Document:

<PAGE>
                                                                     EXHIBIT 4.1

                       VOLKSWAGEN AUTO LEASE TRUST 2002-A

                  ___% Auto Lease Asset Backed Notes, Class A-1

                  ___% Auto Lease Asset Backed Notes, Class A-2

                  ___% Auto Lease Asset Backed Notes, Class A-3

                  ___% Auto Lease Asset Backed Notes, Class A-4

                              THE BANK OF NEW YORK,
                              as Indenture Trustee,

                                       and

                       VOLKSWAGEN AUTO LEASE TRUST 2002-A,
                    by U.S. Bank Trust National Association,
           not in its individual capacity but solely as Owner Trustee,
                                    as Issuer

                                    INDENTURE

                         Dated as of November [ ], 2002

<PAGE>

                    TRUST INDENTURE ACT CROSS-REFERENCE CHART
                  (this chart is not a part of this Indenture)

<TABLE>
<CAPTION>

TIA Section                                                  Indenture Reference
<S>                                                          <C>
310(a)(1)..................................................  6.8, 6.11
310(a)(2)..................................................  6.11
3.10(a)(3).................................................  6.10(b)
310(a)(4)..................................................  Not applicable
310(a)(5)..................................................  6.11
310(b).....................................................  6.11
310(c).....................................................  Not applicable
311(a).....................................................  6.15
311(b).....................................................  6.15
311(c).....................................................  Not applicable
312(a).....................................................  7.1, 7.2(a)
312(b).....................................................  7.2(b)
312(c).....................................................  7.2(c)
313(a).....................................................  7.3
313(b).....................................................  7.3
313(c).....................................................  7.3
313(d).....................................................  7.3
314(a).....................................................  3.9
314(b).....................................................  3.6
314(c)(1)..................................................  11.1(a)
314(c)(2)..................................................  11.1(a)
314(c)(3)..................................................  Not Applicable
314(d).....................................................  11.1(b)
314(e).....................................................  11.1(a)
315(a).....................................................  6.1(b)
315(b).....................................................  6.5
315(c).....................................................  6.1(a)
315(d).....................................................  6.1(c)
315(d)(1)..................................................  6.1(b), 6.1(c)(i)
315(d)(2)..................................................  6.1(c)(ii)
315(d)(3)..................................................  6.1(c)(iii)
315(e).....................................................  5.13
316(a).....................................................  5.11, 5.12
316(a)(1)(A)...............................................  5.11
316(a)(1)(B)...............................................  5.12
316(a)(2)..................................................  Not Applicable
316(b).....................................................  5.7
316(c).....................................................  5.6(b)
317(a)(1)..................................................  5.3(a), 5.3(b)
317(a)(2)..................................................  5.3(d)
</TABLE>

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<PAGE>

<TABLE>
<S>                                                         <C>
317(b)..................................................... 3.3
318(a)..................................................... 11.17
</TABLE>

                                      -ii-
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                         PAGE
<S>     <C>               <C>                                                            <C>
ARTICLE I         DEFINITIONS...............................................................2

        Section 1.1       Definitions.......................................................2

        Section 1.2       Interpretive Provisions...........................................2

ARTICLE II        THE NOTES.................................................................2

        Section 2.1       Form..............................................................2

        Section 2.2       Execution, Authentication and Delivery............................2

        Section 2.3       Temporary Notes...................................................3

        Section 2.4       Registration; Registration of Transfer and Exchange...............3

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

        Section 2.6       Persons Deemed Owners.............................................5

        Section 2.7       Cancellation......................................................6

        Section 2.8       Release of Collateral.............................................6

        Section 2.9       Book-Entry Notes..................................................6

        Section 2.10      Notices to Clearing Agency........................................7

        Section 2.11      Definitive Notes..................................................7

        Section 2.12      Authenticating Agents.............................................7

ARTICLE III       REPRESENTATIONS, WARRANTIES AND COVENANTS.................................8

        Section 3.1       Payment of Principal and Interest.................................8

        Section 3.2       Maintenance of Office or Agency...................................8

        Section 3.3       Money for Payments to be Held in Trust............................8

        Section 3.4       Existence........................................................10

        Section 3.5       Protection of Trust Estate.......................................10

        Section 3.6       Opinions as to Trust Estate......................................11

        Section 3.7       Performance of Obligations; Administration of the Transaction
                          SUBI Assets......................................................11

        Section 3.8       Negative Covenants...............................................12

        Section 3.9       Issuer Certificates and Reports..................................12

        Section 3.10      Restrictions on Certain Other Activities.........................13

        Section 3.11      Notice of Defaults...............................................13

        Section 3.12      Further Instruments and Acts.....................................13
</TABLE>

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<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                         PAGE
<S>     <C>               <C>                                                            <C>
        Section 3.13      Delivery of Transaction SUBI Certificate.........................13

        Section 3.14      Compliance with Laws.............................................14

        Section 3.15      Perfection Representations.......................................14

ARTICLE IV        SATISFACTION AND DISCHARGE...............................................14

        Section 4.1       Satisfaction and Discharge of Indenture..........................14

        Section 4.2       Application of Trust Money.......................................15

        Section 4.3       Repayment of Monies Held by Paying Agent.........................15

ARTICLE V         INDENTURE DEFAULT........................................................15

        Section 5.1       Indenture Defaults...............................................15

        Section 5.2       Acceleration of Maturity; Waiver of Indenture Default............16

        Section 5.3       Collection of Indebtedness and Suits for Enforcement by
                          Indenture Trustee................................................17

        Section 5.4       Remedies; Priorities.............................................19

        Section 5.5       Optional Preservation of the Transaction SUBI Assets.............21

        Section 5.6       Limitation of Suits..............................................21

        Section 5.7       Unconditional Rights of Noteholders to Receive Principal and
                          Interest.........................................................22

        Section 5.8       Restoration of Rights and Remedies...............................22

        Section 5.9       Rights and Remedies Cumulative...................................22

        Section 5.10      Delay or Omission Not a Waiver...................................22

        Section 5.11      Control by Noteholders...........................................23

        Section 5.12      Waiver of Past Defaults..........................................23

        Section 5.13      Undertaking for Costs............................................23

        Section 5.14      Waiver of Stay or Extension Laws.................................24

        Section 5.15      Action on Notes..................................................24

        Section 5.16      Performance and Enforcement of Certain Obligations...............24

        Section 5.17      Sale of Trust Estate.............................................25

ARTICLE VI        THE INDENTURE TRUSTEE....................................................25

        Section 6.1       Duties of Indenture Trustee......................................25

        Section 6.2       Rights of Indenture Trustee......................................27

        Section 6.3       Individual Rights of Indenture Trustee...........................28

        Section 6.4       Indenture Trustee's Disclaimer...................................28
</TABLE>

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<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                         PAGE
<S>     <C>               <C>                                                            <C>
        Section 6.5       Notice of Defaults...............................................28

        Section 6.6       Reports by Indenture Trustee to Noteholders......................28

        Section 6.7       Compensation and Indemnity.......................................28

        Section 6.8       Removal, Resignation and Replacement of Indenture Trustee........29

        Section 6.9       Successor Indenture Trustee by Merger............................31

        Section 6.10      Appointment of Co-Trustee or Separate Trustee....................31

        Section 6.11      Eligibility; Disqualification....................................32

        Section 6.12      Trustee as Holder of Transaction SUBI Certificate................32

        Section 6.13      Representations and Warranties of Indenture Trustee..............33

        Section 6.14      Furnishing of Documents..........................................33

        Section 6.15      Preferential Collection of Claims Against the Issuer.............33

ARTICLE VII       NOTEHOLDERS' LISTS AND REPORTS...........................................33

        Section 7.1       Issuer to Furnish Indenture Trustee Noteholder Names and
                          Addresses........................................................33

        Section 7.2       Preservation of Information; Communications to Noteholders.......33

        Section 7.3       Reports by Indenture Trustee.....................................34

ARTICLE VIII      ACCOUNTS, DISBURSEMENTS AND RELEASES.....................................34

        Section 8.1       Collection of Money..............................................34

        Section 8.2       Accounts.........................................................34

        Section 8.3       Servicer Certificate.............................................35

        Section 8.4       Disbursement of Funds............................................36

        Section 8.5       General Provisions Regarding Accounts............................39

        Section 8.6       Release of Trust Estate..........................................39

ARTICLE IX        SUPPLEMENTAL INDENTURES..................................................40

        Section 9.1       Supplemental Indentures Without Consent of Noteholders...........40

        Section 9.2       Supplemental Indentures With Consent of Noteholders..............41

        Section 9.3       Execution of Supplemental Indentures.............................42

        Section 9.4       Effect of Supplemental Indenture.................................42

        Section 9.5       Reference in Notes to Supplemental Indentures....................43

ARTICLE X         REDEMPTION OF NOTES......................................................43

        Section 10.1      Redemption.......................................................43
</TABLE>

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<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                         PAGE
<S>     <C>               <C>                                                            <C>
        Section 10.2      Form of Redemption Notice........................................44

        Section 10.3      Notes Payable on Redemption Date.................................44

ARTICLE XI        MISCELLANEOUS............................................................44

        Section 11.1      Compliance Certificates and Opinions.............................44

        Section 11.2      Form of Documents Delivered to Indenture Trustee.................46

        Section 11.3      Acts of Noteholders..............................................47

        Section 11.4      Notices..........................................................47

        Section 11.5      Notices to Noteholders; Waiver...................................48

        Section 11.6      Effect of Headings and Table of Contents.........................48

        Section 11.7      Successors and Assigns...........................................48

        Section 11.8      Severability.....................................................48

        Section 11.9      Benefits of Indenture............................................48

        Section 11.10     Legal Holidays...................................................49

        Section 11.11     Governing Law....................................................49

        Section 11.12     Counterparts.....................................................49

        Section 11.13     Recording of Indenture...........................................49

        Section 11.14     Trust Obligation; No Recourse....................................49

        Section 11.15     No Petition......................................................49

        Section 11.16     Limitation of Liability of Owner Trustee.........................50

        Section 11.17     TIA Incorporation and Conflicts..................................50

        Section 11.18     Intent...........................................................50

        Section 11.19     Each SUBI Separate; Assignees of SUBI............................50

        Section 11.20     Submission to Jurisdiction.......................................51
</TABLE>

                                      -iv-
<PAGE>

        This Indenture, dated as of November [ ], 2002, is between Volkswagen
Auto Lease Trust 2002-A, by U.S. Bank Trust National Association, not in its
individual capacity but solely as Owner Trustee (the "Issuer"), and The Bank of
New York, a New York banking corporation, as trustee (the "Indenture Trustee").

        Each party agrees as follows for the benefit of the other parties and
for the equal and ratable benefit of the holders of the Issuer's ___% Auto Lease
Asset Backed Notes, Class A-1 (the "Class A-1 Notes"), ___% Auto Lease Asset
Backed Notes, Class A-2 (the "Class A-2 Notes"), ___% Auto Lease Asset Backed
Notes, Class A-3 (the "Class A-3 Notes"), ___% Auto Lease Asset Backed Notes,
Class A-4 (the "Class A-4 Notes" and, together with the Class A-1 Notes, Class
A-2 Notes and Class A-3 Notes, the "Notes"):

                                 GRANTING CLAUSE

        The Issuer (and, to the extent that legal title to any part of the Trust
Estate is vested in the Owner Trustee, a co-trustee and/or a separate trustee,
the Owner Trustee and such co-trustees or separate trustees), 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, hereby Grants in trust to the Indenture Trustee on the Closing Date,
as trustee for the benefit of the Noteholders, all of such Person's right, title
and interest, whether now owned or hereafter acquired, in and to (i) the Trust
Estate and (ii) all present and future claims, demands, causes and chooses 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, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds, condemnation awards, rights to payment of any and
every kind and other forms of obligations and receivables, instruments,
securities, financial assets and other property that at any time constitute all
or part of or are included in the proceeds of any of the foregoing
(collectively, the "Collateral"), in each case as such terms are defined herein.

        The Indenture Trustee, as trustee on behalf of the Noteholders,
acknowledges the foregoing 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.

        Notwithstanding any statement to the contrary contained in any
Transaction Document, neither the Indenture Trustee nor any of the Noteholders
shall have any security interest in any funds held by the Qualified Intermediary
or in any Qualified Intermediary Account which represent Sales Proceeds with
respect to any of the Transaction Vehicles relating to the Transaction Units,
and such funds shall not constitute Collateral; provided, however, that Sales
Proceeds from the sale of any Transaction Vehicle received after the exercise of
remedies with respect to a Default pursuant to Article V shall not be deposited
with the Qualified Intermediary or into any Qualified Intermediary Account, and
nothing contained herein shall limit any right of the Indenture Trustee or any
Noteholder with respect to Sales Proceeds received after such exercise of
remedies. It is the intention of the parties hereto that the preceding sentence
shall satisfy the requirements of Treasury Regulation Section 1.1031(k)-1(g)(4),
which requires that the Issuer, the Transferor and their respective Affiliates
not have the right to receive, pledge,

<PAGE>

borrow or otherwise obtain the benefits of money or other property held by the
Qualified Intermediary.

                                    ARTICLE I

                                   DEFINITIONS

        SECTION 1.1 DEFINITIONS. Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in Appendix A hereto.

        SECTION 1.2 INTERPRETIVE PROVISIONS.

               (a) For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires, (i) terms used in
this Indenture include, as appropriate, all genders and the plural as well as
the singular, (ii) references to words such as "herein", "hereof" and the like
shall refer to this Indenture as a whole and not to any particular part, Article
or Section within this Indenture, (iii) the term "include" and all variations
thereof shall mean include without limitation and (iv) the term "proceeds" shall
have the meaning set forth in the applicable UCC.

               (b) As used in this Indenture and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Indenture or in any such certificate or other document, and
accounting terms partly defined in this Indenture or in any such certificate or
other document to the extent not defined, shall have the respective meanings
given to them under generally accepted accounting principles. To the extent that
the definitions of accounting terms in this Indenture or in any such certificate
or other document are inconsistent with the meanings of such terms under
generally accepted accounting principles, the definitions contained in this
Indenture or in any such certificate or other document shall control.

                                   ARTICLE II

                                    THE NOTES

        SECTION 2.1 FORM. The Notes, together with the Indenture Trustee's
certificate of authentication, shall be in substantially the form set forth as
Exhibit A hereto, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of such 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 such Note.

        The terms of the Notes set forth in Exhibit A hereto are part of the
terms of this Indenture.

        SECTION 2.2 EXECUTION, AUTHENTICATION AND DELIVERY. The Notes shall be
executed by the Owner Trustee on behalf of the Issuer. The signature of any
authorized officer of the Owner Trustee on the Notes may be manual or by
facsimile. Notes bearing the manual or

                                       2
<PAGE>

facsimile signature of individuals who were at any time authorized officers of
the Owner Trustee shall bind the Issuer, notwithstanding that any such
individuals have ceased to hold such offices prior to the authentication and
delivery of such Notes or did not hold such offices at the date of such Notes.

        The Indenture Trustee shall, upon Issuer Order, authenticate and deliver
for original issue the following aggregate principal amounts of the Notes: (i)
$240,000,000 of Class A-1 Notes, (ii) $405,000,000 of Class A-2 Notes, (iii)
$545,000,000 of Class A-3 Notes and (iv) $310,000,000 of Class A-4 Notes. The
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 respective
amounts, except as provided in Section 2.5.

        Each Note shall be dated the date of its authentication. The Notes shall
be issuable as registered notes in book-entry form in minimum denominations of
$100,000 and in integral multiples of $1,000 in excess thereof; provided,
however, that on the Closing Date, one Class A-1 Note, one Class A-2 Note, one
Class A-3 Note and one Class A-4 Note may be issued in a denomination that
includes any remaining portion of the Initial Class A-1 Note Balance, the
Initial Class A-2 Note Balance, the Initial Class A-3 Note Balance and the
Initial Class A-4 Note Balance.

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

        SECTION 2.3 TEMPORARY NOTES. Pending the preparation of Definitive
Notes, the Owner Trustee may execute, on behalf of the Issuer, and upon receipt
of an Issuer Order, the Indenture Trustee shall authenticate and deliver,
temporary Notes that are printed, lithographed, typewritten, mimeographed or
otherwise produced, substantially of the tenor of the Definitive Notes in lieu
of which they are issued and with such variations not inconsistent with the
terms of this Indenture as the officers executing such Notes may determine, as
evidenced by their execution of such Notes.

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

        SECTION 2.4 REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE. The
Issuer shall cause to be kept a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of

                                       3
<PAGE>

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

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

        Upon surrender for registration of transfer of any Note at the office or
agency of the Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401 of the UCC are met, the Owner Trustee shall
execute, on behalf of the Issuer, and the Indenture Trustee shall authenticate
and the related Noteholder shall obtain from the Indenture Trustee, in the name
of the designated transferee, one or more new Notes in any authorized
denominations, of a like aggregate principal amount.

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

        Every Note presented or surrendered for registration of transfer or
exchange shall (if so required by the Issuer or the Indenture Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form and
substance satisfactory to the Issuer and the Indenture Trustee, duly executed by
the Noteholder thereof or its attorney-in-fact duly authorized in writing.

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

        No service charge shall be made to a Noteholder for any registration of
transfer or exchange of Notes, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith, other than exchanges pursuant to Sections 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 (i) selected for redemption or (ii) for a
period of 15 days preceding the due date for any payment with respect to such
Note.

                                       4
<PAGE>

        SECTION 2.5 MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer, the Owner Trustee and the
Indenture Trustee harmless, then, in the absence of notice to the Owner
Indenture Trustee, the Note Registrar or the Indenture Trustee that such Note
has been acquired by a "protected purchaser" (as contemplated by Article 8 of
the UCC), and provided that the requirements of Section 8-405 of the UCC are
met, the Owner Trustee shall execute, on behalf of the Issuer, and upon Issuer
Request the Indenture Trustee shall authenticate and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement
Note; provided, however, that if any such destroyed, lost or stolen Note (but
not a mutilated Note) shall have become or within seven days shall become due
and payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so
due or payable or upon the Redemption Date without the surrender thereof. If,
after the delivery of such replacement Note or payment of a destroyed, lost or
stolen Note pursuant to the proviso to the preceding sentence, a "protected
purchaser" (as contemplated by Article 8 of the UCC) of the original Note in
lieu of which such replacement Note was issued presents for payment such
original Note, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a
"protected purchaser" (as contemplated by Article 8 of the UCC), and shall be
entitled to recover upon the security or indemnity provided therefor to the
extent of any loss, damage, cost or expense incurred by the Issuer or the
Indenture Trustee in connection therewith.

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

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

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

        SECTION 2.6 PERSONS DEEMED OWNERS. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and
their respective agents may treat the Person in whose name any Note is
registered (as of the date of determination) as the owner of such Note for the
purpose of receiving payments of principal of and interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and
neither the

                                       5
<PAGE>

Issuer, the Indenture Trustee nor any of their respective agents shall be
affected by notice to the contrary.

        SECTION 2.7 CANCELLATION. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder that the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section, except as expressly permitted
by this Indenture. All cancelled Notes may be held or disposed of by the
Indenture Trustee in accordance with its standard retention or disposal policy
as in effect at the time unless the Issuer shall direct by an Issuer Order that
they be returned to it; provided that such Issuer Order is timely and that such
Notes have not been previously disposed of by the Indenture Trustee.

        SECTION 2.8 RELEASE OF COLLATERAL. Subject to Section 11.1 and the terms
of those Transaction Documents to which the Indenture Trustee is a party, the
Indenture Trustee shall release property from the lien of this Indenture only
upon receipt of an Issuer Request.

        SECTION 2.9 BOOK-ENTRY NOTES. Unless otherwise specified, the Notes,
upon original issuance, will be issued in the form of one or more typewritten
Notes representing the Book-Entry Notes, to be delivered to the Indenture
Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the
Issuer. One fully registered Note shall be issued with respect to each $400
million in principal amount of each Class of Notes or such lesser amount as
necessary. Such Notes shall initially be registered on the Note Register in the
name of Cede & Co., the nominee of the initial Clearing Agency, and no Note
Owner shall receive a Definitive Note representing such Note Owner's interest in
such Note except as provided in Section 2.11. Unless and until Definitive Notes
have been issued to Note Owners pursuant to Section 2.11:

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

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

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

               (d) the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements
between or among such Note Owners and the Clearing Agency or Clearing Agency
Participants; pursuant to the Depository Agreement, unless and until Definitive
Notes are issued pursuant to Section 2.11, 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

                                       6
<PAGE>

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

        SECTION 2.10 NOTICES TO CLEARING AGENCY. Whenever a notice or other
communication to Noteholders is required under this Indenture, unless and until
Definitive Notes shall have been issued to Note Owners pursuant to Section 2.11,
the Indenture Trustee shall give all such notices and communications specified
herein to be given to Noteholders to the Clearing Agency, and shall have no
obligation to the Note Owners.

        SECTION 2.11 DEFINITIVE NOTES. If (i) (A) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities as described in the Depository
Agreement and (B) the Indenture Trustee or the Administrator is unable to locate
a qualified successor, (ii) the Administrator at its option advises the
Indenture Trustee in writing that it elects to terminate the book-entry system
through the Clearing Agency or (iii) after an Indenture Default, Note Owners
representing in the aggregate not less than a majority of the Outstanding Note
Amount, voting together as a single class, advise the Indenture Trustee through
the Clearing Agency and its Clearing Agency Participants in writing that the
continuation of a book-entry system through the Clearing Agency or its successor
is no longer in the best interest of Note Owners, the Indenture Trustee shall be
required to notify all Note Owners, through the Clearing Agency, of the
occurrence of such event and the availability through the Clearing Agency of
Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee by the Clearing Agency of the Note or Notes representing the
Book-Entry Notes and the receipt of instructions for re-registration, the
Indenture Trustee shall issue Definitive Notes to Note Owners, who thereupon
shall become Noteholders for all purposes of this Indenture. None of the Owner
Trustee, the Note Registrar or the Indenture Trustee shall be liable for any
delay in delivery of such instructions and may conclusively rely on, and shall
be protected in relying on, such instructions.

        The Indenture Trustee shall not be liable if the Indenture Trustee or
the Administrator is unable to locate a qualified successor Clearing Agency. The
Definitive Notes shall be typewritten, printed, lithographed or engraved or
produced by any combination of such methods (with or without steel engraved
borders), all as determined by the officers executing such Notes, as evidenced
by their execution of such Notes.

        If Definitive Notes are issued and the Indenture Trustee is not the Note
Registrar, the Owner Trustee shall furnish or cause to be furnished to the
Indenture Trustee a list of the names and addresses of the Noteholders (i) as of
each Record Date, within five days thereafter and (ii) as of not more than ten
days prior to the time such list is furnished, within 30 days after receipt by
the Owner Trustee of a written request therefor.

        SECTION 2.12 AUTHENTICATING AGENTS. Upon the request of the Issuer, the
Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture
Trustee may, appoint one or more Authenticating Agents with power to act on its
behalf and subject to its direction in the

                                       7
<PAGE>

authentication of Notes in connection with issuance, transfers and exchanges
under Sections 2.2, 2.4, 2.5 and 9.5, as fully to all intents and purposes as
though each such Authenticating Agent had been expressly authorized by such
Sections to authenticate such Notes. For all purposes of this Indenture, the
authentication of Notes by an Authenticating Agent pursuant to this Section
shall be deemed to be the authentication of Notes by the Indenture Trustee.

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

        Any Authenticating Agent may at any time resign by giving written notice
of resignation to the Indenture Trustee and the Issuer. The Indenture Trustee
may at any time terminate the agency of any Authenticating Agent by giving
written notice of termination to such Authenticating Agent and the Issuer. Upon
receiving such notice of resignation or upon such termination, the Indenture
Trustee shall promptly appoint a successor Authenticating Agent and shall give
written notice of such appointment to the Issuer. The provisions of Sections 2.7
and 6.04 shall be applicable to any Authenticating Agent.

                                   ARTICLE III

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

        SECTION 3.1 PAYMENT OF PRINCIPAL AND INTEREST. The Issuer shall duly and
punctually pay the principal of and interest on the Notes in accordance with the
terms of the Notes and this Indenture. Amounts properly withheld under the Code
by any Person from a payment to any Noteholder of interest or principal shall be
considered to have been paid by the Issuer to such Noteholder for all purposes
of this Indenture.

        SECTION 3.2 MAINTENANCE OF OFFICE OR AGENCY. The Note Registrar, on
behalf of the Issuer, shall maintain at the Corporate Trust Office or at such
other location in the Borough of Manhattan, The City of New York, chosen by the
Note Registrar, acting for the Issuer, an office or agency where Notes may be
surrendered for registration of transfer or exchange, and where notices to and
demands upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby appoints the Indenture Trustee as its agent to receive
all such surrenders, notices and demands. The Issuer shall give prompt written
notice to the Indenture Trustee of the location, and of any change in the
location, of any such office or agency. If at any time the Issuer shall fail to
maintain any such office or agency or shall fail to furnish the Indenture
Trustee with the address thereof, such surrenders, notices and demands may be
made or served at the Corporate Trust Office, and the Issuer hereby appoints the
Indenture Trustee as its agent to receive all such surrenders, notices and
demands.

        SECTION 3.3 MONEY FOR PAYMENTS TO BE HELD IN TRUST. As provided in
Sections 8.4 and 5.4(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
shall be made on behalf of the

                                       8
<PAGE>

Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so
withdrawn therefrom for payments on Notes shall be paid over to the Issuer
except as provided in this Section.

        On or prior to each Payment Date and Redemption Date, the Issuer shall
deposit or cause to be deposited into the Collection Account an aggregate sum
sufficient to pay the amounts then becoming due under the Notes, and the Paying
Agent shall hold such sum in trust for the benefit of the Persons entitled
thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly
notify the Indenture Trustee of any failure by the Issuer to effect such
deposit.

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

               (a) 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;

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

               (c) 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;

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

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

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

        Subject to applicable laws with respect to escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and distributed by the Indenture Trustee to the Issuer and the related
Noteholder shall thereafter, as an unsecured general creditor, look only to the

                                       9
<PAGE>

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

        SECTION 3.4 EXISTENCE. The Issuer shall keep in full effect its
existence and rights as a common law trust.

        SECTION 3.5 PROTECTION OF TRUST ESTATE. The Issuer intends the security
interest Granted pursuant to this Indenture in favor of the Indenture Trustee on
behalf of the Noteholders to be prior to all other liens in respect of the Trust
Estate, and the Issuer shall take all actions necessary to obtain and maintain,
for the benefit of the Indenture Trustee on behalf of the Noteholders, a first
lien on and a first priority, perfected security interest in the Trust Estate.
The Issuer shall from time to time execute and deliver all such supplements and
amendments hereto and all such financing statements, continuation statements,
instruments of further assurance and other instruments, all as prepared by the
Administrator and delivered to the Issuer, and shall take such other action
necessary or advisable to:

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

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

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

               (d) enforce any of the Collateral;

               (e) preserve and defend title to the Trust Estate and the rights
of the Indenture Trustee and the Noteholders in the Trust Estate against the
claims of all Persons; or

               (f) pay all taxes or assessments levied or assessed upon the
Trust Estate when due. The Issuer hereby designates the Indenture Trustee its
agent and attorney-in-fact to execute all financing statements, continuation
statements or other instruments required to be executed (if any) pursuant to
this Section.

                                       10
<PAGE>

        SECTION 3.6 OPINIONS AS TO TRUST ESTATE.

               (a) On the Closing Date, the Issuer shall furnish or cause to be
furnished to the Indenture Trustee, an Opinion of Counsel to the effect that, in
the opinion of such counsel, either (i) all financing statements and
continuation statements have been duly filed that are necessary to create and
maintain the lien and first-priority security interest of the Indenture Trustee
in the Transaction SUBI Certificate and reciting the details of such action, or
(ii) no such action is necessary to create and maintain such lien and security
interest.

               (b) On or before April 30th of each calendar year, beginning with
April 30, 2004, the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel to the effect that in the opinion of such counsel, either (i) all
financing statements and continuation statements have been filed that are
necessary to continue the lien and security interest of the Indenture Trustee in
the Transaction SUBI Certificates and reciting the details of such filings or
referring to prior Opinions of Counsel in which such details are given, or (ii)
no such action is necessary to continue such lien and security interest.

        SECTION 3.7 PERFORMANCE OF OBLIGATIONS; ADMINISTRATION OF THE
TRANSACTION SUBI ASSETS.

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

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

               (c) The Issuer shall, and, shall cause the Administrator and the
Servicer to, punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Transaction Documents and the
instruments and agreements included in the Trust Estate, including filing or
causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture and the other Transaction
Documents in accordance with and within the time periods provided for herein and
therein. Except as otherwise expressly provided therein, the Issuer, as a party
to the Transaction Documents and as Holder of the Transaction SUBI Certificate,
shall not amend any Transaction Document to which it is a party or any provision
thereof other than in accordance with the amendment provisions set forth in such
Transaction Document.

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

                                       11
<PAGE>

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

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

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

               (d) (i) permit the validity or effectiveness of this Indenture to
be impaired, 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 under this Indenture, except as may be expressly
permitted hereby, (ii) permit any Adverse Claim (other than Permitted Liens) to
be created on or extend to or otherwise arise upon or burden the Trust Estate,
any part thereof or any interest therein or the proceeds thereof or (iii) except
as otherwise provided in the Transaction Documents, permit the lien of this
Indenture not to constitute a valid first priority (other than with respect to
any Permitted Lien) security interest in the Trust Estate;

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

               (f) except as otherwise permitted by the Transaction Documents,
dissolve or liquidate in whole or in part; or

               (g) merge or consolidate with any other Person.

        SECTION 3.9 ISSUER CERTIFICATES AND REPORTS.

               (a) The Issuer shall deliver to the Indenture Trustee and each
Rating Agency, within 120 days after the end of each calendar year (commencing
with the year ending December 31, 2002), an Officer's Certificate stating, as to
the Authorized Officer signing such Officer's Certificate, that:

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

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

               (b) The Issuer shall:

                                       12
<PAGE>

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

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

                      (iii) supply to the Indenture Trustee (and the Indenture
               Trustee shall transmit by mail to all Noteholders as required by
               TIA Section 313(c)) such summaries of any information, documents
               and reports required to be filed by the Issuer pursuant to
               clauses (i) and (ii) of this Section 3.9(b) as may be required
               pursuant to rules and regulations prescribed from time to time by
               the Commission.

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

        SECTION 3.10 RESTRICTIONS ON CERTAIN OTHER ACTIVITIES. Except as
otherwise provided in the Transaction Documents, the Issuer shall not: (i)
engage in any activities other than financing, acquiring, owning, pledging and
managing the Transaction SUBI Certificate and the other Collateral in the manner
contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee
or otherwise become liable, directly or indirectly, for any indebtedness; (iii)
make any loan, advance or credit to, guarantee (directly or indirectly or by an
instrument having the effect of assuring another's payment or performance on any
obligation or capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any
other interest in, or make any capital contribution to, any other Person; or
(iv) make any expenditure (by long-term or operating lease or otherwise) for
capital assets (either realty or personalty).

        SECTION 3.11 NOTICE OF DEFAULTS. The Issuer agrees to give the Indenture
Trustee and each Rating Agency prompt written notice of each Indenture Default
hereunder.

        SECTION 3.12 FURTHER INSTRUMENTS AND ACTS. Upon request of the Indenture
Trustee, the Issuer shall execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purposes of this Indenture.

        SECTION 3.13 DELIVERY OF TRANSACTION SUBI CERTIFICATE. On the Closing
Date, the Issuer shall deliver or cause to be delivered to the Indenture Trustee
as security for its obligations hereunder, the Transaction SUBI Certificate. The
Indenture Trustee shall take possession of the

                                       13
<PAGE>

Transaction SUBI Certificate in New York and shall at all times during the
period of this Indenture maintain custody of the Transaction SUBI Certificate in
New York.

        SECTION 3.14 COMPLIANCE WITH LAWS. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability of
the Issuer to perform its obligations under the Notes, this Indenture or any
other Transaction Document.

        SECTION 3.15 PERFECTION REPRESENTATIONS. The representations, warranties
and covenants set forth in Schedule I hereto shall be a part of this Indenture
for all purposes.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

        SECTION 4.1 SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture
shall discharge with respect to the Collateral securing the Notes except as to
(a) rights of registration of transfer and exchange, (b) substitution of
mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive
payments of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5,
3.8, 3.10, 3.11 and 3.13, (e) the rights, obligations and immunities of the
Indenture Trustee hereunder (including the rights of the Indenture Trustee under
Section 6.7 and the obligations of the Indenture Trustee under Section 4.2) and
(f) the rights of Noteholders 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 and at the expense and on behalf of the
Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when (i) either (A) all Notes theretofore
authenticated and delivered (other than (1) Notes that have been mutilated,
destroyed, lost or stolen and that have been replaced or paid as provided in
Section 2.5) and (2) Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Issuer and thereafter
paid to the Persons entitled thereto 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 on
the applicable Final Scheduled Payment within one year or (3) are to be called
for redemption within one year under arrangements satisfactory to the Indenture
Trustee for the giving of notice of redemption by the Indenture Trustee in the
name, and at the expense, of the Issuer, and the Issuer, in the case of clauses
(1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably
deposited with the Indenture Trustee cash or direct obligations of or
obligations guaranteed by the United States (that will mature prior to the date
such amounts are payable), in trust for such purpose, in an amount sufficient to
pay and discharge the entire indebtedness on such Notes (including interest and
any fees due and payable to the Owner Trustee and the Indenture Trustee) not
theretofore delivered to the Indenture Trustee for cancellation, when due, to
the applicable Final Scheduled Payment Date for each Class, or to the Redemption
Date (if Notes shall have been called for redemption pursuant to Section 10.1),
as the case may be; (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 and an Opinion of Counsel, each
meeting the applicable requirements of Section 11.1 and, subject to Section
11.2, each stating that all conditions precedent herein provided for relating to
the satisfaction and

                                       14
<PAGE>

discharge of this Indenture have been complied with (and, in the case of an
Officer's Certificate, stating that the Rating Agency Condition has been
satisfied).

        SECTION 4.2 APPLICATION OF TRUST MONEY. All monies deposited with the
Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by
it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent, as the Indenture Trustee
may determine, to the Noteholders of the particular Notes for the payment or
redemption of which such monies have been deposited with the Indenture Trustee
of all sums due and to become due thereon for principal and interest. Such
monies need not be segregated from other funds of the Indenture Trustee except
to the extent required herein or as required by law.

        SECTION 4.3 REPAYMENT OF MONIES HELD BY PAYING AGENT. In connection with
the satisfaction and discharge of this Indenture with respect to the Notes, all
monies then held by any Paying Agent other than the Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuer, be paid to the Indenture Trustee to be held and applied according to
Section 3.3 and such Paying Agent shall thereupon be released from all further
liability with respect to such monies.

                                    ARTICLE V

                                INDENTURE DEFAULT

        SECTION 5.1 INDENTURE DEFAULTS. The occurrence and continuation of any
one of the following events (whatever the reason for such Indenture Default and
whether it shall be voluntary or involuntary or effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body) shall constitute a
default under this Indenture (each, an "Indenture Default"):

               (a) default in the payment of any interest on any Note when the
same becomes due, and such default shall continue for a period of 5 days or
more;

               (b) default in the payment of principal of any Note at the
related Final Scheduled Payment Date or the Redemption Date;

               (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), or any representation or warranty of the
Issuer made in this Indenture or in any certificate or other writing delivered
pursuant hereto or in connection herewith proving to have been incorrect in any
material respect as of the time when the same shall have been made, which
default or inaccuracy materially and adversely affects the interests of the
Noteholders, and such default shall continue or not be cured, or the
circumstance or condition in respect of which such misrepresentation or warranty
was incorrect shall not have been eliminated or otherwise cured, for a period of
60 days after there shall have been given, by registered or certified mail, to
the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee
by Noteholders representing at least a majority of the Outstanding Note Amount,
a written notice specifying such default or incorrect

                                       15
<PAGE>

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

               (d) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part of
the Trust Estate in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official of the Issuer or for any substantial part of the Trust Estate,
or ordering the winding up or liquidation of the Issuer's affairs, and such
decree or order shall remain unstayed and in effect for a period of 90
consecutive days; or

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

provided, however, that a delay in or failure of performance referred to under
clauses (a), (b) or (c) above for a period of 150 days will not constitute an
Indenture Default if that delay or failure was caused by force majeure or other
similar occurrence.

        The Issuer shall promptly deliver to the Indenture Trustee and each
Rating Agency written notice in the form of an Officer's Certificate of any
Indenture Default, its status and what action the Issuer is taking or proposes
to take with respect thereto.

        Subject to the provisions herein relating to the duties of the Indenture
Trustee, if an Indenture Default occurs and is continuing, the Indenture Trustee
shall be under no obligation to exercise any of the rights or powers under this
Indenture at the request or direction of any Noteholder, if the Indenture
Trustee reasonably believes that it will not be adequately indemnified against
the costs, expenses and liabilities that might be incurred by it in complying
with such request. Subject to such provisions for indemnification and certain
limitations contained herein, Noteholders holding not less than a majority of
the Outstanding Note Amount, voting together as a single class, shall have the
right to direct the time, method and place of conducting any proceeding or any
remedy available to the Indenture Trustee or exercising any trust power
conferred on the Indenture Trustee, and Noteholders holding not less than a
majority of the Outstanding Note Amount, voting together as a single class, may,
in certain cases, waive any default with respect thereto, except a default in
the payment of principal or interest or a default in respect of a covenant or
provision of the Indenture that cannot be modified or amended without the waiver
or consent of all of the holders of the Outstanding Notes.

        SECTION 5.2 ACCELERATION OF MATURITY; WAIVER OF INDENTURE DEFAULT. If an
Indenture Default should occur and be continuing, the Indenture Trustee or
Noteholders representing a majority of the Outstanding Note Amount, voting
together as a single class, may declare the principal of the Notes to be
immediately due and payable. Upon such declaration, the

                                       16
<PAGE>

Indenture Trustee shall promptly provide written notice to each Rating Agency.
Such declaration may be rescinded by Noteholders holding a majority of the
Outstanding Note Amount, voting together as a single class, before a judgment or
decree for payment of the amount due has been obtained by the Indenture Trustee
if (a) the Issuer has deposited with the Indenture Trustee an amount sufficient
to pay (i) all interest on and principal of the Notes as if the Indenture
Default giving rise to such declaration had not occurred and (ii) all reasonable
amounts advanced by the Indenture Trustee and its reasonable costs and expenses
and (b) all Indenture Defaults (other than the nonpayment of principal of the
Notes that has become due solely by such acceleration) have been cured or
waived.

        At any time prior to the declaration of the acceleration of the maturity
of the Notes, Noteholders holding not less than a majority of the Outstanding
Note Amount, by written notice to the Issuer and the Indenture Trustee, may
waive such Indenture Default and its consequences, except a default (i) in
payment of principal of or interest on the Notes or (ii) in respect of any
covenant or provision in this Indenture that cannot be modified or amended
without the unanimous consent of the Noteholders. No such waiver shall affect
any subsequent default or impair any right consequent thereto.

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

        SECTION 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE.

               (a) The Issuer covenants that if there is a default in the
payment of (i) any interest on the Notes when the same becomes due, and such
default continues for a period of five days or (ii) the principal of the Notes
at the related Final Scheduled Payment or the Redemption Date, the Issuer shall,
upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the
benefit of such Noteholders, the entire amount then due and payable on such
Notes for principal and interest, with interest on the overdue principal, and,
to the extent payment at such rate of interest shall be legally enforceable,
upon overdue installments of interest, at the applicable Interest Rate and in
addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents, attorneys
and counsel.

               (b) In case the Issuer shall fail forthwith to pay amounts
described in Section 5.3(a) upon demand, the Indenture Trustee, in its own name
and as trustee of an express trust, may institute a Proceeding for the
collection of the sums so due and unpaid, and may prosecute such Proceeding to
judgment or final decree, and may enforce the same against the Issuer or other
obligor upon such Notes and collect in the manner provided by law out of the
property of the Issuer or other obligor upon such Notes, wherever situated, the
monies adjudged or decreed to be payable.

                                       17
<PAGE>

               (c) If an Indenture Default occurs and is continuing, the
Indenture Trustee may, 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 case of any other comparable judicial Proceedings
relative to the Issuer or other obligor upon the Notes, or to the property of
the Issuer or such other obligor, the Indenture Trustee, irrespective of whether
the principal of any Notes shall then be due and payable as therein expressed or
by declaration or otherwise and irrespective of whether the Indenture Trustee
shall have made any demand pursuant to the provisions of this Section, shall be
entitled and empowered, by intervention in such Proceedings or otherwise:

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

                      (ii) unless prohibited by applicable law and regulations,
               to vote on behalf of the Noteholders in any election of a
               trustee, a standby trustee or Person performing similar functions
               in any such Proceedings; to collect and receive any monies or
               other property payable or deliverable on any such claims and to
               distribute all amounts received with respect to the claims of the
               Noteholders and the Indenture Trustee on their behalf; and

                      (iii) 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 Noteholders allowed in any
               judicial proceedings relative to the Issuer, its creditors and
               its property; and any trustee, receiver, liquidator, custodian or
               other similar official in any such Proceeding is hereby
               authorized by each Noteholder to make payments to the Indenture
               Trustee and, in the event 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

                                       18
<PAGE>

               their respective agents, attorneys and counsel, and all other
               expenses and liabilities incurred and all advances and
               disbursements made by the Indenture Trustee and each predecessor
               Indenture Trustee except as a result of negligence or bad faith,
               and any other amounts due the Indenture Trustee under Section
               6.7.

               (e) Nothing herein contained shall be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Noteholder or 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 the Notes, may be enforced by the Indenture Trustee without
the possession 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,
advances, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents, attorneys and counsel
shall be for the ratable benefit of the Noteholders in respect of which such
judgment has been recovered.

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

        SECTION 5.4 REMEDIES; PRIORITIES.

               (a) If an Indenture Default shall have occurred and be
continuing, the Indenture Trustee may do one or more of the following (subject
to Sections 5.2 and 5.5):

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

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

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

                      (iv) subject to Section 5.17, after an acceleration of the
               maturity of the Notes pursuant to Section 5.2, 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;

                                       19
<PAGE>

provided, however, that unless directed to sell the Trust Estate in accordance
with Section 9.2 of the Trust Agreement, the Indenture Trustee may not sell or
otherwise liquidate the Trust Estate following an Indenture Default, unless (A)
Noteholders holding 100% of the Outstanding Note Amount consent thereto, (B) the
proceeds of such sale are sufficient to discharge in full all amounts then due
and unpaid upon all outstanding Notes or (C) there has been an Indenture Default
described in Section 5.1(a) or (b) and the Indenture Trustee determines that the
Trust Estate will not continue to provide sufficient funds for the payment of
principal of and interest on the Notes as they would have become due if the
Notes had not been declared due and payable and the Indenture Trustee obtains
the consent of Noteholders holding not less than 66 2/3% of the Outstanding Note
Amount, voting together as a single class; and provided further that the
Indenture Trustee may not sell the Trust Estate unless it shall first have
obtained an Opinion of Counsel (at the expense of the Issuer) that such sale
will not cause the Origination Trust or an interest therein or portion thereof
or the Issuer to be classified as an association or a publicly traded
partnership taxable as a corporation for federal income tax purposes. In
determining such sufficiency or insufficiency with respect to clauses (B) and
(C) of the preceding sentence, the Indenture Trustee may but need not obtain (at
the expense of the Issuer) 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 upon sale of the Trust Estate, it shall pay out such
money or property held as Collateral (including available monies on deposit in
the Reserve Account) and deposited in the Collection Account in accordance with
the following priorities:

                      (i) to the Indenture Trustee, the SUBI Trustee and the
               Owner Trustee, for amounts due as compensation or indemnity
               payments (if not previously paid) pursuant to the terms of this
               Indenture, the Origination Trust Agreement or the Trust
               Agreement, as applicable; provided that aggregate expenses
               payable to the Indenture Trustee, the SUBI Trustee and the Owner
               Trustee pursuant to this clause (i) shall be limited to $100,000
               per annum;

                      (ii) to the Servicer (or any predecessor Servicer, if
               applicable), for reimbursement of all outstanding Advances;

                      (iii) pro rata, to the Servicer, the Servicing Fee,
               together with any unpaid Servicing Fees in respect of one or more
               prior Collection Periods, and to the Administrator, the
               Administration Fee, together with any unpaid Administration Fees
               in respect of one or more prior Collections Periods;

                      (iv) to the Noteholders, for payment to each respective
               Class of Noteholders, an amount equal to the interest accrued at
               the applicable Interest Rate for such Class of Notes during the
               related accrual period on the applicable Outstanding Note Amount
               for such Class (and, to the extent permitted by applicable law,
               interest on any overdue interest at the applicable Interest
               Rate);

                      (v) to the Holders of the Class A-1 Notes, until the Class
               A-1 Notes have been paid in full;

                                       20
<PAGE>

                      (vi) to the Holders of the Class A-2 Notes, Class A-3
               Notes and Class A-4 Notes pro rata (based on the Outstanding Note
               Amount of each Class on such Payment Date), until all Classes of
               the Notes have been paid in full;

                      (vii) to the Indenture Trustee, the SUBI Trustee and the
               Owner Trustee, for amounts due as compensation or indemnity
               payments and not previously paid; and

                      (viii) any remaining funds shall be distributed to or at
               the direction of the Certificateholder.

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

        SECTION 5.5 OPTIONAL PRESERVATION OF THE TRANSACTION SUBI ASSETS. If the
Notes have been declared to be due and payable under Section 5.2 following an
Indenture Default and such declaration and its consequences have not been
rescinded and annulled, the Indenture Trustee may, unless directed to sell
pursuant to Section 9.2 of the Trust Agreement, but need not, elect to maintain
possession of the Trust Estate and continue to apply the proceeds thereof in
accordance with Section 3.1 and 8.4. It is the intent 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 intent into account when determining whether or not to maintain possession
of the Trust Estate. In determining whether to maintain possession of the Trust
Estate, the Indenture Trustee may but need not obtain (at the expense of the
Issuer) 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.

               (a) No holder of any Note shall have any right to institute any
Proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:
(i) such Noteholder previously has given to the Indenture Trustee written notice
of a continuing Indenture Default, (ii) Noteholders holding not less than 25% of
the Outstanding Note Amount have made written request to the Indenture Trustee
to institute such Proceeding in respect of such Indenture Default in its own
name as Indenture Trustee, (iii) such Noteholder has offered the Indenture
Trustee reasonable indemnity against the costs, expenses and liabilities to be
incurred in complying with such request, (iv) the Indenture Trustee has for 60
days failed to institute such Proceedings and (v) no direction inconsistent with
such written request has been given to the Indenture Trustee during such 60 day
period by Noteholders holding a majority of the Outstanding Note Amount.

        No Noteholder or group of Noteholders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other Noteholders or to obtain or
to seek to obtain priority or preference over any

                                       21
<PAGE>

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

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

        SECTION 5.7 UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL AND
INTEREST. Notwithstanding any other provision in this Indenture, any Noteholder
shall have the right, which is absolute and unconditional, to receive payment of
the principal of and interest on, if any, such Note on or after the respective
due dates thereof expressed in such Note or this Indenture (or, in the case of
redemption, on or after the Redemption Date) and to institute suit for the
enforcement of any such payment in accordance with Section 5.6, and such right
shall not be impaired without the consent of such Noteholder.

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

        SECTION 5.9 RIGHTS AND REMEDIES CUMULATIVE. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or 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, 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 Noteholder to exercise any right or remedy accruing
upon any Default or Indenture Default shall impair any such right or remedy or
constitute a waiver of any such Default or Indenture Default or an acquiescence
therein. Every right and remedy given by this Article or by law to the Indenture
Trustee or 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.

                                       22
<PAGE>

        SECTION 5.11 CONTROL BY NOTEHOLDERS. Subject to the provisions of
Sections 5.6, 6.2(d) and 6.2(e), Noteholders holding not less than a majority of
the Outstanding Note Amount shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or with respect to the exercise of any trust
or power conferred on the Indenture Trustee, provided that:

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

               (b) subject to Section 5.4, any direction to the Indenture
Trustee to sell or liquidate the Trust Estate shall be made by Noteholders
holding not less than 100% of the Outstanding Note Amount;

               (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, and except in the case of a sale of the Trust Estate pursuant
to Section 9.2 of the Trust Agreement, then any direction to the Indenture
Trustee by Noteholders holding less than 100% of the Outstanding Note Amount to
sell or liquidate the Trust Estate shall be of no force and effect; and

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

        Notwithstanding the rights of Noteholders set forth in this Section,
subject to Section 6.1, the Indenture Trustee need not take any action it
determines might expose it to personal liability or might materially adversely
affect or unduly prejudice the rights of any Noteholders not consenting to such
action.

        SECTION 5.12 WAIVER OF PAST DEFAULTS. Prior to the acceleration of the
maturity of the Notes as provided in Section 5.2, Noteholders holding not less
than a majority of the Outstanding Note Amount may waive any past Indenture
Default and its consequences except an Indenture Default (i) in payment of
principal of or interest on the Notes or (ii) in respect of a covenant or
provision hereof that cannot be modified or amended without the consent of each
Noteholder. In the case of any such waiver, the Issuer, the Indenture Trustee
and the Noteholders shall be restored to their former positions and rights
hereunder, respectively, but no such waiver shall extend to any subsequent or
other Indenture Default or impair any right consequent thereto.

        Upon any such waiver, such Indenture Default shall cease to exist and be
deemed to have been cured and not to have occurred, and any Indenture 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 Indenture Default or impair any right consequent thereto.

        SECTION 5.13 UNDERTAKING FOR COSTS. All parties to this Indenture agree,
and each Noteholder by such Noteholder's acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs,

                                       23
<PAGE>

including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant, but the provisions of this Section shall not apply to (i)
any suit instituted by the Indenture Trustee, (ii) any suit instituted by any
Noteholder or group of Noteholders, in each case holding in the aggregate more
than 10% of the Outstanding Note Amount or (iii) any suit instituted by any
Noteholder for the enforcement of the payment of principal of or interest on any
Note on or after the related due dates expressed in such Note and in this
Indenture (or, in the case of redemption, on or after the Redemption Date).

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

        SECTION 5.15 ACTION ON NOTES. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate or upon any
of the assets of the Issuer. Any money or property collected by the Indenture
Trustee shall be applied in accordance with Section 5.4(b).

        SECTION 5.16 Performance and Enforcement of Certain Obligations.

               (a) Promptly following a request from the Indenture Trustee to do
so, the Issuer shall take all such lawful action as the Indenture Trustee may
request to compel or secure the performance and observance by the Servicer of
its obligations to the Issuer under or in connection with the Servicing
Agreement and the Transaction SUBI Servicing Supplement, 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 each
such agreement to the extent and in the manner directed by the Indenture
Trustee, including the transmission of notices of default on the part of the
Servicer thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by the Servicer of its obligations
under the Servicing Agreement.

               (b) If an Indenture Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in
writing) of Noteholders holding not less than a majority of the Outstanding Note
Amount, shall, exercise all rights, remedies, powers, privileges and claims of
the Issuer against the Transferor and the Servicer under or in connection with
the Servicing Agreement or any other Transaction Document, including the right
or power to take any action to compel or secure performance or observance by the
Servicer of its obligations to the Issuer thereunder and to give any consent,
request, notice, direction, approval,

                                       24
<PAGE>

extension or waiver under such Transaction Document, and any right of the Issuer
to take such action shall be suspended.

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

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

        SECTION 6.1 DUTIES OF INDENTURE TRUSTEE.

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

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

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

                      (ii) the Indenture Trustee may conclusively rely in good
               faith on its part, 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; but in the case of any such
               certificates or opinions which by any provision hereof are
               specifically required to be furnished to the Indenture Trustee,
               the Indenture Trustee shall examine the certificates and opinions
               to determine whether or not they conform to the requirements of
               this Indenture (but need not confirm or investigate the accuracy
               of mathematical calculations or other facts stated therein).

                                       25
<PAGE>

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

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

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

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

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

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

               (f) Money held in trust by the Indenture Trustee need not be
segregated from other funds of the Indenture Trustee except to the extent
required by law or the terms of this Indenture or any other Transaction Document
to which the Indenture Trustee is a party.

               (g) No provision of this Indenture shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of
its rights or powers, if it shall have reasonable grounds to believe that
repayments of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

               (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.

               (i) The Indenture Trustee shall not be deemed to have knowledge
of any Indenture Default or other event unless a Responsible Officer has actual
knowledge thereof or has received written notice thereof in accordance with the
provisions of this Indenture or any other Transaction Document.

               (j) Nothing contained herein shall be deemed to authorize the
Indenture Trustee to engage in any business operations or any activities other
than those set forth in this Indenture. Specifically, the Indenture Trustee
shall have no authority to engage in any business operations, acquire any assets
other than those specifically included in the Trust Estate under this Indenture
or otherwise vary the assets held by the Issuer. Similarly, the Indenture
Trustee shall have no discretionary duties other than performing those
ministerial acts set forth above necessary to accomplish the purpose of the
Issuer as set forth in this Indenture.

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<PAGE>

        SECTION 6.2 RIGHTS OF INDENTURE TRUSTEE.

               (a) The Indenture Trustee may conclusively rely and shall be
protected in acting upon or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent,
order, note, direction, demand, election or other paper or document reasonably
believed by it to be genuine and to have been signed or presented by the proper
person. The Indenture Trustee need not investigate any fact or matter stated in
the document.

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

               (c) The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the
supervision of, the Administrator, any co-trustee or separate trustee appointed
in accordance with the provisions of Section 6.10 or any other such agent,
attorney, custodian or nominee appointed with due care by it hereunder.

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

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

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

               (g) The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless requested in writing to do so
by the holders of Notes evidencing not less than a majority of the Outstanding
Note Amount; provided, however, that if the payment within a reasonable time to
the Indenture Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the opinion of the
Indenture Trustee, not reasonably assured to the Indenture

                                       27
<PAGE>

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 as a condition to so proceeding. The reasonable expense of each such
investigation shall be paid by the Person making such request, or, if paid by
the Indenture Trustee, shall be reimbursed by the Person making such request
upon demand.

               (h) Any request or direction of the Issuer mentioned herein shall
be sufficiently evidenced by an Issuer Request.

        SECTION 6.3 INDIVIDUAL RIGHTS OF INDENTURE TRUSTEE. Subject to Section
310 of the TIA, the Indenture Trustee in its individual or any other capacity
may become the owner or pledgee of Notes. The Indenture Trustee may deal with
the Transferor, the Owner Trustee, the Administrator and their respective
Affiliates in banking transactions with the same rights it would have if it were
not Indenture Trustee, and the Transferor, the Owner Trustee, the Administrator
and their respective Affiliates may maintain normal commercial banking
relationships with the Indenture Trustee and its Affiliates. Any Paying Agent,
Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee
may do the same with like rights. The Indenture Trustee must, however, comply
with Section 6.11.

        SECTION 6.4 INDENTURE TRUSTEE'S DISCLAIMER. The Indenture Trustee shall
not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Trust Estate 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 in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes, all of which shall be
taken as the statements of the Issuer, other than the Indenture Trustee's
certificate of authentication.

        SECTION 6.5 NOTICE OF DEFAULTS. If an Indenture Default occurs and is
continuing, and if it is known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to each Noteholder and each Rating
Agency notice of such Indenture Default within 90 days after it occurs. Except
in the case of an Indenture Default with respect to payment of principal of or
interest on any Note (including payments pursuant to the redemption of Notes),
the Indenture Trustee may withhold such notice if and so long as a Responsible
Officer in good faith determines that withholding such notice is in the
interests of the Noteholders; provided, however, that in the case of any
Indenture Default of the character specified in Section 5.1(e), no such notice
shall be given until at least 30 days after the occurrence thereof.

        SECTION 6.6 REPORTS BY INDENTURE TRUSTEE TO NOTEHOLDERS. The Indenture
Trustee, at the expense of the Issuer, shall deliver to each Noteholder, not
later than the latest date permitted by law, such information as may be
reasonably requested (and reasonably available to the Indenture Trustee) to
enable such holder to prepare its federal and state income tax returns.

        SECTION 6.7 COMPENSATION AND INDEMNITY. The Issuer shall cause the
Administrator to, (i) pay to the Indenture Trustee from time to time such
compensation as the Issuer, the Administrator and the Indenture Trustee shall
from time to time agree in writing for services rendered by the Indenture
Trustee hereunder in accordance with a fee letter between the Administrator and
the Indenture Trustee, (ii) reimburse the Indenture Trustee for all reasonable
expenses, advances and disbursements reasonably incurred by it in connection
with the

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<PAGE>

performance of its duties as Indenture Trustee and (iii) indemnify the Indenture
Trustee for, and hold it harmless against, any and all loss, liability or
expense (including reasonable attorneys' fees) incurred by it in connection with
the administration of the Issuer or the performance of its duties as Indenture
Trustee. The Indenture Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Indenture Trustee shall
notify the Issuer and the Administrator promptly of any claim for which it may
seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the
Administrator shall not relieve the Issuer or the Administrator of its
obligations hereunder. The Issuer shall, or shall cause the Administrator to,
defend any such claim, and the Indenture Trustee may have separate counsel and
the Issuer shall, or shall cause the Administrator to, pay the fees and expenses
of such counsel. The Indenture Trustee shall not be indemnified by the
Administrator, the Issuer, the Transferor or the Servicer against any loss,
liability or expense incurred by it through its own willful misconduct,
negligence or bad faith, except that the Indenture Trustee shall not be liable
(i) for any error of judgment made by it in good faith unless it is proved that
the Indenture Trustee was negligent in ascertaining the pertinent facts, (ii)
with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it from the Noteholders in accordance with the
terms of this Indenture and (iii) for interest on any money received by it
except as the Indenture Trustee and the Issuer may agree in writing. The
Indenture Trustee shall not be deemed to have knowledge of any event unless a
Responsible Officer of the Indenture Trustee has actual knowledge thereof or has
received written notice thereof.

        The Issuer'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 set forth in Section
5.1(e) 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 REMOVAL, RESIGNATION AND REPLACEMENT OF INDENTURE TRUSTEE.
The Indenture Trustee may resign at any time by so notifying the Issuer, the
Servicer, the Administrator and each Rating Agency. The Noteholders holding at
least a majority of the Outstanding Note Amount may remove the Indenture Trustee
without cause by so notifying the Indenture Trustee and the Issuer, and
following that removal 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) a court having jurisdiction in the premises in
               respect of the Indenture Trustee in an involuntary case or
               proceeding under federal or state banking or bankruptcy laws, as
               now or hereafter constituted, or any other applicable federal or
               state bankruptcy, insolvency or other similar law, shall have
               entered a decree or order granting relief or appointing a
               receiver, liquidator, assignee, custodian, trustee, conservator,
               sequestrator (or similar official) for the Indenture Trustee or
               for any substantial part of the Indenture Trustee's property, or
               ordering the winding-up or liquidation of the Indenture Trustee's
               affairs, provided any such decree or order shall have continued
               unstayed and in effect for a period of 30 consecutive days;

                                       29
<PAGE>

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

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

        Upon the resignation or required removal of the Indenture Trustee, or
the failure of the Noteholders to appoint a successor Indenture Trustee
following the removal without cause of the Indenture Trustee (the Indenture
Trustee in any such event being referred to herein as the retiring Indenture
Trustee), the Issuer shall be required promptly to appoint a successor Indenture
Trustee. Any successor Indenture Trustee must at all times have a combined
capital and surplus of at least $50,000,000, a long-term debt rating of "A" or
better by or is otherwise acceptable to, each Rating Agency and satisfy the
requirements of Section 310(a) of the TIA. Additionally, prior to the
appointment of any successor Indenture Trustee, the Rating Agency Condition must
be satisfied with respect to such successor Indenture Trustee.

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

        If a successor Indenture Trustee does not take office within 45 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or Noteholders holding not less than a majority of
the Outstanding Note Amount may petition any court of competent jurisdiction (at
the expense of the Issuer) for the appointment of a successor Indenture Trustee.

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

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

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<PAGE>

be entitled to payment or reimbursement of such amounts as such Person is
entitled pursuant to Section 6.7.

        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 depository institution the resulting, surviving or transferee corporation,
without any further act, shall be the successor Indenture Trustee; provided that
such corporation or depository institution shall be otherwise qualified and
eligible under Section 6.11. The Indenture Trustee shall provide each Rating
Agency 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, the Notes shall have been authenticated but not delivered, any
such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee and deliver such Notes so
authenticated, and in case at that time the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee.

        SECTION 6.10 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.

               (a) Notwithstanding any other provisions of this Indenture, at
any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Trust Estate may at the time be located, the Indenture
Trustee and the Administrator acting jointly shall have the power and may
execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustee or separate trustees, of all or
any part of the Collateral, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the Trust Estate
or any part hereof and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Indenture Trustee and the
Administrator may consider necessary or desirable. If the Administrator shall
not have joined in such appointment within 15 days after it received a request
that it so join, the Indenture Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.8.

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

                      (i) all rights, powers, duties and obligations conferred
               or imposed upon the Indenture Trustee shall be conferred or
               imposed upon and exercised or performed by the Indenture Trustee
               and such separate trustee or co-trustee jointly (it being
               intended that such separate trustee or co-trustee is not
               authorized to act separately without the Indenture Trustee
               joining in such act), except to the extent that under any law of
               any jurisdiction in which any particular act or acts are to be
               performed, the Indenture trustee shall be incompetent or
               unqualified to perform such act or acts, in which event such
               rights, powers, duties and obligations

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<PAGE>

               (including the holding of title to the Collateral or any portion
               thereof in any such jurisdiction) shall be exercised and
               performed singly by such separate trustee or co-trustee, but
               solely at the direction of the Indenture Trustee;

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

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

               (c) Any notice, request or other writing given to the Indenture
Trustee shall be deemed to have been given to each of the then-separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article. 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 and specifically including every provision of this Indenture
relating to the conduct of, affecting the liability of or affording protection
to the Indenture Trustee. Every such instrument shall be filed with the
Indenture Trustee and a copy thereof given to the Administrator.

               (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, then
all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee to the extent permitted by law, without the
appointment of a new or successor trustee. Notwithstanding anything to the
contrary in this Indenture, the appointment of any separate trustee or
co-trustee shall not relieve the Indenture Trustee of its obligations and duties
under this Indenture.

        SECTION 6.11 ELIGIBILITY; DISQUALIFICATION. The Indenture Trustee shall
at all times satisfy the requirements of Section 310 (a) of the TIA and shall in
addition have a combined capital and surplus of at least $50,000,000 (as set
forth in its most recent published annual report of condition) and a long-term
debt rating of "A" or better by, or be otherwise acceptable to, each Rating
Agency. The Indenture Trustee shall also satisfy the requirements of Section
310(b) of the TIA. The Transferor, the Administrator, the Servicer and their
respective Affiliates may maintain normal commercial banking relationships with
the Indenture Trustee and its Affiliates, but neither the Issuer nor any
Affiliate of the Issuer may serve as Indenture Trustee.

        SECTION 6.12 TRUSTEE AS HOLDER OF TRANSACTION SUBI CERTIFICATE.
Following the occurrence and continuation of an Indenture Default, to the extent
that the Owner Trustee or Issuer has rights as a Holder of the Transaction SUBI
Certificate, including rights to distributions and notice, or is entitled to
consent to any actions taken by the Transferor, the Owner Trustee or Issuer may
initiate such action or grant such consent only with consent of the Indenture
Trustee. Following the occurrence and continuation of an Indenture Default, the
Indenture Trustee shall exercise rights as a Holder of the Transaction SUBI
Certificate or the right to consent or

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<PAGE>

withhold consent with respect to actions taken by the Transferor, the Owner
Trustee or Issuer, upon the written direction of holders of a majority of the
Outstanding Note Amount; provided, however, that any direction to the Indenture
Trustee to remove or replace the Servicer upon a Servicer Default shall be made
by Noteholders holding not less than 66 2/3% of the Outstanding Note Amount.

        SECTION 6.13 REPRESENTATIONS AND WARRANTIES OF INDENTURE TRUSTEE. The
Indenture Trustee hereby makes the following representations and warranties on
which the Issuer and Noteholders shall rely:

                      (i) the Indenture Trustee is a banking corporation duly
               organized, validly existing and in good standing under the laws
               of New York; and

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

        SECTION 6.14 FURNISHING OF DOCUMENTS. The Indenture Trustee shall
furnish to any Noteholder promptly upon receipt of a written request by such
Noteholder (at the expense of the requesting Noteholder) therefor, duplicates or
copies of all reports, notices, requests, demands, certificates and any other
instruments furnished to the Indenture Trustee under the Transaction Documents.

        SECTION 6.15 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUER. The
Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). Any Indenture Trustee who has
resigned or been removed shall be subject to TIA Section 311(a) to the extent
indicated therein.

                                   ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

        SECTION 7.1 ISSUER TO FURNISH INDENTURE TRUSTEE NOTEHOLDER NAMES AND
ADDRESSES. The Issuer shall furnish or cause to be furnished to the Indenture
Trustee (i) not more than five days after each Record Date a list, in such form
as the Indenture Trustee may reasonably require, of the names and addresses of
the Noteholders as of such Record Date and (ii) at such other times as the
Indenture Trustee may request in writing, within 30 days after receipt by the
Issuer of any such request, a list of similar form and content as of a date not
more than ten days prior to the time such list is furnished; provided, however,
that so long as the Indenture Trustee is the Note Registrar or the Notes are
issued as Book-Entry Notes, no such list shall be required to be furnished to
the Indenture Trustee.

        SECTION 7.2 PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS.

               (a) The Indenture Trustee shall preserve in as current a form as
is reasonably practicable the names and addresses of the Noteholders contained
in the most recent list furnished to the Indenture Trustee as provided in
Section 7.1 and the names and addresses of Noteholders received by the Indenture
Trustee in its capacity as Note Registrar. The Indenture

                                       33
<PAGE>

Trustee may destroy any list furnished to it as provided in Section 7.1 upon
receipt of a new list so furnished; provided, however, that so long as the
Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry
Notes, no such list shall be required to be preserved or maintained.

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

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

        SECTION 7.3 REPORTS BY INDENTURE TRUSTEE. If required by TIA Section
313(a), within 60 days after each March 31, beginning with March 31, 2003, the
Indenture Trustee shall mail to each Noteholder and shall file with the
Commission as required by TIA Sections 313(c) and 313(d), respectively, a brief
report dated as of such date that complies with TIA Section 313(a). The
Indenture Trustee also shall comply with TIA Section 313(b).

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

        SECTION 8.2 ACCOUNTS.

               (a) There has been established and there shall be maintained an
Eligible Account (initially at The Bank of New York) in the name of the
Indenture Trustee until the Outstanding Note Amount is reduced to zero, which is
designated as the "Reserve Account". The Reserve Account shall be held for the
benefit of the Noteholders, and shall bear a designation clearly indicating that
the funds on deposit therein are held for the benefit of the Noteholders. The
Reserve Account shall be under the sole dominion and control of the Indenture
Trustee until the Outstanding Note Amount has been reduced to zero. On or prior
to the Closing Date, the Issuer shall deposit (or cause to be deposited) an
amount equal to $24,456,521.74 into the Reserve Account.

               (b) There has been established and there shall be maintained an
Eligible Account (initially at The Bank of New York) in the name of the
Indenture Trustee until the Outstanding Note Amount is reduced to zero, which is
designated the "Collection Account".

                                       34
<PAGE>

The Collection Account shall be held for the benefit of the Noteholders, and
shall bear a designation clearly indicating that the funds on deposit therein
are held for the benefit of the Noteholders. The Collection Account shall be
under the sole dominion and control of the Indenture Trustee until the
Outstanding Note Amount has been reduced to zero.

               (c) All monies deposited from time to time in the Accounts
pursuant to this Indenture or the other Transaction Documents shall be held by
the Indenture Trustee as part of the Collateral and shall be applied to the
purposes herein provided. If any Account shall cease to be an Eligible Account,
the Indenture Trustee, until the Outstanding Note Amount has been reduced to
zero, shall, as necessary, assist the Administrator in causing each Account to
be moved to an institution at which it shall be an Eligible Account.

        SECTION 8.3   SERVICER CERTIFICATE.

               (a) Prior to 11:00 a.m., New York City time, on each
Determination Date, the Issuer shall cause the Servicer to deliver to the
Indenture Trustee, the Owner Trustee, the Administrator and each Paying Agent
hereunder, a certificate (the "Servicer Certificate") including, among other
things, the following information with respect to the related Payment Date and
the related Collection Period:

                      (i) the amount of Collections for such Collection Period;

                      (ii) the amount of Available Funds for such Collection
               Period;

                      (iii) the amount of interest accrued since the preceding
               Payment Date on each Class of the Notes;

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

                      (v) (A) the amount on deposit in the Reserve Account and
               the Specified Reserve Account Balance, each as of the beginning
               and end of the related Collection Period, (B) the amount
               deposited in the Reserve Account in respect of such Payment Date,
               if any, (C) the amount, if any, to be withdrawn from the Reserve
               Account on such Payment Date, (D) the balance on deposit in the
               Reserve Account on such Payment Date after giving effect to
               withdrawals therefrom and deposits thereto in respect of such
               Payment Date and (E) the change in such balance from the
               immediately preceding Payment Date;

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

                      (vii) the Principal Distribution Amount and any Principal
               Carryover Shortfall for each Class of the Notes on such Payment
               Date;

                      (viii) the Note Factor for each Class of the Notes (after
               giving effect to distributions on such Payment Date);

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<PAGE>

                      (ix) the aggregate amount of Residual Losses for such
               Collection Period;

                      (x) the amount of Advances included in Available Funds;

                      (xi) any Payment Date Advance Reimbursement for such
               Collection Period;

                      (xii) amounts released to the Certificateholders on such
               Payment Date;

                      (xiii) the Servicing Fee and the Administration Fee for
               such Collection Period; and

                      (xiv) the amount of Cumulative Net Residual Losses through
               such Collection Period.

        Each amount set forth pursuant to clauses (iii), (iv), (vi) and (viii)
above shall be expressed in the aggregate and as a dollar amount per $1,000 of
original principal balance of a Note.

               (b) The Indenture Trustee shall have no duty or obligation to
verify or confirm the accuracy of any of the information or numbers set forth in
the Servicer Certificate delivered to the Indenture Trustee in accordance with
this Section, and the Indenture Trustee shall be fully protected in relying upon
such Servicer Certificate.

        SECTION 8.4 DISBURSEMENT OF FUNDS.

               (a) On each Payment Date, prior to 11:00 a.m., New York City
time, the Paying Agent, in accordance with the related Servicer Certificate and
pursuant to the instructions of the Servicer, shall transfer from the Collection
Account all Available Funds and shall apply such amount, in accordance with the
following priorities:

                      (i) to the Servicer, the Payment Date Advance
               Reimbursement;

                      (ii) pro rata, to the Servicer, the Servicing Fee,
               together with any unpaid Servicing Fees in respect of one or more
               prior Collection Periods, and to the Administrator, the
               Administration Fee, together with any unpaid Administration Fees
               in respect of one or more prior Collection Periods;

                      (iii) to the Noteholders, for payment to each respective
               Class of Noteholders, an amount equal to the interest accrued for
               such Class of Notes during the related accrual period which shall
               equal (A) with respect to the Class A-1 Notes, the product of (1)
               the actual number of days elapsed from and including the
               preceding Payment Date (or, in the case of the initial Payment
               Date, from and including the Closing Date) divided by 360, (2)
               the Class A-1 Interest Rate and (3) the Outstanding Amount of the
               Class A-1 Notes on the immediately preceding Payment Date (after
               giving effect to all payments on such Payment Date) and (B) with
               respect to the Class A-2 Notes, Class A-3 Notes or Class A-4

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<PAGE>

               Notes, the product of (1) 1/12 (or, in the case of the initial
               Payment Date, the number of days elapsed (assuming 30-day months)
               from and including the Closing Date to but excluding such Payment
               Date divided by 360), (2) the related Interest Rate for such
               Class and (3) the Outstanding Amount of such Class on the
               immediately preceding Payment Date (after giving effect to all
               payments on such Payment Date) (and, to the extent permitted by
               applicable law, interest on any overdue interest on any Class of
               Notes at the applicable Interest Rate);

                      (iv) to the related Noteholders as payments of principal,
               the lesser of the Principal Distribution Amount for such Payment
               Date and the Available Funds remaining after the payments in
               clauses (i) through (iii) above, which amount shall be paid in
               the following order of priority:

                             (A) on any Payment Date (so long as the maturity of
                      the Notes has not been accelerated pursuant to Section
                      5.2), to each Class of the Notes, sequentially, so that no
                      principal will be paid on any Class of Notes until each
                      Class of Notes with a lower numerical designation shall
                      have been paid in full (i.e., until the principal on the
                      Class A-1 Notes shall have been paid in full, no principal
                      will be paid on the Class A-2, A-3 or A-4 Notes; then
                      until the principal on the Class A-2 Notes shall have been
                      paid in full, no principal will be paid on the Class A-3
                      or A-4 Notes; then until the principal on the Class A-3
                      Notes shall have been paid in full, no principal will be
                      paid on the Class A-4 Notes) until all Classes of the
                      Notes have been paid in full; and

                             (B) on any Payment Date after the maturity of the
                      Notes has been accelerated pursuant to Section 5.2
                      following an Indenture Default, first, to the Class A-1
                      Noteholders (until the Class A-1 Notes have been paid in
                      full) and thereafter, to each other Class of the
                      Noteholders pro rata (based on the Outstanding Note Amount
                      of each Class on such Payment Date), until all Classes of
                      the Notes have been paid in full;

                      (v) to the Reserve Account, until the amount of funds in
               the Reserve Account is equal to the Specified Reserve Account
               Balance;

                      (vi) to the Indenture Trustee, the SUBI Trustee or the
               Owner Trustee, as applicable, all amounts due as compensation or
               indemnity payments (to the extent not previously paid) pursuant
               to the terms of this Indenture, the Origination Trust Agreement
               or the Trust Agreement; and

                      (vii) any remaining funds shall be distributed to or at
               the direction of the Certificateholder.

               (b) To the extent that Available Funds for any Payment Date are
insufficient to pay in full the amounts specified in clauses (i) through (iv) of
Section 8.4(a) on any Payment Date, the Indenture Trustee shall withdraw funds
on deposit in the Reserve Account in accordance with the related Servicer
Certificate and pursuant to the instructions of the Servicer to

                                       37
<PAGE>

make such payments. After giving effect to all payments set forth in the
preceding sentence, funds shall also be withdrawn from the Reserve Account in
accordance with Section 8.4(c).

               (c) If on any Payment Date, after giving effect to all deposits
to and withdrawals from the Reserve Account, the amount on deposit in the
Reserve Account exceeds the Specified Reserve Account Balance, the Indenture
Trustee shall distribute any such excess to or at the direction of the
Certificateholder. Upon any such distributions to the Transferor, the
Noteholders will have no further rights in, or claims to such amounts.

               (d) On each Payment Date or Redemption Date, from the amounts
allocated therefor in accordance with Section 8.4(a), the Paying Agent shall
duly and punctually distribute payments of principal and interest on the Notes
due and payable by check mailed to the Person whose name appears as the
registered holder of a Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on the related Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of DTC (initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that the Note be submitted for notation of
payment. Any reduction in the principal amount of any Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future holders of any Note issued upon
the registration of transfer thereof or in exchange hereof or in lieu hereof,
whether or not noted thereon. Amounts properly withheld under the Code by any
Person from payment to any Noteholder of interest or principal shall be
considered to have been paid by the Indenture Trustee to such Noteholder for
purposes of this Indenture. If funds are expected to be available pursuant to a
notice delivered to the Indenture Trustee for payment in full of the remaining
unpaid principal amount of the Notes on a Payment Date or Redemption Date, then
the Indenture Trustee, in the name of and on behalf of the Issuer, will notify
each Person who was the registered holder of a Note as of the Record Date
preceding the most recent Payment Date or Redemption Date by notice mailed
within 30 days (and not less than 15 days) of such Payment Date or Redemption
Date and the amount then due and payable shall be payable only upon presentation
and surrender of the Note at the Corporate Trust Office of the Indenture Trustee
or at the office of the Indenture Trustee's agent appointed for such purposes
located in The City of New York.

               (e) On each Payment Date, the Indenture Trustee shall send by
first class mail or other reasonable means an unaudited report (which may be or
may be based upon the Servicer Certificate prepared by the Servicer) to each
Person that was a Noteholder as of the close of business on the related Record
Date (which shall be Cede & Co. as shown on the applicable Servicer Certificate
as the nominee of DTC unless Definitive Notes are issued under the limited
circumstances described herein) and each Rating Agency setting forth the
information provided in the Servicer's Certificate delivered in accordance with
Section 8.3 with respect to such Payment Date and the related Collection Period.
Note Owners may obtain copies of such reports upon a request in writing to the
Indenture Trustee at the Corporate Trust Office.

               (f) None of the Noteholders, the Indenture Trustee, the Owner
Trustee, the Transferor, the Administrator or the Servicer shall be required to
refund any amounts properly

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<PAGE>

distributed or paid to them in accordance with this Indenture, regardless of
whether there are sufficient funds on any subsequent Payment Date to make in
full distributions to the Noteholders.

        SECTION 8.5 GENERAL PROVISIONS REGARDING ACCOUNTS.

               (a) All of the funds in the Reserve Account and the Collection
Account (if the Servicer is required to deposit collections in the Collection
Account within two Business Days of receipt) shall be invested and reinvested by
the Indenture Trustee, until the Outstanding Note Amount has been reduced to
zero, at the direction of the Administrator, in Permitted Investments which
mature no later than the day before the Payment Date succeeding the date of such
investment. No such investment shall be sold prior to maturity. Any investment
earnings on the Reserve Account and the Collection Account will be taxable to
the Certificateholder (or, if the Transferor is the Certificateholder and if the
Transferor is disregarded for tax purposes in the applicable jurisdictions, to
VCI). Net investment earnings on the Reserve Account shall be deposited in the
Reserve Account and on the Collection Account shall be deposited in the
Collection Account.

               (b) Subject to Section 6.1(c), the Indenture Trustee shall not in
any way be held liable by reason of any insufficiency in the Reserve Account or
the Collection Account resulting from any loss on any Permitted Investment
included therein, except for losses attributable to the Indenture Trustee's
failure to make payments on any 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 Administrator shall have failed to give investment
directions for any funds on deposit in the Reserve Account to the Indenture
Trustee by 11:00 a.m., New York City time (or such other time as may be agreed
by the Administrator and the Indenture Trustee), on any Business Day or (ii) a
Default or Indenture 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 (iii) if the Notes shall have been declared due and payable
following an Indenture Default and 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 Trustee shall, to the fullest
extent practicable, invest and reinvest funds in investments that are Permitted
Investments as set forth in clause (a) of the definition thereof.

        SECTION 8.6 RELEASE OF TRUST ESTATE.

               (a) 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 shall be bound to ascertain
the Indenture Trustee's authority, inquire into the satisfaction of any
conditions precedent or see to the application of any monies.

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<PAGE>

               (b) The Indenture Trustee shall, at such time as there are no
Notes Outstanding, 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 Accounts.
Such release shall include delivery to the Issuer or its designee of the
Transaction SUBI Certificate and release of the lien of this Indenture and
transfer of dominion and control over the Reserve Account and the Collection
Account to the Issuer or its designee. The Indenture Trustee shall release
property from the lien of this Indenture pursuant to this Section only upon
receipt of an Issuer Request.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

        SECTION 9.1 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.

               (a) Without the consent of the Noteholders, but with prior notice
to each Rating Agency and subject to the satisfaction of the Rating Agency
Condition, the Issuer and the Indenture Trustee, when so requested by an Issuer
Request, at any time and from time to time, may enter into one or more
indentures supplemental hereto, 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 or confirm unto the Indenture Trustee any property
               subject or required to be subjected to the lien of this
               Indenture, or to subject additional property to the lien of this
               Indenture;

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

                      (iii) to add to the covenants of the Issuer for the
               benefit of the Noteholders or 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, correct or supplement any
               provision herein or in any supplemental indenture that may be
               defective or inconsistent with any other provision herein or in
               any supplemental indenture or make any other provisions with
               respect to matters or questions arising under this Indenture or
               in any supplemental indenture that shall not be inconsistent with
               the provisions of this Indenture; provided that such other
               provisions shall not adversely affect the interests of the
               Noteholders; or

                      (vi) to evidence and provide for the acceptance of the
               appointment hereunder by a successor trustee with respect to the
               Notes or to add to or change any of the provisions of this
               Indenture as shall be necessary to facilitate the

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<PAGE>

               administration of the trusts hereunder by more than one trustee,
               pursuant to the requirements of Article VI.

        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 as may be therein contained.

               (b) The Issuer and the Indenture Trustee, when requested by an
Issuer Request, may 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 for the purpose of
modifying in any manner (other than the modifications set forth in Section 9.2,
which require consent of the Holder of each Note affected thereby) the rights of
the Noteholders under this Indenture; provided, however, that (i) the Rating
Agency Condition shall have been satisfied with respect to such action, and (ii)
such action shall not, as evidenced by an Opinion of Counsel delivered to the
Indenture Trustee, (A) affect the treatment of the Notes as debt for federal
income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for
federal income tax purposes, (C) cause the Issuer, the Transferor or the
Origination Trust to be classified as an association (or a publicly traded
partnership) taxable as a corporation for federal income tax purposes, or (D)
materially and adversely affect the Noteholders.

        SECTION 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS. The
Issuer and the Indenture Trustee, when requested by an Issuer Request, also may,
with the consent of Noteholders holding not less than a majority of the
Outstanding Note Amount, by Act of such Noteholders delivered to the Issuer and
the Indenture Trustee, enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Noteholders under this Indenture subject to the
satisfaction of the Rating Agency Condition and provided that no such
supplemental indenture shall, without the consent of the Noteholder of each
Outstanding Note affected thereby:

               (a) change the Final Scheduled Payment Date of or the date of
payment of any installment of principal of or interest on any Note, or reduce
the principal amount thereof, the interest rate thereon or the Redemption Price
with respect thereto, change the 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 (or, in the case of
redemption, on or after the Redemption Date);

               (b) reduce the percentage of the Outstanding Note Amount, the
consent of the Noteholders of which is required for any such supplemental
indenture or the consent of the Noteholders of which is required for any waiver
of compliance with provisions of this Indenture or Indenture Defaults hereunder
and their consequences provided for in this Indenture;

                                       41
<PAGE>

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

               (d) reduce the percentage of the Outstanding Note Amount required
to direct the Indenture Trustee to direct the Owner Trustee to sell the Trust
Estate pursuant to Section 5.4, if the proceeds of such sale would be
insufficient to pay the Outstanding Note Amount plus accrued but unpaid interest
on the Notes;

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

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

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

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

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

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

        SECTION 9.3 EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by
this Indenture, the Indenture Trustee shall be entitled to receive, and subject
to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Indenture Trustee may but shall not be
obligated to enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or indemnities under this
Indenture or otherwise.

        SECTION 9.4 EFFECT OF SUPPLEMENTAL INDENTURE. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and shall be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and

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<PAGE>

immunities under this Indenture of the Indenture Trustee, the Issuer, the Owner
Trustee and the Noteholders shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and
shall be deemed to be part of the terms and conditions of this Indenture for any
and all purposes.

        SECTION 9.5 REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                    ARTICLE X

                               REDEMPTION OF NOTES

        SECTION 10.1 REDEMPTION.

               (a) Pursuant to Section 9.2 of the Trust Agreement, the
Transferor shall be permitted at its option to purchase the interest in the
Transaction SUBI evidenced by the Transaction SUBI Certificate from the Issuer
on any Payment Date if, either before or after giving effect to any payment of
principal required to be made on such Payment Date, the Note Balance is less
than or equal to 10% of the Initial Note Balance. The purchase price for the
Transaction SUBI Certificate shall equal the unpaid principal balances of the
Notes, together with accrued interest thereon to the Redemption Date (the
"Optional Purchase Price"), which amount shall be deposited by the Transferor
into the Collection Account on the Redemption Date. In connection with an
Optional Purchase, the Notes shall be redeemed on the Redemption Date in whole,
but not in part, for the Redemption Price.

               (b) If the Transferor exercises the Optional Purchase, on the
Redemption Date, prior to 11:00 a.m., New York City time, the Paying Agent shall
transfer the Optional Purchase Price from the Collection Account to the
Noteholders as the Redemption Price.

               (c) If on any Payment Date the amount on deposit in the Reserve
Account, after giving effect to withdrawals therefrom and deposits thereto in
respect of that Payment Date, is greater than or equal to the balance of the
Notes then outstanding, then such amount will be used to redeem the then
Outstanding Notes. On such Payment Date, (i) the Indenture Trustee shall
transfer all amounts on deposit in the Reserve Account to the Collection
Account, (ii) the Paying Agent shall transfer an amount equal to the Outstanding
Note Amount to the Noteholders as the Redemption Price, and (iii) the
Outstanding Notes shall be redeemed in whole, but not in part, on such Payment
Date.

               (d) If the Notes are to be redeemed pursuant to Sections 10.1(a)
and 10.1(b) or Section 10.1(c), the Administrator or the Issuer shall provide at
least 20 days' prior notice of the

                                       43
<PAGE>

redemption of the Notes to the Indenture Trustee and the Owner Trustee, and the
Indenture Trustee shall provide prompt (but not later than 10 days prior to the
applicable Redemption Date) notice thereof to the Noteholders.

        SECTION 10.2 FORM OF REDEMPTION NOTICE. Notice of redemption under
Section 10.1 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, mailed to each holder of Notes as of the close of business on
the Record Date preceding the applicable Redemption Date at such holder's
address appearing in the Note Register. In addition, the Administrator shall
notify each Rating Agency upon the redemption of the Notes, pursuant to the
Issuer Administration Agreement.

        All notices of redemption shall state:

               (a) the Redemption Date;

               (b) the Redemption Price;

               (c) the place where the Notes to be redeemed are to be
surrendered for payment of the Redemption Price (which shall be the office or
agency of the Issuer to be maintained as provided in Section 3.2); and

               (d) that on the Redemption Date, the Redemption Price will become
due and payable upon each such Note and that interest thereon shall cease to
accrue from and after the Redemption Date.

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

        SECTION 10.3 NOTES PAYABLE ON REDEMPTION DATE. The Notes to be redeemed
shall, following notice of redemption as required by Section 10.2, become due
and payable on the Redemption Date at the Redemption Price and (unless the
Issuer shall default in the payment of the Redemption Price) no interest shall
accrue on the Redemption Price for any period after the date to which accrued
interest is calculated for purposes of calculating the Redemption Price.

                                   ARTICLE XI

                                  MISCELLANEOUS

        SECTION 11.1 COMPLIANCE CERTIFICATES AND OPINIONS.

               (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 and each Rating Agency (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) in the case of
conditions precedent compliance with which is subject to verification by
accountants, a certificate or opinion of an

                                       44
<PAGE>

accountant that satisfies TIA Section 314(c)(3), except that, in the case of any
such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

        Every certificate or opinion 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 such covenant or condition and the definitions
               herein relating thereto;

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

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

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

               (b) In addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture:

                      (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 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) above, the Issuer shall also deliver to the Indenture
               Trustee an Independent Certificate as to the same matters, if the
               fair value of the property or securities to be so deposited and
               of all other such securities made the basis of any such
               withdrawal or release since the commencement of the then-current
               calendar year of the Issuer, as set forth in the certificates
               delivered pursuant to clause (i) above and this clause, is l0% or
               more of the Outstanding Note Amount, 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 1% of the
               Outstanding Note Amount.

                      (iii) Other than with respect to any release described in
               clause (A) or (B) of Section 11.1(b)(v), whenever any property or
               securities are to be released

                                       45
<PAGE>

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

                      (iv) Whenever the Issuer is required to furnish to the
               Indenture Trustee an Officer's Certificate certifying or stating
               the opinion of any signer thereof as to the matters described in
               clause (iii) above, the Issuer shall also furnish to the
               Indenture Trustee an Independent Certificate as to the same
               matters, if the fair value of the property or securities and of
               all other property, or securities (other than property described
               in clauses (A) or (B) of Section 11.1(b)(v)) released from the
               lien of this indenture since the commencement of the then current
               calendar year, as set forth in the Officer's Certificates
               required by clause (iii) above and this clause, equals 10% or
               more of the Outstanding Note Amount, but such officer's
               Certificate need not be furnished in the case of any release of
               property or securities if the fair value thereof as set forth in
               the related Officer's Certificate is less than $25,000 or less
               than 1% of the Outstanding Note Amount.

                      (v) Notwithstanding Section 2.8 or any other provision of
               this Section, the Issuer may (A) collect, liquidate, sell or
               otherwise dispose of the Collateral as and to the extent
               permitted or required by the Transaction Documents and (B) make
               cash payments out of the Accounts as and to the extent permitted
               or required by the Transaction Documents.

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

        Any certificate or opinion of an Authorized Officer may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel. 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
Administrator, the Transferor or the Issuer, stating that the information with
respect to such factual matters is in the possession of the Administrator, the
Transferor or the Issuer.

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

        Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of

                                       46
<PAGE>

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

        SECTION 11.3 ACTS OF NOTEHOLDERS.

               (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee, and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.1) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided in
this Section.

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

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

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

        SECTION 11.4 NOTICES. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by telecopier, and addressed in each case as follows: (i) if to the
Issuer, c/o the Owner Trustee, at U.S. Bank Trust National Association, 400
North Michigan Avenue, 2nd Floor, Chicago, Illinois 60611 (telecopier no. (312)
836-6701, Attention: Corporate Trust Department, with a copy to the
Administrator, at 3800 Hamlin Road, Auburn Hills, Michigan 48326 (telecopier no.
(248) 754-4581), Attention: General Counsel, with a copy to the Indenture
Trustee, at 101 Barclay Street, Floor 8W, New York, New York 10286 (telecopier
no. (212) 815-2493), Attention: Asset Backed Securities Unit; (ii) if to the
Indenture Trustee, at 101 Barclay Street, Floor 8W, New York, New York 10286
(telecopier no. (212) 815-2493), Attention: Asset Backed Securities Unit; (iii)
if to Moody's, to Moody's Investors Service, Inc., 99 Church Street, New York,
New York 10007 (telecopier no. (___)________), Attention: ABS Monitoring Group;
(iv) if to S&P, to Standard & Poor's Ratings Services, 55 Water Street, New
York, New York 10041 (telecopier no. (212) 438-

                                       47
<PAGE>

2664), Attention: Asset Backed Surveillance Group; (v) if to Fitch, to Fitch,
Inc., One State Street Plaza, New York, New York 10004 (telecopier no.
(___)________), Attention: [                     ]; or (vi) at such other
address as shall be designated by any of the foregoing in a written notice to
the other parties hereto. Delivery shall occur only upon receipt or reported
tender of such communication by an officer of the recipient entitled to receive
such notices located at the address of such recipient for notices hereunder.

        SECTION 11.5 NOTICES TO NOTEHOLDERS; WAIVER. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest 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 of 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 each Rating Agency, failure
to give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute an Indenture Default.

        SECTION 11.6 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 11.7 SUCCESSORS AND ASSIGNS. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Indenture Trustee in
this Indenture shall bind its successors.

        SECTION 11.8 SEVERABILITY. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

        SECTION 11.9 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, the Noteholders (and, with respect to
Sections 8.3 and 8.4, the Certificateholders), any other

                                       48
<PAGE>

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 11.10 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 11.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS)
OF THE STATE OF NEW YORK.

        SECTION 11.12 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 11.13 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 accompanied by an Opinion of Counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.

        SECTION 11.14 TRUST OBLIGATION; NO RECOURSE. Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under this Indenture or any certificate
or other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in their respective individual
capacities, (ii) any Certificateholder or any other owner of a beneficial
interest in the Issuer, (iii) the Servicer, the Administrator or the Origination
Trust or (iv) any partner, owner, beneficiary, agent, officer, director,
employee, successor or assign of any Person described in clauses (i), (ii) and
(iii) above, 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.

        SECTION 11.15 NO PETITION. With respect to each Bankruptcy Remote Party,
each of the Indenture Trustee, by entering into this Indenture, and each
Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner,
a beneficial interest in a Note, hereby covenants and agrees that prior to the
date which is one year and one day after payment in full of all obligations
under each Financing (i) no party hereto shall authorize such Bankruptcy Remote
Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any

                                       49
<PAGE>

jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to consent to
any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other proceeding commenced against such
Bankruptcy Remote Party, or to make a general assignment for the benefit of any
party hereto or any other creditor of such Bankruptcy Remote Party, and (ii)
none of the parties hereto shall commence or join with any other Person in
commencing any proceeding against such Bankruptcy Remote Party under any
bankruptcy, reorganization, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction.

        SECTION 11.16 LIMITATION OF LIABILITY OF OWNER TRUSTEE. Notwithstanding
anything contained herein to the contrary, this instrument has been
countersigned by U.S. Bank Delaware not in its individual capacity but solely in
its capacity as Owner Trustee of the Issuer and in no event shall U.S. Bank
Delaware in its individual capacity or any beneficial owner of the Issuer have
any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder, as to all of which recourse shall be
had solely to the assets of the Issuer.

        SECTION 11.17 TIA INCORPORATION AND CONFLICTS. The provisions of TIA
Sections 310 through 317 that impose duties on any Person (including the
provisions automatically deemed included herein unless expressly excluded by
this Indenture) are a part of and govern this Indenture, whether or not
physically contained herein. 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.

        SECTION 11.18 INTENT.

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

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

        SECTION 11.19 EACH SUBI SEPARATE; ASSIGNEES OF SUBI. Each of the
Indenture Trustee, by entering into this Indenture, and each Noteholder or Note
Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that (a) the Transaction SUBI is
a separate series of the Origination Trust as provided in Section 3806(b)(2) of
Chapter 38 of Title 12 of the Delaware Code, 12 Del.Code Section 3801 et seq.,
(b)(i) the debts, liabilities, obligations and expenses incurred, contracted for
or otherwise existing with respect to the Transaction SUBI and the Transaction
SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only,
and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or
the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the
UTI Portfolio only,

                                       50
<PAGE>

as applicable, and not against the Transaction SUBI or any Other SUBI Assets,
(c) except to the extent required by law, UTI Assets or SUBI Assets with respect
to any SUBI (other than the Transaction SUBI) shall not be subject to the
claims, debts, liabilities, expenses or obligations arising from or with respect
to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder
of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio
shall be entitled to maintain any action against or recover any assets allocated
to the UTI or the UTI Portfolio or any Other SUBI or the assets allocated
thereto, and (ii) no creditor or holder of a claim relating to the UTI, the UTI
Portfolio or any SUBI other than the Transaction SUBI or any SUBI Assets other
than the Transaction SUBI Portfolio shall be entitled to maintain any action
against or recover any assets allocated to the Transaction SUBI, and (e) any
purchaser, assignee or pledgee of an interest in the Transaction SUBI, the
Transaction SUBI Certificate, any Other SUBI, any Other SUBI Certificate, the
UTI or the UTI Certificate must, prior to or contemporaneously with the grant of
any such assignment, pledge or security interest, (i) give to the Origination
Trust a non-petition covenant substantially similar to that set forth in Section
6.9 of the Origination Trust Agreement, (ii) execute an agreement for the
benefit of each holder, assignee or pledgee from time to time of the UTI or UTI
Certificate and any Other SUBI or Other SUBI Certificate, to release all claims
to the assets of the Origination Trust allocated to the UTI and each Other SUBI
Portfolio and in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the
Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio
and (iii) in the case of a purchase or assignment, provide to the Trustee an
opinion of counsel to the effect that the purchase or assignment does not and
will not require registration of the UTI Certificate or related SUBI
Certificate, as applicable, under applicable United States federal and
applicable state securities laws.

        SECTION 11.20 SUBMISSION TO JURISDICTION. Each of the parties hereto
hereby irrevocably and unconditionally:

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

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

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

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

                                       51
<PAGE>

        SECTION 11.21 SUBORDINATION OF CLAIMS. Each Noteholder or Note Owner, by
accepting a Note, or, in the case of a Note Owner, a beneficial interest in a
Note, hereby covenants and agrees that, to the extent such Person is deemed to
have any interest in any assets of the Transferor, or a securitization vehicle
(other than the Issuer) related to the Transferor, dedicated to other debt
obligations of the Transferor or debt obligations of any other securitization
vehicle (other than the Issuer) related to the Transferor, such Person's
interest in those assets is subordinate to claims or rights of such other
debtholders to those other assets. Furthermore, each Noteholder or Note Owner,
by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a
Note, hereby covenants and agrees that such agreement constitutes a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

                            [signature pages follow]

                                       52
<PAGE>

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

                                VOLKSWAGEN AUTO LEASE TRUST 2002-A

                                By: U.S. Bank Trust National Association,
                                    not in its individual capacity but solely as
                                    Owner Trustee

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

                                THE BANK OF NEW YORK,
                                as Indenture Trustee

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

U.S. Bank Trust National Association, not in its individual capacity but solely
as Owner Trustee of Volkswagen Auto Lease Trust 2002-A, joins this Indenture for
purposes of the Grant of the security interest in the Collateral to the
Indenture Trustee set forth in the Granting Clause.

                                U.S. BANK TRUST NATIONAL ASSOCIATION,
                                not in its individual capacity but solely as
                                Owner Trustee

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

                                      S-1
<PAGE>

STATE OF              )
                      )  ss
COUNTY OF             )

        On __________ before me, __________________ personally appeared
_______________________

               ( ) personally known to me, or

               ( ) proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument, and
acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

        WITNESS my hand and official seal.

        Seal                                     Signature

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

                                      S-2
<PAGE>

STATE OF              )
                      )  ss
COUNTY OF             )

        On __________ before me, __________________ personally appeared
_______________________

               ( ) personally known to me, or

               ( ) proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument, and
acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

        WITNESS my hand and official seal.

        Seal                                     Signature

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

                                      S-3
<PAGE>

STATE OF              )
                      )  ss
COUNTY OF             )

        On __________ before me, __________________ personally appeared
_______________________

               ( ) personally known to me, or

               ( ) proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within instrument, and
acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

        WITNESS my hand and official seal.

        Seal                                     Signature

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

                                      S-4
<PAGE>

                                   SCHEDULE I

              PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

        In addition to the representations, warranties and covenants contained
in the Indenture, the Issuer hereby represents, warrants, and covenants to the
Indenture Trustee as follows on the Closing Date:

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

2. The Transaction SUBI Certificate constitutes a "general intangible,"
"instrument," "investment property," or "tangible chattel paper," within the
meaning of the applicable UCC. The Accounts and all subaccounts thereof,
constitute either deposit accounts or securities accounts.

3. All of the Collateral that constitutes securities entitlements has been or
will have been credited to one of the Accounts. The securities intermediary for
each Account has agreed to treat all assets credited to the Accounts as
"financial assets" within the meaning of the applicable UCC.

4. The Issuer owns and has good and marketable title to the Collateral free and
clear of any Lien, claim or encumbrance of any Person, excepting only liens for
taxes, assessments or similar governmental charges or levies incurred in the
ordinary course of business that are not yet due and payable or as to which any
applicable grace period shall not have expired, or that are being contested in
good faith by proper proceedings and for which adequate reserves have been
established, but only so long as foreclosure with respect to such a lien is not
imminent and the use and value of the property to which the Lien attaches is not
impaired during the pendency of such proceeding.

5. The Issuer has received all consents and approvals to the grant of the
security interest in the Collateral hereunder to the Indenture Trustee required
by the terms of the Collateral that constitutes instruments or payment
intangibles.

6. The Issuer has received all consents and approvals required by the terms of
the Collateral that constitutes securities entitlements, certificated securities
or uncertificated securities to the transfer to the Indenture Trustee of its
interest and rights in the Collateral hereunder.

7. The Issuer has caused or will have caused, within ten days after the
effective date of the Indenture, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under
applicable law in order to perfect the security interest in the Collateral
granted to the Indenture Trustee hereunder.

8. With respect to Collateral that constitutes an instrument or tangible chattel
paper, either:

        (i) All original executed copies of each such instrument or tangible
        chattel paper have been delivered to the Indenture Trustee; or

                                      I-1
<PAGE>

        (ii) Such instruments or tangible chattel paper are in the possession of
        a custodian and the Indenture Trustee has received a written
        acknowledgment from such custodian that such custodian is holding such
        instruments or tangible chattel paper solely on behalf and for the
        benefit of the Indenture Trustee; or

        (iii) A custodian received possession of such instruments or tangible
        chattel paper after the Indenture Trustee received a written
        acknowledgment from such custodian that such custodian is acting solely
        as agent of the Indenture Trustee;

9. With respect to the Accounts and all subaccounts thereof that constitute
deposit accounts, either:

        (i) The Issuer has delivered to the Indenture Trustee a fully executed
        agreement pursuant to which the bank maintaining the deposit accounts
        has agreed to comply with all instructions originated by the Indenture
        Trustee directing disposition of the funds in the Accounts without
        further consent by the Issuer; or

        (ii) The Issuer has taken all steps necessary to cause the Indenture
        Trustee to become the account holder of the Accounts.

10. With respect to Collateral or Accounts or subaccounts thereof that
constitute securities accounts or securities entitlements, either:

        (i) The Issuer has caused or will have caused, within ten days after the
        effective date of the Indenture, the filing of all appropriate financing
        statements in the proper filing office in the appropriate jurisdictions
        under applicable law in order to perfect the security interest granted
        in the Collateral to the Indenture Trustee; or

        (ii) The Issuer has delivered to the Indenture Trustee a fully executed
        agreement pursuant to which the securities intermediary has agreed to
        comply with all instructions originated by the Indenture Trustee
        relating to the Accounts without further consent by the Issuer; or

        (iii) The Issuer has taken all steps necessary to cause the securities
        intermediary to identify in its records the Indenture Trustee as the
        person having a security entitlement against the securities intermediary
        in the Accounts.

11. With respect to Collateral that constitutes certificated securities (other
than securities entitlements), all original executed copies of each security
certificate that constitutes or evidences the Collateral have been delivered to
the Indenture Trustee, and each such security certificate either (i) is in
bearer form, (ii) has been indorsed by an effective indorsement to the Indenture
Trustee or in blank, or (iii) has been registered in the name of the Indenture
Trustee.

Other than the transfer of the Transaction SUBI and the Transaction SUBI
Certificate from VCI to the Transferor under the SUBI Sale Agreement, the
transfer of the Transaction SUBI and the Transaction SUBI Certificate from the
Transferor to the Issuer under the SUBI Transfer Agreement and the security
interest in the Collateral granted to the Indenture Trustee pursuant to the
Indenture, none of VCI, the Transferor or the Issuer has pledged, assigned,
sold, granted a

                                      I-2
<PAGE>

security interest in, or otherwise conveyed any of the Collateral or the
Accounts or any subaccounts thereof. The Issuer has not authorized the filing
of, or is aware of any financing statements against the Issuer that include a
description of collateral covering the Collateral or the Accounts or any
subaccount thereof other than any financing statement relating to the security
interest granted to the Indenture Trustee hereunder or that has been terminated.

12. None of the instruments, certificated securities or tangible chattel paper
that constitute or evidence the Collateral has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other
than the Indenture Trustee.

13. Neither the Accounts nor any subaccounts thereof are in the name of any
person other than the Issuer or the Indenture Trustee. The Issuer has not
consented to the securities intermediary of any Account to comply with
entitlement orders of any person other than the Indenture Trustee.

14. Survival of Perfection Representations. Notwithstanding any other provision
of the Indenture or any other Transaction Document, the perfection
representations contained in this Schedule shall be continuing, and remain in
full force and effect (notwithstanding any termination of the commitments or any
replacement of the Servicer or termination of the Servicer's rights to act as
such) until such time as all obligations under the Indenture have been finally
and fully paid and performed.

15. No Waiver. The parties to the Indenture: (i) shall not, unless the Rating
Agency Condition shall have been satisfied, waive any of the perfection
representations contained in this Schedule; (ii) shall provide the Rating
Agencies with prompt written notice of any breach of perfection representations
contained in this Schedule and (iii) shall not, unless the Rating Agency
Condition shall have been satisfied, waive a breach of any of the perfection
representations contained in this Schedule.

                                      I-3
<PAGE>

                                   APPENDIX A

                                   DEFINITIONS

        The following terms have the meanings set forth, or referred to, below:

        "ABS" means a prepayment model that assumes that a constant percentage
of the original number of leases in any given pool prepay each month.

        "Account" means the Collection Account and the Reserve Account.

        "Act" has the meaning set forth in Section 11.3(a) of the Indenture.

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

        "Administration Fee" means, for any Collection Period, an amount equal
to $5,000.

        "Administrative Trustee" means U.S. Bank, as Administrative Trustee
under the Origination Trust Agreement, and its successors.

        "Administrator" means VCI, or any successor Administrator under the
Administration Agreement.

        "Advance" has the meaning set forth in Section 7.8 of the Transaction
SUBI Servicing Supplement.

        "Adverse Claim" means, for any asset or property of a Person, a lien,
security interest, mortgage, pledge or encumbrance in, of or on such asset or
property in favor of any other Person, except any Permitted Lien.

        "Affiliate" means, for any specified Person, any other Person which,
directly or indirectly, controls, is controlled by or is under common control
with such specified Person and "affiliated" has a meaning correlative to the
foregoing. For purposes of this definition, "control" means the power, directly
or indirectly, to cause the direction of the management and policies of a
Person.

        "Authenticating Agent" means any Person authorized by the Indenture
Trustee to act on behalf of the Indenture Trustee to authenticate and deliver
the Notes.

        "Authorized Newspaper" means a newspaper of general circulation in The
City of New York, printed in the English language and customarily published on
each Business Day, whether or not published on Saturdays, Sundays and holidays.

        "Authorized Officer" means (a) with respect to the Issuer, (i) any
officer of the Owner Trustee who is authorized to act for the Owner Trustee in
matters relating to the Issuer and who is identified on the list of Authorized
Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing
Date and (ii) so long as the Administration Agreement is in effect, any

<PAGE>

officer of the Administrator who is authorized to act for the Administrator in
matters relating to the Issuer pursuant to the Administration Agreement and who
is identified on the list of Authorized Officers delivered by the Administrator
to the Owner Trustee and the Indenture Trustee on the Closing Date (as such list
may be modified or supplemented from time to time thereafter) and (b) with
respect to the Owner Trustee, the Indenture Trustee and the Servicer, any
officer of the Owner Trustee, the Indenture Trustee or the Servicer, as
applicable, who is authorized to act for the Owner Trustee, the Indenture
Trustee or the Servicer, as applicable, in matters relating to the Owner
Trustee, the Indenture Trustee or the Servicer and who is identified on the list
of Authorized Officers delivered by each of the Owner Trustee, the Indenture
Trustee and the Servicer to the Indenture Trustee on the Closing Date (as such
list may be modified or supplemented from time to time thereafter).

        "Available Funds" means, for any Payment Date and the related Collection
Period, an amount equal to the sum of the following amounts: (i) the Collections
received by the Servicer during such Collection Period, (ii) Advances made by
the Servicer on such Payment Date, (iii) any amounts paid with respect to such
Payment Date by VCI to the Issuer in accordance with Section 2.3 of the SUBI
Sale Agreement or by the Servicer to the Issuer in accordance with Section 7.12
of the Transaction SUBI Servicing Supplement and (iv) investment earnings (if
any) on amounts on deposit in the Collection Account for the related Collection
Period.

        "Bankruptcy Event" means, for any Person, that such Person makes a
general assignment for the benefit of creditors or any proceeding is instituted
by or against such Person seeking to adjudicate it bankrupt or insolvent, or
seeking the liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief or composition of it or its debts under any law relating to
bankruptcy, insolvency or reorganization or relief of debtors, or seeking the
entry of an order for relief or the appointment of a receiver, trustee or other
similar official for it or any substantial part of its property and, in the case
of any proceeding instituted against such Person, such proceeding remains
unstayed for more than 90 days.

        "Bankruptcy Remote Party" means any of the Transferor, the Issuer, the
Origination Trust or any Special Purpose Entity (and the general partner of any
Special Purpose Entity that is a partnership, or the managing member of any
Special Purpose Entity that is a limited liability company) that holds a
beneficial interest in the Origination Trust.

        "Base Residual" means, for each Leased Vehicle related to an Included
Unit, the lesser of (a) the residual value established by the Automotive Lease
Guide at the time of origination of the related Lease or (b) the Stated Residual
Value of the related Vehicle.

        "Benefit Plan" means (i) any "employee benefit plan" whether or not
subject to ERISA, (ii) a "plan" described by Section 4975(e)(1) of the Code or
(iii) any entity deemed to hold the assets of any of the foregoing by reason of
an employee benefit plan's or other plan's investment in such entity.

        "Book-Entry Notes" means a beneficial interest in the Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.9 of the Indenture.

                                       2
<PAGE>

        "Business Day" means any day other than a Saturday, a Sunday or a day on
which banking institutions in the states of Delaware, Illinois, Michigan or New
York are authorized or obligated by law, executive order or government decree to
be closed.

        "Business Trust Statute" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code Section 3801 et seq.

        "Casualty" means, with respect to any Transaction Unit, that the
Servicer has actual knowledge that the Vehicle included in such Unit (a) shall
have suffered damage or destruction resulting in an insurance settlement on the
basis of an actual, constructive or compromised total loss, (b) shall have
suffered destruction or damage beyond repair, (c) shall have suffered damage
that makes repairs uneconomic or (d) shall have suffered destruction, damage,
theft, loss or disappearance that, in accordance with Customary Servicing
Practices, results in a termination of the related User Lease.

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

        "Certificateholder" means the registered holder of the Certificate.

        "Class" means a group of Notes whose form is identical except for
variation in denomination, principal amount or owner, and references to "each
Class" thus mean each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes.

        "Class A-1 Interest Rate" means ___% per annum (computed on the basis of
the actual number of days elapsed, but assuming a 360-day year of twelve 30-day
months).

        "Class A-2 Interest Rate" means ___% per annum (computed on the basis of
a 360-day year of twelve 30-day months).

        "Class A-3 Interest Rate" means ___% per annum (computed on the basis of
a 360-day year of twelve 30-day months).

        "Class A-4 Interest Rate" means ___% per annum (computed on the basis of
a 360-day year of twelve 30-day months).

        "Class A-1 Note Balance" means, as of any date, the Initial Class A-1
Note Balance reduced by all payments of principal made on or prior to such date
on the Class A-1 Notes.

        "Class A-2 Note Balance" means, as of any date, the Initial Class A-2
Note Balance reduced by all payments of principal made on or prior to such date
on the Class A-2 Notes.

        "Class A-3 Note Balance" means, as of any date, the Initial Class A-3
Note Balance reduced by all payments of principal made on or prior to such date
on the Class A-3 Notes.

        "Class A-4 Note Balance" means, as of any date, the Initial Class A-4
Note Balance reduced by all payments of principal made on or prior to such date
on the Class A-4 Notes.

                                       3
<PAGE>

        "Class A-1 Notes" means the Class of Auto Lease Asset Backed Notes
designated as Class A-1 Notes, issued in accordance with this Indenture.

        "Class A-2 Notes" means the Class of Auto Lease Asset Backed Notes
designated as Class A-2 Notes, issued in accordance with this Indenture.

        "Class A-3 Notes" means the Class of Auto Lease Asset Backed Notes
designated as Class A-3 Notes, issued in accordance with this Indenture.

        "Class A-4 Notes" means the Class of Auto Lease Asset Backed Notes
designated as Class A-4 Notes, issued in accordance with this Indenture.

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

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

        "Closing Date" means November [  ], 2002.

        "Code" means the Internal Revenue Code of 1986, as amended from time to
time, or any successor law, and the Treasury Regulations promulgated thereunder.

        "Collateral" has the meaning set forth in the Granting Clause of the
Indenture.

        "Collection Account" means the trust account established and maintained
pursuant to Section 8.2(b) of the Indenture.

        "Collection Period" means the period commencing on the first day of each
fiscal month of the Servicer and ending on the last day of such fiscal month
(or, in the case of the initial Collection Period, the period commencing on the
close of business on the Cut-Off Date and ending on November 30, 2002). As used
herein, the "related" Collection Period with respect to a Payment Date shall be
deemed to be the Collection Period which precedes such Payment Date.

        "Collections" means, with respect to any Collection Period, an amount
equal to the following, but only to the extent relating solely to the
Transaction SUBI Portfolio: (a) all monthly lease payments on any Lease, (b)
Sales Proceeds (it being understood that, with respect to Sales Proceeds, the
Servicer shall not be obligated to remit the actual Sales Proceeds but instead
such actual Sales Proceeds shall be held by the Qualified Intermediary or in a
Qualified Intermediary Account which shall not constitute Collateral) in respect
of any Leased Vehicle, (c) Excess Wear and Tear Charges, Excess Mileage Charges
and any other payments, receipts or Recoveries (including any residual value
insurance proceeds and other insurance proceeds) by or on behalf of any Lessee
or otherwise with respect to any Unit; provided that the term "Collections"
shall not include (i) Supplemental Servicing Fees, (ii) payments allocable to
sales, use or other taxes (which shall be collected by the Servicer and remitted
to the applicable Governmental Authority or used to reimburse the Servicer for
payment of such amounts in

                                       4
<PAGE>

accordance with Customary Servicing Practices), (iii) payments allocable to
premiums for force-placed insurance policies purchased by the Servicer on behalf
of any Lessee (which shall be collected by the Servicer and remitted to the
applicable insurance company (or if such amounts were paid by the Servicer, to
the Servicer) in accordance with Customary Servicing Practices), (iv) payments
allocable to fines for parking violations incurred by any Lessee but assessed to
the Origination Trust as the owner of the related Vehicle (which shall be
collected by the Servicer and remitted to the applicable Governmental Authority
(or if such amounts were paid by the Servicer, to the Servicer) in accordance
with Customary Servicing Practices) and (v) rebates of premiums with respect to
the cancellation of any insurance policy or service contract.

        "Commission" means the U.S. Securities and Exchange Commission.

        "Corporate Trust Office" means:

               (e) as used in the Indenture, or otherwise with respect to
Indenture Trustee, the principal office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered which office
at date of the execution of the Indenture is located at 101 Barclay Street,
Floor 8 West, New York, New York 10286 (telecopier no. (212) 815-2493),
Attention: Asset Backed Securities Unit, or at such other address as the
Indenture Trustee may designate from time to time by notice to the Noteholders,
the Administrator, the Servicer and the Issuer, or the principal corporate trust
office of any successor Indenture Trustee (the address of which the successor
Indenture Trustee will notify the Noteholders and the Owner Trustee); and

               (f) as used in the Trust Agreement, or otherwise with respect to
Owner Trustee, the corporate trust office of the Owner Trustee located at 400
North Michigan Avenue, 2nd Floor, Chicago, Illinois 60611, Attention: Corporate
Trust Department, or at such other address as the Owner Trustee may designate by
notice to the Certificateholder and the Transferor, or the principal corporate
trust office of any successor Owner Trustee (the address of which the successor
Owner Trustee will notify the Certificateholder and the Transferor).

        "Cumulative Net Residual Losses" means, through any Collection Period,
the sum (which number may be positive or negative) of the Residual Losses for
all Collection Periods from and including the Cut-Off Date to and including such
Collection Period.

        "Customary Servicing Practices" means the customary practices of the
Servicer with respect to Vehicles and Leases held by the Origination Trust,
without regard to whether such Vehicles and Leases have been identified and
allocated into a SUBI Portfolio, as such practices may be changed from time to
time.

        "Cut-Off Date" means the close of business on September 28, 2002.

        "Dealer" means a motor vehicle dealership in the VCI dealer network.

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

                                       5
<PAGE>

        "Defaulted Unit" means any Unit with a related Lease (a) on which any
payment is past due 90 or more days, (b) for which the related Vehicle has been
repossessed but which has not been charged off or (c) which has been charged off
in accordance with Customary Servicing Practices.

        "Definitive Note" means a definitive fully registered Note issued
pursuant to Section 2.11 of the Indenture.

        "Delaware Trustee" means Wilmington Trust Company, as Delaware Trustee
under the Origination Trust Agreement.

        "Delinquent Unit" means any Transaction Unit (other than a Defaulted
Unit) with a related Transaction Lease on which any payment is past due for more
than 30 days.

        "Depository Agreement" means the agreement among the Issuer, the
Indenture Trustee and DTC, as the initial Clearing Agency, dated as of the
Closing Date, substantially in the form of Exhibit C to the Indenture.

        "Determination Date" means the second Business Day preceding the related
Payment Date, beginning December 18, 2002.

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

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

        "Eligible Account" means either (a) a segregated account with an
Eligible Institution or (b) a segregated trust account with the corporate trust
department of a depository institution acting in its fiduciary capacity
organized under the laws of the United States of America or any one of the
states thereof or the District of Columbia (or any domestic branch of a foreign
bank), having corporate trust powers and acting as trustee for funds deposited
in such account, so long as the long-term unsecured debt of such depository
institution shall have a credit rating from each Rating Agency in one of its
generic rating categories which signifies investment grade. Any such trust
account may be maintained with the Owner Trustee, the Indenture Trustee or any
of their respective Affiliates, if such accounts meet the requirements described
in clause (b) of the preceding sentence.

        "Eligible Institution" means a depository institution or trust company
(which may be the Owner Trustee, the Indenture Trustee or any of their
respective Affiliates) organized under the laws of the United States of America
or any one of the states thereof or the District of Columbia (or any domestic
branch of a foreign bank) (a) which at all times (i) has either (A) a long-term
senior unsecured debt rating of "Aa2" or better by Moody's, "AA-" or better by
Standard & Poor's and "AA-" or better by Fitch or such other rating that is
acceptable to each Rating Agency, as evidenced by a letter from such Rating
Agency to the Issuer or the Indenture Trustee or (B) a certificate of deposit
rating of "P-1" by Moody's, "A-1+" by Standard & Poor's and "F-1+" by Fitch or
(C) such other rating that is acceptable to each Rating Agency, as evidenced by
a letter from such Rating Agency to the Issuer or the Indenture Trustee and (b)
whose deposits are insured by the Federal Deposit Insurance Corporation.

                                       6
<PAGE>

        "Eligible Unit" means, at the Cut-Off Date, a Unit:

                             (A) which was originated out of the lease of a new
                      Vehicle;

                             (B) the Lessee of which (a) is a resident of, or
                      organized under the laws of and with its chief executive
                      office in, the USA, (b) is not an Affiliate of VCI, (c) is
                      not a government or a governmental subdivision or agency,
                      (d) is not shown on the Servicer's records as a debtor in
                      a pending bankruptcy proceeding and (e) is not the Lessee
                      of any Defaulted Unit;

                             (C) for which the related Lease requires
                      substantially equal monthly payments;

                             (D) for which the related Lease has a remaining
                      lease term less than 60 months and had an original lease
                      term greater than 12 months and less than or equal to 72
                      months;

                             (E) for which the related Lease is an "account" or
                      "chattel paper" within the meaning of Section 9-102 of the
                      UCC of all applicable jurisdictions;

                             (F) for which the related Lease is denominated and
                      payable only in Dollars;

                             (G) for which the related Lease constitutes the
                      legal, valid and binding obligation of the related Lessee
                      enforceable against such Lessee in accordance with its
                      terms subject to no offset, counterclaim, defense or other
                      Adverse Claim;

                             (H) for which the related Lease arises under a
                      contract that does not require the Lessee under such
                      contract to consent to the transfer, sale or assignment of
                      the rights of the Origination Trust under such contract;

                             (I) which does not, in whole or in part, contravene
                      any law, rule or regulation applicable thereto (including,
                      without limitation, those relating to usury, truth in
                      lending, fair credit billing, fair credit reporting, equal
                      credit opportunity, fair debt collection practices and
                      privacy);

                             (J) which has a Securitization Value not greater
                      than $60,000;

                             (K) which was generated in the ordinary course of
                      the Origination Trust's business;

                             (L) which is not a Delinquent Unit or a Defaulted
                      Unit;

                             (M) for which the related Lease provides for level
                      payments that fully amortize the adjusted capitalized cost
                      of such Lease to the related Stated Residual Value over
                      the term of such Lease;

                                       7
<PAGE>

                             (N) which was originated in compliance with
                      Customary Servicing Practices;

                             (O) for which there is only one original of the
                      related Lease, which is held by the Servicer on behalf of
                      the Origination Trust;

                             (P) for which there is no credit-related recourse
                      to the related Dealer;

                             (Q) for which the related Lease was originated on
                      or after February 26, 2000;

                             (R) for which the related Lease is in full force
                      and effect, and has not been satisfied, subordinated or
                      rescinded;

                             (S) for which the related Lease requires the
                      related Lessee to obtain physical damage insurance
                      covering the related Vehicle in accordance with Customary
                      Servicing Practices;

                             (T) for which the related Vehicle is a Volkswagen
                      brand or Audi brand Vehicle; and

                             (U) for which the related Lease was originated in
                      compliance, and complies in all material respects, with
                      all material applicable legal requirements.

        "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended.

        "ERISA Affiliate" means at any time, with respect to any Person or
entity, any member of such Person's or entity's "controlled group", within the
meaning of Section 4001 of ERISA or Section 414(b), (c), (m) or (o) of the Code.

        "Event of Loss" means, with respect to any Transaction Unit, a Casualty
with respect to the Vehicle included in such Unit.

        "Excess Mileage Charges" means, with respect to any Unit, the amount of
charges for excess mileage on the related Vehicle received from the Lessee at
the expiration of the Lease.

        "Excess Wear and Tear Charges" means, with respect to any Unit, the
amount of charges for wear and tear to the related Vehicle received from the
Lessee at the expiration of the Lease.

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

        "Executive Officer" means (i) with respect to any corporation or
depository institution, the Chief Executive Officer, the Chief Operating
Officer, the Chief Financial Officer, the President, the Executive Vice
President, any Vice President, the Secretary or the Treasurer of such
corporation or depository institution and (ii) with respect to any partnership,
any general partner thereof.

                                       8
<PAGE>

        "Final Scheduled Payment Date" means, with respect to (i) a Class A-1
Note, November 20, 2003; (ii) a Class A-2 Note, February 21, 2005; (iii) a Class
A-3 Note, December 20, 2005; and (iv) a Class A-4 Note, December 20, 2007.

        "Financing" means, collectively, (i) any financing transaction of any
sort undertaken by VCI or any Affiliate of VCI involving, directly or
indirectly, Origination Trust Assets (including, without limitation, any
financing undertaken in connection with the issuance and assignment of any SUBI
and related SUBI Certificate), (ii) any sale or purchase by the Transferor or
any other Special Purpose Entity of any interest in one or more SUBIs and (iii)
any other asset securitization, synthetic lease, sale-leaseback, secured loan or
similar transaction involving Origination Trust Assets or any beneficial
interest therein or in the Origination Trust.

        "Fitch" means Fitch, Inc., or any successor that is a nationally
recognized statistical rating organization.

        "GAAP" means generally accepted accounting principles in the USA,
applied on a materially consistent basis.

        "Governmental Authority" means any (a) Federal, state, municipal,
foreign or other governmental entity, board, bureau, agency or instrumentality,
(b) administrative or regulatory authority (including any central bank or
similar authority) or (c) court or judicial authority.

        "Grant" means to mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, 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 Collateral or of any other agreement
or instrument shall include all rights, powers and options (but none of the
obligations) of the Granting party thereunder, including the immediate and
continuing right to claim, collect, receive and give receipt for principal and
interest payments in respect of the Collateral and all other moneys payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
proceedings in the name of the Granting party or otherwise and generally to do
and receive anything that the Granting party is or may be entitled to do or
receive thereunder or with respect thereto. Other forms of the verb "to Grant"
shall have correlative meanings.

        "Holder" means, as the context may require, the Certificateholder or a
Noteholder or both.

        "Included Units" means, for any Collection Period, all Transaction Units
as of the beginning of such Collection Period (or, in the case of the initial
Collection Period, the Closing Date), other than Units the beneficial interest
in which were repurchased by VCI during such Collection Period pursuant to
Section 2.3 of the SUBI Sale Agreement. The "Included Units" for any Cut-Off
Date means the Included Units for the Collection Period which begins on the day
after such Cut-Off Date.

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

                                       9
<PAGE>

        "Indenture Default" has the meaning set forth in Section 5.1 of the
Indenture.

        "Indenture Trustee" means The Bank of New York, not in its individual
capacity but as indenture trustee under the Indenture, or any successor trustee
under the Indenture.

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

        "Independent Certificate" means a certificate or opinion to be delivered
to the Indenture Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1(b) of the Indenture,
made by an independent appraiser or other expert appointed by an Issuer Order,
and such opinion or certificate shall state that the signer has read the
definition of "Independent" in this Indenture and that the signer is Independent
within the meaning thereof.

        "Initial Beneficiary" means VCI, as initial beneficiary under the
Origination Trust Agreement and its permitted successors and assigns.

        "Initial Class A-1 Note Balance" means $240,000,000.

        "Initial Class A-2 Note Balance" means $405,000,000.

        "Initial Class A-3 Note Balance" means $545,000,000.

        "Initial Class A-4 Note Balance" means $310,000,000.

        "Initial Note Balance" means, for any Class, the Initial Class A-1 Note
Balance, the Initial Class A-2 Note Balance, the Initial Class A-3 Note Balance
or the Initial Class A-4 Note Balance, as applicable, or with respect to the
Notes generally, the sum of the foregoing.

        "Insurance Policy" means (i) any comprehensive and collision, fire,
theft or other insurance policy maintained by a Lessee in which the Servicer or
the Origination Trust is named as loss payee with respect to one or more
Transaction Units and (ii) any credit life or credit disability insurance
maintained by a Lessee in connection with any Transaction Unit.

        "Interest Rate" means (a) with respect to the Class A-1 Notes, the Class
A-1 Interest Rate, (b) with respect to the Class A-2 Notes, the Class A-2
Interest Rate, (c) with respect to the Class A-3 Notes, the Class A-3 Interest
Rate or (d) with respect to the Class A-4 Notes, the Class A-4 Interest Rate.

                                       10
<PAGE>

        "Issuer" means Volkswagen Auto Lease Trust 2002-A, a Delaware common law
trust established pursuant to the Trust Agreement, until a successor replaces it
and, thereafter, means the successor and, for purposes of any provision
contained herein, each other obligor on the Notes.

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

        "Lease" means a lease of a Vehicle.

        "Lessee" means, with respect to each Lease, the lessee thereunder.

        "Lien" means any mortgage, pledge, security interest, lien or other
encumbrance of any kind.

        "Moody's" means Moody's Investors Service, Inc., or any successor that
is a nationally recognized statistical rating organization.

        "Net Book Value" means, with respect to any Unit, as of any date, an
amount equal to the original cost of the related Lease, less the accumulated
depreciation taken as of such date, in accordance with Customary Servicing
Practices.

        "Note" means a Class A-1 Note, Class A-2 Note, Class A-3 Note or Class
A-4 Note, in each case substantially in the form of Exhibit A to the Indenture.

        "Note Balance" means, for any Class, the Class A-1 Note Balance, the
Class A-2 Note Balance, the Class A-3 Note Balance or the Class A-4 Note
Balance, as applicable, or with respect to the Notes generally, the sum of the
foregoing.

        "Note Factor" means, with respect to the Notes or any Class on any
Payment Date, the seven digit decimal equivalent of a fraction the numerator of
which is the Note Balance of the Notes of such Class on such Payment Date (after
giving effect to any payment of principal on such Payment Date) and the
denominator of which is the Initial Note Balance.

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

        "Note Register" and "Note Registrar" have the respective meanings set
forth in Section 2.4 of the Indenture.

        "Noteholder" means, as of any date, the Person in whose name a Note is
registered on the Note Register on such date.

                                       11
<PAGE>

        "Officer's Certificate" means a certificate signed by an Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1 of the Indenture,
and delivered to, the Indenture Trustee.

        "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in the Indenture or any other
applicable Transaction Document, be employees of or counsel to the Issuer or the
Administrator, and who shall be satisfactory to the Indenture Trustee, and which
opinion or opinions comply with any applicable requirements of the Transaction
Documents and are in form and substance reasonably satisfactory to the
recipient(s). Opinions of Counsel need address matters of law only and may be
based upon stated assumptions as to relevant matters of fact.

        "Optional Purchase Price" has the meaning set forth in Section 10.1(a)
of the Indenture.

        "Origination Trust" means VW Credit Leasing, Ltd., a Delaware statutory
trust formed under the Business Trust Statute.

        "Origination Trust Agreement" means the Trust Agreement, dated as of
June 2, 1999, among VCI as Settlor and Initial Beneficiary, Wilmington Trust
Company, as Delaware Trustee, and U.S. Bank, as Administrative Trustee and UTI
Trustee, as amended, supplemented and modified by the Transaction SUBI
Supplement and as the same may be further amended or modified from time to time.

        "Origination Trust Assets" means, at any time, all assets owned by the
Origination Trust at such time.

        "Origination Trust Documents" means the Origination Trust Agreement, the
Transaction SUBI Supplement, the Servicing Agreement (including the Transaction
SUBI Servicing Supplement), the Transaction SUBI Certificate and all amendments
or modifications thereto.

        "Other SUBI" means any special unit of beneficial interest in the
Origination Trust other than the Transaction SUBI.

        "Other SUBI Assets" means the Origination Trust Assets allocated to any
SUBI other than the Transaction SUBI.

        "Other SUBI Certificate" means a certificate of beneficial ownership
representing beneficial ownership of the Origination Trust Assets allocated to
any SUBI other than the Transaction SUBI.

        "Other SUBI Portfolio" means a portfolio of Origination Trust Assets
other than the Transaction SUBI Portfolio.

        "Other SUBI Trustee" means the trustee of any Other SUBI appointed under
Section 4.2(d) of the Origination Trust Agreement.

                                       12
<PAGE>

        "Outstanding" means, as of any date, all Notes (or all Notes of an
applicable Class) theretofore authenticated and delivered under this Indenture
except:

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

        (ii) Notes (or Notes of an applicable Class) 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 related
Noteholders (provided, however, that if such Notes are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture or provision
therefor, satisfactory to the Indenture Trustee, has been made); and

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

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

        "Outstanding Amount" or "Outstanding Note Amount" means the aggregate
principal amount of all Notes, or Class of Notes, as applicable, Outstanding at
the date of determination.

        "Owner Trustee" means U.S. Bank Trust National Association, a national
banking association, not in its individual capacity but solely as owner trustee
under the Trust Agreement, and any successor Owner Trustee thereunder.

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

        "Payment Date" means the 20th day of each calendar month beginning
December 20, 2002; provided, however, whenever a Payment Date would otherwise be
a day that is not a Business Day, the Payment Date shall be the next Business
Day. As used herein, the "related" Payment Date with respect to a Collection
Period shall be deemed to be the Payment Date which follows such Collection
Period.

                                       13
<PAGE>

        "Payment Date Advance Reimbursement" means, with respect to any Payment
Date, an amount equal to the sum of all outstanding Advances made by the
Servicer prior to such Payment Date.

        "Permitted Investments" means (a) evidences of indebtedness, maturing
within thirty (30) days after the date of loan thereof, issued by, or guaranteed
by the full faith and credit of, the federal government of the USA, (b)
repurchase agreements with banking institutions or broker-dealers registered
under the Securities Exchange Act of 1934 which are fully secured by obligations
of the kind specified in clause (a), (c) money market funds (i) rated not lower
than the highest rating category from Moody's and Fitch and "AAA m" or "AAAm-g"
from Standard & Poor's or (ii) which are otherwise acceptable to each Rating
Agency, as evidenced by a letter from such Rating Agency to the Issuer or the
Indenture Trustee or (d) commercial paper issued by any corporation incorporated
under the laws of the USA and rated at least "A-1+" (or the equivalent) by
Standard & Poor's, at least "P-1" (or the equivalent) by Moody's and at least
"F-1" (or the equivalent) by Fitch.

        "Permitted Lien" means (1) with respect to any Unit (a) the interests of
the parties under the Transaction Documents; (b) the interests of the
Origination Trust and any Lessee as provided in any Lease; (c) any liens thereon
for taxes, assessments, levies, fees and other government and similar charges
not due and payable or the amount or validity of which is being contested in
good faith by appropriate proceedings; (d) any liens of mechanics, suppliers,
vendors, materialmen, laborers, employees, repairmen and other like liens
arising in the ordinary course of the Servicer's, the Issuer's or the
Origination Trust's (or if a Lease is then in effect, any Lessee's) business
securing obligations which are not due and payable or the amount or validity of
which is being contested in good faith by appropriate proceedings; (e) liens
arising out of any judgment or award against the Transferor or the Origination
Trust (or if a Lease is then in effect, any Lessee) with respect to which an
appeal or proceeding for review is being taken in good faith and with respect to
which there shall have been secured a stay of execution pending such appeal or
proceeding for review; and (f) any lien of the Origination Trust noted on the
certificate of title of the Vehicle included in such Unit for the sole purpose
of causing the certificate of title for such Vehicle to be returned or otherwise
delivered to the Transferor, the Servicer or the Origination Trust from the
relevant registrar of titles and which does not convey to the Origination Trust
any other rights with respect to such Vehicle; and (2) with respect to any SUBI
or SUBI Certificate, the type of liens described in subclauses (a), (c) and (e)
of the foregoing clause (1).

        "Person" means any individual, corporation, limited liability company,
estate, partnership, joint venture, association, joint stock company, trust
(including any beneficiary thereof), unincorporated organization or government
or any agency or political subdivision thereof.

        "Postmaturity Term Extension" means, with respect to any Included Unit,
that the Servicer has granted an extension of the term of the related Lease, and
the Lease term as so extended ends beyond the Collection Period preceding the
Final Scheduled Payment Date for the Class A-4 Notes.

                                       14
<PAGE>

        "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; provided, however, for the purpose of this definition, any
Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a
mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Note.

        "Principal Carryover Shortfall" means, as of the close of business on
any Payment Date, the excess, if any, of the Principal Distribution Amount over
the amount of principal actually received by Noteholders on such Payment Date.

        "Principal Distribution Amount" means, for any Payment Date, the sum of
(i) the Targeted Principal Distributable Amount, (ii) any Principal Carryover
Shortfall as of the preceding Payment Date and (iii) so long as no Indenture
Default has occurred and is continuing, any additional amount necessary to pay
in full any Class of Notes on or after its Final Scheduled Payment Date;
provided that if the amount on deposit in the Reserve Account after giving
effect to all deposits and withdrawals on such Payment Date exceeds the Note
Balance, the unpaid principal amount of the Notes will be paid in full.
Notwithstanding the foregoing, the aggregate amount of principal paid in respect
of a Class of Notes should not exceed its Initial Note Balance.

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

        "Qualified Intermediary" means any Person acting as a "qualified
intermediary" for VCI's like-kind exchange program pursuant to Section
1.1031(k)-1(g)(4) of the Treasury Regulations promulgated under the Code.

        "Qualified Intermediary Account" means each account established by the
Qualified Intermediary used to receive or hold funds in connection with VCI's
like-kind exchange program.

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

        "Rating Agency Condition" means, with respect to any event and each
Rating Agency, either (a) written confirmation by such Rating Agency that the
occurrence of such event will not cause it to downgrade, qualify or withdraw its
rating assigned to the Notes or (b) that such Rating Agency shall have been
given notice of such event at least ten (10) days prior to such event (or, if
(10) days' advance notice is impracticable, as much advance notice as is
practicable) and such rating agency shall not have issued any written notice
that the occurrence of such event will cause it to downgrade, qualify or
withdraw its rating assigned to the Notes.

        "Record Date" means, unless otherwise specified in any Transaction
Document, with respect to any Payment Date or Redemption Date, (i) for any
Definitive Notes and for the Certificates, the close of business on the last
Business Day of the calendar month immediately preceding the calendar month in
which such Payment Date or Redemption Date occurs and (ii) for any Book-Entry
Notes, the close of business on the Business Day immediately preceding such
Payment Date or Redemption Date.

                                       15
<PAGE>

        "Records" means, for any Transaction Unit, all contracts, books, records
and other documents or information (including computer programs, tapes, disks,
software and related property and rights, to the extent legally transferable)
relating to such Transaction Unit or the related Lessee.

        "Recoveries" means, with respect to any Transaction Unit that has become
a Defaulted Unit, all monies collected by the Servicer (from whatever source,
including, but not limited to, proceeds of a deficiency balance or insurance
proceeds recovered after the charge-off of the related Transaction Unit) on such
Defaulted Unit, net of any expenses incurred by the Servicer in connection
therewith, Supplemental Servicing Fees and any payments required by law to be
remitted to the Lessee.

        "Redemption Date" means in the case of a redemption of the Notes
pursuant to Section 10.1 of the Indenture, the Payment Date specified by the
Administrator or the Issuer pursuant to Section 10.1 of the Indenture.

        "Redemption Price" means an amount equal to the unpaid principal amount
of the Notes redeemed plus accrued and unpaid interest thereon at the applicable
Interest Rate for the Notes being so redeemed, up to but excluding the
Redemption Date.

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

        "Related Rights" means, with respect to any Vehicle and related Lease,
all Origination Trust Assets to the extent such assets are associated with such
Unit.

        "Reporting Date" means the second Business Day preceding the related
Payment Date.

        "Reserve Account" means the account designated as such, established and
maintained pursuant to Section 8.2(a) of the Indenture.

        "Reserve Account Draw Amount" means, for any Payment Date, the amount
withdrawn from the Reserve Account, equal to the lesser of (a) the Available
Funds Shortfall Amount, if any, or (b) the amount on deposit in the Reserve
Account after giving effect to all deposits thereto on such Payment Date.

        "Residual Losses" means, for any Collection Period, an amount (which,
for the avoidance of doubt, shall be a positive number in the case of residual
losses and a negative number in the case of residual gains) equal to (a) the sum
of all residual losses (i.e., the amount by which the Securitization Value of a
Transaction Unit exceeds the Sales Proceeds for such Unit) for all Included
Units that became Terminated Units during such Collection Period following the
scheduled termination of the related Leases minus (b) the sum of all Excess
Mileage Charges and Excess Wear and Tear Charges received by the Servicer with
respect to Transaction Units during such Collection Period.

        "Responsible Officer" means, with respect to the Indenture Trustee, any
officer within the corporate trust department of the Indenture Trustee,
including any vice president, assistant vice

                                       16
<PAGE>

president, assistant secretary, assistant treasurer, trust officer or any other
officer of the Indenture Trustee who customarily performs functions similar to
those performed by the persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of such
person's knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of the Indenture and, with
respect to the Owner Trustee, any officer within the Corporate Trust Office of
the Owner Trustee and having direct responsibility for the administration of the
Issuer, including any Vice President, Assistant Vice President, Assistant
Treasurer, Assistant Secretary, or any other officer 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.

        "Sales Proceeds" means, with respect to any Transaction Vehicle, an
amount equal to the aggregate amount of proceeds received by the Servicer from
the purchaser in connection with the sale or other disposition of such
Transaction Vehicle, net of any and all out-of-pocket costs and expenses
incurred by the Servicer in connection with such sale or other disposition,
including without limitation, all repossession, auction, painting, repair and
any and all other similar liquidation and refurbishment costs and expenses.

        "Securities Act" shall mean the Securities Act of 1933, as amended.

        "Securitization Rate" means, with respect to any Unit, the greater of
(i) [____]% and (ii) the implicit lease rate of the related Lease.

        "Securitization Value" means, for each Included Unit, (a) as of the
Cut-Off Date or any date other than the maturity date of the related Lease, the
sum of (i) the present value (discounted at the Securitization Rate) of the
aggregate monthly payments remaining on the Lease (including monthly payments
due and not yet paid for which the Servicer has never made an Advance) and (ii)
the present value (discounted at the Securitization Rate) of the Base Residual
of the related Vehicle and (b) as of the maturity date of the related Lease, the
Base Residual of the related Vehicle.

        "Servicer" means VCI, initially, and any replacement Servicer appointed
pursuant to the Transaction SUBI Servicing Supplement.

        "Servicer Certificate" has the meaning set forth in Section 8.3(a) of
the Indenture.

        "Servicer Replacement Event" means any one or more of the following that
shall have occurred and be continuing:

               (a) any failure by the Servicer to deliver or cause to be
delivered any required payment to the Indenture Trustee for distribution to the
Noteholders, which failure continues unremedied for ten business days after
discovery thereof by an officer of the Servicer or receipt by the Servicer of
written notice thereof from the Indenture Trustee or Noteholders evidencing at
least a majority of the Outstanding Note Amount, voting together as a single
class;

                                       17
<PAGE>

               (b) any failure by the Servicer to duly observe or perform in any
material respect any other of its covenants or agreements in the Transaction
SUBI Servicing Supplement or the Servicing Agreement, which failure materially
and adversely affects the rights of any holder of the Transaction SUBI
Certificate or the Noteholders, and which continues unremedied for 90 days after
discovery thereof by an officer of the Servicer or receipt by the Servicer of
written notice thereof from the Indenture Trustee or Noteholders evidencing at
least a majority of the Outstanding Note Amount, voting together as a single
class;

               (c) any representation or warranty of the Servicer made in the
Transaction SUBI Servicing Supplement or the Servicing Agreement, any other
Transaction Document to which the Servicer is a party or by which it is bound or
any certificate delivered pursuant to the Transaction SUBI Servicing Supplement
or the Servicing Agreement shall prove to be incorrect in any material respect
when made, which failure materially and adversely affects the rights of any
holder of the Transaction SUBI Certificate or the Noteholders, and such failure
continues unremedied for 90 days after discovery thereof by an officer of the
Servicer or receipt by the Servicer of written notice thereof from the Indenture
Trustee or Noteholders evidencing at least a majority of the Outstanding Note
Amount, voting together as a single class; it being understood that any
repurchase of a Unit by VCI pursuant to Section 2.3 of the SUBI Sale Agreement
shall be deemed to remedy any incorrect representation or warranty with respect
to such Unit; or

               (d) the Servicer suffers a Bankruptcy Event;

provided, however, that a delay in or failure of performance referred to under
clauses (a), (b) or (c) above for a period of 150 days will not constitute a
Servicer Replacement Event if such delay or failure was caused by force majeure
or other similar occurrence.

        "Servicing Agreement" means the Amended and Restated Servicing
Agreement, dated as of December 21, 2000, between the Origination Trust and VCI,
as amended, modified and supplemented by the Transaction SUBI Servicing
Supplement, and as the same may be further amended or modified from time to
time.

        "Servicing Fee" means, for any Collection Period, an amount equal to the
product of (a) one twelfth (or, in the case of the initial Collection Period
(i.e., the period commencing on the close of business on the Cut-Off Date and
ending on November 30, 2002), one sixth), (b) 1.00% and (c) the aggregate
Securitization Value at the beginning of such Collection Period (or, in the case
of the first Payment Date, at the Cut-Off Date) of all Included Units for such
Collection Period.

        "Settlor" means VCI, as settlor under the Origination Trust Agreement.

        "Special Purpose Entity" means any special purpose corporation,
partnership, limited partnership, trust, business trust, limited liability
company or other entity created for one or more Financings.

        "Specified Reserve Account Balance" means $65,217,391.30; provided that
unless the Cumulative Net Residual Losses through and including the September
2004 Collection Period exceed 1.50% of the aggregate Securitization Value of all
Included Units as of the Cut-Off Date,

                                       18
<PAGE>

then from and after the October 2004 Payment Date, the Specified Reserve Account
Balance shall be $57,065,217.39.

        "Standard & Poor's" means Standard & Poor's Ratings Services, a division
of the McGraw-Hill Companies, Inc., or any successor that is a nationally
recognized statistical rating organization.

        "Stated Residual Value" means, for any Unit, the stated residual value
of the related Vehicle established at the time of origination of the related
Lease or as subsequently revised in connection with an extension of a Lease in
accordance with Customary Servicing Practices.

        "SUBI" means a special unit of beneficial interest in the Origination
Trust.

        "SUBI Assets" means a separate portfolio of Origination Trust Assets
allocated to a SUBI.

        "SUBI Certificate" means any trust certificate representing any SUBI.

        "SUBI Portfolio" means any portfolio of Origination Trust Assets
allocated to the Transaction SUBI or any Other SUBI.

        "SUBI Sale Agreement" means the SUBI Sale Agreement, dated as of the
Closing Date, between VCI and the Transferor, as the same may be amended or
modified from time to time.

        "SUBI Transfer Agreement" means the SUBI Transfer Agreement, dated as of
the Closing Date, between the Transferor and the Issuer, as amended or
supplemented from time to time.

        "SUBI Trustee" means U.S. Bank, as SUBI Trustee under the Transaction
SUBI Supplement.

        "Subordinated Note" has the meaning set forth in Section 2.4 of the SUBI
Sale Agreement.

        "Supplemental Servicing Fees" means any and all (i) late fees, (ii)
extension fees, (iii) prepayment charges, (iv) early termination fees or any
other fees paid to the Servicer in connection with the termination of any Lease
(other than monthly lease payments and Excess Wear and Tear Charges and Excess
Mileage Charges), (v) non-sufficient funds charges and (vi) any and all other
administrative fees or similar charges allowed by applicable law received by or
on behalf of the Servicer, the Transferor, the Issuer or the Origination Trust
with respect to any Unit.

        "Targeted Principal Distributable Amount" for any Payment Date and the
related Collection Period will equal the sum of the following amounts:

        (a) for each Included Unit that did not become a Terminated Unit during
such Collection Period, the excess of the Securitization Value of the Included
Unit at the beginning of such Collection Period over the Securitization Value at
the end of such Collection Period;

                                       19
<PAGE>

        (b) for each Included Unit that became a Terminated Unit during such
Collection Period, the Securitization Value of the Included Unit as of the
beginning of such Collection Period; and

        (c) for each Included Unit the beneficial interest in which is
repurchased on such Payment Date by VCI pursuant to Section 2.3 of the SUBI Sale
Agreement or by the Servicer pursuant to Section 7.12 of the Transaction SUBI
Servicing Supplement, the Securitization Value of the Included Unit at the
beginning of such Collection Period.

        "Taxes" means all taxes, charges, fees, levies or other assessments
(including income, gross receipts, profits, withholding, excise, property,
sales, use, license, occupation and franchise taxes and including any related
interest, penalties or other additions) imposed by any jurisdiction or taxing
authority (whether foreign or domestic).

        "Terminated Unit" shall mean an Included Unit for which any of the
following has occurred during a Collection Period:

        (a) the related Leased Vehicle was sold or otherwise disposed of by the
Servicer following (i) such Unit becoming a Defaulted Unit or (ii) the scheduled
or early termination (including any early termination by the related Lessee) of
the related Lease;

        (b) such Unit became a Defaulted Unit or the related Lease terminated or
expired more than 90 days prior to the end of such Collection Period and the
related Leased Vehicle was not sold; or

        (c) the Servicer's records, in accordance with Customary Servicing
Practices, disclose that all insurance proceeds expected to be received have
been received by the Servicer following a Casualty or other loss with respect to
the related Leased Vehicle.

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

        "Transaction Documents" means the Indenture, the Notes, the Depository
Agreement, the Transaction SUBI Servicing Supplement, the Transaction SUBI
Supplement, the Servicing Agreement (to the extent that it deals solely with the
Transaction SUBI and the Transaction SUBI Portfolio), the Origination Trust
Agreement (to the extent that it deals solely with the Transaction SUBI and the
Transaction SUBI Portfolio), the SUBI Sale Agreement, the SUBI Transfer
Agreement, the Administration Agreement, the Trust Agreement and all other
documents, instruments and agreements executed or furnished on the Closing Date
in connection herewith and therewith, as the same may be amended or modified
from time to time.

        "Transaction Lease" means, for any Transaction Vehicle, the Lease for
such Transaction Vehicle.

        "Transaction SUBI" means that special unit of beneficial interest of the
Origination Trust created by the Transaction SUBI Supplement to which
Transaction Units are allocated.

                                       20
<PAGE>

        "Transaction SUBI Certificate" means the certificate of beneficial
ownership, representing beneficial ownership of the Origination Trust Assets
comprising the Transaction SUBI Portfolio, issued pursuant to the Transaction
SUBI Supplement.

        "Transaction SUBI Portfolio" means the Origination Trust Assets that are
from time to time identified and allocated to the Transaction SUBI in accordance
with the terms of the Origination Trust Documents.

        "Transaction SUBI Servicing Supplement" means the Transaction SUBI
Supplement 2002-A to Servicing Agreement, dated as of the Closing Date, among
the Origination Trust, the SUBI Trustee and the Servicer, as the same may be
amended or modified from time to time.

        "Transaction SUBI Supplement" means the Transaction SUBI Supplement
2002-A to Origination Trust Agreement, dated as of the Closing Date, between
VCI, as Settlor and Initial Beneficiary, and U.S. Bank, as Administrative
Trustee, UTI Trustee and SUBI Trustee, as the same may be amended or modified
from time to time.

        "Transaction Unit" means a Unit that has been allocated to the
Transaction SUBI Portfolio, the entire beneficial ownership interest in which is
represented by the Transaction SUBI Certificate.

        "Transaction Vehicle" means, at any time, a Vehicle then identified and
allocated to the Transaction SUBI.

        "Transferor" means Volkswagen Auto Lease Underwritten Funding, LLC, a
Delaware limited liability company.

        "Treasury Regulations" means regulations, including proposed or
temporary regulations, promulgated under the Code from time to time.

        "Trust Agreement" means the Trust Agreement, dated as of the Closing
Date, between the Transferor and the Owner Trustee, as the same may be amended
and supplemented from time to time.

        "Trust Estate" means all money, accounts, chattel paper, general
intangibles, goods, instruments, investment property and other property of the
Issuer, including (i) the Transaction SUBI Certificate (transferred pursuant to
the SUBI Transfer Agreement), evidencing the beneficial interest in the
Transaction SUBI Portfolio, including the right to payments thereunder after the
Cut-Off Date, (ii) the rights of the Issuer to the funds on deposit from time to
time in the Reserve Account, the Collection Account and any other account or
accounts established pursuant to the Indenture and all cash, investment property
and other property from time to time credited thereto and all proceeds thereof
(including investment earnings, net of losses and investment expenses, on
amounts on deposit therein), (iii) the rights of the Transferor, as buyer, under
the SUBI Sale Agreement, (iv) the rights of the Issuer, as buyer, under the SUBI
Transfer Agreement, (v) the rights of the Issuer as a third-party beneficiary
under the Origination Trust Documents, to the extent relating to the Included
Units, and (vi) all proceeds of the foregoing (it being understood that, with
respect to Sales Proceeds, the actual Sales Proceeds shall be held by

                                       21
<PAGE>

the Qualified Intermediary or in a Qualified Intermediary Account and shall not
constitute part of the Trust Estate).

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

        "Unit" means a Vehicle, the related Lease and the Related Rights
associated therewith.

        "United States" or "USA" means the United States of America (including
all states, the District of Columbia and political subdivisions thereof).

        "U.S. Bank" means U.S. Bank National Association, a national banking
association, as successor to U.S. Bank Trust National Association, with a
corporate trust office in Chicago, Illinois.

        "U.S. Bank Delaware" means U.S. Bank Trust National Association, a
national banking association.

        "UTI" has the meaning specified in Section 4.1(a) of the Origination
Trust Agreement.

        "UTI Asset" has the meaning specified in Section 4.1(a) of the
Origination Trust Agreement.

        "UTI Certificate" has the meaning specified in Section 4.1(a) of the
Origination Trust Agreement.

        "UTI Portfolio" means the portfolio consisting of all Origination Trust
Assets not allocated to a SUBI Portfolio.

        "UTI Trustee" means U.S. Bank, as UTI Trustee under the Origination
Trust Agreement.

        "VCI" means VW Credit, Inc., a Delaware corporation, and its successors
and assigns.

        "Vehicle" means an automobile, sport utility vehicle, van, luxury
vehicle, mid-range vehicle, economy vehicle or light general purpose truck,
together with any and all non-severable appliances, parts, instruments,
accessories, furnishings, other equipment, accessions, additions, improvements,
substitutions and replacements from time to time in or to such vehicle.

        "Volkswagen AG" means Volkswagen Aktiengesellschaft or its successor in
interest.

        The foregoing definitions shall be equally applicable to both the
singular and plural forms of the defined terms. Unless otherwise inconsistent
with the terms of this Agreement, all accounting terms used herein shall be
interpreted, and all accounting determinations hereunder shall be made, in
accordance with GAAP. Amounts to be calculated hereunder shall be continuously
recalculated at the time any information relevant to such calculation changes.

                                       22
<PAGE>

                                    EXHIBIT A

                                  FORM OF NOTE

        SEE REVERSE FOR CERTAIN DEFINITIONS

        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 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.

        TRANSFERS OF THE NOTES MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX
TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE
INDENTURE.

        THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED
TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUER FOR UNITED STATES FEDERAL AND
STATE INCOME TAX PURPOSES.

        VOLKSWAGEN AUTO LEASE TRUST 2002-A

        ____ % ASSET BACKED NOTE, CLASS [A-1], [A-2], [A-3], [A-4]

        REGISTERED
        $______________

        No. R-_______                                     CUSIP NO. _________

        Volkswagen Auto Lease Trust 2002-A, a Delaware common law trust
(including any permitted successors and assigns, the "Issuer"), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of _____________________ Dollars ($_____) in monthly installments
on the 20th of each month, or if such day is not a Business Day, on the
immediately succeeding Business Day, commencing on December 20, 2002 (each, a
"Payment Date") until the principal of this Note is paid or made available for
payment, and to pay interest on each Payment Date on the Class [A-1], [A-2],
[A-3], [A-4] Note Balance as of the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), or as of the
Closing Date in the case of the first Payment Date or if no interest has yet
been paid, at the rate per annum shown above (the "Interest Rate"), in each case
as and to

                                      A-1
<PAGE>

the extent described below; provided, however, that the entire Class [A-1],
[A-2], [A-3], [A-4] Note Balance shall be due and payable on the earlier of
__________, 200___ (the "Final Scheduled Payment Date") and the Redemption Date,
if any, pursuant to Section 10.1 of the Indenture. The Issuer shall pay interest
on overdue installments of interest at the Interest Rate to the extent lawful.
Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

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

        Dated: ____________, 2002

                                    VOLKSWAGEN AUTO LEASE
                                    TRUST 2002-A,

                                    By: U.S. Bank Trust National Association,
                                        not in its individual capacity but
                                        solely as Owner Trustee

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

                                      A-2
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

        Dated: ____________, 2002

                                        THE BANK OF NEW YORK,
                                        as Indenture Trustee

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

                                      A-3
<PAGE>

                                [REVERSE OF NOTE]

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its "____% Asset Backed Notes, Class [A-1], [A-2], [A-3], [A-4]"
(herein called the "Notes") issued under an Indenture, dated as of November [ ],
2002 (such indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and The Bank of New York, 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 Noteholders.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

        The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes are and will be equally and ratably secured by the Collateral
pledged as security therefor as provided in the Indenture. However, to the
extent provided in the Indenture, each Class will receive principal payment
sequentially so no principal payments shall be made in respect of the Class A-2
Notes until the Class A-1 Notes have been paid in full, no principal payments
shall be made in respect of the Class A-3 Notes until the Class A-2 Notes have
been paid in full, and no principal payments shall be made in respect of the
Class A-4 Notes until the Class A-3 Notes have been paid in full.

        Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture. As described above, the entire unpaid
principal amount of this Note will be payable on the earlier of the Final
Scheduled Payment and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Notes shall be due and payable following
the occurrence and continuance of an Indenture Default, as described in the
Indenture. In such an event, principal payments on the Class A-1 Notes shall be
made first and principal payments on the remaining Classes of Notes shall be
made pro rata to the Noteholders entitled thereto.

        Payments of principal and interest on this Note due and payable on each
Payment Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of The Depository Trust Company (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Payment Date or Redemption Date shall be binding upon
all future holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the remaining unpaid principal amount of this Note on a
Payment Date or Redemption Date, then the Indenture Trustee, in the name of and
on behalf of the Issuer, will notify the Person who was the registered holder
hereof

                                      A-4
<PAGE>

as of the Record Date preceding such Payment Date or Redemption Date by notice
mailed within five days of such Payment Date or Redemption Date and the amount
then due and payable shall be payable only upon presentation and surrender of
this Note at the Corporate Trust Office of the Indenture Trustee or at the
office of the Indenture Trustee's agent appointed for such purposes located in
The City of New York.

        As provided in the Indenture, the Transferor will be permitted at its
option to purchase the interest in the Transaction SUBI evidenced by the
Transaction SUBI Certificate from the Issuer on any Payment Date if, either
before or after giving effect to any payment of principal required to be made on
such Payment Date, the Note Balance is less than or equal to 10% of the Initial
Note Balance. The purchase price for the Transaction SUBI Certificate shall
equal the unpaid principal balances of the Notes, together with accrued interest
thereon to the Redemption Date and certain other amounts (the "Optional Purchase
Price"), which amount shall be deposited by the Transferor into the Collection
Account on the Payment Date fixed for redemption. In connection with an Optional
Purchase, the Notes will be redeemed on such Payment Date in whole, but not in
part, for the Redemption Price.

        In addition, as provided in the Indenture, if on any Payment Date the
amount on deposit in the Reserve Account, after giving effect to withdrawals
therefrom and deposits thereto in respect of that Payment Date, is greater than
or equal to the balance of the Notes then outstanding, such amount will be used
to redeem the then Outstanding Notes.

        As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

        Each Noteholder or Note Owner, by accepting a Note, or, in the case of a
Note Owner, a beneficial interest in a Note, covenants and agrees that, to the
extent such Person is deemed to have any interest in any assets of the
Transferor, or a securitization vehicle (other than the Issuer) related to the
Transferor, dedicated to other debt obligations of the Transferor or debt
obligations

                                      A-5
<PAGE>

of any other securitization vehicle (other than the Issuer) related to the
Transferor, such Person's interest in those assets is subordinate to claims or
rights of such other debtholders to those other assets. Furthermore, each
Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner,
a beneficial interest in a Note, covenants and agrees that such agreement
constitutes a subordination agreement for purposes of Section 510(a) of the
Bankruptcy Code.

        It is the intent of the Issuer that the Notes constitute indebtedness
for all financial accounting and tax purposes and the Issuer agrees and each
purchaser of a Note (by virtue of the acquisition of such Note of an interest
therein) shall be deemed to have agreed, to treat the Notes as indebtedness for
all financial accounting and 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, will be deemed to have
represented that (a) such Noteholder or Note Owner is not, and will not acquire
the Note or beneficial interest therein on behalf or with the assets of, any
"employee benefit plan" as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA") or any other "plan" as defined
in Section 4975(e)(1) of the Code or (b) the acquisition and holding of the Note
or beneficial interest therein are eligible for the exemptive relief available
under prohibited transaction class exemption ("PTCE") 84-14, PTCE 90-1, PTCE
91-38, PTCE 95-60, PTCE 96-23 or a similar exemption.

        The Notes represent obligations of the Issuer only and do not represent
interests in, recourse to or obligations of the Transferor, the UTI
Beneficiaries or any of their respective Affiliates.

        With respect to each Bankruptcy Remote Party, each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that prior to the date which is
one year and one day after payment in full of all obligations under each
Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of any party hereto or any other creditor of
such Bankruptcy Remote Party, and (ii) such Noteholder or Note Owner shall not
commence or join with any other Person in commencing any proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or
insolvency law or statute now or hereafter in effect in any jurisdiction. Each
Noteholder or Note Owner agrees that, prior to the date which is one year and
one day after the payment in full of all obligations under each Financing, it
will not institute against, or join any other Person in instituting against, any
Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or similar proceeding under the laws of
the United States or any State of the United States.

                                      A-6
<PAGE>

        Prior to the due presentment for registration of transfer of this Note,
the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or
the Indenture Trustee may treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Owner Trustee, the Indenture Trustee nor
any such agent shall be affected by notice to the contrary.

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

        THIS NOTE SHALL GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK.

        Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that (a)
the Transaction SUBI is a separate series of the Origination Trust as provided
in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12
Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and
expenses incurred, contracted for or otherwise existing with respect to the
Transaction SUBI and the Transaction SUBI Portfolio shall be enforceable against
the Transaction SUBI Portfolio only, and not against any Other SUBI Assets or
the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to any Other SUBI,
any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable
against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and
not against the Transaction SUBI or any Other SUBI Assets, (c) except to the
extent required by law, UTI Assets or SUBI Assets with respect to any SUBI
(other than the Transaction SUBI) shall not be subject to the claims, debts,
liabilities, expenses or obligations arising from or with respect to the
Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a
claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall
be entitled to maintain any action against or recover any assets allocated to
the UTI or the UTI Portfolio or any Other SUBI or the assets allocated thereto,
and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio
or any SUBI other than the Transaction SUBI or any SUBI Assets other than the
Transaction SUBI Portfolio shall be entitled to maintain any action against or
recover any assets allocated to the Transaction SUBI, and (e) any purchaser,
assignee or pledgee of an interest in the Transaction SUBI, the Transaction SUBI
Certificate, any Other SUBI, any Other SUBI Certificate, the UTI or the UTI
Certificate must, prior to or contemporaneously with the grant of any such
assignment, pledge or security interest, (i) give to the Origination Trust a
non-petition covenant substantially similar to that set forth in Section 6.9 of
the Origination Trust Agreement, (ii) execute an agreement for the benefit of
each holder, assignee or pledgee from time to time of the UTI or UTI Certificate
and any Other SUBI or Other SUBI Certificate, to release all claims to the
assets of the Origination Trust allocated to the UTI and each Other SUBI
Portfolio and in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the
Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio
and (iii) in the case of a purchase or assignment, provide to the Trustee an
opinion of counsel to the effect that the purchase or assignment does not and
will not require registration of the UTI Certificate or related SUBI
Certificate, as applicable, under applicable United States federal and
applicable state securities laws.

                                      A-7
<PAGE>

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

                                      A-8
<PAGE>

                                   ASSIGNMENT

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

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _____________________________________________________________ (name and
address of assignee) the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints attorney, to transfer said Note on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:  (1) Signature Guaranteed:

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

        (1) 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.

                                      A-9
<PAGE>

                                    EXHIBIT B

                          FORM OF DEPOSITORY AGREEMENT

                     [on file with Mayer, Brown, Rowe & Maw]

                                      B-1<PAGE>
                                                                    EXHIBIT 10.2

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

                             VW CREDIT LEASING, LTD.

                       TRANSACTION SUBI SUPPLEMENT 2002-A
                         TO ORIGINATION TRUST AGREEMENT

                                     Between

                                VW CREDIT, INC.,
                       As Settlor And Initial Beneficiary

                                       And

                         U.S. BANK NATIONAL ASSOCIATION,
             As Administrative Trustee, UTI Trustee And SUBI Trustee

                         Dated as of November [ ], 2002

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

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                          PAGE
                                                                                          ----
<S>     <C>                                                                              <C>
PART X         DEFINITIONS; THIRD-PARTY BENEFICIARIES.......................................2

        Section 10.1      Definitions.......................................................2

        Section 10.2      Third-Party Beneficiaries.........................................3

PART XI        CREATION OF THE TRANSACTION SUBI.............................................3

        Section 11.1      Initial Creation of Transaction SUBI Portfolio and
                          Transaction SUBI..................................................3

        Section 11.2      Subsequent Removals From the Transaction SUBI Portfolio...........3

        Section 11.3      Issuance and Form of Transaction SUBI Certificate.................4

        Section 11.4      Filings; Termination of Transaction SUBI; Related Matters.........4

        Section 11.5      Acceptance by SUBI Trustee........................................5

        Section 11.6      Representations and Warranties of SUBI Trustee....................5

PART XII       ASSIGNMENT OF THE TRANSACTION SUBI...........................................6

        Section 12.1      Assignment........................................................6

PART XIII      MISCELLANEOUS PROVISIONS.....................................................7

        Section 13.1      Amendment, Etc....................................................7

        Section 13.2      Governing Law.....................................................8

        Section 13.3      Notices...........................................................8

        Section 13.4      Severability of Provisions........................................8

        Section 13.5      Effect of Transaction SUBI Supplement on Origination Trust
                          Agreement and Transaction Documents...............................9

        Section 13.6      Each SUBI Separate; Assignees of SUBI.............................9

        Section 13.7      No Petition; Release of Claims...................................10

        Section 13.8      Tax Matters......................................................10

        Section 13.9      ENTIRE AGREEMENT.................................................10

        Section 13.10     Submission to Jurisdiction.......................................11

</TABLE>

                                      -i-
<PAGE>

                       TRANSACTION SUBI SUPPLEMENT 2002-A
                         TO ORIGINATION TRUST AGREEMENT

        THIS TRANSACTION SUBI SUPPLEMENT 2002-A TO ORIGINATION TRUST AGREEMENT
(as amended, modified or supplemented from time to time, the "Transaction SUBI
Supplement"), dated and effective as of November [ ], 2002, is between VW
CREDIT, INC., a Delaware corporation ("VCI"; in its capacity as settlor, the
"Settlor"; or in its capacity as initial beneficiary, the "Initial
Beneficiary"), and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as successor to U.S. Bank Trust National Association, as
administrative trustee (in such capacity, together with any successor or
permitted assign, the "Administrative Trustee"), as UTI trustee (in such
capacity, together with any successor or permitted assign, the "UTI Trustee")
and as trustee with respect to the Transaction SUBI (in such capacity, together
with any successor or permitted assign, the "SUBI Trustee"; together with the
UTI Trustee, the Administrative Trustee and Wilmington Trust Company, as
Delaware Trustee (the "Delaware Trustee"), the "Origination Trustees").

                                    RECITALS

        A. The Settlor, the UTI Trustee, the Administrative Trustee and the
Delaware Trustee have entered into that certain Trust Agreement dated as of June
2, 1999 (as modified, supplemented or amended from time to time, the
"Origination Trust Agreement") pursuant to which the Settlor formed VW Credit
Leasing, Ltd., a Delaware statutory trust (the "Origination Trust") for the
purpose of acting as agent and nominee owner of various Origination Trust Assets
in accordance with the Origination Trust Agreement.

        B. The Origination Trust and VCI, as servicer (in its capacity as
servicer, the "Servicer"), also have entered into that certain Servicing
Agreement dated as of June 22, 1999 and as amended and restated as of December
21, 2000 (as modified, supplemented or amended from time to time, the "Servicing
Agreement"), which provides, among other things, for the servicing of the
Origination Trust Assets by the Servicer.

        C. The Origination Trust Agreement contemplates that from time to time
the UTI Trustee, on behalf of the Origination Trust and at the direction of the
Initial Beneficiary, will identify and allocate on the Origination Trust's books
and records certain Origination Trust Assets from the Undivided Trust Interest
to separate SUBI Portfolios and will create and issue Certificates to the
Initial Beneficiary representing separate special units of beneficial interest
in the Origination Trust or "SUBIs", the beneficiary or beneficiaries of which
will hold an exclusive 100% undivided beneficial ownership interest in the
related SUBI Portfolios, all as set forth in the Origination Trust Agreement.

        D. The parties hereto desire to supplement the terms of the Origination
Trust Agreement (i) to cause the UTI Trustee to identify and allocate
Origination Trust Assets to a SUBI Portfolio (the "Transaction SUBI Portfolio"),
which shall consist of Transaction Units consisting of Transaction Leases,
Transaction Vehicles and the associated Related Rights, (ii) to create and issue
to the Initial Beneficiary a SUBI Certificate (such SUBI Certificate, together
with any replacements thereof, the "Transaction SUBI Certificate") that will
evidence and represent the entire and exclusive beneficial ownership interest in
the related SUBI (the

<PAGE>

"Transaction SUBI") and the interests in the SUBI Portfolio represented thereby,
(iii) to provide for the Origination Trust's continued holding of record title
to the Transaction SUBI Portfolio (including the Transaction Vehicles) as agent
and nominee for (and solely for the benefit of) the holder of the Transaction
SUBI Certificate, and (iv) to set forth the terms and conditions thereof.

        E. Concurrently herewith, (i) VCI and Volkswagen Auto Lease Underwritten
Funding, LLC, a Delaware limited liability company (the "Transferor"), are
entering into a SUBI Sale Agreement, pursuant to which the Transferor will
purchase the Transaction SUBI and (ii) the Transferor and Volkswagen Auto Lease
Trust 2002-A, a Delaware common law trust (the "Issuer"), are entering into a
SUBI Transfer Agreement, pursuant to which the Transferor will transfer the
Transaction SUBI to the Issuer.

        F. Concurrently herewith, the Issuer is entering into an asset-backed
financing transaction pursuant to, among other agreements, an Indenture dated as
of the date hereof (the "Indenture") between the Issuer and The Bank of New
York, as indenture trustee (the "Indenture Trustee"), pursuant to which, among
other things, the Issuer will issue notes and will grant a security interest to
the Indenture Trustee in certain of its assets, including the Transaction SUBI.

        G. Also concurrently herewith, the Origination Trust, the Servicer and
the SUBI Trustee are entering into that certain Transaction SUBI Supplement
2002-A to Servicing Agreement (as amended, modified or supplemented from time to
time, the "Transaction SUBI Servicing Supplement") pursuant to which, among
other things, the terms of the Servicing Agreement will be supplemented insofar
as they apply to the Transaction SUBI Portfolio, providing for specific
servicing obligations.

           NOW THEREFORE, in consideration of the premises and the mutual
covenants contained herein and in the Origination Trust Agreement, the parties
hereto agree to the following supplemental obligations with regard to the
Transaction SUBI Portfolio:

                                     PART X

                     DEFINITIONS; THIRD-PARTY BENEFICIARIES

        Section 10.1  Definitions.

        For all purposes of this Transaction SUBI Supplement, except as
otherwise expressly provided or unless the context otherwise requires, (a)
unless otherwise defined herein, all capitalized terms used herein shall have
the meanings attributed to them in Appendix A to the Indenture, (b) all
capitalized terms used herein which are not defined herein or in the Indenture
and which are defined in the Origination Trust Agreement shall have the meanings
attributed to them by the Origination Trust Agreement, (c) all references to
words such as "herein", "hereof" and the like shall refer to this Transaction
SUBI Supplement as a whole and not to any particular article or section within
this Transaction SUBI Supplement, (d) the term "include" and all variations
thereon shall mean "include without limitation", and (e) the term "or" shall
include "and/or".

                                       2
<PAGE>

        Section 10.2 Third-Party Beneficiaries.

        The holder and pledgees of the Transaction SUBI Certificate (including
the Issuer and the Indenture Trustee), and their respective successors,
permitted assigns and pledgees are third-party beneficiaries of the Origination
Trust Agreement and this Transaction SUBI Supplement, insofar as they apply to
the Transaction SUBI.

                                     PART XI

                        CREATION OF THE TRANSACTION SUBI

        Section 11.1 Initial Creation of Transaction SUBI Portfolio and
Transaction SUBI.

        (a) Pursuant to Section 4.2(a) of the Origination Trust Agreement, the
Initial Beneficiary hereby directs the UTI Trustee to identify and allocate or
cause to be identified and allocated on the books and records of the Origination
Trust a separate portfolio of SUBI Assets to be accounted for and held in trust
independently from all other Origination Trust Assets consisting of those Units
(each, a "Transaction SUBI Asset"), which shall include Leased Vehicles which
are identified on Schedule 1 to this Transaction SUBI Supplement, the
Transaction Leases relating thereto and all other Origination Trust Assets to
the extent related thereto (other than cash which does not constitute
Collections received on or after the Cut-Off Date). Based upon their
identification and allocation by the Initial Beneficiary pursuant to such
Schedule 1, the UTI Trustee hereby identifies and allocates as Transaction SUBI
Assets such portfolio of SUBI Assets to be held by the Origination Trust, as
agent and nominee (and solely for the benefit of) the holder of the Transaction
SUBI Certificate, each such SUBI Asset to be identified on the books and
accounts of the Origination Trust as belonging exclusively to the Transaction
SUBI Portfolio; provided that any Collections received on or prior to the
Cut-Off Date for any such Transaction Unit identified on Schedule 1 shall not be
allocated as Transaction SUBI Assets and shall not belong to the Transaction
SUBI Portfolio.

        (b) Also pursuant to Section 4.2(a) of the Origination Trust Agreement,
the UTI Trustee hereby creates a SUBI which shall be known as the "VW Credit
Leasing Ltd. Transaction Special Unit of Beneficial Interest 2002-A Certificate"
or "Transaction SUBI" and which shall represent an exclusive and specific 100%
beneficial ownership interest solely in the Transaction SUBI Portfolio and those
proceeds or assets derived from or earned by such Transaction SUBI Portfolio.

        (c) Pursuant to Section 4.2(d) of the Origination Trust Agreement (which
requires each holder of a SUBI to appoint for such SUBI a trustee), VCI has
appointed U.S. Bank National Association as the SUBI Trustee for the Transaction
SUBI and the Transaction SUBI Portfolio.

        Section 11.2 Subsequent Removals From the Transaction SUBI Portfolio.

        (a) Upon compliance by VCI with the provisions of Section 2.3(c) of the
SUBI Sale Agreement to repurchase the beneficial interest in any Transaction
Unit, such Unit shall be identified on a schedule to the Servicer Certificate
and reallocated from the Transaction SUBI to the Undivided Trust Interest on the
Payment Date that such reallocation payment is made. Upon the Payment Date of
any of the foregoing reallocations, the UTI Trustee and the SUBI Trustee

                                       3
<PAGE>

will each make (or cause to be made) a notation in their respective records
reflecting the reallocation of such Origination Trust Assets as of the time
thereof.

        (b) Upon compliance by the Servicer with the provisions of Section 7.12
of the Transaction SUBI Servicing Supplement to purchase the beneficial interest
in any Transaction Unit subject to a Postmaturity Term Extension, such Unit will
be identified on a schedule to the Servicer Certificate and reallocated from the
Transaction SUBI to the Undivided Trust Interest (if the Servicer is VCI) or to
an Other SUBI designated by the Servicer (if the Servicer is not VCI) on the
Payment Date that such reallocation payment is made. Upon the Payment Date of
any of the foregoing reallocations, the SUBI Trustee and the UTI Trustee or
Other SUBI Trustee, as applicable, will each make (or cause to be made) a
notation in their respective records reflecting the reallocation of such
Origination Trust Assets as of the time thereof.

        Section 11.3  Issuance and Form of Transaction SUBI Certificate.

        (a) The Transaction SUBI shall be represented by a Transaction SUBI
Certificate which shall represent an exclusive 100% beneficial ownership
interest in the Transaction SUBI and the Transaction SUBI Portfolio, as further
set forth herein. The Transaction SUBI Certificate shall be substantially in the
form of Exhibit A attached hereto, with such appropriate insertions, omissions,
substitutions and other variations as are required by this Transaction SUBI
Supplement and may have such letters, numbers or other marks of identification
and such legends and endorsements placed thereon as may, consistently herewith
and with the Origination Trust Agreement, be directed by the Initial
Beneficiary. Any portion of the Transaction SUBI Certificate may be set forth on
the reverse thereof. The Transaction SUBI Certificate shall be printed,
lithographed, typewritten, mimeographed, photocopied or otherwise produced or
may be produced in any other manner as may, consistently herewith and with the
Origination Trust Agreement, be determined by the Initial Beneficiary.

        (b) As required by Section 4.2(b) of the Origination Trust Agreement,
the Transaction SUBI Certificate shall contain an express written release and
subordination of any claim by any holder thereof to any proceeds or assets of
any Origination Trustee and to all of the Origination Trust Assets other than
those from time to time included within the Transaction SUBI Portfolio.

        Section 11.4  Filings; Termination of Transaction SUBI; Related Matters.

        (a) The Settlor, the UTI Trustee and the SUBI Trustee will undertake all
other and future actions and activities as may be required by the Servicer
(pursuant to the Transaction SUBI Servicing Supplement) to perfect (or evidence)
and confirm the foregoing identification and allocation of SUBI Assets to the
Transaction SUBI Portfolio, including filing or causing to be filed UCC
financing statements and executing and delivering all related filings, documents
or writings as may be deemed reasonably necessary by the Servicer hereunder or
under any of the Transaction Documents and as are presented to them in final
execution form; provided, however, that in no event will the Settlor, the
Servicer or any Origination Trustee be required to take any action to indicate
any Person as lienholder or change the Person listed as owner on the Certificate
of Title for any Leased Vehicle allocated to the Transaction SUBI Portfolio
other than as provided in Section 11.4(c) below. The Settlor hereby irrevocably
makes and appoints each of

                                       4
<PAGE>

the SUBI Trustee and the Servicer, and any of their respective officers,
employees or agents, as the true and lawful attorney-in-fact of the Settlor
(which appointment is coupled with an interest and is irrevocable) with power to
sign on behalf of the Settlor any security agreements, mortgages, assignments,
affidavits, letters of authority, notices or similar documents necessary or
appropriate to be executed or filed pursuant to this Section.

        (b) If all of the Transaction Units have been liquidated into cash and
all of such cash shall have been distributed in accordance with the Transaction
SUBI Servicing Supplement, then, at the direction of the holder of the
Transaction SUBI Certificate, the Transaction SUBI shall be terminated and the
Transaction SUBI Certificate shall be returned to the SUBI Trustee and canceled
thereby.

        (c) Upon a written direction to the SUBI Trustee to revoke and terminate
the Transaction SUBI by the holder of the Transaction SUBI Certificate, the SUBI
Trustee shall (i) revoke the Transaction SUBI and (ii) promptly, at the expense
of the holder of the Transaction SUBI Certificate, distribute the Transaction
SUBI Assets to the holder of the Transaction SUBI Certificate; provided,
however, that the Transaction SUBI shall not be subject to such revocation prior
to the earlier of (A) the acceleration of the Notes under Section 5.2 of the
Indenture following an Indenture Default or (B) payment in full of principal and
accrued interest on the Notes.

        Section 11.5 Acceptance by SUBI Trustee.

        The SUBI Trustee shall have only the rights, powers and duties as set
forth herein and in the Origination Trust Agreement with respect to the
Transaction SUBI. In accordance with Section 3.1(d) of the Origination Trust
Agreement, the SUBI Trustee hereby accepts its appointment as SUBI Trustee with
respect to the Transaction SUBI hereunder and agrees to act as a trustee of the
Origination Trust for the benefit of the holder or holders of each Transaction
SUBI Certificate in accordance with the terms of this Transaction SUBI
Supplement and the Origination Trust Agreement. Except to execute and deliver
the Transaction Documents to which it is a party and to exercise and carry out
or cause to be exercised and carried out the rights, duties and obligations of
the SUBI Trustee hereunder and thereunder and except as otherwise authorized by
the holder of the Transaction SUBI Certificate, the SUBI Trustee shall have no
power, right, duty or authority to manage, control, possess, sell, lease,
dispose of or in any other manner deal in or with the Transaction SUBI
Certificate, the Transaction SUBI Portfolio or any Transaction SUBI Asset or any
part thereof or interest therein at any time conveyed to or vested in or
registered or otherwise standing in the name of the SUBI Trustee or the
Origination Trust.

        Section 11.6 Representations and Warranties of SUBI Trustee.

        The SUBI Trustee hereby makes the following representations and
warranties on which the Settlor and Initial Beneficiary, each of their permitted
assignees and each holder of the Transaction SUBI Certificate may rely:

                                       5
<PAGE>

        (a) Organization and Good Standing. The SUBI Trustee is a national
banking association, duly organized, validly existing and in good standing under
the laws of the United States.

        (b) Power and Authority. The SUBI Trustee has full power, authority and
right to execute, deliver and perform this Transaction SUBI Supplement and has
taken all necessary action to authorize the execution, delivery and performance
by it of this Transaction SUBI Supplement.

        (c) Due Execution. This Transaction SUBI Supplement has been duly
executed and delivered by the SUBI Trustee, and this Transaction SUBI Supplement
and the Origination Trust Agreement are legal, valid and binding instruments
enforceable against the SUBI Trustee in accordance with their respective terms,
except as such enforceability may be limited by bankruptcy, insolvency and other
similar laws relating to the enforcement of creditors' rights generally and to
general principles of equity.

        (d) No Conflict. Neither the execution and delivery of this Transaction
SUBI Supplement nor the consummation of the transactions herein contemplated,
nor compliance with the provisions hereof, will conflict with or result in a
breach of, or constitute a default (with notice or passage of time or both)
under, any provision of any law, governmental rule, regulation, judgment, decree
or order binding on the SUBI Trustee or the charter or bylaws of the SUBI
Trustee or any provision of any mortgage, indenture, contract, agreement or
other instrument to which the SUBI Trustee is a party or by which it is bound.
No consent, approval or authorization of, or filing, registration or
qualification with, or the giving of notice or the taking of any other action
with respect to, any federal or Delaware state Governmental Authority is
required on the part of the SUBI Trustee in connection with the execution,
delivery and performance by the SUBI Trustee of the Origination Trust Agreement,
the Servicing Agreement, the Transaction SUBI Servicing Supplement and this
Transaction SUBI Supplement.

        (e) Location of Records. The office where the SUBI Trustee keeps its
records concerning the transactions contemplated hereby is located at 400 North
Michigan Avenue, Chicago, Illinois 60611.

                                    PART XII
                       ASSIGNMENT OF THE TRANSACTION SUBI

        Section 12.1  Assignment.

        The parties to this Transaction SUBI Supplement hereby acknowledge and
consent to the 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 of the Issuer's rights hereunder. In addition, the
parties to this Transaction SUBI Supplement hereby acknowledge and agree that
for so long as the Notes are outstanding, the Indenture Trustee and the Issuer
acting jointly will have the right to exercise all rights, remedies, powers,
privileges and claims of the Issuer under this Transaction SUBI Supplement;
provided, however, that after the occurrence of an Indenture Default, the
Indenture Trustee alone will have the right to exercise such rights, remedies,
powers, privileges and claims.

                                       6
<PAGE>

                                    PART XIII
                            MISCELLANEOUS PROVISIONS

        Section 13.1  Amendment, Etc.

        (a) Notwithstanding Section 9.1 of the Origination Trust Agreement, the
Origination Trust Agreement, as supplemented by this Transaction SUBI
Supplement, to the extent that it deals solely with the Transaction SUBI and the
Transaction SUBI Portfolio, may be amended in accordance with this Section 13.1.

        (b) The Origination Trust Agreement (other than this Transaction SUBI
Supplement) may be amended by the Initial Beneficiary, without the consent of
any other Person, to cure any ambiguity or defect, to correct or supplement any
provisions in the Origination Trust Agreement or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions in
the Origination Trust Agreement or of modifying in any manner the rights of the
parties hereto; provided that such action shall not, as evidenced by an Opinion
of Counsel delivered no later than ten (10) Business Days after the execution of
any such amendment to the Transferor, the Owner Trustee, the Indenture Trustee,
and the Origination Trustees, adversely affect the interests of the Transferor,
the Noteholders, the Indenture Trustee or the Origination Trustees (as such and
in their respective individual capacities).

        (c) This Transaction SUBI Supplement may be amended without the consent
of the Noteholders or any other Person in any respect by the parties hereto
including (without limitation) to cure any ambiguity, correct or supplement any
provision in this Transaction SUBI Supplement, change in any manner or eliminate
any of the provisions in this Transaction SUBI Supplement or modify the rights
of the parties to this Transaction SUBI Supplement; provided that such amendment
shall not, in the good faith judgment of the parties hereto, materially and
adversely affect the interests of the Noteholders. Without limiting the
foregoing, any term or provision of this Transaction SUBI Supplement may be
amended by the parties hereto with the consent of the Indenture Trustee;
provided that such amendment shall not, as evidenced by an Opinion of Counsel
delivered to the Indenture Trustee, materially and adversely affect the
interests of the Noteholders.

        (d) Notwithstanding anything herein to the contrary, any term or
provision of this Transaction SUBI Supplement may be amended by the parties
hereto without the consent of any of the Noteholders or any other Person to add,
modify or eliminate such provisions as may be necessary or advisable in order to
comply with or obtain more favorable treatment under any law or regulation or
any accounting rule or principle; it being a condition to any such amendment
that the Rating Agency Condition shall have been satisfied.

        (e) Prior to the execution of any such amendment, the Initial
Beneficiary shall furnish at least ten (10) days' prior written notification
(or, if ten (10) days' advance notice is impracticable, as much advance notice
as is practicable) of the substance of such amendment (together with a copy of
the related Opinion of Counsel, if any) to the Transferor, the Issuer, the
Indenture Trustee and each Rating Agency; provided that the Initial Beneficiary
shall have no obligation to furnish any Rating Agency with prior written notice
of the substance of any amendment to the Origination Trust Agreement. No later
than ten (10) Business Days after the

                                       7
<PAGE>

execution of any such amendment, the Initial Beneficiary shall furnish a copy of
such amendment to each Rating Agency, the Transferor, the Issuer and the
Indenture Trustee.

        (f) Prior to the execution of any amendment to this Transaction SUBI
Supplement, the Transferor, the Owner Trustee, the Indenture Trustee and the
Origination Trustees shall be entitled to receive and conclusively rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized or
permitted by the Origination Trust Agreement or this Transaction SUBI Supplement
and that all conditions precedent to the execution and delivery of such
amendment have been satisfied.

        Section 13.2  Governing Law.

        THIS TRANSACTION SUBI SUPPLEMENT SHALL BE CREATED UNDER AND GOVERNED BY
AND CONSTRUED UNDER THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD
TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS.

        Section 13.3  Notices.

        The notice provisions of Section 9.3 of the Origination Trust Agreement
shall apply equally to this Transaction SUBI Supplement. All demands, notices
and communications under this Transaction SUBI Supplement or the Origination
Trust Agreement shall be in writing and shall be delivered or mailed by
registered or certified first class United States mail, postage prepaid, return
receipt requested, hand delivery, prepaid courier or telecopier, and (i) if to
the SUBI Trustee, the UTI Trustee or the Administrative Trustee, addressed to:
U.S. Bank National Association, 400 North Michigan Avenue, 2nd Floor, Chicago,
Illinois 60611, Attention: Corporate Trust Department; Facsimile: (312)
836-6701; (ii) if to the Delaware Trustee, addressed to: Wilmington Trust
Company, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
Corporate Trust Administration; Facsimile: (302) 651-8882; (iii) if to the
Transferor, addressed to: Volkswagen Auto Lease Underwritten Funding, LLC, 3800
Hamlin Road, Auburn Hills, Michigan 48326, Attention: Treasurer; Facsimile:
(248) 754-5360; with a copy to: VW Credit, Inc., 3800 Hamlin Road, Auburn Hills,
Michigan 48326, Attention: General Counsel; Facsimile: (248) 754-5360; (iv) if
to the Issuer, addressed to: U.S. Bank Trust National Association, 400 North
Michigan Avenue, 2nd Floor, Chicago, Illinois 600611, Attention Corporate Trust
Department; Facsimile: (312) 836-6701; with a copy to: the Administrator,
addressed to: VW Credit, Inc., 3800 Hamlin Road, Auburn Hills, Michigan 48326,
Attention: Treasurer; Facsimile: (248) 754-5360; and (v) if to the Indenture
Trustee, addressed to: The Bank of New York, 101 Barclay Street, Floor 8 West,
New York, New York 10286, Attention: Asset Backed Securities Unit; Facsimile:
(212) 815-2493, or at such other address as shall be designated by any such
Person to the other parties hereto.

        Section 13.4  Severability of Provisions.

        If any one or more of the covenants, agreements, provisions or terms of
this Transaction SUBI Supplement 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
Transaction SUBI Supplement and shall in no way affect

                                       8
<PAGE>

the validity or enforceability of the other provisions of this Transaction SUBI
Supplement or of the Transaction SUBI Certificate or the rights of the holder
thereof. To the extent permitted by law, the parties hereto waive any provision
of law that renders any provision of this Transaction SUBI Supplement invalid or
unenforceable in any respect.

        Section 13.5 Effect of Transaction SUBI Supplement on Origination Trust
Agreement and Transaction Documents.

        (a) Except as otherwise specifically provided herein: (i) the parties
shall continue to be bound by all provisions of the Origination Trust Agreement;
and (ii) the provisions set forth herein shall operate either as additions to or
modifications of the obligations of the parties under the Origination Trust
Agreement, as the context may require. In the event of any conflict between the
provisions of this Transaction SUBI Supplement and the Origination Trust
Agreement with respect to the Transaction SUBI, the provisions of this
Transaction SUBI Supplement shall prevail.

        (b) For purposes of determining the parties' obligations under this
Transaction SUBI Supplement with respect to the Transaction SUBI, general
references in the Origination Trust Agreement to: (i) the SUBI Portfolio shall
be deemed to refer more specifically to the Transaction SUBI Portfolio; (ii) the
SUBI Supplement shall be deemed to refer more specifically to this Transaction
SUBI Supplement; and (iii) the SUBI Servicing Agreement Supplement shall be
deemed to refer more specifically to the Transaction SUBI Servicing Supplement.

        Section 13.6 Each SUBI Separate; Assignees of SUBI.

        Each party hereto acknowledges and agrees (and each holder or pledgee of
the Transaction SUBI, by virtue of its acceptance of such Transaction SUBI or
pledge thereof acknowledges and agrees) that (a) the Transaction SUBI is a
separate series of the Origination Trust as provided in Section 3806(b)(2) of
Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq.,
(b)(i) the debts, liabilities, obligations and expenses incurred, contracted for
or otherwise existing with respect to the Transaction SUBI or the Transaction
SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only
and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or
the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the
UTI Portfolio only, as applicable, and not against the Transaction SUBI or any
Transaction SUBI Assets, (c) except to the extent required by law, UTI Assets or
SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not
be subject to the claims, debts, liabilities, expenses or obligations arising
from or with respect to the Transaction SUBI, in respect of such claim, (d)(i)
no creditor or holder of a claim relating to the Transaction SUBI or the
Transaction SUBI Portfolio shall be entitled to maintain any action against or
recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI
or the assets allocated thereto, and (ii) no creditor or holder of a claim
relating to the UTI, the UTI Portfolio or any SUBI other than the Transaction
SUBI or any SUBI Assets other than the Transaction SUBI Portfolio shall be
entitled to maintain any action against or recover any assets allocated to the
Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in
the Transaction SUBI or, the Transaction SUBI Certificate, must, prior to or
contemporaneously with the grant of any such

                                       9
<PAGE>

assignment, pledge or security interest, (i) give to the Origination Trust a
non-petition covenant substantially similar to that set forth in Section 6.9 of
the Origination Trust Agreement, and (ii) execute an agreement for the benefit
of each holder, assignee or pledgee from time to time of the UTI or UTI
Certificate and any Other SUBI or Other SUBI Certificate to release all claims
to the assets of the Origination Trust allocated to the UTI and each Other SUBI
Portfolio and, in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the
Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

        Section 13.7  No Petition; Release of Claims.

        With respect to each Bankruptcy Remote Party, each party hereto (and
each holder and pledgee of the Transaction SUBI, by virtue of its acceptance of
such SUBI or pledge thereof) agrees that, prior to the date which is one year
and one day after payment in full of all obligations under each Financing, (i)
no party hereto shall authorize such Bankruptcy Remote Party to commence a
voluntary winding-up or other voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to such Bankruptcy
Remote Party or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect in any jurisdiction or seeking the appointment of an
administrator, a trustee, receiver, liquidator, custodian or other similar
official with respect to such Bankruptcy Remote Party or any substantial part of
its property or to consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other proceeding
commenced against such Bankruptcy Remote Party, or to make a general assignment
for the benefit of any party hereto or any other creditor of such Bankruptcy
Remote Party, and (ii) none of the parties hereto shall commence or join with
any other Person in commencing any proceeding against such Bankruptcy Remote
Party under any bankruptcy, reorganization, liquidation or insolvency law or
statute now or hereafter in effect in any jurisdiction.

        Section 13.8  Tax Matters.

        Each of the Initial Beneficiary, the UTI Trustee, the Delaware Trustee,
the SUBI Trustee and any holder or pledgee of the Transaction SUBI (including
the Issuer and the Indenture Trustee, respectively) agree that for federal and
state income tax purposes it shall not treat this Transaction SUBI Supplement as
creating or constituting a trust, partnership, association taxable as a
corporation or any other type of separate entity (and will report for such
purposes in a consistent manner therewith). Instead, each of such parties
agrees, and will consistently report, that for federal and state income tax
purposes the Origination Trust holds the Transaction SUBI Portfolio and each
asset therein as a mere agent of the Issuer. Each such party further agrees that
the Origination Trust is acting as holder of record title to the Transaction
SUBI Portfolio, including the Transaction Vehicles, solely for the benefit of,
and as agent and nominee of, the Issuer, and shall not hold itself out or act in
a manner inconsistent with it acting merely as agent and nominee.

        Section 13.9 ENTIRE AGREEMENT.

        THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND
DELIVERED IN CONNECTION HEREWITH REPRESENT THE FINAL

                                       10
<PAGE>

AGREEMENT BETWEEN THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

        Section 13.10 Submission to Jurisdiction.

        Each of the parties hereto hereby irrevocably and unconditionally:

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

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

        (c) agrees that service of process in any such action or proceeding may
be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its
address determined in accordance with Section 13.3 of this Transaction SUBI
Supplement; and

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

                            [SIGNATURES ON NEXT PAGE]

                                       11
<PAGE>

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

                                         VW CREDIT, INC.,
                                         as Settlor and Initial Beneficiary

                                         By:_________________________________
                                         Name:_______________________________
                                         Title:______________________________

                                         By:_________________________________
                                         Name:_______________________________
                                         Title:______________________________

                                         U.S. BANK NATIONAL ASSOCIATION,

                                         as Administrative Trustee, UTI Trustee
                                         and SUBI Trustee

                                         By:_________________________________
                                         Name:_______________________________
                                         Title:______________________________

                                       12
<PAGE>

                                                                      SCHEDULE 1
                                                     Transaction SUBI Supplement
                                                                          2002-A

                        DESCRIPTION OF TRANSACTION UNITS
               [delivered electronically to the Indenture Trustee]

                                      I-1

<PAGE>

                                                                       EXHIBIT A

                      FORM OF TRANSACTION SUBI CERTIFICATE

                             VW CREDIT LEASING, LTD.

       TRANSACTION SPECIAL UNIT OF BENEFICIAL INTEREST 2002-A CERTIFICATE

        evidencing an exclusive undivided 100% beneficial ownership interest in
        all Transaction SUBI Assets (as defined below).

        (This Certificate does not represent an obligation of, or an interest
        in, VW Credit, Inc. or any of its affiliates (other than the Origination
        Trust (as defined below)).)

Number Transaction SUBI-2002-A-[  ]

        THIS CERTIFIES THAT ______________________________________ is the
registered owner of a 100% nonassessable, fully-paid, exclusive undivided
interest in the Transaction SUBI Portfolio (such interest, a "Transaction SUBI")
of VW Credit Leasing, Ltd., a Delaware statutory trust (the "Origination Trust")
formed by VW Credit, Inc., a Delaware corporation, as settlor ("VCI" or, in its
capacity as settlor thereunder, and, together with any successor or assign, the
"Settlor"), Wilmington Trust Company, a Delaware banking corporation, as
Delaware trustee (the "Delaware Trustee"), and U.S. Bank National Association
(f/k/a U.S. Bank Trust National Association), as administrative trustee (the
"Administrative Trustee") and UTI trustee (the "UTI Trustee"). The Origination
Trust was created pursuant to a Trust Agreement dated as of June 2, 1999 (as
modified, supplemented, or amended from time to time, the "Agreement") among VCI
as the Settlor and as the sole initial beneficiary (in such capacity, and,
together with any successor or permitted assign, the "Initial Beneficiary"), the
UTI Trustee, the Administrative Trustee and the Delaware Trustee, as
supplemented for purposes hereof by that certain Transaction SUBI Supplement
2002-A to Origination Trust Agreement dated as of November [ ], 2002 (as
amended, modified or supplemented from time to time, the "Transaction SUBI
Supplement") among the Settlor, the Initial Beneficiary, the UTI Trustee, the
Administrative Trustee and U.S. Bank National Association, as the SUBI Trustee.
To the extent not otherwise defined herein, the capitalized terms herein have
the meanings set forth in the Agreement.

        This Certificate is the duly authorized certificate issued under the
Agreement and the Transaction SUBI Supplement dated even date herewith and
designated as "VW Credit Leasing, Ltd. Transaction Special Unit of Beneficial
Interest 2002-A Certificate" (the "Transaction SUBI Certificate"). This
Transaction SUBI Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement and the Transaction SUBI Supplement,
to which Agreement the holder of this Transaction SUBI Certificate by virtue of
the acceptance hereof assents and by which such holder is bound. Also to be
issued under the Agreement are various other series of Certificates, the first
designated as "VW Credit Leasing, Ltd. Undivided Trust Interest Certificates"
(the "Undivided Trust Interest Certificates"), and the others each designated as
"VW Credit Leasing, Ltd. Special Unit of Beneficial Interest Certificates" (the
"SUBI Certificates" and, together with the Undivided Trust Interest
Certificates, the "Certificates").

                                      A-1

<PAGE>

The Undivided Trust Interest Certificates, taken together, evidence an exclusive
undivided interest in the assets of the Origination Trust, other than SUBI
Assets (each as defined in the Agreement); each other series of SUBI
Certificates, taken together, will evidence an exclusive undivided interest in a
separate SUBI Portfolio other than the Transaction SUBI Portfolio.

        The Certificates do not represent an obligation of, or an interest in,
the Settlor, any Origination Trustee or any of their respective affiliates
(other than the Origination Trust). A copy of the Agreement may be examined
during normal business hours at the principal office of the Settlor or any
Origination Trustee, and at such other places, if any, designated by the Settlor
or any Origination Trustee, by the holder hereof upon request.

        By accepting this Certificate, the holder hereof releases (or fully
subordinates, but only to the extent such release is not given effect) any claim
in respect of this Certificate to any proceeds or assets of the Origination
Trust and to all of the assets of the Origination Trust other than those from
time to time included within the Transaction SUBI Portfolio (the "Transaction
SUBI Assets") and those proceeds or assets derived from or earned by the
Transaction SUBI Assets.

        Prior to due presentation of this Certificate for registration of a
permitted transfer, the Origination Trustee, the certificate registrar and any
of their respective agents may treat the person or entity in whose name this
Certificate is registered as the owner hereof for the purpose of receiving
distributions and for all other purposes, and, except as provided for in the
Agreement, neither the Origination Trustee, the certificate registrar nor any
such agent shall be affected by any notice to the contrary.

        The holder of this Certificate covenants and agrees that prior to the
date which is one year and one day after the date upon which all obligations
under each Financing have been paid in full, it will not institute against, or
join any other Person in instituting against, the Origination Trust, the Initial
Beneficiary, any Special Purpose Entity, or any general partner of any Special
Purpose Entity that is a partnership, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding or other proceedings under any
federal or state bankruptcy or similar law.

        No bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding or other proceedings under any federal or state bankruptcy,
insolvency or similar law shall be instituted by the Origination Trust without
the unanimous consent of all Origination Trustees and Certificateholders
hereunder. A SUBI Trustee shall not so consent unless directed to do so by the
holder of the applicable SUBI, and the Delaware Trustee shall not so consent
unless directed to do so by all of the Certificateholders.

        Unless this Certificate shall have been executed by an authorized
officer of the Origination Trustee, by manual signature, this Certificate shall
not entitle the holder hereof to any benefit under the Agreement or be valid for
any purpose.

                                      A-2
<PAGE>

        IN WITNESS WHEREOF, the Administrative Trustee and the SUBI Trustee on
behalf of the Origination Trust and not in their individual capacities have
caused this Transaction SUBI Certificate to be duly executed.

Dated:                     VW CREDIT LEASING, LTD.

                           By:    U.S. BANK NATIONAL ASSOCIATION,
                                  not in its individual capacity but solely as
                                  Administrative Trustee and SUBI Trustee

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

                                      A-3

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