Document:

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                                                                 EXECUTION COPY

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                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
                         a National Banking Association,

                             as Seller and Servicer

                                       and

                     CHASE MANHATTAN AUTO OWNER TRUST 2000-A

                                    as Issuer

                          SALE AND SERVICING AGREEMENT

                          Dated as of December 1, 2000

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                                TABLE OF CONTENTS

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                                                                                                       PAGE
<S>                                                                                                   <C>

                             ARTICLE I

                            DEFINITIONS

SECTION 1.1            Definitions.........................................................................1
SECTION 1.2            Usage of Terms.....................................................................20
SECTION 1.3            Simple Interest Method; Methods of Allocating Payments or Receivables;
                                  Allocations.............................................................21

                            ARTICLE II

                     CONVEYANCE OF RECEIVABLES

SECTION 2.1            Conveyance of Receivables..........................................................21
SECTION 2.2            Closing............................................................................22

                            ARTICLE III

                          THE RECEIVABLES

SECTION 3.1            Representations and Warranties of Seller; Conditions Relating to Receivables.......22
SECTION 3.2            Repurchase Upon Breach or Failure of a Condition...................................26
SECTION 3.3            Custody of Receivable Files........................................................26
SECTION 3.4            Duties of Servicer as Custodian....................................................27
SECTION 3.5            Instructions; Authority to Act.....................................................28
SECTION 3.6            Custodian's Indemnification........................................................28
SECTION 3.7            Effective Period and Termination...................................................28

                            ARTICLE IV

            ADMINISTRATION AND SERVICING OF RECEIVABLES

SECTION 4.1            Duties of Servicer.................................................................29
SECTION 4.2            Collection of Receivable Payments; Refinancing.....................................29
SECTION 4.3            Realization Upon Receivables.......................................................30
SECTION 4.4            Maintenance of Security Interests in Financed Vehicles.............................30
SECTION 4.5            Covenants of Servicer..............................................................31
SECTION 4.6            Purchase of Receivables Upon Breach................................................31
SECTION 4.7            Servicing Fee......................................................................31
SECTION 4.8            Servicer's Certificate.............................................................32
SECTION 4.9            Annual Statement as to Compliance..................................................32
SECTION 4.10           Annual Audit Report................................................................33

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SECTION 4.11           Access by Holders to Certain Documentation and Information
                       Regarding Receivables..............................................................34
SECTION 4.12           Reports to Holders and the Rating Agencies.........................................34
SECTION 4.13           Reports to the Securities and Exchange Commission..................................34

                             ARTICLE V

                     ACCOUNTS; DISTRIBUTIONS;
                 STATEMENTS TO CERTIFICATEHOLDERS

SECTION 5.1            Establishment of Collection Account and Note Distribution Account..................34
SECTION 5.2            Collections........................................................................35
SECTION 5.3            [Reserved].........................................................................36
SECTION 5.4            Additional Deposits................................................................36
SECTION 5.5            Distributions......................................................................36
SECTION 5.6            Reserve Account....................................................................37
SECTION 5.7            Net Deposits.......................................................................38
SECTION 5.8            Statements to Certificateholders and Noteholders...................................38

                            ARTICLE VI

                            THE SELLER

SECTION 6.1            Representations of Seller..........................................................39
SECTION 6.2            Liability of Seller; Indemnities...................................................41
SECTION 6.3            Merger or Consolidation of Seller..................................................41
SECTION 6.4            Limitation on Liability of Seller and Others.......................................41
SECTION 6.5            Seller May Own Notes and Certificates..............................................42

                            ARTICLE VII

                           THE SERVICER

SECTION 7.1            Representations of Servicer........................................................42
SECTION 7.2            Liability of Servicer; Indemnities.................................................43
SECTION 7.3            Merger or Consolidation of Servicer................................................44
SECTION 7.4            Limitation on Liability of Servicer and Others.....................................44
SECTION 7.5            Servicer Not To Resign.............................................................45
SECTION 7.6            Delegation of Duties...............................................................45

                           ARTICLE VIII

                  EVENTS OF SERVICING TERMINATION

SECTION 8.1            Events of Servicing Termination....................................................46
SECTION 8.2            Indenture Trustee to Act; Appointment of Successor Servicer........................47

                                       ii

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SECTION 8.3            Notification to Noteholders and Certificateholders.................................48
SECTION 8.4            Waiver of Past Defaults............................................................48

                            ARTICLE IX

                            TERMINATION

SECTION 9.1            Optional Purchase of All Receivables; Trust Termination............................48

                             ARTICLE X

                     MISCELLANEOUS PROVISIONS

SECTION 10.1           Amendment..........................................................................50
SECTION 10.2           Protection of Title to Owner Trust Estate..........................................51
SECTION 10.3           GOVERNING LAW......................................................................53
SECTION 10.4           Notices............................................................................53
SECTION 10.5           Severability of Provisions.........................................................53
SECTION 10.6           Assignment.........................................................................53
SECTION 10.7           Certificates and Notes Nonassessable and Fully Paid................................54
SECTION 10.8           Third-Party Beneficiaries..........................................................54
SECTION 10.9           Assignment to Indenture Trustee....................................................54
SECTION 10.10          Limitation of Liability of Owner Trustee and Indenture Trustee.....................54
SECTION 10.11          No Petition........................................................................55

                                      iii

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                                    SCHEDULES

Schedule A    -    ........Schedule of Receivables
Schedule B    -    ........Location of Receivable Files

                                    EXHIBITS

Exhibit A     -    ........Form of Servicer's Certificate
Exhibit B     -    ........Form of Monthly Report
Exhibit C     -    ........Form of Collection Account Control Agreement
Exhibit D     -    ........Form of Reserve Account Control Agreement
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                  This SALE AND SERVICING AGREEMENT, dated as of December 1,
2000, (as amended, supplemented or otherwise modified and in effect from time to
time, this "Agreement") is made between CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION, a national banking association having its principal executive
offices located at 802 Delaware Avenue, Wilmington, Delaware 19801 ("Chase USA,"
the "Seller" or the "Servicer" in its respective capacities as such), and CHASE
MANHATTAN AUTO OWNER TRUST 2000-A, as issuer (the "Issuer").

                         W I T N E S S E T H :
                         - - - - - - - - - -

                  In consideration of the premises and of the mutual agreements
herein contained, the parties hereto agree as follows:

                                   ARTICLE I

                                   DEFINITIONS

                  SECTION 1.1 Definitions. Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have
the following meanings:

                  "Accrued Interest" on a Receivable, as of any date of
determination, means that amount of interest accrued on the Principal Balance at
the related Contract Rate but not paid by or on behalf of the Obligor.

                  "Administration Agreement" means the Administration Agreement,
dated as of December 1, 2000, among the Issuer, the Administrator and the
Indenture Trustee, as the same may be amended and supplemented from time to
time.

                  "Administrator" means The Chase Manhattan Bank, a New York
banking corporation, as administrator, and its successors and assigns.

                  "Administration Fee" means $1,000, the fee payable to the
Administrator on each Payment Date pursuant to Section 5.5(c) for services
rendered pursuant to the Administration Agreement.

                  "Affiliate" means, with respect to any specified Person, any
other Person controlling or controlled by or under common control with such
specified Person. For 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" and
"controlled" have meanings correlative to the foregoing. A Person shall not be
deemed to be an Affiliate of any specified Person solely because such other
Person has the contractual right or obligation to manage such specified Person
unless such other Person controls such specified Person through equity ownership
or otherwise.

                  "Aggregate Net Losses" means, for any Payment Date, the amount
equal to (i) the aggregate Principal Balance of all Receivables that became
Defaulted Receivables during the

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                                                                              2

related Collection Period minus (ii) the Liquidation Proceeds allocable to
principal collected during such Collection Period with respect to any Defaulted
Receivables.

                  "Amount Financed" in respect of a Receivable means the amount
advanced under the Receivable toward the purchase price of the Financed Vehicle
and related costs.

                  "Assertion" has the meaning specified in Section 4.10.

                  "Authenticating Agent" has the meaning specified in Section
2.13 of the Indenture and shall initially be the corporate trust office of
Chase, and its successors and assigns in such capacity.

                  "Authorized Officer" means any officer of the Owner Trustee,
Indenture Trustee or Servicer who is authorized to act on behalf of the Owner
Trustee, Indenture Trustee or Servicer, as applicable, and who is identified as
such on the list of authorized officers delivered by each such party on the
Closing Date.

                  "Available Interest" means, for any Payment Date, the sum of
(i) that portion of Collections on the Receivables received during the related
Collection Period allocated to interest and (ii) that portion of the Repurchase
Amounts received with respect to the Repurchased Receivables repurchased by the
Seller or purchased by the Servicer during the related Collection Period that
would have been treated as Available Interest if the Obligor thereof had prepaid
such Receivables in full on the date as of which such Receivables were
repurchased or purchased.

                  "Available Principal" means, for any Payment Date, the sum of
(i) that portion of Collections on the Receivables received during the related
Collection Period allocated to the principal balance of the Receivables and (ii)
that portion of the Repurchase Amounts received with respect to the Repurchased
Receivables repurchased by the Seller or purchased by the Servicer that would
have been treated as Available Principal if the Obligor thereof had prepaid such
Receivables in full on the date as of which such Receivables were repurchased or
purchased.

                  "Available Reserve Account Amount" shall mean, for each
Payment Date, an amount equal to the lesser of (i) the amount on deposit in the
Reserve Account and (ii) the Specified Reserve Account Balance with respect to
such Payment Date.

                  "Average Delinquency Percentage" means for any Payment Date,
the average of the Delinquency Percentages for such Payment Date and the
preceding two (2) Payment Dates.

                  "Average Net Loss Ratio" means for any Payment Date, the
average of the Net Loss Ratios for such Payment Date and the preceding two (2)
Payment Dates.

                  "Basic Documents" means this Agreement, the Certificate of
Trust, the Indenture, the Depository Agreements, the Securities Control
Agreements, the Trust Agreement, the Administration Agreement and other
documents and certificates delivered in connection therewith.

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                  "Benefit Plan" has the meaning specified in Section 11.12 of
the Trust Agreement.

                  "Book-Entry Certificates" means beneficial interests in the
Certificates, the ownership and transfers of which shall be made through book
entries by a Clearing Agency or Foreign Clearing Agency as described in Section
3.10 of the Trust Agreement.

                  "Book-Entry Notes" means beneficial interests in the Notes,
the ownership and transfers of which shall be made through book entries by a
Clearing Agency or Foreign Clearing Agency as described in Section 2.10 of the
Indenture.

                  "Business Day" means a day, other than a Saturday or a Sunday,
on which the Indenture Trustee and banks located in New York, New York,
Wilmington, Delaware and Minneapolis, Minnesota are open for the purpose of
conducting a commercial banking business.

                  "Business Trust Statute" means Chapter 38 of Title 12 of the
Delaware Code, 12 Del. Code ss. 3801 et seq., as amended from time to time.

                  "Capital Accounts" has the meaning specified in Section 5.7
of the Trust Agreement.

                  "Clearstream" means Clearstream Banking, societe anonyme.

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

                  "Certificate Balance" means an amount equal to $38,466,538.08
as of the Closing Date and, thereafter, shall be an amount equal to such initial
Certificate Balance, reduced by all amounts allocable to principal previously
distributed to Certificateholders. The Certificate Balance shall also be reduced
on any Payment Date by the excess, if any, of (i) the sum of (A) the Certificate
Balance and (B) the outstanding principal amount of the Notes (in each case
after giving effect to amounts in respect of principal to be deposited in the
Certificate Distribution Account and the Note Distribution Account on such
Payment Date), over (ii) the Pool Balance as of the close of business on the
last day of the preceding Collection Period. Thereafter, the Certificate Balance
shall be increased on any Payment Date to the extent that any portion of the
Total Distribution Amount on such Payment Date is available to pay the existing
Certificateholders' Principal Carryover Shortfall, but not by more than the
aggregate reductions in the Certificate Balance set forth in the preceding
sentence.

                  "Certificate Depository Agreement" means the agreement among
the Issuer, the Owner Trustee, Chase, as agent for the Depository Trust Company
and The Depository Trust Company, as the initial Clearing Agency, dated the
Closing Date, relating to the Certificates, substantially in the form attached
as Exhibit C to the Trust Agreement, as the same may be amended and supplemented
from time to time or any similar agreement with any successor Clearing Agency.

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                                                                              4

                  "Certificate Distribution Account" has the meaning specified
in Section 5.1 of the Trust Agreement.

                  "Certificate Final Scheduled Payment Date" means the June 2007
Payment Date on which the outstanding principal amount, if any, of the
Certificates is payable.

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

                  "Certificate Owner" means, with respect to a Book-Entry
Certificate, the Person who is the owner of such Book-Entry Certificate, as
reflected on the books of the Clearing Agency or Foreign Clearing Agency or on
the books of a direct or indirect Clearing Agency Participant.

                  "Certificate Pool Factor" as of the close of business on a
Payment Date means a eight-digit decimal figure equal to the Certificate Balance
(after giving effect to distributions made on such date) divided by the initial
Certificate Balance. The Certificate Pool Factor will be 1.00000000 as of the
Cutoff Date; thereafter, the Certificate Pool Factor will decline to reflect
reductions in the Certificate Balance.

                  "Certificate Rate" means 6.48% per annum.

                  "Certificate Register" and "Certificate Registrar" means the
register maintained and the registrar appointed pursuant to Section 3.4 of the
Trust Agreement.

                  "Certificateholder" means the Person in whose name a
Certificate is registered in the Certificate Register, except that, solely for
the purpose of giving any consent, request, waiver or demand pursuant to any of
the Basic Documents (other than pursuant to Section 4.3 of the Trust Agreement),
the interest evidenced by any Certificate registered in the name of the Seller,
the Servicer or any Person actually known by an Authorized Officer of the Owner
Trustee to be an Affiliate of the Seller or the Servicer shall not be taken into
account in determining whether the requisite percentage necessary to effect any
such consent, request or waiver shall have been obtained.

                  "Certificateholders' Distributable Amount" means for any
Payment Date, the sum of (x) the Certificateholders' Principal Distributable
Amount and (y) the Certificateholders' Interest Distributable Amount.

                  "Certificateholders' Interest Carryover Shortfall" means, (a)
for the initial Payment Date, zero, and (b) for any other Payment Date, the
excess of the Certificateholders' Interest Distributable Amount for the
preceding Payment Date over the amount in respect of the interest actually
deposited in the Certificate Distribution Account on such preceding Payment
Date, plus interest on such excess, to the extent permitted by law, at the
Certificate Rate from and including such preceding Payment Date to, but
excluding, the current Payment Date.

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                                                                              5

                  "Certificateholders' Interest Distributable Amount" means, for
any Payment Date, the sum of the Certificateholders' Monthly Interest
Distributable Amount for such Payment Date and the Certificateholders' Interest
Carryover Shortfall for such Payment Date.

                  "Certificateholders' Monthly Interest Distributable Amount"
means, for any Payment Date, one month's interest (or, in the case of the first
Payment Date, interest accrued from and including the Closing Date to, but
excluding, such Payment Date) at the Certificate Rate on the Certificate Balance
on the immediately preceding Payment Date, after giving effect to all payments
of principal to the Certificateholders on or prior to such Payment Date (or, in
the case of the first Payment Date, the Certificate Balance on the Closing
Date). Interest shall be computed on the basis of a 360 day-year of twelve
30-day months for purposes of this definition.

                  "Certificateholders' Monthly Principal Distributable Amount"
means, for any Payment Date, the Certificateholders' Percentage of the Principal
Distribution Amount.

                  "Certificateholders' Percentage" means, for any Payment
Date, 100% minus the Noteholders' Percentage.

                  "Certificateholders' Principal Carryover Shortfall" means for
any Payment Date, the sum of (a) the excess of (i) the Certificateholders'
Principal Distributable Amount for the preceding Payment Date, over (ii) the
amount in respect of principal actually deposited in the Certificate
Distribution Account on such Payment Date and (b) without duplication of clause
(a), the unreimbursed portion of the amount by which the Certificate Balance has
been reduced pursuant to the second sentence of the definition thereof.

                  "Certificateholders' Principal Distributable Amount" means,
for any Payment Date, the sum of (i) the Certificateholders' Monthly Principal
Distributable Amount for such Payment Date and (ii) the Certificateholders'
Principal Carryover Shortfall for such Payment Date; provided that the
Certificateholders' Principal Distributable Amount shall not exceed the
Certificate Balance. In addition, on the Certificate Final Scheduled Payment
Date, the principal required to be distributed to the Certificateholders will
include the lesser of (a) any payments of principal due and remaining unpaid on
each Receivable owned by the Issuer as of the last day of the immediately
preceding Collection Period and (b) the amount that is necessary (after giving
effect to the other amounts to be deposited in the Certificate Distribution
Account on such Payment Date and allocable to principal) to reduce the
Certificate Balance to zero, in either case after giving effect to any required
distribution of the Noteholders' Principal Distributable Amount to the Note
Distribution Account.

                  "Chase" means The Chase Manhattan Bank, a New York banking
corporation.

                  "Chase USA" means Chase Manhattan Bank USA, National
Association.

                  "Class A-1 Interest Rate" means 6.47% per annum.

                  "Class A-1 Notes" means the Class A-1 6.47% Asset Backed
Notes, substantially in the form of Exhibit B to the Indenture.

                  "Class A-2 Interest Rate" means 6.30% per annum.

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                                                                              6

                  "Class A-2 Notes" means the Class A-2 6.30% Asset Backed
Notes, substantially in the form of Exhibit C to the Indenture.

                  "Class A-3 Interest Rate" means 6.21% per annum.

                  "Class A-3 Notes" means the Class A-3 6.21% Asset Backed
Notes, substantially in the form of Exhibit D to the Indenture.

                  "Class A-4 Interest Rate" means 6.26% per annum.

                  "Class A-4 Notes" means the Class A-4 6.26% Asset Backed
Notes, substantially in the form of Exhibit E to the Indenture.

                  "Clearing Agency" means an organization registered as a
"clearing agency" pursuant to Section 17A of the Exchange Act. The initial
Clearing Agency shall be The Depository Trust Company.

                  "Clearing Agency Participant" means a broker, dealer, bank,
other financial institution or other person for whom from time to time a
Clearing Agency effects book-entry transfers of securities deposited with the
Clearing Agency (including a Foreign Clearing Agency).

                  "Closing Date" means December 14, 2000.

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

                  "Collection Account" means securities account no. 507-949927
entitled "Wells Fargo Bank Minnesota, National Association, as Indenture
Trustee, Securities Account of Chase Auto Owner Trust Series 2000-A" maintained
by the Collection Account Securities Intermediary pursuant to the Collection
Account Control Agreement or any successor securities account maintained
pursuant to the Collection Account Control Agreement.

                  "Collection Account Control Agreement" means the agreement
among the Issuer, Chase, as securities intermediary, and the Indenture Trustee,
dated as of December 1, 2000, relating to the Collection Account, substantially
in the form attached as Exhibit C, as the same may be amended and supplemented
from time to time.

                  "Collection Account Securities Intermediary" means Chase or
any other securities intermediary that maintains the Collection Account pursuant
to the Collection Account Control Agreement.

                  "Collection Period" means each calendar month beginning
December 1, 2000 until Chase Manhattan Auto Owner Trust 2000-A shall terminate
pursuant to Article IX of the Trust Agreement.

                  "Collections" means all collections in respect of Receivables.

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                                                                              7

                  "Contract Rate" of a Receivable means the annual rate of
interest stated in such Receivable.

                  "Corporate Trust Office" means the New York office of the
Indenture Trustee or the Wilmington, Delaware office of the Owner Trustee, as
applicable.

                  "Cutoff Date" means December 1, 2000.

                  "Dealer" means the dealer which sold a Financed Vehicle
related to a Dealer Receivable and which originated or assisted in the
origination of such Dealer Receivable under a Dealer Agreement.

                  "Dealer Agreement" means any agreement and, if applicable,
assignment under which Dealer Receivables were originated by or through a Dealer
and sold to the Seller or an affiliate of the Seller.

                  "Dealer Receivable" means each Receivable which was originated
by the Seller or an Affiliate of the Seller with the involvement of a Dealer.

                  "Debt Cancellation Policy" means a policy issued by Chase USA
to the obligor that forgives the Principal Balance of a Receivable in excess of
insurance proceeds realized upon the event of a total loss of the related
Financed Vehicle.

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

                  "Defaulted Receivable" means a Receivable (other than a
Repurchased Receivable) as to which the Servicer has determined based on its
usual collection practices and procedures, during any Collection Period, that
eventual payment in full of the Amount Financed (including accrued interest
thereon) is unlikely; provided that a Receivable shall become a Defaulted
Receivable during the calendar month in which more than 10% of the scheduled
payment becomes 240 days delinquent, regardless of whether any such
determination has been made.

                  "Definitive Notes" means Notes issued in certificated, fully
registered form as provided in Section 2.12 of the Indenture.

                  "Definitive Certificates" means Certificates issued in
certificated, fully registered form as provided in Section 3.12 of the Trust
Agreement.

                  "Delaware Trustee" has the meaning specified in Section 10.1
of the Trust Agreement.

                  "Delinquency Percentage" means, for any Payment Date, the sum
of the outstanding Principal Balances of all Receivables which were 60 days or
more delinquent (including Receivables, which are not Defaulted Receivables,
relating to Financed Vehicles that have been repossessed), as of the close of
business on the last day of the Collection Period immediately preceding such
Payment Date, determined in accordance with the Servicer's normal

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                                                                             8

practices, such sum expressed as a percentage of the Pool Balance as of the
close of business on the last day of such Collection Period.

                  "Deposit Date" means the Business Day immediately preceding
each Payment Date.

                  "Depositor" means the Seller in its capacity as Depositor
under the Trust Agreement.

                  "Depository Agreements" means, collectively, the Certificate
Depository Agreement and the Note Depository Agreement.

                  "Determination Date" means the 10th calendar day of the month
(or, if such 10th calendar day is not a Business Day, the Business Day preceding
the 10th calendar day of the month) immediately succeeding the related
Collection Period.

                  "Eligible Deposit Account" means (a) a segregated identifiable
trust account established in the trust department of a Qualified Trust
Institution, which shall, except in the case of the Reserve Account, initially
be Chase, and may be maintained with Chase so long as Chase is a Qualified Trust
Institution; or (b) a separately identifiable deposit account established in the
deposit taking department of a Qualified Institution, which may be Chase so long
as Chase is a Qualified Institution.

                  "ERISA" has the meaning specified in Section 11.12 of the
Trust Agreement.

                  "Executive Officer" means, with respect to any corporation or
bank, 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 or bank, and with respect to any
partnership, any general partner thereof.

                  "Euroclear Operator" means Morgan Guaranty Trust Company of
New York, Brussels, Belgium office, in its capacity as the operator of the
Euroclear system.

                  "Event of Default" means an event specified in Section 5.1
of the Indenture.

                  "Event of Servicing Termination" means an event specified in
Section 8.1.

                  "Exchange Act" means the Securities Exchange Act of 1934,
as amended.

                  "Expenses" has the meaning specified in Section 8.2 of the
Trust Agreement.

                  "FDIC" means the Federal Deposit Insurance Corporation or
any successor thereto.

                  "FHLMC" means the Federal Home Loan Mortgage Corporation or
any successor thereto.

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                                                                              9

                  "Final Scheduled Maturity Date" means the last day of the
Collection Period immediately preceding the Certificate Final Scheduled Payment
Date.

                  "Financed Vehicle" means, with respect to a Receivable, the
new or used automobile or light-duty truck, together with all accessions
thereto, securing an Obligor's indebtedness under such Receivable.

                  "Fitch" means Fitch, Inc. and its successors and assigns.

                  "FNMA" means the Federal National Mortgage Association or
any successor thereto.

                  "Foreign Clearing Agency" means, collectively, Clearstream
and the Euroclear Operator.

                  "Grant" means mortgage, pledge, bargain, sell, warrant,
alienate, remise, 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 the Indenture. A Grant of the Trust Estate 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 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" or "Holders" means, unless the context otherwise
requires, both Certificateholders and Noteholders.

                  "Indemnified Parties" has the meaning specified in
Section 8.2 of the Trust Agreement.

                  "Indenture" means the Indenture dated as of December 1, 2000,
between the Issuer and the Indenture Trustee, as the same may be amended and
supplemented from time to time.

                  "Indenture Trustee" means, initially, Wells Fargo, as
Indenture Trustee under the Indenture, or any successor Indenture Trustee under
the Indenture.

                  "Independent" means, when used with respect to any specified
Person, that the person (a) is in fact independent of the Issuer, any other
obligor upon the Notes, the Seller and any Affiliate of any of the foregoing
persons, (b) does not have any direct financial interest or any material
indirect financial interest in the Issuer, any such other obligor, the Seller or
any Affiliate of any of the foregoing Persons and (c) is not connected with the
Issuer, any such other obligor, the Seller or any Affiliate of any of the
foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions.

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                                                                             10

                  "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 11.1 of the
Indenture, made by an Independent engineer, appraiser or other expert appointed
by the Issuer and approved by the Indenture Trustee in the exercise of
reasonable care, and such opinion or certificate shall state that the signer has
read the definition of "Independent" in this Agreement and that the signer is
Independent within the meaning thereof.

                  "Insolvency Event" means, for 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 Federal or state bankruptcy, insolvency or
other similar law now or hereafter in effect, or appointing a receiver
(including any receiver appointed under the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, as amended), 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 and in
effect for a period of 60 consecutive days; or (b) the commencement by such
Person of a voluntary case under any applicable Federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or the consent by
such Person to the entry of an order for relief in an involuntary case under any
such law, or the consent by such Person to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for such Person or for any substantial part of its property,
or the making of 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.

                  "Interest Rate" means the rate of interest borne by the
Notes of any class.

                  "Investment Earnings" means, with respect to any Payment Date,
the investment earnings (net of losses and investment expenses) on amounts on
deposit in the Collection Account.

                  "Issuer" means Chase Manhattan Auto Owner Trust 2000-A, a
Delaware business trust, until a successor replaces it and, thereafter, means
such successor and, for purposes of any provision contained in the Indenture and
required by the TIA, each other obligor on the Notes.

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

                  "Late Fees" means any late charges, credit related extension
fees, non-credit related extension fees or other administrative fees or similar
charges allowed by applicable law with respect to the Receivables.

                  "Lien" means a security interest, lien, charge, pledge or
encumbrance of any kind other than tax liens, mechanics' liens or any other
liens that attach by operation of law.

<PAGE>
                                                                             11

                  "Liquidation Proceeds" means, with respect to any Receivable,
(i) insurance proceeds, (ii) the monies collected during a Collection Period
from whatever source on a Defaulted Receivable and (iii) proceeds of a Financed
Vehicle sold after repossession, in each case net of any liquidation expenses
and payments required by law to be remitted to the Obligor.

                  "Moody's" means Moody's Investors Service and its successors
and assigns.

                  "Net Loss Ratio" means, for any Payment Date, the ratio,
expressed as an annualized percentage, of (i) the Aggregate Net Losses for such
Payment Date to (ii) the average of the Pool Balances on each of the related
Settlement Date and the last day of the related Collection Period.

                  "Note" means a Class A-1 Note, a Class A-2 Note, a Class A-3
Note or a Class A-4 Note.

                  "Note Depository Agreement" means the agreement among the
Issuer, the Indenture Trustee, Chase, as agent for The Depository Trust Company
and The Depository Trust Company, as the initial Clearing Agency, dated the
Closing Date, relating to the Notes, substantially in the form of Exhibit F to
the Indenture, as the same may be amended or supplemented from time to time or
any similar agreement with any successor Clearing Agency.

                  "Note Distribution Account" means the account designated as
such, established and maintained pursuant to Section 5.1(b).

                  "Note Final Scheduled Payment Date" means for (a) the Class
A-1 Notes, the December 2001 Payment Date, (b) the Class A-2 Notes, the June
2003 Payment Date, (c) the Class A-3 Notes, the December 2004 Payment Date, and
(d) the Class A-4 Notes, the June 2007 Payment Date.

                  "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 Foreign Clearing Agency, or on the books of a direct or
indirect Clearing Agency Participant.

                  "Note Pool Factor" for each class of Notes as of the close of
business on a Payment Date means an eight-digit decimal figure equal to the
Outstanding Amount of such class of Notes divided by the Outstanding Amount as
of the Closing Date of such class of Notes. The Note Pool Factor for each class
of Notes will be 1.00000000 as of the Cutoff Date; thereafter, the Note Pool
Factor for each class of Notes will decline to reflect reductions in the
Outstanding Amount of such class of Notes.

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

                  "Noteholders' Distributable Amount" means, for any Payment
Date, the sum of the Noteholders' Principal Distributable Amount and the
Noteholders' Interest Distributable Amount for all classes of Notes.

<PAGE>

                                                                             12

                  "Noteholders' Interest Carryover Shortfall" means, for any
class of Notes, (a) for the initial Payment Date, zero, and (b) for any other
Payment Date, the excess of (x) the Noteholders' Interest Distributable Amount
for the preceding Payment Date for such class of Notes, over (y) the amount in
respect of interest actually deposited in the Note Distribution Account on such
preceding Payment Date with respect to such class of Notes, plus interest on the
amount of interest due but not paid to the Noteholders of such class on the
preceding Payment Date, to the extent permitted by law, at the applicable
Interest Rate from such preceding Payment Date through the current Payment Date.

                  "Noteholders' Interest Distributable Amount" means, for any
Payment Date for any class of Notes, the sum of (x) the Noteholders' Monthly
Interest Distributable Amount for such class of Notes for such Payment Date and
(y) the Noteholders' Interest Carryover Shortfall for such class of Notes for
such Payment Date.

                  "Noteholders' Monthly Interest Distributable Amount" means,
for any Payment Date for each class of Notes, one month's interest (or, in the
case of the first Payment Date, interest accrued from and including the Closing
Date to but excluding such Payment Date) at the related Interest Rate on the
Outstanding Amount of the Notes of such class on such Payment Date (or, in the
case of the first Payment Date, on the Closing Date). Interest for purposes of
this definition (i) on the Class A-1 Notes shall be computed on the basis of a
360-day year for the actual number of days elapsed and (ii) on the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes shall be computed on the
basis of a 360-day year of twelve 30-day months.

                  "Noteholders' Monthly Principal Distributable Amount" means,
for any Payment Date, the Noteholders' Percentage of the Principal Distribution
Amount.

                  "Noteholders' Percentage" means (i) 100% for each Payment Date
occurring before the Payment Date on which the Class A-1 Notes have been paid in
full, (ii) 97% (or such greater percentage as would be necessary to pay the
Class A-1 Notes in full) on such Payment Date, (iii) 97% after such Payment Date
until all of the Notes have been paid in full and (iv) zero thereafter;
provided, however, that (x) if the amount on deposit in the Reserve Account on
any Payment Date would be, after giving effect to distributions on such Payment
Date, less than 0.5% of the Original Pool Balance, the Noteholders' Percentage
will be 100% for such Payment Date and each Payment Date thereafter until the
Notes have been paid in full or the amount on deposit in the Reserve Account
equals or exceeds the Specified Reserve Account Balance and (y) if the Notes
have been accelerated after the occurrence of an Event of Default, the
Noteholders' Percentage will be 100% for each Payment Date thereafter until the
Notes have been paid in full.

                  "Noteholders' Principal Carryover Shortfall" means for any
Payment Date, the excess of (x) the Noteholders' Principal Distributable Amount
for the preceding Payment Date over (y) the amount in respect of principal
actually deposited in the Note Distribution Account on such Payment Date.

                  "Noteholders' Principal Distributable Amount" means, for any
Payment Date, the sum of (i) the Noteholders' Monthly Principal Distributable
Amount for such Payment Date and (ii) the Noteholders' Principal Carryover
Shortfall for such Payment Date; provided that the Noteholders' Principal
Distributable Amount shall not exceed the Outstanding Amount of the

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                                                                             13

Notes. In addition, on the Note Final Scheduled Payment Date of each class of
Notes, the principal required to be deposited in the Note Distribution Account
will include the amount necessary (after giving effect to the other amounts to
be deposited in the Note Distribution Account on such Payment Date and allocable
to principal) to reduce the Outstanding Amount of such class of Notes to zero.

                  "Note Register" and "Note Registrar" means the register
maintained and the registrar appointed pursuant to Section 2.4 of the Indenture.

                  "Obligor" on a Receivable means the purchaser or the
co-purchasers of the Financed Vehicle purchased in part or in whole by the
execution and delivery of such Receivable or any other Person who owes or may be
liable for payments under such Receivable.

                  "Officer's Certificate" means a certificate signed by the
chairman of the board, the president, the treasurer, the controller, any
executive or senior vice president or any vice president of the Seller or
Servicer, as appropriate, meeting the requirements of Section 11.1 of the
Indenture.

                  "Opinion of Counsel" means a written opinion of counsel (who
may be counsel to the Seller or the Servicer) reasonably acceptable in form and
substance to the Indenture Trustee, meeting the requirements of Section 11.1 of
the Indenture (or in the case of an Opinion of Counsel delivered to the Owner
Trustee, reasonably acceptable in form and substance to the Owner Trustee).

                  "Optional Purchase Percentage" shall be 10%.

                  "Original Pool Balance" shall be $1,280,466,538.08.

                  "Outstanding" means, when used with respect to Notes, as of
any date of determination, all Notes theretofore authenticated and delivered
under the Indenture except:

                  (a) Notes theretofore canceled by the Note Registrar or
delivered to the Note Registrar for cancellation;

                  (b) 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 that if
such Notes are to be prepaid, notice of such prepayment has been duly given
pursuant to the Indenture or provision therefor, satisfactory to the Indenture
Trustee, has been made); and

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

provided that in determining whether the Holders of the requisite Outstanding
Amount of the Notes have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any Basic Document, Notes owned by
the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any
of the foregoing Persons shall be disregarded and

<PAGE>

                                                                            14

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 an
Authorized Officer of the Indenture Trustee either actually knows to be so owned
or has received written notice that such Note is so owned shall be so
disregarded. Notes so owned that have been pledged in good faith may be regarded
as Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee's right so to act with respect to such Notes and that the
pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any
Affiliate of any of the foregoing Persons.

                  "Outstanding Amount" means, when used with respect to Notes,
as of any date of determination, the aggregate principal amount of all Notes, or
a class of Notes, as applicable, Outstanding as of such date.

                  "Owner Trust Estate" means all right, title and interest of
the Issuer in and to the property and rights assigned to the Issuer pursuant to
Article II of this Agreement, all funds on deposit from time to time in the
Trust Accounts (other than the Note Distribution Account) and the Certificate
Distribution Account and all other property of Issuer from time to time,
including any rights of the Owner Trustee and the Issuer pursuant to this
Agreement.

                  "Owner Trustee" means Wilmington Trust Company, a Delaware
banking corporation, not in its individual capacity but solely as owner trustee
under the Trust Agreement, and any successor Owner Trustee thereunder.

                  "Paying Agent" means: (a) when used in the Indenture or
otherwise with respect to the Notes, the Indenture Trustee or any other Person
that meets the eligibility standards for the Indenture Trustee specified in
Section 6.11 of the Indenture and is authorized by the Indenture Trustee to make
the payments to and distributions from the Collection Account and the Note
Distribution Account, including payment of principal of or interest on the Notes
on behalf of the Issuer; and (b) when used in the Trust Agreement or otherwise
with respect to the Certificates, the Owner Trustee or any other paying agent or
co-paying agent appointed pursuant to Section 3.9 of the Trust Agreement, and in
the case of the Indenture with respect to the Notes, and the Trust Agreement
with respect to the Certificates, such Paying Agent shall initially be the
corporate trust office of Chase.

                  "Payment Date" means, in the case of the first Collection
Period, January 16, 2001, and in the case of every Collection Period thereafter,
the 15th day of the following month, or if the 15th day is not a Business Day,
the next following Business Day.

                  "Permitted Investments" means, at any time, any one or more of
the following obligations, securities (certificated or uncertificated) or
instruments (excluding any security with the "r" symbol attached to its rating):

                    (i) obligations of the United States of America or any
          agency thereof; provided such obligations are backed by the full faith
          and credit of the United States of America;

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                                                                           15

                    (ii) general obligations of or obligations guaranteed as to
          the timely payment of interest and principal by any state of the
          United States of America or the District of Columbia then rated "A-1+"
          or "AAA" by Standard & Poor's, "F1+" or "AAA" by Fitch (if rated by
          Fitch) and "P-1+" or Aaa by Moody's;

                    (iii) commercial paper which is then rated P-1 by Moody's,
          "F1+" by Fitch (if rated by Fitch) and "A-1+" by Standard & Poor's;

                    (iv) certificates of deposit, demand or time deposits,
          federal funds or banker's acceptances issued by any depository
          institution or trust company (including the Indenture Trustee acting
          in its commercial banking capacity) incorporated under the laws of the
          United States or of any state thereof or incorporated under the laws
          of a foreign jurisdiction with a branch or agency located in the
          United States of America and subject to supervision and examination by
          federal or state banking authorities which short term unsecured
          deposit obligations of such depository institution or trust company
          are then rated P-1 by Moody's, "F1+" by Fitch (if rated by Fitch) and
          "A-1+" by Standard & Poor's;

                    (v) demand or time deposits of, or certificates of deposit
          issued by, any bank, trust company, savings bank or other savings
          institution; provided such deposits or certificates of deposit are
          fully insured by the FDIC;

                    (vi) guaranteed reinvestment agreements issued by any bank,
          insurance company or other corporation the short term unsecured debt
          or deposits of which are rated P-1 by Moody's, "AAA" by Fitch (if
          rated by Fitch) and "A-1+" by Standard & Poor's or the long-term
          unsecured debt of which are rated Aaa by Moody's, "AAA" by Fitch (if
          rated by Fitch) and "AAA" by Standard & Poor's;

                    (vii) repurchase obligations with respect to any security
          described in clauses (i) or (ii) herein or any other security issued
          or guaranteed by the FHLMC, FNMA or any other agency or
          instrumentality of the United States of America which is backed by the
          full faith and credit of the United States of America, in either case
          entered into with a federal agency or a depository institution or
          trust company (acting as principal) described in (iv) above;

                    (viii) investments in money market funds, which funds (A)
          are not subject to any sales, load or other similar charge; and (B)
          are rated at least "AAAM" or "AAAM-G" by Standard & Poor's, "AAAV-1+"
          by Fitch (if rated by Fitch) and Aaa by Moody's;

                    (ix) such other investments where either (A) the short-term
          unsecured debt or deposits of the obligor on such investments are
          rated "A-1+" by Standard & Poor's, "F1" by Fitch (if rated by Fitch)
          and P-1 by Moody's; and

                    (x) any other obligation or security satisfying the Rating
          Agency Condition.

Permitted Investments may include money market mutual funds (so long as such
fund has the ratings specified in clause (viii) hereof), including, without
limitation, the VISTA U.S. Government Money Market Fund or any other fund for
which Chase, the Indenture Trustee or an

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                                                                             16

Affiliate thereof serves as an investment advisor, administrator, shareholder
servicing agent, and/or custodian or subcustodian, notwithstanding that (i)
Chase, Wells Fargo, Wilmington Trust Company or an Affiliate thereof charges and
collects fees and expenses from such funds for services rendered, (ii) Chase,
Wells Fargo, Wilmington Trust Company or an Affiliate thereof charges and
collects fees and expenses for services rendered pursuant to this Agreement, and
(iii) services performed for such funds and pursuant to this Agreement may
converge at any time. The Indenture Trustee specifically authorizes Chase, Wells
Fargo, Wilmington Trust Company or an Affiliate thereof to charge and collect
all fees and expenses from such funds for services rendered to such funds (but
not to exceed investment earnings), in addition to any fees and expenses Chase,
Wells Fargo or Wilmington Trust Company as applicable, may charge and collect
for services rendered pursuant to this Agreement.

                  "Person" means a legal person, including any individual,
corporation, limited liability company, estate, partnership, joint venture,
association, joint stock company, trust, unincorporated organization, or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

                  "Pool Balance" as of any date of determination means, the
aggregate Principal Balance of the Receivables as of the close of business on
the last day of the preceding Collection Period, after giving effect to all
payments received from Obligors and Repurchase Amounts to be remitted by the
Servicer or the Seller, as the case may be, for such Collection Period and all
losses realized on Receivables liquidated during such Collection Period.

                  "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 2.5 of the Indenture 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.

                  "Prepayment Date" means in the case of a prepayment of the
Notes pursuant to Section 10.1 of the Indenture, the Payment Date specified by
the Servicer pursuant to such Section 10.1.

                  "Principal Balance" of a Receivable, as of the close of
business on the last day of any Collection Period, means the Amount Financed
minus that portion of all payments received on or prior to such date allocable
to principal. The Principal Balance of a Defaulted Receivable or a Repurchased
Receivable shall be deemed to be zero, in each case, as of such date.

                  "Principal Distribution Amount" means, for any Payment Date,
the sum of the following amounts, without duplication: (i) Available Principal
and (ii) Aggregate Net Losses.

                  "Principal Prepayment" means a payment or other recovery of
principal on a Receivable (including insurance proceeds and Liquidation Proceeds
applied to principal on a Receivable) which is received in advance of its due
date.

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

<PAGE>
                                                                             17

                  "Qualified Institution" means a depository institution
organized under the laws of the United States of America or any State thereof or
incorporated under the laws of a foreign jurisdiction with a branch or agency
located in the United States of America or any State thereof and subject to
supervision and examination by federal or state banking authorities which at all
times has the Required Deposit Rating and, in the case of any such institution
organized under the laws of the United States of America, whose deposits are
insured by the FDIC.

                  "Qualified Trust Institution" means an institution organized
under the laws of the United States of America or any State thereof or
incorporated under the laws of a foreign jurisdiction with a branch or agency
located in the United States of America or any State thereof and subject to
supervision and examination by federal or state banking authorities which at all
times (i) is authorized under such laws to act as a trustee or in any other
fiduciary capacity, (ii) has not less than one billion dollars in assets under
fiduciary management, and (iii) has a long term deposits rating of not less than
"BBB-" by Standard & Poor's, Baa3 by Moody's and "BBB-" by Fitch (if rated by
Fitch).

                  "Rating Agency" means any of Standard & Poor's, Moody's or
Fitch.

                  "Rating Agency Condition" means, with respect to any action or
event, that each Rating Agency shall have notified the Seller, the Servicer, the
Indenture Trustee and the Owner Trustee, in writing, that such action or event
will not result in reduction or withdrawal of any then outstanding rating of any
outstanding Note or Certificate with respect to which it is the Rating Agency.

                  "Receivable" means a retail installment sale contract or
purchase money promissory note or other promissory note and security agreement
executed by an Obligor in respect of a Financed Vehicle, and all proceeds
thereof and payments thereunder (other than interest accrued and unpaid as of
the close of business on the Cutoff Date), which Receivable shall be identified
in the Schedule of Receivables.

                  "Receivable Files" means the documents specified in
Section 3.3.

                  "Receivables Pool" means the pool of Receivables included in
the Trust Estate and all monies received thereunder after the Cutoff Date.

                  "Record Date" means, with respect to any Payment Date, the
Business Day prior to such Payment Date unless Definitive Notes or Definitive
Certificates are issued, in which case, Record Date, with respect to such
Definitive Notes or Definitive Certificates, as applicable, shall mean the last
day of the immediately preceding calendar month.

                  "Relevant UCC" means the Uniform Commercial Code as in effect
in the applicable jurisdiction.

                  "Repurchase Amount" of a Repurchased Receivable or any
Receivable purchased by the Servicer pursuant to Section 9.1, means the sum, as
of the last day of the Collection Period on which such Receivable becomes such,
of the Principal Balance thereof plus the Accrued Interest thereon.

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                                                                             18

                  "Repurchased Receivable" means a Receivable repurchased by the
Seller pursuant to Section 3.2 or purchased by the Servicer pursuant to Section
4.6.

                  "Required Deposit Rating" shall be a short-term certificate of
deposit rating from Moody's of P-1, from Fitch of "F1+" (if rated by Fitch) and
from Standard & Poor's of "A-1+," and a long-term unsecured debt rating of not
less than Aa3 by Moody's, "AA" by Fitch (if rated by Fitch) and "AA-" by
Standard & Poor's.

                  "Reserve Account" means securities account no. 10446500
entitled "Wells Fargo Bank Minnesota, National Association, as Indenture
Trustee, Securities Account of Chase Auto Owner Trust Series 2000-A" maintained
by the Reserve Account Securities Intermediary pursuant to the Reserve Account
Control Agreement or any successor securities account maintained pursuant to the
Reserve Account Control Agreement.

                  "Reserve Account Control Agreement" means the agreement among
the Issuer, Wells Fargo, as securities intermediary, and the Indenture Trustee,
dated as of December 1, 2000, relating to the Reserve Account, substantially in
the form attached as Exhibit D, as the same may be amended and supplemented from
time to time.

                  "Reserve Account Initial Deposit" means an amount equal to
$12,804,665.38.

                  "Reserve Account Securities Intermediary" means Wells Fargo or
any other securities intermediary that maintains the Reserve Account pursuant to
the Reserve Account Control Agreement.

                  "Reserve Account Transfer Amount" means, for any Payment Date,
an amount equal to the lesser of (a) the amount of cash or other immediately
available funds on deposit in the Reserve Account on such Payment Date
(excluding amounts to be paid to the Seller pursuant to clause (i) of Section
5.6(d), but before giving effect to any other withdrawals therefrom relating to
such Payment Date) and (b) the amount, if any, by which the sum of the amounts
set forth in clauses (i) through (vi) of Section 5.5(c), inclusive, exceeds the
Total Distribution Amount for such Payment Date.

                  "Responsible Officer" means, with respect to the Indenture
Trustee, any officer within the Corporate Trust Office of the Indenture Trustee,
including any Vice President, Assistant Vice President, Assistant Treasurer,
Assistant Secretary, or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated
officers 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.

                  "Sale Proceeds" has the meaning specified in Section 9.1(b).

                  "Saturn Subvented Receivables" means a Receivable originated
under a program with Saturn Corporation under which Saturn Corporation makes an
upfront payment to Chase USA in exchange for Chase USA's allowing the Contract
Rate on the Receivable to be less than the market rate of interest.

<PAGE>

                                                                             19

                  "Schedule of Receivables" means the list of Receivables
attached hereto as Schedule A.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Securities Control Agreements" means, collectively, the
Collection Account Control Agreement and the Reserve Account Control Agreement.

                  "Securities Intermediaries" means, collectively, Chase, acting
as securities intermediary under the Collection Account Control Agreement or any
successor thereto thereunder and Wells Fargo, acting as securities intermediary
under the Reserve Account Control Agreement or any successor thereto thereunder.

                  "Seller" means Chase Manhattan Bank USA, National Association,
a national banking association with its principal executive offices in
Wilmington, Delaware, in its capacity as the seller of the Receivables under
this Agreement, and each successor to Chase Manhattan Bank USA, National
Association (in the same capacity) pursuant to Section 6.3.

                  "Servicer" means Chase Manhattan Bank USA, National
Association, a national banking association with its principal offices in
Wilmington, Delaware, in its capacity as the servicer of the Receivables under
this Agreement, and each successor to Chase Manhattan Bank USA, National
Association (in the same capacity) pursuant to Section 7.3, and each successor
servicer pursuant to Section 8.2.

                  "Servicer's Certificate" means a certificate, substantially in
the form of Exhibit A attached hereto, completed and executed by the Servicer by
its chairman of the board, the president, treasurer, controller or any
executive, senior vice president or vice president pursuant to Section 4.8.

                  "Servicing Fee" with regard to a Collection Period means the
fee payable to the Servicer for services rendered during such Collection Period,
determined pursuant to Section 4.7.

                  "Servicing Fee Rate" means 1.00% per annum.

                  "Settlement Date" means, with respect to any Collection
Period, the last day of the Collection Period immediately preceding such
Collection Period, and with respect to any Payment Date, the last day of the
second Collection Period preceding the Collection Period in which such Payment
Date occurs.

                  "Simple Interest Method" means the method of allocating a
fixed level payment to principal and interest, pursuant to which the portion of
such payment that is allocated to interest is equal to the product of the fixed
rate of interest multiplied by the unpaid Principal Balance multiplied by the
period of time elapsed since the preceding payment of interest was made, and the
remainder of such payment is allocable to principal.

                  "Simple Interest Receivable" means any Receivable providing
for the allocation of payments made thereunder to principal and interest in
accordance with the Simple Interest Method.

<PAGE>

                                                                            20

                  "Specified Reserve Account Balance" with respect to any
Payment Date, means 2.25% of the Pool Balance as of the related Settlement Date,
but in any event will not be less than the lesser of (i) $9,603,499.04 and (ii)
such Pool Balance; provided that the Specified Reserve Account Balance will be
calculated using a percentage of 4.50% for any Payment Date (beginning with the
March 2001 Payment Date) for which the Average Net Loss Ratio exceeds 1.75% or
the Average Delinquency Percentage exceeds 1.75%. Upon written notification to
the Indenture Trustee by the Seller, the Specified Reserve Account Balance may
be reduced to a lesser amount as determined by the Seller so long as such
reduction satisfies the Rating Agency Condition.

                  "Standard & Poor's" means Standard & Poor's Ratings Services
and its successors and assigns.

                  "Total Distribution Amount" means, for any Payment Date, the
sum of Available Interest and Available Principal for such Payment Date. The
Total Distribution Amount on any Payment Date shall exclude all payments and
proceeds (including any Liquidation Proceeds and any amounts received from
Dealers with respect to Receivables) of any Receivables the Repurchase Amount of
which has been included in the Total Distribution Amount for a prior Payment
Date.

                  "Treasury Regulations" means, the treasury regulations
promulgated under Code.

                  "Trust Accounts" means, collectively, the Collection Account,
the Note Distribution Account and the Reserve Account.

                  "Trust Agreement" means the Amended and Restated Trust
Agreement dated as of December 1, 2000, between the Seller and the Owner
Trustee, as the same may be amended and supplemented from time to time.

                  "Trust Estate" means all money, instruments, rights and other
property that are subject or intended to be subject to the lien and security
interest of the Indenture for the benefit of the Noteholders (including all
property and interests Granted to the Indenture Trustee), including all proceeds
thereof and the Reserve Account.

                  "Trust Indenture Act" or "TIA" means the Trust Indenture Act
of 1939 as in force on the date hereof, unless otherwise specifically provided.

                  "Wells Fargo" means Wells Fargo Bank Minnesota, National
Association.

                  SECTION 1.2 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 gender; 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 subsequent amendments thereto or 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." All references herein to Articles,
Sections, Subsections and Exhibits are references to Articles,

<PAGE>

                                                                            21

Sections, Subsections and Exhibits contained in or attached to this Agreement
unless otherwise specified, and each such Exhibit is part of the terms of this
Agreement.

                  SECTION 1.3 Simple Interest Method; Methods of Allocating
Payments or Receivables; Allocations. All allocations of payments to principal
and interest and determinations of periodic charges and the like on the
Receivables shall be based on a year with the actual number of days in such year
and twelve months with the actual number of days in each such month. Each
payment on a Receivable shall be applied first, to the payment of accrued and
unpaid interest on such Receivable, second, to reduce the scheduled principal
amount outstanding on the Receivable to the extent of the remaining scheduled
payment, third, to any outstanding fees and Late Fees under the terms of the
Receivable and fourth, to reduce the principal amount outstanding on the
Receivable. Amounts paid by the Seller or the Servicer in respect of Repurchased
Receivables shall be allocated as if the Obligor thereof had prepaid such
Receivable in full on the date as of which such Receivable was repurchased by
the Seller pursuant to Section 3.2 or purchased by the Servicer pursuant to
Section 4.6 or 9.1.

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

                  SECTION 2.1 Conveyance of Receivables. In consideration of the
Issuer's delivery of the Notes and the Certificates to and upon the order of the
Seller, the Seller does hereby sell, transfer, assign, and otherwise convey to
the Issuer, without recourse (subject to the Seller's obligations herein):

                  (i) all right, title, and interest of the Seller in, to and
          under the Receivables listed in the Schedule of Receivables, which is
          incorporated by reference herein, all proceeds thereof and all amounts
          and monies received thereon on or after the Cutoff Date (including
          proceeds of the repurchase of Receivables by the Seller pursuant to
          Section 3.2 or the purchase of Receivables by the Servicer pursuant to
          Section 4.6 or 9.1), together with the interest of the Seller in the
          security interests in the Financed Vehicles granted by the Obligors
          pursuant to the Receivables and in any repossessed Financed Vehicles;

                  (ii) all right, title and interest of the Seller in any
          Liquidation Proceeds and in any proceeds of any extended warranties,
          theft and physical damage, guaranteed auto protection, credit life or
          credit disability policies relating to the Financed Vehicles or the
          Obligors;

                  (iii) all right, title and interest of the Seller in any
          proceeds from Dealer repurchase obligations relating to the
          Receivables; and

                  (iv) all proceeds (as defined in the Relevant UCC) of the
          foregoing.

<PAGE>

                  In connection with such sale, the Seller agrees to record and
file, at its own expense, financing statements (and continuation statements with
respect to such financing statements when applicable) with respect to the
Receivables for the sale of accounts and chattel paper meeting the requirements
of applicable state law in such manner and in such jurisdictions as are
necessary to perfect the sale and assignment of the Receivables to the Issuer.

                  It is the intention of the Seller and the Issuer that (a) the
assignment and transfer herein contemplated constitute a sale of the
Receivables, conveying good title thereto free and clear of any liens and
encumbrances, from the Seller to the Issuer and (b) the Receivables not be part
of the Seller's estate in the event of an insolvency. In the event that such
conveyance is deemed to be a pledge to secure a loan, the Seller hereby grants
to the Issuer a first priority perfected security interest in all of the
Seller's right, title and interest in, to and under the items of property listed
in clauses (i) through (iii) above, and in all proceeds (as defined in the
Relevant UCC) of the foregoing, to secure the loan deemed to be made in
connection with such pledge and, in such event, this Agreement shall constitute
a security agreement under applicable law.

                  SECTION 2.2 Closing. The conveyance of the Receivables shall
take place at the offices of Simpson Thacher & Bartlett, New York, New York on
the Closing Date, simultaneously with the closing of the transactions
contemplated by the underwriting agreements related to the Notes and the
Certificates and the other Basic Documents. Upon the acceptance by the Seller of
the Notes and the Certificates, the ownership of each Receivable and the
contents of the related Receivable File will be vested in the Issuer, subject
only to the lien of the Indenture.

                                  ARTICLE III

                                 THE RECEIVABLES

                  SECTION 3.1 Representations and Warranties of Seller;
Conditions Relating to Receivables.

                  (a) Seller makes the following representations and warranties
as to the Receivables on which the Issuer shall rely in acquiring the
Receivables. Such representations and warranties shall speak as of the Cutoff
Date unless otherwise specified, but shall survive the sale, transfer, and
assignment of the Receivables to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture.

                  (i) Schedule of Receivables. The Schedule of Receivables
          identifies the Receivables by account number, name of Obligor and
          remaining principal balance of the Receivables as of the Cutoff Date
          and the information set forth in the Schedule of Receivables with
          respect to each Receivable is true and correct in all material
          respects, and no selection procedures materially adverse to the
          Holders has been utilized in selecting the Receivables from all
          receivables owned by the Seller which meet the selection criteria
          specified herein.

                  (ii) No Sale or Transfer. No Receivable has been sold,
          transferred, assigned or pledged by the Seller to any Person other
          than the Issuer.

<PAGE>
                                                                             23

                  (iii) Good Title. Immediately prior to the transfer and
          assignment of the Receivables to the Issuer herein contemplated, the
          Seller has good and marketable title to each Receivable free and clear
          of all Liens and rights of others; and, immediately upon the transfer
          thereof, the Issuer has either (i) good and marketable title to each
          Receivable, free and clear of all Liens and rights of others, other
          than the Lien of the Indenture Trustee under the Indenture, and the
          transfer has been perfected under applicable law or (ii) a first
          priority perfected security interest in each Receivable and the
          proceeds thereof.

                  (b) Each Receivable satisfies the following conditions as of
the Cutoff Date unless otherwise specified and such conditions shall survive the
sale, transfer and assignment of the Receivables to the Issuer and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

                  (i) Acquisition. Each Receivable is a Dealer Receivable
          acquired directly or indirectly from or made through a Dealer located
          in the United States (including the District of Columbia);

                  (ii) Security. Each Receivable is secured by a new or used
          automobile or light-duty truck;

                  (iii) Maturity of Receivables. Each Receivable had a remaining
          maturity of not less than nine months and not greater than seventy-one
          months, and (A) in the case of each Receivable secured by new Financed
          Vehicles, had an original maturity of at least twelve months and not
          more than seventy-three months, or (B) in the case of each Receivable
          secured by used Financed Vehicles, had an original maturity of at
          least twelve months and not more than sixty-seven months.

                  (iv) Contract Rate. Each Receivable is a fully-amortizing
          fixed rate simple interest contract or note that provides for level
          scheduled monthly payments over its remaining term, has a Contract
          Rate of at least 1.90% and not more than 18.00% and, if it has a
          Contract Rate of less than or equal to 6.90%, it is a Saturn Subvented
          Receivable;

                  (v) No Repossessions. Each Receivable is secured by a Financed
          Vehicle that had not been repossessed without reinstatement of such
          Receivable;

                  (vi) Obligor Not Subject to Bankruptcy Proceedings. Each
          Receivable has been entered into by an Obligor who had not been
          identified on the computer files of the Seller as in bankruptcy
          proceedings as of the Cutoff Date;

                  (vii) No Overdue Payments. Each Receivable had no payment that
          was more than 30 days past due;

                  (viii) Remaining Principal Balance. Each Receivable had a
          remaining Principal Balance of at least $2,000 and not greater than
          $100,000;

                  (ix) No Force Placed Insurance. As of the Cutoff Date, each
          Receivable was secured by a Financed Vehicle that was not insured by a
          force placed insurance policy or any vendor's single interest and
          non-filing insurance policy;

<PAGE>

                                                                           24

                  (x) Receivable Files. The Receivable Files shall be kept at
          one or more of the locations specified in Schedule B hereto;

                  (xi) Characteristics of Receivables. Each Receivable (a) has
          been originated in the form of a credit sales transaction by a Dealer
          or a purchase money loan or other note through a Dealer located in one
          of the States of the United States (including the District of
          Columbia) for the retail financing of a Financed Vehicle and has been
          fully and properly executed by the parties thereto, (b) if a retail
          installment sales contract, has been purchased by the Seller from the
          originating Dealer or an Affiliate of the Seller and has been validly
          assigned by such Dealer or an Affiliate of the Seller to the Seller in
          accordance with its terms; (c) contains customary and enforceable
          provisions such that the rights and remedies of the holder thereof are
          adequate for realization against the collateral of the benefits of the
          security; and (d) provides for fully amortizing level scheduled
          monthly payments (provided that the payment in the last month
          in the life of the Receivable may be different from the level
          scheduled payment) and for accrual of interest at a fixed rate
          according to the Simple Interest Method;

                  (xii) Compliance with Laws. Each Receivable and each sale of
          the related Financed Vehicle complied at the time it was originated or
          made, and complied on and after the Cutoff Date, in all material
          respects with all requirements of applicable federal, state, and local
          laws, and regulations thereunder, including usury laws, the Federal
          Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair
          Credit Reporting Act, the Federal Trade Commission Act, the
          Magnuson-Moss Warranty Act, Federal Reserve Board Regulations B and Z,
          state adaptations of the National Consumer Act and of the Uniform
          Consumer Credit Code, and any other consumer credit, equal
          opportunity, and disclosure laws applicable to such Receivable and
          sale thereof;

                  (xiii) Binding Obligation. Each Receivable constitutes the
          legal, valid, and binding payment obligation in writing of the
          Obligor, enforceable by the holder thereof in all material respects in
          accordance with its terms, subject, as to enforcement, to applicable
          bankruptcy, insolvency, reorganization, liquidation and other similar
          laws and equitable principles relating to or affecting the enforcement
          of creditors' rights;

                  (xiv) No Government Obligor. Each Receivable is not due from
          the United States of America or any State or from any agency,
          department, instrumentality or political subdivision of the United
          States of America or any State or local municipality, and each
          Receivable is not due from a business except to the extent that such
          Receivable has a personal guaranty;

                  (xv) Security Interest in Financed Vehicle. Immediately prior
          to the sale and assignment thereof to the Issuer as herein
          contemplated, each Receivable was secured by a validly perfected first
          priority security interest in the related Financed Vehicle in favor of
          or for the benefit of the Seller as secured party (subject to
          administrative delays and clerical errors on the part of the
          applicable governmental agency and to any statutory or other lien
          arising by operation of law after the Closing Date which is prior to
          such security interest), the Seller's security interest (or beneficial
          interest therein) is assignable, and has been so assigned by the
          Seller to the Issuer (subject to administrative

<PAGE>

                                                                            25

          delays and clerical errors on the part of the applicable
          governmental agency and to any statutory or other lien arising by
          operation of law after the Closing Date which is prior to such
          security interest);

                  (xvi) Receivables in Force. No Receivable has been satisfied,
          subordinated, or rescinded, nor has any Financed Vehicle been released
          from the Lien granted by the related Receivable, in whole or in part;

                  (xvii) No Waiver. No provision of a Receivable has been waived
          in such a manner that such Receivable fails either to meet all of the
          representations and warranties made by the Seller herein with respect
          thereto or to meet all of the conditions with respect thereto pursuant
          to this Section 3.1(b);

                  (xviii) No Amendments. No Receivable has been amended except
          pursuant to either instruments included in the Receivable Files or
          instruments to be included in the Receivable Files pursuant to Section
          4.2 (or otherwise maintained by the Seller in the ordinary course of
          its business), and no such amendment has caused such Receivable either
          to fail to meet all of the representations and warranties made by the
          Seller herein with respect thereto or to fail to meet all of the
          conditions with respect thereto pursuant to this Section 3.1(b);

                  (xix) No Defenses. The Seller had no knowledge either of any
          facts which would give rise to any right of rescission, setoff,
          counterclaim, or defense, or of the same being asserted or threatened,
          with respect to any Receivable;

                  (xx) No Liens. The Seller had no knowledge of any Liens or
          claims that have been filed, including liens for work, labor,
          materials or unpaid taxes relating to a Financed Vehicle, that would
          be liens prior to, or equal or coordinate with, the lien granted by
          the Receivable;

                  (xxi) No Default. Except for payment defaults continuing for a
          period of not more than 30 days as of the close of business on the
          Cutoff Date, the Seller has no knowledge that a default, breach,
          violation, or event permitting acceleration under the terms of any
          Receivable exists; the Seller has no knowledge that a continuing
          condition that with notice or lapse of time would constitute a
          default, breach, violation, or event permitting acceleration under the
          terms of any Receivable exists; and the Seller has not waived any of
          the foregoing;

                  (xxii) Insurance. Each Receivable requires that the Obligor
          thereunder maintain comprehensive, liability, theft and physical
          damage insurance covering the related Financed Vehicle;

<PAGE>

                                                                             26

                  (xxiii) Lawful Assignment. No Receivable has been originated
          in, or is subject to the laws of, any jurisdiction under which the
          sale, transfer, and assignment of such Receivable under this Agreement
          or pursuant to transfers of the Certificates or the Notes is unlawful,
          void or voidable;

                  (xxiv) All Filings Made. No filings (other than filings under
          the Relevant UCC which have been made) or other actions are necessary
          in any jurisdiction to give the Issuer a first perfected security
          interest in the Receivables;

                  (xxv) One Original. There is no more than one original
          executed copy of each Receivable which, immediately prior to the
          delivery thereof to the Servicer (as custodian for the Issuer), was in
          the possession of the Seller;

                  (xxvi) Excluded Loans. Each Receivable (A) is not a Receivable
          originated by or through a Dealer located in the State of Alabama and
          (B) has not been the subject of a previous securitization; and

                  (xxvii) No Debt Cancellation Policy. No Receivable is subject
          to a Debt Cancellation Policy.

                  SECTION 3.2 Repurchase Upon Breach or Failure of a Condition.
The Seller, the Servicer, the Indenture Trustee or the Owner Trustee, as the
case may be, shall inform the other parties in writing, upon the discovery by
the Seller, the Servicer or an Authorized Officer of the Indenture Trustee or
the Owner Trustee, as the case may be, of either any breach of the Seller's
representations and warranties set forth in Section 3.1(a) or the failure of any
Receivable to satisfy any of the conditions set forth in Section 3.1(b) which
materially and adversely affects the Holders' interest in any Receivable. Unless
the breach or failed condition shall have been cured by the last day of the
Collection Period following the Collection Period in which such discovery
occurred (or, at the Seller's option, the last day of the Collection Period in
which such discovery occurred), the Seller shall repurchase any Receivable the
Holders' interest in which was materially and adversely affected by the breach
or failed condition, as of such last day. In consideration of the repurchase of
a Receivable, the Seller shall remit the Repurchase Amount of such Receivable as
of such last day (less any Liquidation Proceeds deposited, or to be deposited,
by the Servicer in the Collection Account with respect to such Receivable
pursuant to Section 4.3) in the manner specified in Section 5.4. The sole remedy
of the Issuer, the Indenture Trustee or the Holders with respect either to a
breach of the Seller's representations and warranties set forth in Section
3.1(a) or to a failure of any of the conditions set forth in Section 3.1(b)
shall be to require the Seller to repurchase Receivables pursuant to this
Section 3.2. The obligation of the Seller to repurchase under this Section 3.2
shall not be dependent upon the actual knowledge of the Seller of any breached
representation or warranty and shall exist without regard to any limitation set
forth in any representation or warranty concerning the knowledge of the Seller
as to the facts stated therein. The Owner Trustee shall have no duty to conduct
any affirmative investigation as to the occurrence of any condition requiring
the repurchase of any Receivable pursuant to this Section 3.2 or the eligibility
of any Receivable for purposes of this Agreement.

              SECTION 3.3 Custody of Receivable Files. To assure uniform quality
in servicing the Receivables and to reduce administrative costs, the Issuer,
upon the execution and

<PAGE>

                                                                            27

delivery of this Agreement, agrees to have the Servicer act as custodian of
the following documents or instruments (the "Receivable Files") which are
hereby constructively delivered to the Issuer with respect to each
Receivable:

                  (i) The original executed Receivable; and

                  (ii) Any and all other documents or records that the Seller or
          the Servicer, as the case may be, shall keep on file, in accordance
          with its customary procedures, relating to a Receivable, an Obligor or
          a Financed Vehicle.

                  The Servicer hereby agrees to act as custodian and as agent
for the Issuer hereunder. The Servicer acknowledges that it holds the documents
and instruments relating to the Receivables for the benefit of the Issuer. The
Issuer shall have no responsibility to monitor the Servicer's performance as
custodian and shall have no liability in connection with the Servicer's
performance of such duties hereunder.

                  SECTION 3.4  Duties of Servicer as Custodian.

                  (a) Safekeeping. The Servicer, in its capacity as custodian,
shall hold the Receivable Files on behalf of the Issuer, and maintain such
accurate and complete accounts, records (either original execution documents or
copies of such originally executed documents shall be sufficient) and computer
systems pertaining to the Receivables as shall enable the Issuer to comply with
its obligations pursuant to this Agreement. In performing its duties as
custodian, the Servicer shall act with reasonable care, using that degree of
skill and attention that the Servicer exercises with respect to the receivable
files of comparable new or used automobile receivables that the Servicer
services for itself. The Servicer shall conduct, or cause to be conducted,
periodic audits of the files of all receivables owned or serviced by the
Servicer which shall include the Receivable Files held by it under this
Agreement and the related accounts, records and computer systems, in such a
manner as shall enable the Owner Trustee or the Indenture Trustee to identify
all Receivable Files and such related accounts, records and computer systems and
to verify, if the Owner Trustee or the Indenture Trustee so elects, the accuracy
of the Servicer's recordkeeping. The Servicer shall promptly report to the Owner
Trustee or the Indenture Trustee any failure on its part to hold the Receivable
Files and maintain its accounts, records, and computer systems as herein
provided, and promptly take appropriate action to remedy any such failure.

                  (b) Maintenance of and Access to Records. The Servicer shall
maintain each Receivable File at one of the locations specified in Schedule B to
this Agreement, or at such other location as shall be specified to the Owner
Trustee and the Indenture Trustee by 30 days' prior written notice. The Servicer
shall make available to the Owner Trustee, the Indenture Trustee or their
respective duly authorized representatives, attorneys or auditors, the
Receivable Files and the related accounts, records and computer systems
maintained by the Servicer at such times during normal operating hours as the
Owner Trustee or Indenture Trustee shall reasonably instruct which does not
unreasonably interfere with the Servicer's normal operations or customer or
employee relations.

<PAGE>

                                                                           28

                  (c) Release of Documents. Upon instruction from the Indenture
Trustee (or, if the Notes have been paid in full, from the Owner Trustee), the
Servicer shall release any document in the Receivable Files to the Indenture
Trustee or Owner Trustee, or their respective agents or designee, as the case
may be, at such place or places as such Person may reasonably designate as soon
as reasonably practicable to the extent it does not unreasonably interfere with
the Servicer's normal operations or customer or employee relations. The Servicer
shall not be responsible for any loss occasioned by the failure of the Owner
Trustee or Indenture Trustee, or their respective agents or designees, to return
any document or any delay in doing so.

                  (d) Title to Receivables. The Servicer agrees that, in respect
of any Receivable held by it as custodian hereunder, (i) the Servicer will not
at any time have or in any way attempt to assert any interest in such Receivable
or the related Receivable File, other than solely for the purpose of collecting
or enforcing the Receivable for the benefit of the Issuer and (ii) the related
Receivable File shall at all times be property of the Issuer.

                  SECTION 3.5 Instructions; Authority to Act. The Servicer shall
be deemed to have received proper instructions with respect to the Receivable
Files upon its receipt of written instructions signed by an Authorized Officer
of the Indenture Trustee (or, if the Notes have been paid in full, of the Owner
Trustee). A certified copy of a by-law or of a resolution of the Board of
Directors of the Owner Trustee or the Indenture Trustee, as the case may be,
shall constitute conclusive evidence of the authority of any such Authorized
Officer to act and shall be considered in full force and effect until receipt by
the Servicer of written notice to the contrary given by the Owner Trustee or the
Indenture Trustee, as the case may be.

                  SECTION 3.6 Custodian's Indemnification. The Servicer, as
custodian, shall indemnify the Issuer, the Owner Trustee and the Indenture
Trustee for any and all liabilities, obligations, losses, damages, payments,
costs, or expenses of any kind whatsoever that may be imposed on, incurred or
asserted against the Issuer, the Owner Trustee or the Indenture Trustee as the
result of any act or omission in any way relating to the maintenance and custody
by the Servicer, as custodian, of the Receivable Files; provided, however, that
the Servicer shall not be liable for any portion of any such amount resulting
from the wilful misfeasance, bad faith, or negligence of the Issuer, the Owner
Trustee or the Indenture Trustee.

                  SECTION 3.7 Effective Period and Termination. The Servicer's
appointment as custodian shall become effective as of the Cutoff Date and shall
continue in full force and effect until terminated pursuant to this Section 3.7
or until this Agreement shall be terminated. If the Servicer shall resign as
Servicer under Section 7.5 or if all of the rights and obligations of the
Servicer shall have been terminated under Section 8.1, the appointment of the
Servicer as custodian may be terminated by the Indenture Trustee or by the
Holders of Notes evidencing not less than a majority of the aggregate
Outstanding Amount of the Notes (or, if there are no Notes outstanding, the
Holders of Certificates representing not less than a majority of the Certificate
Balance), in the same manner as the Indenture Trustee or such Holders may
terminate the rights and obligations of the Servicer under Section 8.1. As soon
as practicable after any termination of such appointment, the Servicer shall, at
its expense, deliver the Receivable Files to the Issuer or the Issuer's agent at
such place or places as the Issuer may reasonably designate. Notwithstanding the
termination of the Servicer as custodian, the Owner Trustee agrees that upon any
such termination, the Issuer shall provide, or cause its agent to provide,
access to the

<PAGE>

                                                                            29

Receivable Files to the Servicer for the purpose of carrying out its duties
and responsibilities with respect to the servicing of the Receivables
hereunder.

                                   ARTICLE IV

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

                  SECTION 4.1 Duties of Servicer. The Servicer is hereby
authorized to act as agent for the Issuer and in such capacity shall manage,
service, administer and make collections on the Receivables (other than
Repurchased Receivables) with reasonable care, using that degree of skill and
attention that the Servicer exercises with respect to comparable new or used
automobile receivables that it services for itself. The Servicer's duties shall
include collection and posting of all payments, responding to inquiries by
Obligors or by federal, state, or local governmental authorities with respect to
the Receivables, investigating delinquencies, reporting tax information to
Obligors in accordance with its customary practices, advancing costs of
disposition of defaults, monitoring Receivables in cases of Obligor defaults,
accounting for collections, furnishing monthly and annual statements to the
Indenture Trustee with respect to distributions. The Servicer shall follow its
customary standards, policies, and procedures in performing its duties as
Servicer hereunder; provided that the Servicer shall be permitted to take or to
refrain from taking any action not specified in this Agreement with respect to
servicing the Receivables if such action or inaction would not contravene any
material term of this Agreement or materially and adversely affect the interests
of Holders. Without limiting the generality of the foregoing, the Servicer shall
be authorized and empowered by the Issuer to execute and deliver, on behalf of
itself, the Owner Trustee, the Indenture Trustee and the Holders, or any of
them, any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge, and all other comparable instruments, without
recourse to the Issuer, with respect to the Receivables or with respect to the
Financed Vehicles. If the Servicer shall commence a legal proceeding to enforce
a Receivable or a Defaulted Receivable, the Issuer shall thereupon be deemed to
have automatically assigned such Receivable and the related property conveyed to
the Issuer with respect to such Receivable to the Servicer, solely for the
purpose of collection. The Owner Trustee shall furnish the Servicer with such
documents as have been prepared by the Servicer for execution by the Owner
Trustee and as are necessary or appropriate to enable the Servicer to carry out
its servicing and administrative duties hereunder.

                  SECTION 4.2 Collection of Receivable Payments; Refinancing.
(a) The Servicer shall make reasonable efforts to collect all payments called
for under the terms and provisions of the Receivables and of this Agreement as
and when the same shall become due, and shall follow such collection procedures
as it follows with respect to comparable new or used automobile receivables that
it services for itself and that are consistent with prudent industry standards.
In connection therewith, the Servicer may grant extensions, rebates or
adjustments on a Receivable without the consent of the Issuer; provided,
however, that if the Servicer extends the date for final payment by the Obligor
of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly
repurchase such Receivable pursuant to Section 4.6. The Servicer is authorized
in its discretion to waive any Late Fees that may be due in the ordinary course
of collecting a Receivable; provided, further, that the Servicer shall not agree
to any change in the underlying Contract Rate on any Receivable, to any change
in the Principal Balance thereof (except with respect to a prepayment of a
scheduled payment that does not result

<PAGE>

                                                                            30

in a deferral of any other scheduled payment), to any reduction of the total
number of payments due thereunder or, subject to the foregoing, to any reduction
of the amount of any scheduled payment on a Receivable. In the event that at the
end of the scheduled term of any Receivable, the outstanding principal amount
thereof is such that the final payment to be made by the related Obligor is
larger than the regularly scheduled payment of principal and interest made by
such Obligor, the Servicer may permit such Obligor to pay such remaining
principal amount in more than one payment of principal and interest; provided,
however, that the last such payment shall be due on or prior to the Final
Scheduled Maturity Date.

                  (b) Notwithstanding anything in this Agreement to the
contrary, the Servicer may refinance any Receivable by accepting a new
promissory note from the related Obligor and applying the proceeds of such
refinancing to pay all obligations in full of such Obligor under such
Receivable. The receivable created by the refinancing shall not be property of
the Issuer.

                  SECTION 4.3 Realization Upon Receivables. The Servicer shall
use reasonable efforts, consistent with its customary servicing procedures, to
repossess or otherwise take possession of the Financed Vehicle securing any
Receivable which the Servicer shall have determined to be a Defaulted Receivable
or otherwise. The Servicer shall follow such customary and usual practices and
procedures as it shall deem necessary or advisable in its servicing of new or
used automobile receivables, which may include reasonable efforts to realize
upon any recourse to Dealers, consigning the Financed Vehicle to a Dealer for
resale and selling the Financed Vehicle at public or private sale. The Servicer
shall be entitled to recover from proceeds all reasonable expenses incurred by
it in the course of converting the Financed Vehicle into cash proceeds. The
Liquidation Proceeds with respect to a Receivable shall be deposited by the
Servicer in the Collection Account in the manner specified in Section 5.2 and
shall be applied to reduce (or to satisfy, as the case may be) the Repurchase
Amount of the Receivable, if such Receivable is to be repurchased by the Seller
pursuant to Section 3.2, or is to be purchased by the Servicer pursuant to
Section 4.6. The foregoing shall be subject to the provision that, in any case
in which a Financed Vehicle shall have suffered damage, the Servicer shall not
expend funds in connection with the repair or the repossession of such Financed
Vehicle unless it shall determine in its sole discretion that such repair and/or
repossession will increase the Liquidation Proceeds of the related Receivable by
an amount equal to or greater than the amount of such expenses.

                  SECTION 4.4 Maintenance of Security Interests in Financed
Vehicles. The Servicer, in accordance with its customary servicing procedures,
shall take such steps as are necessary to maintain perfection of the first
priority security interest of the Seller created in any Financed Vehicle which
secures a Receivable. The Owner Trustee, on behalf of the Issuer, and the
Indenture Trustee hereby authorize the Servicer, and the Servicer hereby agrees,
to take such steps as are necessary to re-perfect such security interest in the
event of the relocation of a Financed Vehicle or for any other reason, in either
case, when the Servicer has knowledge of the need for such re-perfection. In the
event that the assignment of a Receivable to the Issuer and by the Issuer to the
Indenture Trustee pursuant to the Indenture is insufficient without a notation
on the related Financed Vehicle's certificate of title, or without fulfilling
any additional administrative requirements under the laws of the State in which
the Financed Vehicle is located, to grant to the Indenture Trustee a perfected
security interest in the related Financed Vehicle, the Seller and Servicer
hereby agree that the Seller's listing as the secured party on the certificate
of title is deemed to be in its capacity as agent of the Indenture Trustee and
the Servicer further

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                                                                            31

agrees to hold such certificate of title as the Indenture Trustee's agent
and custodian; provided, however, that the Servicer shall not, nor shall
the Owner Trustee, the Indenture Trustee or Holders have the right to
require that the Servicer, make any such notation on the related Financed
Vehicles' certificate of title or fulfill any such additional administrative
requirement of the laws of the State in which a Financed Vehicle is located.

                  SECTION 4.5 Covenants of Servicer. The Servicer hereby makes
the following covenants on which the Issuer will rely in accepting the
Receivables:

                  (i) Security Interest to Remain in Force. The Financed Vehicle
          securing each Receivable shall not be released from the security
          interest granted by the Receivable in whole or in part except if such
          Financed Vehicle is substituted in whole by the manufacturer, dealer
          or seller as a result of mechanical defects or a total loss of the
          Financed Vehicle because of accident or theft or as otherwise
          contemplated herein;

                  (ii) No Impairment. The Servicer shall not impair the rights
          of the Issuer, the Indenture Trustee or any Holder in the Receivables;
          and

                  (iii) Extensions; Defaulted Receivables. The Servicer shall
          not increase the number of payments under a Receivable, nor increase
          the Amount Financed under a Receivable, nor extend or forgive payments
          on a Receivable or otherwise amend the terms of any Receivable, except
          as provided in Section 4.2.

                  SECTION 4.6 Purchase of Receivables Upon Breach. The Seller,
the Servicer, the Indenture Trustee or the Owner Trustee, as the case may be,
shall inform the other parties promptly, in writing, upon the discovery by the
Seller, the Servicer or an Authorized Officer of the Indenture Trustee or the
Owner Trustee, as the case may be, of any breach by the Servicer of its
covenants under Section 4.5 which materially and adversely affects the interest
of the Holders in any Receivable (for this purpose, any breach of the covenant
set forth in Section 4.5(iii) shall be deemed to materially and adversely affect
the interest of the Holders in a Receivable). Except as otherwise specified in
Section 4.2, unless the breach shall have been cured by the last day of the
Collection Period following the Collection Period in which such discovery
occurred (or, at the Servicer's election, the last day of the Collection Period
in which such discovery occurred), the Servicer shall purchase any Receivable
materially and adversely affected by such breach as of such last day. In
consideration of the purchase of such Receivable, the Servicer shall remit the
Repurchase Amount (less any Liquidation Proceeds deposited, or to be deposited,
by the Servicer in the Collection Account with respect to such Receivable
pursuant to Section 4.3) in the manner specified in Section 5.4. The sole remedy
of the Issuer, the Owner Trustee, the Indenture Trustee or the Holders against
the Servicer with respect to a breach pursuant to Section 4.2 or 4.5 shall be to
require the Servicer to purchase Receivables pursuant to this Section 4.6. The
Owner Trustee shall have no duty to conduct any affirmative investigation as to
the occurrence of any condition requiring the repurchase of any Receivable
pursuant to this Section 4.6 or the eligibility of any Receivable for purposes
of this Agreement.

                  SECTION 4.7 Servicing Fee. The Servicing Fee for a Collection
Period shall be payable on the related Payment Date pursuant to Section 5.5 and
shall equal the sum of (i) the product of one-twelfth of the Servicing Fee Rate
and the Pool Balance as of the related

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                                                                            32

Settlement Date and (ii) Late Fees received from Obligors during such Collection
Period. In addition, as part of the Servicing Fee, the Servicer shall be
entitled to receive on each Payment Date Investment Earnings when and as paid on
amounts on deposit in the Collection Account or earned on collections pending
deposit in the Collection Account. The Servicer shall be required to pay from
its own account all expenses incurred by it in connection with its activities
hereunder (including fees and disbursements of independent accountants and
auditors, taxes imposed on the Servicer, and other costs incurred in connection
with administering and servicing the Receivables) and the fees and disbursements
of the Issuer, the Administrator, the Owner Trustee, the Indenture Trustee, the
Owner Trustee's and the Indenture Trustee's respective counsel, the Securities
Intermediaries, the Paying Agent, the Authenticating Agent, the Note Registrar
and the Certificate Registrar except for United States federal, state and local
income and franchise taxes, if any, imposed on the Issuer or any Holder or any
expenses in connection with realizing upon Receivables under Section 4.3.

                  SECTION 4.8 Servicer's Certificate. On or before each
Determination Date, the Servicer shall deliver to the Indenture Trustee, the
Owner Trustee, the Paying Agent and the Rating Agencies a Servicer's
Certificate, substantially in the form of Exhibit A, for the Collection Period
preceding such Determination Date, containing all information necessary to make
the distributions pursuant to Section 5.5, and all information necessary for the
Paying Agent to send statements to Holders pursuant to Section 5.8. The Servicer
shall deliver to the Rating Agencies any information, to the extent it is
available to the Servicer, that the Rating Agencies reasonably request in order
to monitor the Issuer. The Servicer shall also specify each Receivable which the
Seller or the Servicer is required to repurchase or purchase, as the case may
be, as of the last day of the preceding Collection Period and each Receivable
which the Servicer shall have determined to be a Defaulted Receivable during the
preceding Collection Period. Subsequent to the Closing Date, the form of
Servicer's Certificate may be revised or modified to cure any ambiguities or
inconsistencies between such form and this Agreement; provided, however, that no
material information shall be deleted from the form of Servicer's Certificate.
In the event that the form of Servicer's Certificate is revised or modified in
accordance with the preceding sentence, a form thereof, as so revised or
modified, shall be provided to the Owner Trustee, the Paying Agent, the
Indenture Trustee and each Rating Agency.

                  SECTION 4.9 Annual Statement as to Compliance. (a) The
Servicer shall deliver to a firm of independent certified public accountants, on
or before March 31 of each year commencing March 31, 2002, a certificate signed
by the chairman of the board, the president, the treasurer, the controller, any
executive or senior vice president or any vice president of the Servicer,
stating that (a) a review of the activities of the Servicer during the year
ended the preceding December 31 (or the period since the Cutoff Date in the case
of the first such certificate) and of its performance under this Agreement has
been made under such officer's supervision and (b) to the best of such officer's
knowledge, based on such review, the Servicer has fulfilled all its obligations
in all material respects under this Agreement throughout such year (or the
period since the Cutoff Date in the case of the first such certificate), or, if
there has been a default in the fulfillment of any such obligation, specifying
each such default known to such officer and the nature and status thereof.

<PAGE>

                                                                            33

                  (b) The Servicer shall deliver to the Indenture Trustee, the
Owner Trustee and each Rating Agency promptly after having obtained knowledge
thereof, but in no event later than five Business Days thereafter, an Officer's
Certificate specifying any event which with the giving of notice or lapse of
time, or both, would become an Event of Servicing Termination under Section 8.1.
The Seller shall deliver to the Indenture Trustee and the Owner Trustee,
promptly after having obtained knowledge thereof, but in no event later than
five Business Days thereafter, an Officer's Certificate specifying any event
which with the giving of notice or lapse of time, or both, would become an Event
of Servicing Termination under Section 8.1.

                  SECTION 4.10 Annual Audit Report. The Servicer shall cause a
firm of independent public accountants (which may provide other services to the
Servicer or the Seller) to prepare a report (with a copy of the certificate
described in Section 4.9(a) attached) addressed to the Board of Directors of the
Servicer, for the information and use of the Indenture Trustee, the Owner
Trustee and the Rating Agencies on or before March of each year, beginning March
31, 2002, to the effect that, with respect to the twelve months ended the
preceding December 31 (or the period since the Cutoff Date, in the case of the
first such certificate), such firm has either (A) examined a written assertion
by the Servicer about the effectiveness of the Servicer's internal control
structure over the processing and reporting of transactions relating to
securitized automobile loans with respect to the criteria set forth by the
Servicer (the "Assertion") and that, on the basis of such examination, such firm
is of the opinion that the Servicer's Assertion is fairly stated in all material
respects except for (i) such exceptions as such firm believes to be immaterial
and (ii) such other exceptions as shall be set forth in such firm's report, or
(B) such firm has performed the following procedures:

1. For a sample of daily cash receipts during the preceding calendar year:

         a.       Trace total cash receipts to deposits on bank statements.
         b.       Agree cash receipts for securitized loans to computer reports.
         c.       Trace cash receipts for securitized loans to disbursements to
                  the Owner Trustee and the Indenture Trustee.

2. For a sample of monthly cash receipt reports:

         a.       Agree total cash receipts per the cash receipt reports to
                  "Total Payments From Obligors Applied to Collection Period"
                  per monthly Servicer Certificates.
         b.       Agree total principal payments per the cash receipt reports to
                  "Principal Payments" per monthly Servicer Certificates.

3.       For a sample of loans delinquent 30 days or more and for a sample of
         loans in repossession status, selected from the loan delinquency report
         or a new repossession report, as applicable, at a point in time, trace
         loan number to inclusion in the loan collection system.

The determination of which of the two alternative reports to be prepared and
delivered, and the size of each sample to be tested, shall be decided in the
sole discretion of the Servicer. The report of the independent certified public
accountants shall also indicate that such accounting firm is independent of the
Servicer within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants.

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                                                                            34

                  SECTION 4.11 Access by Holders to Certain Documentation and
Information Regarding Receivables. The Servicer shall provide to the Holders
access to the Receivable Files in such cases where the Holders shall be required
by applicable statutes or regulations to have access to such documentation.
Access by the Holders shall be afforded without charge, but only upon reasonable
request and during normal business hours which does not unreasonably interfere
with the Servicer's normal operations or customer or employee relations. Nothing
in this Section 4.11 shall affect the obligation of the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors, and
the failure of the Servicer to provide access to information as a result of such
obligation shall not constitute a breach of this Section 4.11.

                  SECTION 4.12 Reports to Holders and the Rating Agencies. (a)
The Indenture Trustee or the Owner Trustee, as applicable, shall provide to any
Holder who so requests in writing (addressed to the Corporate Trust Office of
such trustee) a copy of any Servicer's Certificate described in Section 4.8, of
the annual statement described in Section 4.9(a), or of the annual report
described in Section 4.10. The Indenture Trustee or the Owner Trustee, as
applicable, may require the Holder to pay a reasonable sum to cover the cost of
the Indenture Trustee's or the Owner Trustee's complying with such request, as
applicable.

                  (b) The Indenture Trustee or the Owner Trustee, as applicable,
shall forward to the Rating Agencies the statement to Holders described in
Section 5.8 and any other reports it may receive pursuant to this Agreement to
(i) Standard & Poor's, Standard & Poor's Ratings Service, 55 Water Street, New
York, New York 10041, (ii) Moody's, ABS Monitoring Dept., 99 Church Street, 4th
Floor, New York, New York 10007 and (iii) to Fitch, One State Street Plaza, 32nd
Floor, New York, New York 10004.

                  SECTION 4.13 Reports to the Securities and Exchange
Commission. The Servicer shall, on behalf of the Issuer, cause to be filed with
the Commission any periodic reports required to be filed under the provisions of
the Exchange Act and the rules and regulations of the Securities and Exchange
Commission thereunder.

                                   ARTICLE V

                            ACCOUNTS; DISTRIBUTIONS;
                        STATEMENTS TO CERTIFICATEHOLDERS

                  SECTION 5.1 Establishment of Collection Account and Note
Distribution Account.(a) On or prior to the Closing Date, the Issuer, the
Collection Account Securities Intermediary and the Indenture Trustee shall have
entered into the Collection Account Control Agreement pursuant to which the
Collection Account shall be established and maintained for the benefit of the
Noteholders and the Certificateholders. If the depositary of the Collection
Account ceases to be either a Qualified Institution or a Qualified Trust
Institution, as applicable, the Issuer shall cause the Collection Account to be
moved to a Qualified Institution or a Qualified Trust Institution and the
Indenture Trustee shall cause the depositary maintaining the new Collection
Account to assume the obligations of the existing Collection Account Securities
Intermediary under the Collection Account Control Agreement unless the Rating
Agency Condition is satisfied in connection with such depositary's ceasing to be
a Qualified Institution or a Qualified

<PAGE>

                                                                            35

Trust Institution, as the case may be. All amounts held in the Collection
Account shall be invested in accordance with the Collection Account Control
Agreement at the written direction of the Servicer to the extent provided in
Section 8.3(a) and Section 8.3(c) of the Indenture in Permitted Investments that
mature not later than the Deposit Date next succeeding the date of investment
except, if the Collection Account Securities Intermediary and the Indenture
Trustee are the same Person, investments on which the Indenture Trustee is the
obligor (including repurchase agreements on which the Indenture Trustee, in its
commercial capacity, is liable as principal) may mature on the next succeeding
Payment Date; provided, however, that once such amounts have been invested in
Permitted Investments, such Permitted Investments must be held or maintained
until they mature on or before the dates described above.

                  (b) On or prior to the Closing Date, the Servicer shall
establish and maintain for the benefit of the Noteholders, in the name of the
Indenture Trustee, an Eligible Deposit Account for the deposit of distributions
to the Noteholders (the "Note Distribution Account"), bearing a designation
clearly indicating that the funds deposited therein are held for the benefit of
the Noteholders. The Note Distribution Account shall be established initially at
Chase. Should any depositary of the Note Distribution Account or the Certificate
Distribution Account (including Chase (or an Affiliate thereof)) cease to be
either a Qualified Institution or a Qualified Trust Institution, as applicable,
then the Servicer shall, with the Seller's assistance as necessary, cause the
related account to be moved to a Qualified Institution or a Qualified Trust
Institution, unless the Rating Agency Condition is satisfied in connection with
such depositary's ceasing to be a Qualified Institution or a Qualified Trust
Institution, as the case may be. Amounts on deposit in the Note Distribution
Account shall not be invested.

                  (c) The Indenture Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Note Distribution
Account and in all proceeds thereof and all such funds, investments, proceeds
and income shall be part of the Owner Trust Estate. Except as otherwise provided
herein, the Note Distribution Account shall be under the sole dominion and
control of the Indenture Trustee for the benefit of the Noteholders.

                  SECTION 5.2 Collections. (a) The Servicer shall remit daily
within forty-eight hours of receipt to the Collection Account all Collections
collected during the Collection Period. Chase USA has requested that, so long as
it is acting as the Servicer, the Servicer be permitted to make remittances of
Collections on a less frequent basis than that specified in the immediately
preceding sentence. It is understood that such less frequent remittances may be
made only on the specific terms and conditions set forth below in this Section
5.2 and only for so long as such terms and conditions are fulfilled.
Accordingly, notwithstanding the provisions of the first sentence of this
Section 5.2, the Servicer shall remit such collections to the Collection Account
in Automated Clearinghouse Corporation next-day funds or immediately available
funds no later than 11:00 a.m., New York City time, on the Deposit Date, but
only for so long as (i) the short-term certificate of deposit ratings of the
Servicer are at least P-1 by Moody's, "F1" by Fitch (if rated by Fitch) and
"A-1" by Standard & Poor's, or the Rating Agency Condition is satisfied as a
result of Collections being remitted on a monthly, rather than daily, basis and
(ii) the Servicer shall be Chase USA or Chase. Upon remittance by the Servicer
of Collections to the Collection Account pursuant to the preceding sentence, the
Paying Agent shall provide written notice to the Indenture Trustee and the Owner
Trustee no later than 11 a.m., New York City time, on each Deposit Date, setting
forth the amounts remitted by the Servicer on such date and, if the Paying

<PAGE>

                                                                           36

Agent fails to provide the Indenture Trustee and the Owner Trustee, with such
written notice by 12 noon, New York City time, on such Deposit Date, then the
Indenture Trustee and the Owner Trustee shall assume that no deposits were made
to the Collection Account pursuant to this Section 5.2. For purposes of this
Section 5.2 the phrase "payments made on behalf of the Obligors" shall mean
payments made by Persons other than the Seller or the Servicer.

                  (b) Notwithstanding anything in this Agreement to the
contrary, if the Servicer inadvertently deposits amounts that it mistakenly
believes are Collections resulting in the payment in full of a Receivable, the
Servicer shall be deemed to have purchased such Receivable pursuant to Section
4.6 as of the last day of the Collection Period during which such error shall
have occurred.

                  SECTION 5.3 [Reserved]

                  SECTION 5.4 Additional Deposits. The Servicer, or the Seller,
as the case may be, shall deposit into the Collection Account the aggregate
Repurchase Amount pursuant to Sections 3.2, 4.6 and 9.1(a), as applicable. All
remittances shall be made to the Collection Account, in Automated Clearinghouse
Corporation next-day funds or immediately available funds, no later than 11
a.m., New York City time, on the Deposit Date.

                  SECTION 5.5 Distributions. (a) No later than 12 noon, New York
City time, on each Determination Date, the Servicer shall calculate all amounts
required to determine the amounts to be withdrawn from the Reserve Account (if
any) and deposited into the Collection Account and the amounts to be withdrawn
from the Collection Account and paid to the Servicer and the Administrator,
deposited into the Note Distribution Account and the Certificate Distribution
Account and/or paid to the Seller pursuant to Section 5.6(d) with respect to the
next succeeding Payment Date.

                  (b) On each Deposit Date, the Servicer shall instruct the
Indenture Trustee in writing (based on the information contained in the
Servicer's Certificate delivered on the related Determination Date pursuant to
Section 4.8) to withdraw from the Reserve Account and deposit in the Collection
Account the Reserve Account Transfer Amount (if any) for the related Payment
Date, and the Indenture Trustee shall so withdraw and deposit the Reserve
Account Transfer Amount for such Payment Date.

                  (c) Not later than 11:00 a.m., New York City time, on each
Payment Date, at the Servicer's direction, the Indenture Trustee, or the Paying
Agent on behalf of the Indenture Trustee, shall cause to be made the following
distributions, to the extent of the Total Distribution Amount then on deposit in
the Collection Account and amounts withdrawn from the Reserve Account and
deposited in the Collection Account by wire transfer of immediately available
funds, in the following order of priority and in the amounts set forth in the
Servicer's Certificate for such Payment Date:

                  (i) to the Servicer, the sum of (x) the Servicing Fee for the
          preceding Collection Period, plus (y) the amount of any Servicing Fee
          previously due but not paid, if any, to the extent such amounts are
          not deducted from the Servicer's remittance to the Collection Account
          pursuant to Section 5.7;

<PAGE>

                                                                            37

                  (ii) to the Administrator, the sum of (x) the Administration
          Fee for such Payment Date, plus (y) the amount of any Administration
          Fee previously due but not paid, if any;

                  (iii) to the Note Distribution Account, the Noteholders'
          Interest Distributable Amount;

                  (iv) except as set forth in Section 5.5(d), to the Owner
          Trustee for deposit in the Certificate Distribution Account, the
          Certificateholders' Interest Distributable Amount;

                  (v) except as set forth in Section 5.5(d), to the Note
          Distribution Account, the Noteholders' Principal Distributable Amount;
          and

                  (vi) except as set forth in Section 5.5(d), to the Owner
          Trustee for deposit in the Certificate Distribution Account, the
          Certificateholders' Principal Distributable Amount; and

                  (vii) except as set forth in Section 5.5(d), to the Reserve
          Account, any remaining portion of the Total Distribution Amount.

                  In the event that the Collection Account is maintained with an
institution other than the Indenture Trustee, the Servicer shall instruct and
cause such institution to make all deposits and distributions pursuant to this
Section 5.5(c) on the related Deposit Date.

                  (d) If the Notes have been declared immediately due and
payable as provided in Section 5.2 of the Indenture following the occurrence of
an Event of Default described in clause (a) or (b) of Section 5.2 of the
Indenture, any amounts remaining in the Collection Account after the
distributions described in clauses (i), (ii) and (iii) of Section 5.5(c) shall
be distributed as follows: (1) an amount equal to the Outstanding Amount of the
Notes will be deposited in the Note Distribution Account, and (2) any remaining
amounts will be applied pursuant to clauses (iv), (v), (vi) and (vii) of Section
5.5(c).

                  SECTION 5.6 Reserve AccountOn or prior to the Closing Date,
the Issuer, the Reserve Account Securities Intermediary and the Indenture
Trustee shall have entered into the Reserve Account Control Agreement pursuant
to which the Reserve Account shall be established and maintained for the benefit
of the Noteholders and the Certificateholders. Pursuant to Section 2.5 of the
Trust Agreement, on the Closing Date, the Owner Trustee shall deposit the
Reserve Account Initial Deposit into the Reserve Account.

                  (b) If the depositary of the Reserve Account ceases to be
either a Qualified Institution or a Qualified Trust Institution, as applicable,
the Issuer shall cause the Reserve Account to be moved to a Qualified
Institution or a Qualified Trust Institution and the Indenture Trustee shall
cause the depositary maintaining the new Reserve Account to assume the
obligations of the existing Reserve Account Securities Intermediary under the
Reserve Account Control Agreement unless the Rating Agency Condition is
satisfied in connection with such depositary's ceasing to be a Qualified
Institution or a Qualified Trust Institution, as the case may be.

<PAGE>

                                                                           38

                  (c) All amounts held in the Reserve Account shall be invested
in accordance with the Reserve Account Control Agreement at the written
direction of the Seller to the extent provided in Section 8.3(a) and Section
8.3(c) of the Indenture in Permitted Investments that mature not later than the
Deposit Date next succeeding the date of investment except, if the Reserve
Account Securities Intermediary and the Indenture Trustee are the same Person,
investments on which the Indenture Trustee is the obligor (including repurchase
agreements on which the Indenture Trustee, in its commercial capacity, is liable
as principal) may mature on the next succeeding Payment Date; provided, however,
that amounts on deposit in the Reserve Account may be invested in Permitted
Investments that mature later than the next succeeding Deposit Date if the
Rating Agency Condition is satisfied. Once amounts on deposit in the Reserve
Account are invested in Permitted Investments, such Permitted Investments must
be held or maintained until they mature on or before the dates described above.

                  (d) On each Payment Date, the Indenture Trustee shall withdraw
from the Reserve Account and pay to the Seller the sum of (i) all investment
earnings (net of losses and investment expenses) credited to the Reserve Account
since the prior Payment Date and (ii) the excess, if any, of the amount on
deposit in the Reserve Account over the Specified Reserve Account Balance with
respect to such Payment Date (after giving effect to all deposits therein or
withdrawals therefrom on such Payment Date). Upon any distribution to the Seller
of amounts from the Reserve Account, the Holders will have no rights in, or
claims, to, such amounts. Amounts properly distributed to the Seller from the
Reserve Account shall not be available under any circumstances to the Indenture
Trustee, and the Seller shall not in any event thereafter be required to refund
any such distributed amounts.

                  SECTION 5.7 Net Deposits. Chase USA (in its capacity as the
Seller or the Servicer) may make the remittances pursuant to Sections 5.2 and
5.4 above, net of amounts to be retained by it or distributed to it (also in any
such capacity) pursuant to Section 4.7 (if applicable) and Section 5.5, if (a)
it shall be the Servicer and (b) it is entitled, pursuant to Section 5.2, to
make deposits on a monthly basis, rather than a daily basis. Nonetheless, the
Servicer shall account for all of the above-described amounts as if such amounts
were deposited and distributed separately.

                  SECTION 5.8 Statements to Certificateholders and Noteholders.
(a) On each Payment Date, the Servicer shall provide to the Indenture Trustee
and the Paying Agent (for the Paying Agent to forward to each Noteholder of
record pursuant to the Indenture) and to the Owner Trustee (for the Owner
Trustee to forward to each Certificateholder of record pursuant to the Trust
Agreement) a statement substantially in the form of Exhibit B (or such other
form that is acceptable to the Indenture Trustee, the Owner Trustee and the
Servicer), with a copy to the Rating Agencies, setting forth at least the
following information as to the Notes (separately stating such information as to
the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes) and the Certificates, to the extent applicable:

                  (i) the amount of such distribution allocable to principal on
          each class of Notes and the Certificates;

                  (ii) the amount of such distribution allocable to interest on
          each class of Notes and the Certificates;

<PAGE>

                                                                             39

                  (iii) the amount of the Servicing Fee paid to the Servicer
          pursuant to Section 5.5(c);

                  (iv) the amount of the Administration Fee paid to the
          Administrator on such Payment Date;

                  (v) the Outstanding Amount of each class of the Notes, the
          Class A-1 Note Pool Factor, the Class A-2 Note Pool Factor, the Class
          A-3 Note Pool Factor, the Class A-4 Note Pool Factor, the Certificate
          Balance and the Certificate Pool Factor, in each case after giving
          effect to payments allocated to principal reported under (i) above;

                  (vi) the Pool Balance as of the last day of the preceding
          Collection Period;

                  (vii) the aggregate amount of the Repurchase Amounts for
          Repurchased Receivables with respect to the related Collection Period
          paid by each of the Seller and the Servicer (accounted for
          separately);

                  (viii) the amount of Aggregate Net Losses, if any, for such
          Payment Date;

                  (ix) the balance of the Reserve Account on such Payment Date,
          after giving effect to deposits into and withdrawals from the Reserve
          Account on such Payment Date;

                  (x) the Specified Reserve Account Balance for such Payment
          Date;

                  (xi) the Total Distribution Amount for such Payment Date;

                  (xii) the Noteholders' Distributable Amount and the components
          thereof;

                  (xiii) the Certificateholders' Distributable Amount and the
          components thereof; and

                  (xiv) the Reserve Account Transfer Amount, if any, for such
          Payment Date.

                  Each amount set forth pursuant to subclause (i), (ii), (iii),
(iv), (xii) or (xiii) above shall be expressed as a dollar amount per $1,000 of
original principal balance of a Note or a Certificate, as applicable.

                                   ARTICLE VI

                                   THE SELLER

              SECTION 6.1 Representations of Seller. The Seller makes the
following representations on which the Issuer shall rely in acquiring the
Receivables. The representations shall speak as of the execution and delivery
of this Agreement, and shall survive the sale of the Receivables to the Issuer
and pledge thereof to the Indenture Trustee pursuant to the Indenture.

                  (i) Organization and Good Standing. The Seller has been duly
          organized and is validly existing as a national banking association in
          good standing under the laws of

<PAGE>

                                                                           40

          the United States of America, with power and authority to own
          its properties and to conduct its business as such properties are
          currently owned and such business is presently conducted, and had at
          all relevant times, and has, power, authority, and legal right to
          acquire and own the Receivables.

                  (ii) Power and Authority. The Seller has the power and
          authority to execute and deliver this Agreement and the other Basic
          Documents to which it is a party and to carry out their respective
          terms, the Seller has full power and authority to sell and assign the
          property to be sold and assigned to the Issuer as the Owner Trust
          Estate and has duly authorized such sale and assignment to the Issuer
          by all necessary corporate action; and the execution, delivery, and
          performance of this Agreement and the other Basic Documents to which
          it is a party has been duly authorized by the Seller by all necessary
          action.

                  (iii) Valid Sale; Binding Obligations. This Agreement effects
          a valid sale, transfer, and assignment of the Receivables, enforceable
          against creditors of and purchasers from the Seller; this Agreement
          and each of the other Basic Documents to which it is a party
          constitutes a legal, valid, and binding obligation of the Seller
          enforceable in accordance with its terms, except as enforceability may
          be limited by bankruptcy, insolvency, reorganization, or other similar
          laws affecting the enforcement of creditors' rights in general and by
          general principles of equity, regardless of whether such
          enforceability is considered in a proceeding in equity or at law.

                  (iv) No Violation. The consummation of the transactions
          contemplated by this Agreement and the other Basic Documents and the
          fulfillment of the terms hereof and thereof do not conflict with,
          result in any breach of any of the terms and provisions of, nor
          constitute (with or without notice or lapse of time) a default under,
          the articles of association or bylaws of the Seller, or conflict with
          or breach any of the material terms or provisions of, or constitute
          (with or without notice or lapse of time) a default under, any
          indenture, agreement, or other instrument to which the Seller is a
          party or by which it is bound; nor result in the creation or
          imposition of any lien upon any of its properties pursuant to the
          terms of any such indenture, agreement, or other instrument; nor
          violate any law or, to the best of the Seller's knowledge, any order,
          rule, or regulation applicable to the Seller of any court or of any
          federal or state regulatory body, administrative agency, or other
          governmental instrumentality having jurisdiction over the Seller or
          its properties.

                  (v) No Proceedings. There are no proceedings or investigations
          pending, or, to the Seller's best knowledge, threatened, before any
          court, regulatory body, administrative agency, or other governmental
          instrumentality having jurisdiction over the Seller or its properties:
          (a) asserting the invalidity of this Agreement, any other Basic
          Document, the Notes or the Certificates, (b) seeking to prevent the
          issuance of the Notes or the Certificates or the consummation of any
          of the transactions contemplated by this Agreement or any other Basic
          Document, (c) seeking any determination or ruling that might
          materially and adversely affect the performance by the Seller of its
          obligations under, or the validity or enforceability of, this
          Agreement, any other Basic Document, or

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                                                                            41

          the Notes or the Certificates, or (d) relating to the Seller
          and which might adversely affect the federal or state income tax
          attributes of the Notes or the Certificates.

                  SECTION 6.2 Liability of Seller; Indemnities. The Seller shall
be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Seller in such capacity under this Agreement and
shall have no other obligations or liabilities hereunder.

                  The Seller shall indemnify, defend and hold harmless the
Issuer, the Owner Trustee and the Indenture Trustee from and against any taxes
that may at any time be asserted against any such Person with respect to, and as
of the date of, the sale of the Receivables to the Issuer or the issuance and
original sale of the Notes and the Certificates, including any sales, gross
receipts, general corporation, tangible or intangible personal property,
privilege, or license taxes (but not including any taxes asserted with respect
to ownership of the Receivables or federal or other income taxes, including
franchise taxes measured by net income), arising out of the transactions
contemplated by this Agreement and the other Basic Documents, and costs and
expenses in defending against the same.

                  The Seller shall indemnify, defend, and hold harmless the
Issuer, the Owner Trustee and the Indenture Trustee from and against any loss,
liability or expense incurred by reason of (i) the Seller's wilful misfeasance,
bad faith, or gross negligence in the performance of its duties hereunder, or by
reason of reckless disregard of the obligations and duties hereunder and (ii)
the Seller's violation of federal or state securities laws in connection with
the registration of the sale of the Notes and the Certificates.

                  Indemnification under this Section 6.2 shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Seller shall have made any indemnity payments to the Issuer, the Owner Trustee
or the Indenture Trustee, respectively, pursuant to this Section 6.2 and the
Issuer, the Owner Trustee or the Indenture Trustee, respectively, thereafter
shall collect any of such amounts from others, the Issuer, the Owner Trustee or
the Indenture Trustee, respectively, shall repay such amounts to the Seller,
without interest.

                  SECTION 6.3 Merger or Consolidation of Seller. Any corporation
or other entity (i) into which the Seller may be merged or consolidated, (ii)
which may result from any merger, conversion, or consolidation to which the
Seller shall be a party, or (iii) which may succeed to all or substantially all
of the business of the Seller, which corporation or other entity shall be bound
to perform every obligation of the Seller under this Agreement, shall be the
successor to the Seller hereunder without the execution or filing of any
document or any further act by any of the parties to this Agreement. The Seller
shall give prompt written notice of any merger or consolidation to the Issuer,
the Owner Trustee, the Indenture Trustee, the Servicer and the Rating Agencies.

                  SECTION 6.4 Limitation on Liability of Seller and Others. The
Seller and any director, officer, employee or agent of the Seller may rely in
good faith on the advice of counsel or on any document of any kind, prima facie
properly executed and submitted by any Person respecting any matters arising
hereunder or under any other Basic Documents. The Seller shall not be under any
obligation under this Agreement to appear in, prosecute, or defend any legal

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                                                                            42

action that shall be unrelated to its obligations under this Agreement or any
other Basic Document, and that in its opinion may involve it in any expense or
liability.

                  SECTION 6.5 Seller May Own Notes and Certificates. The Seller
or any of its Affiliates may in its individual or any other capacity become the
owner or pledgee of Notes or Certificates with the same rights as it would have
if it were not the Seller or an Affiliate thereof, except as otherwise provided
in the definition of "Outstanding" specified in Section 1.1. Notes or
Certificates so owned by or pledged to the Seller or any Affiliate thereof shall
have an equal and proportionate benefit under the provisions of this Agreement,
without preference, priority, or distinction as among all of the Notes or
Certificates, as applicable.

                                  ARTICLE VII

                                  THE SERVICER

                  SECTION 7.1 Representations of Servicer. The Servicer makes
the following representations on which the Issuer shall rely in acquiring the
Receivables. The representations shall speak as of the execution and delivery of
this Agreement (or as of a date a Person (other than the Indenture Trustee)
becomes Servicer pursuant to Section 7.3 or Section 8.2), and shall survive the
sale of the Receivables to the Issuer and the pledge thereof to the Indenture
Trustee pursuant to the Indenture.

                  (i) Organization and Good Standing. The Servicer has been duly
          organized and is validly existing as a national banking association or
          corporation and is in good standing under the laws of the United
          States of America or the jurisdiction of its incorporation, with power
          and authority to own its properties and to conduct its business as
          such properties are currently owned and such business is presently
          conducted, and had at all relevant times, and has, power, authority,
          and legal right to acquire, own, sell, and service the Receivables and
          to hold the Receivable Files as custodian on behalf of the Issuer.

                  (ii) Power and Authority. The Servicer has the power and
          authority to execute and deliver this Agreement and the Basic
          Documents to which it is a party and to carry out the terms thereof;
          and the execution, delivery, and performance of this Agreement and the
          other Basic Documents has been duly authorized by the Servicer by all
          necessary action.

                  (iii) Binding Obligations. This Agreement and the other Basic
          Documents to which it is a party constitute legal, valid, and binding
          obligations of the Servicer enforceable in accordance with their
          respective terms subject, as to enforcement, to applicable bankruptcy,
          insolvency, reorganization, liquidation or other similar laws and
          equitable principles relating to or affecting the enforcement of
          creditors' rights, whether considered in a proceeding at law or in
          equity.

                  (iv) No Violation. The consummation of the transactions
          contemplated by this Agreement and the other Basic Documents and the
          fulfillment of the terms hereof and thereof do not conflict with,
          result in any breach of any of the terms and provisions of,

<PAGE>

                                                                           43

          nor constitute (with or without notice or lapse of time) a
          default under, the articles of association or bylaws of the Servicer,
          or conflict with or breach any of the material terms or provisions of,
          or constitute (with or without notice or lapse of time) a default
          under, any indenture, agreement, or other instrument to which the
          Servicer is a party or by which it is bound; nor result in the
          creation or imposition of any lien upon any of its properties pursuant
          to the terms of any such indenture, agreement, or other instrument;
          nor violate any law or, to the best of the Servicer's knowledge, any
          order, rule, or regulation applicable to the Servicer of any court or
          of any federal or state regulatory body, administrative agency, or
          other governmental instrumentality having jurisdiction over the
          Servicer or its properties.

                  (v) No Proceedings. There are no proceedings or investigations
          pending, or to the Servicer's best knowledge, threatened, before any
          court, regulatory body, administrative agency, or other governmental
          instrumentality having jurisdiction over the Servicer or its
          properties: (a) asserting the invalidity of this Agreement, or the
          Notes or the Certificates, (b) seeking to prevent the issuance of the
          Notes or the Certificates or the consummation of any of the
          transactions contemplated by this Agreement or any other Basic
          Document, (c) seeking any determination or ruling that might
          materially and adversely affect the performance by the Servicer of its
          obligations under, or the validity or enforceability of, this
          Agreement, any other Basic Document, or the Notes or the Certificates,
          or (d) relating to the Servicer and which might adversely affect the
          federal or state income tax attributes of the Notes or the
          Certificates.

                  (vi) Fidelity Bond. The Servicer maintains a fidelity bond in
          such form and amount as is customary for banks acting as custodian of
          funds and documents in respect of retail automotive installment sales
          contracts.

                  SECTION 7.2 Liability of Servicer; Indemnities. The Servicer
shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Servicer under this Agreement and shall have no
other obligations or liabilities hereunder.

                  (i) The Servicer shall defend, indemnify, and hold harmless
          the Issuer, the Owner Trustee, the Indenture Trustee and the Holders
          from and against any and all costs, expenses, losses, damages, claims,
          and liabilities, arising out of or resulting from the use, ownership,
          or operation by the Servicer or any Affiliate thereof of a Financed
          Vehicle.

                  (ii) The Servicer shall indemnify, defend, and hold harmless
          the Issuer, the Owner Trustee and the Indenture Trustee from and
          against any taxes that may at any time be asserted against the Issuer
          with respect to the transactions contemplated in this Agreement,
          including, without limitation, any sales, gross receipts, general
          corporation, tangible or intangible personal property, privilege, or
          license taxes (but not including any taxes asserted with respect to,
          and as of the date of, the sale of the Receivables to the Issuer or
          the issuance and original sale of the Notes or the Certificates, or
          asserted with respect to ownership of the Receivables or federal,
          state or other income taxes, including franchise taxes measured by net
          income) arising out of distributions on the Notes or the Certificates
          and costs and expenses in defending against the same.

<PAGE>

                                                                            44

                  (iii) The Servicer shall indemnify, defend, and hold harmless
          the Issuer, the Owner Trustee, the Indenture Trustee and the Holders
          from and against any and all costs, expenses, losses, claims, damages,
          and liabilities to the extent that such cost, expense, loss, claim,
          damage, or liability arose out of, or was imposed upon the Issuer, the
          Owner Trustee, the Indenture Trustee or the Holders through the wilful
          misfeasance, gross negligence, or bad faith of the Servicer in the
          performance of its duties under this Agreement or by reason of
          reckless disregard of its obligations and duties under this Agreement.

                  Indemnification under this Section 7.2 shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer shall have made any indemnity payments pursuant to this Section 7.2 and
the recipient thereafter collects any of such amounts from others, the recipient
shall promptly repay such amounts to the Servicer, without interest. The
indemnification obligations of the Servicer set forth in this Section 7.2 shall
survive the termination of such Servicer with respect to any act or failure to
act which occurs prior to such Servicer's termination. The provisions of Section
6.7 of the Indenture and Sections 8.1 and 8.2 of the Trust Agreement with
respect to the Servicer's obligations are incorporated by reference herein.

                  SECTION 7.3 Merger or Consolidation of Servicer. Any
corporation or other entity (i) into which the Servicer may be merged or
consolidated, (ii) which may result from any merger, conversion, or
consolidation to which the Servicer shall be a party, or (iii) which may succeed
to all or substantially all of the business of the Servicer, which corporation
or other entity shall be bound to perform every obligation of the Servicer
hereunder, shall be the successor to the Servicer under this Agreement without
the execution or filing of any document or any further act on the part of any of
the parties to this Agreement. The Servicer shall promptly inform the Issuer,
the Owner Trustee, the Indenture Trustee, the Seller and the Rating Agencies in
writing of any such merger or consolidation.

                  SECTION 7.4 Limitation on Liability of Servicer and Others.
(a) Neither the Servicer nor any of the directors or officers or employees or
agents of the Servicer shall be under any liability to the Issuer, the Owner
Trustee, the Indenture Trustee or the Holders, except as provided under this
Agreement, for any action taken or for refraining from the taking of any action
pursuant to this Agreement; provided, however, that this provision shall not
protect the Servicer or any such person against any liability that would
otherwise be imposed by reason of wilful misfeasance, gross negligence, or bad
faith in the performance of duties or by reason of reckless disregard of
obligations and duties under this Agreement. The Servicer and any director or
officer or employee or agent of the Servicer may rely in good faith on the
advice of counsel or on any document of any kind prima facie properly executed
and submitted by any Person respecting any matters arising under this Agreement.

                  (b) The Servicer, and any director, or officer, employee or
agent of the Servicer, shall be indemnified by the Issuer and held harmless
against any loss, liability, or expense (including reasonable attorneys' fees
and expenses) incurred in connection with any legal action relating to the
performance of the Servicer's duties under this Agreement, other than (i) any
loss or liability otherwise reimbursable pursuant to this Agreement or the Basic
Documents; (ii) any loss, liability, or expense incurred solely by reason of the
Servicer's wilful misfeasance,

<PAGE>

                                                                             45

negligence, or bad faith in the performance of its duties hereunder or by reason
of reckless disregard of its obligations and duties under this Agreement or the
Basic Documents; and (iii) any loss, liability, or expense for which the Issuer
is to be indemnified by the Servicer under this Agreement or the Basic
Documents. Any amounts due the Servicer pursuant to this Section 7.4 shall be
payable on a Payment Date from amounts distributable to the Seller from the
Reserve Account pursuant to Section 5.6(d).

                  (c) Except as provided in this Agreement, the Servicer 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; provided, however,
that the Servicer may undertake any reasonable action that it may deem necessary
or desirable in respect of this Agreement and the rights and duties of the
parties to this Agreement and the interests of the Holders under this Agreement.
In such event, the legal expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs, and liabilities of the Issuer, and
the Servicer shall be entitled to be reimbursed therefor. Any amounts due the
Servicer pursuant to this Section 7.4 shall be payable on a Payment Date from
amounts distributable to the Seller from the Reserve Account pursuant to Section
5.6(d).

                  The Person to be indemnified shall provide the Issuer, the
Owner Trustee and the Indenture Trustee with a certificate and accompanying
Opinion of Counsel requesting indemnification and setting forth the basis for
such request.

                  SECTION 7.5 Servicer Not To Resign. Except as permitted by
Section 7.3, the Servicer shall not resign from its obligations and duties under
this Agreement except (i) upon determination that the performance of its duties
shall no longer be permissible under applicable law or (ii) in the event of the
appointment of a successor Servicer, upon satisfaction of the Rating Agency
Condition. Notice of any such determination permitting the resignation of the
Servicer shall be communicated to the Issuer, the Indenture Trustee, the Owner
Trustee and the Rating Agencies at the earliest practicable time (and, if such
communication is not in writing, shall be confirmed in writing at the earliest
practicable time) and any such determination permitting the resignation of the
Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to
the Issuer, the Indenture Trustee and the Owner Trustee concurrently with such
notice. No such resignation shall become effective until the Indenture Trustee
(which shall not be obligated to act as successor Servicer if the Servicer has
resigned for a reason other than that the performance of its duties are no
longer permissible under applicable law) or a successor Servicer shall have
assumed the responsibilities and obligations of the Servicer hereunder in
accordance with Section 8.2.

                  SECTION 7.6 Delegation of Duties. So long as Chase USA acts as
Servicer, the Servicer shall have the right, in the ordinary course of its
business, to delegate any of its duties under this Agreement to any Person. The
Servicer shall pay any compensation payable to such Person from its own funds
and none of the Issuer, the Owner Trustee, the Indenture Trustee or the Holders
shall have any liability to such Person with respect thereto. Notwithstanding
any delegation of duties by the Servicer pursuant to this Section 7.6, the
Servicer shall not be relieved of its liability and responsibility with respect
to such duties, and any such delegation shall not constitute a resignation
within the meaning of Section 7.5. Any agreement that may be entered into by the
Servicer and a Person that provides for any delegation of the Servicer's duties

<PAGE>

                                                                            46

hereunder to such Person shall be deemed to be between the Servicer and such
Person alone, and the Issuer, the Owner Trustee, the Indenture Trustee and
Holders shall not be deemed parties thereto and shall have no claims, rights,
obligations, duties or liabilities with respect thereto.

                                  ARTICLE VIII

                         EVENTS OF SERVICING TERMINATION

                  SECTION 8.1 Events of Servicing Termination. Any one of the
following events which shall occur and be continuing shall constitute an event
of servicing termination hereunder (each, an "Event of Servicing Termination"):

                  (i) Any failure by the Servicer to deliver to the Indenture
          Trustee the Servicer's Certificate for the related Collection Period,
          or any failure by the Servicer to deliver to the Indenture Trustee,
          for deposit in any of the Trust Accounts or the Certificate
          Distribution Account, any proceeds or payment required to be so
          delivered under the terms of the Certificates or the Notes and this
          Agreement (or, in the case of a payment or deposit to be made not
          later than the Deposit Date, the failure to make such payment or
          deposit on such Deposit Date), which failure continues unremedied for
          a period of five Business Days after (A) discovery by an officer of
          the Servicer or (B) written notice (1) to the Servicer by the
          Indenture Trustee or the Owner Trustee or (2) to the Indenture Trustee
          or the Owner Trustee, as applicable, and the Servicer by the Holders
          of Notes evidencing not less than 25% of the Outstanding Amount of the
          Notes (or, if the Notes have been paid in full, by Holders of the
          Certificates evidencing not less than 25% of the Certificate Balance);

                  (ii) Failure on the part of the Servicer duly to observe or to
          perform in any material respect any other covenants or agreements of
          the Servicer set forth in this Agreement or the Indenture, which
          failure shall (a) materially and adversely affect the rights of the
          Issuer or the Holders, and (b) continue unremedied for a period of 60
          days after the date on which written notice of such failure, requiring
          the same to be remedied, shall have been given (1) to the Servicer by
          the Indenture Trustee or the Owner Trustee, or (2) to the Indenture
          Trustee or the Owner Trustee, as applicable, and the Servicer by the
          Holders of Notes evidencing not less than 25% of the Outstanding
          Amount of the Notes (or, if the Notes have been paid in full, by
          Holders of the Certificates evidencing not less than 25% of the
          Certificate Balance);

                  (iii) The entry of a decree or order by a court or agency or
          supervisory authority having jurisdiction in the premises for the
          appointment of a conservator, receiver, or liquidator for the Servicer
          in any insolvency, readjustment of debt, marshalling of assets and
          liabilities, or similar proceedings, or for the winding up or
          liquidation of its affairs, and the continuance of any such decree or
          order unstayed and in effect for a period of 60 consecutive days; or

                  (iv) The consent by the Servicer to the appointment of a
          conservator or receiver or liquidator in any insolvency, readjustment
          of debt, marshalling of assets and liabilities, or similar proceedings
          of or relating to the Servicer or of or relating to

<PAGE>

                                                                            47

          substantially all of its property; or the Servicer shall admit
          in writing its inability to pay its debts generally as they become
          due, file a petition to take advantage of any applicable insolvency or
          reorganization statute, make an assignment for the benefit of its
          creditors, or voluntarily suspend payment of its obligations.

Upon the occurrence of any Event of Servicing Termination as described above,
and in each and every case and for so long as such Event of Servicing
Termination shall not have been remedied, either the Indenture Trustee or the
Holders of Notes evidencing not less than a majority of the Outstanding Amount
of the Notes (or, if the Notes have been paid in full and the Indenture has been
discharged in accordance with its terms, by the Owner Trustee or the Holders of
Certificates evidencing not less than a majority of the Certificate Balance), by
notice given in writing to the Servicer (and to the Indenture Trustee or the
Owner Trustee, as applicable, if given by Holders) may terminate all of the
rights and obligations of the Servicer under this Agreement. On or after the
receipt by the Servicer of such written notice, all authority and power of the
Servicer under this Agreement, whether with respect to the Certificates, the
Notes or the Receivables or otherwise, shall pass to and be vested in the
Indenture Trustee pursuant to this Section 8.1; and, without limitation, the
Indenture Trustee shall be hereby authorized and empowered to execute and
deliver, on behalf of the predecessor Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement of the
Receivable Files, or otherwise. The predecessor Servicer shall cooperate with
the successor Servicer and the Indenture Trustee in effecting the termination of
the responsibilities and rights of the predecessor Servicer under this
Agreement, including the transfer to the successor Servicer for administration
by it of all cash amounts that shall at the time be held by the predecessor
Servicer for deposit, shall have been deposited by the predecessor Servicer in
the Collection Account, or shall thereafter be received with respect to a
Receivable. All reasonable costs and expenses (including attorneys' fees and
disbursements) incurred in connection with transferring the Receivable Files to
the successor Servicer and amending this Agreement to reflect such succession as
Servicer pursuant to this Section 8.1 shall be paid by the predecessor Servicer
upon presentation of reasonable documentation of such costs and expenses. The
Indenture Trustee and the Owner Trustee shall give written notice of any
termination of the Servicer to their related Holders, and the Indenture Trustee
shall give such notice to the Rating Agencies. Neither the Indenture Trustee nor
any successor Servicer shall be deemed to be in default hereunder by reason of
its failure to make, or any delay in making, any distribution hereunder or any
portion thereof which was caused by (i) the failure of the predecessor Servicer
to deliver, or any delay in delivering cash, documents or records to it, or (ii)
restrictions imposed by any regulatory authority having jurisdiction over the
predecessor Servicer.

                  SECTION 8.2 Indenture Trustee to Act; Appointment of Successor
Servicer. Upon the Servicer's receipt of notice of termination pursuant to
Section 8.1 or resignation pursuant to Section 7.5, the Indenture Trustee shall
be the successor in all respects to the Servicer in its capacity as Servicer
under this Agreement, and shall be subject to all the responsibilities, duties
and liabilities arising thereafter relating thereto placed on the Servicer by
the terms and provisions of this Agreement. As compensation therefor, the
Indenture Trustee shall be entitled to such compensation (whether payable out of
the Collection Account or otherwise) as the Servicer would have been entitled to
under this Agreement if no such notice of termination or

<PAGE>

                                                                            48

resignation had been given. Notwithstanding the above, the Indenture Trustee
may, if it shall be unwilling so to act, or shall, if it shall be legally unable
so to act, appoint, or petition a court of competent jurisdiction to appoint,
any established financial institution (x) having a net worth of not less than
$100,000,000 as of the last day of the most recent fiscal quarter for such
institution and (y) whose regular business shall include the servicing of
automobile receivables, as successor Servicer under this Agreement; provided,
that the appointment of any such successor Servicer is required to satisfy the
Rating Agency Condition. In connection with such appointment, the Indenture
Trustee may make such arrangements for the compensation of such successor
Servicer out of payments on Receivables as it and such successor Servicer shall
agree; provided, however, that no such compensation shall be in excess of that
permitted the Servicer under this Agreement. The Indenture Trustee and such
successor Servicer shall take such action, consistent with this Agreement, as
shall be necessary to effectuate any such succession. Unless the Indenture
Trustee shall be prohibited by law from so acting, the Indenture Trustee shall
not be relieved of its duties as successor Servicer under this Section 8.2 until
the newly appointed successor Servicer shall have assumed the responsibilities
and obligations of the Servicer under this Agreement.

                  SECTION 8.3 Notification to Noteholders and
Certificateholders. Upon any Event of Servicing Termination, or appointment of a
successor Servicer pursuant to this Article VIII, the Owner Trustee shall give
prompt written notice thereof to Certificateholders and the Indenture Trustee
shall give prompt written notice thereof to the Noteholders, at their respective
addresses of record, and to the Rating Agencies.

                  SECTION 8.4 Waiver of Past Defaults. The Holders of Notes
evidencing at least a majority of the Outstanding Amount of the Notes (or, the
Holders of Certificates evidencing not less than a majority of the Certificate
Balance, in the case of any Event of Servicing Termination that does not
adversely affect the Indenture Trustee or the Noteholders) may, on behalf of all
such Holders, waive any default by the Servicer in the performance of its
obligations hereunder and its consequences, except a default in the failure to
make any required deposits to or payments from any of the Trust Accounts or the
Certificate Distribution Account in accordance with this Agreement. Upon any
such waiver of a past default, such default shall cease to exist, and any Event
of Servicing Termination arising therefrom shall be deemed to have been remedied
for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other default or impair any right consequent thereon except to the
extent expressly so waived. The Servicer shall give prompt written notice of any
waiver to the Rating Agencies; provided, however, that the Indenture Trustee or
the Owner Trustee shall only be required to give such notice if a Responsible
Officer thereof has actual knowledge of the related event.

                                   ARTICLE IX

                                   TERMINATION

                  SECTION 9.1 Optional Purchase of All Receivables; Trust
Termination. (a) As of the last day of any Collection Period as of which the
Pool Balance shall be equal to or less than the Optional Purchase Percentage of
the Original Pool Balance, the Servicer shall have the option to purchase the
Owner Trust Estate, other than the Trust Accounts and the Certificate
Distribution Account. To exercise such option, the Servicer shall notify the
Indenture Trustee,

<PAGE>

                                                                            49

the Owner Trustee, the Note Registrar and the Certificate Registrar in writing,
no later than the 25th day of the Collection Period following which purchase is
to be effected, shall pay the aggregate Repurchase Amount for the Receivables
(including Defaulted Receivables) and shall succeed to all interests in, to and
under such property. The payment shall be made in the manner specified in
Section 5.4, and shall be distributed pursuant to Section 5.5. The Indenture
Trustee shall not permit the purchase of the Owner Trust Estate pursuant to this
Section 9.1 unless (i) the Servicer's long-term unsecured debt is rated at the
time of such purchase at least "BBB-" by Standard & Poor's and Fitch (if rated
by Fitch) and Baa3 by Moody's or (ii) the Servicer provides to the Indenture
Trustee an Opinion of Counsel in form and substance satisfactory to the Rating
Agencies to the effect that such purchase will not constitute a fraudulent
transfer under applicable state and federal law.

                  (b) Upon any sale of the assets of the Issuer pursuant to
Article V of the Indenture, the Servicer shall instruct the Indenture Trustee in
writing to deposit the proceeds from such sale after all payments and reserves
therefrom (including the expenses of such sale) have been made (the "Sale
Proceeds") in the Collection Account. On the Payment Date on which the Sale
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 make,
and the Indenture Trustee shall make, the following deposits and distributions
(after the application on such Payment Date of the Total Distribution Amount
pursuant to Section 5.5) from the Sale Proceeds and any funds remaining on
deposit in the Reserve Account (including the proceeds of any sale of
investments therein):

                  (i) to the Note Distribution Account, any portion of the
          Noteholders' Interest Distributable Amount not otherwise deposited
          into the Note Distribution Account on such Payment Date;

                  (ii) to the Note Distribution Account, the Outstanding Amount
          of the Notes (after giving effect to the reduction in the Outstanding
          Amount of the Notes resulting from the deposits made in the Note
          Distribution Account on such Payment Date);

                  (iii) to the Certificate Distribution Account, any portion of
          the Certificateholders' Interest Distributable Amount not otherwise
          deposited into the Certificate Distribution Account on such Payment
          Date; and

                  (iv) to the Certificate Distribution Account, the Certificate
          Balance and any Certificateholders' Principal Carryover Shortfall
          (after giving effect to the reduction in the Certificate Balance
          resulting from the deposits made in the Certificate Distribution
          Account on such Payment Date).

Any Sale Proceeds remaining after the deposits described above shall be paid to
the Seller.

                  (c) Notice of any termination of the Issuer shall be given by
the Servicer to the Owner Trustee, the Indenture Trustee and the Rating Agencies
as soon as practicable after the Servicer has received notice thereof.

                  (d) [Reserved]

<PAGE>

                                                                            50

                  (e) After the payment to the Indenture Trustee, the Owner
Trustee, the Holders and the Servicer of all amounts required to be paid under
this Agreement, the Indenture and the Trust Agreement, any amounts on deposit
in the Reserve Account or the Collection Account shall be paid to the Seller,
and any other assets remaining in the Owner Trust Estate shall be distributed
to the Seller.

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

                  SECTION 10.1 Amendment. This Agreement may be amended by the
Seller, the Servicer and the Owner Trustee, on behalf of the Issuer, with the
prior consent of the Indenture Trustee and prior notice to the Rating Agencies
but without prior notice to or the consent of any of the Holders, (i) to cure
any ambiguity, to correct or supplement any provisions in this Agreement which
may be inconsistent with any other provisions herein, to evidence a succession
to the Servicer or the Seller pursuant to this Agreement 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 such action shall not, as evidenced by an Officer's Certificate
and/or an Opinion of Counsel reasonably acceptable and delivered to the Owner
Trustee and the Indenture Trustee, adversely and materially affect the interests
of the Issuer or any of the Holders; provided, further, that the Servicer shall
deliver written notice of such changes to each Rating Agency prior to the
execution of any such amendment, or (ii) to effect a transfer or assignment in
compliance with Section 10.6(a) of this Agreement. Notwithstanding the
foregoing, no amendment modifying the provisions of Section 5.5 shall become
effective without satisfaction of the Rating Agency Condition.

                  This Agreement may also be amended from time to time by the
Seller, the Servicer and the Owner Trustee, on behalf of the Issuer, with the
consent of the Indenture Trustee, the Holders of Certificates evidencing at
least a majority of the Certificate Balance of the Certificates and the consent
of the Holders of Notes evidencing at least a majority of the Outstanding Amount
of the Notes, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement, or of modifying
in any manner the rights of the Noteholders or the Certificateholders (including
effecting a transfer or assignment in compliance with Section 10.6(a) of this
Agreement); provided, however, that no such amendment, except with the consent
of the Holders of all Certificates or Notes, as applicable, then outstanding,
shall (a) increase or reduce in any manner the amount of, or accelerate or delay
the timing of, collections of payments of Receivables, or distributions that
shall be required to be made on any Certificate or Note, or (b) reduce the
aforesaid percentage of the Certificate Balance of the Certificates or the
Outstanding Amount of the Notes required to consent to any such amendment.

                  Promptly after the execution of any amendment or consent
referred to in this Section 10.1, the Owner Trustee shall furnish a copy of such
amendment or consent to each Certificateholder and the Indenture Trustee, who
shall promptly furnish a copy to each Noteholder and to the Rating Agencies.

<PAGE>

                                                                             51

                  It shall not be necessary for the consent of the Indenture
Trustee, the Certificateholders or the Noteholders pursuant to this Section 10.1
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 of the
execution thereof by Certificateholders or Noteholders shall be subject to such
reasonable requirements as the Indenture Trustee or the Owner Trustee may
prescribe.

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

                  Satisfaction of the Rating Agency Condition is required prior
to the execution of any amendment to this Agreement, other than an amendment
permitted pursuant to clause (i) of the first paragraph of this Section 10.1.

                  SECTION 10.2 Protection of Title to Owner Trust Estate. (a)
The Seller 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
interests of the Issuer and the Indenture Trustee in the Receivables and in the
proceeds thereof. The Servicer shall deliver (or cause to be delivered) to the
Owner Trustee and 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 Seller 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 by the Seller in
accordance with paragraph (a) above seriously misleading within the meaning of
ss. 9-402(7) (or any comparable section) of the Relevant UCC, unless it shall
have given the Owner Trustee and the Indenture Trustee at least 30 days prior
written notice thereof.

                  (c) The Seller and the Servicer shall give the Owner Trustee
and the Indenture Trustee at least 60 days prior written notice of any
relocation of its principal executive office if, as a result of such relocation,
the applicable provisions of the Relevant UCC would require the filing of any
amendment of any previously filed financing or continuation statement or of any
new financing statement. The Servicer shall at all times maintain each office
from which it shall service Receivables, and its principal executive office,
within the United States of America.

                  (d) The Servicer shall maintain accounts and records as to
each Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of such Receivable, 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
Receivable and the amounts from time to time deposited in the Collection Account
in respect of such Receivable.

<PAGE>

                                                                             52

                  (e) The Servicer shall maintain its computer systems so that,
from and after the time of sale under this Agreement of the Receivables to the
Issuer, the Servicer's master computer records (including archives) that shall
refer to a Receivable indicate clearly, by numerical code or otherwise, that
such Receivable is owned by the Issuer and has been pledged to the Indenture
Trustee. Indication of the Issuer's and Indenture Trustee's interest in a
Receivable shall be deleted from or modified on the Servicer's computer systems
when, and only when, the Receivable shall have been paid in full, repurchased or
assigned pursuant hereto.

                  (f) If at any time the Seller or the Servicer shall propose to
sell, grant a security interest in, or otherwise transfer any interest in a new
or used automobile receivable to any prospective purchaser, creditor, or other
transferee, the Seller or the Servicer, as the case may be, shall give to such
prospective purchaser, creditor, or other transferee computer tapes, records, or
print-outs (including any restored from archives) that, if they shall refer in
any manner whatsoever to any Receivable, shall indicate clearly that such
Receivable has been sold and is owned by the Issuer and has been pledged to the
Indenture Trustee.

                  (g) The Servicer shall permit the Indenture Trustee and the
Owner Trustee and their respective agents upon reasonable notice at any time
during normal business hours which does not unreasonably interfere with the
Servicer's normal operations or customer or employee relations to inspect,
audit, and make copies of and abstracts from the Servicer's records regarding
the Receivables.

                  (h) Upon request, the Servicer shall furnish to the Owner
Trustee or the Indenture Trustee, within five Business Days, a list of all
Receivables by account number and name of Obligor then held by the Issuer,
together with a reconciliation of such list to the Schedule of Receivables and
to each of the Servicer Certificates indicating removal of Receivables from the
Owner Trust Estate.

                  (i) The Servicer shall deliver to the Owner Trustee and the
Indenture Trustee:

                  (i) upon the execution and delivery of this Agreement, 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 in the
          Receivables, and reciting the details of such filings 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; and

                  (ii) on or before March 31 of each year, commencing with March
          31, 2002, an Opinion of Counsel, dated as of such date, 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 in the Receivables, and reciting the details of
          such filings 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. Notwithstanding the provisions of Section 10.4, such
          Opinion of Counsel may

<PAGE>

                                                                            53

                  be sent by regular non-certified mail, and such mailed
                  opinion shall be deemed delivered when so mailed.

                  (j) The Seller shall, to the extent required by applicable
law, cause the Certificates and the Notes to be registered with the Securities
and Exchange Commission pursuant to Section 12(b) or Section 12(g) of the
Exchange Act within the time periods specified in such sections.

                  (k) For the purpose of facilitating the execution of this
Agreement and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be
an original, and all of which counterparts shall constitute but one and the same
instrument.

                  SECTION 10.3 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED
BY, AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

                  SECTION 10.4 Notices. All demands, notices, and communications
under this Agreement shall be in writing, personally delivered or mailed by
certified mail, return receipt requested, and shall be deemed to have been duly
given upon receipt (a) in the case of the Seller, c/o Chase Automotive Finance
Corporation, 900 Stewart Avenue, Garden City, New York 11530 Attention:
Financial Controller, or at such other address as shall be designated by the
Seller in a written notice to the Indenture Trustee, (b) in the case of the
Servicer, c/o Chase Manhattan Automotive Finance Corporation, 900 Stewart
Avenue, Garden City, New York 11530, Attention: Financial Controller, or at such
other address as shall be designated by the Servicer in a written notice to the
Indenture Trustee, (c) in the case of the Indenture Trustee, at Wells Fargo Bank
Minnesota, National Association, Sixth Street and Marquette Avenue, Minneapolis,
Minnesota 55479-0069, Attention: Corporate Trust Office and (d) in the case of
the Issuer and the Owner Trustee, at c/o Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890, Corporate Trust
Administration. Any notice required or permitted to be mailed to a Holder shall
be given by first class mail, postage prepaid, at the address of record of such
Holder. Any notice to a Holder so mailed within the time prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or not
the Holder shall receive such notice.

                  SECTION 10.5 Severability of Provisions. If any 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
Certificates or of the Notes or the rights of the Holders thereof.

                  SECTION 10.6 Assignment. Notwithstanding anything to the
contrary contained herein, except as provided in Sections 6.3, 7.3, 7.5 and 8.2,
neither the Seller nor the Servicer may assign all, or a portion of, its rights,
obligations and duties under this Agreement unless such transfer or assignment
satisfies the Rating Agency Condition. In the event of a

<PAGE>

                                                                            54

transfer or assignment pursuant to this Section 10.6, the Rating Agencies shall
be provided with notice of such transfer or assignment.

                  SECTION 10.7 Certificates and Notes Nonassessable and Fully
Paid. The interests represented by the Certificates and Notes shall be
nonassessable for any losses or expenses of the Issuer or for any reason
whatsoever, and, upon authentication thereof by the Indenture Trustee and the
Owner Trustee pursuant to the Trust Agreement and the Indenture, respectively,
each Certificate and Note shall be deemed fully paid.

                  SECTION 10.8 Third-Party Beneficiaries. This Agreement will
inure to the benefit of and be binding upon the parties hereto, and their
respective successors and permitted assigns. The Administrator, the Owner
Trustee, individually and on behalf of the Certificateholders, and the Indenture
Trustee, individually and on behalf of the Noteholders are third-party
beneficiaries to this Agreement and are entitled to the rights and benefits
hereunder and may enforce the provisions hereof as it were a party hereto.
Except as otherwise provided in this Agreement, no other person will have any
right or obligation hereunder.

                  SECTION 10.9 Assignment to Indenture Trustee. The Seller
hereby acknowledges and consents to any mortgage, pledge, assignment and grant
of a security interest by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders of all right, title and interest of
the Issuer in, to and under the Receivables and the other property constituting
the Owner Trust Estate and/or the assignment of any or all of the Issuer's
rights and obligations hereunder to the Indenture Trustee and agrees that the
enforcement of a right or remedy hereunder by the Indenture Trustee shall have
the same force and effect as if such right or remedy had been enforced or
executed by the Issuer.

                  SECTION 10.10 Limitation of Liability of Owner Trustee and
Indenture Trustee. (a) Notwithstanding anything contained herein to the
contrary, this Agreement has been countersigned by Wilmington Trust Company not
in its individual capacity but solely in its capacity as Owner Trustee of the
Issuer, and in no event shall Wilmington Trust Company in its individual
capacity or, except as expressly provided in the Trust Agreement, as Owner
Trustee of the Issuer have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer. For all purposes
of this Agreement, in the performance of its duties or obligations hereunder or
in the performance of any duties or obligations of the Issuer hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms
and provisions of Articles VI, VII and VIII of the Trust Agreement.

                  (b) Notwithstanding anything contained herein to the contrary,
this Agreement has been acknowledged and accepted by Wells Fargo not in its
individual capacity but solely as Indenture Trustee, and in no event shall Wells
Fargo have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

<PAGE>

                                                                           55

                  SECTION 10.11 No Petition. The Seller and Servicer, by
entering into this Agreement hereby covenant and agree that they 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, or other proceedings under any United States Federal or state
bankruptcy or similar law in connection with any obligations relating to this
Agreement or any of the other Basic Documents.

<PAGE>

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

                            CHASE MANHATTAN BANK USA,
                              NATIONAL ASSOCIATION, as Seller
                              and Servicer

                            By:  /s/ Patricia Garvey
                                -------------------------------------
                                 Name: Patricia Garvey
                                 Title: Vice President

                            CHASE MANHATTAN AUTO OWNER TRUST,
                              2000-A, as Issuer

                            By:   WILMINGTON TRUST COMPANY,
                                 not in its individual capacity but solely
                                 as Owner Trustee on behalf of the Issuer

                            By: /s/ Donald G. MacKelcan
                               --------------------------------------
                                 Name: Donald G. MacKelcan
                                 Title: Vice President

Acknowledged and Accepted:

WELLS FARGO BANK MINNESOTA,
 NATIONAL ASSOCIATION
 not in its individual capacity,
 but solely in its capacity as Indenture Trustee

By: /s/ S. Dignan
    -----------------------------------------
     Name: S. Dignan
     Title: Corporate Trust Officer

<PAGE>

                                                                  SCHEDULE A
                                                                  ----------

                               LIST OF RECEIVABLES

            DELIVERED TO THE OWNER TRUSTEE AND THE INDENTURE TRUSTEE
                              ON THE CLOSING DATE.

<PAGE>

                                                             SCHEDULE B
                                                             ----------

                          Location of Receivable Files

The Chase Manhattan Bank
20 Clinton Avenue South
5th Floor
SENECA Building
Rochester, New York  14604

The Chase Manhattan Bank
P.O. Box 54
Hurds Corner Road
Records Management
Pawling, New York  12564

Chase Manhattan Automotive Finance Corporation
900 Stewart Avenue
Garden City, New York  11530

<PAGE>

                                                                 EXHIBIT A
                                                                 ---------

                        [FORM OF SERVICER'S CERTIFICATE]

<PAGE>

                                                                 EXHIBIT B
                                                                 ---------

                [FORM OF CERTIFICATEHOLDER AND NOTEHOLDER REPORT]<PAGE>

                                                                  EXECUTION COPY

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

                     CHASE MANHATTAN AUTO OWNER TRUST 2000-A

                       Class A-1 6.47% Asset Backed Notes
                       Class A-2 6.30% Asset Backed Notes
                       Class A-3 6.21% Asset Backed Notes
                       Class A-4 6.26% Asset Backed Notes

                                   -----------

                                    INDENTURE

                          Dated as of December 1, 2000

                                   ----------

                Wells Fargo Bank Minnesota, National Association

                              as Indenture Trustee

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                               PAGE
                                                            ARTICLE I

                                           DEFINITIONS AND INCORPORATION BY REFERENCE
           <S>                                                                                                <C>
         SECTION 1.1  Definitions.................................................................................2
         SECTION 1.2  Incorporation by Reference of Trust Indenture Act...........................................2
         SECTION 1.3  Usage of Terms..............................................................................2
         SECTION 1.4  Calculations of Interest....................................................................3

                                                           ARTICLE II

                                                           THE NOTES

         SECTION 2.1  Form....................................................................................... 3
         SECTION 2.2  Execution, Authentication and Delivery......................................................3
         SECTION 2.3  Temporary Notes.............................................................................4
         SECTION 2.4  Registration of Transfer and Exchange.......................................................4
         SECTION 2.5  Mutilated, Destroyed, Lost or Stolen Notes..................................................6
         SECTION 2.6  Persons Deemed Owner........................................................................7
         SECTION 2.7  Payment of Principal and Interest; Defaulted Interest.......................................7
         SECTION 2.8  Cancellation................................................................................8
         SECTION 2.9  Release of Collateral.......................................................................8
         SECTION 2.10  Book-Entry Notes...........................................................................8
         SECTION 2.11  Notices to Clearing Agency.................................................................9
         SECTION 2.12  Definitive Notes...........................................................................9
         SECTION 2.13  Authenticating Agent......................................................................10
         SECTION 2.14  Appointment of Paying Agent...............................................................11

                                                           ARTICLE III

                                                           COVENANTS

         SECTION 3.1  Payment of Principal and Interest..........................................................12
         SECTION 3.2  Maintenance of Office or Agency............................................................12
         SECTION 3.3  Money for Payments To Be Held in Trust.....................................................13
         SECTION 3.4  Existence..................................................................................14
         SECTION 3.5  Protection of Trust Estate.................................................................14
         SECTION 3.6  Opinions as to Trust Estate................................................................14
         SECTION 3.7  Performance of Obligations; Servicing of Receivables.......................................15
         SECTION 3.8  Negative Covenants.........................................................................16
         SECTION 3.9  Annual Statement as to Compliance..........................................................16
         SECTION 3.10  The Issuer May Consolidate, Etc. Only on Certain Terms....................................17

                                       i

<PAGE>
          <S>                                                                                                 <C>

         SECTION 3.11  Successor or Transferee...................................................................18
         SECTION 3.12  No Other Business.........................................................................19
         SECTION 3.13  No Borrowing..............................................................................19
         SECTION 3.14  Servicer's Obligations....................................................................19
         SECTION 3.15  Guarantees, Loans, Advances and Other Liabilities.........................................19
         SECTION 3.16  Capital Expenditures......................................................................19
         SECTION 3.17  Restricted Payments.......................................................................19
         SECTION 3.18  Notice of Events of Default...............................................................19
         SECTION 3.19  Further Instruments and Acts..............................................................20

                                                           ARTICLE IV

                                                   SATISFACTION AND DISCHARGE

         SECTION 4.1  Satisfaction and Discharge of Indenture....................................................20
         SECTION 4.2  Application of Trust Money.................................................................21
         SECTION 4.3  Repayment of Moneys Held by Paying Agent...................................................21
         SECTION 4.4  Duration of the Position of the Indenture Trustee for the Benefit of
                               Certificateholders................................................................21

                                                           ARTICLE V

                                                           REMEDIES

         SECTION 5.1  Events of Default..........................................................................22
         SECTION 5.2  Acceleration of Maturity; Rescission and Annulment.........................................22
         SECTION 5.3  Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee..............23
         SECTION 5.4  Remedies; Priorities.......................................................................25
         SECTION 5.5  Optional Preservation of the Receivables...................................................26
         SECTION 5.6  Limitation of Suits........................................................................26
         SECTION 5.7  Unconditional Rights of Noteholders To Receive Principal and Interest......................27
         SECTION 5.8  Restoration of Rights and Remedies.........................................................27
         SECTION 5.9  Rights and Remedies Cumulative.............................................................27
         SECTION 5.10  Delay or Omission Not a Waiver............................................................27
         SECTION 5.11  Control by Noteholders....................................................................27
         SECTION 5.12  Waiver of Past Defaults...................................................................28
         SECTION 5.13  Undertaking for Costs.....................................................................28
         SECTION 5.14  Waiver of Stay or Extension Laws..........................................................29
         SECTION 5.15  Action on Notes...........................................................................29
         SECTION 5.16  Performance and Enforcement of Certain Obligations........................................29

                                       ii

<PAGE>
         <S>                                                                                                 <C>

                                                           ARTICLE VI

                                                     THE INDENTURE TRUSTEE

         SECTION 6.1  Duties of the Indenture Trustee............................................................30
         SECTION 6.2  Rights of the Indenture Trustee............................................................31
         SECTION 6.3  Individual Rights of the Indenture Trustee.................................................32
         SECTION 6.4  The Indenture Trustee's Disclaimer.........................................................32
         SECTION 6.5  Notice of Defaults.........................................................................32
         SECTION 6.6  Reports by the Indenture Trustee to Holders................................................33
         SECTION 6.7  Compensation and Indemnity.................................................................33
         SECTION 6.8  Replacement of the Indenture Trustee.......................................................33
         SECTION 6.9  Successor Indenture Trustee by Merger......................................................34
         SECTION 6.10  Appointment of Co-Indenture Trustee or Separate Indenture Trustee.........................35
         SECTION 6.11  Eligibility; Disqualification.............................................................36
         SECTION 6.12  Preferential Collection of Claims Against the Issuer......................................36

                                                           ARTICLE VII

                                                   NOTEHOLDERS'LISTS AND REPORTS

         SECTION 7.1  The Issuer To Furnish the Indenture Trustee Names and Addresses of the Noteholders.........36
         SECTION 7.2  Preservation of Information; Communications to the Noteholders.............................37
         SECTION 7.3  Reports by the Issuer......................................................................37
         SECTION 7.4  Reports by the Indenture Trustee...........................................................37

                                                           ARTICLE VIII

                                                 ACCOUNTS, DISBURSEMENTS AND RELEASES

         SECTION 8.1  Collection of Money........................................................................38
         SECTION 8.2  Trust Accounts.............................................................................38
         SECTION 8.3  General Provisions Regarding Trust Accounts................................................39
         SECTION 8.4  Release of Trust Estate....................................................................40
         SECTION 8.5  Opinion of Counsel.........................................................................40

                                                           ARTICLE IX

                                                    SUPPLEMENTAL INDENTURES

         SECTION 9.1  Supplemental Indentures Without Consent of Noteholders.....................................41
         SECTION 9.2  Supplemental Indentures with Consent of the Noteholders....................................42
         SECTION 9.3  Effect of Supplemental Indenture...........................................................43
         SECTION 9.4  Conformity with Trust Indenture Act........................................................43
         SECTION 9.5  Reference in Notes to Supplemental Indentures..............................................43

                                      iii

<PAGE>

         <S>                                                                                                    <C>
         SECTION 9.6  Execution of Supplemental Indentures.......................................................44

                                                           ARTICLE X

                                                     PREPAYMENT OF NOTES

         SECTION 10.1  Prepayment................................................................................44
         SECTION 10.2  Form of Notice of Prepayment..............................................................44
         SECTION 10.3  Notes Payable.............................................................................45

                                                           ARTICLE XI

                                                         MISCELLANEOUS

         SECTION 11.1  Compliance Certificates and Opinions, etc.................................................45
         SECTION 11.2  Form of Documents Delivered to the Indenture Trustee......................................47
         SECTION 11.3  Actions of Noteholders....................................................................47
         SECTION 11.4  Notices, etc., to the Indenture Trustee, the Issuer, and Rating Agencies..................48
         SECTION 11.5  Notices to Noteholders; Waiver............................................................49
         SECTION 11.6  Alternate Payment and Notice Provisions...................................................49
         SECTION 11.7  Conflict with Trust Indenture Act.........................................................49
         SECTION 11.8  Effect of Headings and Table of Contents..................................................50
         SECTION 11.9  Successors and Assigns....................................................................50
         SECTION 11.10  Separability.............................................................................50
         SECTION 11.11  Benefits of Indenture....................................................................50
         SECTION 11.12  Legal Holidays...........................................................................50
         SECTION 11.13  GOVERNING LAW............................................................................50
         SECTION 11.14  Counterparts.............................................................................50
         SECTION 11.15  Recording of Indenture...................................................................50
         SECTION 11.16  Trust Obligation.........................................................................51
         SECTION 11.17  No Petition..............................................................................51
         SECTION 11.18  Inspection...............................................................................51

         Exhibit A         -        Schedule of Receivables
         Exhibit B         -        Form of Class A-1 Note
         Exhibit C         -        Form of Class A-2 Note
         Exhibit D         -        Form of Class A-3 Note
         Exhibit E         -        Form of Class A-4 Note
         Exhibit F         -        Form of Note Depository Agreement

</TABLE>

                                       iv

<PAGE>

<TABLE>
<CAPTION>

                                                 CROSS REFERENCE TABLE1

         TIA Section                                                                         Indenture Section
         -----------                                                                         -----------------
         <S>                                                                                 <C>

         310      (a)(1)................................................................         6.11
                  (a)(2)................................................................         6.11
                  (a)(3)................................................................         6.10
                  (a)(4)................................................................         N.A.(2)
                  (a)(5)................................................................         6.11
                  (b)...................................................................         6.8; 6.11
         6.11
                  (c)...................................................................         N.A.
         311      (a)...................................................................         6.12
                  (b)...................................................................         6.12
                  (c)...................................................................         N.A.
         312      (a)...................................................................         7.1; 7.2
         7.2
                  (b)...................................................................         7.2
                  (c)...................................................................         7.2
         313      (a)...................................................................         7.4
                  (b)(1)................................................................         7.4
                  (b)(2)................................................................         7.4
                  (c)...................................................................         7.4
                  (d)...................................................................         7.3
         314      (a)...................................................................         7.3
                  (b)...................................................................         3.6
                  (c)(1)................................................................         11.1
                  (c)(2)................................................................         11.1
                  (c)(3)................................................................         11.1
                  (d)...................................................................         11.1
                  (e)...................................................................         11.1
                  (f)...................................................................         N.A.
         315      (a)...................................................................         6.1
                  (b)...................................................................         6.5; 11.5
         11.5
                  (c)...................................................................         6.1
                  (d)...................................................................         6.1
                  (e)...................................................................         5.13
         316      (a) (last sentence)...................................................         1.1
                  (a)(1)(A).............................................................         5.11
                  (a)(1)(B).............................................................         5.12
                  (a)(2)................................................................         N.A.
                  (b)...................................................................         5.7
                  (c)...................................................................         N.A.

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

(2)       N.A. means Not Applicable.

                                       v

<PAGE>

        <S>                                                                                  <C>
         317      (a)(1)................................................................         5.3
                  (a)(2)................................................................         5.3
                  (b)...................................................................         3.3
         318      (a)...................................................................         11.7

</TABLE>

                                       vi

<PAGE>

         INDENTURE dated as of December 1, 2000, between CHASE
MANHATTAN AUTO OWNER TRUST 2000-A, a Delaware business trust (the "Issuer"), and
WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, a national banking
association, solely as trustee and not in its individual capacity (the
"Indenture Trustee").

         Each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the Holders of the Issuer's Class
A-1 6.47% Asset Backed Notes (the "Class A-1 Notes"), Class A-2 6.30% Asset
Backed Notes (the "Class A-2 Notes"), Class A-3 6.21% Asset Backed Notes (the
"Class A-3 Notes") and Class A-4 6.26% Asset Backed Notes (the "Class A-4 Notes"
and, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3
Notes, the "Notes"):

                                 GRANTING CLAUSE
                                 ---------------

         The Issuer hereby Grants to the Indenture Trustee at the Closing Date,
as Indenture Trustee for the benefit of the Holders of the Notes, all of the
Issuer's right, title and interest in, to and under (a) the Receivables listed
in the Schedule of Receivables attached hereto as Exhibit A, which is
incorporated by reference herein, all proceeds thereof and all amounts and
monies received thereon on and after the Cutoff Date (including proceeds of the
repurchase of Receivables by the Seller pursuant to Section 3.2 of the Sale and
Servicing Agreement or the purchase of Receivables by the Servicer pursuant to
Section 4.6 or 9.1 of the Sale and Servicing Agreement); (b) the security
interests in the Financed Vehicles granted by the Obligors pursuant to the
Receivables and in any repossessed Financed Vehicles; (c) Liquidation Proceeds
and in any proceeds of any extended warranties, theft and physical damage,
guaranteed auto protection, credit life or credit disability policies relating
to the Financed Vehicles or the Obligors; (d) any proceeds from Dealer
repurchase obligations relating to the Receivables; (e) the Trust Accounts and
funds on deposit from time to time in the Trust Accounts (including without
limitation the Reserve Account Initial Deposit), and in all investments and
proceeds thereof (but excluding all investment income on funds on deposit in the
Collection Account); (f) the Sale and Servicing Agreement; and (g) all present
and future claims, demands, causes and choses in action in respect of any or all
of the foregoing and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
contract rights, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind and other
forms of obligations and receivables, instruments and other property which at
any time constitute all or part of or are included in the proceeds of any of the
foregoing (collectively, the "Collateral").

         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 except as set
forth herein, and to secure compliance with the provisions of this Indenture,
all as provided in this Indenture.

<PAGE>

                                                                               2

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

                               ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         SECTION 1.1 Definitions. Capitalized terms are used in this Indenture
as defined in Section 1.1 to the Sale and Servicing Agreement dated as of
December 1, 2000, between the Issuer and Chase Manhattan Bank USA, National
Association, as Seller and Servicer (the "Sale and Servicing Agreement").

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

         "Commission" means the Securities and Exchange Commission.

         "indenture securities" means the Notes.

         "indenture security holder" means a Noteholder.

         "indenture to be qualified" means this Indenture.

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

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

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

         SECTION 1.3 Usage of Terms. With respect to all terms in this
Indenture, the singular includes the plural and the plural the singular; words
importing any gender include the other gender; 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
subsequent amendments thereto or changes therein entered into in accordance with
their respective terms and not prohibited by this Indenture; references to
Persons include their permitted successors and assigns; and the term "including"
means "including without limitation." All references herein to Articles,
Sections, Subsections and Exhibits are references to Articles,

<PAGE>
                                                                               3

Sections, Subsections and Exhibits contained in or attached to this Indenture
unless otherwise specified, and each such Exhibit is part of the terms of this
Indenture.

         SECTION 1.4 Calculations of Interest. All calculations of interest made
hereunder shall be made on the basis of a year of 360 days of twelve 30-day
months, other than the calculation of interest accrued on the Class A-1 Notes at
the Class A-1 Interest Rate, which will be calculated on the basis of a 360-day
year based upon the actual number of days elapsed.

                                   ARTICLE II

                                    THE NOTES

         SECTION 2.1 Form. The Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes, in each case together with the Indenture
Trustee's or Authenticating Agent's certificate of authentication, shall be in
substantially the forms set forth in Exhibits B, C, D and E, respectively, with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon
as may, consistently herewith, be determined to be appropriate 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 Notes shall be issuable as registered Notes
in the minimum denomination of $1,000 and in integral multiples thereof (except,
if applicable, for one Note representing a residual portion of each class which
may be issued in a denomination other than an integral multiple of $1,000).

         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 date of authentication and delivery of such Notes or did
not hold such offices at such date. No Note shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose, unless there
appears on such Note a certificate of authentication substantially in the form
provided for herein executed by the Indenture Trustee or an Authenticating Agent
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. The terms of
the Notes set forth in Exhibits B, C, D and E are part of the terms of this
Indenture.

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

         SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers or by any
other authorized signatory of the Issuer. The signature of any such Authorized
Officer on the Notes may be manual or facsimile.

<PAGE>
                                                                               4

         The Indenture Trustee shall, upon written order of the Seller,
authenticate and deliver Class A-1 Notes for original issue in an aggregate
principal amount of $259,000,000.00, Class A-2 Notes for original issue in an
aggregate principal amount of $292,000,000.00, Class A-3 Notes for original
issue in the aggregate principal amount of $397,000,000.00 and Class A-4 Notes
for original issue in the aggregate principal amount of $294,000,000.00. The
respective aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class
A-3 Notes and Class A-4 Notes outstanding at any time may not exceed such
amounts, except as provided in Section 2.5.

         SECTION 2.3 Temporary Notes. Pending the preparation of Definitive
Notes, the Issuer may execute, and at the direction of the Issuer, the Indenture
Trustee shall authenticate and deliver, temporary Notes which are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the Definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

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

         SECTION 2.4 Registration of Transfer and Exchange. The Issuer shall
cause to be kept a register (the "Note Register") in which, subject to such
reasonable regulations as it may prescribe, the Note Registrar shall provide for
the registration of the Notes and the registration of transfers of the Notes.
Chase shall initially be "Note Registrar" for the purpose of registering Notes
and transfers of Notes as herein provided. In the event that, subsequent to the
date of issuance of the Notes, Chase notifies the Indenture Trustee that it is
unable to act as Note Registrar, the Indenture Trustee shall act, or the
Indenture Trustee shall, with the consent of the Issuer, appoint another bank or
trust company, having an office or agency located in the City of New York and
which agrees to act in accordance with the provisions of this Indenture
applicable to it, to act, as successor Note Registrar under this Indenture.

         The Indenture Trustee may revoke such appointment and remove Chase as
Note Registrar if the Indenture Trustee determines in its sole discretion that
Chase failed to perform its obligations under this Indenture in any material
respect. Chase shall be permitted to resign as Note Registrar upon 30 days'
written notice to the Indenture Trustee, the Seller and the Servicer; provided,
however, that such resignation shall not be effective and Chase shall continue
to perform its duties as Note Registrar until the Indenture Trustee has
appointed a successor Note Registrar with the consent of the Issuer.

         If a Person other than the Indenture Trustee is appointed by the Issuer
as the Note Registrar, the Issuer will give the Indenture Trustee prompt written
notice of the appointment of

<PAGE>
                                                                               5

such Note Registrar and of the location, and any change in the location, of the
Note Register, and the Indenture Trustee shall have the right to inspect the
Note Register at all reasonable times and to obtain copies thereof, and the
Indenture Trustee shall have the right to conclusively rely upon a certificate
executed on behalf of the Note Registrar by an Executive Officer thereof as to
the names and addresses of the Holders of the Notes and the principal amounts
and number of such Notes.

         An institution succeeding to the corporate agency business of the Note
Registrar shall continue to be the Note Registrar without the execution or
filing of any paper or any further act on the part of the Indenture Trustee or
such Note Registrar.

         The Note Registrar shall maintain in the City of New York an office or
offices or agency or agencies where Notes may be surrendered for registration of
transfer or exchange. The Note Registrar initially designates its corporate
trust office located at 450 West 33rd Street, New York, New York 10001-2697 as
its office for such purposes. The Note Registrar shall give prompt written
notice to the Indenture Trustee, the Seller, the Servicer and to the Noteholders
of any change in the location of such office or agency.

         Upon surrender for registration of transfer of any Note at the office
or agency of the Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401(a) of the Relevant UCC are met, the Issuer shall
execute, the Indenture Trustee shall authenticate and (if the Note Registrar is
different than the Indenture Trustee, then the Note Registrar shall) deliver to
the Noteholder, in the name of the designated transferee or transferees, one or
more new Notes, in any authorized denominations, of the same class and a like
aggregate principal amount.

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

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

         Every Note presented or surrendered for registration of transfer or
exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in form 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 of New York or the city
in which the Corporate Trust Office is located, or by a member firm of a
national securities exchange, and (ii) accompanied by such other documents as
the Indenture Trustee may require. Each Note surrendered for registration of
transfer or exchange shall be cancelled by the Note

<PAGE>
                                                                               6

Registrar and disposed of by the Indenture Trustee or Note Registrar in
accordance with its customary practice.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of the Notes, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Section 2.3 or 9.5 not involving any transfer.

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

         SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Note Registrar, or the Note Registrar
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Note Registrar and the Indenture
Trustee such security or indemnity as may be required by them to hold the
Issuer, the Note Registrar and the Indenture Trustee harmless, then, in the
absence of notice to the Issuer, the Note Registrar or the Indenture Trustee
that such Note has been acquired by a protected purchaser, and provided that the
requirements of Section 8-405 of the Relevant UCC are met, the Issuer shall
execute and the Indenture Trustee or an Authenticating Agent shall authenticate
and (if the Note Registrar is different from the Indenture Trustee, the Note
Registrar shall) deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of like class, tenor and
denomination; provided that if any such destroyed, lost or stolen Note, but not
a mutilated Note, shall have become or within seven days shall be due and
payable, instead of issuing a replacement Note, the Issuer may pay such
destroyed, lost or stolen Note when so due or payable without surrender thereof.
If, after the delivery of such replacement Note or payment of a destroyed, lost
or stolen Note pursuant to the proviso to the preceding sentence, a protected
purchaser of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Issuer, the Note Registrar and the
Indenture Trustee shall be entitled to recover such replacement Note (or such
payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered or
any assignee of such Person, except a protected purchaser, 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, the Note Registrar or the
Indenture Trustee in connection therewith.

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

         Every replacement Note issued pursuant to this Section 2.5 in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an
original additional contractual obligation of the Issuer, whether or not the
mutilated, destroyed, lost or stolen Note shall be at

<PAGE>
                                                                               7

any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Notes duly
issued hereunder.

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

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

         SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. (a)
The Notes shall accrue interest as provided in the forms of the Class A-1 Note,
the Class A-2 Note, the Class A-3 Note and the Class A-4 Note set forth in
Exhibits B, C, D and E, respectively, and such interest shall be payable on each
Payment Date as specified therein. 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 preceding
Record Date, by check mailed first-class, postage prepaid, to such Person's
address as it appears on the Note Register on such Record Date, except that,
unless Definitive Notes have been issued pursuant to Section 2.12, with respect
to the Notes registered on the Record Date in the name of the nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made
by wire transfer in immediately available funds to the account designated by
such nominee, except for the final installment of principal payable with respect
to such Note on a Payment Date or on a Note Final Scheduled Payment Date which
shall be payable as provided below. The funds represented by any such checks
returned undelivered shall be held in accordance with Section 3.3.

         (b) The principal of each Note shall be payable in installments no
later than 12 noon, New York City time, on each Payment Date as provided in the
forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note and the
Class A-4 Note, set forth in Exhibits B, C, D and E, respectively.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable, if not previously paid, on the date on which an Event
of Default shall have occurred and be continuing, if the Indenture Trustee or
the Holders of the Notes representing a majority of the Outstanding Amount of
the Notes have declared the Notes to be immediately due and payable in the
manner provided in Section 5.2. 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 be (i) transmitted by facsimile on such
Record Date if Book-Entry Notes are outstanding or

<PAGE>
                                                                               8

(ii) mailed as provided in Section 10.2 not later than three Business Days after
such Record Date if Definitive Notes are outstanding and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

         SECTION 2.8 Cancellation. All Notes surrendered for payment,
registration of transfer or exchange shall, if surrendered to any Person other
than the Note Registrar, be delivered to the Note Registrar and shall be
promptly cancelled by the Note Registrar. The Issuer may at any time deliver to
the Note Registrar 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 Note Registrar. 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 Note Registrar in
accordance with its standard retention or disposal policy as in effect at the
time unless the Issuer shall direct that they be destroyed or returned to it;
provided that such direction is timely and the Notes have not been previously
disposed of by the Note Registrar.

         SECTION 2.9 Release of Collateral. Subject to Section 11.1, the
Indenture Trustee shall release property from the lien of this Indenture only
upon request of the Issuer accompanied by an Officer's Certificate, an Opinion
of Counsel and Independent Certificates in accordance with the TIA ss.ss.314(c)
and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates
to the effect that the TIA does not require any such Independent Certificates.

         SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance,
will be issued in the form of typewritten Notes representing the Book-Entry
Notes, to be delivered to The Depository Trust Company (the initial Clearing
Agency) by, or on behalf of, the Issuer. Such Notes shall initially be
registered on the Note Register in the name of Cede & Co., the nominee of the
initial Clearing Agency, and no Note Owner will receive a Definitive Note
representing such Note Owner's interest in such Note, except as provided in
Section 2.12. Unless and until Definitive Notes have been issued to Note Owners
pursuant to Section 2.12:

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

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

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

         (d) the rights of the Note Owners shall be exercised only through the
    Clearing Agency (or to the extent the Note Owners are not Clearing Agency
    Participants, through

<PAGE>
                                                                               9

    the Clearing Agency Participants through which such Note Owners own
    Book-Entry Notes) and shall be limited to those established by law and
    agreements between such Note Owners and the Clearing Agency and/or the
    Clearing Agency Participants, and all references in this Indenture to
    actions by the Noteholders shall refer to actions taken by the Clearing
    Agency upon instructions from the Clearing Agency Participants, and all
    references in this Indenture to distributions, notices, reports and
    statements to the Noteholders shall refer to distributions, notices, reports
    and statements to the Clearing Agency, as registered holder of the Notes, as
    the case may be, for distribution to the Note Owners in accordance with the
    procedures of the Clearing Agency. Pursuant to the Note Depository
    Agreement, unless and until Definitive Notes are issued pursuant to Section
    2.12, the initial Clearing Agency will make book-entry
    transfers among the Clearing Agency Participants and receive and transmit
    payments of principal of and interest on the Notes to such Clearing Agency
    Participants; and

         (e) whenever this Indenture requires or permits actions to be taken
    based upon instructions or directions of the Holders of the Notes evidencing
    a specified percentage of the Outstanding Amount of the Notes, the Clearing
    Agency shall be deemed to represent such percentage only to the extent that
    it has received instructions to such effect from the 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 2.11 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to the Note Owners pursuant to
Section 2.12, the Indenture Trustee shall give all such notices and
communications specified herein to be given to the Holders of the Notes to the
Clearing Agency, and shall have no obligation to the Note Owners.

         SECTION 2.12 Definitive Notes. If (a) the Servicer advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Notes, and
the Servicer is unable to locate a qualified successor, (b) the Servicer at its
option advises the Indenture Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency, or (c) after the occurrence of an
Event of Default or an Event of Servicing Termination, the Note Owners
representing beneficial interests aggregating not less than a majority of the
Outstanding Amount of the Notes advise the Indenture Trustee and the Clearing
Agency through the Clearing Agency Participants in writing, and if the Clearing
Agency shall so notify the Indenture Trustee that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests
of the Note Owners, then the Clearing Agency shall notify all the Note Owners of
the occurrence of any such event and of the availability of Definitive Notes to
the Note Owners requesting the same. Upon surrender to the Note Registrar of the
typewritten Note or Notes representing the Book-Entry Notes by the Clearing
Agency, accompanied by re-registration instructions, the Issuer shall execute
and the Indenture Trustee shall authenticate and (if the Note Registrar is
different than the Indenture Trustee, then the Note Registrar shall) deliver 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

<PAGE>
                                                                              10

conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of the Definitive Notes, the Indenture Trustee shall recognize
the Holders of the Definitive Notes as the Noteholders.

         SECTION 2.13 Authenticating Agent. (a) The Indenture Trustee may
appoint one or more authenticating agents (each, an "Authenticating Agent") with
respect to the Notes which shall be authorized to act on behalf of the Indenture
Trustee in authenticating the Notes in connection with the issuance, delivery,
registration of transfer, exchange or repayment of the Notes. The Indenture
Trustee hereby appoints Chase as Authenticating Agent for the authentication of
the Notes upon any registration of transfer or exchange of such Notes. Whenever
reference is made in this Indenture to the authentication of the Notes by the
Indenture Trustee or the Indenture Trustee's certificate of authentication, such
reference shall be deemed to include authentication on behalf of the Indenture
Trustee by an Authenticating Agent and a certificate of authentication executed
on behalf of the Indenture Trustee by an Authenticating Agent. Each
Authenticating Agent, other than Chase, shall be acceptable to the Issuer.

         (b) Any institution succeeding to the corporate agency business of an
Authenticating Agent shall continue to be an Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Indenture
Trustee or such Authenticating Agent.

         (c) An Authenticating Agent may at any time resign by giving written
notice of resignation to the Indenture Trustee and the Issuer. The Indenture
Trustee may at any time terminate the agency of an Authenticating Agent by
giving notice of termination to such Authenticating Agent and to the Issuer.
Upon receiving such a notice of resignation or upon such a termination, or in
case at any time an Authenticating Agent shall cease to be acceptable to the
Indenture Trustee or the Issuer, the Indenture Trustee promptly may appoint a
successor Authenticating Agent with the consent of the Issuer. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with
like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless acceptable to the Issuer.

         (d) The Servicer shall pay the Authenticating Agent from time to time
reasonable compensation for its services under this Section 2.13.

         (e) The provisions of Sections 6.1, 6.2, 6.3, 6.4, 6.7 and 6.9 shall be
applicable, mutatis mutandis, to any Authenticating Agent.

         (f) Pursuant to an appointment made under this Section 2.13, the Notes
may have endorsed thereon, in lieu of the Indenture Trustee's certificate of
authentication, an alternate certificate of authentication in substantially the
following form:

         This is one of the Notes referred to in the within mentioned Indenture.

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

<PAGE>
                                                                              11

                                                 By:----------------------------
                                                    Authorized Officer

                                                             or

                                                 -------------------------------
                                                 as Authenticating Agent
                                                     for the Indenture Trustee,

                                                 -------------------------------
                                                    Authorized Officer

         SECTION 2.14 Appointment of Paying Agent. (a) The Indenture Trustee may
appoint a Paying Agent with respect to the Notes. The Indenture Trustee hereby
appoints Chase as the initial Paying Agent. The Paying Agent shall have the
revocable power to withdraw funds from the Collection Account and the Note
Distribution Account and make distributions to the Noteholders, the Servicer,
the Administrator and the Owner Trustee pursuant to Section 5.5 of the Sale and
Servicing Agreement. The Indenture Trustee may revoke such power and remove the
Paying Agent if the Indenture Trustee determines in its sole discretion that the
Paying Agent shall have failed to perform its obligations under this Indenture
in any material respect or for other good cause. Chase shall be permitted to
resign as Paying Agent upon 30 days' written notice to the Seller and the
Indenture Trustee. In the event that Chase shall no longer be the Paying Agent,
the Indenture Trustee shall appoint a successor to act as Paying Agent (which
shall be a bank or trust company and may be the Indenture Trustee) with the
consent of the Seller, which consent shall not be unreasonably withheld. If at
any time the Indenture Trustee shall be acting as the Paying Agent, the
provisions of Sections 6.1, 6.3 and 6.4 shall apply, mutatis mutandis, to the
Indenture Trustee in its role as Paying Agent.

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

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

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

<PAGE>
                                                                              12

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

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

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

         (b) Chase in its capacity as initial Paying Agent hereunder agrees that
it (i) will hold all sums held by it hereunder for payment to the Noteholders in
trust for the benefit of the Noteholders entitled thereto until such sums shall
be paid to such Noteholders and (ii) shall comply with all requirements of the
Code regarding the withholding by the Indenture Trustee of payments in respect
of United States federal income taxes due from Note Owners.

         (c) An institution succeeding to the corporate agency business of the
Paying Agent shall continue to be the Paying Agent without the execution or
filing of any paper or any further act on the part of the Indenture Trustee or
such Paying Agent.

                                  ARTICLE III

                                    COVENANTS

         SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and
punctually pay the principal of and interest on the Notes in accordance with the
terms of the Notes and this Indenture. Without limiting the foregoing, subject
to Section 8.2(c), the Issuer will cause to be distributed all amounts on
deposit in the Note Distribution Account on a Payment Date deposited therein
pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class
A-1 Notes, to the holders of the Class A-1 Notes, (ii) for the benefit of the
Class A-2 Notes, to the holders of the Class A-2 Notes, (iii) for the benefit of
the Class A-3 Notes, to the holders of the Class A-3 Notes and (iv) for the
benefit of the Class A-4 Notes, to the holders of the Class A-4 Notes. 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 3.2 Maintenance of Office or Agency. The Issuer will maintain
in the City of New York, an office or agency where Notes may be surrendered for
registration of transfer or exchange. The Issuer hereby initially appoints the
Note Registrar 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

<PAGE>
                                                                              13

Issuer shall fail to maintain any such office or agency or shall fail to furnish
the Indenture Trustee with the address thereof, such surrenders, notices and
demands may be made or served at the Corporate Trust Office, and the Issuer
hereby appoints the Indenture Trustee as its agent to receive all such
surrenders, notices and demands.

         SECTION 3.3 Money for Payments To Be Held in Trust. As provided in
Sections 8.2(a) and (b), all payments of amounts due and payable with respect to
any Notes that are to be made from amounts withdrawn from the Collection Account
and the Note Distribution Account pursuant to Section 8.2(c) shall be made on
behalf of the Issuer by the Indenture Trustee or by a Paying Agent, and no
amounts so withdrawn from the Collection Account and the Note Distribution
Account for payments on the Notes shall be paid over to the Issuer except as
provided in this Section 3.3.

         On or before each Payment Date, at the direction of the Servicer in
accordance with Section 5.5 of the Sale and Servicing Agreement, the Indenture
Trustee or the Paying Agent shall deposit in the Note Distribution Account an
aggregate sum sufficient to pay the amounts then becoming due under the Notes,
such sum to be held in trust for the benefit of the Persons entitled thereto and
(unless the Paying Agent is the Indenture Trustee or deposit was made by the
Indenture Trustee) shall promptly notify the Indenture Trustee of its action or
failure so to act.

         The Issuer may, at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, 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 a
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

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

<PAGE>
                                                                              14

         SECTION 3.4 Existence. Except as otherwise permitted by the provisions
of Section 3.10, the Issuer will keep in full effect its existence, rights and
franchises as a business trust under the laws of the State of Delaware (unless
it becomes, or any successor to the Issuer hereunder is or becomes, organized
under the laws of any other state or of the United States of America, in which
case the Issuer will keep in full effect its existence, rights and franchises
under the laws of such other jurisdiction) and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is
or shall be necessary to protect the validity and enforceability of this
Indenture, the Notes, the Collateral and each other instrument or agreement
included in the Trust Estate.

         SECTION 3.5 Protection of Trust Estate. The Issuer will from time to
time prepare (or shall cause to be prepared), execute and deliver all such
supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments,
and will take such other action necessary or advisable to:

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

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

         (c) enforce the rights of the Indenture Trustee and the Noteholders in
    any of the Collateral; or

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

         The Issuer hereby designates the Indenture Trustee its agent
and attorney-in-fact to execute or file any financing statement, continuation
statement or other instrument required to be executed or filed by the Issuer
pursuant to this Section.

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

         (b) On or before March 31 of each calendar year, commencing with March
31, 2002, the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other

<PAGE>
                                                                              15

requisite documents and with respect to the execution and filing of any
financing statements and continuation statements as are necessary to maintain
the perfection of the lien and security interest created by this Indenture and
reciting the details of such action or stating that in the opinion of such
counsel no such action is necessary to maintain the perfection of such lien and
security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the execution and filing of any
financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the perfection of the lien and security
interest of this Indenture until March 31 in the following calendar year.

         SECTION 3.7 Performance of Obligations; Servicing of Receivables. (a)
The Issuer will not take any action and will use its best efforts not to permit
any action to be taken by others that would release any Person from any of such
Person's material covenants or obligations under any instrument or agreement
included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, any other Basic Documents or such other instrument or agreement.

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

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

         (d) If the Issuer shall have knowledge of the occurrence of an Event of
Servicing Termination under the Sale and Servicing Agreement, the Issuer shall
promptly notify the Indenture Trustee and the Rating Agencies thereof in
accordance with Section 11.4, and shall specify in such notice the action, if
any, the Issuer is taking in respect of such default. If an Event of Servicing
Termination shall arise from the failure of the Servicer to perform any of its
duties or obligations under the Sale and Servicing Agreement with respect to the
Receivables, the Issuer shall take all reasonable steps available to it to
remedy such failure.

         (e) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer agrees that, unless such action is
specifically permitted hereunder or under the other Basic Documents, it will
not, without the prior written consent of the Indenture Trustee or the Holders
of at least a majority of Outstanding Amount of the Notes, amend, modify, waive,
supplement, terminate or surrender, or agree to any amendment, modification,
supplement, termination,

<PAGE>
                                                                              16

waiver or surrender of, the terms of any Collateral or the Basic Documents, or
waive timely performance or observance by the Servicer or the Seller under the
Sale and Servicing Agreement; provided that no such amendment shall (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
distributions that are required to be made for the benefit of the Noteholders,
or (ii) reduce the aforesaid percentage of the Notes which are required to
consent to any such amendment, without the consent of the Holders of all the
Outstanding Notes. If any such amendment, modification, supplement or waiver
shall be so consented to by the Indenture Trustee or such Holders, the Issuer
agrees, promptly following a request by the Indenture Trustee to do so, to
execute and deliver, in its own name and at its own expense, such agreements,
instruments, consents and other documents as the Indenture Trustee may deem
necessary or appropriate under the circumstances.

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

         (a) except as expressly permitted by this Indenture or the other Basic
    Documents, sell, transfer, exchange or otherwise dispose of any of the
    properties or assets of the Issuer, including those included in the Trust
    Estate, unless directed to do so by the Indenture Trustee;

         (b) 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 assert any claim against any
    present or former Noteholder by reason of the payment of the taxes levied or
    assessed upon any part of the Trust Estate; or

         (c) (i) permit the validity or effectiveness of this Indenture to be
    impaired, or permit the lien of this Indenture to be amended, hypothecated,
    subordinated, terminated or discharged, or permit any Person to be released
    from any covenants or obligations with respect to the Notes under this
    Indenture except as may be expressly permitted hereby, (ii) permit any lien,
    charge, excise, claim, security interest, mortgage or other encumbrance
    (other than the lien of this Indenture) to be created on or extend to or
    otherwise arise upon or burden the Trust Estate or any part thereof or any
    interest therein or the proceeds thereof (other than tax liens, mechanics'
    liens and other liens that arise by operation of law, in each case on a
    Financed Vehicle and arising solely as a result of an action or omission of
    the related Obligor) or (iii) permit the lien of this Indenture not to
    constitute a valid first priority (other than with respect to any such tax,
    mechanics' or other lien) security interest in the Trust Estate.

         SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver
to the Indenture Trustee on or before March 31 of each year, commencing March
31, 2002, and otherwise in compliance with the requirements of TIA Section
314(a)(4), an Officer's Certificate stating, as to the Authorized Officer
signing such Officer's Certificate, that:

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

<PAGE>
                                                                              17

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

         SECTION 3.10 The Issuer May Consolidate, Etc. Only on Certain Terms.
(a) The Issuer shall not consolidate or merge with or into any other Person,
unless

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

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

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

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

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

         (vi) the Issuer shall have delivered to the Indenture Trustee an
    Officer's Certificate and an Opinion of Counsel each stating that such
    consolidation or merger and such supplemental indenture comply with this
    Section 3.10 and that all conditions precedent herein provided for relating
    to such transaction have been complied with (including any filing required
    by the Exchange Act).

         (b) Except as otherwise expressly permitted by this Indenture or the
other Basic Documents, the Issuer shall not convey or transfer all or
substantially all of its properties or assets, including those included in the
Trust Estate, to any Person, unless:

         (i) the Person that acquires by conveyance or transfer the properties
    and assets of the Issuer the conveyance or transfer of which is hereby
    restricted shall (A) be a United States citizen or a Person organized and
    existing under the laws of the United States of America or any State
    thereof, (B) expressly assume, by an indenture

<PAGE>
                                                                              18

    supplemental hereto, executed and delivered to the Indenture Trustee, in
    form satisfactory to the Indenture Trustee, the due and punctual payment of
    the principal of and interest on all the Notes and the performance or
    observance of every agreement and covenant of this Indenture on the part of
    the Issuer to be performed or observed, all as provided herein, (C)
    expressly 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 the Holders of the Notes, (D) unless otherwise
    provided in such supplemental indenture, expressly agree to indemnify,
    defend and hold harmless the Issuer against and from any loss, liability or
    expense arising under or related to this Indenture and the Notes and (E)
    expressly agree by means of such supplemental indenture that such Person (or
    if a group of persons, then one specified Person) shall prepare (or cause to
    be prepared) and make all filings with the Commission (and any other
    appropriate Person) required by the Exchange Act in connection with the
    Notes;

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

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

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

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

         (vi) the Issuer shall have delivered to the Indenture Trustee an
    Officers' Certificate and an Opinion of Counsel each stating that such
    conveyance or transfer and such supplemental indenture comply with this
    Section 3.10 and that all conditions precedent herein provided for relating
    to such transaction have been complied with (including any filing required
    by the Exchange Act).

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

         (b) Upon a conveyance or transfer of all the assets and properties of
the Issuer in accordance with Section 3.10(b), Chase Manhattan Auto Owner Trust
2000-A 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 from
the Person acquiring such assets and properties stating that Chase Manhattan
Auto Owner Trust 2000-A is to be so released.

<PAGE>
                                                                              19

         SECTION 3.12 No Other Business. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the other Basic
Documents, issuing the Notes and the Certificates, making payments thereon, and
such other activities that are necessary, suitable or desirable to accomplish
the foregoing or are incidental to the purposes as set forth in Section 2.3 of
the Trust Agreement.

         SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for money borrowed in respect of the Notes or in accordance
with the Basic Documents.

         SECTION 3.14 Servicer's Obligations. The Issuer shall use its best
efforts to cause the Servicer to comply with the Sale and Servicing Agreement.

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

         SECTION 3.16 Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty) other than the purchase of the Receivables and
related property pursuant to the Sale and Servicing Agreement.

         SECTION 3.17 Restricted Payments. The Issuer shall not, directly or
indirectly, (a) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or security
in or of the Issuer, (b) redeem, purchase, retire, or otherwise acquire for
value any such ownership or equity interest or security or (c) set aside or
otherwise segregate any amounts for any such purpose; provided that the Issuer
may make, or cause to be made, distributions to the Servicer, the Seller, the
Owner Trustee, the Administrator, the Indenture Trustee and the
Certificateholders as permitted by, and to the extent funds are available for
such purpose under, the Basic Documents. The Issuer will not, directly or
indirectly, make payments to or distributions from the Collection Account except
in accordance with this Indenture and the other Basic Documents.

         SECTION 3.18 Notice of Events of Default. The Issuer agrees to give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event of
Default, any Event of Servicing Termination and each default on the part of the
Seller of its obligations under the Sale and Servicing Agreement.

<PAGE>
                                                                              20

         SECTION 3.19 Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer will execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

         SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (a)
rights of registration of transfer and exchange, (b) substitution of mutilated,
destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments
of principal thereof and interest thereon, (d) Sections 3.2, 3.3, 3.4, 3.5, 3.8,
3.10, 3.12, 3.13, 3.15, 3.16 and 3.18, (e) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee
under Sections 4.2 and 4.4) and (f) the rights of Noteholders as beneficiaries
hereof with respect to the property so deposited with the Indenture Trustee
payable to all or any of them, and the Indenture Trustee, on demand of and at
the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when,

         (i) either:

                 (A) all Notes theretofore authenticated and delivered (other
         than (1) the Notes that have been destroyed, lost or stolen and that
         have been replaced or paid as provided in Section 2.5 and (2) the Notes
         for which payment money has theretofore been deposited in trust or
         segregated and held in trust by the Issuer and thereafter repaid to the
         Issuer or discharged from such trust, as provided in Section 3.3) have
         been delivered to the Indenture Trustee for cancellation; or

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

                     (1) have become due and payable,

                     (2) will become due and payable at their respective Note
                 Final Scheduled Payment Dates within one year, or

                     (3) will be subject to prepayment within one year under
                 arrangements satisfactory to the Indenture Trustee,

         and the Issuer, in the case of clauses (1), (2) or (3) of Section
         4.1(i)(B), has irrevocably deposited or caused to be irrevocably
         deposited with the Indenture Trustee cash or direct obligations of or
         obligations guaranteed by the United States of America (which will
         mature prior to the date such amounts are payable), in trust for

<PAGE>
                                                                              21

         such purpose, in an amount sufficient to pay and discharge the entire
         unpaid principal and accrued interest on such Notes not theretofore
         delivered to the Indenture Trustee for cancellation when due on their
         respective Note Final Scheduled Payment Dates or the Payment Date on
         which the Notes are to be prepaid in full pursuant to Section 10.1);

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

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

         SECTION 4.2 Application of Trust MoneyAll moneys deposited with the
Indenture Trustee pursuant to Section 4.1(i)(B) 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 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 Sale and Servicing Agreement or required by law.

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

         SECTION 4.4 Duration of the Position of the Indenture Trustee for the
Benefit of Certificateholders. Notwithstanding (i) the earlier payment in full
of all principal and interest due to the Noteholders under the terms of the
Notes of each class, (ii) the cancellation of such Notes pursuant to Section 2.8
and (iii) the discharge of the Indenture Trustee's duties hereunder with respect
to such Notes, the Indenture Trustee shall continue to act in the capacity of
the Indenture Trustee hereunder for the benefit of the Certificateholders and
the Indenture Trustee, for the benefit of the Certificateholders, shall comply
with its obligations under Sections 5.1, 5.5, 5.6, 7.5, 8.1 and 8.2 of the Sale
and Servicing Agreement, as appropriate, until such time as all distributions in
respect of the Certificate Balance and interest due to the Certificateholders
have been paid in full.

<PAGE>
                                                                              22

                                   ARTICLE V

                                    REMEDIES

         SECTION 5.1 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) default in the payment of any interest on any Note when the same
    becomes due and payable on any Payment Date, and such default shall continue
    for a period of five days;

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

         (c) default in the observance or performance of any covenant or
    agreement of the Issuer made in this Indenture (other than a covenant or
    agreement, a default in the observance or performance of which is elsewhere
    in this Section specifically dealt with) which default materially and
    adversely affects the rights of the Noteholders, and which default shall
    continue or not be cured for a period of 30 days (or for such longer period,
    not in excess of 90 days, as may be reasonably necessary to remedy such
    default; provided that such default is capable of remedy within 90 days or
    less and the Servicer on behalf of the -------- Issuer delivers an Officer's
    Certificate to the Indenture Trustee to the effect that the Issuer has
    commenced, or will promptly commence and diligently pursue, all reasonable
    efforts to remedy such default) after there shall have been given, by
    registered or certified mail, to the Issuer by the Indenture Trustee or to
    the Issuer and the Indenture Trustee by the Holders of at least 25% of the
    Outstanding Amount of the Notes, a written notice specifying such default
    and requiring it to be remedied and stating that such notice is a "Notice of
    Default" hereunder; and

         (d) an Insolvency Event shall have occurred for the Issuer.

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

         SECTION 5.2 Acceleration of Maturity; Rescission and Annulment. If an
Event of Default shall occur and be continuing, then and in every such case the
Indenture Trustee or the Holders of the Notes representing not less than a
majority of the Outstanding Amount of the Notes may declare all the Notes to be
immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by the Noteholders), and upon any such declaration
the unpaid principal amount of such Notes, together with accrued and unpaid
interest thereon through the date of acceleration, shall become immediately due
and payable.

<PAGE>
                                                                              23

         At any time after such declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article V, provided,
the Holders of the Notes representing a majority of the Outstanding Amount of
the Notes, by written notice to the Issuer and the Indenture Trustee, may
rescind and annul such declaration and its consequences; provided, that, no such
rescission shall affect any subsequent default or impair any right consequent
thereto.

         SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the
Indenture Trustee. (a) The Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, the Issuer will, upon demand of the Indenture
Trustee, 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 rate borne by the Notes, and in addition thereto such further amount as
shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

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

         (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.4, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders, by
such appropriate proceedings as the Indenture Trustee shall deem most effective
to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy or legal or
equitable right vested in the Indenture Trustee by this Indenture or by law.

         (d) In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in
the Trust Estate, proceedings under Title 11 of the United States Code or any
other applicable Federal or state bankruptcy, insolvency or other similar law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization,
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 the 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

<PAGE>
                                                                              24

Trustee shall have made any demand pursuant to the provisions of this Section,
shall be entitled and empowered, by intervention in such proceedings or
otherwise:

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

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

         (iii) to collect and receive any 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 the 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, 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.

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

         (f) All rights of action and of asserting claims under this Indenture,
or under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
proceedings relative thereto, and any such action or proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,

<PAGE>
                                                                              25

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.

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

         SECTION 5.4 Remedies; Priorities. (a) If an Event of Default shall have
occurred and be continuing and the Notes have been accelerated under Section
5.2, the Indenture Trustee may do one or more of the following (subject to
Section 5.5):

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

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

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

         (iv) sell the Trust Estate or any portion thereof or rights or interest
    therein, at one or more public or private sales called and conducted in any
    manner permitted by law;

provided that the Indenture Trustee may not sell or otherwise liquidate the
Trust Estate following an Event of Default, unless (A) the Holders of 100% of
the Outstanding Amount of the Notes consent thereto, (B) the proceeds of such
sale or liquidation distributable to the Noteholders and the Certificateholders
are sufficient to discharge in full all amounts then due and unpaid upon such
Notes for principal and interest and the Certificate Balance plus accrued
interest thereon, or (C)(1) there has been an Event of Default described in
Section 5.1(a) or (b), (2) the Indenture Trustee determines that the Trust
Estate will not continue to provide sufficient funds for the payment of
principal of and interest on the Notes as they would have become due if the
Notes had not been declared due and payable, and (3) the Indenture Trustee
obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the
Notes. In determining such sufficiency or insufficiency with respect to clause
(B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

         (b) If the Indenture Trustee collects any money or property pursuant to
this Article V, it shall pay out such money or property (and other amounts
including amounts held on deposit in the Reserve Account) held as Collateral for
the benefit of the Noteholders in the following order:

<PAGE>
                                                                              26

         FIRST: to the Indenture Trustee for amounts due under Section 6.7; and

         SECOND: to the Collection Account for distribution pursuant to Section
    9.1(b) of the Sale and Servicing Agreement.

         SECTION 5.5 Optional Preservation of the Receivables. If the Notes have
been declared to be due and payable under Section 5.2 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, but need not, elect to maintain possession
of the Trust Estate. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and the Indenture Trustee shall take such desire into
account when determining whether to maintain possession of the Trust Estate. In
determining whether to maintain possession of the Trust Estate, the Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

         SECTION 5.6 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:

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

         (b) 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 the Indenture
Trustee hereunder;

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

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

         (e) no direction inconsistent with such written request has been given
to the Indenture Trustee during such 60-day period by the Holders of a majority
of the Outstanding Amount of the Notes;

it being understood and intended that no one or more Holders of the 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 the 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 the
Notes, each representing less

<PAGE>
                                                                              27

than a majority of the Outstanding Amount of the Notes, the Indenture Trustee in
its sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture.

         SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Note on or
after the respective due dates thereof expressed in such Note or in this
Indenture and to institute suit for the enforcement of any such payment, and
such right shall not be impaired without the consent of such Holder.

         SECTION 5.8 Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as through no such proceeding had
been instituted.

         SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

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

         SECTION 5.11 Control by Noteholders. The Holders of a majority of the
Outstanding Amount of the Notes shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on
the Indenture Trustee; provided that

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

<PAGE>
                                                                              28

         (b) subject to the express terms of Section 5.4, any direction to the
    Indenture Trustee to sell or liquidate the Trust Estate shall be by the
    Holders of the Notes representing not less than 100% of the Outstanding
    Amount of the Notes;

         (c) if the conditions set forth in Section 5.5 have been satisfied and
    the Indenture Trustee elects to retain the Trust Estate pursuant to such
    Section, then any direction to the Indenture Trustee by Holders of the Notes
    representing less than 100% of the Outstanding Amount of the Notes to sell
    or liquidate the Trust Estate shall be of no force and effect;

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

         (e) such direction shall be in writing;

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

         SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.2, the
Holders of the Notes of not less than a majority of the Outstanding Amount of
the Notes may, on behalf of all such Holders, waive any past Default or Event of
Default and its consequences except a Default (a) in payment of principal of or
interest on any of the Notes or (b) in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the Holder of each
Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the
Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereto.

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

         SECTION 5.13 Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against the Indenture Trustee for any action taken, suffered or omitted by it as
the Indenture Trustee, the filing by any party litigant in such Proceeding of an
undertaking to pay the costs of such Proceeding, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such Proceeding, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to (a) any suit instituted by the
Indenture Trustee, (b) any suit instituted by any Noteholder or group of

<PAGE>
                                                                              29

Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes, or (c) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on or
after the respective due dates expressed in such Note and in this Indenture.

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

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

         SECTION 5.16 Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from the Indenture Trustee to do so and at the
Administrator's expense, the Issuer agrees to take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and observance
by the Seller and the Servicer, as applicable, of each of their respective
obligations to the Issuer under or in connection with the Sale 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 Sale and Servicing Agreement to the extent and in the
manner directed by the Indenture Trustee, including the transmission of notices
of default on the part of the Seller or the Servicer thereunder and the
institution of legal or administrative actions or proceedings to compel or
secure performance by the Seller or the Servicer of each of their respective
obligations under the Sale and Servicing Agreement.

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

<PAGE>
                                                                              30

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

         SECTION 6.1 Duties of the Indenture Trustee. (a) The Indenture Trustee,
both prior to and after the occurrence of an Event of Default, shall undertake
to perform such duties and only such duties as are specifically set forth in
this Indenture and the Sale and Servicing Agreement. If an Event of Default
known to the Indenture Trustee has occurred and is continuing, the Indenture
Trustee shall exercise the rights and powers vested in it by this Indenture and
the Sale and Servicing Agreement and use the same degree of care and skill in
their exercise as a prudent person would exercise or use under the circumstances
in the conduct of such person's own affairs; provided, however, that if the
Indenture Trustee shall assume the duties of the Servicer pursuant to Section
8.2 of the Sale and Servicing Agreement, the Indenture Trustee in performing
such duties shall use the degree of skill and attention customarily exercised by
a servicer with respect to automobile receivables that it services for itself.

         The Indenture Trustee, upon receipt of any resolutions, certificates,
statements, opinions, reports, documents, orders, or other instruments furnished
to the Indenture Trustee that shall be specifically required to be furnished
pursuant to any provision of this Indenture or the Sale and Servicing Agreement,
shall examine them to determine whether they conform to the requirements of this
Indenture or the Sale and Servicing Agreement; provided, however, that the
Indenture Trustee shall not be responsible for the accuracy or content of any
such resolution, certificate, statement, opinion, report, document, order or
other instrument furnished by the Servicer to the Indenture Trustee pursuant to
this Indenture or the Sale and Servicing Agreement.

         (b) No provision of this Indenture shall be construed to relieve the
Indenture Trustee from liability for its own negligent action, its own negligent
failure to act, or its own bad faith or wilful malfeasance; provided, however,
that:

         (i) prior to the occurrence of an Event of Default, and after the
    curing of all such Events of Default, the Indenture Trustee undertakes to
    perform such duties and only such duties as are specifically set forth in
    this Indenture and the Sale and Servicing Agreement, and no implied
    covenants or obligations shall be read into this Indenture or the Sale and
    Servicing Agreement against the Indenture Trustee, and in the absence of bad
    faith on its part or manifest error, the Indenture Trustee may conclusively
    rely, as to the truth of the statements and the correctness of the opinions
    expressed therein, upon certificates or opinions furnished to the Indenture
    Trustee and conforming to the requirements of this Indenture or the Sale and
    Servicing Agreement; and

         (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
    nor shall the Indenture Trustee be liable with respect to any action it
    takes or omits to take in good faith in accordance with this Indenture or in
    accordance with a direction received by it pursuant to Section 5.11.

<PAGE>
                                                                              31

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

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

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

         (f) The Indenture Trustee shall not be charged with knowledge of an
Event of Default until such time as a Responsible Officer shall have actual
knowledge or have received written notice thereof.

         (g) Except for actions expressly authorized by this Indenture or, based
upon an Opinion of Counsel, in the best interests of the Noteholders, the
Indenture Trustee shall take no action reasonably likely to impair the security
interests created or existing under any Receivable or to impair the value of any
Receivable.

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

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

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

         (c) The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the
supervision of, any such agent, attorney, custodian or nominee appointed with
due care by it hereunder. The Indenture Trustee shall have no duty to monitor
the performance of the Issuer.

<PAGE>
                                                                              32

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

         (e) The Indenture Trustee may consult with counsel, and the written
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 written advice or opinion of
such counsel. A copy of such written advice or Opinion of Counsel shall be
provided to the Seller, the Servicer and the Rating Agencies.

         (f) Prior to the occurrence of an Event of Default and after the curing
of all Events of Default that may have occurred, the Indenture Trustee shall not
be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond, or other paper or document, unless
requested in writing to do so by Holders of the 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 shall be, in the opinion of the Indenture Trustee, not reasonably
assured to the Indenture Trustee by the security afforded to it by the terms of
this Indenture, the Indenture Trustee may require reasonable indemnity against
such cost, expense, or liability or payment of such expenses as a condition
precedent to so proceeding. The reasonable expense of every such examination
shall be paid by the Issuer or by the Servicer at the direction of the Issuer
or, if paid by the Indenture Trustee, shall be reimbursed by the Issuer or by
the Servicer at the direction of the Issuer upon demand. Nothing in this clause
(f) shall affect the obligation of the Issuer or the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors.

         SECTION 6.3 Individual Rights of the Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee
of the Notes and may otherwise deal with the Issuer or its Affiliates with the
same rights it would have if it were not the Indenture Trustee. Any Paying
Agent, the Note Registrar, co-registrar or co-paying agent may do the same with
like rights. However, the Indenture Trustee must comply with Sections 6.11 and
6.12.

         SECTION 6.4 The Indenture Trustee's Disclaimer. The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, shall not be accountable for the
Issuer's use of the proceeds from the Notes, and shall not be responsible for
any statement of the Issuer in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture
Trustee's certificate of authentication.

         SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing
and if it is either actually known or written notice of the existence thereof
has been delivered to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder

<PAGE>
                                                                              33

notice of the Default within 90 days after such knowledge or notice occurs.
Except in the case of a Default in accordance with the provisions of Section
313(c) of the TIA in payment of principal of or interest on any Note, the
Indenture Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interest of the Noteholders.

         SECTION 6.6 Reports by the Indenture Trustee to Holders. Within the
prescribed period of time for tax reporting purposes after the end of each
calendar year during the term of this Indenture, the Indenture Trustee (or the
Paying Agent on its behalf) shall deliver to each Noteholder such information as
may be reasonably required to enable such Holder to prepare its United States
federal, state and local income or franchise tax returns for such calendar year.

         SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the
Servicer pursuant to the Sale and Servicing Agreement to pay to the Indenture
Trustee from time to time reasonable compensation for its services. The
Indenture Trustee's compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Issuer shall cause the Servicer pursuant
to the Sale and Servicing Agreement 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 cause the Servicer pursuant to the Sale and Servicing Agreement
to indemnify the Indenture Trustee against any and all loss, liability or
expense (including the fees of either in-house counsel or outside counsel, but
not both) incurred by it in connection with the administration of this trust and
the performance of its duties hereunder. The Indenture Trustee shall notify the
Issuer and the Servicer promptly of any claim for which it may seek indemnity.

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

         SECTION 6.8 Replacement of the Indenture Trustee. (a) The Indenture
Trustee may give notice of its intent to resign at any time by so notifying the
Issuer. The Holders of a majority in Outstanding Amount of the Notes may remove
the Indenture Trustee by so notifying the Indenture Trustee and may appoint a
successor Indenture Trustee. The Issuer shall remove the Indenture Trustee if:

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

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

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

<PAGE>
                                                                              34

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

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

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

         (d) If a successor Indenture Trustee does not take office within 60
days after the retiring Indenture Trustee gives notice of its intent to resign
or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a
majority in Outstanding Amount of the Notes may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

         (e) 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.

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

         (g) Notwithstanding the resignation or removal of the Indenture Trustee
pursuant to this Section, the Issuer's and the Servicer's obligations under
Section 6.7 shall continue for the benefit of the retiring Indenture Trustee.
The Indenture Trustee shall not be liable for the acts or omissions of any
successor Indenture Trustee.

         SECTION 6.9 Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee. The Indenture
Trustee shall provide the Issuer and the Rating Agencies prior written notice of
any such transaction.

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

<PAGE>
                                                                              35

authenticated, any successor Indenture Trustee may authenticate such Notes
either in the name of any predecessor Indenture Trustee hereunder or in the name
of the successor Indenture Trustee; and in all such cases such certificate of
authentication shall have the same full force as is provided anywhere in the
Notes or in this Indenture with respect to the certificate of authentication of
the Indenture Trustee.

         SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee. (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Issuer may at the time be located, the Indenture Trustee
shall have the power and may execute and deliver all instruments to appoint one
or more Persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of the Issuer, and to vest in such Person
or Persons, in such capacity and for the benefit of the Noteholders, such title
to the Issuer, or any part hereof, and, subject to the other provisions of this
Section, such power, duties, obligations, rights and trusts as the Indenture
Trustee may consider necessary or desirable. The Administrator will pay all
reasonable fees and expenses of any co-trustee or co-trustees or separate
trustee or separate trustees. The appointment of any separate trustee or
co-trustee shall not absolve the Indenture Trustee of its obligations under this
Indenture. No co-trustee or separate trustee hereunder shall be required to meet
the terms of eligibility as an Indenture Trustee under Section 6.11, and no
notice to the Noteholders of the appointment of any co-trustee or separate
trustee shall be required under Section 6.8.

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

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

         (ii) no trustee hereunder shall be personally liable by reason of any
    act or omission of any other trustee hereunder, including acts or omissions
    of predecessor or successor trustees; and

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

         (c) Any notice, request or other writing given to the Indenture Trustee
shall be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as

<PAGE>
                                                                              36

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

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

         SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall
at all times satisfy the requirements of TIA ss.310(a). The Indenture Trustee
shall have a combined capital and surplus of at least $100,000,000 as of the
last day of the most recent fiscal quarter for such institution and shall be
subject to examination or supervision by federal or state authorities. The
long-term unsecured debt of the Indenture Trustee shall at all times be rated
not lower than "BBB-" by Standard & Poor's and Fitch (if rated by Fitch) and
Baa3 by Moody's or such other ratings as are acceptable to the Rating Agencies.
The Indenture Trustee shall comply with TIA ss.310(b), including the optional
provision permitted by the second sentence of TIA ss.310(b)(9); provided that
there shall be excluded from the operation of TIA ss.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 the TIA ss.310(b)(1) are met.

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

                                  ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

         SECTION 7.1 The Issuer To Furnish the Indenture Trustee Names and
Addresses of the Noteholders. The Issuer will furnish or cause to be furnished
to the Indenture Trustee (a) not more than five days after each Record Date, a
list, in such form as the Indenture Trustee may reasonably require, of the names
and addresses of the Holders as of such Record Date and (b) at such other times
as the Indenture Trustee may request in writing, within 14 days after receipt by
the Issuer of any such request, a list of similar form and content as of a date
not

<PAGE>
                                                                              37

more than 10 days prior to the time such list is furnished, provided that so
long as the Indenture Trustee is the Note Registrar, no such list shall be
required to be furnished.

         SECTION 7.2 Preservation of Information; Communications to the
Noteholders. (a) The Indenture Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.1 and the names and addresses of the Holders of Notes received by
the Indenture Trustee in its capacity as the Note Registrar. The Indenture
Trustee may destroy any list furnished to it as provided in such Section 7.1
upon receipt of a new list so furnished.

         (b) The Noteholders may communicate pursuant to TIA ss.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 ss.312(c).

         SECTION 7.3 Reports by the Issuer. (a) The Issuer shall:

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

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

         (iii) supply to the Indenture Trustee (and the Indenture Trustee shall
    transmit by mail to all Noteholders described in TIA ss.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 7.3(a) as may be
    required by rules and regulations prescribed from time to time by the
    Commission.

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

         SECTION 7.4 Reports by the Indenture Trustee. If required by TIA ss.
313(a), within 60 days after each March 31, beginning with March 31, 2002 the
Indenture Trustee shall mail to each Noteholder as required by TIA ss. 313(c) a
brief report dated as of such date that complies with TIA ss. 313(a). The
Indenture Trustee also shall comply with TIA ss. 313(b). A copy of each report
at the time of its mailing to Noteholders shall be filed by the Indenture

<PAGE>
                                                                              38

Trustee with the Commission and each stock exchange, if any, on which the Notes
are listed. The Issuer shall notify the Indenture Trustee if and when the Notes
are listed on any stock exchange. On each Payment Date, the Indenture Trustee
shall include with each payment to each Noteholder a copy of the statement for
the related Collection Period provided to the Indenture Trustee pursuant to
Section 5.8 of the Sale and Servicing Agreement.

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

         SECTION 8.1 Collection of Money. Except as otherwise provided herein,
the Indenture Trustee may demand payment or delivery of, and shall receive and
collect, directly and without intervention or assistance of any fiscal agent or
other intermediary, all money and other property payable to or receivable by the
Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply
all such money received by it as provided in this Indenture and the Sale and
Servicing Agreement. Except as otherwise provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement
or instrument that is part of the Trust Estate, the Indenture Trustee may take
such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate proceedings. Any such
action shall be without prejudice to any right to claim a Default or Event of
Default under this Indenture and any right to proceed thereafter as provided in
Article V.

         SECTION 8.2 Trust Accounts(a) On or prior to the Closing Date, the
Issuer shall establish and thereafter maintain the Collection Account and the
Reserve Account as provided in Sections 5.1 and 5.6 of the Sale and Servicing
Agreement. On or prior to the Closing Date, the Issuer shall cause the Servicer
to establish and thereafter maintain the Note Distribution Account as provided
in Section 5.1 of the Sale and Servicing Agreement.

         (b) Before each Payment Date, the Servicer and the Seller are required
to deposit the Total Distribution Amount for such Payment Date in the Collection
Account pursuant to Sections 5.2 and 5.4 of the Sale and Servicing Agreement. On
each Deposit Date, the Indenture Trustee shall withdraw the Reserve Account
Transfer Amount for the related Payment Date from the Reserve Account and
deposit it in the Collection Account in accordance with Section 5.5(b) of the
Sale and Servicing Agreement. On or before each Payment Date, the Indenture
Trustee or the Paying Agent on behalf of the Indenture Trustee shall transfer
the Noteholders' Distributable Amount for such Payment Date from the Collection
Account to the Note Distribution Account in accordance with Section 5.5(c) of
the Sale and Servicing Agreement.

         (c) Not later than 12:00 noon, New York City time, on each Payment
Date, the Indenture Trustee or the Paying Agent on behalf of the Indenture
Trustee shall distribute all amounts on deposit in the Note Distribution Account
to the Noteholders to the extent of amounts due and unpaid on the Notes for
principal and interest in the following amounts and in the following order of
priority:

<PAGE>
                                                                              39

         (i) to accrued and unpaid interest on the Notes; provided that if there
    are not sufficient funds in the Note Distribution Account to pay the entire
    amount of accrued and unpaid interest then due on the Notes, the amount in
    the Note Distribution Account shall be applied to the payment of such
    interest on the Notes pro rata on the basis of the total such interest due
    on the Notes;

         (ii) unless otherwise provided in clause (vi) below, to the Holders of
    the Class A-1 Notes until the Outstanding Amount of the Class A-1 Notes is
    reduced to zero;

         (iii) unless otherwise provided in clause (vi) below, to the Holders of
    the Class A-2 Notes until the Outstanding Amount of the Class A-2 Notes is
    reduced to zero;

         (iv) unless otherwise provided in clause (vi) below, to the Holders of
    the Class A-3 Notes until the Outstanding Amount of the Class A-3 Notes is
    reduced to zero;

         (v) unless otherwise provided in clause (vi) below, to the Holders of
    the Class A-4 Notes until the Outstanding Amount of the Class A-4 Notes is
    reduced to zero; and

         (vi) if the Notes have been declared immediately due and payable as
    provided in Section 5.2, any amounts remaining in the Note Distribution
    Account after the applications described in Section 8.2(c)(i) shall be
    applied to the repayment of principal on each of the Notes pro rata on the
    basis of the respective unpaid principal amount of each such Note.

         SECTION 8.3 General Provisions Regarding Trust Accounts.. (a) In
accordance with Section 5.1 and Section 5.6 of the Sale and Servicing Agreement,
all funds in the Collection Account and the Reserve Account shall be invested in
Permitted Investments upon written direction of the Servicer or the Seller, as
applicable. All income or other gain from investments of moneys deposited in
such Trust Accounts shall be paid as provided in the Sale and Servicing
Agreement, and any loss resulting from such investments shall be charged to such
account.

         (b) Subject to Section 6.1(b), 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 Permitted Investment included therein except for
losses attributable to the Indenture Trustee's failure to make payments on such
Permitted Investments issued by the Indenture Trustee, in its commercial
capacity as principal obligor and not as trustee, in accordance with their
terms.

         (c) If (i) the Servicer or the Seller, as applicable, shall have failed
to give investment directions for any funds on deposit in the Collection Account
or the Reserve Account, as the case may be, to the Indenture Trustee by 11:00
a.m. New York City time (or such other time as may be agreed by the Servicer or
the Seller, as applicable, and the 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 5.2, or, if such Notes shall have been declared due and
payable following an Event of Default, amounts collected or receivable from the
Trust Estate are being applied in accordance with Section 5.5 as if there had
not been such a declaration, then the Indenture

<PAGE>
                                                                              40

Trustee shall, to the fullest extent practicable, invest and reinvest funds in
such Trust Accounts in one or more Permitted Investments. The Indenture Trustee
shall not be liable for losses in respect of such investments in Permitted
Investments that comply with the requirements of the Basic Documents except for
losses attributable to the Indenture Trustee's failure to make payments on such
Permitted Investments issued by the Indenture Trustee, in its commercial
capacity as principal obligor and not as trustee, in accordance with their
terms.

         SECTION 8.4 Release of Trust Estate. (a) Subject to the payment of its
fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when
required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture
Trustee's interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article VIII
shall be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
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 6.7 have
been paid, release any remaining portion of the Trust Estate that secured the
Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Note Distribution
Account. The Indenture Trustee shall release to the Issuer or any other Person
entitled thereto any funds then on deposit in the Reserve Account or the
Collection Account only at such time as (x) there are no Notes Outstanding, (y)
all payments in respect of Certificate Balance and interest due to the
Certificateholders have been paid in full and (z) all sums due to the Indenture
Trustee pursuant to Section 6.7 have been paid. The Indenture Trustee shall
release property from the lien of this Indenture pursuant to this Section 8.4(b)
only upon receipt of an Issuer Request accompanied by an Officer's Certificate,
an Opinion of Counsel and (if required by the TIA) Independent Certificates in
accordance with TIA ss.ss. 314(c) and 314(d)(1) meeting the applicable
requirements of Section 11.1.

         SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at
least seven days' notice when requested by the Issuer to take any action
pursuant to Section 8.4(a), accompanied by copies of any instruments involved,
and the Indenture Trustee may also require as a condition of 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 such action will not materially and
adversely impair the security for the Notes or the rights of the Noteholders;
provided, however that such Opinion of Counsel shall not be required to express
an opinion as to the fair value of the Trust Estate. Counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action.

<PAGE>
                                                                              41

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

         SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. (a)
Without the consent of the Holders of any Notes but with prior notice to the
Rating Agencies by the Issuer, when authorized by an Issuer Request, the Issuer
and the Indenture Trustee at any time and from time to time, may enter into one
or more indentures supplemental hereto (which shall conform to the provisions of
the Trust Indenture Act as in force at the date of the execution thereof), in
form satisfactory to the Indenture Trustee, for any of the following purposes:

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

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

         (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 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 and adversely affect the interests of the Holders of the Notes;

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

         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.

<PAGE>
                                                                              42

         (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes but with
prior notice to the Rating Agencies by the Issuer, as evidenced to 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 that such
action shall not, as evidenced by an Opinion of Counsel, materially and
adversely affect the interests of any Noteholder.

         SECTION 9.2 Supplemental Indentures with Consent of the Noteholders.
The Issuer and the Indenture Trustee, when authorized by the Issuer, also may,
with prior notice to the Rating Agencies and with the consent of the Holders of
a majority of the Outstanding Amount of the Notes, 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 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 or the interest
    rate thereon, change the provision of this Indenture relating to the
    application of collections on, or the proceeds of the sale of, the Trust
    Estate to payment of principal of or interest on the Notes, or change any
    place of payment where, or the coin or currency in which, any Note or the
    interest thereon is payable, or impair the right to institute suit for the
    enforcement of the provisions of this Indenture requiring the application of
    funds available therefor, as provided in Article V, to the payment of any
    such amount due on the Notes on or after the respective --------- due dates
    thereof;

         (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 proviso to the definition
    of the term "Outstanding";

         (iv) reduce the percentage of the Outstanding Amount of the Notes
    required to direct the Indenture Trustee to sell or liquidate the Trust
    Estate pursuant to Section 5.4;

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

<PAGE>
                                                                              43

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

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

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

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

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

         SECTION 9.3 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and be deemed to be modified and amended in accordance therewith with respect
to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be an be deemed to be part of the terms and
conditions of this Indenture and the Notes affected thereby for any and all
purposes.

         SECTION 9.4 Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall comply in all respects with the TIA.

         SECTION 9.5 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the

<PAGE>
                                                                              44

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

         SECTION 9.6 Execution of Supplemental Indentures. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article IX or the modifications thereby of the trusts created by this
Indenture the Indenture Trustee shall be entitled to receive, and (subject to
Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture. The Indenture Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the
Indenture Trustee's own rights, duties or immunities under this Indenture or
otherwise.

                                   ARTICLE X

                               PREPAYMENT OF NOTES

         SECTION 10.1 Prepayment. The principal amount of the Class A-4 Notes,
plus all accrued and unpaid interest thereon, will be due and payable on any
Payment Date upon the exercise by the Servicer of its option to purchase the
Receivables pursuant to Section 9.1(a) of the Sale and Servicing Agreement;
provided that the Issuer has available funds sufficient to pay the principal
amount of the Class A-4 Notes, plus accrued and unpaid interest thereon, on such
Payment Date. The Servicer shall furnish notice of such election to the
Indenture Trustee and the Note Registrar not later than the 25th day of the
month prior to the Payment Date on which it proposes to purchase the Receivables
pursuant to Section 9.1(a) of the Sale and Servicing Agreement and the Issuer
shall deposit or cause the Servicer to deposit with the Indenture Trustee in the
Collection Account on such Payment Date an amount equal to the principal amount
of the Class A-4 Notes, plus accrued and unpaid interest thereon, whereupon all
such Class A-4 Notes shall become due and payable on such Payment Date.

         SECTION 10.2 Form of Notice of Prepayment. Notice of prepayment in full
under Section 10.1 shall be given by the Indenture Trustee by facsimile or by
first-class mail, postage prepaid, transmitted or mailed prior to the applicable
Payment Date to each Holder of Class A-4 Notes, as of the close of business on
the Record Date preceding the applicable Payment Date, at such Holder's address
appearing in the Note Register.

         All notices of prepayment shall state:

                 (i) the Payment Date on which the Class A-4 Notes will be
     prepaid;

                 (ii) that the Record Date otherwise applicable to such Payment
     Date is not applicable and that payments shall be made only upon
     presentation and surrender of such Class A-4 Notes and the place where such
     Class A-4 Notes are to be surrendered for

<PAGE>
                                                                              45

     payment in full (which shall be the office or agency to be maintained as
     provided in Section 3.2); and

                 (iii) that interest on the Class A-4 Notes shall cease to
     accrue on such Payment Date.

         Notice of prepayment of the Class A-4 Notes shall be given by the
Indenture Trustee in the name and at the expense of the Issuer. Failure to give
notice of prepayment or any defect therein, to any Holder of any Class A-4 Notes
shall not impair or affect the validity of the prepayment of any other Class A-4
Note.

         SECTION 10.3 Notes Payable. The principal amount of the Class A-4
Notes, plus accrued and unpaid interest thereon, shall, following notice of
prepayment as required by Section 10.2, on the Payment Date on which the
Servicer purchases the Receivables pursuant to Section 9.1(a) of the Sale and
Servicing Agreement become due and payable and (unless the Issuer shall default
in the payment of the principal of and accrued and unpaid interest on the Class
A-4 Notes) no interest shall accrue on the principal of and accrued and unpaid
interest on the Class A-4 Notes for any period after such Payment Date.

                                   ARTICLE XI

                                  MISCELLANEOUS

         SECTION 11.1 Compliance Certificates and Opinions, etc. (a) Upon any
application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture
Trustee (i) an Officer's Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been
complied with, (ii) an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with, and
(iii) (if required by the TIA) an Independent Certificate from a firm of
certified public accountants or other experts meeting the applicable
requirements of this Section, except that, in the case of any such application
or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture, no additional certificate or opinion need be
furnished.

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

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

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

<PAGE>
                                                                              46

         (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 such
    covenant or condition has been complied with; and

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

         (b) (i) Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the
Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of each person signing such
certificate as to the fair value (within 90 days of such deposit) to the Issuer
of the Collateral or other property or securities to be so deposited.

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

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

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

<PAGE>
                                                                              47

    securities if the fair value thereof as set forth in the related Officer's
    Certificate is less than $25,000 or less than one percent of the then
    Outstanding Amount of the Notes.

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

         SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In
any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person my 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
to legal matters, upon a certificate or opinion of, or representations by,
counsel, unless such officer knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to the
matters upon which his or her certificate or opinion is based are erroneous. Any
such certificate of an Authorized Officer or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, the Seller or the
Issuer, stating that the information with respect to such factual matters is in
the possession of the Servicer, the Seller or the Issuer, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters are erroneous.

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

         Whenever in this Indenture, in connection with any application,
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document (x) as a condition of the granting of such
application, or (y) 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 each case be
conditions precedent to the right of the Issuer to have such application granted
or to the sufficiency of such certificate or report. The foregoing shall not,
however, be construed to affect the Indenture Trustee's right to rely upon the
truth and accuracy of any statement or opinion contained in any such document as
provided in Article VI.

         SECTION 11.3 Actions of Noteholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by the Noteholders may be embodied in and
evidenced by one or more instruments of

<PAGE>
                                                                              48

substantially similar tenor signed by such Noteholders in person or by an agent
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, when required, to the Issuer or the
Servicer. 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
conclusive in favor of the Indenture Trustee, the Issuer and the Servicer, if
made in the manner provided in this Section 11.3.

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

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

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other act by a Noteholder shall bind every Holder of every Note issued
upon the registration of transfer thereof or in exchange therefor or in lieu
thereof, in respect of anything done, or omitted to be done, by the Indenture
Trustee, the Issuer or the Servicer in reliance thereon, regardless of whether
notation of such action is made upon such Note.

         (e) The Indenture Trustee may require such additional proof of any
matter referred to in this Section 11.3 as it shall deem necessary.

         SECTION 11.4 Notices, etc., to the Indenture Trustee, the Issuer, and
Rating Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this
Indenture to be made upon, given or furnished to or filed with:

         (a) The Indenture Trustee by any Noteholder or by the Issuer shall be
sufficient for every purpose hereunder if personally delivered or mailed
certified mail, return receipt requested and shall be deemed to have been duly
given upon receipt by the Indenture Trustee at its Corporate Trust Office, or

         (b) The Issuer by the Indenture Trustee or any Noteholder shall be
sufficient for every purpose hereunder if personally delivered or mailed
certified mail, return receipt to the Issuer addressed to: Chase Manhattan Auto
Owner Trust 2000-A, in care of Wilmington Trust Company, 1100 North Market
Street, Rodney Square North, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration or at any other address previously furnished in
writing to the Indenture Trustee by the Issuer. The Issuer shall promptly
transmit any notice received by it from the Noteholders to the Indenture
Trustee.

         Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Indenture Trustee shall be in writing, personally
delivered or mailed certified mail, return receipt requested to (i) in the case
of Moody's, at the following address: Moody's Investors Service, 99 Church
Street, New York, New York 10007, (ii) in the case of Standard & Poor's, at the
following address: Standard & Poor's Ratings Service, 55 Water

<PAGE>
                                                                              49

Street, New York, New York 10041, Attention: Asset Backed Surveillance
Department and (iii) in the case of Fitch, at the following address: Fitch,
Inc., One State Street Plaza, New York, New York 10004; or as to each of the
foregoing, at such other address as shall be designated by written notice to the
other parties.

         SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid 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 the 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 right or obligations
created hereunder, and shall not under any circumstance constitute a Default or
Event of Default.

         SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the Issuer
may enter into any agreement with any 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, provided that such methods are reasonable and consented to
by the Indenture Trustee (which consent shall not be unreasonably withheld). The
Issuer will furnish to the Indenture Trustee a copy of each such agreement, and
the Indenture Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

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

<PAGE>
                                                                              50

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

         SECTION 11.8 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 11.9 Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and
assigns. All agreements of the Indenture Trustee in this Indenture shall bind
its successors.

         SECTION 11.10 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 be affected or impaired
thereby.

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

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

         SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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

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

<PAGE>
                                                                              51

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

         SECTION 11.17 No Petition. The Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time institute against the Issuer or join in any
institution against the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States Federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, this Indenture or any of the other Basic
Documents.

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

<PAGE>
                                                                              52

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

                              CHASE MANHATTAN AUTO
                              OWNER TRUST 2000-A

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

                              By: /s/ Donald G. MacKelcan
                                 ----------------------------
                                 Name: Donald G. MacKelcan
                                 Title: Vice President

                              WELLS FARGO BANK MINNESOTA,
                              NATIONAL ASSOCIATION,
                                    not in its individual capacity but solely
                                    as Indenture Trustee

                              By: /s/ S. Dignan
                                 ---------------------------
                                 Name: S. Dignan
                                 Title: Corporate Trust Officer

<PAGE>

                                                                       EXHIBIT A

                             SCHEDULE OF RECEIVABLES

            Delivered to the Owner Trustee and the Indenture Trustee
                              on the Closing Date.

<PAGE>

                                                                       EXHIBIT B

                                FORM OF A-1 NOTES

REGISTERED        $________

No. R-____                                               CUSIP NO. ___________**

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

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

                     CHASE MANHATTAN AUTO OWNER TRUST 2000-A

                       6.47% CLASS A-1 ASSET BACKED NOTES

         Chase Manhattan Auto Owner Trust 2000-A, a trust organized and existing
under the laws of the State of Delaware (including any successor, the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or its registered
assigns, the principal sum of _____________DOLLARS ($______), partially payable
on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction, the numerator of which is $__________ and the denominator of
which is $___________ by (ii) the aggregate amount, if any, payable from the
Note Distribution Account in respect of principal on the Class A-1 Notes
pursuant to Section 3.1 of the Indenture; provided that the entire unpaid
principal amount of this Note shall be due and payable on the December 2001
Payment Date. 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
Sections 2.7, 3.1 and 8.2 of 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 the then current Payment Date or, if no interest has
yet been paid, from December 14, 2000. Interest will be computed on the basis

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

<PAGE>
                                                                               2

of actual days elapsed in a 360-day year. Such principal of and interest on
this Note shall be paid in the manner specified in the Indenture.

         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 its Authorized Officer.

Dated: December ___, 2000

                               CHASE MANHATTAN AUTO OWNER TRUST 2000-A

                               By:  WILMINGTON TRUST COMPANY,
                                     not in its individual capacity but solely
                                     as OwnerTrustee under the Trust Agreement

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

<PAGE>
                                                                               3

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:  ________ __, 2000

                               WELLS FARGO BANK MINNESOTA,
                               NATIONAL ASSOCIATION,
                              not in its individual capacity but solely
                              as Indenture Trustee

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

<PAGE>
                                                                               4

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 6.47% Class A-1 Asset Backed Notes (herein called the "Class
A-1 Notes" or the "Notes"), all issued under an Indenture dated as of December
1, 2000 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and Wells Fargo Bank Minnesota, National
Association, not in its individual capacity but solely as trustee (the
"Indenture Trustee", which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are not otherwise defined herein and that are defined in the
Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.

         The Notes and the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes
are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

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

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

         It is the intent of the Seller, the Servicer, the Noteholders and the
Note Owners, the Issuer, the Certificateholders and the Certificate Owners that
the Notes will be classified as indebtedness of the Issuer for all United States
tax purposes. The Noteholders, by acceptance of a Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes as indebtedness of
the Issuer for such tax purposes.

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that they
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy,

<PAGE>
                                                                               5

reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the other Basic Documents.

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

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

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Chase Manhattan Bank USA, National
Association in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally liable
for, nor shall recourse be had to any of them for, the payment of principal of
or interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and indemnifications
have been made by the Indenture Trustee for the sole purpose of binding the
interests of the Indenture Trustee in the assets of the Issuer. The Holder of
this Note by the acceptance hereof agrees that, except as expressly provided in
the Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or
in this Note.

<PAGE>
                                                                               6

                                   ASSIGNMENT

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

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

-------------------------------------------------------------------------------
                         (name and address of assignee)

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

Dated:                                                                   *1
      ----------------------      -----------------------------------------
                                         Signature Guaranteed:

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

-----------------------
1   NOTE: The signature to this assignment must correspond with the name of the
    registered owner as it appears on the face of the within Note in every
    particular without alteration, enlargement or any change whatsoever.

<PAGE>

                                                                       EXHIBIT C

                                FORM OF A-2 NOTES

REGISTERED        $________

No. R-__          _________                                 CUSIP NO. _________1

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

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

                     CHASE MANHATTAN AUTO OWNER TRUST 2000-A

                       6.30% CLASS A-2 ASSET BACKED NOTES

         Chase Manhattan Auto Owner Trust 2000-A, a trust organized and existing
under the laws of the State of Delaware (including any successor, the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or its registered
assigns, the principal sum of _____________DOLLARS ($______), partially payable
on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction, the numerator of which is $_____________ and the denominator of
which is $___________ by the (ii) the aggregate amount, if any, payable from the
Note Distribution Account in respect of principal on the Class A-2 Notes
pursuant to Section 3.1 of the Indenture; provided that the entire unpaid
principal amount of this Note shall be due and payable on the June 2003 Payment
Date. No payments of principal of the Class A-2 Notes will be made until the
principal of 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 contained in Sections 2.7, 3.1 and 8.2 of 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 the then
current Payment Date or, if no interest has yet been paid, from December 14,

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

<PAGE>
                                                                               2

2000. 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 in the Indenture.

         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 its Authorized Officer.

Dated:   December __, 2000

                       CHASE MANHATTAN AUTO OWNER TRUST 2000-A

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

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

<PAGE>
                                                                               3

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:   December __, 2000

                       WELLS FARGO BANK MINNESOTA,
                       NATIONAL ASSOCIATION,
                              not in its individual capacity but solely
                              as Indenture Trustee

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

<PAGE>
                                                                               4

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 6.30% Class A-2 Asset Backed Notes (herein called the "Class
A-2 Notes" or the "Notes"), all issued under an Indenture dated as of December
1, 2000 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and Wells Fargo Bank Minnesota, National
Association, not in its individual capacity but solely as trustee (the
"Indenture Trustee", which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are not otherwise defined herein and that are defined in the
Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.

         The Notes and the Class A-1 Notes, Class A-3 Notes and Class A-4 Notes
are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

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

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

         It is the intent of the Seller, the Servicer, the Noteholders, the Note
Owners the Issuer, the Certificateholders and the Certificate Owners that the
Notes will be classified as indebtedness of the Issuer for all United States tax
purposes. The Noteholders, by acceptance of a Note, agree to treat, and to take
no action inconsistent with the treatment of, the Notes as indebtedness of the
Issuer for such tax purposes.

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that they
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, or other proceedings under

<PAGE>
                                                                               5

any United States Federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, this Indenture or any of the other Basic
Documents.

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

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

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Chase Manhattan Bank USA, National
Association, in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally liable
for, nor shall recourse be had to any of them for, the payment of principal of
or interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and indemnifications
have been made by the Indenture Trustee for the sole purpose of binding the
interests of the Indenture Trustee in the assets of the Issuer. The Holder of
this Note by the acceptance hereof agrees that, except as expressly provided in
the Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or
in this Note.

<PAGE>
                                                                               6

                                   ASSIGNMENT

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

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

--------------------------------------------------------------------------------
                         (name and address of assignee)

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

                                                                               1
Dated: ----------------       --------------------------------------------------
                                              Signature Guaranteed:

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

----------------------
1   NOTE: The signature to this assignment must correspond with the name of the
    registered owner as it appears on the face of the within Note in every
    particular without alteration, enlargement or any change whatsoever.

<PAGE>

                                                                       EXHIBIT D

                                FORM OF A-3 NOTES

REGISTERED        $________

No. R-__                                                      CUSIP NO. _______1

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

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

                     CHASE MANHATTAN AUTO OWNER TRUST 2000-A

                       6.21% CLASS A-3 ASSET BACKED NOTES

         Chase Manhattan Auto Owner Trust 2000-A, a trust organized and existing
under the laws of the State of Delaware (including any successor, the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or its registered
assigns, the principal sum of ______________DOLLARS ($_______), partially
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction, the numerator of which is $_____________ and the
denominator of which is $___________ by the (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-3 Notes pursuant to Section 3.1 of the Indenture; provided that the entire
unpaid principal amount of this Note shall be due and payable on the December
2004 Payment Date. No payments of principal of the Class A-3 Notes will be made
until the principal of the Class A-1 Notes and the Class A-2 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
Sections 2.7, 3.1 and 8.2 of 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 the then current Payment Date or, if no interest has

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

<PAGE>
                                                                               2

yet been paid, from December 14, 2000. 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 in the Indenture.

         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 its Authorized Officer.

Dated:   December __, 2000

                       CHASE MANHATTAN AUTO OWNER TRUST 2000-A

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

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

<PAGE>
                                                                               3

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:   December __, 2000

                       WELLS FARGO BANK MINNESOTA,
                       NATIONAL ASSOCIATION,
                              not in its individual capacity but solely
                              as Indenture Trustee

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

<PAGE>
                                                                               4

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 6.21% Class A-3 Asset Backed Notes (herein called the "Class
A-3 Notes" or the "Notes"), all issued under an Indenture dated as of December
1, 2000 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and Wells Fargo Bank Minnesota, National
Association, not in its individual capacity but solely as trustee (the
"Indenture Trustee", which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are not otherwise defined herein and that are defined in the
Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.

         The Notes and the Class A-1 Notes, Class A-2 Notes and Class A-4 Notes
are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

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

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

         It is the intent of the Seller, the Noteholders, the Note Owners, the
Issuer, the Certificateholders and the Certificate Owners that, the Notes will
be classified as indebtedness of the Issuer for all United States tax purposes.
The Noteholders, by acceptance of a Note, agree to treat, and to take no action
inconsistent with the treatment of, the Notes as indebtedness of the Issuer for
such tax purposes.

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that they
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy,

<PAGE>
                                                                               5

reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the other Basic Documents.

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

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

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Chase Manhattan Bank USA, National
Association, in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally liable
for, nor shall recourse be had to any of them for, the payment of principal of
or interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and indemnifications
have been made by the Indenture Trustee for the sole purpose of binding the
interests of the Indenture Trustee in the assets of the Issuer. The Holder of
this Note by the acceptance hereof agrees that, except as expressly provided in
the Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or
in this Note.

<PAGE>
                                                                               6

                                   ASSIGNMENT

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

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

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

-------------------------------------------------------------------------------
                         (name and address of assignee)

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

                                                                              1
Dated:-----------------       -------------------------------------------------
                              Signature Guaranteed:

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

-----------------------
1   NOTE: The signature to this assignment must correspond with the name of the
    registered owner as it appears on the face of the within Note in every
    particular without alteration, enlargement or any change whatsoever.

<PAGE>

                                                                       EXHIBIT E

                                FORM OF A-4 NOTES

REGISTERED        $________

No. R-__                                                      CUSIP NO. _______1

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

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

                     CHASE MANHATTAN AUTO OWNER TRUST 2000-A

                       6.26% CLASS A-4 ASSET BACKED NOTES

         Chase Manhattan Auto Owner Trust 2000-A, a trust organized and existing
under the laws of the State of Delaware (including any successor, the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or its registered
assigns, the principal sum of ______________DOLLARS ($______), partially payable
on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction, the numerator of which is $_____________ and the denominator of
which is $___________ by the (ii) the aggregate amount, if any, payable from the
Note Distribution Account in respect of principal on the Class A-4 Notes
pursuant to Section 3.1 of the Indenture; provided that the entire unpaid
principal amount of this Note shall be due and payable on the earlier of the
June 2007 Payment Date and the date on which the Class A-4 Notes are subject to
prepayment pursuant to Section 10.1 of the Indenture. No payments of principal
of the Class A-4 Notes will be made until the principal of the Class A-1 Notes,
the Class A-2 Notes and the Class A-3 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 Sections
2.7, 3.1 and 8.2 of the Indenture. Interest on this Note will accrue for each
Payment

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

<PAGE>
                                                                               2

Date from the most recent Payment Date on which interest has been paid to but
excluding the then current Payment Date or, if no interest has yet been paid,
from December 14, 2000. 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 in the Indenture.

         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 its Authorized Officer.

Dated:   December __, 2000

                       CHASE MANHATTAN AUTO OWNER TRUST 2000-A

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

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

<PAGE>
                                                                               3

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:   December __, 2000

                       WELLS FARGO BANK MINNESOTA,
                       NATIONAL ASSOCIATION,
                              not in its individual capacity but solely
                              as Indenture Trustee

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

<PAGE>
                                                                               4

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 6.26% Class A-4 Asset Backed Notes (herein called the "Class
A-4 Notes" or the "Notes"), all issued under an Indenture dated as of December
1, 2000 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and Wells Fargo Bank Minnesota, National
Association, not in its individual capacity but solely as trustee (the
"Indenture Trustee", which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are not otherwise defined herein and that are defined in the
Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.

         The Notes and the Class A-1 Notes, Class A-2 Notes and Class
A-3 Notes are and will be equally and ratably secured by the collateral pledged
as security therefor as provided in the Indenture.

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

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

         It is the intent of the Seller, the Servicer, the Noteholders, the Note
Owners, the Issuer, the Certificateholders and the Certificate Owners that, the
Notes will be classified as indebtedness of the Issuer for all United States tax
purposes. The Noteholders, by acceptance of a Note, agree to treat, and to take
no action inconsistent with the treatment of, the Notes for such tax purposes as
indebtedness of the Issuer.

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that they
will not at any time

<PAGE>
                                                                               5

institute against the Issuer, or join in any institution against the Issuer of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States Federal or state
bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the other Basic Documents.

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

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

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Chase Manhattan Bank USA, National
Association, in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally liable
for, nor shall recourse be had to any of them for, the payment of principal of
or interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and indemnifications
have been made by the Indenture Trustee for the sole purpose of binding the
interests of the Indenture Trustee in the assets of the Issuer. The Holder of
this Note by the acceptance hereof agrees that, except as expressly provided in
the Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or
in this Note.

<PAGE>
                                                                               6

                                   ASSIGNMENT

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

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

-------------------------------------------------------------------------------
                         (name and address of assignee)

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

Dated:                                    1
      -----------------       ------------
                                          Signature Guaranteed:

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

-----------------------
1   NOTE: The signature to this assignment must correspond with the name of the
    registered owner as it appears on the face of the within Note in every
    particular without alteration, enlargement or any change whatsoever.

<PAGE>

                                                                       EXHIBIT F

                            Note Depository Agreement

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