Document:

<PAGE>

                                                                     Exhibit 4.1

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

                    FIRST SECURITY AUTO OWNER TRUST 20__-__

                      Class A-1 ____% Asset Backed Notes
                      Class A-2 _____% Asset Backed Notes
                      Class A-3 ____% Asset Backed Notes
                      Class A-4 ____% Asset Backed Notes
                       Class B ____% Asset Backed Notes

                  ___________________________________________

                                   INDENTURE

                         Dated as of __________, 20__

                  ___________________________________________

                    _______________________________________
                             as Indenture Trustee

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<PAGE>

                             CROSS-REFERENCE TABLE

<TABLE>
<CAPTION>
================================================================================
       TIA                                              Indenture
    Section                                            Section
    -------                                            -------
--------------------------------------------------------------------------------
<S>                                                    <C>
    310(a)(1)    .......................................  6.11
       (a)(2)    .......................................  6.11
       (a)(3)    .......................................  6.10
       (a)(4)    .......................................  6.14
       (b)       .......................................  6.11
       (c)       .......................................  N.A.
    311(a)       .......................................  6.12
       (b)       .......................................  6.12
       (c)       .......................................  N.A.
    312(a)       .......................................  7.1, 7.2
       (b)       .......................................  7.2
       (c)       .......................................  7.2
    313(a)       .......................................  7.4(a), 7.4(b)
       (b)(1)    .......................................  7.4(a)
       (b)(2)    .......................................  7.4(a)
       (c)       .......................................  7.4(a)
       (d)       .......................................  7.4(a)
    314(a)       .......................................  7.3(a), 3.9
       (b)       .......................................  3.6
       (c)(1)    .......................................  2.2, 2.9, 4.1, 11.1(a)
       (c)(2)    .......................................  11.1(a)
       (c)(3)    .......................................  11.1(a)
       (d)       .......................................  2.9, 11.1(b)
       (e)       .......................................  11.1(a)
       (f)       .......................................  11.1(a)
    315(a)       .......................................  6.1(b)
       (b)       .......................................  6.5
       (c)       .......................................  6.1(a)
       (d)       .......................................  6.2, 6.1(c)
       (e)       .......................................  5.13
    316(a)last
      sentence   .......................................  1.1
       (a)(1)(A) .......................................  5.11
       (a)(1)(B) .......................................  5.12
       (a)(2)    .......................................  Omitted
    316(b), (c)  .......................................  5.7
    317(a)(1)    .......................................  5.3(b)
       (a)(2)    .......................................  5.3(d)
       (b)       .......................................  3.3
    318(a)       .......................................  11.7

                          N.A. means Not Applicable.
================================================================================
</TABLE>
Note:    This cross reference table shall not, for any purpose, be deemed to be
part of this Indenture.
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                Page
<S>                                                                                             <C>
ARTICLE I
         DEFINITIONS AND INCORPORATION BY REFERENCE...........................................     2

         SECTION 1.1   Definitions............................................................     2
         SECTION 1.2   Incorporation by Reference of Trust Indenture Act......................     2

ARTICLE II
         THE NOTES............................................................................     3

         SECTION 2.1   Form...................................................................     3
         SECTION 2.2   Execution, Authentication and Delivery.................................     3
         SECTION 2.3   Temporary Notes........................................................     4
         SECTION 2.4   Registration; Registration of Transfer and Exchange of Notes...........     4
         SECTION 2.5   Mutilated, Destroyed, Lost or Stolen Notes.............................     6
         SECTION 2.6   Persons Deemed Noteholders.............................................     6
         SECTION 2.7   Payment of Principal and Interest......................................     7
         SECTION 2.8   Cancellation of Notes..................................................     8
         SECTION 2.9   Release of Collateral..................................................     8
         SECTION 2.10    Book-Entry Notes.....................................................     9
         SECTION 2.11    Notices to Clearing Agency...........................................     9
         SECTION 2.12    Definitive Notes.....................................................    10
         SECTION 2.13    Seller as Noteholder.................................................    10
         SECTION 2.14    Tax Treatment........................................................    10
         SECTION 2.15    Special Terms Applicable to Subsequent Transfers of
                         Certain Notes........................................................    10

ARTICLE III
         COVENANTS............................................................................    11

         SECTION 3.1   Payment of Principal and Interest......................................    11
         SECTION 3.2   Maintenance of Agency Office11
         SECTION 3.3   Money for Payments To Be Held in Trust.................................    12
         SECTION 3.4   Existence..............................................................    13
         SECTION 3.5   Protection of Trust Estate; Acknowledgment of Pledge...................    13
         SECTION 3.6   Opinions as to Trust Estate............................................    14
         SECTION 3.7   Performance of Obligations; Servicing of Receivables...................    15
         SECTION 3.8   Negative Covenants.....................................................    16
         SECTION 3.9   Annual Statement as to Compliance......................................    16
         SECTION 3.10    Consolidation, Merger, etc., of Issuer; Disposition of
                         Trust Assets.........................................................    17
</TABLE>

                                      ii
<PAGE>

<TABLE>
<S>                                                                                            <C>
         SECTION 3.11  Successor or Transferee...............................................  19
         SECTION 3.12  No Other Business.....................................................  19
         SECTION 3.13  No Borrowing..........................................................  19
         SECTION 3.14  Guarantees, Loans, Advances and Other Liabilities.....................  19
         SECTION 3.15  Servicer's Obligations................................................  20
         SECTION 3.16  Capital Expenditures..................................................  20
         SECTION 3.17  Restricted Payments...................................................  20
         SECTION 3.18  Notice of Events of Default...........................................  20
         SECTION 3.19  Further Instruments and Acts..........................................  20
         SECTION 3.20  Indenture Trustee's Assignment of Purchased Receivables...............  20
         SECTION 3.21  Representations and Warranties by the Issuer to the
                       Indenture Trustee.....................................................  21

ARTICLE IV
         SATISFACTION AND DISCHARGE..........................................................  21

         SECTION 4.1   Satisfaction and Discharge of Indenture...............................  21
         SECTION 4.2   Application of Trust Money............................................  22
         SECTION 4.3   Repayment of Monies Held by Paying Agent..............................  23

ARTICLE V
         DEFAULT AND REMEDIES................................................................  23

         SECTION 5.1   Events of Default.....................................................  23
         SECTION 5.2   Acceleration of Maturity; Rescission and Annulment....................  24
         SECTION 5.3   Collection of Indebtedness and Suits for Enforcement by Indenture
                       Trustee...............................................................  25
         SECTION 5.4   Remedies; Priorities..................................................  27
         SECTION 5.5   Optional Preservation of the Trust Estate.............................  28
         SECTION 5.6   Limitation of Suits...................................................  28
         SECTION 5.7   Unconditional Rights of Noteholders To Receive Principal
                       and Interest..........................................................  29
         SECTION 5.8   Restoration of Rights and Remedies....................................  29
         SECTION 5.9   Rights and Remedies Cumulative........................................  29
         SECTION 5.10    Delay or Omission Not a Waiver......................................  29
         SECTION 5.11    Control by Noteholders..............................................  30
         SECTION 5.12    Waiver of Past Defaults.............................................  30
         SECTION 5.13    Undertaking for Costs...............................................  31
         SECTION 5.14    Waiver of Stay or Extension Laws....................................  31
         SECTION 5.15    Action on Notes.....................................................  31
         SECTION 5.16    Performance and Enforcement of Certain Obligations..................  32

ARTICLE VI
         THE INDENTURE TRUSTEE...............................................................  32
</TABLE>

                                      iii
<PAGE>

<TABLE>
<S>                                                                                            <C>
         SECTION 6.1   Duties of Indenture Trustee..........................................   32
         SECTION 6.2   Rights of Indenture Trustee..........................................   34
         SECTION 6.3   Indenture Trustee May Own Notes......................................   35
         SECTION 6.4   Indenture Trustee's Disclaimer.......................................   35
         SECTION 6.5   Notice of Defaults...................................................   36
         SECTION 6.6   Reports by Indenture Trustee to Holders..............................   36
         SECTION 6.7   Compensation; Indemnity..............................................   36
         SECTION 6.8   Replacement of Indenture Trustee.....................................   36
         SECTION 6.9   Merger or Consolidation of Indenture Trustee.........................   37
         SECTION 6.10    Appointment of Co-Indenture Trustee or Separate
                         Indenture Trustee..................................................   38
         SECTION 6.11    Eligibility; Disqualification......................................   39
         SECTION 6.12    Preferential Collection of Claims Against Issuer...................   40
         SECTION 6.13    Representations and Warranties of Indenture Trustee................   40
         SECTION 6.14    Indenture Trustee May Enforce Claims Without Possession
                         of Notes...........................................................   41
         SECTION 6.15    Suit for Enforcement...............................................   41
         SECTION 6.16    Rights of Noteholders to Direct Indenture Trustee..................   41

ARTICLE VII
         NOTEHOLDERS' LISTS AND REPORTS.....................................................   42

         SECTION 7.1   Issuer To Furnish Indenture Trustee Names and Addresses
                       of Noteholders.......................................................   42
         SECTION 7.2   Preservation of Information, Communications to Noteholders...........   42
         SECTION 7.3   Reports by Issuer....................................................   42
         SECTION 7.4   Reports by Indenture Trustee.........................................   43

ARTICLE VIII
         ACCOUNTS, DISBURSEMENTS AND RELEASES...............................................   43

         SECTION 8.1   Collection of Money..................................................   43
         SECTION 8.2   Accounts; Payments...................................................   44
         SECTION 8.3   General Provisions Regarding Accounts................................   45
         SECTION 8.4   Release of Trust Estate..............................................   46
         SECTION 8.5   Opinion of Counsel...................................................   46

ARTICLE IX
         SUPPLEMENTAL INDENTURES............................................................   47

         SECTION 9.1   Supplemental Indentures Without Consent of Noteholders...............   47
         SECTION 9.2   Supplemental Indentures With Consent of Noteholders..................   48
         SECTION 9.3   Execution of Supplemental Indentures.................................   49
         SECTION 9.4   Effect of Supplemental Indenture.....................................   49
</TABLE>

                                      iv
<PAGE>

<TABLE>
<S>                                                                                            <C>
         SECTION 9.5   Conformity with Trust Indenture Act...................................  50
         SECTION 9.6   Reference in Notes to Supplemental Indentures.........................  50

ARTICLE X
         REDEMPTION OF NOTES.................................................................  50

         SECTION 10.1  Redemption............................................................  50
         SECTION 10.2  Form of Redemption Notice.............................................  51
         SECTION 10.3  Notes Payable on Redemption Date......................................  51

ARTICLE XI
         MISCELLANEOUS.......................................................................  51

         SECTION 11.1  Compliance Certificates and Opinions, etc.............................  51
         SECTION 11.2  Form of Documents Delivered to Indenture Trustee......................  53
         SECTION 11.3  Acts of Noteholders...................................................  54
         SECTION 11.4  Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.......  54
         SECTION 11.5  Notices to Noteholders; Waiver........................................  55
         SECTION 11.6  Alternate Payment and Notice Provisions...............................  55
         SECTION 11.7  Conflict with Trust Indenture Act.....................................  55
         SECTION 11.8  Effect of Headings and Table of Contents..............................  56
         SECTION 11.9  Successors and Assigns................................................  56
         SECTION 11.10 Separability..........................................................  56
         SECTION 11.11 Benefits of Indenture.................................................  56
         SECTION 11.12 Legal Holidays........................................................  56
         SECTION 11.13 Governing Law.........................................................  56
         SECTION 11.14 Counterparts..........................................................  56
         SECTION 11.15 Recording of Indenture................................................  56
         SECTION 11.16 No Recourse...........................................................  57
         SECTION 11.17 No Petition...........................................................  57
         SECTION 11.18 Inspection............................................................  57
         SECTION 11.19 Voting Rights.........................................................  58
</TABLE>

Exhibit A         -        Locations of Schedule of Receivables
Exhibit B         -        Form of Class A Asset Backed Note
Exhibit C         -        Form of Class B Asset Backed Note
Exhibit D         -        Form of Note Depository Agreement
Exhibit E         -        Officer's Issuance Certificate

                                       v
<PAGE>

          INDENTURE, dated as of __________, 20__ between FIRST SECURITY AUTO
OWNER TRUST 20__-__, a Delaware business trust (the "Issuer"), and
____________________, a ____________________, as trustee and not in its
individual capacity (the "Indenture Trustee").

          Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Notes and (only to the
extent expressly provided herein) the Certificateholders:

                                GRANTING CLAUSE

          The Issuer hereby Grants to the Indenture Trustee at the Closing Date,
as trustee for the benefit of the Noteholders and (only to the extent expressly
provided herein) the Certificate holders, all of the Issuer's right, title and
interest in, to and under (a) the Receivables listed on the Schedule of
                                                            -----------
Receivables which is on file at the locations listed on Exhibit A hereto and all
-----------                                             ---------
monies due or received under the Receivables after the close of business of the
Servicer on the Cutoff Date; (b) the Accounts and such amounts as from time to
time may be held therein (including the Account Property related thereto); (c)
the security interests in the Financed Vehicles; (d) the Seller's rights (if
any) to receive proceeds from claims on Insurance Policies covering the Financed
Vehicles or the Obligors; (e) the Seller's rights relating to the Receivables
under the Dealer Agreements and Dealer Assignments; (f) the Seller's rights to
all documents and information contained in the Receivable Files; (g) the rights
of the Trust under this Agreement (including the right to receive payments
under the circumstances specified herein from the Reserve Account); and (h) all
proceeds (within the meaning of the Relevant UCC) of the foregoing
(collectively, the "Collateral").

          The foregoing Grant is made in trust to secure (a) first, the payment
of principal of and interest on, and any other amounts owing in respect of, the
Class A Notes, equally and ratably without prejudice, priority or distinction,
and (b) second, the payment of principal of and interest on, and any other
amounts owing in respect of, the Class B Notes, equally and ratably without
prejudice, priority or distinction, and to secure compliance with the provisions
of this Indenture, all as provided in this Indenture.  This Indenture
constitutes a security agreement under the UCC.

          The foregoing Grant includes all rights, powers and options (but none
of the Obligations, if any) of the Issuer under any agreement or instrument
included in the Collateral, including the immediate and continuing right to
claim for, collect, receive and give receipt for principal and interest payments
in respect of the Receivables included in the Collateral and all other monies
payable under the Collateral, 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 Issuer or otherwise and
generally to do and receive anything that the Issuer is or may be entitled to do
or receive under or with respect to the Collateral.

          The Indenture Trustee, as trustee on behalf of the Noteholders (only
to the extent expressly provided herein), acknowledges such Grant and accepts
the trusts under this Indenture in accordance with the provisions of this
Indenture.

                                       1
<PAGE>

                                   ARTICLE I
                  DEFINITIONS AND INCORPORATION BY REFERENCE

          SECTION 1.1    Definitions.  Certain capitalized terms used in this
                         -----------
Indenture shall have the respective meanings assigned them in Section 1.1 of the
Sale and Servicing Agreement of even date herewith among the Issuer and Seller
(as it may be amended, supplemented or modified from time to time, the "Sale and
Servicing Agreement"). All references herein to "the Indenture" or "this
Indenture" are to this Indenture as it may be amended, supplemented or modified
from time to time, the exhibits hereto and the capitalized terms used herein
which are defined in such Section 1.1 of the Sale and Servicing Agreement. All
references herein to Articles, Sections, subsections and exhibits are to
Articles, Sections, subsections and exhibits contained in or attached to this
Indenture unless otherwise specified. All terms defined in this Indenture shall
have the defined meanings when used in any certificate, notice, Note or other
document made or delivered pursuant hereto unless otherwise defined therein.

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

          "Commission" means the Securities and Exchange Commission.

          "indenture  securities" means the Notes.

          "indenture security holder" means a Noteholder.

          "indenture to be qualified" means this Indenture.

          "indenture trustee" means the Indenture Trustee.

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

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

                                       2
<PAGE>

                                  ARTICLE II
                                   THE NOTES

          SECTION 2.1    Form.
                         ----

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

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

          (c) Each Note shall be dated the date of its authentication.  The
terms of each class of Notes as provided for on the face of each Note in Exhibit
                                                                         -------
B and Exhibit C hereto are part of the terms of this Indenture.
-     ---------

          SECTION 2.2    Execution, Authentication and Delivery.
                         --------------------------------------

          (a) Each Note shall be dated the date of its authentication, and shall
be issuable as a registered Note in the minimum denomination of $1,000 (other
than the Class B Notes) and in integral multiples thereof.

          (b) The Notes shall be executed on behalf of the Issuer by any of its
Authorized Officers.  The signature of any such Authorized Officer on the Notes
may be manual or facsimile.

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

          (d) The Indenture Trustee shall upon Issuer Order authenticate and
deliver to or upon the order of the Issuer, the Notes for original issue in
aggregate principal amount of $_______________, comprised of (i) Class A-1 Notes
in the aggregate principal amount of $_______________, (ii) Class A-2 Notes in
the aggregate principal amount of $_______________, (iii) Class A-3 Notes in the
aggregate principal amount of $_______________, (iv) Class A-4 Notes in the
aggregate principal amount of $_______________ and (v) Class B Notes in the
aggregate

                                       3
<PAGE>

principal amount of $_______________. The aggregate principal amount of all
Notes outstanding at any time may not exceed $______________ except as provided
in Section 2.5.

          (e) No Notes 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 set forth, in the case
of the Class A Notes, in Exhibit B, and in the case of the Class B Notes, in
                         ---------
Exhibit C, 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.
                         ---------------

          (a) Pending the preparation of Definitive Notes, if any, the Issuer
may execute, and upon receipt of an Issuer Order the Indenture Trustee shall
authenticate and deliver, such Temporary Notes which are printed, lithographed,
typewritten, mimeographed or otherwise produced, of the tenor of the Definitive
Notes in lieu of which they are issued and with such variations as are
consistent with the terms of this Indenture as the officers executing such Notes
may determine, as evidenced by their execution of such Notes.

          (b) If Temporary Notes are issued, the Issuer shall cause Definitive
Notes to be prepared without unreasonable delay.  After the preparation of
Definitive Notes, the Temporary Notes shall be exchangeable for Definitive Notes
upon surrender of the Temporary Notes at the Agency Office of the Issuer to be
maintained as provided in Section 3.2, without charge to the Noteholder.  Upon
surrender for cancellation of any one or more Temporary Notes, the Issuer shall
execute and the Indenture Trustee shall authenticate and deliver in exchange
therefor a like principal amount of Definitive Notes of authorized
denominations.  Until so delivered in exchange, the 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 of
                         ------------------------------------------------------
Notes.
-----

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

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

                                       4
<PAGE>

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

          (c) Upon surrender for registration of transfer of any Note at the
Corporate Trust Office of the Indenture Trustee or the Agency Office of the
Issuer (and following the delivery, in the former case, of such Notes to the
Issuer by the Indenture Trustee), the Issuer shall execute, the Indenture
Trustee shall authenticate and the Noteholder shall obtain from the Indenture
Trustee, in the name of the designated transferee or transferees, one or more
new Notes in any authorized denominations, of a like aggregate principal amount.

          (d) At the option of the Noteholder, Notes may be exchanged for other
Notes of the same class in any authorized denominations, of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at the Corporate
Trust Office of the Indenture Trustee or the Agency Office of the Issuer (and
following the delivery, in the former case, of such Notes to the Issuer by the
Indenture Trustee), the Issuer shall execute, and the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, the
Notes which the Noteholder making the exchange is entitled to receive.

          (e) 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.

          (f) Every Note presented or surrendered for registration of transfer
or exchange shall be duly endorsed by, or be accompanied by a written instrument
of transfer in form satisfactory to the Indenture Trustee and the Note
Registrar, duly executed by the Holder thereof or such Holder's attorney duly
authorized in writing, with such signature guaranteed by a commercial bank or
trust company located, or having a correspondent located, in the City of New
York or the city in which the Corporate Trust Office of the Indenture Trustee is
located, or by a member firm of a national securities exchange, and such other
documents as the Indenture Trustee may require.

          (g) No service charge shall be made to a Holder for any registration
of transfer or exchange of Notes, but the Issuer or Indenture Trustee may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Notes, other than exchanges pursuant to Sections 2.3 or 9.6 not
involving any transfer.

          (h) The preceding provisions of this Section 2.4 notwithstanding, the
Issuer shall not be required to transfer or make exchanges, and the Note
Registrar need not register transfers or exchanges, of Notes that:  (i) have
been selected for redemption pursuant to Article X, if applicable; or (ii) are
due for repayment in full within 15 days of submission to the Corporate Trust
Office of the Indenture Trustee or the Agency Office.

                                       5
<PAGE>

          SECTION 2.5    Mutilated, Destroyed, Lost or Stolen Notes.
                         ------------------------------------------

          (a) 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 and the Indenture Trustee harmless, then, in the absence of notice to
the Issuer, the Note Registrar or the Indenture Trustee that such Note has been
acquired by a bona fide purchaser, the Issuer shall execute and upon the
Issuer's written request the Indenture Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Note, a replacement Note of a like class and aggregate principal amount;
provided, however, that if any such destroyed, lost or stolen Note, but not a
--------  -------
mutilated Note, shall have become or within seven days shall be due and payable
in full, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuer may make payment to the Holder of such destroyed,
lost or stolen Note when so due or payable or upon the Redemption Date, if
applicable, without surrender thereof.

          (b) If, after the delivery of a replacement Note or payment in respect
of a destroyed, lost or stolen Note pursuant to subsection (a), any bona fide
purchaser of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Issuer and the Indenture Trustee
shall be entitled to recover such replacement Note (or such payment) from (i)
any Person to whom it was delivered, (ii) the Person taking such replacement
Note from the Person to whom such replacement Note was delivered or (iii) any
assignee of such Person, except any bona fide purchaser, and the Issuer and the
Indenture Trustee 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.

          (c) In connection with the issuance of any replacement Note under this
Section 2.5, the Issuer may require the payment by the Holder of such Note of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other reasonable expenses (including all fees and
expenses of the Indenture Trustee) connected therewith.

          (d) Any duplicate Note issued pursuant to this Section 2.5 in
replacement for 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 found at any time or be
enforced by any Person, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Notes duly issued
hereunder.

          (e) The provisions of this Section 2.5 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 Noteholders.  Prior to due presentment
                         --------------------------
for registration of transfer of any Note, the Issuer, the Indenture Trustee and
any agent of the Issuer or the Indenture Trustee may treat the Person in whose
name any Note is registered (as of the day of determination) as the Noteholder
for the purpose of receiving payments of principal of and interest

                                       6
<PAGE>

on such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and neither the Issuer, the Indenture Trustee nor any agent of the
Issuer or the Indenture Trustee shall be affected by notice to the contrary.

          SECTION 2.7    Payment of Principal and Interest.
                         ---------------------------------

          (a) Interest on the Class A-1 Notes will be computed on the actual
number of days elapsed from the most recent Distribution Date (or the Closing
Date, in the case of the initial Distribution Date) to but excluding the then
current Distribution Date divided by 360 at the Interest Rate for the Class A-1
Notes, and such interest shall be payable on each Distribution Date, in
accordance with the priorities set forth in Section 8.2(c).  Interest on the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes
will be computed on the basis of a 360-day year of twelve 30-day months (or, in
the case of the initial Distribution Date, 13/30ths of a month) at the
applicable Interest Rate for such class, and such interest shall be payable on
each Distribution Date, in accordance with the priorities set forth in Section
8.2(c).  Any installment of interest payable on any Note shall be punctually
paid or duly provided for by a deposit by or at the written direction of the
Issuer or the Servicer into the Note Distribution Account before each
Distribution Date for payment to Noteholders on the related Distribution Date
and shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the applicable Record Date, by check mailed
first-class, postage prepaid to such Person's address as it appears on the Note
Register on such Record Date; provided, however, that, unless and until
                              --------  -------
Definitive Notes have been issued pursuant to Section 2.12, with respect to
Notes registered on the applicable Record Date in the name of the Note
Depository (initially, Cede & Co.), payment shall be made by wire transfer in
immediately available funds to the account designated by the Note Depository;
and provided further that, so long as any Class B Notes are held by the Seller
or any of its Affiliates, payment on such Class B Notes shall be made by wire
transfer in immediately available funds to the account designated by the Seller.

          (b) Until the earlier of (i) the occurrence of an Event of Default and
a declaration in accordance with Section 5.2(a) that the Notes have become
immediately due and payable and (ii) any Notes remaining unpaid on or after the
applicable Final Scheduled Distribution Date, the principal of each class of
Notes shall be payable in full on the Final Scheduled Distribution Date for such
class and, to the extent of funds available therefor, in installments on the
Distribution Dates (if any) preceding the Final Scheduled Distribution Date for
such class, in the amounts and in accordance with the priorities set forth in
Section 8.2(c)(ii) or (iii), as applicable.  All principal payments on each
class of Notes shall be made pro rata to the Noteholders of such class entitled
thereto.  Any installment of principal payable on any Note shall be punctually
paid or duly provided for by a deposit by or at the written direction of the
Issuer into the Note Distribution Account prior to the applicable Distribution
Date and shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the applicable Record Date, by check mailed
first-class, postage prepaid to such Person's address as it appears on the Note
Register on such Record Date; provided, however, that, unless and until
                              --------  -------
Definitive Notes have been issued pursuant to Section 2.12, with respect to
Notes registered on the Record Date in the name of the Note Depository, payment
shall be made by wire transfer in immediately available funds to the account
designated by the Note

                                       7
<PAGE>

Depository and provided further that, so long as any of the Class B Notes are
held by the Seller or any of its Affiliates, payment on such Class B Notes shall
be made by wire transfer in immediately available funds to the account
designated by the Seller, except, in each case, for: (i) the final installment
of principal on any Note; and (ii) the Redemption Price for the Notes redeemed
pursuant to Section 10.1, which, in each case, shall be payable as provided
herein. The funds represented by any such checks in respect of interest or
principal returned undelivered shall be held in accordance with Section 3.3.

          (c)  [Reserved.]

          (d)  From and after the occurrence of an Event of Default and a
declaration in accordance with Section 5.2(a) that the Notes have become
immediately due and payable, principal on the Notes shall be payable as provided
in Section 8.2(c)(iv).

          (e)  With respect to any Distribution Date on which the final
installment of principal and interest on a class of Notes is to be paid, the
Servicer shall notify the Indenture Trustee of such payment on the related
Determination Date.  The Indenture Trustee shall notify each Noteholder of such
class of record as of the Record Date for such Distribution Date of the fact
that the final installment of principal of and interest on such Note is to be
paid on such Distribution Date. Such notice shall be sent (i) on such Record
Date by facsimile, if Book-Entry Notes are outstanding; or (ii) not later than
five Business Days after such Record Date in accordance with Section 11.5(a) if
Definitive Notes are outstanding, and shall specify that such final installment
shall be payable only upon presentation and surrender of such Note and shall
specify the place where such Note may be presented and surrendered for payment
of such installment and the manner in which such payment shall be made.  Notices
in connection with redemptions of Notes shall be mailed to Noteholders as
provided in Section 10.2.

          SECTION 2.8    Cancellation of Notes.  All Notes surrendered for
                         ---------------------
payment, redemption, exchange or registration of transfer shall, if surrendered
to any Person other than the Indenture Trustee, be delivered to the Indenture
Trustee and shall be promptly canceled by the Indenture Trustee.  The Issuer may
at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have
acquired in any manner whatsoever, and all Notes so delivered shall be promptly
canceled by the Indenture Trustee.  No Notes shall be authenticated in lieu of
or in exchange for any Notes canceled as provided in this Section 2.8, except as
expressly permitted by this Indenture.  All canceled 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, however, that such Issuer
                                          --------  -------
Order is timely and the Notes have not been previously disposed of by the
Indenture Trustee.  The Indenture Trustee shall certify to the Issuer, upon
written request, that surrendered Notes have been duly canceled and retained or
destroyed, as the case may be.

          SECTION 2.9    Release of Collateral.  The Indenture Trustee shall
                         ---------------------
release property from the lien of this Indenture, other than as permitted by
Sections 3.20, 8.2, 8.4 and 11.1, only upon receipt of an Issuer Request
accompanied by an Officers' Certificate, an Opinion of Counsel (to the

                                       8
<PAGE>

extent required by the TIA) and Independent Certificates in accordance with TIA
(S)(S)314(c) and 314(d)(1).

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

               (a) the provisions of this Section 2.10 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 holder
     of the Notes and shall have no obligation to the Note Owners;

               (c) to the extent that the provisions of this Section 2.10
     conflict with any other provisions of this Indenture, the provisions of
     this Section 2.10 shall control;

               (d) the rights of the Note Owners shall be exercised only through
     the Clearing Agency and shall be limited to those established by law and
     agreements between such Note Owners and the Clearing Agency and/or the
     Clearing Agency Participants and unless and until Definitive Notes are
     issued pursuant to Section 2.12, the initial Clearing Agency shall make
     book-entry transfers between the Clearing Agency Participants and receive
     and transmit payments of principal of and interest on the Notes to such
     Clearing Agency Participants, pursuant to the Note Depository Agreement;
     and

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

          SECTION 2.11   Notices to Clearing Agency.  Whenever a notice or other
                         --------------------------
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section
2.12, 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 other obligation to the Note Owners.

                                       9
<PAGE>

          SECTION 2.12   Definitive Notes.  If (i) the Administrator advises the
                         ----------------
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Notes and
the Administrator is unable to locate a qualified successor; (ii) the
Administrator, at its option, advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency; or (iii)
after the occurrence of an Event of Default or an Event of Servicing
Termination, with respect to such Securities, the holders representing at least
a majority of the Outstanding Principal Amount of the related Notes advise the
Indenture Trustee and Clearing Agency in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests
of the Note Owners, then the Clearing Agency shall notify all Note Owners and
the Indenture Trustee of the occurrence of any such event and of the
availability of Definitive Notes to Note Owners requesting the same.  Upon
surrender to the Indenture Trustee of the typewritten Note or Notes representing
the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute and the Indenture Trustee shall
authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency.  None of the Issuer, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be fully protected in relying on, such
instructions.  Upon the issuance of Definitive Notes, the Indenture Trustee
shall recognize the Holders of the Definitive Notes as Noteholders.

          SECTION 2.13   Seller as Noteholder.  The Seller in its individual or
                         --------------------
any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Issuer or its affiliates with the same rights it would have if it
were not the Seller.

          SECTION 2.14   Tax Treatment.  The Issuer in entering into this
                         -------------
Indenture, and the Noteholders and the Note Owners, by acquiring any Note or
interest therein, (i) express their intention that the Notes qualify under
applicable tax law as indebtedness secured by the Collateral, and (ii) unless
otherwise required by appropriate taxing authorities, agree to treat the Notes
as indebtedness secured by the Collateral for the purpose of federal income
taxes, state and local income and franchise taxes, and any other taxes imposed
upon, measured by or based upon gross or net income.

          SECTION 2.15   Special Terms Applicable to Subsequent Transfers of
                         ---------------------------------------------------
Certain Notes.
-------------

          (a) At the time of issuance, a Class B Note shall be issued to and
retained by the Seller in the aggregate principal amount of $______ and shall
not be registered under the Securities Act, or the securities laws of any other
jurisdiction.  Consequently, such Class B Note (the "Unregistered Note") shall
not be transferable other than pursuant to (i) an exemption from the
registration requirements of the Securities Act and satisfaction of certain
other provisions specified herein or (ii) registration under the Securities Act.
Unless registered under the Securities Act, no sale, pledge or other transfer of
the Unregistered Note (or interest therein) may be made by any Person unless
either (i) such sale, pledge or other transfer is made to a "qualified
institutional buyer" (as defined under Rule 144A under the Securities Act) or to
an institutional investor that is an "accredited investor" (as described in Rule
501(a)(1), (2), (3) or (7) under the Securities Act) and,

                                       10
<PAGE>

if so requested by the Seller or the Indenture Trustee, such proposed transferee
executes and delivers a certificate, substantially in the form attached hereto
as Exhibit E or otherwise in form and substance satisfactory to the Indenture
   ---------
Trustee and the Seller, or (ii) such sale, pledge or other transfer is otherwise
made in a transaction exempt from the registration requirements of the
Securities Act, in which case, unless the Seller otherwise directs, (A) the
Indenture Trustee shall require that both the prospective transferor and the
prospective transferee certify to the Indenture Trustee and the Seller in
writing the facts surrounding such transfer, which certification shall be in
form and substance satisfactory to the Indenture Trustee and the Seller, and (B)
the Indenture Trustee shall require a written Opinion of Counsel (which shall
not be at the expense of the Seller, the Servicer or the Indenture Trustee)
satisfactory to the Seller and the Indenture Trustee to the effect that such
transfer will not violate the Securities Act. Neither the Seller nor the
Indenture Trustee shall be obligated hereunder to register the Unregistered Note
under the Securities Act, qualify the Unregistered Note under the securities
laws of any state or provide registration rights to any purchaser or holder
thereof.

          (b) The Unregistered Note shall be issued in the form of a Definitive
Note and Sections 2.10, 2.11 and 2.12 of this Indenture shall not apply thereto.

          (c) The Unregistered Note shall bear legends to the effect set forth
in subsection (a).

                                  ARTICLE III
                                   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.  On each Distribution Date and
on the Redemption Date (if applicable), the Indenture Trustee shall distribute
amounts on deposit in the Note Distribution Account to the Noteholders in
accordance with Sections 2.7 and 8.2, less amounts properly withheld under the
Code by any Person from a payment to any Noteholder of interest and/or
principal.  Any amounts so withheld shall be considered as having been paid by
the Issuer to such Noteholder for all purposes of this Indenture.

          SECTION 3.2    Maintenance of Agency Office.  As long as any of the
                         ----------------------------
Notes remains outstanding, the Issuer shall maintain in the Borough of
Manhattan, the City of New York, an office (the "Agency Office"), being an
office or agency where Notes may be surrendered to the Issuer for registration
of transfer or exchange, and where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served.  The Issuer hereby
initially appoints the Indenture Trustee to serve as its agent for the foregoing
purposes.  The Issuer shall give prompt written notice to the Indenture Trustee
of the location, and of any change in the location, of the Agency Office. 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 of the
Indenture Trustee, and the Issuer hereby appoints the Indenture Trustee as its
agent to receive all such surrenders, notices and demands; provided that,
                                                           -------- ----

                                       11
<PAGE>

notwithstanding the forgoing, the Agency Office shall not be the location for
the service of process to the Issuer.

          SECTION 3.3   Money for Payments To Be Held in Trust.
                        --------------------------------------

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

          (b) Before each Distribution Date or the Redemption Date (if
applicable), the Indenture Trustee at the written direction of the Servicer
shall deposit in the Note Distribution Account an aggregate sum sufficient to
pay the amounts then becoming due with respect to the Notes, such sum to be held
in trust for the benefit of the Persons entitled thereto.

          (c) 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), subject to the provisions of
this Section 3.3, that such Paying Agent shall:

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

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

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

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

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

                                       12
<PAGE>

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

          (e) Subject to applicable laws with respect to escheat of funds, any
money held by the Indenture Trustee or any Paying Agent in trust for the payment
of any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and be paid by the Indenture Trustee to the Issuer on Issuer Request; and the
Holder of such Note shall thereafter, as an unsecured general creditor, look
only to the Issuer for payment thereof (but only to the extent of the amounts so
paid to the Issuer), and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided, however,
                                                              --------  -------
that the Indenture Trustee or such Paying Agent, before being required to make
any such payment, may at the expense and written direction of the Issuer cause
to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in the
City of New York, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining shall be
paid to the Issuer. The Indenture Trustee may also adopt and employ, at the
expense and written direction of the Issuer, any other reasonable means of
notification of such payment (including, but not limited to, mailing notice of
such payment to Holders whose Notes have been called but have not been
surrendered for redemption or whose right to or interest in monies due and
payable but not claimed is determinable from the records of the Indenture
Trustee or of any Paying Agent, at the last address of record for each such
Holder).

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

          SECTION 3.5    Protection of Trust Estate; Acknowledgment of Pledge.
                         ----------------------------------------------------
The Issuer shall from time to time execute and deliver all such supplements and
amendments hereto and all such financing statements, amendments thereto,
continuation statements, assignments, certificates, instruments of further
assurance and other instruments, and shall take such other action as may be
determined to be necessary or advisable in an Opinion of Counsel to the Owner
Trustee delivered to the Indenture Trustee to:

                                       13
<PAGE>

          (i)   maintain or preserve the lien and security interest (and the
priority thereof) of this Indenture or carry out more effectively the purposes
hereof including by making the necessary filings of financing statements or
amendments thereto within sixty days after the occurrence of any of the
following:  (A) any change in the Issuer's name, (B) any change in the location
of the Issuer's principal place of business and (C) any merger or consolidation
or other change in the Issuer's identity or organizational structure and by
promptly notifying the Indenture Trustee of any such filings;

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

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

          (iv)  preserve and defend title to the Trust Estate and the rights of
the Indenture Trustee and the Noteholders in such Trust Estate against the
claims of all Persons and parties, and the Issuer hereby designates the
Indenture Trustee its agent and attorney-in-fact to execute at the expense and
written direction of the Issuer any financing statement, continuation statement
or other instrument required by the Indenture Trustee pursuant to this Section
3.5.

          SECTION 3.6    Opinions as to Trust Estate.
                         ---------------------------

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

          (b) On or before March 15 in each calendar year, beginning March 15,
20__, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel
either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite documents
and with respect to the execution and filing of any financing statements and
continuation statements as is necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action or
stating that in the opinion of such counsel no such action is necessary to
maintain the lien and security interest created by this Indenture.  Such Opinion
of Counsel shall also describe the recording, filing, re-recording and refiling
of this Indenture, any indentures supplemental hereto and any other requisite
documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until March 15 in
the following calendar year.

                                       14
<PAGE>

          SECTION 3.7   Performance of Obligations; Servicing of Receivables.
                        ----------------------------------------------------

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

          (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 the Basic Documents or an
Officers' Certificate of the Issuer shall be deemed to be action taken by the
Issuer.  Initially, the Issuer has contracted with the Servicer and the
Administrator to assist the Issuer in performing its duties under this
Indenture.

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

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

          (e) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer agrees that it shall not, without the
prior written consent of the Indenture Trustee or the Holders of at least a
majority in principal amount of such then outstanding Notes, as applicable in
accordance with the terms thereof, amend, modify, waive, supplement, terminate
or surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral or any of the Basic
Documents, or waive timely performance or observance by the Servicer or the
Seller under the Sale and Servicing Agreement, the Administrator under the
Administration Agreement; provided, however, that, notwithstanding the
                          --------  -------
foregoing, no action specified in the proviso to Section 9.2 shall be taken
                                      -------
except in compliance with Section 9.2.  If any such amendment, modification,
supplement or waiver shall be so consented to by the Indenture Trustee or such
Holders, as applicable, the Issuer agrees, promptly following a request by the

                                       15
<PAGE>

Indenture Trustee to do so, to execute and deliver, in its own name and at its
own expense, such agreements, instruments, consents and other documents as the
Indenture Trustee may deem necessary or appropriate in the circumstances.

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

          (a) sell, transfer, exchange or otherwise dispose of any of the
     properties or assets of the Issuer, except the Issuer may (i) collect,
     liquidate, sell or otherwise dispose of Receivables (including Purchased
     Receivables and Liquidating Receivables), (ii) make cash payments out of
     the Accounts and (iii) take other actions, in each case as contemplated by
     the Basic Documents;

          (b) claim any credit on, or make any deduction from the principal or
     interest payable in respect of the Notes (other than amounts properly
     withheld from such payments under the Code or 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;

          (c) voluntarily commence any insolvency, readjustment of debt,
     marshaling of assets and liabilities or other proceeding, or apply for an
     order by a court or agency or supervisory authority for the winding-up or
     liquidation of its affairs or any other event specified in Section 5.1(f);
     or

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

          SECTION 3.9    Annual Statement as to Compliance.  The Issuer shall
                         ---------------------------------
deliver to the Indenture Trustee, with a copy to each of the Rating Agencies, on
or before March 15 of each year, beginning March 15, 20__, an Officer's
Certificate signed by an Authorized Officer, dated as of the immediately
preceding March 15, stating that:

                                       16
<PAGE>

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

          (b) to the best of such Authorized Officer's knowledge, based on such
     review, the Issuer has fulfilled in all material respects all of its
     obligations under this Indenture throughout such year, or, if there has
     been a default in the fulfillment of any such obligation, specifying each
     such default known to such Authorized Officer and the nature and status
     thereof. A copy of such certificate may be obtained by any Noteholder by a
     request in writing to the Issuer addressed to the Corporate Trust Office of
     the Indenture Trustee.

          SECTION 3.1   Consolidation, Merger, etc., of Issuer; Disposition of
                        ------------------------------------------------------
Trust Assets.
------------

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

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

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

               (iii) the Rating Agency Condition shall have been satisfied with
     respect to such transaction and such Person for each then outstanding class
     of Notes;

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

               (v)   the Issuer shall have delivered to the Indenture Trustee an
     Officers' Certificate and an Opinion of Counsel addressed to the Indenture
     Trustee, each stating:

                     (A) that such consolidation or merger and such supplemental
     indenture comply with this Section 3.10;

                     (B) that such consolidation or merger and such supplemental
          indenture shall have no material adverse tax consequence to the Issuer
          or any Securityholder; and

                                       17
<PAGE>

                    (C) that all conditions precedent herein provided for in
          this Section 3.10 have been complied with, which shall include any
          filing required by the Exchange Act.

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

                    (i)  the Person that acquires such properties or assets of
     the Issuer (A) shall be a United States citizen or a Person organized and
     existing under the laws of the United States of America or any State and
     (B) by an indenture supplemental hereto, executed and delivered to the
     Indenture Trustee, in form satisfactory to the Indenture Trustee:

                         (1)  expressly assumes the due and punctual payment of
     the principal of and interest on all Notes and the performance or
     observance of every agreement and covenant of this Indenture on the part of
     the Issuer to be performed or observed, all as provided herein;

                         (2)  expressly agrees that all right, title and
     interest so sold, conveyed, exchanged, transferred or otherwise disposed of
     shall be subject and subordinate to the rights of Noteholders;

                         (3)  unless otherwise provided in such supplemental
     indenture, expressly agrees to indemnify, defend and hold harmless the
     Issuer against and from any loss, liability or expense arising under or
     related to this Indenture and the Notes; and

                         (4)  expressly agrees that such Person (or if a group
     of Persons, then one specified Person) shall make all filings with the
     Commission (and any other appropriate Person) required by the Exchange Act
     in connection with the Notes;

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

     (iii) the Rating Agency Condition shall have been satisfied with respect to
such transaction and such Person for each then outstanding class of Notes;

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

     (v)   the Issuer shall have delivered to the Indenture Trustee an Officers'
Certificate and an Opinion of Counsel addressed to the Indenture Trustee, each
stating that:

                                       18
<PAGE>

                    (A)  such sale,  conveyance, exchange, transfer or
          disposition and such supplemental indenture comply with this Section
          3.10;

                    (B)  such sale,  conveyance, exchange, transfer or
          disposition and such supplemental indenture have no material adverse
          tax consequence to the Issuer or to any Noteholders or
          Certificateholders; and

                    (C)  that all conditions precedent herein provided for in
          this Section 3.10 have been complied with, which shall include any
          filing required by the Exchange Act.

           SECTION 3.11  Successor or Transferee.
                         -----------------------

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

          (b)  Upon a conveyance or transfer of all the assets and properties of
the Issuer pursuant to Section 3.10(b), the Issuer shall be released from every
covenant and agreement of this Indenture to be observed or performed on the part
of the Issuer with respect to the Securityholders immediately upon the delivery
of written notice to the Indenture Trustee from the Person acquiring such assets
and properties stating that the Issuer is to be so released.

          SECTION 3.12   No Other Business.  The Issuer shall not engage in any
                         -----------------
business or activity other than acquiring, holding and managing the Collateral
and the proceeds therefrom in the manner contemplated by the Basic Documents,
issuing the Securities, making payments on the Securities and such other
activities that are necessary, suitable, desirable or convenient to accomplish
the foregoing or are incidental thereto, as set forth in Section 2.3 of the
Trust Agreement.

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

          SECTION 3.14   Guarantees, Loans, Advances and Other Liabilities.
                         -------------------------------------------------
Except as contemplated by this Indenture or the other Basic Documents, the
Issuer shall not make any loan or advance or credit to, or guarantee (directly
or indirectly or by an instrument having the effect of assuring another's
payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or own,
purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

                                       19
<PAGE>

          SECTION 3.15   Servicer's Obligations.  The Issuer shall use its best
                         ----------------------
efforts to cause the Servicer to comply with its obligations under Sections 3.9,
3.10 and 3.11 of the Sale and Servicing Agreement.

          SECTION 3.16   Capital Expenditures.  The Issuer shall not make any
                         --------------------
expenditure (whether by long-term or operating lease or otherwise) for capital
assets (either real, personal or intangible property) other than the purchase of
the Receivables and other property and rights from the Seller pursuant to the
Sale and Servicing Agreement.

          SECTION 3.17   Restricted Payments.  Except for payments of principal
                         -------------------
or interest on or redemption of the Notes, so long as any Notes are Outstanding,
the Issuer shall not, directly or indirectly:

          (a)  pay any dividend or make any distribution (by reduction of
     capital or otherwise), whether in cash, property, securities or a
     combination thereof, to the Owner Trustee or any owner of a beneficial
     interest in the Issuer or otherwise, in each case with respect to any
     ownership or equity interest or similar security in or of the Issuer or to
     the Servicer;

          (b)  redeem, purchase, retire or otherwise acquire for value any such
     ownership or equity interest or similar security; or

          (c)  set aside or otherwise segregate any amounts for any such
     purpose;

provided, however, that the Issuer may make, or cause to be made, distributions
--------  -------
to the Servicer, the Seller, the Indenture Trustee, the Owner Trustee and the
Certificateholders as permitted by, and to the extent funds are available for
such purpose under, the Sale and Servicing Agreement, the Trust Agreement or the
other Basic Documents.  The Issuer shall not, directly or indirectly, make
payments to or distributions from the Collection Account except in accordance
with the Basic Documents.

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

          SECTION 3.19   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 purpose of this Indenture.

          SECTION 3.20   Indenture Trustee's Assignment of Purchased
                         -------------------------------------------
Receivables. Upon receipt of the Repurchase Amount with respect to a Purchased
-----------
Receivable, the Indenture Trustee shall assign, without recourse, representation
or warranty to the Servicer or the Seller, as applicable, all of the Indenture
Trustee's right, title and interest in and to such Purchased Receivable, all
monies due thereon, the security interest in the related Financed Vehicle or
Financed Vehicle, proceeds arising thereafter from any Insurance Policies with
respect to such Receivable, rights

                                       20

<PAGE>

relating to the Receivables under the Dealer Agreements and Dealer Assignments,
such assignment being an assignment outright and not for security; and the
Servicer or the Seller, as applicable, shall thereupon own such Receivable, and
all such security and documents, free of any further obligation to the Indenture
Trustee or the Securityholders with respect thereto. If in any enforcement suit
or legal proceeding it is held that the Servicer may not enforce a Receivable on
the ground that it is not a real party in interest or a holder entitled to
enforce such Receivable, the Indenture Trustee shall, at the Servicer's expense,
take such steps as the Servicer deems necessary to enforce the Receivable,
including bringing suit in the Indenture Trustee's name or the names of the
Securityholders.

          SECTION 3.21   Representations and Warranties by the Issuer to the
                         ---------------------------------------------------
Indenture Trustee.  The Issuer hereby represents and warrants to the Indenture
-----------------
Trustee as follows:

          (a)  Good Title.  No Receivable has been sold, transferred, assigned
               ----------
or pledged by the Issuer to any Person other than the Indenture Trustee;
immediately prior to the conveyance of the Receivables pursuant to this
Indenture, the Issuer had good and marketable title thereto, free of any Lien;
and, upon execution and delivery of this Indenture by the Issuer, the Indenture
Trustee shall have all of the right, title and interest of the Issuer in, to and
under the Collateral, free of any Lien; and

          (b)  All Filings Made.  All filings necessary under the UCC in any
               ----------------
jurisdiction to give the Indenture Trustee a first priority perfected security
interest in the Receivables and, to the extent constituting Code Collateral, the
other Collateral shall have been made.  The Receivables constitute Code
Collateral.

                                  ARTICLE IV
                          SATISFACTION AND DISCHARGE

          SECTION 4.1    Satisfaction and Discharge of Indenture.  This
                         ---------------------------------------
Indenture shall cease to be of further effect with respect to the Notes except
as to:  (i) rights of registration of transfer and exchange; (ii) substitution
of mutilated, destroyed, lost or stolen Notes; (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon; (iv) Sections 3.2,
3.3, 3.4, 3.5, 3.8, 3.10, 3.11, 3.12, 3.13, 3.14, 3.16, 3.18 and 3.20; (v) the
rights, obligations and immunities of the Indenture Trustee hereunder (including
the rights of the Indenture Trustee under Section 6.7 and the obligations of the
Indenture Trustee under Sections 4.2 and 4.4); and (vi) the rights of
Noteholders as beneficiaries hereof with respect to the property so deposited
with the Indenture Trustee payable to all or any of them, and the Indenture
Trustee, on demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, if:

                                       21
<PAGE>

                    (a)  either:

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

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

                         (A)  have become due and payable,

                         (B)  will be due and payable on their respective Final
               Scheduled Distribution Dates within one year, or

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

          and the Issuer, in the case of (A), (B) or (C) of subsection 4.1(a)(2)
          above, has irrevocably deposited or caused to be irrevocably deposited
          with the Indenture Trustee cash or direct obligations of or
          obligations guaranteed by the United States of America (which will
          mature prior to the date such amounts are payable), in trust for such
          purpose, in an amount sufficient to pay and discharge the entire
          unpaid principal and accrued interest on such Notes not theretofore
          delivered to the Indenture Trustee for cancellation when due on the
          Final Scheduled Distribution Dates for such Notes or the Redemption
          Date for such Notes (if such Notes are to be called for redemption
          pursuant to Section 10.1(a)), as the case may be;

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

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

          SECTION 4.2    Application of Trust 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

                                       22
<PAGE>

provisions of the Notes and this Indenture to the payment, either directly or
through any Paying Agent, as the Indenture Trustee may determine, to the Holders
of the particular Notes for the payment or redemption of which such monies have
been deposited with the Indenture Trustee, of all sums due and to become due
thereon for principal and interest; but such monies need not be segregated from
other funds except to the extent required herein or in the Sale and Servicing
Agreement or by applicable law.

          SECTION 4.3    Repayment of Monies Held by Paying Agent.  In
                         ----------------------------------------
connection with the satisfaction and discharge of this Indenture with respect to
each class of Notes, all monies then held by any Paying Agent other than the
Indenture Trustee under the provisions of this Indenture with respect to each
such class of Notes shall, upon demand of the Issuer, be paid to the Indenture
Trustee to be held and applied according to Section 3.3 and thereupon such
Paying Agent shall be released from all further liability with respect to such
monies.

                                   ARTICLE V
                             DEFAULT AND REMEDIES

          SECTION 5.1    Events of Default.  For the purposes of this Indenture,
                         -----------------
"Event of Default" wherever used herein, means any one of the following events:

          (a)  failure to pay the Class A Noteholders' Interest Distributable
     Amount or the Class B Noteholders' Interest Distributable Amount, as
     applicable, to the Noteholders on the related Distribution Date, and such
     default shall continue unremedied for a period of five (5) days; or

          (b)  except as set forth in Section 5.1(c), failure to pay any
     installment of the principal of any Note as and when the same becomes due
     and payable; or

          (c) failure to pay in full the outstanding principal balance of any
     class of Notes by  the Final Scheduled Distribution Date for such class; or

          (d)  default in the observance or performance in any material respect
     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 specifically dealt with elsewhere in this Section 5.1) which
     failure materially and adversely affects the rights of the Noteholders, and
     such default shall continue or not be cured for a period of thirty (30)
     days after there shall have been given, by registered or certified mail, to
     the Issuer and the Seller (or the Servicer, as applicable) by the Indenture
     Trustee or to the Issuer and the Seller (or the Servicer, as applicable)
     and the Indenture Trustee by the Holders of at least a majority in
     Principal Amount of such Notes  then outstanding, a written notice
     specifying such default, demanding that it be remedied and stating that
     such notice is a "Notice of Default" hereunder; or

                                       23
<PAGE>

          (e)  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 sixty (60) consecutive days; or

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

The Issuer shall deliver to the Indenture Trustee, within five (5) Business Days
after learning of the occurrence thereof, written notice in the form of an
Officer's Certificate of any Default under Section 5.1(d), its status and what
action the Issuer is taking or proposes to take with respect thereto.

           SECTION 5.2   Acceleration of Maturity; Rescission and Annulment.
                         --------------------------------------------------

          (a) If an Event of Default should occur and be continuing, then and in
every such case, unless the principal amount of the Notes shall have already
become due and payable, either the Indenture Trustee or the Holders of Notes
representing not less than a majority in Principal Amount of such Notes then
outstanding may declare the principal of such Notes to be immediately due and
payable, by a notice in writing to the Issuer (and to the Indenture Trustee if
given by the  Note  holders) setting forth the Event or Events of Default, and
upon any such declaration the unpaid principal amount of the Notes, together
with accrued and unpaid interest thereon through the date of acceleration, shall
become immediately due and payable.

          (b) At any time after such declaration of acceleration of maturity of
the Notes has been made and before a judgment or decree for payment of the money
due thereunder has been obtained by the Indenture Trustee as hereinafter
provided in this Article V, the Holders of Notes representing not less than a
majority in Principal Amount of such Notes then outstanding, by written notice
to the Issuer and the Indenture Trustee, may rescind and annul such declaration
and its consequences with respect to the Notes; provided, that no such
                                                --------
rescission and annulment shall extend to or affect any subsequent or other
Default or impair any right consequent thereto; and provided further, that if
                                                    ----------------
the Indenture Trustee shall have proceeded to enforce any right under this
Indenture and such proceedings shall have been discontinued or abandoned because
of such rescission and annulment or for any other reason, or such proceedings
shall have been determined adversely to the Indenture Trustee, then and in every
such case, the Indenture Trustee, the Issuer and the Noteholders, as the case
may be, shall be restored to their respective former positions and rights
hereunder, and

                                       24
<PAGE>

all rights, remedies and powers of the Indenture Trustee, the Issuer and the
Noteholders, as the case may be, shall continue as though no such proceedings
had been commenced.

           SECTION 5.3   Collection of Indebtedness and Suits for Enforcement by
                         -------------------------------------------------------
Indenture Trustee.
-----------------

           (a) The Issuer covenants that if there shall occur an Event of
Default under Sections 5.1(a), (b) or (c) which has not been waived pursuant to
Section 5.12, the Issuer shall, upon demand of the Indenture Trustee, pay to the
Indenture Trustee, for the benefit of the Noteholders in accordance with their
respective outstanding principal amounts, the entire amount then due and payable
on the Notes for principal and interest, with interest through the date of such
payment on the overdue principal amount of each class of Notes, at the rate
applicable to such class of Notes, and in addition thereto such further amount
as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the
Indenture Trustee and its agents and counsel.

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

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

          (d) If 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 if a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any demand pursuant to the provisions of this Section 5.3, shall be
entitled and empowered, by intervention in such Proceedings or otherwise:

                                       25
<PAGE>

               (i)   to file and prove a claim or claims for the entire amount
     of the unpaid principal and interest owing 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
     trustee, and their respective agents, attorneys and counsel, and for
     reimbursement of all expenses and liabilities incurred, and all advances
     made, by the Indenture Trustee and each predecessor trustee, except as a
     result of negligence or bad faith) and of the Noteholders allowed in such
     Proceedings;

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

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

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

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee, and, if 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 trustee and their respective agents,
attorneys and counsel, and all other expenses and liabilities incurred, and all
advances made, by the Indenture Trustee and each predecessor trustee, except as
a result of negligence or bad faith.

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

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

                                       26
<PAGE>

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

               (i)   institute Proceedings in its own name and as trustee of an
     express trust for the collection of all amounts then due and payable on the
     Notes or under this Indenture with respect thereto, whether by declaration
     of acceleration 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 such Noteholders; and

               (iv)  sell the Trust Estate or any portion thereof or rights or
     interest therein, at one or more public or private sales called and
     conducted in any manner permitted by law or elect to have the Issuer
     maintain possession of the Receivables and continue to apply collections on
     such Receivables as if there had been no declaration of acceleration;
     provided, however, that the Indenture Trustee may not sell or otherwise
     --------  -------
     liquidate the Trust Estate following an Event of Default and acceleration
     of the Notes, unless (A) the Holders of all such Outstanding Notes consent
     to such sale, (B) the proceeds of such sale or liquidation distributable to
     the Noteholders are sufficient to discharge in full the principal of and
     the accrued interest on such Outstanding Notes at the date of such sale or
     liquidation or (C) (i) there has been an Event of Default under Section
     5.1(a), (b) or (c) or otherwise arising from a failure to make a required
     payment of principal on any Notes, (ii) the Indenture Trustee determines
     that the proceeds of Receivables will not continue to provide sufficient
     funds for the payment of principal of and interest on the Notes as and when
     they would have become due if the Notes had not been declared due and
     payable and (iii) the Indenture Trustee obtains the consent of Holders of
     sixty-six and two-thirds percent of the aggregate outstanding principal
     amount of such Notes.  In determining such sufficiency or insufficiency
     with respect to clauses (B) and (C), the Indenture Trustee may, but need
     not, obtain and rely upon an opinion of an Independent investment banking
     or accounting firm of national reputation as to the feasibility of such
     proposed action and as to the sufficiency of the Trust Estate for such
     purpose.

                                       27
<PAGE>

          (b)  If the Indenture Trustee collects any money or property pursuant
to this Article V, it shall pay out or deposit such money or property in the
following order:

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

               SECOND:  to the Collection Account, for distribution.

          SECTION 5.5    Optional Preservation of the Trust Estate.  If the
                         -----------------------------------------
Notes have been declared to be due and payable under Section 5.2(a) following an
Event of Default and such declaration and its consequences have not been
rescinded and annulled in accordance with Section 5.2(b), the Indenture Trustee
may, but need not, elect to take and maintain possession of the Trust Estate.
In determining whether to take and maintain possession of the Trust Estate, the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

          SECTION 5.6    Limitation of Suits.  No Holder of any Note shall have
                         -------------------
any right to institute any Proceeding, judicial or otherwise, with respect to
this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:

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

               (ii)  the Holders of not less than a majority in principal amount
     of the Outstanding Notes have made written request to the Indenture Trustee
     to institute such Proceeding in respect of such Event of Default in its own
     name as Indenture Trustee hereunder;

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

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

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

it being understood and intended that no Holder or Holders of Notes shall have
any right in any manner whatsoever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Holders of Notes or to obtain or to seek to obtain priority or preference
over any other Holders of Notes or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable (on the basis of
the respective aggregate

                                       28
<PAGE>

amount of principal and interest, respectively, due and unpaid on the Notes held
by each Noteholder) and common benefit of all Noteholders. For the protection
and enforcement of the provisions of this Section 5.6, each and every Noteholder
shall be entitled to such relief as can be given either at law or in equity.

          If the Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of Notes, each
representing less than a majority in principal amount of such Outstanding Notes,
the Indenture Trustee shall act at the direction of the group with the greater
principal amount of Outstanding Notes, provided however, should the Indenture
Trustee receive conflicting requests and indemnity from two or more groups with
the same principal amount of Outstanding Notes, the Indenture Trustee in its
sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture and the Indenture Trustee
shall not be liable for any action taken pursuant to this Section 5.

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

          SECTION 5.8    Restoration of Rights and Remedies.  If the Indenture
                         ----------------------------------
Trustee or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally to their respective 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 to the Noteholders
is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise.  The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

          SECTION 5.10   Delay or Omission Not a Waiver.  No delay or omission
                         ------------------------------
of the Indenture Trustee or any Holder of any Note to exercise any right or
remedy accruing upon any Default shall impair any such right or remedy or
constitute a waiver of any such Default or an acquiescence therein.  Every right
and remedy given by this Article V or by law to the Indenture

                                       29
<PAGE>

Trustee or to the Noteholders may be exercised from time to time, and as often
as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as
the case may be.

          SECTION 5.11   Control by Noteholders.  The Holders of a majority in
                         ----------------------
principal amount of such Outstanding Notes shall, subject to provision being
made for indemnification against costs, expenses and liabilities in a form
satisfactory to the Indenture Trustee,  have the right to direct the time,
method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided, however, that:
                                    --------  -------

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

               (ii)  subject to the express terms of Section 5.4, any written
     direction to the Indenture Trustee to sell or liquidate the Trust Estate
     shall be by the Holders of Notes representing 100% of the Outstanding
     Amount of the Class A Notes (or, if the Class A Notes have been paid in
     full, 100% of the Outstanding Amount of the Class B Notes);

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

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

provided, however, that, subject to Section 6.1, the Indenture Trustee need not
--------  -------
take any action that it determines might cause it to incur any liability (a)
with respect to which the Indenture Trustee shall have reasonable grounds to
believe that indemnity satisfactory to it against such liability is not assured
to it and (b) which might materially adversely affect the rights of any
Noteholders not consenting to such action.

           SECTION 5.12  Waiver of Past Defaults.
                         -----------------------

           (a) Prior to the declaration of the acceleration of the maturity of
the Notes as provided in Section 5.2(a), the Holders of not less than a majority
in principal amount of such Outstanding Notes may waive any past Default and its
consequences except a Default (i) in the payment of principal of or interest on
any of the Notes or (ii) in respect of a covenant or provision hereof which
cannot be modified or amended without the waiver or consent of the Holder of
such Outstanding Notes.  In the case of any such waiver, the Issuer, the
Indenture Trustee and the Noteholders shall be restored to their respective
former positions and rights hereunder; but no such

                                       30
<PAGE>

waiver shall extend to or affect any subsequent or other Default or impair any
right consequent thereto.

          (b) Upon any such waiver, such Default shall cease to exist and be
deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured and not to have occurred,
for every purpose of this Indenture and for purposes of Section 8.1(a)(ii) of
the Sale and Servicing Agreement; but no such waiver shall extend to or affect
any subsequent or other Default or impair any right consequent thereto.

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

          (a) any Proceeding instituted by the Indenture Trustee;

          (b) any Proceeding instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% in principal
amount of such Outstanding Notes; or

          (c) any Proceeding instituted by any Noteholder for the enforcement of
the payment of principal of or interest on any Note on or after the respective
due dates expressed in such Note and in this Indenture (or, in the case of
redemption, on or after the Redemption Date).

          SECTION 5.14   Waiver of Stay or Extension Laws.  The Issuer covenants
                         --------------------------------
(to the extent that it may lawfully do so) that it shall 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 adversely affect the covenants or the performance
of this Indenture.  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
shall not hinder, delay or impede the execution of any power herein granted to
the Indenture Trustee, but shall 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

                                       31
<PAGE>

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.  If
                         --------------------------------------------------
an Event of Default has occurred and is continuing, the Indenture Trustee may,
and, at the direction (which direction shall be in writing or by telephone
(confirmed in writing promptly thereafter)) of the Holders of at least a
majority in principal amount of such Notes then Outstanding shall, exercise all
rights, remedies, powers, privileges and claims of the Issuer against the Seller
or Servicer under or in connection with the Sale and Servicing Agreement,
including the right or power to take any action to compel or secure performance
or observance by each of the Seller or Servicer of its obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale and Servicing Agreement, and any right of the
Issuer to take such action shall be suspended.

                                  ARTICLE VI
                             THE INDENTURE TRUSTEE

           SECTION 6.1  Duties of Indenture Trustee.
                        ---------------------------

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

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

               (i)   the Indenture Trustee undertakes to perform such duties and
     only such duties as are specifically set forth in this Indenture and the
     Sale and Servicing Agreement and no implied covenants or obligations shall
     be read into this Indenture, the Sale and Servicing Agreement or any other
     Basic Document against the Indenture Trustee; and

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

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

               (i) this Section 6.1(c) does not limit the effect of Section
     6.1(b);

                                       32
<PAGE>

               (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 this
     Agreement or a direction received by it pursuant to Section 5.11.

          (d)  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.

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

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

          (g)  Every provision of this Indenture relating to the Indenture
Trustee shall be subject to the provisions of this Section 6.1 and to the
provisions of the TIA.

          (h)  No provision of this Indenture shall in any event require the
Indenture Trustee to perform, or be responsible for the manner of performance
of, any of the obligations of the Servicer, under the Sale and Servicing
Agreement or this Indenture except during such time, if any, as the Indenture
Trustee shall be the successor to, and be vested with the rights, duties, powers
and privileges of, the Servicer in accordance with the terms of the Sale and
Servicing Agreement and this Indenture.

          (i)  Subject to the other provisions of this Indenture and without
limiting the generality of this Section 6.1, the Indenture Trustee shall have no
duty (A) to see to any recording, filing, or depositing of this Indenture or any
agreement referred to herein or any financing statement or continuation
statement evidencing a security interest, or to see to the maintenance of any
such recording or filing or depositing or to any rerecording, refiling or
redepositing of any thereof, (B) to see to any insurance, (C) to see to the
payment or discharge of any tax, assessment, or other governmental charge or any
lien or encumbrance of any kind owing with respect to, assessed or levied
against, any part of the Trust Estate other than from funds available in the
Note Distribution Account, to the extent permitted by the Basic Documents, (D)
to confirm or verify the contents of any reports or certificates of the Servicer
delivered to the Indenture Trustee pursuant to this Indenture or the Sale and
Servicing Agreement believed by the Indenture Trustee to be genuine and to have
been signed or presented by the proper party or parties.

                                       33
<PAGE>

          SECTION 6.2   Rights of Indenture Trustee.
                        ---------------------------

          (a) The Indenture Trustee may conclusively rely and shall be fully
protected in relying on any resolution, officer's certificate, statement,
report, notice, consent, order, appraisal, bond or other paper document believed
by it to be genuine and to have been signed or presented by the proper Person.
The Indenture Trustee need not calculate or verify any information set forth in
the Servicer's Certificate.  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 and shall be entitled to receive an Officer's Certificate from the
Issuer or an Opinion of Counsel that such action or omission is required or
permissible hereunder.  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, any such agent, attorney, custodian or nominee appointed with
due care by it hereunder.

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

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

          (f) The Indenture Trustee shall not be charged with knowledge of an
Event of Default unless an Authorized Officer obtains actual knowledge of such
an event or the Indenture Trustee receives written notice of such Event of
Default.

          (g) The Indenture Trustee shall be under no obligation to exercise any
of the trusts or powers vested in it by this Indenture or to institute, conduct
or defend any litigation hereunder or in relation hereto at the request, order
of direction of any of the Noteholders, unless such Noteholders shall have
offered to the Indenture Trustee reasonable security or indemnity against the
costs, expenses and liabilities which may be incurred therein or thereby;
nothing contained herein shall, however, relieve the Indenture Trustee of the
obligation, upon the occurrence of a Event of Default of which a Responsible
Officer of the Indenture Trustee shall have actual knowledge (which has not been
cured), to exercise such of the rights and powers vested in it by this
Indenture, and to use the

                                       34
<PAGE>

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.

          (h) 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
a majority in principal amount of the Outstanding Notes, provided, however, that
if the payment within a reasonable time to the Indenture Trustee of the costs,
expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Indenture Trustee, not reasonably
assured to the Indenture Trustee by the security afforded to it by the terms of
this Indenture, the Indenture Trustee may require reasonable indemnity against
such cost, expense or liability as a condition to taking any such action.

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

          (j) The Indenture Trustee shall not be required to give any bond or
surety in respect of the Trust Estate or the powers granted hereunder.

          SECTION 6.3    Indenture Trustee May Own Notes.  The Indenture Trustee
                         -------------------------------
in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer, the Servicer or any of their respective
Affiliates with the same rights it would have if it were not Indenture Trustee;
provided, however, that the Indenture Trustee shall comply with Sections 6.10
--------  -------
and 6.11.  Any Paying Agent, Note Registrar, co-registrar or co-paying agent may
do the same with like rights.

          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 or the Notes, it shall not be accountable for the
Issuer's use of the proceeds from the Notes, and it shall not be responsible for
any statement of the Issuer in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture
Trustee's certificate of authentication.  Except as expressly set forth in the
Sale and Servicing Agreement and the Indenture, the Indenture Trustee shall have
no obligation to administer, service or collect the Receivables or to maintain
or otherwise supervise the administration, servicing or collection of the
Receivables.  The Indenture Trustee shall have no duty to monitor the
performance of the Servicer nor shall it have any liability in connection with
the malfeasance or nonfeasance by the Servicer. The Indenture Trustee shall have
no liability in connection with compliance by the Servicer with statutory or
regulatory requirements related to the Receivables or any provision of this
Indenture, the Sale and Servicing Agreement or any related instrument or
agreement.  The Indenture Trustee shall not make or be deemed to have made any
representations or warranties with respect to the applicable Basic Documents or
the validity or sufficiency of any assignment of the Receivables to the
Indenture Trustee.

                                       35
<PAGE>

          SECTION 6.5    Notice of Defaults.  If a Default occurs and is
                         ------------------
continuing and only if it is actually known to an Authorized Officer of the
Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of
the Default within 60 days after it occurs.  Except in the case of a Default in
payment of principal of or interest on any Note, the Indenture Trustee may
withhold the notice if and so long as a committee of its Responsible Officers in
good faith determines that withholding the notice is in the interests of
Noteholders.

          SECTION 6.6    Reports by Indenture Trustee to Holders.  The Indenture
                         ---------------------------------------
Trustee shall deliver to each Noteholder the information and documents set forth
in Section 7.4, and, in addition, all such information with respect to the Notes
as may be required, as specified by the Servicer, to enable such Holder to
prepare its federal and state income tax returns.

          SECTION 6.7   Compensation; Indemnity.
                        -----------------------

          (a) The Issuer shall cause the Servicer to pay to the Indenture
Trustee from time to time such compensation for its services as shall be agreed
upon in writing.  The Indenture Trustee's compensation shall not be limited by
any law on compensation of a trustee of an express trust.  The Issuer shall
cause the Servicer to reimburse the Indenture Trustee for all reasonable out-of-
pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation for its services.  Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the
Indenture Trustee's agents, counsel, accountants and experts.  The Issuer shall
cause the Servicer pursuant to the Sale and Servicing Agreement to indemnify the
Indenture Trustee in accordance with Section 6.2 of the Sale and Servicing
Agreement.

          (b) The Issuer's obligations to the Indenture Trustee pursuant to this
Section 6.7 shall survive the discharge of this Indenture and the resignation
and removal of the Indenture Trustee.  When the Indenture Trustee incurs
expenses after the occurrence of a Default specified in Section 5.1(e) or (f)
with respect to the Issuer or an Event of Servicing Termination specified in
Section 7.1 of the Sale and Servicing Agreement with respect to the Servicer,
the expenses are intended to constitute expenses of administration under Title
11 of the United States Code or any other applicable federal or state
bankruptcy, insolvency or similar law.

          SECTION 6.8   Replacement of Indenture Trustee.
                        --------------------------------

          (a) The Indenture Trustee may at any time give notice of its intent to
resign by so notifying the Issuer; provided, however, that no such resignation
                                   --------  -------
shall become effective and the Indenture Trustee shall not resign prior to the
time set forth in Section 6.8(c).  The Holders of a majority in principal amount
of such Outstanding Notes may remove the Indenture Trustee by so notifying the
Indenture Trustee and may appoint a successor Indenture Trustee.  Such
resignation or removal shall become effective in accordance with Section 6.8(c).
The Issuer shall remove the Indenture Trustee if:

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

                                       36
<PAGE>

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

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

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

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

          (c)  A successor Indenture Trustee shall deliver a written acceptance
of its appointment and designation to the retiring Indenture Trustee and to the
Issuer.  Thereupon the resignation or removal of the retiring Indenture Trustee
shall become effective, and the successor Indenture Trustee shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture;
provided, however, that all amounts due and owing the retiring Indenture Trustee
have been paid.  The successor Indenture Trustee shall mail a notice of its
succession to Noteholders and to each of the Rating Agencies.  The retiring
Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee.

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

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

          (f)  Notwithstanding the replacement of the Indenture Trustee pursuant
to this Section 6.8, the Issuer's obligations under Section 6.7 and the
Servicer's corresponding obligations under the Sale and Servicing Agreement
shall continue for the benefit of the retiring Indenture Trustee.

          SECTION 6.9  Merger or Consolidation of Indenture Trustee.
                       --------------------------------------------

          (a) Any corporation into which the Indenture Trustee may be merged or
with which it may be consolidated, or any corporation resulting from any merger
or consolidation to which the Indenture Trustee shall be a party, or any
corporation succeeding to the corporate trust business of the Indenture Trustee,
shall be the successor of the Indenture Trustee under this Indenture; provided,
                                                                      --------
however, that such corporation shall be eligible under the provisions of Section
-------
6.11, without the execution or filing of any instrument or any further act on
the part of any of the parties to this Indenture, anything in this Indenture to
the contrary notwithstanding.  Following such

                                       37
<PAGE>

merger or consolidation, the successor Indenture Trustee shall mail a notice of
such merger or consolidation to each of the Rating Agencies.

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

          SECTION 6.10  Appointment of Co-Indenture Trustee or Separate
                        -----------------------------------------------
Indenture Trustee.
-----------------

          (a)  Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate or any Financed Vehicle may at the time be
located, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-
trustees, or separate trustee or separate trustees, of all or any part of the
Trust Estate, and to vest in such Person or Persons, in such capacity and for
the benefit of the Noteholders and (only to the extent expressly provided
herein) the Certificateholders, such title to the Trust Estate, or any part
hereof, and, subject to the other provisions of this Section 6.10, such powers,
duties, obligations, rights and trusts as the Indenture Trustee may consider
necessary or desirable.  No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section
6.11 and no notice to Noteholders of the appointment of any co-trustee or
separate trustee shall be required under Section 6.8.

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

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

                                       38
<PAGE>

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

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

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

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

          SECTION 6.11 Eligibility; Disqualification.
                       -----------------------------

          (a)  The Indenture Trustee shall at all times satisfy the requirements
of TIA (S) 310(a) and Section 26(a)(1) of the Investment Company Act.  The
Indenture Trustee shall have a combined capital and surplus of at least
$100,000,000 as set forth in its most recent published annual report of
condition and (i) a rating of at least P-1 from Moody's and A-l+ from S&P with
respect to short-term deposit obligations, and (ii) if such institution has
issued long-term unsecured debt obligations, a rating of A2 or higher from
Moody's and AA- or higher from S&P with respect to long-term unsecured debt
obligations.  The Indenture Trustee shall comply with TIA (S) 310(b); provided,
                                                                      --------
however, that there shall be excluded from the operation of TIA (S) 310(b)(1)
-------
any indenture or indentures under which other securities of the Issuer are
outstanding if the requirements for such exclusion set forth in TIA (S)
310(b)(1) are met.

          (b)  If a Default occurs and is continuing, and the Indenture Trustee
is deemed to have a conflicting interest as a result of acting as trustee for
both the Class A Notes and the Class B Notes, the Issuer shall appoint, at the
Issuer's expense, a successor Indenture Trustee for the Class B Notes, so that
there will be separate Indenture Trustees for the Class A Notes and the Class B
Notes. No such event shall alter the voting rights of the Class A Noteholders or
Class B Noteholders under this Indenture or any other Basic Document.  However,
so long as any amounts remain unpaid with respect to the Class A Notes, only the
Indenture Trustee for the Class A Noteholders will have the right to exercise
remedies under this Indenture (but subject to the express provisions of Section
5.4

                                       39
<PAGE>

and to the right of the Class B Noteholders to receive their share of any
proceeds of enforcement, subject to the subordination of the Class B Notes to
the Class A Notes as described herein) to make deposits to and withdrawals from
the Accounts, hold Account Property and to make distributions to Noteholders
from the Note Distribution Account. Upon repayment of the Class A Notes in full,
all rights to exercise remedies under the Indenture will transfer to the
Indenture Trustee for the Class B Notes.

          (c) In the case of the appointment hereunder of a successor Indenture
Trustee with respect to any class of Notes, the Issuer, the retiring Indenture
Trustee and the successor Indenture Trustee with respect to such class of Notes
shall execute and deliver an indenture supplemental hereto wherein the successor
Indenture Trustee shall accept such appointment and which (i) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, the successor Indenture Trustee all the rights, powers, trusts and
duties of the retiring Indenture Trustee with respect to the Notes of the class
to which the appointment of such successor Indenture Trustee relates, (ii) if
the retiring Indenture Trustee is not retiring with respect to all classes of
Notes, shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring
Indenture Trustee with respect to the Notes of each class as to which the
retiring Indenture Trustee is not retiring shall continue to be vested in the
retiring Indenture Trustee, and (iii) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Indenture Trustee,
it being understood that nothing herein or in such supplemental indenture shall
constitute such Indenture Trustees co-trustees of the same trust and that each
such Indenture Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such
Indenture Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Indenture Trustee shall
become effective to the extent provided therein.

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

          SECTION 6.13   Representations and Warranties of Indenture Trustee.
                         ---------------------------------------------------
The Indenture Trustee represents and warrants as of the Closing Date that:

          (a) the Indenture Trustee is a New York banking corporation duly
organized, validly existing and in good standing under the laws of the State of
New York and the eligibility requirements set forth in Section 6.11 are
satisfied with respect to the Indenture Trustee;

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

                                       40
<PAGE>

          (c) this Indenture has been duly executed and delivered by the
Indenture Trustee and constitutes the legal, valid and binding agreement of the
Indenture Trustee, enforceable in accordance with its terms, subject as to
enforceability, to applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws now or hereafter in effect affecting the enforcement of
creditors' rights in general and except as such enforceability may be limited by
general principles of equity (whether considered in a suit at law or in equity).

          SECTION 6.14   Indenture Trustee May Enforce Claims Without Possession
                         -------------------------------------------------------
of Notes.  All rights of action and claims under this Indenture or the Notes may
--------
be prosecuted and enforced by the Indenture Trustee without the possession of
any of the Notes or the production thereof in any proceeding relating thereto,
and any such proceeding instituted by the Indenture Trustee shall be brought in
its own name as Indenture Trustee.  Any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee, its agents and counsel, be
for the ratable benefit of the Noteholders and (only to the extent expressly
provided herein) the Certificateholders in respect of which such judgment has
been obtained.

          SECTION 6.15   Suit for Enforcement.  If an Event of Default shall
                         --------------------
occur and be continuing, the Indenture Trustee in its discretion may, subject to
the provisions of Section 6.1, proceed to protect and enforce its rights and the
rights of the Noteholders under this Indenture by a Proceeding whether for the
specific performance of any covenant or agreement contained in this Indenture or
in aid of the execution of any power granted in this Indenture or for the
enforcement of any other legal, equitable or other remedy as the Indenture
Trustee, being advised by counsel, shall deem most effectual to protect and
enforce any of the rights of the Indenture Trustee or the Noteholders.

          SECTION 6.16   Rights of Noteholders to Direct Indenture Trustee.
                         -------------------------------------------------
Holders of Notes evidencing not less than a majority in principal of the
Outstanding Notes shall have the right to direct in writing the time, method and
place of conducting any Proceeding for any remedy available to the Indenture
Trustee or exercising any trust or power conferred on the Indenture Trustee;
provided however, that reasonable indemnity is provided to the Indenture Trustee
-------- -------
by the holders of the Outstanding Notes directing such action and provided,
                                                                  --------
further, that subject to Section 6.1, the Indenture Trustee shall have the right
-------
to decline to follow any such direction if the Indenture Trustee being advised
by counsel determines that the action so directed may not lawfully be taken, or
if the Indenture Trustee in good faith shall, by a Responsible Officer,
determine that the proceedings so directed would be illegal or subject it to
personal liability or be unduly prejudicial to the rights of Noteholders not
parties to such direction; and provided, further, that nothing in this Indenture
                               --------  -------
shall impair the right of the Indenture Trustee to take any action deemed proper
by the Indenture Trustee and which is not inconsistent with such direction by
the Noteholders.

                                       41
<PAGE>

                                  ARTICLE VII
                        NOTEHOLDERS' LISTS AND REPORTS

          SECTION 7.1   Issuer To Furnish Indenture Trustee Names and Addresses
                        -------------------------------------------------------
of Noteholders.  The Issuer shall furnish or cause to be furnished by the
--------------
Servicer to the Indenture Trustee (a) not more than five days before each
Distribution Date, a list, in such form as the Indenture Trustee may reasonably
require, of the names and addresses of the Holders of Notes as of the close of
business on the Record Date, and (b) at such other times as the Indenture
Trustee may request in writing, within 14 days after receipt by the Issuer of
any such request, a list of similar form and content as of a date not more than
10 days prior to the time such list is furnished; provided, however, that so
                                                  --------  -------
long as the Indenture Trustee is the Note Registrar, no such list shall be
required to be furnished.

          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 Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.1 and the names and addresses of Holders of Notes received by the
Indenture Trustee in its capacity as Note Registrar.  The Indenture Trustee may
destroy any list furnished to it as provided in such Section 7.1 upon receipt of
a new list so furnished.

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

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

          SECTION 7.3   Reports by Issuer.
                        -----------------

          (a) If required, the Issuer shall:

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

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

                                       42
<PAGE>

               (iii) supply to the Indenture Trustee (and the Indenture Trustee
     shall, upon written request, transmit by mail to all Noteholders described
     in TIA (S) 313(c)) such summaries of any information, documents and reports
     required to be filed by the Issuer pursuant to clauses (i) and (ii) of this
     Section 7.3(a) as may be required by rules and regulations prescribed from
     time to time by the Commission.

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

          SECTION 7.4   Reports by Indenture Trustee.
                        ----------------------------

          (a) If required by TIA (S) 313(a), within 60 days after each February
1, beginning with February 1, 20__, the Indenture Trustee shall mail to each
Noteholder as required by TIA (S) 313(c) a brief report dated as of such date
that complies with TIA (S) 313(a).  The Indenture Trustee also shall comply with
TIA (S) 313(b).  A copy of any report delivered pursuant to this Section 7.4(a)
shall, at the time of its mailing to Noteholders, be filed by the Indenture
Trustee with the Commission and each stock exchange, if any, on which the Notes
are listed.  The Issuer shall notify the Indenture Trustee in writing if and
when the Notes are listed on any stock exchange.

          (b) On each Distribution Date, the Indenture Trustee shall forward to
each Noteholder a copy of the statement for the related Monthly Period as
required pursuant to Section 4.7 of the Sale and Servicing Agreement.

                                  ARTICLE VII
                     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 and the Sale and Servicing Agreement.  Except as otherwise expressly
provided in this Indenture or in Article III of the Sale and Servicing
Agreement, 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 Event of Default under this Indenture and any right to proceed thereafter as
provided in Article V.

                                       43
<PAGE>

          SECTION 8.2   Accounts; Payments.
                        ------------------

          (a)  On or prior to the Closing Date, the Indenture Trustee shall
establish and maintain for the benefit of the Securityholders, the Accounts as
provided in Article IV of the Sale and Servicing Agreement.

          (b)  On each Deposit Date, the Indenture Trustee shall cause all
withdrawals, deposits, transfers and distributions provided for in Section
4.5(b) of the Sale and Servicing Agreement to be made based solely on the
information contained in the related Servicer's Certificate. On each Deposit
Date, at the direction of the Servicer, the Indenture Trustee shall make the
distributions from the Collection Account provided for in Section 4.5(c) of the
Sale and Servicing Agreement.

          (c)  On each Distribution Date, the Indenture Trustee shall distribute
all amounts on deposit in the Note Distribution Account based solely on the
information contained in the related Servicer's Certificate, to the Noteholders
to the extent of amounts due and unpaid on the Notes for principal and interest,
in the following amounts, and in the following order of priority:

               (i) (A) first, to accrued and unpaid interest on the Class A
     Notes; provided, however, that if there are not sufficient funds in the
            --------  -------
     Note Distribution Account to pay the entire amount of accrued and unpaid
     interest then due on the Class A Notes, the amount in the Note Distribution
     Account shall be applied to the payment of such interest on each Note of
     each class of the Class A Notes pro rata on the basis of the respective
     aggregate amount of interest due on each such class of Class A Notes; and
     (B) second, unless otherwise provided in clause (iv) below, to accrued and
     unpaid interest on the Class B Notes; provided, however, that if there are
                                           --------  -------
     not sufficient funds in the Note Distribution Account (after the payment of
     all accrued and unpaid interest on the Class A Notes) to pay the entire
     amount of accrued and unpaid interest then due on the Class B Notes, the
     amount in the Note Distribution Account shall be applied to the payment of
     such interest on each of the Class B Notes pro rata on the basis of the
     aggregate amount of interest due on each such Class B Note;

               (ii) unless otherwise provided in clause (iii) or (iv) below, the
     Principal Payment Amount shall be applied on each Distribution Date, as
     follows:

                    (A)  first, 100% of the Principal Payment Amount to
               principal of the Class A-1 Notes, until paid in full, and

                    (B)  second, (1) the Class A Principal Percentage of the
               Principal Payment Amount to the Class A Notes until paid in full
               (all of which shall be paid to the Class A-2 Notes until paid in
               full, then to the Class A-3 Notes until paid in full and then to
               the Class A-4 Notes until paid in full) and (2) the Class B
               Principal Percentage of the Principal Payment Amount to the Class
               B Notes until paid in full; provided, however, that
                                           --------  -------

                                       44
<PAGE>

               principal on the Class B Notes will not be paid on any
               Distribution Date until the Class A Noteholders' Principal
               Distributable Amount for such Distribution Date has been paid in
               full; provided further, that so long as any Class A Notes are
                     ----------------
               outstanding, if the amount on deposit in the Reserve Account
               (after giving effect to all deposits or withdrawals therefrom on
               the related Deposit Date) is less than the Specified Reserve
               Account Balance for such Distribution Date, all amounts otherwise
               payable as principal on the Class B Notes will be paid as
               principal on the Class A Notes;

          (iii) unless otherwise provided in clause (iv) below, from and after
     the occurrence of a Gross Loss Trigger Event, the Principal Payment Amount
     shall be applied on each Distribution Date, as follows:

                     (A)  first, 100% of the Principal Payment Amount to
               principal of the Class A Notes, all of which shall be paid to
               principal of the Class A-1 Notes until paid in full, then to
               principal of the Class A-2 Notes until paid in full, then to
               principal of the Class A-3 Notes until paid in full and then to
               the Class A-4 Notes until paid in full, and

                     (B)  thereafter, 100% of the Principal Payment Amount to
               principal of the Class B Notes.

          (iv)  if the Notes have been declared immediately due and payable as
     provided in Section 5.2(a) following the occurrence of an Event of Default
     or if any Notes remain unpaid on and after the applicable Final Scheduled
     Payment Date, until such time as the Class A Notes have been paid in full
     and this Indenture has been discharged with respect to the Class A Notes,
     any amounts remaining in the Note Distribution Account on any Distribution
     Date after the application described in Section 8.2(c)(i) (A) shall be
     applied in the following priority: (1) to the repayment of principal on
     each of the Class A Notes pro rata on the basis of the respective unpaid
     principal amount of each such Class A Note; (2) to the repayment of
     interest on each of the Class B Notes pro rata on the basis of the amount
     of interest due and unpaid on each such Class B Note; and (3) to the
     repayment of principal on each of the Class B Notes pro rata on the basis
     of the unpaid principal amount of each such Class B Note.

          SECTION 8.3   General Provisions Regarding Accounts.
                        -------------------------------------

          (a) Subject to Section 6.1(c), the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in any of the Accounts
resulting from any loss on any Eligible Investment included therein except for
losses attributable to the Indenture Trustee's failure to make payments on such
Eligible Investments issued by the Indenture Trustee, in its commercial capacity
as principal obligor and not as trustee, in accordance with their terms.  The
Indenture Trustee shall

                                       45
<PAGE>

have no obligation to invest or reinvest any amounts held in any of the Accounts
in the absence of written investment direction.

          (b) If (i) the Servicer shall have failed to give investment
directions for any funds on deposit in the Accounts to the Indenture Trustee by
11:00 a.m., New York City time (or such other time as may be agreed by the
Servicer and the Indenture Trustee) on any Business Day; or (ii) a 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(a), or, if such
Notes shall have been declared due and payable following an Event of Default,
but amounts collected or receivable from the Trust Estate are being applied in
accordance with Section 5.5 as if there had not been such a declaration, then
the Indenture Trustee shall, to the fullest extent practicable, invest and
reinvest funds in the Accounts in the Chase money market fund; provided such
fund is an Eligible Investment or in one or more other Eligible Investments
until such time as the Indenture Trustee shall receive written direction
otherwise.

          SECTION 8.4   Release of Trust Estate.
                        -----------------------

          (a) Subject to the payment of its fees and expenses pursuant to
Section 6.7, the Indenture Trustee may, and when required by the provisions of
this Indenture shall, execute instruments to release property in the Trust
Estate from the lien of this Indenture, or convey the Indenture Trustee's
interest in the same, in a manner and under circumstances that are consistent
with the provisions of this Indenture.  No party relying upon an instrument
executed by the Indenture Trustee as provided in this Article VIII shall be
bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
monies.

          (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.7
have been paid, notify the Issuer thereof in writing and upon receipt of an
Issuer Request, release any remaining portion of the Trust Estate that secured
the Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Note Distribution
Account.  The Indenture Trustee shall (i) release any remaining portion of the
Trust Estate that secured the Certificates from the lien of this Indenture and
(ii) remit in the Certificate Distribution Account or pay as otherwise required
by the Trust Agreement any funds then on deposit in the Reserve Account or the
Collection Account only at such time as (y) there are no Notes Outstanding and
(z) all sums due to the Indenture Trustee pursuant to Section 6.7 have been
paid.

          SECTION 8.5   Opinion of Counsel.  The Indenture Trustee shall
                        ------------------
receive at least seven days' written notice when requested by the Issuer to take
any action pursuant to Section 8.4(a), accompanied by copies of any instruments
involved, and the Indenture Trustee shall also require as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the
Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete the same, and concluding that all conditions
precedent to the taking of such action have been complied with and such action
shall not materially and adversely impair the security

                                       46
<PAGE>

          for the Notes or the rights of the Noteholders in contravention of the
          provisions of this Indenture; provided, however, that such Opinion of
                                        --------  -------
          Counsel shall not be required to express an opinion as to the fair
          value of the Trust Estate. Counsel rendering any such opinion may
          rely, without independent investigation, on the accuracy and validity
          of any certificate or other instrument delivered to the Indenture
          Trustee in connection with any such action.

                                  ARTICLE IX
                            SUPPLEMENTAL INDENTURES

          SECTION 9.1    Supplemental Indentures Without Consent of Noteholders.
                         ------------------------------------------------------

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

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

               (ii)  to evidence the succession, in compliance with Section 3.10
     and 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 Securityholders, 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 or to correct or supplement any
     provision herein or in any supplemental indenture which may be inconsistent
     with any other provision herein, in any supplemental indenture or in any
     other Basic Document;

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

                                       47
<PAGE>

               (vii) to modify, eliminate or add to the provisions of this
     Indenture to such extent as shall be necessary to effect the qualification
     of this Indenture under the TIA or under any similar federal statute
     hereafter enacted and to add to this Indenture such other provisions as may
     be expressly required by the TIA, and the Indenture Trustee is hereby
     authorized to join in the execution of any such supplemental indenture and
     to make any further appropriate agreements and stipulations that may be
     therein contained.

          (b)  The Issuer and the Indenture Trustee, when authorized by an
Issuer Order, may, also without the consent of any of the Noteholders but with
prior notice to the Rating Agencies, at any time and from time to time enter
into one or more indentures supplemental hereto for the purpose of adding any
provisions to, changing in any manner, or eliminating any of the provisions of,
this Indenture or modifying in any manner the rights of the Noteholders under
this Indenture; provided, however, that such action shall not, as evidenced by
                --------  -------
an Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder.

          SECTION 9.2   Supplemental Indentures With Consent of Noteholders.
                        ---------------------------------------------------

          (a)  The Issuer and the Indenture Trustee, when authorized by an
Issuer Order, also may, with prior notice to the Rating Agencies by the Issuer
and with the consent of the Holders of not less than a majority of the
Outstanding Notes of the related Series, by Act of such Holders delivered to the
Issuer and the Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, changing in any
manner, or eliminating any of the provisions of, this Indenture or modifying in
any manner the rights of the Noteholders under this Indenture; provided,
                                                               --------
however, that no such supplemental indenture shall, without the consent of the
-------
Holder of each Outstanding Note affected thereby:

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

               (ii)  reduce the percentage of the aggregate amount of the
     Outstanding Notes of such Series, the consent of the Holders of which is
     required for (a) any such supplemental indenture, (b) any waiver of
     compliance with certain provisions of this Indenture, certain defaults
     hereunder and their consequences as provided for in this Indenture or (c)
     any action described in Sections 2.12, 3.7(e), 5.2, 5.6, 5.11, 5.12(a),
     6.8, or 6.16;

               (iii) modify or alter the provisions of this Indenture regarding
     the voting of Notes held by the related Trust, any other obligor on such
     Notes, the Seller or an affiliate of any of them;

                                       48
<PAGE>

               (iv)  reduce the percentage of the aggregate Outstanding Amount
     of such Notes required to direct the Indenture Trustee to sell or liquidate
     the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would
     be insufficient to pay the principal amount of and accrued but unpaid
     interest on the Outstanding Notes;

               (v)   modify any provision of this Section 9.2 to decrease the
     required minimum percentage necessary to approve any amendments to any
     provisions of this Indenture or any of the Basic Documents;

               (vi)  modify any of the provisions of this Indenture in such
     manner as to affect the calculation of the amount of any payment of
     interest or principal due on any Note on any Distribution Date (including
     the calculation of any of the individual components of such calculation),
     or modify or alter the provisions of the Indenture regarding the voting of
     Notes held by the Issuer, the Seller or any Affiliate of either of them; or

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

          (b)  It shall be sufficient if an Act of Noteholders approves the
substance, but not the form, of any proposed supplemental indenture.

          (c)  Promptly after the execution by the Issuer and the Indenture
Trustee of any supplemental indenture pursuant to this Section 9.2, the Issuer
shall mail to the Noteholders to which such amendment or supplemental indenture
relates a notice setting forth in general terms the substance of such
supplemental indenture.  Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

          SECTION 9.3    Execution of Supplemental Indentures.  In executing, or
                         ------------------------------------
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modifications thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.1 and 6.2, shall be fully protected in conclusively
relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture and that all
conditions precedent to such execution have been satisfied. 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,
indemnities or immunities 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 be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and

                                       49
<PAGE>

the respective rights, limitations of rights, obligations, duties, liabilities
and immunities under this Indenture of the Indenture Trustee, the Issuer 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 be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

          SECTION 9.5    Conformity with Trust Indenture Act.  Every amendment
                         -----------------------------------
of this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the TIA as then in effect so
long as this Indenture shall then be qualified under the TIA.

          SECTION 9.6    Reference in Notes to Supplemental Indentures.  Notes
                         ---------------------------------------------
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture.  If the 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 of the same class.

                                   ARTICLE X
                              REDEMPTION OF NOTES

          SECTION 10.1   Redemption.
                         ----------

          (a)  The Class A-4 Notes and Class B Notes are subject to redemption
in whole, but not in part, upon the exercise by the Servicer of its option to
purchase the Receivables pursuant to Section 9.2 of the Sale and Servicing
Agreement. Such redemption shall occur on any Distribution Date after all Class
A-1 Notes, the Class A-2 Notes and the Class A-3 Notes have been paid in full.
The purchase price for the Class A-4 Notes and Class B Notes to be redeemed
shall be equal to the applicable Redemption Price, provided the Issuer has
available funds sufficient to pay such amount. The Issuer shall furnish the
Rating Agencies notice of such redemption. If the Class A-4 Notes and Class B
Notes are to be redeemed pursuant to this Section 10.1(a), the Issuer shall
furnish notice thereof to the Indenture Trustee not later than 10 days prior to
the Redemption Date and the Issuer shall deposit into the Note Distribution
Account, before the Redemption Date, the aggregate Redemption Price of the Class
A-4 Notes and Class B Notes to be redeemed, whereupon all such Notes shall be
due and payable on the Redemption Date.

          (b)  [Reserved.]

          (c)  Within sixty days after the redemption in full pursuant to this
Section 10.1 of any class of Notes, the Issuer shall provide each of the Rating
Agencies with written notice stating that all of such Notes have been redeemed.

                                       50
<PAGE>

          SECTION 10.2   Form of Redemption Notice.
                         -------------------------

          (a)  Notice of redemption of the Class A-4 Notes and Class B Notes
under Section 10.1(a) shall be given by the Indenture Trustee by first-class
mail, postage prepaid, mailed not less than five days prior to the applicable
Redemption Date to each Holder of the Class A-4 Notes and Class B Notes of
record, respectively, at such Noteholder's address appearing in the Note
Register.

          (b)  All notices of redemption shall state:

               (i)   the Redemption Date;

               (ii)  the Redemption Price; and

               (iii) the place where Class A-4 Notes and Class B Notes are to be
     surrendered for payment of the Redemption Price (which shall be the Agency
     Office of the Indenture Trustee to be maintained as provided in Section
     3.2); and

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

          SECTION 10.3   Notes Payable on Redemption Date.  The Class A-4 Notes
                         --------------------------------
or Class B Notes to be redeemed shall, following notice of redemption as
required by Section 10.2, on the Redemption Date cease to be Outstanding for
purposes of this Indenture and shall thereafter represent only the right to
receive the applicable Redemption Price and (unless the Issuer shall default in
the payment of such Redemption Price) no interest shall accrue on such
Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating such Redemption Price.

                                  ARTICLE XI
                                 MISCELLANEOUS

          SECTION 11.1   Compliance Certificates and Opinions, etc.
                         ------------------------------------------

          (a)  Upon any application or request by the Issuer to the Indenture
Trustee to take any action under any provision of this Indenture, the Issuer
shall furnish to the Indenture Trustee: (i) an Officer's Certificate stating
that all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with, (ii) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with and (iii) (if required by the TIA) an Independent
Certificate from a firm of certified public accountants meeting the applicable
requirements of this Section 11.1, except that, in the case of any such

                                       51
<PAGE>

application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished. Every certificate or opinion with
respect to compliance with a condition or covenant provided for in this
Indenture shall include:

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

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

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

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

          (b)  (i)   Prior to the deposit with the Indenture Trustee of any
Collateral or other property or securities that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the
Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of each Person signing such
certificate as to the fair value (within 60 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 (b)(i) above, the
     Issuer shall also deliver to the Indenture Trustee an Independent
     Certificate as to the same matters, if the fair value to the Issuer of the
     securities to be so deposited and of all other such securities made on the
     basis of any such withdrawal or release since the commencement of the then
     current fiscal year of the Issuer, as set forth in the certificates
     delivered pursuant to clause (i) above and this clause (b)(ii), is 10% or
     more of the Outstanding Amount of the Notes, but such a certificate need
     not be furnished with respect to any securities so deposited if the fair
     value thereof to the Issuer as set forth in the related Officer's
     Certificate is less than $25,000 or less than one percent of the
     Outstanding Amount of the Notes.

               (iii) Other than with respect to the release of any Purchased
     Receivables or Liquidating Receivables, whenever any property or securities
     are to be released from the lien of this Indenture, the Issuer shall also
     furnish to the Indenture Trustee an Officer's Certificate

                                       52
<PAGE>

     certifying or stating the opinion of each Person signing such certificate
     as to the fair value (within 60 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
     signatory thereof as to the matters described in clause (b)(iii) above, the
     Issuer shall also furnish to the Indenture Trustee an Independent
     Certificate as to the same matters if the fair value of the property or
     securities and of all other property, other than Purchased Receivables and
     Liquidating Receivables, or securities released from the lien of this
     Indenture since the commencement of the then current calendar year, as set
     forth in the certificates required by clause (b)(iii) above and this clause
     (b)(iv), equals 10% or more of the Outstanding Amount of the Notes, but
     such certificate need not be furnished in the case of any release of
     property or securities if the fair value thereof as set forth in the
     related Officer's Certificate is less than $25,000 or less than one percent
     of the then Outstanding Amount of the Notes.

               (v)   Notwithstanding Section 2.9 or any other provision of this
     Section 11.1, the Issuer may (A) collect, liquidate, sell or otherwise
     dispose of Receivables as and to the extent permitted or required by the
     Basic Documents, (B) make cash payments out of the Accounts as and to the
     extent permitted or required by the Basic Documents and (C) take any other
     action not inconsistent with the TIA.

          SECTION 11.2   Form of Documents Delivered to Indenture Trustee.
                         ------------------------------------------------

          (a) 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.

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

                                       53
<PAGE>

          (c)  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.

          (d)  Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report.  The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to conclusively rely upon the
truth and accuracy of any statement or opinion contained in any such document as
provided in Article 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 or a class of 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 11.3.

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

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

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

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

                                       54
<PAGE>

upon, given or furnished to or filed with such party as specified in Section 9.5
to the Sale and Servicing Agreement.

          SECTION 11.5  Notices to Noteholders; Waiver.
                        ------------------------------

          (a)  Where this Indenture provides for notice to Noteholders of any
condition or event, such notice shall be given as specified in Section 9.5 of
the Sale and Servicing Agreement.

          (b)  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.

          (c)  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.

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

          SECTION 11.6  Alternate Payment and Notice Provisions.
                        ---------------------------------------
Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Holder of a Note
providing for a method of payment, or notice by the Indenture Trustee or any
Paying Agent to such Holder, that is different from the methods provided for in
this Indenture for such payments or notices.  The Issuer shall furnish to the
Indenture Trustee a copy of each such agreement and the Indenture Trustee shall
cause payments to be made and notices to be given in accordance with such
agreements.

          SECTION 11.7  Conflict with Trust Indenture Act.
                        ---------------------------------

          (a)  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.

          (b)  The provisions of TIA (S)(S) 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.

                                       55
<PAGE>

          SECTION 11.8   Effect of Headings and Table of Contents.  The Article
                         ----------------------------------------
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

          SECTION 11.9   Successors and Assigns.
                         ----------------------

          (a)  All covenants and agreements in this Indenture and the Notes by
the Issuer shall bind its successors and assigns, whether so expressed or not.

          (b)  All covenants and agreements of the Indenture Trustee in this
Indenture shall bind its successors and assigns, whether so expressed or not.

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

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

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

          SECTION 11.13  Governing Law.  This Indenture shall be governed by and
                         -------------
construed in accordance with the laws of the State of New York, without
reference to its conflict of law provisions.

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

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

                                       56
<PAGE>

          SECTION 11.16  No Recourse.  No recourse may be taken, directly or
                         -----------
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against:

          (i)   the Indenture Trustee or the Owner Trustee in its individual
     capacity;

          (ii)  any owner of a beneficial interest in the Issuer; or

          (iii) any partner, owner, beneficiary, agent, officer, director,
     employee or agent of the Indenture Trustee or the Owner Trustee in their
     individual capacities, 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 their individual capacities
     (or any of their successors or assigns), 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 capacities) and
     except that any such partner, owner or beneficiary shall be fully liable,
     to the extent provided by applicable law, for any unpaid consideration for
     stock, unpaid capital contribution or failure to pay any installment or
     call owing to such entity.  For all purposes of this Indenture, in the
     performance of any duties or obligations of the Issuer hereunder, the Owner
     Trustee shall be subject to, and entitled to the benefits of, the terms and
     provisions of Articles VI, VII and VIII of the Trust Agreement.

          SECTION 11.17  No Petition.  The Indenture Trustee, by entering into
                         -----------
this Indenture, and each Noteholder and Note Owner, by accepting a Note (or
interest therein) issued hereunder, hereby covenant and agree that they shall
not, prior to the date which is one year and one day after the termination of
this Indenture with respect to the Issuer pursuant to Section 4.1, acquiesce,
petition or otherwise invoke or cause the Issuer to invoke the process of any
court or government authority for the purpose of commencing or sustaining a case
against the Issuer under any federal or state bankruptcy, insolvency or similar
law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuer or any substantial part of
its property, or ordering the winding up or liquidation of the affairs of the
Issuer.

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

                                       57
<PAGE>

          SECTION 11.19  Voting Rights.  Notwithstanding anything to the
                         -------------
contrary contained herein, if any of the Basic Documents discuss specific
certain circumstances under which a specified percentage of Outstanding Notes
must consent, approve, direct or request an action, such action shall be valid
only if the holders of such specified percentage of all outstanding Class A
Notes (or if no Class A Notes are outstanding, all outstanding Class B Notes)
voting together as a single class have voted to give such consent, approval,
direction, request or notice or take such action.

                                       58
<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.

                              FIRST SECURITY AUTO OWNER TRUST 20__-__

                              By:  Wilmington Trust Company,
                                   not in its individual capacity but solely as
                                   Owner Trustee

                                   By: ______________________________________
                                   Name:
                                   Title:

_________________________________,
as Indenture Trustee

By:  ____________________________
Name:
Title:
<PAGE>

STATE OF            )
                    )    ss.:
COUNTY OF           )

          BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared _____________, known to me to
be the person and officer whose name is subscribed to the foregoing instrument
and acknowledged to me that the same was the act of the said First Security Auto
Owner Trust 20__-__, a Delaware business trust, and that he executed the same as
the act of said business trust for the purpose and consideration therein
expressed, and in the capacities therein stated.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the _____ day of
___________, 20__.

                              ________________________________________________
                              Notary Public in and for the State of New York.

My commission expires:

____________________________
<PAGE>

STATE OF NEW YORK   )
                    )    ss.:
COUNTY OF NEW YORK  )

          BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared ______________, known to me to
be the person and officer whose name is subscribed to the foregoing instrument
and acknowledged to me that the same was the act of the said
____________________, a ____________________, and that she executed the same as
the act of said _____________________ for the purpose and consideration therein
stated.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the _____ day of
___________, 20__.

                              _________________________________________________
                              Notary Public in and for the State of New York.

My commission expires:

____________________________
<PAGE>

                                                                       EXHIBIT A

                                  LOCATIONS OF
                            SCHEDULE OF RECEIVABLES

          The Schedule of Receivables is on file at the offices of:
              -----------------------

          1.   The Indenture Trustee

          2.   The Owner Trustee

          3.   First Security Bank, N.A.
<PAGE>

                                                                       EXHIBIT B

REGISTERED                                                      $____________/1/
No. R-__

                      SEE REVERSE FOR CERTAIN DEFINITIONS

                                                            CUSIP NO. __________

               Unless this Note is presented by an authorized representative of
     The Depository Trust Company, a New York corporation ("DTC"), to the Issuer
     or its agent for registration of transfer, exchange or payment, and any
     Note issued is registered in the name of Cede & Co. or in such other name
     as is requested by an authorized representative of DTC (and any payment is
     made to Cede & Co. or to such other entity as is requested by an authorized
     representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
     OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
     owner hereof, Cede & Co., has an interest herein.

               THE PRINCIPAL OF THIS NOTE IS PAYABLE 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.

                    FIRST SECURITY AUTO OWNER TRUST 20__-__

                      CLASS A-__ _____% ASSET BACKED NOTES

          FIRST SECURITY AUTO OWNER TRUST 20__-__, a business trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of _______________ DOLLARS ($_________)
payable in accordance with the Indenture, prior to the occurrence of an Event of
Default and a declaration that the Notes are due and payable, on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction, the numerator of which is the initial principal amount hereof and the
denominator of which is [aggregate principal amount for class] by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on such class of Notes pursuant to Sections 2.7, 3.1 and 8.2 of the
Indenture; provided, however, that the entire unpaid principal amount of this
           --------  -------
Note shall be due and payable on ______________ (the "Final Scheduled
Distribution Date").  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Distribution Date until the

____________________

/1/ Denominations of $1,000 and integral multiples thereof.

                                       1
<PAGE>

principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Distribution Date (after giving
effect to all payments of principal made on the preceding Distribution Date).
Interest on this Note will accrue for each Distribution Date from and including
the most recent Distribution Date on which interest has been paid to but
excluding the then current Distribution Date or, if no interest has yet been
paid, from __________, 20__. [Interest will be computed on the actual number of
days elapsed from the most recent Distribution Date (or the Closing Date, in the
case of the initial Distribution Date) to but excluding the then current
Distribution Date divided by 360.] [Interest will be computed on the basis of a
360-day year of twelve 30-day months (or, in the case of the initial
Distribution Date, 13/30ths of a month).] Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

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

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

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

                                       2
<PAGE>

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

Date:                                      FIRST SECURITY AUTO OWNER
                                           TRUST 20__-__,

                                           By: _____________________,
                                           not in its individual capacity but
                                           solely as Owner Trustee under the
                                           Trust Agreement

                                           By: ______________________
                                              Name:
                                              Title:

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                                      ______________________, not in its
                                           individual capacity but solely as
                                           Indenture Trustee

                                           By: _________________________
                                           Name:
                                           Title:

                                       3
<PAGE>

                                REVERSE OF NOTE

          This Note, designated as a Class A-__ ____% Asset Backed Note, is one
of a duly authorized issue of Notes of the Issuer (herein called the "Notes"),
all issued under an Indenture, dated as of ___________, 20__ (such Indenture, as
supplemented or amended, is herein called the "Indenture"), between the Issuer
and _____________________, a _____________________, as trustee (the "Indenture
Trustee", which term includes any successor 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 governed by
and subject to all terms of the Indenture (which terms are incorporated herein
and made a part hereof), to which Indenture the holder of this Note by virtue of
acceptance hereof assents and by which such holder is bound.  All capitalized
terms used and not otherwise defined 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.

          The Indenture secures (a) first, the payment of principal of and
interest on, and any other amounts owing in respect of, the Class A Notes,
equally and ratably without prejudice, priority or distinction and (b) second,
the payment of principal and interest on, and any other amounts owing in respect
of, the Class B Notes, equally and ratably without prejudice, priority or
distinction, and to secure compliance with the provisions of the Indenture, all
as provided in the Indenture.

          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 their
individual capacities, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in their individual capacities, 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 their individual capacities, 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 capacities) and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
entity.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder will not, prior to the
date which is one year and one day after the termination of this Indenture with
respect to the Issuer, acquiesce, petition or otherwise invoke or cause the
Issuer to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Issuer under any federal
or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other

                                       4
<PAGE>

similar official of the Issuer or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Issuer.

          Each Noteholder, by acceptance of a Note or, in the case of a Note
Owner, a beneficial interest in a Note, unless otherwise required by appropriate
taxing authorities, agrees to treat the Notes as indebtedness secured by the
Receivables for the purpose of federal income taxes, state and local income and
franchise taxes, and any other taxes imposed upon, measured by or based upon
gross or net income.

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

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

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

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

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

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

                                       5
<PAGE>

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

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither the Seller, the Servicer, the Indenture
Trustee nor the Owner Trustee in their respective individual capacities, any
owner of a beneficial interest in the Issuer, nor any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors or
assigns, shall be personally liable for, nor shall recourse be had to any of
them for, the payment of principal of or interest on, or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Owner Trustee
solely as the Owner Trustee in the assets of the Issuer.  The Holder of this
Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein shall be
                    --------  -------
taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

                                       6
<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 ____________________________________, as attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution
in the premises.

Dated:__________________      __________________________________/2/

                                    Signature Guaranteed:

________________________      __________________________________

____________________

/2/ NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                       7
<PAGE>

                                                                       EXHIBIT C

REGISTERED                                                         $____________
No. R-__

                      SEE REVERSE FOR CERTAIN DEFINITIONS

                                                              CUSIP NO. ________

               [Unless this Note is presented by an authorized representative of
     The Depository Trust Company, a New York corporation ("DTC"), to the Issuer
     or its agent for registration of transfer, exchange or payment, and any
     Note issued is registered in the name of Cede & Co. or in such other name
     as is requested by an authorized representative of DTC (and any payment is
     made to Cede & Co. or to such other entity as is requested by an authorized
     representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
     OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
     owner hereof, Cede & Co., has an interest herein.]  [THE SECURITIES
     REPRESENTED BY THIS NOTE WERE ORIGINALLY ISSUED ON ____________________,
     20__, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
     (THE "ACT"), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN
     EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM
     REGISTRATION THEREUNDER.]

               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.

               FIRST SECURITY AUTO OWNER TRUST 20__-__

                  CLASS B ____% ASSET BACKED NOTES

          FIRST SECURITY AUTO OWNER TRUST 20__-__, a business trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of _______________ DOLLARS ($_________)
payable in accordance with the Indenture, prior to the occurrence of an Event of
Default and a declaration that the Notes are due and payable, on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction, the numerator of which is the initial principal amount hereof and the
denominator of which is the [initial aggregate principal amount of Class B
Notes] by (ii) the aggregate amount, if any, payable from

                                       1
<PAGE>

the Note Distribution Account in respect of principal on such class of Notes
pursuant to Sections 2.7, 3.1 and 8.2 of the Indenture; provided, however, that
                                                        --------  -------
the entire unpaid principal amount of this Note shall be due and payable on the
earlier of _____________, 20,__,(the "Final Scheduled Distribution Date") and
the Redemption Date, if any, pursuant to Section 10.1(a) of the Indenture. The
Issuer shall pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Distribution Date (after giving effect to all payments of principal made on the
preceding Distribution Date). Interest on this Note will accrue for each
Distribution Date from and including the most recent Distribution Date on which
interest has been paid to but excluding the then current Distribution Date or,
if no interest has yet been paid, from and including _______________,20__.
Interest will be computed on the basis of a 360-day year of twelve 30-day months
(or, in the case of the initial Distribution Date, 13/30ths of a month). Such
principal of and interest on this Note shall be paid in the manner specified on
the reverse hereof.

          The Holder of this Class B Note acknowledges and agrees that its
rights to receive payments in respect of this Class B Note are subordinated to
the rights of the Class A Noteholders as and to the extent described in the
Indenture.

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

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

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

                                       2
<PAGE>

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

Date: ________________, 20__              FIRST SECURITY AUTO OWNER
                                          TRUST 20__-__,

                                          By:  ___________________________,
                                          not in its individual capacity but
                                          solely as Owner Trustee under the
                                          Trust Agreement

                                          By: ______________________
                                            Name:
                                            Title:

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:  ________________, 20__             ____________________________,
                                          not in its individual capacity but
                                          solely as Indenture Trustee

                                          By: _________________________
                                          Name:
                                          Title:

                                       3
<PAGE>

                                REVERSE OF NOTE

          This Note, designated as a Class B ___% Asset Backed Note, is one of a
duly authorized issue of Notes of the Issuer (herein called the "Notes"), all
issued under an Indenture, dated as of ________________, 20__ (such Indenture,
as supplemented or amended, is herein called the "Indenture"), between the
Issuer and ____________________, a ______________________, as trustee (the
"Indenture Trustee", which term includes any successor 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 governed by and subject to all terms of the Indenture (which terms are
incorporated herein and made a part hereof), to which Indenture the holder of
this Note by virtue of acceptance hereof assents and by which such holder is
bound.  All capitalized terms used and not otherwise defined 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.

          The Indenture secures (a) first, the payment of  principal of and
interest on, and any other amounts owing in respect of, the Class A Notes,
equally and ratably without prejudice, priority or distinction and (b) second,
the payment of principal of interest on, and any other amounts owing in respect
of, the Class B Notes, equally and ratably without prejudice, priority or
distinction, and to secure compliance with the provisions of the Indenture, all
as provided in the Indenture.

          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 their
individual capacities, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in their individual capacities, 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 their individual capacities, 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 capacities) and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
entity.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder will not, prior to the
date which is one year and one day after the termination of this Indenture with
respect to the Issuer, acquiesce, petition or otherwise invoke or cause the
Issuer to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Issuer under any federal
or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other

                                       4
<PAGE>

similar official of the Issuer or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Issuer.

          Each Noteholder, by acceptance of a Note or, in the case of a Note
Owner, a beneficial interest in a Note, unless otherwise required by appropriate
taxing authorities, agrees to treat the Notes as indebtedness secured by the
Receivables for the purpose of federal income taxes, state and local income and
franchise taxes, and any other taxes imposed upon, measured by or based upon
gross or net income.

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

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Noteholders under the Indenture at any time by the
Issuer with the consent of the Holders of Notes representing a majority of the
Outstanding Notes of the related Series.  The Indenture also contains provisions
permitting the Holders of Notes representing a majority of the Outstanding Notes
of the related Series, on behalf of the Holders of all the Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences.  Any such consent or
waiver by the Holder of this Note (or any one of more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.  The Indenture also permits the Indenture Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of the Noteholders.  The Indenture further provides that the
Holder of this Note shall not be entitled to vote until such time as all of the
Class A Notes have been paid in full.

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

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

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

                                       5
<PAGE>

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

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

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither the Seller, the Servicer, the Indenture
Trustee nor the Owner Trustee in their respective individual capacities, any
owner of a beneficial interest in the Issuer, nor any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors or
assigns, shall be personally liable for, nor shall recourse be had to any of
them for, the payment of principal of or interest on, or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Owner Trustee
solely as the Owner Trustee in the assets of the Issuer.  The Holder of this
Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein shall be
                    --------  -------
taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

                                       6
<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 ____________________________________, as attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution
in the premises.

Dated:__________________      __________________________________/1/

                                   Signature Guaranteed:

_________________________     __________________________________

_________________________

/1/NOTE: The signature to this assignment must correspond with the name of
the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                       7
<PAGE>

                                                                       EXHIBIT D

                       FORM OF NOTE DEPOSITORY AGREEMENT
<PAGE>

                                                                       EXHIBIT E

                             TRANSFER CERTIFICATE
                             --------------------

First Security Bank, N.A.
79 South Main Street
Salt Lake City, Utah 84111
Attention:  Executive Vice President and
                General Counsel

[Name and Address of Indenture Trustee]

Ladies and Gentlemen:

          In connection with the purchase of a Note subject to Section 2.15 of
the Indenture dated as of ________________, 20__ (the "Unregistered Note") of
First Security Auto Owner Trust 20__-__, the undersigned buyer ("Buyer") hereby
acknowledges, represents and agrees that:

          (a)The Buyer has received the [describe offering document] relating to
the offering of the Unregistered Note (including exhibits thereto).

          2.   The  Buyer understands that the Unregistered Note has not been
registered under the Securities Act of 1933, as amended (the "Securities Act"),
and may not be sold except as permitted in the following sentence.  The Buyer
agrees, on its own behalf and on behalf of any accounts for which it is acting
as hereinafter stated, that such Unregistered Note may be resold, pledged or
transferred only (i) to an institutional investor that is an "Accredited
Investor" as defined in Rule 501(a)(1),(2),(3) or (7) (an "Institutional
Accredited Investor") under the Securities Act acting for its own account (and
not for the account of others) or as a fiduciary or agent for others (which
others also are Institutional Accredited Investors unless the holder is a bank
acting in its fiduciary capacity) that, if so requested by the Seller or the
Indenture Trustee, executes a certificate in the form hereof, (ii) so long as
such Unregistered Note is eligible for resale pursuant to Rule 144A under the
Securities Act ("Rule 144A"), to a person whom the Buyer reasonably believes
after due inquiry to be a "qualified institutional buyer" (as defined in Rule
144A) acting for its own account (and not for the account of others) or as a
fiduciary or agent for others (which others also are "qualified institutional
buyers") that, if so requested by the Seller or the Indenture Trustee, executes
a certificate in the form hereof or (iii) in a sale, pledge or other transfer
made in a transaction otherwise exempt from the registration requirements of the
Securities Act, in which case (A) the Indenture Trustee shall require that both
the prospective transferor and the prospective transferee certify to the
Indenture Trustee and the Seller in writing the facts surrounding such transfer,
which certification shall be in form and substance satisfactory to the Indenture
Trustee and the Seller, and (B) the Indenture Trustee shall require a written
opinion of counsel (which will not be at the expense

                                       1
<PAGE>

of the Seller, the Servicer or the Indenture Trustee) satisfactory to the Seller
and the Indenture Trustee to the effect that such transfer will not violate the
Securities Act, in each case in accordance with any applicable securities laws
of any state of the United States. The Buyer will notify any purchaser of the
Unregistered Note from it of the above resale restrictions, if then applicable.
The Buyer further understands that in connection with any transfer of the
Unregistered Note by it that the Seller and the Indenture Trustee may request,
and if so requested the Buyer will furnish, such certificates and other
information as they may reasonably require to confirm that any such transfer
complies with the foregoing restrictions.

          3.

                                  [CHECK ONE]

          [ ]    (1)  The Buyer is an institutional investor and an "accredited
                 investor" (as defined in Rule 501(a)(1),(2),(3) or (7) of
                 Regulation D under the Securities Act) acting for its own
                 account (and not for the account of others) or as a fiduciary
                 or agent for others (which others also are Institutional
                 Accredited Investors unless the Buyer is bank acting in its
                 fiduciary capacity). The Buyer has such knowledge and
                 experience in financial and business matters as to be capable
                 of evaluating the merits and risks of its investment in the
                 Unregistered Note, and the Buyer and any accounts for which it
                 is acting are able to bear the economic risk of investment in
                 the Unregistered Note for an indefinite period of time. The
                 Buyer is acquiring the Unregistered Note for investment and not
                 with a view to, or for offer and sale in connection with, a
                 public distribution.

          [ ]    (2)  The Buyer is a "qualified institutional buyer" as defined
                 under Rule 144A under the Securities Act and is acquiring the
                 Unregistered Note for its own account (and not for the account
                 of others) or as a fiduciary or agent for others (which others
                 also are "qualified institutional buyers"). The Buyer is are
                 familiar with Rule 144A under the Securities Act and is aware
                 that the seller of the Unregistered Note and other parties
                 intend to rely on the statements made herein and the exemption
                 from the registration requirements of the Securities Act
                 provided by Rule 144A.

                                       2
<PAGE>

     4.   You are entitled to rely upon this letter and you are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceeding or official inquiry with respect to the
matters covered hereby.

                                    Print Name of Buyer

                                    By:

                                    Name:

                                    Title:

                                    Date:

                                       3<PAGE>

                                                                     EXHIBIT 4.2

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

                             AMENDED AND RESTATED

                                TRUST AGREEMENT

                                    BETWEEN

                           FIRST SECURITY BANK, N.A.
                                    SELLER

                                      AND

                        __________________________ , AS
                                 OWNER TRUSTEE

                         DATED AS OF _______ __, 20__

================================================================================
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                           Page
<S>                                                                        <C>
ARTICLE I      DEFINITIONS................................................    1
     1.1  Definitions.....................................................    1

ARTICLE II     ORGANIZATION...............................................    1
     2.1  Name............................................................    1
     2.2  Office..........................................................    1
     2.3  Purposes and Powers.............................................    1
     2.4  Appointment of Owner Trustee....................................    2
     2.5  Initial Capital Contribution of Owner Trust Estate..............    2
     2.6  Declaration of Trust............................................    2
     2.7  Liability of the Certificateholders.............................    3
     2.8  Title to Trust Property.........................................    3
     2.9  Situs of Trust..................................................    3
     2.10 Representations and Warranties of the Seller....................    3
     2.11 Amended and Restated Trust Agreement............................    4

ARTICLE III    THE CERTIFICATES...........................................    4
     3.1  Initial Certificate Ownership...................................    4
     3.2  Form of the Certificates........................................    5
     3.3  Execution, Authentication and Delivery..........................    5
     3.4  Registration; Registration of Transfer and Exchange of
          Certificates....................................................    5
     3.5  Mutilated, Destroyed, Lost or Stolen Certificates...............    7
     3.6  Persons Deemed Certificateholders...............................    7
     3.7  Access to List of Certificateholders' Names and Addresses.......    8
     3.8  Maintenance of Corporate Trust Office...........................    8
     3.9  Appointment of Paying Agent.....................................    8
     3.10 Seller as Certificateholder.....................................    9

ARTICLE IV     ACTIONS BY OWNER TRUSTEE...................................    9
     4.1  Prior Notice to Certificateholders with Respect to Certain Matters  9
     4.2  Action by Certificateholders with Respect to Certain Matters....   10
     4.3  Action by Certificateholders with Respect to Bankruptcy.........   10
     4.4  Restrictions on Certificateholders' Power.......................   10
     4.5  Majority Control................................................   10

ARTICLE V      APPLICATION OF TRUST FUNDS; CERTAIN DUTIES.................   10
     5.1  Establishment of Certificate Distribution Account...............   10
     5.2  Application of Trust Funds......................................   11
     5.3  Method of Payment...............................................   12
</TABLE>

                                      -i-
<PAGE>

<TABLE>
<S>                                                                          <C>
     5.4  Accounting and Reports to the Certificateholders, the Internal
          Revenue Service and Others.......................................  12
     5.5  Signature on Returns.............................................  12

ARTICLE VI     THE OWNER TRUSTEE...........................................  12
     6.1  Duties of Owner Trustee..........................................  12
     6.2  Rights of Owner Trustee..........................................  13
     6.3  Acceptance of Trusts and Duties..................................  13
     6.4  Action upon Instruction by Certificateholders....................  15
     6.5  Furnishing of Documents..........................................  16
     6.6  Representations and Warranties of Owner Trustee..................  16
     6.7  Reliance; Advice of Counsel......................................  17
     6.8  Owner Trustee May Own Certificates and Notes.....................  17
     6.9  Compensation and Indemnity.......................................  17
     6.10 Replacement of Owner Trustee.....................................  19
     6.11 Merger or Consolidation of Owner Trustee.........................  20
     6.12 Appointment of Co-Trustee or Separate Trustee....................  20
     6.13 Eligibility Requirements for Owner Trustee.......................  21

ARTICLE VII    TERMINATION OF TRUST AGREEMENT..............................  22
     7.1  Termination of Trust Agreement...................................  22

ARTICLE VIII   AMENDMENTS..................................................  23
     8.1  Amendments Without Consent of Certificateholders or Noteholders..  23
     8.2  Amendments With Consent of Certificateholders and Noteholders....  23
     8.3  Form of Amendments...............................................  23

ARTICLE IX     MISCELLANEOUS...............................................  24
     9.1  No Legal Title to Owner Trust Estate.............................  24
     9.2  Limitations on Rights of Others..................................  24
     9.3  Notices..........................................................  25
     9.4  Severability.....................................................  25
     9.5  Counterparts.....................................................  25
     9.6  Successors and Assigns...........................................  25
     9.7  No Recourse......................................................  25
     9.8  Headings.........................................................  25
     9.9  Governing Law....................................................  26
     9.10 Administrator....................................................  26
     9.11 No Petition......................................................  26
</TABLE>

                                     -ii-
<PAGE>

                                   EXHIBITS

Exhibit A      Form of Certificate
Exhibit B      Form of Certificate of Trust

                                     -iii-
<PAGE>

          THIS AMENDED AND RESTATED TRUST AGREEMENT, dated as of ________ __,
20___ (the "Agreement"), is being entered into by and between First Security
Bank, N.A., a national banking association, as Seller, and ________________, a
________________________, as Owner Trustee.

          WHEREAS, the Seller and the Owner Trustee entered into a certain Trust
Agreement dated ________ __, 20___ which contemplated this Amended and Restated
Trust Agreement;

          NOW, THEREFORE, the Seller and the Owner Trustee hereby agree as
follows:

                                   ARTICLE I
                                  DEFINITIONS

          SECTION  1.1    Definitions.  Certain capitalized terms used in this
                          -----------
Agreement shall have the respective meanings assigned to them in Section 1.1 of
the Sale and Servicing Agreement of even date herewith, by and among the Seller,
the Servicer and the Trust (as it may be amended and supplemented from time to
time, the "Sale and Servicing Agreement").  All references herein to "the
Agreement" or "this Agreement" are to this Trust Agreement as it may be amended
and supplemented from time to time, the Exhibits hereto and the capitalized
terms used herein which are defined in such Section 1.1, and all references
herein to Articles, Sections and subsections are to Articles, Sections and
subsections of this Agreement unless otherwise specified.

                                  ARTICLE II
                                 ORGANIZATION

          SECTION  2.1    Name.  The Trust created hereby shall be known as
                          ----
"First Security Auto Owner Trust 20__ - ___," in which name the Owner Trustee
may conduct the business of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued on behalf of the Trust.

          SECTION  2.2    Office.  The office of the Trust shall be in care of
                          ------
the Owner Trustee at the Corporate Trust Office or at such other address in
Delaware as the Owner Trustee may designate by written notice to the
Certificateholders and the Seller.

          SECTION  2.3    Purposes and Powers.  (a) The Trust shall have the
                          -------------------
power and authority and is authorized to engage in the following activities:

             (i)  to acquire, manage and hold the Receivables and the other
     assets to be transferred to or held by the Trust as contemplated by the
     Sale and Servicing Agreement;

                                      -1-
<PAGE>

             (ii)  to issue the Notes pursuant to the Indenture and the
     Certificates pursuant to this Agreement, to sell, transfer or exchange the
     Notes and to transfer and exchange the Certificates;

             (iii) to acquire property and assets from the Seller pursuant to
     the Sale and Servicing Agreement, to make payments or distributions on the
     Securities to the Securityholders, to make deposits into and withdrawals
     from the Reserve Account and other accounts established pursuant to the
     Basic Documents and to pay the organizational, start-up and transactional
     expenses of the Trust;

             (iv)  to assign, grant, transfer, pledge, mortgage and convey the
     Collateral pursuant to the terms of the Indenture and to hold, manage and
     distribute to the Certificateholders pursuant to the terms of this
     Agreement and the Sale and Servicing Agreement any portion of the Trust
     Estate released from the lien of, and remitted to the Trust pursuant to,
     the Indenture;

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

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

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

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

          SECTION  2.4    Appointment of Owner Trustee.  The Seller hereby
                          ----------------------------
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein.

          SECTION  2.5    Initial Capital Contribution of Owner Trust Estate.
                          --------------------------------------------------
The Seller hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the sum of $1.  The Owner Trustee hereby
acknowledges receipt in trust from the Seller, as of the date hereof, of the
foregoing contribution, which shall constitute the initial Owner Trust Estate
and shall be deposited in the Certificate Distribution Account.  The Seller
shall pay organizational expenses of the Trust as they may arise or shall, upon
the request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

          SECTION  2.6    Declaration of Trust.  The Owner Trustee hereby
                          --------------------
declares that it shall hold the Owner Trust Estate in trust upon and subject to
the conditions and obligations set forth

                                      -2-
<PAGE>

herein and in the Sale and Servicing Agreement for the use and benefit of the
Certificateholders, subject to the obligations of the Trust under the Basic
Documents to which it is a party. It is the intention of the parties hereto that
the Trust constitute a business trust under the Business Trust Statute, that
this Agreement constitute the governing instrument of such business trust and
that the Certificates represent the equity interests therein. The rights of the
Certificateholders shall be determined as set forth herein and in the Business
Trust Statute and the relationship between the parties hereto created by this
Agreement shall not constitute indebtedness for any purpose. It is the intention
of the parties hereto that, solely for purposes of federal income taxes, state
and local income and franchise taxes, and any other taxes imposed upon, measured
by, or based upon gross or net income, the Trust shall be treated as a division
or branch of the Seller. The parties agree that, unless otherwise required by
appropriate tax authorities, the Trust shall file or cause to be filed annual or
other necessary returns, reports and other forms consistent with the
characterization of the Trust as a division or branch of the Seller for such tax
purposes. Furthermore, the parties agree that for such tax purposes the Notes
will be treated as indebtedness. Effective as of the date hereof, the Owner
Trustee shall have all rights, powers and duties set forth in this Agreement,
the Sale and Servicing Agreement and the Business Trust Statute with respect to
accomplishing the purposes of the Trust.

          SECTION  2.7    Liability of the Certificateholders.  The beneficial
                          -----------------------------------
owners of the Trust shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations for profit organized
under the Delaware General Corporation Law.

          SECTION  2.8    Title to Trust Property.  Legal title to all the Owner
                          -----------------------
Trust Estate shall be vested at all times in the Trust as a separate legal
entity except where applicable law in any jurisdiction requires title to any
part of the Owner Trust Estate to be vested in a trustee or trustees, in which
case title shall be deemed to be vested in the Owner Trustee, a co-trustee
and/or a separate trustee, as the case may be.

          SECTION  2.9    Situs of Trust.  The Trust shall be located and
                          --------------
administered in the State of Delaware or Utah.  All bank accounts maintained by
the Owner Trustee on behalf of the Trust shall be located in the State of
Delaware or the State of New York.  The Trust shall not have any employees in
any state other than Delaware; provided, however, that nothing herein shall
                               --------  -------
restrict or prohibit the Owner Trustee from having employees within or without
the State of Delaware. Payments shall be received by the Trust only in Delaware
or New York, and payments and distributions shall be made by the Trust only from
Delaware or New York.  The only office of the Trust shall be the Corporate Trust
Office in Delaware.

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

          (a)  The Seller has been duly organized and is validly existing as a
     national banking association in good standing under the laws of the United
     States of America, with power and authority to own its properties and to
     conduct its business as such properties are

                                      -3-
<PAGE>

     presently owned and such business is presently conducted and had at all
     relevant times, and now has, power, authority and legal right to acquire
     and own the Receivables.

          (b)  The Seller is duly qualified to do business as a foreign
     corporation in good standing, and has obtained all necessary licenses and
     approvals in all jurisdictions in which the ownership or lease of property
     or the conduct of its business requires such qualifications.

          (c)  The Seller has the power and authority to execute and deliver
     this Agreement and to carry out its terms, the Seller has full power and
     authority to sell and assign the property to be sold and assigned to and
     deposited with the Trust as part of the Trust and the Seller has duly
     authorized such sale and assignment to the Trust by all necessary corporate
     action; and the execution, delivery and performance of this Agreement have
     been duly authorized by the Seller by all necessary corporate action.

          (d)  The consummation of the transactions contemplated by this
     Agreement and the fulfillment of the terms of this Agreement do not
     conflict with, result in any breach of any of the terms and provisions of
     or constitute (with or without notice or lapse of time) a default under,
     the certificate of incorporation or by-laws of the Seller, or any
     indenture, agreement or other instrument to which the Seller is a party or
     by which it is bound, or result in the creation or imposition of any Lien
     upon any of its properties pursuant to the terms of any such indenture,
     agreement or other instrument (other than pursuant to the Basic Documents),
     or violate any law or, to the Seller's knowledge, any order, rule or
     regulation applicable to the Seller of any court or of any federal or state
     regulatory body, administrative agency or other governmental
     instrumentality having jurisdiction over the Seller or any of its
     properties.

          (e)  This Agreement, when duly executed and delivered, shall
     constitute a legal, valid and binding obligation of the Seller enforceable
     in accordance with its terms, except as enforceability may be limited by
     bankruptcy, insolvency, reorganization or other similar laws affecting the
     enforcement of creditors' rights in general and by general principles of
     equity, regardless of whether such enforceability is considered in a
     proceeding in equity or at law.

          (f)  There are no proceedings or, to the Seller's knowledge,
     investigations pending or, to the Seller's knowledge, threatened before any
     court, regulatory body, administrative agency or other tribunal or
     governmental instrumentality having jurisdiction over the Seller or its
     properties (i) asserting the invalidity of this Agreement or any
     Certificates issued pursuant hereto, (ii) seeking to prevent the issuance
     of such Certificates or the consummation of any of the transactions
     contemplated by this Agreement or (iii) seeking any determination or ruling
     that might materially and adversely affect the performance by the Seller of
     its obligations under, or the validity or enforceability of, such
     Certificates or this Agreement.

                                      -4-
<PAGE>

          SECTION  2.11   Amended and Restated Trust Agreement.  This Agreement
                          ------------------------------------
amends and restates in its entirety the Trust Agreement dated as of _______,
20___ between the Seller and the Owner Trustee.

                                  ARTICLE III
                               THE CERTIFICATES

          SECTION  3.1    Initial Certificate Ownership.  Upon the formation of
                          -----------------------------
the Trust by the contribution by the Seller pursuant to Section 2.5 and until
the issuance of the Certificates, the Seller shall be the sole beneficiary of
the Trust.

          SECTION  3.2    Form of the Certificates.
                          ------------------------

          (a) The Certificates shall be substantially in the form set forth in
Exhibit A.  The Certificates shall represent the entire beneficial interest in
---------
the Trust.  The Certificates shall be executed on behalf of the Trust by manual
or facsimile signature of an Authorized Officer of the Owner Trustee.
Certificates bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, shall be, when authenticated pursuant to Section 3.3,
validly issued and entitled to the benefits of the Agreement, notwithstanding
that such individuals or any of them shall have ceased to be so authorized prior
to the authentication and delivery of such Certificates or did not hold such
offices at the date of authentication and delivery of such Certificates.

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

          (c) The Certificates shall be issued in fully-registered form and
shall be in definitive form only.  The terms of the Certificates set forth in
Exhibit A shall form part of this Agreement.
---------

          SECTION  3.3    Execution, Authentication and Delivery.  On the
                          --------------------------------------
Closing Date, concurrently with the sale of the Receivables and other assets to
the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall
cause the Certificates to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Seller, signed by its chairman of
the board, its president or any vice president, without further corporate action
by the Seller, in authorized denominations.  No Certificate shall entitle its
holder to any benefit under this Agreement, or shall be valid for any purpose,
unless there shall appear on such Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the Owner Trustee
                                       ---------
or the Administrator, as the Owner Trustee's Authenticating Agent, or an agent
of the Owner Trustee, by manual or facsimile signature.  Such authentication
shall constitute conclusive evidence

                                      -5-
<PAGE>

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

          SECTION  3.4    Registration; Registration of Transfer and Exchange of
                          ------------------------------------------------------
Certificates.
------------

          (a)  The Certificate Registrar shall keep or cause to be kept, at the
office or agency maintained pursuant to Section 3.8, a Certificate Register in
which, subject to such reasonable regulations as it may prescribe, the Owner
Trustee shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as provided herein.  The Owner Trustee shall be the
initial Certificate Registrar.  Upon any resignation of a Certificate Registrar,
the Owner Trustee shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of Certificate Registrar.

          (b)  Certificateholders may at any time, without consent of the
Noteholders, sell, transfer, convey or assign in any manner their rights to and
interests in the Certificates, provided that the following conditions are
satisfied: (i) the transferee provides written verification that such action
will not result in a reduction or withdrawal of the rating of any class of Notes
then outstanding, (ii) the Certificateholders provide to the Owner Trustee and
the Indenture Trustee an opinion of independent counsel that such action will
not cause the Trust to be treated as an association (or publicly traded
partnership) taxable as a corporation for Federal income tax purposes, (iii)
such transferee or assignee agrees in writing to take positions for tax purposes
consistent with the tax positions agreed to be taken by the Certificateholders
and (iv) the Trust certificates may not be Transferred unless (A) the transferee
provides the Owner Trustee (and the Certificate Registrar if not the Owner
Trustee) with an opinion of counsel satisfactory to the Owner Trustee stating
that such transfer is exempt from registration under applicable state and
federal securities laws, will not cause the Trust to be an "Investment Company"
or under the "control" of an "Investment Company" within the meaning of the
Investment Company Act and otherwise complies with the restrictions on Transfer
contained in this Agreement, and (B) the transferee certifies to the Trustee
that it is not (x) an employee benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA; (y) a plan
described in Section 4975(e)(1) of the Code; or (z) any entity whose underlying
assets include plan assets by reason of a plan's investment in the Trust (each a
"Benefit Plan").  The Trustee shall have no obligation to determine whether or
not a transferee of a Trust Certificate is or is not a Benefit Plan.

          (c)  Subject to Section 3.4(b), upon surrender for registration of
transfer of any Certificate at the office or agency maintained pursuant to
Section 3.8, the Owner Trustee shall execute on behalf of the Trust,
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates in authorized denominations of a like
aggregate amount dated the date of authentication by the Owner Trustee or any
authenticating agent.

          (d)  At the option of a Holder, Certificates may be exchanged for
other Certificates of a like aggregate percentage interest upon surrender of the
Certificates to be exchanged at the Corporate Trust Office maintained pursuant
to Section 3.8. Whenever any Certificates are so surrendered for exchange, the
Owner Trustee shall execute on behalf of the Trust, authenticate and

                                      -6-
<PAGE>

deliver one or more Certificates dated the date of authentication by the Owner
Trustee or any authenticating agent. Such Certificates shall be delivered to the
Holder making the exchange.

          (e) Every Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer in
form satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the Holder or his attorney duly authorized in writing and such other
documents and instruments as may be required by Section 3.4(b) or Section 9.10.
Each Certificate surrendered for registration of transfer or exchange shall be
canceled and subsequently destroyed or otherwise disposed of by the Owner
Trustee or Certificate Registrar in accordance with its customary practice.

          (f) No service charge shall be made for any registration of transfer
or exchange of Certificates, but the Owner Trustee or the Certificate Registrar
may require payment of a sum sufficient to cover any tax or governmental charge
that may be imposed in connection with any transfer or exchange of Certificates,
including any other expenses of the Owner Trustee or the Certificate Registrar.

          SECTION  3.5    Mutilated, Destroyed, Lost or Stolen Certificates.
                          -------------------------------------------------

          (a) If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Certificate, and (ii) there is delivered
to the Certificate Registrar, the Owner Trustee and the Trust such security or
indemnity as may be required by them to hold each of them harmless, then, in the
absence of notice to the Certificate Registrar or the Owner Trustee that such
Certificate has been acquired by a protected purchaser, the Owner Trustee shall
execute on behalf of the Trust and the Owner Trustee shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a replacement Certificate in authorized denominations of a
like amount; provided, however, that if any such destroyed, lost or stolen
             --------  -------
Certificate, but not a mutilated Certificate, shall have become or within seven
days shall be due and payable, then instead of issuing a replacement Certificate
the Owner Trustee may pay such destroyed, lost or stolen Certificate when so due
or payable.

          (b) If, after the delivery of a replacement Certificate in respect of
a destroyed, lost or stolen Certificate pursuant to subsection 3.5(a), a bona
fide purchaser of the original Certificate in lieu of which such replacement
Certificate was issued presents for payment such original Certificate, the Owner
Trustee shall be entitled to recover such replacement Certificate (and any
distributions made with respect thereto) from the Person to whom it was
delivered or any Person taking such replacement Certificate from such Person to
whom such replacement Certificate was delivered or any assignee of such Person,
except a protected purchaser, and shall be entitled to recover upon the security
or indemnity provided therefor to the extent of any loss, damage, cost or
expense incurred by the Owner Trustee in connection therewith.

          (c) In connection with the issuance of any replacement Certificate
under this Section 3.5, the Owner Trustee may require the payment by the Holder
of such Certificate of a sum

                                      -7-
<PAGE>

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 Owner Trustee and the Certificate Registrar) connected
therewith.

          (d) Any duplicate Certificate issued pursuant to this Section 3.5 in
replacement of any mutilated, destroyed, lost or stolen Certificate shall
constitute an original additional contractual obligation of the Trust, whether
or not the mutilated, destroyed, lost or stolen Certificate shall be found at
any time or be enforced by anyone, and shall be entitled to all the benefits of
this Agreement equally and proportionately with any and all other Certificates
duly issued hereunder.

          (e) The provisions of this Section 3.5 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Certificates.

          SECTION  3.6    Persons Deemed Certificateholders.  Prior to due
                          ---------------------------------
presentation of a Certificate for registration of transfer, the Owner Trustee or
the Certificate Registrar may treat the Person in whose name any Certificate
shall be registered in the Certificate Register as the Certificateholder of such
Certificate for the purpose of receiving distributions pursuant to Article V and
for all other purposes whatsoever, and neither the Owner Trustee nor the
Certificate Registrar shall be bound by any notice to the contrary.

          SECTION  3.7    Access to List of Certificateholders' Names and
                          -----------------------------------------------
Addresses.  The Owner Trustee shall furnish or cause to be furnished to the
---------
Servicer and the Seller, within 15 days after receipt by the Owner Trustee of a
request therefor from the Servicer or the Seller in writing, a list, in such
form as the Servicer or the Seller may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date.  Each
Holder, by receiving and holding a Certificate, shall be deemed to have agreed
not to hold any of the Servicer, the Seller or the Owner Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from
which such information was derived.

          SECTION  3.8    Maintenance of Corporate Trust Office.  At any time
                          -------------------------------------
that the Seller does not hold certificates representing a 100% beneficial
interest in the Trust, the Owner Trustee shall maintain in the Borough of
Manhattan, the City of New York, an office or offices or agency or agencies
where Certificates may be surrendered for registration of transfer or exchange
and where notices and demands to or upon the Owner Trustee in respect of the
Certificates and the Basic Documents may be served.  The Owner Trustee shall
give prompt written notice to the Seller and to the Certificateholders of any
change in the location of the Certificate Register or any such office or agency.

          SECTION  3.9    Appointment of Paying Agent.  Except as otherwise
                          ---------------------------
provided in Section 5.2, the Paying Agent shall make distributions to
Certificateholders from the Certificate Distribution Account pursuant to Section
5.2 and shall report the amounts of such distributions to the Owner Trustee.
The Paying Agent shall have the revocable power to withdraw funds from the
Certificate Distribution Account for the purpose of making the distributions
referred to above.  The

                                      -8-
<PAGE>

Owner Trustee may revoke such power and remove the Paying Agent if the Owner
Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under this Agreement in any material respect.
The Paying Agent shall initially be the Owner Trustee, and any co-paying agent
chosen by the Owner Trustee, and acceptable to the Owner Trustee. If the Owner
Trustee shall no longer be the Paying Agent, the Owner Trustee shall appoint a
successor to act as Paying Agent (which shall be a bank or trust company). The
Owner Trustee shall cause such successor Paying Agent or any additional Paying
Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee
an instrument in which such successor Paying Agent or additional Paying Agent
shall agree with the Owner Trustee that as Paying Agent, such successor Paying
Agent or additional Paying Agent shall hold all sums, if any, held by it for
distribution to the Certificateholders in trust for the benefit of the
Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders. The Paying Agent shall return all unclaimed funds to the
Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also
return all funds in its possession to the Owner Trustee. The provisions of
Sections 6.3, 6.6, 6.7, 6.8 and 6.9 shall apply to the Owner Trustee also in its
role as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent
and, to the extent applicable, to any other paying agent appointed hereunder.
Any reference in this Agreement to the Paying Agent shall include any co-paying
agent unless the context requires otherwise. Any Paying Agent shall be permitted
to resign as Paying Agent upon 30 days' written notice to the Owner Trustee.

          SECTION  3.1    Seller as Certificateholder.  The Seller in its
                          ---------------------------
individual or any other capacity may become the owner or pledgee of Certificates
and may otherwise deal with the Owner Trustee or its Affiliates as if it were
not the Seller.

                                  ARTICLE IV
                           ACTIONS BY OWNER TRUSTEE

          SECTION  4.1    Prior Notice to Certificateholders with Respect to
                          --------------------------------------------------
Certain Matters.  The Owner Trustee shall not take action with respect to the
---------------
following matters, unless (i) the Owner Trustee shall have notified the
Certificateholders in writing of the proposed action at least 30 days before the
taking of such action, and (ii) the Certificateholders holding a majority of the
ownership interest in the Trust shall not have notified the Owner Trustee in
writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction:

          (a) the initiation of any claim or lawsuit by the Trust (other than an
     action to collect on a Receivable or an action by the Indenture Trustee
     pursuant to the Indenture) and the compromise of any action, claim or
     lawsuit brought by or against the Trust (other than an action to collect on
     a Receivable or an action by the Indenture Trustee pursuant to the
     Indenture);

          (b) the election by the Trust to file an amendment to the Certificate
     of Trust, a conformed copy of which is attached hereto as Exhibit B;
                                                               ---------

                                      -9-
<PAGE>

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

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

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

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

          (g) the amendment of the Sale and Servicing Agreement in circumstances
     where the consent of any Noteholder is required, other than with respect to
     any amendment where the consent of any Certificateholder is not required.

          SECTION  4.2    Action by Certificateholders with Respect to Certain
                          ----------------------------------------------------
Matters.  The Owner Trustee shall not have the power, except upon the written
-------
direction of the Certificateholders, to (a) remove the Administrator under the
Administration Agreement pursuant to Section 10 thereof, (b) appoint a successor
Administrator pursuant to Section 10 of the Administration Agreement, (c) remove
the Servicer under the Sale and Servicing Agreement pursuant to Section 7.1
thereof or (d) except as expressly provided in the Basic Documents, sell the
Receivables or any interest therein after the termination of the Indenture.  The
Owner Trustee shall take the actions referred to in the preceding sentence only
upon written instructions signed by the Certificateholders.

          SECTION  4.3    Action by Certificateholders with Respect to
                          --------------------------------------------
Bankruptcy.  The Owner Trustee shall not have the power to commence a voluntary
----------
proceeding in bankruptcy relating to the Trust without the unanimous prior
approval of all Holders of Certificates; provided, however, that under no
circumstances shall the Owner Trustee commence any such proceeding prior to the
date that is one year and one day after the termination of the Trust.

          SECTION  4.4    Restrictions on Certificateholders' Power.  The
                          -----------------------------------------
Certificateholders shall not direct the Owner Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Agreement or any of the Basic
Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be
obligated to follow any such direction, if given.  The Certificateholders shall
not direct the Owner Trustee to take action that would violate the provisions of
Section 6.1 and the Owner Trustee shall not be obligated to follow any such
direction, if given.

                                      -10-
<PAGE>

          SECTION  4.5    Majority Control.  Except as expressly provided
                          ----------------
herein, any action that may be taken or consent that may be given or withheld by
the Certificateholders under this Agreement shall be effective if such action is
taken or such consent is given or withheld by the Holders of a majority of the
ownership interest in the Trust outstanding as of the close of the preceding
Distribution Date.  Except as expressly provided herein, any written notice,
instruction, direction or other document of the Certificateholders delivered
pursuant to this Agreement shall be effective if signed by Holders of
Certificates evidencing a majority of the ownership interest in the Trust at the
time of the delivery of such notice.

                                   ARTICLE V
                  APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

          SECTION  5.1    Establishment of Certificate Distribution Account.
                          -------------------------------------------------

          (a) Except as otherwise provided in Section 5.2, the Servicer, for the
benefit of the Certificateholders, shall establish and maintain at
______________________ Trust Company in the name of the Trust an Eligible
Deposit Account known as the First Security Auto Owner Trust 1999-2 Certificate
Distribution Account (the "Certificate Distribution Account"), bearing an
additional designation clearly indicating that the funds deposited therein are
held for the benefit of the Certificateholders.

          (b) The Trust shall possess all right, title and interest in and to
all funds on deposit from time to time in the Certificate Distribution Account
and in all proceeds thereof.  Except as otherwise provided herein or in the Sale
and Servicing Agreement, the Certificate Distribution Account shall be under the
sole dominion and control of the Owner Trustee for the benefit of the
Certificateholders.  If, at any time, the Certificate Distribution Account
ceases to be an Eligible Deposit Account, the Servicer shall within 10 Business
Days (or such longer period, not to exceed 30 calendar days, as to which each
Rating Agency may consent) establish a new Certificate Distribution Account as
an Eligible Deposit Account and shall cause the Trust to transfer any cash
and/or any investments in the old Certificate Distribution Account to such new
Certificate Distribution Account.

          SECTION  5.2    Application of Trust Funds.
                          --------------------------

          (a) On each Distribution Date, the Owner Trustee shall, or shall cause
the Paying Agent to, (based on the information contained in the Servicer's
Certificate delivered on the related Determination Date) distribute to the
Certificateholders, on a pro rata basis, amounts deposited in the Certificate
Distribution Account pursuant to Section 4.6(c) of the Sale and Servicing
Agreement. Notwithstanding the foregoing or anything else to the contrary in
this Agreement, so long as the Certificates that represent in the aggregate a
100% beneficial interest in the Trust are held by the Seller, (i) no Certificate
Distribution Account shall be required to be established or maintained and (ii)
all distributions and payments on the Certificates (including the final
distribution as contemplated by Section 7.1(c) hereof) required under the Sale
and Servicing Agreement shall be

                                      -11-
<PAGE>

made directly to the Seller (whether or not the Sale and Servicing Agreement
otherwise contemplates deposit into the Certificate Distribution Account).

          (b) On each Distribution Date, the Owner Trustee shall, or shall cause
the Paying Agent to, send to each Certificateholder the statement described in
Section 4.7(a) of the Sale and Servicing Agreement; provided, that, the Servicer
has prepared such a statement and delivered same to the Owner Trustee and the
Paying Agent.

          (c) If any withholding tax is imposed on the Trust's distributions (or
allocations of income) to a Certificateholder, such tax shall reduce the amount
otherwise distributable to the Certificateholder in accordance with this Section
5.2.  The Owner Trustee, or the Paying Agent, is hereby authorized and directed
to retain from amounts otherwise distributable to the Certificateholders
sufficient funds for the payment of any tax that is legally owed by the Trust
(but such authorization shall not prevent the Owner Trustee from contesting any
such tax in appropriate proceedings and the Paying Agent from withholding
payment of such tax, if permitted by law, pending the outcome of such
proceedings).  The amount of any withholding tax imposed with respect to a
Certificateholder shall be treated as cash distributed to such Certificateholder
at the time it is withheld by the Trust and remitted to the appropriate taxing
authority.  If there is a possibility that withholding tax is payable with
respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Owner Trustee, or the Paying Agent, may in its sole
discretion withhold such amounts in accordance with this subsection 5.2(c).  If
a Certificateholder wishes to apply for a refund of any such withholding tax,
the Owner Trustee, or the Paying Agent, shall reasonably cooperate with such
Certificateholder in making such claim so long as such Certificateholder agrees
to reimburse the Owner Trustee, or the Paying Agent, for any out-of-pocket
expenses incurred.

          (d) If the Indenture Trustee holds escheated funds for payment to the
Trust pursuant to Section 3.3(e) of the Indenture, the Owner Trustee shall, upon
notice from the Indenture Trustee that such funds exist and upon written request
of the Seller, submit on behalf of the Trust an Issuer Order to the Indenture
Trustee pursuant to Section 3.3(e) of the Indenture instructing the Indenture
Trustee to pay such funds to or at the order of the Seller.

          SECTION  5.3    Method of Payment.  Subject to Section 5.2(a) and
                          -----------------
Section 7.1(c), distributions required to be made to Certificateholders on any
Distribution Date shall be made to each Certificateholder of record on the
related Record Date (i) by wire transfer, in immediately available funds, to the
account of such Holder at a bank or other entity having appropriate facilities
therefor or, where possible, by intra-bank book entry credit, if such
Certificateholder shall have provided to the Certificate Registrar appropriate
written instructions at least five Business Days prior to such Record Date and
the distribution required to be made to such Certificateholders exceeds $100,000
or (ii) by check mailed to such Certificateholder at the address of such Holder
appearing in the Certificate Register.

          SECTION  5.4    Accounting and Reports to the Certificateholders, the
                         ------------------------------------------------------
Internal Revenue Service and Others.  The Administrator or Servicer, as the case
-----------------------------------
may be, shall (a) maintain (or cause to be maintained) the books of the Trust on
the basis of a fiscal year ending December 31

                                      -12-
<PAGE>

on the accrual method of accounting, (b) deliver to each Certificateholder, as
may be required by the Code and applicable Treasury Regulations or otherwise,
such information as may be required to enable each Certificateholder to prepare
its federal income tax returns, (c) file such tax returns relating to the Trust
and make such elections as may from time to time be required or appropriate
under any applicable state or federal statute or rule or regulation thereunder
so as to maintain the Trust's characterization as a division or branch of the
Seller for federal income tax purposes, (d) cause such tax returns to be signed
in the manner required by law and (e) collect or cause to be collected any
withholding tax as described in and in accordance with subsection 5.2(c) with
respect to income or distributions to Certificateholders.

          SECTION  5.5    Signature on Returns.  The Owner Trustee shall sign on
                          --------------------
behalf of the Trust any and all tax returns of the Trust, unless applicable law
requires a Certificateholder to sign such documents, in which case such
documents shall be signed by the Seller so long as the Seller is a
Certificateholder.  If the Seller is not a Certificateholder, such documents
shall be executed by the requisite number of Certificateholders.

                                  ARTICLE VI
                               THE OWNER TRUSTEE

          SECTION  6.1    Duties of Owner Trustee.
                          -----------------------

          (a) The Owner Trustee undertakes to perform such duties, and only such
duties, as are specifically set forth in this Agreement and the Basic Documents,
including the administration of the Trust in the interest of the
Certificateholders, subject to the Basic Documents and in accordance with the
provisions of this Agreement and the Sale and Servicing Agreement.  No implied
covenants or obligations shall be read into this Agreement or any Basic Document
against the Owner Trustee.

          (b) Notwithstanding the foregoing, the Owner Trustee shall be deemed
to have discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Owner Trustee or
the Trust hereunder or under any Basic Document regardless of whether the
Administration Agreement is terminated or rejected, and the Owner Trustee shall
not be liable for the default or failure of the Administrator to carry out its
obligations under the Administration Agreement.

          (c) The Owner Trustee shall not take any action that (i) is in
violation of the purposes of the Trust set forth in Section 2.3 or (ii) would,
to the Actual Knowledge of a Responsible Officer of the Owner Trustee, result in
the Trust's becoming taxable as a corporation for federal income tax purposes.

          SECTION  6.2    Rights of Owner Trustee.  The Owner Trustee is
                          -----------------------
authorized and directed to execute and deliver the Basic Documents and each
certificate or other document attached

                                      -13-
<PAGE>

as an exhibit to or contemplated by the Basic Documents to which the Trust is to
be a party, in such form as the Seller shall approve as evidenced conclusively
by the Owner Trustee's execution thereof. In addition to the foregoing, the
Owner Trustee is authorized, but shall not be obligated, to take all actions
required of the Trust pursuant to the Basic Documents. The Owner Trustee is
further authorized from time to time to take such action as the Administrator
recommends with respect to the Basic Documents.

          SECTION  6.3    Acceptance of Trusts and Duties.  Except as otherwise
                          -------------------------------
provided in this Article VI, in accepting the trusts hereby created,
______________________ acts solely as Owner Trustee hereunder and not in its
individual capacity and all Persons having any claim against the Owner Trustee
by reason of the transactions contemplated by this Agreement or any Basic
Document shall look only to the Owner Trust Estate for payment or satisfaction
thereof.  The Owner Trustee accepts the trusts hereby created and agrees to
perform its duties hereunder with respect to such trusts but only upon the terms
of this Agreement.  The Owner Trustee also agrees to disburse all monies
actually received by it constituting part of the Owner Trust Estate upon the
terms of this Agreement.  The Owner Trustee shall not be liable or accountable
hereunder or under any Basic Document under any circumstances, except (i) for
its own negligent action, its own negligent failure to act or its own willful
misconduct or (ii in the case of the inaccuracy of any representation or
warranty contained in Section 6.6 or expressly made by   ______________________.
In particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

          (a) the Owner Trustee shall at no time have any responsibility or
     liability for or with respect to the legality, validity and enforceability
     of any Receivable or the perfection and priority of any security interest
     created by any Receivable in any Financed Vehicle or the maintenance of any
     such perfection and priority, or for or with respect to the sufficiency of
     the Owner Trust Estate or its ability to generate the distributions and
     payments to be made to Certificateholders under this Agreement or to
     Noteholders under the Indenture, including, without limitation: the
     existence, condition and ownership of any Financed Vehicle; the filing of
     any financing or continuation statement in any public office at any time or
     to otherwise perfect or maintain the perfection of any security interest or
     lien in any Financed Vehicle; the existence and enforceability of any
     insurance thereon; the existence and contents of any Receivable on any
     computer or other record thereof; the validity of the assignment of any
     Receivable to the Trust or of any intervening assignment; the completeness
     of any Receivable; the performance or enforcement of any Receivable; the
     compliance by the Seller or the Servicer with any warranty or
     representation made under any Basic Document or in any related document,
     the accuracy of any such warranty or representation or any action of the
     Administrator, the Trustee or the Servicer or any subservicer taken in the
     name of the Owner Trustee or the preparation, execution or filing of any
     tax returns on behalf of the Trust or the preparation, execution or filing
     of any document or report with the Securities and Exchange Commission or
     any state commission or agency;

          (b) the Owner Trustee shall not be liable with respect to any action
     taken or omitted to be taken by it in accordance with the instructions, or
     at the direction, of the Administrator or the Certificateholders;

                                      -14-
<PAGE>

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

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

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

          (f) the Owner Trustee shall not be liable for the default or
     misconduct of the Administrator, the Indenture Trustee, the Seller, the
     Certificate Registrar (if not the Owner Trustee), any Paying Agent or the
     Servicer under any of the Basic Documents or otherwise and the Owner
     Trustee shall have no obligation or liability to perform the obligations of
     the Trust under this Agreement or the Basic Documents that are required to
     be performed by the Administrator under the Administration Agreement, the
     Indenture Trustee under the Indenture or the Servicer under the Sale and
     Servicing Agreement;

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

          (h) in the absence of bad faith on its part, the Owner Trustee may
     conclusively rely upon certificates or opinions furnished to the Owner
     Trustee and conforming to the requirements of this Agreement in determining
     the truth of the statements and the correctness of the opinions contained
     therein; provided, however, that the Owner Trustee shall have
              --------  -------

                                      -15-
<PAGE>

     examined such certificates or opinions so as to determine compliance of the
     same with the requirements of this Agreement;

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

          (j) subject to Sections 5.1 and 5.2, monies received by the Owner
     Trustee hereunder need not be segregated in any manner except to the extent
     required by law or the Sale and Servicing Agreement and may be deposited
     under such general conditions as may be prescribed by law, and the Owner
     Trustee shall not be liable for any interest thereon.

          SECTION  6.4    Action upon Instruction by Certificateholders.
                          ---------------------------------------------

          (a) Subject to Section 4.4, the Certificateholders may by written
instruction direct the Owner Trustee in the management of the Trust.  Such
direction may be exercised at any time by written instruction of the
Certificateholders pursuant to Section 4.5.

          (b) Notwithstanding Section 6.4(a), the Owner Trustee shall not be
required to take any action hereunder or under any Basic Document if the Owner
Trustee shall have determined, or shall have been advised by counsel, that such
action may result in liability on the part of the Owner Trustee or is contrary
to the terms hereof or of any Basic Document or is otherwise contrary to law.

          (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement or any
Basic Document, or is unsure as to the application, intent, interpretation or
meaning of any provision of this Agreement or the Basic Documents, the Owner
Trustee shall promptly give notice (in such form as shall be appropriate under
the circumstances) to the Certificateholders requesting instruction as to the
course of action to be adopted, and, to the extent the Owner Trustee acts in
good faith in accordance with any such instruction received, the Owner Trustee
shall not be liable on account of such action to any Person. If the Owner
Trustee shall not have received appropriate instructions within ten days of such
notice (or within such shorter period of time as reasonably may be specified in
such notice or may be necessary under the circumstances) it may, but shall be
under no duty to, take or refrain from taking such action which is consistent,
in its view, with this Agreement or the Basic Documents, and as it shall deem to
be in the best interests of the Certificateholders, and the Owner Trustee shall
have no liability to any Person for any such action or inaction.

          SECTION  6.5    Furnishing of Documents.  The Owner Trustee shall
                          -----------------------
furnish to the Certificateholders, promptly upon receipt of a written request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Owner Trustee under the Basic Documents.

                                      -16-
<PAGE>

          SECTION  6.6    Representations and Warranties of Owner Trustee.  The
                          -----------------------------------------------
Owner Trustee hereby represents and warrants in its individual capacity to the
Seller, for the benefit of the Certificateholders, that:

          (a) It is a banking corporation duly organized, validly existing and
     in good standing under the laws of the state of its incorporation.  The
     eligibility requirements set forth in Section 6.13 (a) - (d) are satisfied
     with respect to it.

          (b) It has full power, authority and legal right to execute, deliver
     and perform this Agreement, and has taken all necessary action to authorize
     the execution, delivery and performance by it of this Agreement.

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

          (d) The execution, delivery and performance by the Owner Trustee of
     this Agreement shall not require the authorization, consent or approval of,
     the giving of notice to, the filing or registration with, or the taking of
     any other action in respect of, any Delaware or federal governmental
     authority or agency regulating the corporate trust activities of
     ______________________, except for the filing of the Certificate of Trust
     with the Delaware Secretary of State.

          (e) This Agreement has been duly executed and delivered by the Owner
     Trustee and constitutes the legal, valid and binding agreement of the Owner
     Trustee, enforceable in accordance with its terms, except as enforceability
     may be limited by bankruptcy, insolvency, reorganization, or other similar
     laws affecting the enforcement of creditors' rights in general and by
     general principles of equity, regardless of whether such enforceability is
     considered in a proceeding in equity or at law.

          SECTION  6.7    Reliance; Advice of Counsel.
                          ---------------------------

          (a) The Owner Trustee shall incur no liability to anyone in acting
upon any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to
be genuine and believed by it to be signed by the proper

                                      -17-
<PAGE>

party or parties and need not investigate any fact or matter in any such
document. The Owner Trustee may accept a certified copy of a resolution of the
board of directors or other governing body of any corporate party as conclusive
evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of the
determination of which is not specifically prescribed herein, the Owner Trustee
may for all purposes hereof rely on a certificate, signed by the president or
any vice president or by the treasurer or other authorized officers of the
relevant party, as to such fact or matter, and such certificate shall constitute
full protection to the Owner Trustee for any action taken or omitted to be taken
by it in good faith in reliance thereon.

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

          SECTION  6.8    Owner Trustee May Own Certificates and Notes.  The
                          --------------------------------------------
Owner Trustee in its individual or any other capacity may become the owner or
pledgee of Certificates or Notes and may deal with the Seller, the
Administrator, the Indenture Trustee and the Servicer in transactions in the
same manner as it would have if it were not the Owner Trustee.

          SECTION  6.9    Compensation and Indemnity.
                          --------------------------

          (a) The Owner Trustee shall receive as compensation for its services
hereunder from First Security Bank, N.A. such fees as have been separately
agreed upon before the date hereof between the Seller and the Owner Trustee, and
the Owner Trustee shall be entitled to be reimbursed by First Security Bank,
N.A. for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, custodians, nominees,
representatives, experts and counsel as the Owner Trustee may employ in
connection with the exercise and performance of its rights and its duties
hereunder.  The Servicer shall indemnify the Owner Trustee and its successors,
assigns, agents and servants in accordance with the provisions of Section 6.2 of
the Sale and Servicing Agreement.  The compensation and indemnities described in
this Section 6.9 shall survive the resignation or termination of the Owner
Trustee or the termination of this Agreement.  Any amounts paid to the Owner
Trustee pursuant to this Article VI shall be deemed not to be a part of the
Owner Trust Estate immediately after such payment.

          (b) First Security Bank, N.A. hereby agrees, whether or not any of the
transactions contemplated hereby shall be consummated, to assume liability for,
and hereby agrees to indemnify, protect, save and keep harmless the Owner
Trustee, and its successors, assigns, legal representatives, agents and
servants, from and against any and all liabilities, obligations, losses,

                                      -18-
<PAGE>

damages, penalties, taxes (excluding any taxes payable by the Owner Trustee on
or measured by any compensation received by the Owner Trustee for its services
hereunder), claims, actions, suits, costs, expenses or disbursements (including,
without limitation, reasonable legal fees and expenses) of any kind and nature
whatsoever which may be imposed on, incurred by or asserted against the Owner
Trustee (whether or not also indemnified against by the Servicer under the Sale
and Servicing Agreement or also indemnified against by any other Person) in any
way relating to or arising out of this Trust Agreement or any of the Basic
Documents or the enforcement of any of the terms contained therein, or in any
way relating to or arising out of the administration of the Trust Estate or the
action or inaction of the Owner Trustee hereunder, except:

          (i)  in any case of wilful misconduct or negligence on the part of the
     Owner Trustee in the performance or nonperformance of its duties hereunder
     or under the Basic Documents; or

          (ii) in any case resulting from the inaccuracy of any representation
     or warranty of the Owner Trustee made in its individual capacity (or from
     the failure of the Owner Trustee to perform any covenant in its individual
     capacity) in Section 6.6 hereof.

The indemnities contained in this Section 6.9 extend to the Owner Trustee and
shall not be construed as indemnities of the Owner Trust Estate (except to the
extent, if any, that the Owner Trustee has been reimbursed by the Owner Trust
Estate for amounts covered by the indemnities contained in this Section 6.9).

          (c)  If necessary, the Owner Trustee shall be entitled to
indemnification from the Owner Trust Estate, subject to the lien of the
Indenture, for any liability, obligation, loss, damage, penalty, tax, claim
action, suit, cost, expense or disbursement indemnified against pursuant to this
Section 6.9 to the extent not reimbursed by First Security Bank, N.A. or others,
but not without releasing any of them from their respective agreements of
reimbursement; and to secure the same, the Owner Trustee shall have a lien on
the Trust Estate, subject to the lien of the Indenture and such lien of the
Owner Trustee shall be prior to any interest of First Security Bank, N.A. in the
Trust Estate.

          SECTION  6.10   Replacement of Owner Trustee.
                          ----------------------------

          (a)  The Owner Trustee may give notice of its intent to resign and be
discharged from the trusts hereby created by written notice thereof to the
Administrator; provided that no such resignation shall become effective, and the
Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c).
The Administrator may appoint a successor Owner Trustee by delivering a written
instrument, in duplicate, to the resigning Owner Trustee and the successor Owner
Trustee. If no successor Owner Trustee shall have been appointed and have
accepted appointment within 30 days after the giving of such notice, the
resigning Owner Trustee giving such notice may petition any court of competent
jurisdiction for the appointment of a successor Owner Trustee.  The
Administrator shall remove the Owner Trustee if:

                                      -19-
<PAGE>

          (i)    the Owner Trustee shall cease to be eligible in accordance with
     the provisions of Section 6.13 and shall fail to resign after written
     request therefor by the Administrator;

          (ii)   the Owner Trustee shall be adjudged bankrupt or insolvent;

          (iii)  a receiver or other public officer shall be appointed or take
     charge or control of the Owner Trustee or of its property or affairs for
     the purpose of rehabilitation, conservation or liquidation; or

          (iv)   the Owner Trustee shall otherwise be incapable of acting.

          (b)    If the Owner Trustee gives notice of its intent to resign or is
removed or if a vacancy exists in the office of Owner Trustee for any reason,
the Administrator shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate (one copy of which instrument shall be delivered to the
outgoing Owner Trustee so removed and one copy to the successor Owner Trustee)
and shall pay all fees owed to the outgoing Owner Trustee.

          (c)    Any resignation or removal of the Owner Trustee and appointment
of a successor Owner Trustee pursuant to any of the provisions of this Section
6.10 shall not become effective and no such resignation shall be deemed to have
occurred until a written acceptance of appointment is delivered by the successor
Owner Trustee to the outgoing Owner Trustee and the Administrator and all fees
and expenses due to the outgoing Owner Trustee are paid. Any successor Owner
Trustee appointed pursuant to this Section 6.10 shall be eligible to act in such
capacity in accordance with Section 6.13 and, following compliance with the
preceding sentence, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor under this Agreement, with like effect
as if originally named as Owner Trustee. The Administrator shall promptly
provide notice of such resignation or removal of the Owner Trustee to each of
the Rating Agencies.

          (d)    The predecessor Owner Trustee shall upon payment of its fees
and expenses deliver to the successor Owner Trustee all documents and statements
and monies held by it under this Agreement. The Administrator and the
predecessor Owner Trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties and
obligations.

          (e)    Upon acceptance of appointment by a successor Owner Trustee
pursuant to this Section 6.10, the Administrator shall mail notice of the
successor of such Owner Trustee to all Certificateholders, the Indenture
Trustee, the Noteholders and the Rating Agencies.

          SECTION  6.11   Merger or Consolidation of Owner Trustee.  Any Person
                          ----------------------------------------
into which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided
such Person shall be

                                      -20-
<PAGE>

eligible pursuant to Section 6.13, and without the execution or filing of any
instrument or any further act on the part of any of the parties hereto;
provided, however, that the Owner Trustee shall mail notice of such merger or
--------  -------
consolidation to the Rating Agencies.

          SECTION  6.12   Appointment of Co-Trustee or Separate Trustee.
                          ---------------------------------------------

          (a)  Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Owner Trust Estate or any Financed Vehicle may at the time
be located, the Administrator and the Owner Trustee acting jointly shall have
the power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Owner Trustee to act as co-trustee, jointly with the
Owner Trustee, or as separate trustee or trustees, of all or any part of the
Owner Trust Estate, and to vest in such Person, in such capacity, such title to
the Trust, or any part thereof, and, subject to the other provisions of this
Section 6.12, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable.  If the
Administrator shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment.  No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
trustee pursuant to Section 6.13 and no notice of the appointment of any co-
trustee or separate trustee shall be required pursuant to Section 6.10.

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

          (ii)  no trustee under this Agreement shall be personally liable by
     reason of any act or omission of any other trustee under this Agreement
     (unless such other trustee acts or fails to act at the direction of such
     first trustee); and

          (iii) the Administrator and the Owner Trustee acting jointly 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 Owner Trustee
shall be deemed to have been given to each of the then separate trustees and co-
trustees, as effectively as if

                                      -21-
<PAGE>

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

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

          SECTION  6.13   Eligibility Requirements for Owner Trustee.  The Owner
                          ------------------------------------------
Trustee shall at all times satisfy the requirements of Section 26(a)(1) of the
Investment Company Act.  The Owner Trustee shall at all times:  (a) be a
corporation satisfying the provisions of Section 3807(a) of the Business Trust
Statute; (b) be authorized to exercise corporate trust powers; (c) have a
combined capital and surplus of at least $100,000,000; (d) be subject to
supervision or examination by federal or state authorities and (e) with respect
to a successor Owner Trustee has (i) a rating of at least P-1 from Moody's and
A-1 from S&P with respect to short-term obligations, and (ii) if such
institution has issued long-term unsecured debt obligations, a rating of A1 or
higher from Moody's and A or higher from S&P with respect to long term unsecured
debt obligations.  Notwithstanding the foregoing,   ______________________ shall
be eligible to act as Owner Trustee if it satisfies clauses (a), (b), (c) and
(d) above.  If such corporation shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section 6.13, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published.  If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of this Section 6.13, the Owner Trustee shall
resign immediately in the manner and with the effect specified in Section 6.10.

                                  ARTICLE VII
                        TERMINATION OF TRUST AGREEMENT

          SECTION  7.1    Termination of Trust Agreement.
                          ------------------------------

          (a) The Trust shall dissolve on the final distribution by the Owner
Trustee or Paying Agent, as the case may be, of all monies or other property or
proceeds of the Owner Trust Estate in accordance with the terms of the
Indenture, the Sale and Servicing Agreement (including the exercise by the
Servicer of its option to purchase the Receivables pursuant to Section 9.2 of
the

                                      -22-
<PAGE>

Sale and Servicing Agreement) and Article V hereof; provided, however, that in
                                                    --------  -------
no event shall the Trust continue beyond the expiration of 21 years from the
date hereof. The bankruptcy, liquidation, dissolution, death or incapacity of
any Certificateholder shall not (x) operate to terminate this Agreement or the
Trust, (y) entitle such Certificateholder's legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a
partition or winding up of all or any part of the Trust or the Owner Trust
Estate nor (z) otherwise affect the rights, obligations and liabilities of the
parties hereto.

          (b) Except as provided in Section 7.1(a), neither the Seller nor any
Certificateholder shall be entitled to revoke or terminate the Trust or this
Agreement.

          (c) Except as otherwise provided in Section 5.2(a), notice of any
dissolution of the Trust specifying the Distribution Date upon which the
Certificateholders shall surrender their Certificates to the Certificate
Registrar for payment of the final distribution and cancellation, shall be given
by the Owner Trustee by letter to Certificateholders of record and the Rating
Agencies mailed not earlier than the 15th day and not later than the 25th day of
the month preceding the specified Distribution Date given pursuant to subsection
8.1(c) of the Sale and Servicing Agreement, stating:  (i) the amount of any such
final payment; and (iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation
and surrender of the Certificates at the office of the Owner Trustee therein
specified.  Upon presentation and surrender of the Certificates, the Owner
Trustee shall cause to be distributed to the Certificateholders amounts
distributable on such Distribution Date pursuant to Section 5.2.

          (d) If all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the date specified in the
written notice specified in Section 7.1(c), the Owner Trustee shall give a
second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice all the Certificates shall
not have been surrendered for cancellation, the Owner Trustee may take
appropriate steps, or may appoint an agent to take appropriate steps, to contact
the remaining Certificateholders concerning surrender of their Certificates, and
the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement.  Subject to applicable laws with respect to
escheat of funds, any funds remaining in the Trust after exhaustion of such
remedies in the preceding sentence shall be deemed property of the Seller and
distributed by the Owner Trustee to the Seller.

          (e) Upon the winding up of the Trust and payment of the Trust's
obligations in accordance with applicable law as directed by the Seller, the
Owner Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 of the Business Trust Statute and the Trust shall
terminate.

                                      -23-
<PAGE>

                                  ARTICLE VII
                                  AMENDMENTS

          SECTION  8.1    Amendments Without Consent of Certificateholders or
                          ---------------------------------------------------
Noteholders. This Agreement may be amended by the Seller and the Owner Trustee
-----------
without the consent of any of the Noteholders or the Certificateholders to (i)
cure any ambiguity, (ii) correct or supplement any provision in this Agreement
that may be defective or inconsistent with any other provision in this Agreement
or any other Basic Document, (iii) add or supplement any credit enhancement for
the benefit of the Noteholders or the Certificateholders (provided that if any
                                                          --------
such addition shall affect any class of Noteholders or Certificateholders
differently than any other class of Noteholders or Certificateholders, then such
addition shall not, as evidenced by an Opinion of Counsel, adversely affect in
any material respect the interests of any class of the Noteholders or the
Certificateholders), (iv) add to the covenants, restrictions or obligations of
the Seller or the Owner Trustee for the benefit of the Noteholders or
Certificateholders, (v) evidence and provide for the acceptance of the
appointment of a successor trustee with respect to the Owner Trust Estate and
add to or change any provisions as shall be necessary to facilitate the
administration of the trusts hereunder by more than one trustee pursuant to
Article VI, or (vi) add, change or eliminate any other provision of this
Agreement in any manner that shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of the Noteholders or the
Certificateholders.

          SECTION  8.2    Amendments With Consent of Certificateholders and
                          -------------------------------------------------
Noteholders. This Agreement may be amended from time to time by the Seller and
-----------
the Owner Trustee with the consent of Noteholders whose Notes evidence not less
than a majority of Outstanding Amount of Notes of the related Series as of the
close of business on the preceding Distribution Date and the consent of the
Holders of Certificates evidencing not less than a majority of the ownership
interest in the Trust as of the close of business on the preceding Distribution
Date (which consent, whether given pursuant to this Section 8.2 or pursuant to
any other provision of this Agreement, shall be conclusive and binding on such
Person and on all future holders of such Notes or Certificates and of any Notes
or Certificates issued upon the transfer thereof or in exchange thereof or in
lieu thereof whether or not notation of such consent is made upon the Notes or
Certificates) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement, or of modifying
in any manner the rights of the Noteholders or the Certificateholders; provided,
                                                                       --------
however, that no such amendment shall (a) increase or reduce in any manner the
-------
amount of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that shall be required to be made on any Note or
the Specified Reserve Account Balance, (b) reduce the aforesaid percentage
required to consent to any such amendment or (c) amend Section 4.3, without the
consent of the Holders of all of the Notes and the Holders of all of the
Certificates then outstanding.

          SECTION  8.3    Form of Amendments.
                          ------------------

          (a) Promptly after the execution of any amendment, supplement or
consent pursuant to Section 8.1 or 8.2, the Owner Trustee shall furnish written
notification of the substance of such amendment or consent to each
Certificateholder and the Indenture Trustee.

                                      -24-
<PAGE>

          (b) It shall not be necessary for the consent of Certificateholders,
the Noteholders or the Indenture Trustee pursuant to Section 8.2 to approve the
particular form of any proposed amendment or consent, but it shall be sufficient
if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of Certificateholders provided for in this
Agreement or in any other Basic Document) and of evidencing the authorization of
the execution thereof by Certificateholders and Noteholders shall be subject to
such reasonable requirements as the Owner Trustee may prescribe.

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

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

                                  ARTICLE IX
                                 MISCELLANEOUS

          SECTION  9.1    No Legal Title to Owner Trust Estate.  The
                          ------------------------------------
Certificateholders shall not have legal title to any part of the Owner Trust
Estate.  The Certificateholders shall be entitled to receive distributions with
respect to their undivided ownership interest therein only in accordance with
Articles V and VII.  No transfer, by operation of law or otherwise, of any
right, title, and interest of the Certificateholders to and in their ownership
interest in the Owner Trust Estate shall operate to terminate this Agreement or
the trusts hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Owner Trust Estate.

          SECTION  9.2    Limitations on Rights of Others.  Except for Section
                          -------------------------------
9.7, the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Seller, the Certificateholders, the Administrator and, to the
extent expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the
Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

          SECTION  9.3    Notices.  All demands, notices and communications upon
                          -------
or to the Seller, the Servicer, the Administrator, the Indenture Trustee, the
Owner Trustee, the Rating Agencies or any Certificateholder under this Agreement
shall be delivered in the manner as specified in Section 9.5 of the Sale and
Servicing Agreement.

                                      -25-
<PAGE>

          SECTION  9.4    Severability.  If any one or more of the covenants,
                          ------------
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed enforceable to the fullest extent permitted, and if not so
permitted, shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.

          SECTION  9.5    Counterparts.  This Agreement may be executed by the
                          ------------
parties hereto in separate counterparts (and by different parties on separate
counterparts), each of which when so executed and delivered shall be an
original, but all of which together shall constitute one and the same
instrument.

          SECTION  9.6    Successors and Assigns.  All covenants and agreements
                          ----------------------
contained herein shall be binding upon, and inure to the benefit of, the Seller,
the Owner Trustee and each Certificateholder and their respective successors and
permitted assigns, all as herein provided.  Any request, notice, direction,
consent, waiver or other instrument or action by a Certificateholder shall bind
the successors and assigns of such Certificateholder.

          SECTION  9.7    No Recourse.  Each Certificateholder by accepting a
                          -----------
Certificate (or interest therein) acknowledges that such Person's Certificate
(or interest therein) represents beneficial interests in the Trust only and does
not represent interests in or obligations of the Seller, the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof
and no recourse, either directly or indirectly, may be had against such parties
or their assets, except as may be expressly set forth or contemplated in this
Agreement, the Certificates or the Basic Documents. Except as expressly provided
in the Basic Documents, neither the Seller, the Servicer nor the Owner Trustee
in their respective individual capacities, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns,
shall be personally liable for, nor shall recourse be had to any of them for,
the distribution of any amount with respect to the Certificates, or the Trust's
performance of, or omission to perform, any of the obligations or
indemnifications contained in the Certificates or this Agreement, it being
expressly understood that said obligations have been made solely by the Trust.
Each Certificateholder by the acceptance of a Certificate (or beneficial
interest therein) shall agree that, except as expressly provided in the Basic
Documents, in the case of nonpayment of any amounts with respect to the
Certificates, it shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom.

          SECTION  9.8    Headings.  The headings of the various Articles and
                          --------
Sections herein are for purposes of reference only and shall not affect the
meaning or interpretation of any provision hereof.

          SECTION  9.9    Governing Law.  This Agreement shall be governed by
                          -------------
and construed in accordance with the internal laws of the State of Delaware,
without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

                                      -26-
<PAGE>

          SECTION  9.10   Administrator.  The Administrator is authorized to
                          -------------
execute on behalf of the Trust all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Trust to
prepare, file or deliver pursuant to the Basic Documents.  Upon request, the
Owner Trustee shall execute and deliver to the Administrator a power of attorney
appointing the Administrator its agent and attorney-in-fact to execute all such
documents, reports, filings, instruments, certificates and opinions.

          SECTION  9.11   No Petition.  Notwithstanding Section 4.3 hereof, the
                          -----------
Owner Trustee by entering this Trust Agreement and each Certificateholder, by
accepting a Certificate (or interest therein) issued hereunder, hereby covenant
and agree that they shall not, prior to the day that is one year and one day
after the termination of the Trust, acquiesce, petition or otherwise invoke or
cause the Issuer to invoke in any court or government authority for the purpose
of commencing or sustaining a case against the Issuer under any federal or state
bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Issuer or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Issuer.

                                      -27-
<PAGE>

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

                              _____________________,
                              as Owner Trustee

                              By:____________________________
                              Name:
                              Title:

                              First Security Bank, N.A.,
                              as Seller

                              By:____________________________
                              Name:
                              Title:

Acknowledged and Accepted:

First Security Bank, N.A.,
as Servicer

By:__________________________
Name:
Title:

<PAGE>

                                                                       EXHIBIT A

NUMBER
R-1
OWNERSHIP INTEREST:  100%

                      SEE REVERSE FOR CERTAIN DEFINITIONS

          THIS CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF (i) AN
     "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
     RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ("ERISA")) THAT IS
     SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (ii) A PLAN DESCRIBED IN
     SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
     "CODE"), OR (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
     REASON OF A PLAN'S INVESTMENT IN THE ENTITY.  BY ACCEPTING AND HOLDING THIS
     CERTIFICATE, THE HOLDER HEREOF AND THE CERTIFICATE OWNER SHALL EACH BE
     DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT A BENEFIT PLAN.

          THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED
     ON __________, 20___, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
     1933, AS AMENDED (THE "ACT"), OR APPLICABLE STATE SECURITIES LAWS AND MAY
     NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
     STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
     FROM REGISTRATION THEREUNDER.

          THIS CERTIFICATE IS ALSO SUBJECT TO THE RESTRICTIONS SET FORTH IN THE
     TRUST AGREEMENT REFERENCED BELOW.

     THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN
     FIRST SECURITY BANK, N.A. OR ANY OF ITS AFFILIATES.

                   First Security Auto Owner Trust 20___-___

                                  CERTIFICATE

     evidencing a fractional undivided interest in the Trust, as defined below,
     the property of which includes a pool of fixed rate retail motor vehicle
     installment sales contracts

                                      -1-
<PAGE>

     and installment loans, which contracts and loans have been sold to the
     Trust by First Security Bank, N.A.

          THIS CERTIFIES THAT First Security Bank, N.A. is the registered owner
of a nonassessable, fully-paid, fractional undivided interest in First Security
Auto Owner Trust 20___-___ (the "Trust").

          The Trust was created pursuant to a trust agreement, dated as of
_______, 20___ (as amended and restated as of ________, 20___ and as further
amended, restated or supplemented from time to time, the "Trust Agreement"),
between the Seller and _____________, as owner trustee (the "Owner Trustee"), a
summary of certain of the pertinent provisions of which is set forth below.  To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Trust Agreement.

          This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, the terms of which are
incorporated herein by reference and made a part hereof, to which Trust
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

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

          Distributions on this Certificate shall be made as provided in the
Trust Agreement by the Owner Trustee by wire transfer, check mailed or, where
possible, intra-bank book entry to the Certificateholder of record in the
Certificate Register without the presentation or surrender of this Certificate
or the making of any notation hereon.  Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution on this
Certificate shall be made after due notice by the Owner Trustee of the pendency
of such distribution and only upon presentation and surrender of this
Certificate at the office maintained for such purpose by the Owner Trustee at
the office of the Indenture Trustee in the Borough of Manhattan, the City of New
York.

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

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

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

                                      -2-
<PAGE>

REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

                                      -3-
<PAGE>

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

Dated: _________, 20___

                              FIRST SECURITY AUTO OWNER TRUST 20__-__

                              By:   _______________________,
                                    not in its individual capacity but solely as
                                    Owner Trustee

                                    By:_________________________________
                                    Name:
                                    Title:

                 OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

__________________,                        _____________________________,
not in its individual                      not in its individual
capacity but solely                        capacity but solely
as Owner Trustee                OR         as Owner Trustee
                                           by __________________________,
                                           as Authenticating Agent

By:_________________________
   Authorized Officer                      By:  _________________________
                                                Authorized Officer

                                      -4-
<PAGE>

                            REVERSE OF CERTIFICATE

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

       The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Seller and the rights of the Certificateholders under the Trust Agreement at any
time by the Seller and the Owner Trustee with the consent of (i) the Holders of
the Notes evidencing not less than a majority of the Outstanding Amount of the
Notes, and (ii) Certificateholders whose Certificates evidence not less than a
majority of the ownership interest in the Trust, each as of the close of the
preceding Distribution Date. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and on all future Holders of this
Certificate and of any Certificate issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Trust Agreement also permits the
amendment thereof, in certain circumstances, without the consent of the Holders
of any of the Certificates or the Notes.

       As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Owner Trustee at the office of the Indenture Trustee in the Borough of
Manhattan, City of New York, New York, accompanied by (i) a written instrument
of transfer in form satisfactory to the Owner Trustee and the Certificate
Registrar duly executed by the Holder hereof or such Holder's attorney duly
authorized in writing and (ii) certain opinions and other documents required by
Section 3.4 of the Trust Agreement, and thereupon one or more new Certificates
of authorized denominations evidencing the same aggregate interest in the Trust
will be issued to the designated transferee. The initial Certificate Registrar
appointed under the Trust Agreement will be the Owner Trustee.

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

       The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate in accordance with Article VII of the
Trust Agreement.
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

______________________________________________________________________________
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

_________________________________________________________ Attorney to transfer
said Certificate on the books of the Certificate Registrar, with full power of
substitution in the premises.

Dated:                                _____________________________*
                                           Signature Guaranteed:

                                      _____________________________*

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

                                      -6-
<PAGE>

                                                                       EXHIBIT B

                            CERTIFICATE OF TRUST OF
                   First Security Auto Owner Trust 20___-___
                   -----------------------------------------

          THIS Certificate of Trust of First Security Auto Owner Trust 20___-___
(the "Trust"), dated as of _____, 20___  is being duly executed and filed by
______________, as trustee, to form a business trust under the Delaware Business
Trust Act (12 Del. C. (S)3801 et seq.).
              -------         -- ---

          1.   Name.  The name of the business trust formed hereby is First
               ----
Security Auto Owner Trust 20___-___.

          2.   Delaware Trustee.  The name and business address of the trustee
               ----------------
of the Trust in the State of Delaware is ___________________, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890.

          IN WITNESS WHEREOF, the undersigned, being the sole trustee of the
Trust, has executed this Certificate of Trust as of the date first-above
written.

                              _____________________________,
                              not in its individual capacity but solely as
                              trustee of the Trust.

                              By: _______________________________
                              Name:
                              Title:

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