Document:

Exhibit 10.1

                           ADMINISTRATION AGREEMENT

         This ADMINISTRATION AGREEMENT, dated as of [ ] (as from time to time
amended, supplemented or otherwise modified and in effect, this "Agreement"),
is by and among WHOLE AUTO LOAN TRUST [ ], a Delaware statutory trust (the
"Issuer"), BEAR STEARNS INVESTMENT PRODUCTS INC., a New York corporation, as
administrator (in such capacity, the "Administrator") and [ ], a [ ], not in
its individual capacity but solely as Indenture Trustee (in such capacity, the
"Indenture Trustee").

         WHEREAS, the Issuer is issuing the Notes pursuant to the Indenture
and the Certificates pursuant to the Trust Agreement and has entered into
certain agreements in connection therewith, including (i) the Sale and
Servicing Agreement, (ii) the Note Depository Agreement and (iii) the
Indenture (the Sale and Servicing Agreement, the Note Depository Agreement and
the Indenture being referred to hereinafter collectively as the "Related
Agreements");

         WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain duties of the Issuer and the Owner Trustee under
the Related Agreements and to provide such additional services consistent with
the terms of this Agreement and the Related Agreements as the Issuer and the
Owner Trustee may from time to time request; and

         WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

         1. Definitions and Usage. Except as otherwise specified herein or as
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the context may otherwise require, capitalized terms used but not otherwise
defined in this Agreement (including the recitals) are defined in Appendix A
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hereto, which also contains rules as to usage that shall be applicable herein.

         2. Duties of the Administrator. (a) Duties with Respect to the
            ---------------------------      --------------------------
Indenture and the Note Depository Agreement. (i) The Administrator agrees to
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perform all its duties as Administrator and the duties of the Issuer under the
Note Depository Agreement. In addition, the Administrator shall consult with
the Owner Trustee regarding the duties of the Issuer under the Indenture and
the Note Depository Agreement. The Administrator shall monitor the performance
of the Issuer and shall advise the Owner Trustee when action is necessary to
comply with the Issuer's duties under the Indenture and the Note Depository
Agreement. The Administrator shall prepare for execution by the Issuer, or
shall cause the preparation by other appropriate Persons of, all such
documents, reports, filings, instruments, certificates and opinions

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that it shall be the duty of the Issuer to prepare, file or deliver pursuant
to the Indenture and the Note Depository Agreement. In furtherance of the
foregoing, the Administrator shall take, in the name and on behalf of the
Issuer, all appropriate action that is the duty of the Issuer to take,
pursuant to the Indenture including, without limitation, such of the foregoing
as are required with respect to the following matters under the Indenture
(references are to sections of the Indenture):

              (A) the preparation of or obtaining of the documents and
         instruments required for execution of the Notes and delivery of the
         same to the Indenture Trustee for authentication (Section 2.2);

              (B) the duty to cause the Note Register to be kept and to give
         the Indenture Trustee notice of any appointment of a new Note
         Registrar and the location, or change in location, of the Note
         Register (Section 2.5);

              (C) the determination as to whether the requirements of UCC
         Section 8-405 are met and the preparation of an Issuer Request
         requesting the Indenture Trustee to authenticate and deliver
         replacement Notes in lieu of mutilated, destroyed, lost or stolen
         Notes (Section 2.6);

              (D) the determination of the expenses associated with the
         issuance of replacement Notes (Section 2.6(b));

              (E) the preparation, obtaining or filing of Issuer Requests,
         instruments, opinions and certificates and other documents required
         for the release of property from the lien of the Indenture (Section
         2.10);

              (F) the preparation of Definitive Notes in accordance with the
         instructions of the Clearing Agency and delivery of such to the
         Indenture Trustee (Section 2.13);

              (G) the maintenance and notice of location of the office in the
         Borough of Manhattan, The City of New York, for registration of
         transfer or exchange of Notes if the Indenture Trustee ceases to
         maintain such an office (Section 3.2);

              (H) the duty to cause newly appointed Note Paying Agents, if
         any, to deliver to the Indenture Trustee the instrument specified in
         the Indenture regarding funds held in trust (Section 3.3(c));

              (I) the delivery of the Issuer Order to the Indenture Trustee to
         deposit monies with Note Paying Agents, if any, other than the
         Indenture Trustee (Section 3.3(d));

              (J) the delivery of an Issuer Request for publication and
         notification of unclaimed amounts (Section 3.3(e));

              (K) the maintenance of the Trust's status as a business trust
         and the obtaining and preservation of the Issuer's qualification to
         do business in each jurisdiction in which such

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<PAGE>

         qualification is or shall be necessary to protect the validity and
         enforceability of the Indenture, the Notes, the Collateral and each
         other instrument or agreement included in the Indenture Trust
         Estate (Section 3.4);

              (L) the preparation of all supplements and amendments to the
         Indenture and all financing statements, continuation statements,
         instruments of further assurance and other instruments and the taking
         of such other action as is necessary or advisable to protect the
         Indenture Trust Estate (Sections 3.5 and 3.7(c));

              (M) the delivery of the Opinion of Counsel on the Closing Date
         and the annual delivery of Opinions of Counsel as to the Indenture
         Trust Estate, and the annual delivery of the Officer's Certificate
         and certain other statements as to compliance with the Indenture
         (Sections 3.6 and 3.9);

              (N) the identification to the Indenture Trustee in an Officer's
         Certificate of any Person with whom the Issuer has contracted to
         perform its duties under the Indenture (Section 3.7(b));

              (O) the notification of the Indenture Trustee and the Rating
         Agencies of an Event of Servicing Termination under the Sale and
         Servicing Agreement and, if such Event of Servicing Termination
         arises from the failure of the Servicer to perform any of its duties
         under the Sale and Servicing Agreement with respect to the
         Receivables, the taking of all reasonable steps available to remedy
         such failure (Section 3.7(d));

              (P) the appointment of the Successor Servicer and preparation of
         the related servicing agreement (Section 3.7(e));

              (Q) the notification of the termination of the Servicer and
         appointment of the Successor Servicer (Section 3.7(f));

              (R) the preparation and obtaining of documents and instruments
         required for the consolidation or merger of the Issuer with another
         entity or the transfer by the Issuer of its properties or assets
         (Section 3.10);

              (S) the delivery of a letter for release (Section 3.11(b));

              (T) the duty to cause the Servicer to comply with Sections 3.8,
         3.9, 3.10, 3.11, 3.12, 3.13, 3.14 and 4.7 and Article VI of the Sale
         and Servicing Agreement (Section 3.14);

              (U) upon the request of the Indenture Trustee, the execution and
         delivery of any instruments and the undertaking of any actions
         reasonably necessary to carry out more effectively the purpose of the
         Indenture (Section 3.17);

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<PAGE>

              (V) the delivery of written notice to the Indenture Trustee and
         the Rating Agencies of each Event of Default under the Indenture and
         each default by any party to the Sale and Servicing Agreement
         (Section 3.19);

              (W) the monitoring of the Issuer's obligations as to the
         satisfaction and discharge of the Indenture and the preparation of an
         Officer's Certificate and the obtaining of the Opinions of Counsel
         and the Independent Certificate relating thereto and the demand to
         the Indenture Trustee for execution of certain instruments (Section
         4.1);

              (X) the monitoring of the Issuer's obligations as to the
         satisfaction, discharge and defeasance of the Notes and the
         preparation of an Officer's Certificate and the obtaining of an
         opinion of a nationally recognized firm of independent certified
         public accountants, a written certification thereof and the Opinions
         of Counsel relating thereto (Section 4.1);

              (Y) the demand to remit monies (Section 4.3);

              (Z) the preparation of an Officer's Certificate to the Indenture
         Trustee after the occurrence of any event which with the giving of
         notice and the lapse of time would become an Event of Default under
         Section 5.1(iii) of the Indenture, its status and what action the
         Issuer is taking or proposes to take with respect thereto (Section
         5.1);

              (AA) the compliance with any written directive of the Indenture
         Trustee with respect to the sale of the Indenture Trust Estate at one
         or more public or private sales called and conducted in any manner
         permitted by law if an Event of Default shall have occurred and be
         continuing (Section 5.4);

              (AB) the undertaking of actions set forth in Section 5.16 as
         requested by the Indenture Trustee (Section 5.16);

              (AC) the payment of indemnities to the Indenture Trustee
         (Section 6.7);

              (AD) the removal of the Indenture Trustee upon the occurrence of
         certain events, the preparation and delivery of notice to Noteholders
         of the removal of the Indenture Trustee, the appointment of a
         successor Indenture Trustee and, if necessary, the petition of a
         court of competent jurisdiction for the appointment of a successor
         Indenture Trustee (Section 6.8);

              (AE) the furnishing of the Indenture Trustee with the names and
         addresses of Noteholders during any period when the Indenture Trustee
         is not the Note Registrar (Section 7.1);

              (AF) the preparation and, after execution by the Issuer, the
         filing with the Commission, any applicable state agencies and the
         Indenture Trustee of documents required to be filed on a periodic
         basis with, and summaries thereof as may be required by rules and
         regulations prescribed by, the Commission and any applicable state
         agencies

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<PAGE>

         and the transmission of such summaries, as necessary, to the
         Noteholders (Section 7.3(a));

              (AG) the notification to the Indenture Trustee of the listing of
         the Notes on any stock exchange (Section 7.4);

              (AH) the preparation of an Issuer Request and Officer's
         Certificate and the obtaining of an Opinion of Counsel and
         Independent Certificates, if necessary, for the release of the
         Indenture Trust Estate (Sections 8.4 and 8.5);

              (AI) the preparation of Issuer Orders and the obtaining of
         Opinions of Counsel with respect to the execution of supplemental
         indentures and the mailing to the Noteholders of notices with respect
         to such supplemental indentures (Sections 9.1, 9.2 and 9.3);

              (AJ) the determination to execute and deliver new Notes
         conforming to any supplemental indenture (Section 9.6);

              (AK) the notice and deposit of money for prepayment of the Notes
         (Section 10.1);

              (AL) the notice to the Indenture Trustee and the duty to cause
         the Indenture Trustee to provide notification to Noteholders of
         prepayment of the Notes (Section 10.2);

              (AM) the preparation of all Officer's Certificates, Issuer
         Requests and Issuer Orders and the obtaining of Opinions of Counsel
         and Independent Certificates with respect to any requests by the
         Issuer to the Indenture Trustee to take any action under the
         Indenture (Section 11.1(a));

              (AN) the preparation of Officer's Certificates and the obtaining
         of Independent Certificates, if necessary, for the release of
         property from the lien of the Indenture (Section 11.1(b));

              (AO) the notification of the Rating Agencies pursuant to Section
         11.4 of the Indenture (Section 11.4);

              (AP) the preparation and delivery to Noteholders and the
         Indenture Trustee of any agreements with respect to alternate payment
         and notice provisions (Section 11.6); and

              (AQ) the recording of the Indenture and payment of related
         expenses, if applicable (Section 11.15).

         (ii) The Administrator will:

              (A) pay the Indenture Trustee from time to time reasonable
         compensation for all services rendered by the Indenture Trustee under
         the Indenture (which compensation shall not be limited by any
         provision of law in regard to the compensation of a trustee of an
         express trust);

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<PAGE>

              (B) except as otherwise expressly provided in the Indenture,
         reimburse the Indenture Trustee upon its request for all reasonable
         expenses, disbursements and advances incurred or made by the
         Indenture Trustee in accordance with any provision of the Indenture
         and any other document executed in connection therewith (including
         the reasonable compensation, expenses and disbursements of its
         agents, experts, accountants and counsel), except any such expense,
         disbursement or advance as may be attributable to its willful
         misconduct, negligence or bad faith;

              (C) indemnify the Indenture Trustee and its officers, directors,
         employees, representatives and agents for, and to hold them harmless
         against, any and all expenses, obligations, liabilities, losses,
         damages, injuries (to person, property, or natural resources),
         penalties, stamp or other similar taxes, actions, suits, judgments,
         reasonable costs and expenses (including reasonable attorney's and
         agent's fees and expenses) of whatever kind of nature regardless of
         their merit, incurred by it in connection with the administration of
         its trust and the performance of its duties under the Indenture,
         including the costs and expenses of defending itself against any
         claim or liabilities in connection with the exercise or performance
         of any of its powers or duties under the Indenture; and

              (D) indemnify, defend and hold harmless the Issuer, the Owner
         Trustee, the Indenture Trustee and any of their respective officers,
         directors, employees and agents from and against any loss, liability
         or expense incurred by reason of (i) the Depositor's or the Issuer's
         violation of federal or state securities laws in connection with the
         offering and sale of the Notes and the Certificates or (ii) any
         breach of the Depositor of any term, provision or covenant contained
         in the Sale and Servicing Agreement.

         Indemnification under this Section shall survive the resignation or
removal of the Indenture Trustee and the termination of this Agreement and
shall include reasonable fees and expenses of counsel and expenses of
litigation. If the Administrator shall have made any indemnity payments
pursuant to this Section and the Person to or on behalf of whom such payments
are made thereafter shall collect any such amount from others, such Person
shall promptly repay such amounts to the Administrator, without interest.

         (b) Additional Duties. (i) In addition to the duties of the
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Administrator set forth above, the Administrator shall perform such
calculations and shall prepare or shall cause the preparation by other
appropriate persons of, and shall execute on behalf of the Issuer or the Owner
Trustee, all such documents, reports, filings, instruments, certificates and
opinions that it shall be the duty of the Issuer or the Owner Trustee to
prepare, file or deliver pursuant to the Related Agreements, and at the
request of the Owner Trustee shall take all appropriate action that it is the
duty of the Issuer or the Owner Trustee to take pursuant to the Related
Agreements. Subject to Section 6 of this Agreement, the Administrator shall
administer, perform or supervise the performance of such other activities in
connection with the Collateral (including the Related Agreements) as are not
covered by any of the foregoing provisions and as are expressly requested by
the Owner Trustee and are reasonably within the capability of the
Administrator.

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<PAGE>

         (ii) Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Administrator shall be responsible for
promptly notifying the Owner Trustee in the event that any withholding tax is
imposed on the Trust's payments (or allocations of income) to a
Certificateholder as contemplated in Section 5.2(c) of the Trust Agreement.
Any such notice shall specify the amount of any withholding tax required to be
withheld by the Owner Trustee pursuant to such provision.

         (iii) Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Administrator shall be responsible for
performance of the duties of the Issuer, the Depositor, or the Owner Trustee
set forth in Section 5.5(a), (b), (c) and (d) and the penultimate sentence of
Section 5.5 of the Trust Agreement with respect to, among other things,
accounting and reports to Certificateholders.

         (iv) The Administrator will provide prior to [ ] a certificate of an
Authorized Officer (or a letter from a firm of independent public accountants)
in form and substance satisfactory to the Owner Trustee as to whether any tax
withholding is then required and, if required, the procedures to be followed
with respect thereto to comply with the requirements of the Code. The
Administrator shall be required to update the letter in each instance that any
additional tax withholding is subsequently required or any previously required
tax withholding shall no longer be required.

         (v) The Administrator shall perform the duties of the Administrator
specified in Section 9.2 of the Trust Agreement required to be performed in
connection with the resignation or removal of the Owner Trustee and any other
duties expressly required to be performed by the Administrator pursuant to the
Trust Agreement.

         (vi) In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Administrator may enter into
transactions or otherwise deal with any of its Affiliates; provided, however,
                                                           --------  -------
that the terms of any such transactions or dealings shall be in accordance
with any directions received from the Issuer and shall be, in the
Administrator's opinion, no less favorable to the Issuer than would be
available from unaffiliated parties.

         (c) Non-Ministerial Matters. (i) With respect to matters that in the
             -----------------------
reasonable judgment of the Administrator are non-ministerial, the
Administrator shall not take any action unless within a reasonable time before
the taking of such action, the Administrator shall have notified the Owner
Trustee of the proposed action and the Owner Trustee shall not have withheld
consent or provided an alternative direction. For the purpose of the preceding
sentence, "non-ministerial matters" shall include, without limitation:

              (A) the amendment of or any supplement to the Indenture;

              (B) the initiation of any claim or lawsuit by the Issuer and the
         compromise of any action, claim or lawsuit brought by or against the
         Issuer (other than in connection with the collection of the
         Receivables or Permitted Investments);

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<PAGE>

              (C) the amendment, change or modification of the Related
         Agreements;

              (D) the appointment of successor Note Registrars, successor Note
         Paying Agents and successor Indenture Trustees pursuant to the
         Indenture or the appointment of successor Administrators or Successor
         Servicers, or the consent to the assignment by the Note Registrar,
         Note Paying Agent or Indenture Trustee of its obligations under the
         Indenture; and

              (E) the removal of the Indenture Trustee.

         (ii) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (x) make any payments
to the Noteholders under the Related Agreements, (y) sell the Indenture Trust
Estate pursuant to Section 5.4 of the Indenture or (z) take any other action
that the Issuer directs the Administrator not to take on its behalf.

         3. Records. The Administrator shall maintain appropriate books of
            -------
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer and the
Depositor at any time during normal business hours.

         4. Compensation. As compensation for the performance of the
            ------------
Administrator's obligations under this Agreement and, as reimbursement for its
expenses related thereto, the Administrator shall be entitled to receive a
fee, for each Collection Period equal to one-twelfth of $10,000, which amount
shall be solely an obligation of the Issuer, and shall be paid pursuant to
Section 8.2 of the Indenture.

         5. Additional Information To Be Furnished to the Issuer. The
            ----------------------------------------------------
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

         6. Independence of the Administrator. For all purposes of this
            ---------------------------------
Agreement, the Administrator shall be an independent contractor and shall not
be subject to the supervision of the Issuer or the Owner Trustee with respect
to the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the Administrator shall
have no authority to act for or represent the Issuer or the Owner Trustee in
any way and shall not otherwise be deemed an agent of the Issuer or the Owner
Trustee.

         7. No Joint Venture. Nothing contained in this Agreement (i) shall
            ----------------
constitute the Administrator and either of the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

         8. Other Activities of Administrator. Nothing herein shall prevent
            ---------------------------------
the Administrator or its Affiliates from engaging in other businesses or, in
its sole discretion, from acting in a similar

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<PAGE>

capacity as an administrator for any other person or entity even though such
person or entity may engage in business activities similar to those of the
Issuer, the Owner Trustee or the Indenture Trustee.

         9. Term of Agreement; Resignation and Removal of Administrator. (a)
            -----------------------------------------------------------
This Agreement shall continue in force until the termination of the Issuer in
accordance with Section 8.1 of the Trust Agreement, upon which event this
Agreement shall automatically terminate.

         (b) Subject to Sections 9(e) and 9(f), the Administrator may resign
its duties hereunder by providing the Issuer and the Indenture Trustee with at
least sixty (60) days' prior written notice.

         (c) Subject to Sections 9(e) and 9(f), the Issuer may remove the
Administrator without cause (i) only to the extent permitted in Section 3.20
of the Indenture and (ii) by providing the Administrator (with a copy to the
Indenture Trustee) with at least sixty (60) days' prior written notice.

         (d) Subject to Sections 9(e) and 9(f), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator (with a copy to the Indenture
Trustee) if any of the following events shall occur:

                  (i) the Administrator shall default in any material respect
         in the performance of any of its duties under this Agreement and,
         after notice of such default, shall not cure such default within ten
         (10) days (or, if such default cannot be cured in such time, such
         longer period acceptable to the Issuer);

                  (ii) a court having jurisdiction in the premises shall enter
         a decree or order for relief, and such decree or order shall not have
         been vacated within sixty (60) days, in respect of the Administrator
         in any involuntary case under any applicable bankruptcy, insolvency
         or other similar law now or hereafter in effect or appoint a
         receiver, liquidator, assignee, custodian, trustee, sequestrator or
         similar official for the Administrator or any substantial part of its
         property or order the winding-up or liquidation of its affairs; or

                  (iii) the Administrator shall commence a voluntary case
         under any applicable bankruptcy, insolvency or other similar law now
         or hereafter in effect, shall consent to the entry of an order for
         relief in an involuntary case under any such law, shall consent to
         the appointment of a receiver, liquidator, assignee, trustee,
         custodian, sequestrator or similar official for the Administrator or
         any substantial part of its property, shall consent to the taking of
         possession by any such official of any substantial part of its
         property, shall make any general assignment for the benefit of
         creditors or shall fail generally to pay its debts as they become
         due.

         The Administrator agrees that if any of the events specified in
clauses (ii) or (iii) of this Section 9(d) shall occur, it shall give written
notice thereof to the Issuer and the Indenture Trustee within seven days after
the happening of such event.

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<PAGE>

         (e) No resignation or removal of the Administrator pursuant to this
Section 9 shall be effective until (i) a successor Administrator shall have
been appointed by the Issuer and (ii) such successor Administrator shall have
agreed in writing to be bound by the terms of this Agreement in the same
manner as the Administrator is bound hereunder. The Issuer shall provide
written notice of any such resignation or removal to the Indenture Trustee,
with a copy to the Rating Agencies.

         (f) The appointment of any successor Administrator shall be effective
only after satisfaction of the Rating Agency Condition with respect to the
proposed appointment.

         (g) Subject to Sections 9(e) and 9(f), the Administrator acknowledges
that upon the appointment of a successor Servicer pursuant to the Sale and
Servicing Agreement, the Administrator shall immediately resign. The successor
Servicer shall be the successor Administrator.

         10. Action upon Termination, Resignation or Removal. Promptly upon
             -----------------------------------------------
the effective date of termination of this Agreement pursuant to Section 9(a)
or the resignation or removal of the Administrator pursuant to Section 9(b),
(c) or (d), respectively, the Administrator shall be entitled to be paid all
fees and reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such
termination pursuant to Section 9(a) deliver to the Issuer all property and
documents of or relating to the Collateral then in the custody of the
Administrator. In the event of the resignation or removal of the Administrator
pursuant to Section 9(b), (c) or (d), respectively, the Administrator shall
cooperate with the Issuer and take all reasonable steps requested to assist
the Issuer in making an orderly transfer of the duties of the Administrator.

         11. Notices. Any notice, report or other communication given
             -------
hereunder shall be in writing and addressed of follows:

         (a) if to the Issuer or the Owner Trustee, to:

                  WHOLE AUTO LOAN TRUST [          ]
                  c/o Owner Trustee
                  Attention: [                    ]
                  Telephone: [                    ]
                  Facsimile: [                    ]

         (b) if to the Administrator, to:

                  BEAR STEARNS INVESTMENT PRODUCTS INC.
                  Attention:  Secretary
                  Telephone:  [                    ]
                  Facsimile:  [                    ]

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<PAGE>

         (c) if to the Indenture Trustee, to:

                  [                    ]
                  Attention:  [                    ]
                  Telephone:  [                    ]
                  Facsimile:  [                    ]

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed
given if such notice is mailed by certified mail, postage prepaid, or
hand-delivered to the address of such party as provided above.

         12. Amendments. This Agreement may be amended from time to time by a
             ----------
written amendment duly executed and delivered by the Issuer, the Administrator
and the Indenture Trustee, with the written consent of the Owner Trustee,
without the consent of the Noteholders and the Certificateholders, 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 Certificateholders; provided that such amendment
will not, as set forth in an Opinion of Counsel satisfactory to the Indenture
Trustee and the Owner Trustee, materially and adversely affect the interest of
any Noteholder or Certificateholder. This Agreement may also be amended by the
Issuer, the Administrator and the Indenture Trustee with the written consent
of the Owner Trustee and the Noteholders of Notes evidencing not less than a
majority of the Notes Outstanding and the Certificateholders of Certificates
evidencing not less than a majority of the Certificate Balance 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
Noteholders or the Certificateholders; provided, however, that no such
amendment may (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that are required to be made for the benefit of the Noteholders
or Certificateholders or (ii) reduce the aforesaid percentage of the
Noteholders and Certificateholders which are required to consent to any such
amendment, without the consent of the Noteholders of all the Notes Outstanding
and Certificateholders of Certificates evidencing the Certificate Balance.
Promptly after the execution of any such amendment, the Administrator shall
furnish written notification of such amendment to each Rating Agency.

         13. Successors and Assigns. This Agreement may not be assigned by the
             ----------------------
Administrator unless such assignment is previously consented to in writing by
the Issuer and the Owner Trustee and subject to the satisfaction of the Rating
Agency Condition in respect thereof. An assignment with such consent and
satisfaction, if accepted by the assignee, shall bind the assignee hereunder
in the same manner as the Administrator is bound hereunder. Notwithstanding
the foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuer or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of
assets) to the Administrator; provided that such successor organization
executes and delivers to the Issuer, the Owner Trustee and the Indenture
Trustee an agreement in which such corporation or other organization agrees to
be bound hereunder by the

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<PAGE>

terms of said assignment in the same manner as the Administrator is bound
hereunder. Subject to the foregoing, this Agreement shall bind any successors
or assigns of the parties hereto.

         14. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
             -------------
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICT OF LAWS PROVISIONS THAT WOULD APPLY THE LAW OF A JURISDICTION OTHER
THAN THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         15. Headings. The Section headings hereof have been inserted for
             --------
convenience of reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement.

         16. Counterparts. This Agreement may be executed in counterparts,
             ------------
each of which when so executed shall be an original, but all of which together
shall constitute but one and the same agreement.

         17. Severability. Any provision of this Agreement that is prohibited
             ------------
or unenforceable in any jurisdiction shall be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

         18. [Reserved.]
              --------

         19. Limitation of Liability of Owner Trustee and Indenture Trustee.
             ---------------------------------------------------------------
         (a) Notwithstanding anything contained herein to the contrary, this
instrument has been signed on behalf of the Issuer by [ ] not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall [ ] in its individual capacity or any beneficial owner
of the Issuer have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder, as to all
of which recourse shall be had solely to the assets of the Issuer. For all
purposes of this Agreement, 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 the Trust Agreement.

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

                                      12
<PAGE>

         20. Third-Party Beneficiary. The Owner Trustee is a third-party
             -----------------------
beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it was a party hereto.

         21. Nonpetition Covenants. Notwithstanding any prior termination of
             ---------------------
this Agreement, neither the Administrator nor the Indenture Trustee shall,
prior to the date which is one year and one day after the termination of this
Agreement 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
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.

         22. Rights of Indenture Trustee. The Indenture Trustee shall be
             ---------------------------
provided all of the rights, protections, immunities and indemnities afforded
it under the Indenture.

                                      13
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Administration
Agreement to be duly executed and delivered as of the day and year first above
written.

                      WHOLE AUTO LOAN TRUST [         ]

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

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

                      [                ], not in its individual capacity but
                      solely as Indenture Trustee

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

                      BEAR STEARNS INVESTMENT PRODUCTS INC., as Administrator

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

<PAGE>

                                  APPENDIX A

                             Definitions and Usage

     [Form of Appendix A attached to the Form of Indenture (Exhibit 4.3)]Exhibit 10.2

                    FORM OF RECEIVABLES PURCHASE AGREEMENT

                                    between

                          [                        ]

                                   as Seller

                                      and

                   BEAR STEARNS ASSET BACKED FUNDING II INC.

                                 as Depositor

                      Dated as of [                         ]
                                   -------------------------

<PAGE>

                               Table of Contents

                                                                       Page
                                                                       ----
                                   Article I

                                Interpretation

Section 1.01.  Definitions and Usage.................................1

                                  Article II

                           Conveyance of Receivables

Section 2.01.  Conveyance of Receivables.............................2
Section 2.02.  The Closing...........................................2

                                  Article III

                        Representations and Warranties

Section 3.01.  Representations and Warranties of the Depositor.......3
Section 3.02.  Representations and Warranties of the Seller..........4

                                  Article IV

                                  Conditions

Section 4.01.  Conditions to Obligation of the Depositor.............9
Section 4.02.  Conditions to Obligation of the Seller...............10

                                   Article V

                            Covenants of the Seller

Section 5.01.  Protection of Right, Title and Interest..............11
Section 5.02.  Other Liens or Interests.............................12
Section 5.03.  Costs and Expenses...................................12
Section 5.04.  Hold Harmless........................................12

                                  Article VI

                                Indemnification

Section 6.01.  Indemnification......................................12
Section 6.02.  Contribution.........................................14

                                      i
<PAGE>
                                  Article VII

                           Miscellaneous Provisions

Section 7.01.  Obligations of Seller................................15
Section 7.02.  Repurchase Events....................................15
Section 7.03.  Depositor Assignment of Repurchased Receivables......15
Section 7.04.  Transfer to the Issuer...............................15
Section 7.05.  Amendment............................................16
Section 7.06.  Waivers..............................................16
Section 7.07.  Notices..............................................16
Section 7.08.  Costs and Expenses...................................17
Section 7.09.  Representations of the Seller and the Depositor......17
Section 7.10.  Confidential Information.............................17
Section 7.11.  Headings and Cross-References........................17
Section 7.12.  GOVERNING LAW........................................17
Section 7.13.  Counterparts.........................................17
Section 7.14.  Third Party Beneficiary..............................17
Section 7.15.  No Proceedings.......................................17

Schedule A        Schedule of Receivables
Schedule B        Location of Receivable Files
Appendix A        Definitions and Usage

                                      ii
<PAGE>

         RECEIVABLES PURCHASE AGREEMENT dated as of [Closing Date] (as from
time to time amended, supplemented or otherwise modified and in effect, this
"Agreement"), between [SELLER], a [ ], as seller (in such capacity, together
with its permitted successors and permitted assigns in such capacity, the
"Seller") and BEAR STEARNS ASSET BACKED FUNDING II INC., a Delaware
corporation, as depositor (together with its successors and permitted assigns,
the "Depositor").

                                   RECITALS

         WHEREAS, the Depositor desires to purchase a portfolio of receivables
and related property consisting of motor vehicle installment loan contracts
originated by the Seller in the ordinary course of its business;

         WHEREAS, the Seller and the Depositor wish to set forth the terms
pursuant to which such portfolio of receivables and related property are to be
sold by the Seller to the Depositor; and

         WHEREAS, the Depositor intends, concurrently with its purchase
hereunder, to convey all of its right, title and interest in and to all of
such portfolio of receivables and related property to [ISSUER], a Delaware
statutory trust (the "Issuer") pursuant to a Sale and Servicing Agreement
dated as of [Closing Date] (the "Sale and Servicing Agreement"), by and among
the Issuer, the Depositor, [SERVICER], as servicer (the "Servicer") [list if
multiple servicers], and the Issuer intends to pledge all of its right, title
and interest in and to such portfolio of receivables and related property to
the Indenture Trustee pursuant to the Indenture dated as of [         ] (the
"Indenture"), by and between the Issuer and the Indenture Trustee.

         NOW, THEREFORE, in consideration of the foregoing, other good and
valuable consideration and the mutual terms and covenants contained herein,
the parties hereto agree as follows:

                                  Article I

                                Interpretation

     Section 1.01. Definitions and Usage. Except as otherwise specified herein
or as the context may otherwise require, capitalized terms used but not
otherwise defined herein are defined in Appendix A hereto, which also contains
rules as to usage that shall be applicable herein.

<PAGE>

                                  Article II

                           Conveyance of Receivables

     Section 2.01. Conveyance of Receivables.

     (a) In consideration of the Depositor's delivery to or upon the order of
the Seller on the Closing Date of $[   ] (the "Purchase Price"), the Seller
does hereby irrevocably sell, transfer, assign, set over and otherwise convey
to the Depositor, without recourse (subject to the obligations of the Seller
set forth herein) all right, title, and interest of the Seller, whether now or
hereinafter acquired, in and to the Receivables Property.

     (b) The transfer, assignment and conveyance made hereunder shall not
constitute and is not intended to result in an assumption by the Depositor of
any obligation of the Seller to the Obligors or any other Person in connection
with the Receivables and the other Receivables Property or any agreement,
document or instrument related thereto.

     (c) The Seller and the Depositor intend that the transfer of assets by
the Seller to the Depositor pursuant to this Agreement be a sale of the
ownership interest in such assets to the Depositor, rather than the mere
granting of a security interest to secure a borrowing. In the event, however,
that such transfer is deemed not to be a sale but to be of a mere security
interest to secure a borrowing, the Seller shall be deemed to have hereby
granted to the Depositor a security interest in all accounts, money, chattel
paper, securities, instruments, documents, deposit accounts, certificates of
deposit, letters of credit, advices of credit, banker's acceptances,
uncertificated securities, general intangibles, contract rights, goods and
other property consisting of, arising from or relating to such Receivables
Property, which security interest shall be perfected and of first priority,
and this Agreement shall constitute a security agreement under applicable law.
Pursuant to [the Sale and Servicing Agreement and] Section 7.04 hereof, the
Depositor may sell, transfer and assign to the Issuer (i) all or any portion
of the assets assigned to the Depositor hereunder, (ii) all or any portion of
the Depositor's rights against the Seller under this Agreement and (iii) all
proceeds thereof. Such assignment may be made by the Depositor with or without
an assignment by the Depositor of its rights under this Agreement, and without
further notice to or acknowledgement from the Seller. The Seller waives, to
the extent permitted under applicable law, all claims, causes of action and
remedies, whether legal or equitable (including any right of setoff), against
the Depositor or any assignee of the Depositor relating to such action by the
Depositor [in connection with the transactions contemplated by the Sale and
Servicing Agreement].

     Section 2.02. The Closing. The sale and purchase of the Receivables
Property shall take place at a closing at [    ] on the Closing Date[,
simultaneously with the closing under (a) the Sale and Servicing Agreement,
(b) the Indenture and (c) the Trust Agreement.]

                                      2
<PAGE>
                                 Article III

                        Representations and Warranties

     Section 3.01. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants as follows to the Seller and the
Indenture Trustee as of the date hereof and the Closing Date:

     (a) Organization and Good Standing. The Depositor is a corporation duly
organized, validly existing and in good standing under the laws of the State
of Delaware, with all requisite power and authority to own its properties and
to conduct its business as such properties are currently owned and such
business is currently conducted.

     (b) Due Qualification. The Depositor is duly qualified to do business as
a foreign corporation in good standing, and has obtained all necessary
licenses and approvals in all jurisdictions where the failure to do so would
materially and adversely affect the Depositor's ability to acquire the
Receivables or the other Receivables Property or the validity or
enforceability of the Receivables or the other Receivables Property.

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

     (d) Binding Obligation. This Agreement and the other Basic Documents to
which the Depositor is a party, when duly executed and delivered by the other
parties hereto and thereto, shall constitute legal, valid and binding
obligations of the Depositor, enforceable against the Depositor in accordance
with their respective terms, except as the enforceability thereof may be
limited by bankruptcy, insolvency, reorganization or similar laws now or
hereafter in effect relating to or affecting creditors' rights generally and
to general principles of equity (whether applied in a proceeding at law or in
equity).

     (e) No Violation. The consummation of the transactions contemplated by
this Agreement and the fulfillment of the terms hereof 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 or both) a default under, the
certificate of incorporation or the by-laws of the Depositor, or any
indenture, agreement or other instrument to which the Depositor is a party or
by which it is bound, or violate any law, rules or regulation applicable to
the Depositor of any court or federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the
Depositor.

     (f) No Proceedings. There are no proceedings or investigations pending
or, to the Depositor's knowledge, threatened against the Depositor before any
court, regulatory body,

                                      3
<PAGE>
administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties (i) asserting the invalidity
of this Agreement or any other Basic Document to which the Depositor is a
party, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or any other Basic Document to which the
Depositor is a party or (iii) seeking any determination or ruling that might
materially and adversely affect the performance by the Depositor of its
obligations under, or the validity or enforceability of, this Agreement or any
other Basic Document to which the Depositor is a party.

     (g) No Consents. The Depositor is not required to obtain the consent of
any other party or any consent, approval, registration, authorization, or
declaration of or with any governmental authority, bureau or agency in
connection with the execution, delivery, performance, validity, or
enforceability of this Agreement or any other Basic Document to which it is a
party that has not already been obtained.

Section 3.02.     Representations and Warranties of the Seller.

     (a) The Seller hereby represents and warrants as follows to the Depositor
and the Indenture Trustee as of the date hereof and as of the Closing Date:

          (i) Organization and Good Standing. The Seller is a [ ] duly
     organized and validly existing under the laws of [the State of       ] and
     continues to hold a valid certificate to do business as such, and has the
     power to own its assets and to transact the business in which it is
     currently engaged. The Seller is duly authorized to transact business and
     has obtained all necessary licenses and approvals, and is in good
     standing in each jurisdiction in which the character of the business
     transacted by it or any properties owned or leased by it requires such
     authorization.

          (ii) Power and Authority. The Seller has the power and authority to
     make, execute, deliver and perform this Agreement and all of the
     transactions contemplated under this Agreement and the other Basic
     Documents to which the Seller is a party, and has taken all necessary
     action to authorize the execution, delivery and performance of this
     Agreement and the other Basic Documents to which the Seller is a party.
     When executed and delivered, this Agreement and the other Basic Documents
     to which the Seller is a party will constitute legal, valid and binding
     obligations of the Seller enforceable in accordance with their respective
     terms, except as enforcement of such terms may be limited by bankruptcy,
     insolvency or similar laws affecting the enforcement of creditors' rights
     generally and by the availability of equitable remedies.

          (iii) No Violation. The execution, delivery and performance by the
     Seller of this Agreement and the other Basic Documents to which the
     Seller is a party will not violate any provision of any existing state,
     federal or, to the best knowledge of the Seller, local law or regulation
     or any order or decree of any court applicable to the Seller or any
     provision of the articles of association or incorporation or the bylaws
     of the Seller, or constitute a breach of any mortgage, indenture,
     contract or other agreement to which the Seller is a party or by which
     the Seller may be bound or result in the creation or imposition of any
     lien upon any of the Seller's properties pursuant to any such mortgage,
     indenture, contract or other agreement (other than this Agreement).

                                      4
<PAGE>
          (iv) No Proceedings. There are no proceedings or investigations
     pending or, to the Seller's knowledge, threatened against the Seller
     before any court, regulatory body, administrative agency or other
     governmental instrumentality having jurisdiction over the Seller or its
     properties (i) asserting the invalidity of this Agreement or any other
     Basic Document to which the Seller is a party, (ii) seeking to prevent
     the consummation of any of the transactions contemplated by this
     Agreement or any other Basic Document to which the Seller is a party 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, this Agreement or any other Basic
     Document to which the Seller is a party.

          (v) Chief Executive Office. The chief executive office of the Seller
     is located at [ ].

          (vi) No Consents. The Seller is not required to obtain the consent
     of any other party or any consent, license, approval, registration,
     authorization, or declaration of or with any governmental authority,
     bureau or agency in connection with the execution, delivery, performance,
     validity, or enforceability of this Agreement or any other Basic Document
     to which it is a party that has not already been obtained.

          (vii) No Notice. The Seller represents and warrants that it acquired
     title to the Receivables and the other Receivables Property in good
     faith, without notice of any adverse claim.

          (viii) Bulk Transfer. The Seller represents and warrants that the
     transfer, assignment and conveyance of the Receivables and the other
     Receivables Property by the Seller pursuant to this Agreement are not
     subject to the bulk transfer laws or any similar statutory provisions in
     effect in any applicable jurisdiction.

          (ix) Seller Information. No certificate of an officer, statement or
     document furnished in writing or report delivered pursuant to the terms
     hereof by the Seller contains any untrue statement of a material fact or
     omits to state any material fact necessary to make the certificate,
     statement, document or report not misleading.

          (x) Ordinary Course. The transactions contemplated by this Agreement
     and the other Basic Documents to which the Seller is a party are in the
     ordinary course of the Seller's business.

          (xi) Solvency. The Seller is not insolvent, nor will the Seller be
     made insolvent by the transfer of the Receivables Property, nor does the
     Seller anticipate any pending insolvency.

          (xii) Legal Compliance. The Seller is not in violation of, and the
     execution and delivery by the Seller of this Agreement and the other
     Basic Documents to which the Seller is a party and its performance and
     compliance with the terms of this Agreement and the other Basic Documents
     to which the Seller is a party will not constitute a violation with
     respect to, any order or decree of any court or any order or

                                      5
<PAGE>
     regulation of any federal, state, municipal or governmental agency having
     jurisdiction, which violation would materially and adversely affect the
     Seller's condition (financial or otherwise) or operations or any of the
     Seller's properties or materially and adversely affect the performance of
     any of its duties under the Basic Documents.

          (xiii) Creditors. The Seller did not sell the Receivables or the
     other Receivables Property to the Depositor with any intent to hinder,
     delay or defraud any of its creditors.

     (b) The Seller makes the following representations and warranties with
respect to the Receivables, on which the Depositor relies in accepting the
Receivables and in transferring the Receivables to the Issuer under the Sale
and Servicing Agreement, and on which the Issuer relies in pledging the same
to the Indenture Trustee. Such representations and warranties speak as of the
execution and delivery of this Agreement and as of the Closing Date, but shall
survive the sale, transfer and assignment of the Receivables to the Depositor,
the [concurrent] [subsequent] sale, transfer and assignment of the Receivables
by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement
and the pledge of the Receivables by the Issuer to the Indenture Trustee
pursuant to the Indenture.

          (i) Characteristics of Receivables. Each Receivable (A) was
     originated in the United States of America by a Dealer for the retail
     sale of a Financed Vehicle in the ordinary course of such Dealer's
     business, was fully and properly executed by the parties thereto, was
     purchased by the Seller from such Dealer under an existing dealer
     agreement, (B) has created or shall create a valid, subsisting and
     enforceable first priority security interest in favor of the Seller and
     is assignable by the Seller to the Issuer and by the Issuer to the
     Indenture Trustee, (C) contains customary and enforceable provisions such
     that the rights and remedies of the holder thereof are adequate for
     realization against the collateral of the benefits of the security, and
     (D) generally provides for level monthly payments (provided, that the
     payment in the first or last month in ________ the life of the Receivable
     may be minimally different from the level payments). No Receivable
     conveyed to the Issuer on the Closing Date has forced-placed physical
     damage insurance.

          (ii) Schedule of Receivables. The information set forth in Schedule
     A to this Agreement is true and correct in all material respects as of
     the opening of business on the applicable Cut-off Date, and no selection
     procedures believed to be adverse to the Purchaser or the Trust were
     utilized in selecting the Receivables. The computer tape or other listing
     regarding the Receivables made available to the Purchaser and its assigns
     (which computer tape or other listing is required to be delivered as
     specified herein) is true and correct in all respects.

          (iii) Compliance with Law. Each Receivable and the sale of the
     Financed Vehicle complied at the time it was originated or made and, at
     the execution of this Agreement, complies in all material respects with
     all requirements of applicable federal, state and local laws and
     regulations thereunder, including usury laws, the federal
     Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
     Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade
     Commission Act, the

                                      6

<PAGE>

     Magnuson-Moss Warranty Act, the Federal Reserve Board's Regulations B and
     Z, the Texas Consumer Credit Code and State adaptations of the National
     Consumer Act and of the Uniform Consumer Credit Code, and other consumer
     credit laws and equal credit opportunity and disclosure laws.

          (iv) Binding Obligation. Each Receivable represents the genuine,
     legal, valid and binding payment obligation in writing of the Obligor,
     enforceable by the holder thereof in accordance with its terms.

          (v) No Government Obligor. None of the Receivables is due from the
     United States of America or any State or from any agency, department or
     instrumentality of the United States of America or any State.

          (vi) Security Interest in Financed Vehicle. Immediately prior to the
     sale, assignment and transfer thereof, each Receivable shall be secured
     by a validly perfected first security interest in the Financed Vehicle in
     favor of the Seller as secured party or all necessary and appropriate
     actions have been commenced that would result in the valid perfection of
     a first security interest in the Financed Vehicle in favor of the Seller
     as secured party.

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

          (viii) No Amendments. No Receivable has been amended such that the
     amount of the Obligor's scheduled payments has been increased.

          (ix) No Waiver. No provision of a Receivable has been waived.

          (x) No Defenses. No right of rescission, setoff, counterclaim or
     defense has been asserted or threatened with respect to any Receivable.

          (xi) No Liens. To the best of the Seller's knowledge, no liens or
     claims have been filed for work, labor or materials relating to a
     Financed Vehicle that are liens prior to, or equal to or coordinate with,
     the security interest in the Financed Vehicle granted by any Receivable.

          (xii) No Default. No Receivable has a payment that is more than [ ]
     days overdue as of the related Cut-off Date, and, except as permitted in
     this paragraph, no default, breach, violation or event permitting
     acceleration under the terms of any Receivable has occurred; and no
     continuing condition that with notice or the lapse of time would
     constitute a default, breach, violation or event permitting acceleration
     under the terms of any Receivable has arisen; and the Seller has not
     waived and shall not waive any of the foregoing.

          (xiii) Insurance. The Seller, in accordance with its customary
     procedures, has determined that, at the origination of the Receivable,
     the Obligor had
                                      7
<PAGE>

     obtained physical damage insurance covering the Financed
     Vehicle and under the terms of the Receivable the Obligor is required to
     maintain such insurance.

          (xiv) Title. It is the intention of the Seller that the transfer and
     assignment herein contemplated constitute a sale of the Receivables from
     the Seller to the Purchaser and that the beneficial interest in and title
     to the Receivables not be part of the debtor's estate in the event of the
     filing of a bankruptcy petition by or against the Seller under any
     bankruptcy law. No Receivable has been sold, transferred, assigned or
     pledged by the Seller to any Person other than the Purchaser. Immediately
     prior to the transfer and assignment herein contemplated, the Seller had
     good and marketable title to each Receivable free and clear of all Liens,
     encumbrances, security interests and rights of others and, immediately
     upon the transfer thereof, the Purchaser shall have good and marketable
     title to each Receivable, free and clear of all Liens, encumbrances,
     security interests and rights of others; and the transfer has been
     perfected under the UCC.

          (xv) Lawful Assignment. No Receivable has been originated in, or is
     subject to the laws of, any jurisdiction under which the sale, transfer
     and assignment of such Receivable or any Receivable under this Agreement,
     the Sale and Servicing Agreement or the Indenture is unlawful, void or
     voidable.

          (xvi) All Filings Made. All filings (including UCC filings)
     necessary in any jurisdiction to give the Issuer a first perfected
     ownership interest in the Receivables, and to give the Indenture Trustee
     a first perfected security interest therein, shall have been made.

          (xvii) One Original. There is only one original executed copy of
     each Receivable.

          (xviii) Maturity of Receivables. Each Receivable has a final
     maturity date before [ ].

          (xix) Scheduled Payments. (A) Each Receivable has a first scheduled
     due date on or prior to the end of the month following the related
     Cut-off Date and (B) no Receivable has a payment that is more than 30
     days overdue as of the related Cut-off Date, and has a final scheduled
     payment date no later than [ ] [the Final Scheduled Payment Date].

          (xx) Location of Receivable Files. The Receivable Files are kept at
     one or more of the locations listed in Schedule B.

          (xxi) Remaining Maturity. The latest scheduled maturity of any
     Receivable shall be no later than [ ] [the Final Scheduled Payment Date].

          (xxii) Outstanding Principal Balance. Each Receivable has an
     outstanding principal balance of at least $[1,000.00].

                                      8
<PAGE>

          (xxiii) No Bankruptcies. No Obligor on any Receivable as of the
     related Cut-off Date was noted in the related Receivable File as the
     subject of a bankruptcy proceeding.

          (xxiv) No Repossessions. No Financed Vehicle securing any Receivable
     is in repossession status.

          (xxv) Chattel Paper. Each Receivable constitutes "chattel paper" as
     defined in the UCC.

          (xxvi) Agreement. The representations of the Seller in Section
     3.02(a) are true and correct.

          (xxvii) Financing. As of the Cut-off Date, approximately [ ]% of the
     aggregate principal balance of the Receivables, constituting [ ]% of the
     number of Receivables, represents new vehicles; and approximately [100%]
     of the Receivables calculate interest based upon the Simple Interest
     Method. The aggregate principal balance of the Receivables, as of the
     Cut-off Date is $[ ].

                                  Article IV

                                  Conditions

Section 4.01.     Conditions to Obligation of the  Depositor.  The  obligation
of the Depositor to purchase the  Receivables is subject to the satisfaction
of the following conditions:

     (a) Representations and Warranties True. The representations and
warranties of the Seller hereunder shall be true and correct in all material
respects on the Closing Date with the same effect as if then made, and the
Seller shall have performed all obligations to be performed by it hereunder on
or prior to the Closing Date.

     (b) Computer Files Marked. The Seller shall, at its own expense, on or
prior to the Closing Date, indicate in its computer files that the Receivables
have been sold to the Depositor pursuant to this Agreement and deliver to the
Depositor the Schedule of Receivables, certified by the Seller's President,
Vice President or Treasurer to be true, correct and complete.

     (c) Documents to be Delivered by the Seller on the Closing Date:

               (i) Evidence of UCC Filing. On or prior to the Closing Date,
     the Seller shall record and file, at its own expense, a UCC-1 financing
     statement in the State of [    ] naming the Seller, as seller/debtor, and
     naming the Depositor, as buyer/secured party, describing the Receivables
     and the other assets assigned to the Depositor pursuant to Section 2.01,
     meeting the requirements of the laws of such jurisdiction and in such
     manner as is necessary to perfect the sale, transfer, assignment and
     conveyance of the Receivables and such other assets to the Depositor. The
     Seller shall deliver to the Depositor a file-stamped copy or other

                                      9
<PAGE>

     evidence satisfactory to the Depositor of such filing on or prior to the
     Closing Date. In the event that the Seller fails to perform its
     obligations under this clause (i), the Depositor may perform, or cause to
     be performed, such obligations, at the Seller's expense.

               (ii) Opinions of Seller's Counsel. On or prior to the Closing
     Date, the Depositor shall have received the opinions of counsel to the
     Seller, in form and substance satisfactory to the Depositor, as to the
     matters the Depositor has heretofore requested or may reasonably request.

               (iii) Other Documents. Such other documents as the Depositor
     may reasonably request.

     (d) Other Transactions. The transactions contemplated by the Sale and
Servicing Agreement, the Indenture and the Trust Agreement to be consummated
on the Closing Date shall be consummated on such date.

     Section 4.02. Conditions to Obligation of the Seller. The obligation of
the Seller to sell the Receivables to the Depositor is subject to the
satisfaction of the following conditions:

     (a) Representations and Warranties True. The representations and
warranties of the Depositor hereunder shall be true and correct on the Closing
Date with the same effect as if then made, and the Depositor shall have
performed all obligations to be performed by it hereunder on or prior to the
Closing Date.

     (b) Receivables Purchase Price. On the Closing Date, the Depositor shall
have delivered to the Seller the purchase price specified in Section 2.01
hereof.

     (c) Opinion of Counsel. The Depositor shall have furnished to the Seller
an Opinion of Counsel, dated the Closing Date, to the effect that:

          (i) the Depositor is a corporation and has been duly organized, is
     validly existing and is in good standing under the laws of the State of
     Delaware, with all corporate power and authority to own its properties
     and conduct its business as described in the Prospectus;

          (ii) this Agreement, the Sale and Servicing Agreement and the Trust
     Agreement has been duly authorized, executed and delivered by the
     Depositor and constitutes a legal, valid and binding obligation of the
     Depositor, enforceable against the Depositor in accordance with its terms
     except as limited by bankruptcy, insolvency, reorganization, moratorium,
     fraudulent conveyance, receivership, conservatorship or similar laws
     relating to or affecting creditors' rights generally, except that such
     counsel need express no opinion as to the availability of equitable
     remedies or the enforceability of rights of indemnification for
     violations of federal securities laws;

          (iii) no consent, approval, authorization or order of, or filing
     with, any court or governmental agency or body is required for the
     consummation by the Depositor

                                      10
<PAGE>
     of the transactions contemplated herein, except for the filing of the
     UCC-1 financing statements relating to the conveyance of the Receivables
     and the other Receivables Property by the Seller to the Depositor and
     such other approvals (which shall be specified in such opinion) as have
     been obtained and such filings as have been made or are in the process of
     being made; and

          (iv) none of the execution and delivery of this Agreement, the Sale
     and Servicing Agreement or the Trust Agreement, the consummation of any
     other of the transactions herein or therein contemplated or the
     fulfillment of the terms hereof or thereof will conflict with, result in
     a breach or violation of, or constitute a default under, the certificate
     of incorporation or by-laws of the Depositor or the terms of any
     indenture or other agreement or instrument known to such counsel and to
     which the Depositor is a party or by which it is bound, or any judgment,
     order or decree known to such counsel to be applicable to the Depositor
     of any court, regulatory body, administrative agency, governmental body,
     or arbitrator having jurisdiction over the Depositor.

     (d) Other Transactions. The transactions contemplated by the Sale and
Servicing Agreement, the Indenture and the Trust Agreement to be consummated
on the Closing Date shall be consummated on such date.

                                  Article V

                            Covenants of the Seller

     The Seller agrees with the Depositor and the Indenture Trustee as
follows:

     Section 5.01. Protection of Right, Title and Interest.

     (a) Filings. The Seller shall cause at its own expense all financing
statements and continuation statements and any other necessary documents
covering the right, title and interest of the Seller, the Depositor, the Trust
and the Indenture Trustee, respectively, in and to the Receivables and the
other property included in the Trust Estate to be promptly filed and at all
times to be kept recorded, registered and filed, all in such manner and in
such places as may be required by law fully to preserve and protect the right,
title and interest of the Depositor hereunder, the Trust under the Sale and
Servicing Agreement and the Indenture Trustee under the Indenture in and to
the Receivables and the other property included in the Trust Estate. The
Seller shall deliver to the Depositor and the Indenture Trustee file stamped
copies of, or filing receipts for, any document recorded, registered or filed
as provided above, as soon as available following such recordation,
registration or filing. The Depositor shall cooperate fully with the Seller in
connection with the obligations set forth above and will execute any and all
documents reasonably required to fulfill the intent of this paragraph.

     (b) Name Change. If the Seller makes any change in its name, identity or
corporate structure that would make any financing statement or continuation
statement filed in accordance with paragraph (a) above seriously misleading
within the applicable provisions of the UCC or any title statute or if the
Seller changes the jurisdiction under whose laws it is formed,

                                      11
<PAGE>

the Seller shall give the Depositor, the Indenture Trustee and the Owner
Trustee written notice thereof at least 45 days prior to such change and shall
promptly file such financing statements or amendments as may be necessary to
continue the perfection of the Depositor's interest in the property conveyed
pursuant to Section 2.01. In the event that the Seller fails to perform its
obligations under this subsection (b), the Depositor may perform, or cause to
be performed, such obligations, at the Seller's expense.

     Section 5.02. Other Liens or Interests. Except for the conveyances
hereunder and pursuant to the Basic Documents, the Seller shall not sell,
pledge, assign or transfer to any Person, or grant, create, incur, assume, or
suffer to exist any Lien on, or any interest in, to or under the Receivables,
and the Seller shall defend the right, title and interest of the Depositor,
the Trust and the Indenture Trustee in, to and under the Receivables against
all claims of third parties claiming through or under the Seller.

     Section 5.03. Costs and Expenses. The Seller agrees to pay all reasonable
costs and disbursements in connection with the perfection, as against all
third parties claiming through or under the Seller, of the Depositor's, the
Issuer's and the Indenture Trustee's right, title and interest in and to the
Receivables and the other property included in the Trust Estate.

     Section 5.04. Hold Harmless. The Seller shall protect, defend, indemnify
and hold the Depositor, the Issuer and their respective assigns and their
employees, officers, directors and agents harmless from and against all
losses, liabilities, claims and damages of every kind and character, including
any legal or other expenses reasonably incurred, as incurred, resulting from
or relating to or arising out of (i) the inaccuracy, nonfulfillment or breach
of any representation, warranty, covenant or agreement made by the Seller in
this Agreement, (ii) any legal action, including, without limitation, any
counterclaim, that has either been settled by the litigants or has proceeded
to judgment by a court of competent jurisdiction, in either case to the extent
it is based upon alleged facts that, if true, would constitute a breach of any
representation, warranty, covenant or agreement made by the Seller in this
Agreement, (iii) any actions or omissions of the Seller occurring prior to the
Closing Date with respect to any of the Receivables or Financed Vehicles or
(iv) any failure of a Receivable to be originated in compliance with all
applicable requirements of law. These indemnity obligations shall be in
addition to any obligation that the Seller may otherwise have.

                                  Article VI

                                Indemnification

     Section 6.01. Indemnification.

     (a)[The Seller agrees to indemnify and hold harmless the Depositor, each
of its respective directors, each officer of the Depositor who signed the
Registration Statement, and each person or entity who controls the Depositor
or any such person, within the meaning of Section 15 of the Securities Act,
against any and all losses, claims, damages or liabilities, joint and several,
to which the Depositor, or any such person or entity may become subject, under
the Securities Act or otherwise, and will reimburse the Depositor, and each
such controlling person

                                      12
<PAGE>

for any legal or other expenses reasonably incurred by the Depositor or such
controlling person in connection with investigating or defending any such
loss, claims, damages or liabilities insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of any material fact made by
the Seller contained in the Prospectus Supplement or any amendment or
supplement to the Prospectus Supplement or the omission or the alleged
omission to state therein a material fact necessary in order to make the
statements in the Prospectus Supplement or any amendment or supplement to the
Prospectus Supplement, in the light of the circumstance under which they were
made, not misleading, but, in each case, only to the extent that such untrue
statement or alleged untrue statement or omission or alleged omission relates
to the information contained in the Prospectus Supplement under the captions:
[ ]; and in the Base Prospectus under the caption [ ] (such information, the
"Seller Information"). This indemnity agreement will be in addition to any
liability which the Seller may otherwise have to the Depositor or any
affiliate thereof pursuant to Section 5.04 of this Agreement or otherwise.]

     (b) The Depositor agrees to indemnify and hold harmless the Seller and
each Person who controls the Seller within the meaning of Section 15 of the
Securities Act against any and all losses, claims, damages or liabilities,
joint and several, to which the Seller, or any such person or entity may
become subject, under the Securities Act or otherwise, and will reimburse the
Seller and each such controlling Person for any legal or other expenses
reasonably incurred by the Seller or such controlling Person in connection
with investigating or defending any such losses, claims, damages or
liabilities insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon (i) any untrue statement or
alleged untrue statement of material fact contained in the Registration
Statement or any amendment or supplement thereto or the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading or (ii) any untrue
statement or alleged untrue statement of any material fact contained in the
Prospectus Supplement or the Prospectus or any amendment or supplement to the
Prospectus Supplement or the Prospectus or the omission or the alleged
omission to state therein a material fact necessary in order to make the
statements in the Prospectus Supplement or the Prospectus or any amendment or
supplement to the Prospectus Supplement, in the light of the circumstances
under which they were made, not misleading, but only to the extent that such
untrue statement or alleged untrue statement or omission or alleged omission
relates to the information contained in the Prospectus Supplement or the
Prospectus other than the Seller Information. This indemnity agreement will be
in addition to any liability which the Depositor may otherwise have.

     (c) Promptly after receipt by any indemnified party under this Article VI
of notice of any claim or the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against any
indemnifying party under this Article VI, notify the indemnifying party in
writing of the claim or the commencement of that action; provided, however,
that the failure to notify an indemnifying party shall not relieve it from any
liability which it may have under this Article VI except to the extent it has
been materially prejudiced by such failure; provided, further, that the
failure to notify any indemnifying party shall not relieve it from any
liability which it may have to any indemnified party otherwise than under this
Article VI.

                                      13
<PAGE>

     If any such claim or action shall be brought against an indemnified
party, and it shall notify the indemnifying party thereof, the indemnifying
party shall be entitled to participate therein and, to the extent that it
wishes, jointly with any other similarly notified indemnifying party, to
assume the defense thereof with counsel reasonably satisfactory to the
indemnified party. After notice from the indemnifying party to the indemnified
party of its election to assume the defense of such claim or action, the
indemnifying party shall not be liable to the indemnified party under this
Article VI for any legal or other expenses subsequently incurred by the
indemnified party in connection with the defense thereof other than reasonable
costs of investigation.

     Any indemnified party shall have the right to employ separate counsel in
any such action and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such indemnified party
unless: (i) the employment thereof has been specifically authorized by the
indemnifying party in writing; (ii) such indemnified party shall have been
advised by such counsel that there may be one or more legal defenses available
to it which are different from or additional to those available to the
indemnifying party and in the reasonable judgment of such counsel it is
appropriate for such indemnified party to employ separate counsel; or (iii)
the indemnifying party has failed to assume the defense of such action and
employ counsel reasonably satisfactory to the indemnified party, in which
case, if such indemnified party notifies the indemnifying party in writing
that it elects to employ separate counsel at the expense of the indemnifying
party, the indemnifying party shall not have the right to assume the defense
of such action on behalf of such indemnified party, it being understood,
however, the indemnifying party shall not, in connection with any one such
action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of more than one separate firm of
attorneys (in addition to local counsel) at any time for all such indemnified
parties, which firm shall be designated in writing by the Depositor, if the
indemnified parties under this Article VI consist of the Depositor, or by the
Seller, if the indemnified parties under this Article VI consist of the
Seller.

     Each indemnified party, as a condition of the indemnity agreements
contained in Section 6.01(a) and (b), shall use its commercially reasonable
efforts to cooperate with the indemnifying party in the defense of any such
action or claim. An indemnifying party will not, without the prior written
consent of the indemnified parties, settle or compromise or consent to the
entry of any judgment with respect to any pending or threatened claim, action,
suit or proceeding in respect of which indemnification or contribution may be
sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise
or consent includes an unconditional release of each indemnified party from
all liability arising out of such claim, action, suit or proceeding.

     Section 6.02. Contribution. In order to provide for just and equitable
contribution in circumstances in which the indemnity agreement provided for in
this Article VI is for any reason held to be unenforceable although applicable
in accordance with its terms, the Seller, on the one hand, and the Depositor,
on the other, shall contribute to the aggregate losses, liabilities, claims,
damages and expenses of the nature contemplated by said indemnity agreement
incurred by the Seller and the Depositor [in such proportions as shall be
appropriate to reflect the relative

                                      14
<PAGE>

benefits received by the Seller on the one hand and the Depositor on the other
from the sale of the Receivables such that the Depositor is responsible for
that portion represented by the underwriting discount set forth on the cover
page of the Prospectus Supplement, and the Seller shall be responsible for the
balance] [in such proportions as shall be appropriate to reflect the relative
fault on the part of the Seller on the one hand and the Depositor on the
other]; provided, however, that no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 6.02, each Person,
if any, who controls the Depositor within the meaning of Section 15 of the
Securities Act shall have the same rights to contribution as the Depositor and
each Person, if any, who controls the Seller within the meaning of Section 15
of the Securities Act shall have the same rights to contribution as the
Seller. Notwithstanding anything in this Section 6.02 to the contrary, the
Depositor shall not be required to contribute an amount in excess of the
amount of the underwriting discount appearing on the cover page of the
Prospectus Supplement.

                                 Article VII

                           Miscellaneous Provisions

     Section 7.01. Obligations of Seller. The obligations of the Seller under
this Agreement shall not be affected by reason of any invalidity, illegality
or irregularity of any Receivable.

     Section 7.02. Repurchase Events. The Seller hereby covenants and agrees
with the Depositor for the benefit of the Depositor, the Indenture Trustee,
the Issuer, the Owner Trustee, the Certificateholders and the Noteholders that
the occurrence of a breach of any of the Seller's representations and
warranties contained in Section 3.02(b) that materially and adversely affects
the interests of the Issuer, the Indenture Trustee, the Owner Trustee, the
Certificateholders or the Noteholders in any Receivable, without regard to any
limitation set forth in such representation or warranty concerning the
knowledge of the Seller as to the facts stated therein, shall constitute an
event obligating the Seller to repurchase the Receivables to which such
failure or breach is applicable (each, a "Repurchase Event"), at the Purchase
Amount, from the Depositor, unless any such failure or breach shall have been
cured by the last day of the first Collection Period commencing after the
discovery or notice thereof by or to the Seller or the Servicer.

     Section 7.03. Depositor Assignment of Repurchased Receivables. With
respect to all Receivables repurchased by the Seller pursuant to this
Agreement, the Depositor shall assign, without recourse, representation or
warranty, to the Seller all of the Depositor's right, title and interest in
and to such Receivables and all security and documents relating thereto.

     Section 7.04. Transfer to the Issuer. The Seller acknowledges and agrees
that (1) the Depositor will, pursuant to the Sale and Servicing Agreement,
transfer and assign the Receivables and assign its rights under this Agreement
with respect thereto to the Issuer and, pursuant to the Indenture, the Issuer
will pledge the Receivables to the Indenture Trustee, and (2) the
representations and warranties contained in this Agreement and the rights of
the Depositor under this Agreement, including under Section 7.02, are intended
to benefit the Issuer, the Indenture Trustee, the Noteholders and the
Certificateholder. The Seller hereby consents to

                                      15
<PAGE>

such transfers and assignments and agree that enforcement of a right or remedy
hereunder by the Indenture Trustee, the Owner Trustee or the Issuer shall have
the same force and effect as if the right or remedy had been enforced or
executed by the Depositor.

     Section 7.05. Amendment. This Agreement may be amended from time to time,
with prior written notice to the Rating Agencies, but without the consent of
the Noteholders or the Certificateholders, by a written amendment duly
executed and delivered by the Seller and the Depositor, 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
Noteholders or Certificateholders; provided that such amendment shall not, as
evidenced by an Opinion of Counsel, materially and adversely affect the
interest of any Noteholder or Certificateholder; provided, further, that such
action shall be deemed not to adversely affect in any material respect the
interests of any Noteholder or Certificateholder and no Opinion of Counsel to
that effect shall be required if the person requesting the amendment obtains a
letter from the Rating Agencies stating that the amendment would not result in
the downgrading or withdrawal of the ratings of then assigned to the Notes and
the Certificates. This Agreement may also be amended by the Seller and the
Depositor, with prior written notice to the Rating Agencies and the prior
written consent of [Holders of Notes evidencing at least a majority of the
Outstanding Amount of the Class [ ] Notes, Holders of Class [ ] Notes
evidencing at least a majority of the Class [ ] Note Balance and Holders of
Class [ ] Certificates evidencing at least a majority of the Class [ ]
Certificate Balance (excluding, for purposes of this Section 7.05,
Certificates held by the Seller or any of its affiliates)], 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 may (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that are required to be made for the benefit of Noteholders or
Certificateholders or (ii) reduce the aforesaid percentage of [the Class [ ]
Notes, the Class [ ] Notes or the Class [ ] Certificates] that is required to
consent to any such amendment, without the consent of the Holders of all the
outstanding Notes and Certificates.

     Section 7.06. Waivers. No failure or delay on the part of the Depositor,
the Issuer or the Indenture Trustee in exercising any power, right or remedy
under this Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise of any such power, right or remedy preclude any other or
further exercise thereof or the exercise of any other power, right or remedy.

     Section 7.07. Notices. All demands, notices and communications under this
Agreement shall be in writing, personally delivered, faxed and followed by
first class mail, or mailed by certified mail, return receipt requested, and
shall be deemed to have been duly given upon receipt (a) in the case of the
Depositor, to Bear Stearns Asset Backed Funding II Inc., c/o Bear, Stearns &
Co. Inc., 383 Madison Avenue, New York, New York 10179, Facsimile: (212)
272-0979, Attention: [ ]; (b) in the case of the Servicer, Administrator and
Custodian, to [ ] Attention: [ ], (c) in the case of the Seller, [ ],
Attention: [ ]; (d) in the case of the Issuer or the Owner Trustee, at the
Corporate Trust Administration Department (as defined in the Trust Agreement);
(e) in the case of [RATING AGENCY], to [ADDRESS], Attention: [___], and (f) in
the case of [RATING AGENCY], to [ADDRESS], Attention: [___];

                                      16
<PAGE>

or, as to each of the foregoing, at such other address as shall be designated
by written notice to the other parties.

     Section 7.08. Costs and Expenses. The Seller shall pay all expenses
incident to the performance of its obligations under this Agreement and the
Seller agrees to pay all reasonable out-of-pocket costs and expenses of the
Depositor, in connection with the perfection of the Depositor's, the Issuer's
and the Indenture Trustee's right, title and interest in and to the
Receivables and the enforcement of any obligation of the Seller hereunder as
contemplated by the Basic Documents.

     Section 7.09. Representations of the Seller and the Depositor. The
respective agreements, representations, warranties and other statements by the
Seller and the Depositor set forth in or made pursuant to this Agreement shall
remain in full force and effect and will survive the closing under Section
2.02 and the transfers and assignments referred to in Section 7.04.

     Section 7.10. Confidential Information. The Depositor agrees that it will
neither use nor disclose to any Person the names and addresses of the Obligors
or any other personally identifiable information of an Obligor, except in
connection with the enforcement of the Depositor's rights hereunder, under the
Receivables, under the Sale and Servicing Agreement or any other Basic
Document, or as required by any of the foregoing or by law.

     Section 7.11. Headings and Cross-References. The various headings in this
Agreement are included for convenience only and shall not affect the meaning
or interpretation of any provision of this Agreement. References in this
Agreement to section names or numbers and to appendices, exhibits or schedules
are to such Sections, Appendices, Exhibits or Schedules, as applicable, of
this Agreement.

     Section 7.12. GOVERNING LAW. THIS AGREEMENT AND THE ASSIGNMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICT OF LAWS PROVISIONS THAT WOULD APPLY THE LAW OF A JURISDICTION
OTHER THAN THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER OR THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

     Section 7.13. Counterparts. This Agreement may be executed in
counterparts, each of which shall be an original, but all of which together
shall constitute one and the same instrument.

     Section 7.14. Third Party Beneficiary. The Indenture Trustee is an
express third party beneficiary of this Agreement and shall be entitled to
enforce the provisions of this Agreement as if it were a party hereto.

     Section 7.15. No Proceedings. So long as this Agreement is in effect, and
for one year plus one day following its termination, each of the Seller and
the Depositor agrees that it will not file any involuntary petition or
otherwise institute any bankruptcy, reorganization arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state
bankruptcy law or similar law against the Trust.

                                      17
<PAGE>
     IN WITNESS WHEREOF, the parties hereto have caused this Receivables
Purchase Agreement to be executed by their respective duly authorized officers
as of the date and year first above written.

                     [SELLER], as Seller

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

                     BEAR STEARNS ASSET BACKED FUNDING II INC.,
                       as Depositor

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

<PAGE>
                                  SCHEDULE A

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

                     [On file with the Indenture Trustee]

<PAGE>

                                  SCHEDULE B

                         Location of Receivable Files
                         ----------------------------

[   ]
 ---

<PAGE>
                                 APPENDIX A

                             Definitions and Usage
                             ---------------------

     [Form of Appendix A attached to the Form of Indenture (Exhibit 4.3)]

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