein have the meaning given such terms in the
Transfer and Servicing Agreement.

         This Assignment is made pursuant to and in reliance upon the
representation and warranties on the part of the undersigned contained in
Article III of the Agreement and no others.

         IN WITNESS WHEREOF, the undersigned has caused this Assignment to be
duly executed this ___ day of __________, 2002.

                                   GREATAMERICA LEASING CORPORATION

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

<PAGE>
                                    EXHIBIT B

                      FORM OF CLOSING CERTIFICATE OF ISSUER

                 GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C.

                              OFFICER'S CERTIFICATE

         The undersigned certifies that he/she is [___________] of GreatAmerica
Leasing Receivables 2002-1, L.L.C., a Delaware limited liability company (the
"Issuer"), and that as such is duly authorized to execute and deliver this
certificate on behalf of the Issuer in connection with the Transfer and
Servicing Agreement (the "Agreement") dated as of March 1, 2002 (the "Effective
Date") by and among the Issuer, JPMorgan Chase Bank (the "Indenture Trustee"),
as Indenture Trustee and GreatAmerica Leasing Corporation ("GreatAmerica"), as
Servicer and as Originator (all capitalized terms used herein without definition
having the respective meanings set forth in the Agreement), and further
certifies as follows:

                  (1) Attached hereto as Exhibit I is a true and correct copy of
         the Certificate of Formation of the Issuer, together with all
         amendments thereto as in effect on the date hereof.

                  (2) There has been no other amendment or other document filed
         affecting the Certificate of Formation of the Issuer since __________
         ___, 2002 and no such amendment has been authorized by the members of
         the Issuer.

                  (3) Attached hereto as Exhibit II is a Certificate of the
         Secretary of State of the State of Delaware dated __________ ___, 2002
         stating that the Issuer is duly formed under the laws of the State of
         Delaware and is in good standing.

                  (4) Attached hereto as Exhibit III is a true and correct copy
         of the Limited Liability Company Agreement of the Issuer, as amended,
         which were in full force and effect on __________ ___, 2002, and at all
         times subsequent thereto.

                  (5) Attached hereto as Exhibit IV is a true and correct copy
         of resolutions adopted pursuant to the unanimous written consent of the
         board of directors of the Issuer relating to the execution, delivery
         and performance of (among other things) the Agreement; the Indenture
         (as defined in the Agreement); the Underwriting Agreement (as defined
         in the Agreement) the Placement Agency Agreement (as defined in the
         Agreement) (collectively, the "Transaction Agreements"). Said
         resolutions have not been amended, modified, annulled or revoked, and
         are on the date hereof in full force and effect and are the only
         resolutions relating to these matters which have been adopted by the
         members.]

                  (6) No event with respect to the Issuer has occurred and is
         continuing which would constitute an Event of Default or an event that,
         with notice or the passage of time or both, would become an Event of
         Default as defined in the Agreement. To the best of my knowledge after
         reasonable investigation, there has been no material adverse change
<PAGE>
         in the condition, financial or otherwise, or the earnings, business
         affairs or business prospects of the Issuer, whether or not arising in
         the ordinary course of business since the respective dates as of which
         information is given in the Prospectus and except as set forth therein.

                  (7) All federal, state and local taxes of the Issuer due and
         owing as of the date hereof have been paid.

                  (8) All representations and warranties of the Issuer contained
         in the Transaction Agreements or any other related documents, or in any
         document, certificate or financial or other statement delivered in
         connection therewith are true and correct as of the date hereof.

                  (9) There is no action, investigation or proceeding pending
         or, to our knowledge, threatened against the Issuer before any court,
         administrative agency or other tribunal (a) asserting the invalidity of
         the Transaction Agreements; (b) seeking to prevent the consummation of
         any of the transactions contemplated by the Transaction Agreements; or
         (c) which is likely materially and adversely to affect the Issuer's
         performance of its obligations under, or the validity or enforceability
         of, the Transaction Agreements.

                  (10) No consent, approval, authorization or order of, and no
         notice to or filing with, any governmental agency or body or state or
         federal court is required to be obtained by the Issuer for the Issuer's
         consummation of the transactions contemplated by the Transaction
         Agreements, except such as have been obtained or made and such as may
         be required under the blue sky laws of any jurisdiction in connection
         with the issuance and sale of the Notes.

                  (11) The Issuer is not a party to any agreements or
         instruments evidencing or governing indebtedness for money borrowed or
         by which the Issuer or its property is bound (other than the
         Transaction Agreements). Neither the Originator's transfer and
         assignment of the Conveyed Assets to the Issuer, the Issuer's
         concurrent transfer and assignment of the Collateral by the Issuer to
         the Indenture Trustee nor the issuance and sale of the Notes, nor the
         execution and delivery of the Transaction Agreements, nor the
         consummation of any other of the transactions contemplated therein,
         will violate or conflict with any agreement or instrument to which the
         Issuer is a party or by which it is otherwise bound.

                  (12) In connection with the transfer of Contracts and related
         collateral contemplated in the Agreement, (a) the Issuer has not made
         such transfer with actual intent to hinder, delay or defraud any
         creditor of the Issuer, and (b) the Issuer has not received less than a
         reasonably equivalent value in exchange for such transfer, is not on
         the date thereof insolvent (nor will become insolvent as a result
         thereof), is not engaged (or about to engage) in a business or
         transaction for which it has unreasonably small capital, and does not
         intend to incur or believe it will incur debts beyond its ability to
         pay when matured.
<PAGE>
                  (13) Each of the agreements and conditions of the Issuer to be
         performed on or before the Closing Date pursuant to the Transaction
         Agreements have been performed in all material respects.

                                     * * * *

         In Witness Whereof, I have affixed my signature hereto this ___ day of
__________, 2002.

                                      By:
                                          --------------------------------------
                                          Printed Name:
                                                       -------------------------
                                          Title:
                                                --------------------------------
<PAGE>
                                    EXHIBIT C

              [FORM OF CLOSING CERTIFICATE OF SERVICER/ORIGINATOR]

                        GREATAMERICA LEASING CORPORATION

                              OFFICER'S CERTIFICATE

         The undersigned certifies that he/she is ____________ of GreatAmerica
Leasing Corporation ("GreatAmerica"), and that as such he/she is duly authorized
to execute and deliver this certificate on behalf of GreatAmerica, as Servicer
and Originator, in connection with the Transfer and Servicing Agreement (the
"Agreement") dated as of March 1, 2002 (the "Effective Date") by and among
GreatAmerica, as Servicer and Originator, GreatAmerica Leasing Receivables
2002-1, L.L.C. ("Issuer"), JPMorgan Chase Bank as Indenture Trustee, (all
capitalized terms used herein without definition having the respective meanings
set forth in the Agreement), and further certifies as follows (it being
understood that these certifications are being relied upon by, among others,
Chapman and Cutler in connection with its delivery of a legal opinion (the
"Opinion") required in connection with the subject transactions addressing,
among other things, enforceability and UCC perfection issues, and by the
Underwriter in connection with its undertakings in connection with the subject
transactions):

                  (1) Attached hereto as Exhibit I is a true and correct copy of
         the Certificate of Incorporation of GreatAmerica, together with all
         amendments thereto as in effect on the date hereof.

                  (2) There has been no other amendment or other document filed
         affecting the Certificate of Incorporation of GreatAmerica since
         ________, 199__, and no such amendment has been authorized by the Board
         of Directors or shareholders of GreatAmerica.

                  (3) Attached hereto as Exhibit II is a Certificate of the
         Secretary of State of the State of Iowa dated __________ ___, 2002
         stating that GreatAmerica is duly incorporated under the laws of the
         State of Iowa and is in good standing.

                  (4) Attached hereto as Exhibit III is a true and correct copy
         of the Bylaws of GreatAmerica which were in full force and effect on
         __________ ___, 2002 and at all times subsequent thereto.

                  (5) Attached hereto as Exhibit IV is a true and correct copy
         of resolutions adopted pursuant to a unanimous written consent of the
         Executive Committee of the Board of Directors of GreatAmerica and
         relating to the authorization, execution, delivery and performance of
         (among other things) the Agreement; the Underwriting Agreement (as
         defined in the Agreement). Said resolutions have not been amended,
         modified, annulled or revoked, and are on the date hereof in full force
         and effect and are the only resolutions relating to these matters which
         have been adopted by the Board of Directors.
<PAGE>
                  (6) No event with respect to GreatAmerica has occurred and is
         continuing which would constitute an Event of Default or Servicer
         Default or an event that, with notice or the passage of time, would
         constitute an Event of Default or Servicer Default as defined in the
         Transfer and Servicing Agreement. To the best of my knowledge after
         reasonable investigation, there has been no material adverse change in
         the condition, financial or otherwise, or the earnings, business
         affairs or business prospects of GreatAmerica, whether or not arising
         in the ordinary course of business, since the respective dates as of
         which information is given in the Prospectus and except as set forth
         therein.

                  (7) All federal, state and local taxes of GreatAmerica due and
         owing as of the date hereof have been paid.

                  (8) All representations and warranties of GreatAmerica
         contained in the Agreement and the Underwriting Agreement
         (collectively, the "Transaction Agreements") or in any document,
         certificate or financial or other statement delivered in connection
         therewith are true and correct as of the date hereof.

                  (9) There is no action, investigation or proceeding pending
         or, to my knowledge, threatened against GreatAmerica before any court,
         administrative agency or other tribunal (a) asserting the invalidity of
         any Transaction Agreement to which GreatAmerica is a party; or (b)
         which is likely materially and adversely to affect GreatAmerica's
         performance of its obligations under, or the validity or enforceability
         of, the Transaction Agreements.

                  (10) No consent, approval, authorization or order of, and no
         notice to or filing with, any governmental agency or body or state or
         federal court is required to be obtained by GreatAmerica for
         GreatAmerica's consummation of the transactions contemplated by the
         Transaction Agreements, except such as have been obtained or made and
         such as may be required under the blue sky laws of any jurisdiction in
         connection with the issuance and sale of the Notes.

                  (11) Neither GreatAmerica's transfer and assignment of the
         Contract Assets to the Issuer, the Issuer's concurrent transfer and
         assignment of the Pledged Assets to the Indenture Trustee, nor the
         issuance and sale of the Notes or the entering into of the Transaction
         Agreements, nor the consummation of any other of the transactions
         contemplated therein, will violate or conflict with any agreement or
         instrument to which GreatAmerica is a party or by which it is otherwise
         bound.

                  (12) In connection with the transfers of Contracts and related
         assets contemplated in the Agreement, (a) GreatAmerica has not made
         such transfer with actual intent to hinder, delay or defraud any
         creditor of GreatAmerica, and (b) GreatAmerica has not received less
         than a reasonably equivalent value in exchange for such transfer, is
         not on the date hereof insolvent (nor will GreatAmerica become
         insolvent as a result thereof), is not engaged (or about to engage) in
         a business or transaction for which it has unreasonably small capital,
         and does not intend to incur or believe it will incur debts beyond its
         ability to pay when matured.
<PAGE>
                  (13) Each of the agreements and conditions of GreatAmerica to
         be performed or satisfied on or before the Closing Date under the
         Transaction Agreements has been performed or satisfied in all material
         respects.

                  (14) GreatAmerica has not executed for filing any UCC
         financing statements listing the Conveyed Assets as collateral other
         than financing statements, except such financing statements that have
         been or will be released or terminated as of the Closing Date, relating
         to the transactions contemplated in the Agreement.

                                   * * * * * *
<PAGE>
         IN WITNESS WHEREOF, I have affixed my signature hereto this ____ day of
__________, 2002.

                                    By:
                                         ---------------------------------------
                                         Printed Name:
                                                      --------------------------
                                         Title:
                                               ---------------------------------
<PAGE>
                                    EXHIBIT D

                                   [RESERVED]
<PAGE>
                                    EXHIBIT E

                                   [Reserved]
<PAGE>
                                    EXHIBIT F

               FORM OF CERTIFICATE REGARDING REPURCHASED CONTRACTS

                        GREATAMERICA LEASING CORPORATION

                   CERTIFICATE REGARDING REPURCHASED CONTRACTS

         The undersigned certifies that he/she is a ______________ of
GreatAmerica Leasing Corporation, an Iowa corporation (the "Servicer"), and that
as such he/she is duly authorized to execute and deliver this certificate on
behalf of the Servicer pursuant to Section 11.02 of the Transfer and Servicing
Agreement (the "Agreement") dated as of March 1, 2002 by and among GreatAmerica
Leasing Receivables 2002-1, L.L.C., as Issuer, the Servicer, GreatAmerica
Leasing Corporation, as Originator and JPMorgan Chase Bank, as Indenture Trustee
(all capitalized terms used herein without definition having the respective
meanings specified in the Agreement), and further certifies that:

         1.       The Contracts on the attached schedule are to be repurchased
                  by the Originator on the date hereof, or substituted for by
                  the Originator, pursuant to and in accordance with Section
                  11.01 of the Agreement.

         2.       Upon deposit of the Transfer Deposit Amount for such Contracts
                  (or the effective conveyance of one or more Substitute
                  Contracts therefor), such Contracts may, pursuant to Section
                  11.02 of the Agreement, be assigned by the Issuer to the
                  Originator.

         IN WITNESS WHEREOF, I have affixed hereunto my signature this _____ day
of ___________, ____.

                                       GREATAMERICA LEASING CORPORATION

                                       By:
                                            ------------------------------------
                                            Printed Name:
                                                         -----------------------
                                            Title:
                                                  ------------------------------
<PAGE>
                                    EXHIBIT G

                                LIST OF CONTRACTS
<PAGE>
                                    EXHIBIT H

                     [FORM OF MONTHLY REPORT TO NOTEHOLDERS]
<PAGE>
                                    EXHIBIT I

                     [FORM OF SUBSEQUENT TRANSFER AGREEMENT]

         SUBSEQUENT TRANSFER AGREEMENT (the "Agreement"), dated as of
[_________], [_____], by and among GreatAmerica Leasing Receivables 2002-1,
L.L.C., a Delaware limited liability company (the "Issuer"), GreatAmerica
Leasing Corporation, an Iowa corporation ("GreatAmerica" or the "Originator"),
and JPMorgan Chase Bank as Indenture Trustee (the "Indenture Trustee") pursuant
to the Transfer and Servicing Agreement referred to below.

                                   WITNESSETH:

         WHEREAS, the Issuer, the Originator and the Indenture Trustee are
parties to the Transfer and Servicing Agreement, dated as of March 1, 2002 (the
"Transfer and Servicing Agreement");

         WHEREAS, pursuant to the Transfer and Servicing Agreement, the
Originator wishes to sell the Substitute Contracts to the Issuer, and the Issuer
wishes to purchase the same, for the purchase price set forth in Section 3
below; and

         WHEREAS, the Originator has timely delivered an Addition Notice related
to such conveyance as required in the Transfer and Servicing Agreement).

         NOW, THEREFORE, the Originator and the Issuer, hereby agree as follows:

         SECTION 1. DEFINED TERMS. Capitalized terms used herein shall have the
meanings ascribed to them in the Transfer and Servicing Agreement unless
otherwise defined herein.

                  "Subsequent Cutoff Date" shall mean, with respect to the
         Substitute Contracts transferred hereby, ___________.

                  "Substitute Contracts" shall mean, for purposes of this
         Agreement, the Substitute Contracts listed in the Subsequent List of
         Contracts attached hereto as Exhibit A.

                  "Subsequent Transfer Date" shall mean, with respect to the
         Substitute Contracts transferred hereby, ___________.

         SECTION 2. SUBSEQUENT LIST OF CONTRACTS. The Subsequent List of
Contracts attached hereto as Exhibit A is an amendment to the initial List of
Contracts attached as Exhibit G to the Transfer and Servicing Agreement, as
contemplated in the definition of List of Contracts set forth therein. The
Subsequent List of Contracts separately identifies (by attached schedule, or
marking or other effective identifying designation) the Substitute Contracts to
be transferred pursuant to this Agreement on the Subsequent Transfer Date, and
also further separately identifies (by attached schedule, or marking or other
effective identifying designation) the related Contract or Contracts with
respect to which a Substitution Event has occurred and which
<PAGE>
Contracts are being deleted from the List of Contracts by virtue of the delivery
of the Subsequent List of Contracts.

         SECTION 3. TRANSFER OF SUBSTITUTE CONTRACTS. Subject to and upon the
terms and conditions set forth in Section 2.04 of the Transfer and Servicing
Agreement and this Agreement, the Originator hereby sells, transfers, assigns,
sets over and otherwise conveys to the Issuer, in consideration of the Issuer's
(x) payment of $_________ as the purchase price therefor, representing the
prepayment proceeds received with respect to the related Substitution Event (if
applicable) or (y) release and redelivery to the Originator of the related
Contract Assets with respect to which a Substitution Event has occurred (if
applicable), all of the Originator's rights, title and interests in:

                  (i) the Substitute Contracts identified in the related
         Addition Notice, and all monies received in payment of such Contracts
         on and after the related Subsequent Cutoff Dates, any Prepayment
         Amounts, any payments in respect of a casualty or early termination,
         and any Recoveries received with respect thereto, but excluding any
         Excluded Amounts;

                  (ii) the Equipment related to such Contracts, including all
         proceeds from any sale or other disposition of such Equipment (but
         subject to the exclusion and release herein of Excluded Amounts);

                  (iii) the Contract Files;

                  (iv) all payments made or to be made in the future with
         respect to such Contracts or the Obligor thereunder under any Vendor
         Assignments with the Originator;

                  (v) all Insurance Proceeds with respect to each such Contract;
         and

                  (vi) all income from and proceeds of the foregoing.

         It is the intention of the Originator and the Issuer that the transfer
contemplated by this Agreement shall constitute a sale of the Substitute
Contracts from the Originator to the Issuer, conveying good title thereto free
and clear of any Liens, and that the Substitute Contracts shall not be part of
the Originator's estate in the event of the filing of a bankruptcy petition by
or against the Originator under any bankruptcy or similar law.

         SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE ORIGINATOR.

         (a) The Originator hereby represents and warrants to the Issuer that
the representations and warranties of the Originator in Section 3.01 of the
Transfer and Servicing Agreement are true and correct as of the Subsequent
Transfer Date.

         (b) The Originator hereby repeats and remakes with respect to the
Substitute Contracts as of the Subsequent Transfer Date, the representations and
warranties set forth in the Transfer and Servicing Agreement and deemed to be
made with respect to such Substitute Contracts thereunder.
<PAGE>
         (c) The Originator hereby represents and warrants that (i) the Pool
Balance of the Substitute Contracts listed on the Subsequent List of Contracts
and conveyed to the Issuer pursuant to this Agreement is $_______ as of the
Subsequent Cutoff Date, and (ii) the conditions set forth in Section 2.04(b) of
the Transfer and Servicing Agreement have been satisfied as of the Subsequent
Transfer Date.

         SECTION 5. RATIFICATION OF AGREEMENT. As supplemented by this
Agreement, the Transfer and Servicing Agreement is in all respects ratified and
confirmed and, as so supplemented by this Agreement, shall be read, taken and
construed as one and the same instrument.

         SECTION 6. COUNTERPARTS. This Agreement may be executed by facsimile
signatures and in two or more counterparts (and by different parties in separate
counterparts), each of which shall be an original but all of which together
shall constitute one and the same instrument.

         SECTION 7. GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

                     [remainder of page intentionally blank]
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized as of the date
first written above.

                                GREATAMERICA LEASING RECEIVABLES 2002-1,
                                L.L.C.

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

                                GREATAMERICA LEASING CORPORATION

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

                                JPMORGAN CHASE BANK, NOT IN ITS INDIVIDUAL
                                CAPACITY BUT SOLELY AS INDENTURE TRUSTEE

                                By:
                                     -------------------------------------------
                                     Printed Name:
                                                  ------------------------------
                                     Title:
                                           -------------------------------------
<PAGE>
                                    EXHIBIT J

                              [FORMS OF CONTRACTS]

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