Document:

WORLD OMNI MASTER OWNER TRUST

                               Asset-Backed Notes

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

                         AMENDED AND RESTATED INDENTURE

                            Dated as of April 6, 2000

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

                          HARRIS TRUST AND SAVINGS BANK

                                Indenture Trustee

<PAGE>

                                               CROSS-REFERENCE TABLE
<TABLE>
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             TIA                                                                  Indenture
           Section                                                                 Section
           -------                                                                 -------
<S>                                                                                <C>
         310      (a)(1)       ..................................................  6.11
                  (a)(2)       ..................................................  6.11
                  (a)(3)       ..................................................  6.10
                  (a)(4)       ..................................................  6.14
                  (b)          ..................................................  6.11
                  (c)          ..................................................  N.A.
         311      (a)          ..................................................  6.12
                  (b)          ..................................................  6.12
                  (c)          ..................................................  N.A.
         312      (a)          ..................................................  7.1, 7.2
                  (b)          ..................................................  7.2
                  (c)          ..................................................  7.2
         313      (a)          ..................................................  7.4(a), 7.4(b)
                  (b)(1)       ..................................................  7.4(a)
                  (b)(2)       ..................................................  7.4(a)
                  (c)          ..................................................  7.4(a)
                  (d)          ..................................................  7.4(a)
         314      (a)          ..................................................  7.3(a), 3.9
                  (b)          ..................................................  3.6
                  (c)(1)       ..................................................  2.1, 2.9, 4.1, 11.1(a)
                  (c)(2)       ..................................................  2.1, 2.9, 4.1, 11.1(a)
                  (c)(3)       ..................................................  2.9, 4.1, 11.1(a)
                  (d)          ..................................................  2.9, 11.1(b)
                  (e)          ..................................................  11.1(a)
                  (f)          ..................................................  11.1(a)
         315      (a)          ..................................................  6.1(b)
                  (b)          ..................................................  6.5
                  (c)          ..................................................  6.1(a)
                  (d)          ..................................................  6.2, 6.1(c)
                  (e)          ..................................................  5.13
         316      (a) last
                  sentence     ..................................................  1.1
                  (a)(1)(A)    ..................................................  5.11
                  (a)(1)(B)    ..................................................  5.12
                  (a)(2)       ..................................................  Omitted
         316      (b), (c)     ..................................................  5.7
         317      (a)(1)       ..................................................  5.3(b)
                  (a)(2)       ..................................................  5.3(d)
                  (b)          ..................................................  3.3
         318      (a)          ..................................................  11.7
</TABLE>

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

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                                                 TABLE OF CONTENTS
<TABLE>
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                                                                                                               Page
ARTICLE I
<S>                                                                                                            <C>
         DEFINITIONS AND INCORPORATION BY REFERENCE
          1.1     Definitions.....................................................................................2
          1.2     Incorporation by Reference of Trust Indenture Act...............................................3
ARTICLE II
         THE NOTES

          2.1     Issuance of Notes; Execution, Authentication and Delivery.......................................5
          2.2     Form of Notes and Indenture Trustee's Certificate of Authentication.............................5
          2.3     Temporary Notes.................................................................................6
          2.4     Registration; Registration of Transfer and Exchange of Notes....................................7
          2.5     Mutilated, Destroyed, Lost or Stolen Notes......................................................8
          2.6     Persons Deemed Noteholders......................................................................8
          2.7     Payment of Principal and Interest...............................................................9
          2.8     Cancellation of Notes..........................................................................10
          2.9     Release of Collateral..........................................................................10
          2.10    Book-Entry Notes...............................................................................11
          2.11    Notices to Clearing Agency.....................................................................11
          2.12    Definitive Notes...............................................................................11
          2.13    Transferor as Noteholder.......................................................................11
          2.14    Tax Treatment..................................................................................12
          2.15    Special Terms Applicable to Subsequent Transfers of Certain Notes..............................12

ARTICLE III

         COVENANTS

          3.1     Payment of Principal and Interest..............................................................13
          3.2     Maintenance of Agency Office...................................................................13
          3.3     Money for Payments To Be Held in Trust.........................................................15
          3.4     Existence......................................................................................15
          3.5     Protection of Trust Estate; Acknowledgment of Pledge...........................................16
          3.6     Opinions as to Trust Estate....................................................................16
          3.7     Performance of Obligations; Servicing of Receivables...........................................17
          3.8     Negative Covenants.............................................................................18
          3.9     Annual Statement as to Compliance..............................................................18
          3.10    Consolidation, Merger, etc., of Issuer; Disposition of Trust Assets............................20
          3.11    Successor or Transferee........................................................................20
          3.12    No Other Business..............................................................................20
          3.13    No Borrowing...................................................................................20
          3.14    Guarantees, Loans, Advances and Other Liabilities..............................................21
          3.15    Servicer's Obligations.........................................................................21
          3.16    Capital Expenditures...........................................................................21
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<S>                                                                                                             <C>
          3.17    Removal of Administrator.......................................................................21
          3.18    Restricted Payments............................................................................21
          3.19    Notice of Events of Default....................................................................22
          3.20    Further Instruments and Acts...................................................................22
          3.21    Indenture Trustee's Assignment of Interests in Certain Receivables.............................22
          3.22    Representations and Warranties by the Issuer to the Indenture Trustee..........................23

ARTICLE IV
         SATISFACTION AND DISCHARGE
          4.1     Satisfaction and Discharge of Indenture........................................................24
          4.2     Application of Trust Money.....................................................................24
          4.3     Repayment of Monies Held by Paying Agent.......................................................24
          4.4     Duration of Position of Indenture Trustee......................................................24

ARTICLE V
         DEFAULT AND REMEDIES
          5.1     Events of Default..............................................................................26
          5.2     Acceleration of Maturity; Rescission and Annulment.............................................26
          5.3     Collection of Indebtedness and Suits for Enforcement by Indenture Trustee......................29
          5.4     Remedies; Priorities...........................................................................30
          5.5     Optional Preservation of the Trust Estate......................................................30
          5.6     Limitation of Suits............................................................................31
          5.7     Unconditional Rights of Noteholders To Receive Principal and Interest..........................31
          5.8     Restoration of Rights and Remedies.............................................................32
          5.9     Rights and Remedies Cumulative.................................................................32
          5.10    Delay or Omission Not a Waiver.................................................................32
          5.11    Control by Noteholders.........................................................................33
          5.12    Waiver of Past Defaults........................................................................33
          5.13    Undertaking for Costs..........................................................................33
          5.14    Waiver of Stay or Extension Laws...............................................................34
          5.15    Action on Notes................................................................................34
          5.16    Performance and Enforcement of Certain Obligations.............................................35
          5.17    Early Amortization Events......................................................................36
          5.18    Investment Event...............................................................................36

ARTICLE VI
         THE INDENTURE TRUSTEE
          6.1     Duties of Indenture Trustee....................................................................38
          6.2     Rights of Indenture Trustee....................................................................39
          6.3     Indenture Trustee May Own Notes................................................................39
          6.4     Indenture Trustee's Disclaimer.................................................................39
          6.5     Notice of Defaults.............................................................................39
          6.6     Reports by Indenture Trustee to Holders........................................................40
          6.7     Compensation; Indemnity........................................................................40
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                                      -ii-

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<TABLE>
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<S>                                                                                                             <C>
          6.8     Replacement of Indenture Trustee...............................................................42
          6.9     Merger or Consolidation of Indenture Trustee...................................................42
          6.10    Appointment of Co-Indenture Trustee or Separate Indenture Trustee..............................43
          6.11    Eligibility; Disqualification..................................................................44
          6.12    Preferential Collection of Claims Against Issuer...............................................44
          6.13    Representations and Warranties of Indenture Trustee............................................45
          6.14    Indenture Trustee May Enforce Claims Without Possession of Notes...............................45
          6.15    Suit for Enforcement...........................................................................45
          6.16    Rights of Noteholders to Direct Indenture Trustee..............................................45

ARTICLE VII
         NOTEHOLDERS' LISTS AND REPORTS
          7.1     Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders.........................46
          7.2     Preservation of Information, Communications to Noteholders.....................................46
          7.3     Reports by Issuer..............................................................................47
          7.4     Reports by Indenture Trustee...................................................................47

ARTICLE VIII
         ACCOUNTS, DISBURSEMENTS AND RELEASES
          8.1     Collection of Money............................................................................48
          8.2     Trust Accounts; Allocations; Payments..........................................................49
          8.3     General Provisions Regarding Trust Accounts....................................................50
          8.4     Release of Trust Estate........................................................................50
          8.5     Opinion of Counsel.............................................................................51
          8.6     Effect of Fully Funded Date....................................................................52

ARTICLE IX
         SUPPLEMENTAL INDENTURES
          9.1     Supplemental Indentures Without Consent of Noteholders.........................................53
          9.2     Supplemental Indentures With Consent of Noteholders............................................54
          9.3     Execution of Supplemental Indentures...........................................................54
          9.4     Effect of Supplemental Indenture...............................................................55
          9.5     Conformity with Trust Indenture Act............................................................55
          9.6     Reference in Notes to Supplemental Indentures..................................................55

ARTICLE X
         REDEMPTION OF NOTES
          10.1    Redemption.....................................................................................56
          10.2    Form of Redemption Notice......................................................................56
          10.3    Notes Payable on Redemption Date...............................................................57

ARTICLE XI
         MISCELLANEOUS
          11.1    Compliance Certificates and Opinions, etc......................................................58
          11.2    Form of Documents Delivered to Indenture Trustee...............................................59
          11.3    Acts of Noteholders............................................................................60
          11.4    Notices, etc., to Indenture Trustee, Issuer and Rating Agencies................................60
          11.5    Notices to Noteholders; Waiver.................................................................61

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                                      -iii-

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<TABLE>
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<S>                                                                                                             <C>
          11.6    Alternate Payment and Notice Provisions........................................................61
          11.7    Conflict with Trust Indenture Act..............................................................61
          11.8    Effect of Headings and Table of Contents.......................................................61
          11.9    Successors and Assigns.........................................................................62
          11.10  Separability....................................................................................62
          11.11  Benefits of Indenture...........................................................................62
          11.12  Legal Holidays..................................................................................62
          11.13  GOVERNING LAW...................................................................................62
          11.14  Counterparts....................................................................................62
          11.15  Recording of Indenture..........................................................................63
          11.16  No Recourse.....................................................................................64
          11.17  No Petition.....................................................................................64
          11.18  Inspection......................................................................................64
          11.19  No Substantive Review of Compliance Documents...................................................64
          11.20  Amendment of Basic Documents....................................................................64
          11.21  Effect of Amendment and Restatement.............................................................64

         EXHIBIT A                  Form of Transfer Certificate
         EXHIBIT B                  Form of Undertaking Letter
         EXHIBIT C                  Form of Indenture Trustee Certificate

         Schedule 2                 Collection Accounts
</TABLE>

                                      -iv-

<PAGE>

                  AMENDED AND RESTATED INDENTURE, dated as of April 6, 2000,
 between WORLD OMNI MASTER OWNER TRUST, a Delaware business trust (the "Issuer"
 or the "Trust"), and Harris Trust and Savings Bank, an Illinois banking
 corporation, as indenture trustee (as indenture trustee and not in its
 individual capacity the "Indenture Trustee").

                                    RECITALS

                  WHEREAS, the Issuer and the Indenture Trustee are parties to
 the Indenture, dated as of November 22, 1999 (the "Original Indenture").

                  WHEREAS, the Issuer and the Indenture Trustee desire to amend
 and restate the Original Indenture.

                  IN WITNESS WHEREOF, each party agrees to follow for the
 benefit of the other party and for the equal and ratable benefit of the Holders
 of the Notes and (only to the extent expressly provided herein) the
 Certificateholders:

                                 GRANTING CLAUSE

                  The Issuer hereby confirms its grant of a security interest
 in, transfer, assignment and conveyance to the Indenture Trustee on the Closing
 Date, as trustee for the benefit of the Noteholders and (only to the extent
 expressly provided herein) the Certificateholders, all of the Issuer's right,
 title and interest in, to and under (a) all Receivables, all Collateral
 Security with respect thereto, all monies due or to become due thereon
 (including all interest thereon accruing after October 31, 1999, whether paid
 or payable) and all amounts received with respect thereto and all proceeds
 thereof (including "proceeds" as defined in Section 9-306 of the UCC) and
 Recoveries, existing in Accounts on the Initial Cut-Off Date, generated in the
 Accounts after the Initial Cut-Off Date and Receivables existing in or
 generated in any Accounts added to the Trust on any Addition Date; (b) the
 Trust Sale and Servicing Agreement (including the rights of WODFI LLC (the
 "Transferor") under the Receivables Purchase Agreement assigned to the Issuer
 pursuant to the Trust Sale and Servicing Agreement); (c) all Collections; (d)
 all funds on deposit in the Trust Accounts; (e) any Enhancement issued for a
 Series or class of Notes; (f) a security interest in the Vehicles; and (g) any
 proceeds of the foregoing (collectively, the "Collateral").

                  The foregoing grant has been made and will continue to be made
 in trust to secure the payment of principal of and interest on, and any other
 amounts owing in respect of, the Notes, equally and ratably without prejudice,
 priority or distinction (except as otherwise provided in any Series Supplement
 or supplement hereto), to secure (only to the extent expressly provided herein)
 distributions with respect to and interest on the Certificates, and to secure
 compliance with the provisions of this Indenture, all as provided in this
 Indenture. This Indenture constitutes a security agreement under the UCC.

                  The foregoing grant included and will continue to include all
 rights, powers and options (but none of the obligations, if any) of the Issuer
 under any agreement or instrument

                                       -1-

<PAGE>

 included in the Collateral, including the immediate and continuing right to
 claim for, collect, receive and give receipt for principal and interest
 payments in respect of the Receivables included in the Collateral and all other
 monies payable under the Collateral, to give and receive notices and other
 communications, to make waivers or other agreements, to exercise all rights and
 options, to bring Proceedings in the name of the Issuer or otherwise and
 generally to do and receive anything that the Issuer is or may be entitled to
 do or receive under or with respect to the Collateral.

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

                                    ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

                  SECTION 1.1 Definitions. Certain capitalized terms used in
 this Indenture shall have the respective meanings assigned them in Part I of
 Appendix A to the Trust Sale and Servicing Agreement dated as of November 22,
 1999 as amended and restated on April 6, 2000 (the "Trust Sale and Servicing
 Agreement") among World Omni Financial Corp. ("World Omni"), WODFI LLC (the
 "Transferor"), and Chase Manhattan Bank Delaware (the "Owner Trustee"). All
 references herein to "this Indenture" are to this Indenture as it may be
 amended, supplemented or modified from time to time, and all references herein
 to Articles, Sections, subsections and exhibits are to Articles, Sections,
 subsections and exhibits of this Indenture unless otherwise specified. All
 terms defined in this Indenture shall have the defined meanings when used in
 any certificate, notice, Note or other document made or delivered pursuant
 hereto unless otherwise defined therein. The rules of construction set forth in
 Part II of Appendix A to the Trust Sale and Servicing Agreement shall be
 applicable to this Indenture.

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

                  "Commission" means the Securities and Exchange Commission.

                  "indenture securities" means the Notes.

                  "indenture trustee" means the Indenture Trustee.

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

                                       -2-

<PAGE>

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

                                   ARTICLE II
                                    THE NOTES

                  SECTION 2.1 Issuance of Notes; Execution, Authentication and
Delivery.

                  (a) Notes may be issued by the Issuer upon execution of this
 Indenture and from time to time thereafter, in each case, in accordance with
 the terms and conditions authorized by or pursuant to a Series Supplement. The
 Notes may be issued in one or more Series. The aggregate principal amount of
 the Notes of all Series that may be authenticated and delivered and outstanding
 under this Indenture is not limited.

                  (b) The Notes shall be executed on behalf of the Issuer by any
 of its Authorized Officers. The signature of any such Authorized Officer on the
 Notes may be manual or facsimile. Notes bearing the manual or facsimile
 signature of individuals who were at any time Authorized Officers of the Issuer
 shall bind the Issuer, notwithstanding that such individuals or any of them
 have ceased to hold such office prior to the authentication and delivery of
 such Notes or did not hold such office at the date of such Notes.

                  (c) Prior to or concurrently with the delivery of any Note to
 the Indenture Trustee for authentication, the parties hereto shall execute and
 deliver a Series Supplement which will specify the principal terms of such new
 Series. The terms of such Series Supplement may modify or amend the terms of
 this Indenture solely as applied to such new Series of Notes.

                  (i) The Series Supplement shall set forth, in addition to all
         other requirements of such certificate:

                  (A) the name or designation of the particular Series (which
         shall distinguish such Series from all other Series);

                  (B) the initial aggregate principal amount of the Series (or
         method for calculating its initial principal amount) which may be
         authenticated and delivered under this Indenture (except for Notes
         authenticated and delivered upon registration and transfer of, or in
         exchange for, or in lieu of, other Notes of such Series pursuant to
         this Indenture);

                  (C) the method for allocating principal and interest to the
         Noteholders;

                  (D) the rate or rates (or the method for determining its rate)
         at which the Notes of such Series shall bear interest, if any, or the
         initial interest rate and the method for determining subsequent
         interest rates;

                                       -3-

<PAGE>

                  (E) the terms on which the Notes may be exchanged for Notes of
         another Series, be subject to repurchase, optional redemption or
         mandatory redemption by the Transferor or be remarketed by any
         remarketing agent;

                  (F) the date on which the Notes will begin their Accumulation
         Period or Controlled Amortization Period;

                  (G) the percentage used to calculate monthly Servicing Fees;

                  (H) the issuer and terms of any Enhancement for that Series or
         the level of subordination provided by the Certificateholder's
         Interest;

                  (I) the Final Maturity Date for that Series; and

                  (J) any other terms permitted by this Indenture.

                  (ii) The obligation of the Indenture Trustee to authenticate
         the Notes of such new Series and to execute and deliver the related
         Series Supplement is subject to satisfaction of the Modified Rating
         Agency condition with respect to the issuance and the delivery to the
         Indenture Trustee of the following:

                  (A) on or before the fifth Business Day immediately preceding
         the Series Issuance Date, the Transferor shall have given the Indenture
         Trustee, the Owner Trustee, the Servicer, each Rating Agency, any Agent
         and any Enhancement Provider written notice of such issuance and the
         Series Issuance Date;

                  (B) a Series Supplement in form satisfactory to the Indenture
         Trustee, executed by each party hereto other than the Indenture
         Trustee;

                  (C) the related Enhancement Agreement and any related
         agreement, executed by each party hereto other than the Indenture
         Trustee; and

                  (D) an Opinion of Counsel to the effect that, (i) for federal
         income tax purposes, the issuance of the Notes will not adversely
         affect the characterization of the Notes of any outstanding Series or
         class of Notes, as debt, nor will the issuance cause a taxable event
         for any Noteholder, (ii) the issuance of a new Series of Notes will be
         characterized as debt and (iii) the Trust will not be an association or
         publicly traded partnership taxable as a corporation.

                  (d) Prior to or concurrently with each new issuance, the
Transferor shall have represented and warranted that the issuance shall not, in
the reasonable belief of the Transferor, cause an Early Amortization Event or
Investment Event to occur for any outstanding Series or class of Notes.

                                       -4-

<PAGE>

                  (e) Upon execution and delivery of a Series Supplement and
Opinion of Counsel to the Indenture Trustee, the Indenture Trustee shall
thereupon authenticate and deliver the related Notes to or upon the written
order of the Issuer, signed by any Authorized Officer.

                  SECTION 2.2 Form of Notes and Indenture Trustee's Certificate
of Authentication.

                  (a) The Notes shall be in the forms provided from time to time
 by or pursuant to a Series Supplement in accordance with the terms of this
 Indenture and may have such letters, numbers or other marks of identification
 or designation and such legends or endorsements printed, lithographed or
 engraved thereon as the Issuer may deem appropriate and as are not inconsistent
 with the provisions of this Indenture, or as may be required to comply with any
 law or with any rule or regulation made pursuant thereto or with any rule or
 regulation of any stock exchange on which the Notes may be listed or to conform
 to usage. Any portion of the text of any Note may be set forth on the reverse
 thereof, with an appropriate reference thereto on the face of the Note. The
 Definitive Notes shall be typewritten, printed, lithographed or engraved or
 produced by any combination of these methods (with or without steel engraved
 borders), all as determined by the Authorized Officer executing such Notes, as
 evidenced by such officer's execution of such Notes.

                  (b) The Indenture Trustee's certificate of authentication
shall be substantially in the following form:

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                Harris Trust and Savings Bank, not in its
                                individual capacity but solely as Indenture
                                Trustee

                                By:       ______________________________
                                Name:
                                Title:

                                Dated:    ______________________________

                  (c) Each Note shall be dated the date of its authentication.
 Unless otherwise provided in the related Series Supplement, each Note shall be
 issuable as a registered Note in the minimum denomination of $1,000 and in
 integral multiples thereof.

                  SECTION 2.3 Temporary Notes.

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

                                       -5-

<PAGE>

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

                  SECTION 2.4 Registration; Registration of Transfer and
Exchange of Notes.

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

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

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

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

                                       -6-

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

                  (f) Every Note presented or surrendered for registration of
 transfer or exchange shall be duly endorsed by, or be accompanied by a written
 instrument of transfer in form satisfactory to the Indenture Trustee and the
 Note Registrar, duly executed by the Holder thereof or such Holder's attorney
 duly authorized in writing, with such signature guaranteed by a commercial bank
 or trust company.

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

                  (h) The preceding provisions of this Section 2.4
 notwithstanding, the Issuer shall not be required to transfer or make
 exchanges, and the Note Registrar need not register transfers or exchanges, (i)
 of Notes that have been selected for redemption pursuant to Article X, if
 applicable; (ii) of Notes that are due for repayment within 15 days of
 submission to the Corporate Trust Office or the Agency Office; or (iii) if
 Section 2.15 has not been complied with in connection with such transfer.

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

                  SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes.

                  (a) If (i) any mutilated Note is surrendered to the Indenture
 Trustee, or the Indenture Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold
the Issuer and the Indenture Trustee harmless, then, in the absence of notice to
the Issuer, the Note Registrar or the Indenture Trustee that such Note has been
acquired by a bona fide purchaser, the Issuer shall execute and upon the
Issuer's written request the Indenture Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Note, a replacement Note of a like Series and class and aggregate principal
amount; provided, however, that if any such destroyed, lost or stolen Note, but
not a mutilated Note, shall have become or within seven days shall be due and
payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuer may make payment to the Holder of such destroyed,
lost or stolen Note when so due or payable or upon the Redemption Date, if
applicable, without surrender thereof.

                                       -7-

<PAGE>
                  (b) If, after the delivery of a replacement Note or payment in
 respect of a destroyed, lost or stolen Note pursuant to subsection (a), a bona
 fide purchaser of the original Note in lieu of which such replacement Note was
 issued presents for payment such original Note, the Issuer and the Indenture
 Trustee shall be entitled to recover such replacement Note (or such payment)
 from (i) any Person to whom it was delivered, (ii) the Person taking such
 replacement Note from the Person to whom such replacement Note was delivered or
 (iii) any assignee of such Person, except a bona fide purchaser, and the Issuer
 and the Indenture Trustee shall be entitled to recover upon the security or
 indemnity provided therefor to the extent of any loss, damage, cost or expense
 incurred by the Issuer or the Indenture Trustee in connection therewith.

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

                  (d) Any duplicate Note issued pursuant to this Section 2.5 in
 replacement for any mutilated, destroyed, lost or stolen Note shall constitute
 an original additional contractual obligation of the Issuer, whether or not the
 mutilated, destroyed, lost or stolen Note shall be found at any time or be
 enforced by any Person, and shall be entitled to all the benefits of this
 Indenture equally and proportionately with any and all other Notes duly issued
 hereunder.

                  (e) The provisions of this Section 2.5 are exclusive and shall
 preclude (to the extent lawful) all other rights and remedies with respect to
 the replacement or payment of mutilated, destroyed, lost or stolen Notes.

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

                  SECTION 2.7 Payment of Principal and Interest.

                  (a) Interest on each Series of Notes shall accrue and be
 payable as provided in the applicable Series Supplement. Unless otherwise
 provided in the applicable Series Supplement, any installment of interest
 payable on any Note shall be punctually paid or duly provided for with funds
 set aside in the Collection Account, on the applicable Payment Date and shall
 be paid to the Person in whose name such Note (or one or more Predecessor
 Notes) is registered on the applicable Record Date, by check mailed
 first-class, postage prepaid to such Person's address as it appears on the Note
 Register on such Record Date; provided, however, that, with respect to
 Book-Entry Notes registered on the applicable Record Date in the name of the
 Note Depository for which Definitive Notes have not been issued pursuant to
 Section 2.12, payment shall be made by wire transfer in immediately available
 funds to the account designated by such Holder.

                                       8
<PAGE>

                  (b) The principal of each Series of Notes shall be payable as
 provided in the applicable Series Supplement. All principal payments on each
 Series of Notes shall be made pro rata to the Noteholders of such Series
 entitled thereto unless otherwise provided in the related Series Supplement.
 Unless otherwise provided in the applicable Series Supplement, any installment
 of principal payable on any Note shall be punctually paid or duly provided for
 by a deposit by or at the direction of the Issuer into the Principal Funding
 Account on the applicable Payment Date and shall be paid to the Person in whose
 name such Note (or one or more Predecessor Notes) is registered on the
 applicable Record Date, by check mailed first-class, postage prepaid to such
 Person's address as it appears on the Note Register on such Record Date;
 provided, however, that, with respect to Book-Entry Notes registered on the
 Record Date in the name of the Note Depository for which Definitive Notes have
 not been issued pursuant to Section 2.12, payment shall be made by wire
 transfer in immediately available funds to the account designated by such
 Holder, except for the final installment of principal on any such Note and the
 Redemption Price for any Notes, if so called, which, in each case, shall be
 payable as provided herein. The funds represented by any such checks in respect
 of interest or principal returned undelivered shall be held in accordance with
 Section 3.3.

                  (c) With respect to any Payment Date on which the final
 installment of principal and interest on a Series of Notes is to be paid, the
 Indenture Trustee shall notify each Noteholder of such Series of Notes as of
 the Record Date for such Payment Date of the fact that the final installment of
 principal of and interest on such Note is to be paid on such Payment Date. With
 respect to Book-Entry Notes for which Definitive Notes have not been issued,
 such notice shall be sent on the Business Day prior to such Payment Date by
 facsimile, and with respect to Definitive Notes, such notice shall be sent not
 later than three Business Days after such Record Date in accordance with
 Section 11.5(a), and, in each case, shall specify that such final installment
 shall be payable only upon presentation and surrender of such Note and shall
 specify the place where such Note may be presented and surrendered for payment
 of such installment. The Indenture Trustee shall not be liable for any failure
 to provide notice to the Noteholders as required pursuant to this Section
 2.7(c) to the extent it has not received notice of such expected final Payment
 Date from the Issuer not later than two Business Days after the Record Date.
 Notices in connection with redemptions of Notes shall be mailed to Noteholders
 as provided in Section 10.2.

                  SECTION 2.8 Cancellation of Notes. All Notes surrendered for
 payment, redemption, exchange or registration of transfer shall, if surrendered
 to any Person other than the Indenture Trustee, be delivered to the Indenture
 Trustee and shall be promptly canceled by the Indenture Trustee. The Issuer may
 at any time deliver to the Indenture Trustee for cancellation any Notes
 previously authenticated and delivered hereunder which the Issuer may have
 acquired in any manner whatsoever, and all Notes so delivered shall be promptly
 canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of
 or in exchange for any Notes canceled as provided in this Section 2.8, except
 as expressly permitted by this Indenture. All canceled Notes may be held or
 disposed of by the Indenture Trustee in accordance with its standard retention
 or disposal policy as in effect at the time unless the Issuer shall direct by
 an Issuer Order that they be returned to it; provided, however, that such
 Issuer Order is timely and the Notes have not been previously disposed of by
 the Indenture Trustee.

                                       9
<PAGE>

                  SECTION 2.9 Release of Collateral. If the Indenture is or is
 required to be qualified under the TIA, the Indenture Trustee shall release
 property from the lien of this Indenture, other than as permitted by Sections
 3.21, 8.2, 8.4 and 11.1, only upon receipt of an Issuer Request accompanied by
 an Officers' Certificate, an Opinion of Counsel and (to the extent required by
 the TIA) Independent Certificates in accordance with TIA ss.ss. 314(c) and
 314(d)(1).

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

                  (a) the provisions of this Section 2.10 shall be in full force
and effect;

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

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

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

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

                                       10
<PAGE>

                  SECTION 2.11 Notices to Clearing Agency. With respect to any
 Notes issued as Book-Entry Notes, whenever a notice or other communication to
 the Noteholders is required under this Indenture, unless and until Definitive
 Notes representing such Notes shall have been issued to the related Note Owners
 pursuant to Section 2.12, the Indenture Trustee shall give all such notices and
 communications specified herein to be given to the related Noteholders to the
 Clearing Agency and shall have no obligation to such Note Owners.

                  SECTION 2.12 Definitive Notes. If for any Notes issued as
 Book-Entry Notes (i) the Administrator advises the Indenture Trustee in writing
 that the Clearing Agency is no longer willing or able to properly discharge its
 responsibilities with respect to such Notes and the Issuer is unable to locate
 a qualified successor; (ii) the Administrator, at its option, advises the
 Indenture Trustee in writing that it elects to terminate the book-entry system
 through the Clearing Agency; or (iii) after the occurrence of an Event of
 Default or a Servicing Default, Note Owners representing beneficial interests
 aggregating at least a majority of the Outstanding Amount of such Notes advise
 the Clearing Agency in writing that the continuation of a book-entry system
 through the Clearing Agency is no longer in the best interests of such Note
 Owners, then the Clearing Agency shall notify all Note Owners and the Indenture
 Trustee in writing of the occurrence of any such event and of the availability
 of Definitive Notes to such Note Owners requesting the same. Upon surrender to
 the Indenture Trustee of the typewritten Note or Notes representing such
 Book-Entry Notes by the Clearing Agency, accompanied by registration
 instructions, the Issuer shall execute and the Indenture Trustee shall
 authenticate the related Definitive Notes in accordance with the instructions
 of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
 Trustee shall be liable for any delay in delivery of such instructions and may
 conclusively rely on, and shall be fully protected in relying on, such
 instructions. Upon the issuance of such Definitive Notes, the Indenture Trustee
 shall recognize the Holders of such Definitive Notes as Noteholders. The
 Indenture Trustee shall not be liable if the Administrator or the Indenture
 Trustee is unable to locate a qualified successor Depository (or Clearing
 Agency).

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

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

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

                  (a) The Notes may not have been registered under the
 Securities Act, or the securities laws of any other jurisdiction. Consequently,
 such Notes (the "Unregistered Notes") are not transferable other than pursuant
 to an exemption from the registration requirements of the Securities Act and
 satisfaction of certain other provisions specified herein or in the related

                                       11
<PAGE>

 Series Supplement. Unless otherwise provided in the related Series Supplement,
 no sale, pledge or other transfer of any Unregistered Note (or interest
 therein) after the date thereof may be made by any Person unless either such
 sale, pledge or other transfer is (i) otherwise made in a transaction exempt
 from the registration requirements of the Securities Act, in which case (A) the
 Indenture Trustee shall require that both the prospective transferor and the
 prospective transferee certify to the Indenture Trustee and the Transferor in
 writing the facts surrounding such transfer, which certification shall be in
 form and substance satisfactory to the Indenture Trustee and the Transferor,
 and (B) the Indenture Trustee shall require a written opinion of counsel (which
 shall not be at the expense of the Transferor, the Servicer or the Indenture
 Trustee) satisfactory to the Transferor and the Indenture Trustee to the effect
 that such transfer will not violate the Securities Act or (ii) satisfies the
 restrictions on transfer set forth in the applicable Series Supplement. Neither
 the Transferor nor the Indenture Trustee shall be obligated to register any
 Unregistered Notes under the Securities Act, qualify any Unregistered Notes
 under the securities laws of any state or provide registration rights to any
 purchaser or holder thereof.

                  (b) Unless otherwise provided in the related Series
 Supplement, the Unregistered Notes may not be acquired by or for the account of
 a Benefit Plan and, by accepting and holding an Unregistered Note, the Holder
 thereof shall be deemed to have represented and warranted that it is not a
 Benefit Plan and, if requested to do so by the Transferor or the Indenture
 Trustee, the Holder of an Unregistered Note shall execute and deliver to the
 Indenture Trustee an undertaking letter in the form set forth in Exhibit B.

                  (c) Unless otherwise provided in the related Series
 Supplement, Unregistered Notes shall be issued in the form of Definitive Notes,
 shall be in fully registered form and Sections 2.10, 2.11 and 2.12 of this
 Indenture shall not apply thereto.

                  (d) Each Unregistered Note shall bear legends to the effect
set forth in subsections (a) and (b) (if subsection (b) is applicable) above.

ARTICLE III

                                    COVENANTS

                  SECTION 3.1 Payment of Principal and Interest. The Issuer
 shall duly and punctually pay the principal of and interest on the Notes in
 accordance with the terms of the Notes and this Indenture. On each date on
 which any payments are to be made, the Issuer shall cause amounts on deposit in
 the Collection Account or any Principal Funding Account to be paid to the
 Noteholders in accordance with the terms of the Notes and this Indenture, less
 amounts properly withheld under the Code by any Person from a payment to any
 Noteholder of interest and/or principal. Any amounts so withheld shall be
 considered as having been paid by the Issuer to such Noteholder for all
 purposes of this Indenture.

                  SECTION 3.2 Maintenance of Agency Office. As long as any of
 the Notes remains outstanding, the Issuer shall maintain in the Borough of
 Manhattan, the City of New York, an office (the "Agency Office"), being an
 office or agency where Notes may be surrendered to the Issuer for registration
 of transfer or exchange, and where notices and demands to or upon the Issuer in

                                       12
<PAGE>

 respect of the Notes and this Indenture may be served. The Issuer hereby
 initially appoints the Indenture Trustee to serve as its agent for the
 foregoing purposes, which address is 88 Pine Street, 19th Floor, New York, New
 York 10005. If the Indenture Trustee is not the agent, the Issuer shall give
 prompt written notice to the Indenture Trustee of the location, and of any
 change in the location, of any such office or agency. If at any time the Issuer
 shall fail to maintain any such office or agency or shall fail to furnish the
 Indenture Trustee with the address thereof, such surrenders, notices and
 demands may be made or served at the Corporate Trust Office of the Indenture
 Trustee, and the Issuer hereby appoints the Indenture Trustee as its agent to
 receive all such surrenders, notices and demands.

                  SECTION 3.3 Money for Payments To Be Held in Trust.

                  (a) All payments of amounts due and payable with respect to
 any Notes that are to be made from amounts withdrawn from the Collection
 Account or the applicable Principal Funding Account shall be made on behalf of
 the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts
 so withdrawn from the Collection Account or such Principal Funding Account for
 payments of Notes shall be paid over to the Issuer except as provided in this
 Section 3.3.

                  (b) On or before each date on which payments are to be made or
 the Redemption Date (if applicable), the Issuer shall deposit or cause to be
 deposited in the applicable Principal Funding Account aggregate sums sufficient
 to pay the amounts then becoming due with respect to the Notes, such sums to be
 held in trust for the benefit of the Persons entitled thereto and (unless the
 Paying Agent is the Indenture Trustee) shall promptly notify the Indenture
 Trustee in writing of its action or failure to so act.

                  (c) The Issuer shall cause each Paying Agent other than the
Indenture Trustee to execute and deliver to the Indenture Trustee an instrument
in which such Paying Agent shall agree with the Indenture Trustee (and if the
Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the
provisions of this Section 3.3, that such Paying Agent shall:

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

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

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

                                       13
<PAGE>

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

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

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

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

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

                                       14
<PAGE>

                  SECTION 3.5 Protection of Trust Estate; Acknowledgment of
Pledge.

                  The Issuer shall from time to time execute and deliver all
 such supplements and amendments hereto and all such financing statements,
 amendments thereto, continuation statements, assignments, certificates,
 instruments of further assurance and other instruments, and shall take such
 other action necessary or advisable to:

                  (a) maintain or preserve the lien and security interest (and
 the priority thereof) of this Indenture or carry out more effectively the
 purposes hereof, including by making the necessary filings of financing
 statements or amendments thereto within ninety days after the occurrence of any
 of the following: (A) any change in the Issuer's name, (B) any change in the
 location of the Issuer's principal place of business, (C) any merger or
 consolidation or other change in the Issuer's identity or organizational
 structure and by promptly notifying in writing the Indenture Trustee of any
 such filings and (D) any other change or occurrence that would make any
 financing statement or amendment seriously misleading within the meaning of
 Section 9-402(7) of the UCC;

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

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

                  (d) preserve and defend title to the Trust Estate and the
rights of the Indenture Trustee and the Noteholders in such Trust Estate against
the claims of all Persons and parties, and the Issuer hereby designates the
Indenture Trustee its agent and attorney-in-fact to execute any financing
statement, continuation statement or other instrument required pursuant to this
Section 3.5. In addition, the Issuer shall deliver to the Indenture Trustee all
documents constituting "instruments" (as defined in the UCC as in effect in the
applicable jurisdiction) as shall have been delivered to it by the Transferor
pursuant to the terms of the Trust Sale and Servicing Agreement relating to the
Trust Estate with such endorsements attached as the Indenture Trustee may
reasonably require.

                  SECTION 3.6 Opinions as to Trust Estate.

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

                  (b) On or before April 30 in each calendar year, beginning
 April 30, 2000, the Issuer shall furnish to the Indenture Trustee an Opinion of
 Counsel either stating that, in the opinion of such counsel, such action has
 been taken with respect to the recording, filing, re-recording and refiling of
 this Indenture, any indentures supplemental hereto and any other requisite
 documents and with respect to the execution and filing of any financing

                                       15
<PAGE>

 statements and continuation statements as is necessary to maintain the lien and
 security interest created by this Indenture and reciting the details of such
 action or stating that in the opinion of such counsel no such action is
 necessary to maintain the lien and security interest created by this Indenture.
 Such Opinion of Counsel shall also describe the recording, filing, re-recording
 and refiling of this Indenture, any indentures supplemental hereto and any
 other requisite documents and the execution and filing of any financing
 statements and continuation statements that will, in the opinion of such
 counsel, be required to maintain the lien and security interest of this
 Indenture until April 30 in the following calendar year.

                  SECTION 3.7 Performance of Obligations; Servicing of
Receivables.

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

                  (b) The Issuer may contract with other Persons to assist it in
 performing its duties under this Indenture, and any performance of such duties
 by a Person identified to the Indenture Trustee herein or in the Basic
 Documents or an Officers' Certificate of the Issuer shall be deemed to be
 action taken by the Issuer. The Indenture Trustee shall not be responsible for
 the action or inaction of the Servicer or the Administrator. Initially, the
 Issuer has contracted with the Servicer and the Administrator to assist the
 Issuer in performing its duties under this Indenture.

                  (c) The Issuer shall punctually perform and observe all of its
 obligations and agreements contained in this Indenture, the Basic Documents and
 in the instruments and agreements included in the Trust Estate, including but
 not limited to filing or causing to be filed all Uniform Commercial Code
 financing statements and continuation statements required to be filed under the
 terms of this Indenture, the Trust Sale and Servicing Agreement and the
 Receivables Purchase Agreement in accordance with and within the time periods
 provided for herein and therein. Except as otherwise expressly provided
 therein, the Issuer shall not waive, amend, modify, supplement or terminate any
 Basic Document or any provision thereof without the consent of the Indenture
 Trustee.

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

                                       16
<PAGE>

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

                  (a) sell, transfer, exchange or otherwise dispose of any of
 the properties or assets of the Issuer, except the Issuer may: (i) collect,
 liquidate, sell or otherwise dispose of the Trust's interest in Receivables
 including Defaulted Receivables, (ii) make cash payments out of the Trust
 Accounts and any Principal Funding Account and (iii) take other actions, in
 each case as contemplated by the Basic Documents;

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

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

                  (d) either (i) permit the validity or effectiveness of this
Indenture to be impaired, or permit the lien of this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be
released from any covenants or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (ii) permit any lien,
charge, excise, claim, security interest, mortgage or other encumbrance (other
than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the Trust Estate or any part thereof or any interest
therein or the proceeds thereof (other than tax liens, mechanics' liens and
other liens that arise by operation of law or as otherwise contemplated by the
Basic Documents) or (iii) permit the lien of this Indenture not to constitute a
valid first priority security interest in the Trust Estate (other than with
respect to any such tax, mechanics' or other lien); provided, however, that
nothing in this Section 3.8(d) shall prohibit a Lien in favor of World Omni
subject to the provisions of Article VII of the Receivables Purchase Agreement.

                  SECTION 3.9 Annual Statement as to Compliance. The Issuer
 shall deliver to the Indenture Trustee, on or before April 30 of each year,
 beginning April 30, 2000, an Officer's Certificate signed by an Authorized
 Officer of the Issuer, dated as of December 31 of such year, stating that:

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

                                       17
<PAGE>

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

                  SECTION 3.10 Consolidation, Merger, etc., of Issuer;
Disposition of Trust Assets.

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

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

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

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

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

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

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

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

                           (vi) the Issuer has received a Tax Opinion regarding
          the merger or consolidation.

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

                                       18
<PAGE>

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

                                        (1) expressly assumes the due and
                           punctual payment of the principal of and interest on
                           all Notes and the performance or observance of every
                           agreement and covenant of this Indenture (and so long
                           as any Enhancement is in effect, such Enhancement and
                           all related documents) on the part of the Issuer to
                           be performed or observed, all as provided herein;

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

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

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

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

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

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

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

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

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

                                       19
<PAGE>

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

                  SECTION 3.11 Successor or Transferee.

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

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

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

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

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

                  SECTION 3.15 Servicer's Obligations. The Issuer shall use its
 best efforts to cause the Servicer to comply with its obligations under
 Sections 3.4, 3.5 and 3.6 of the Trust Sale and Servicing Agreement.

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

                                       20
<PAGE>

                  SECTION 3.17 Removal of Administrator. So long as any Notes
 are Outstanding, the Issuer shall not remove the Administrator without cause
 unless the Rating Agency Condition for each Series of Notes then outstanding
 shall have been satisfied in connection with such removal.

                  SECTION 3.18 Restricted Payments. Except for payments of
 principal or interest on or redemption of the Notes, so long as any Notes are
 outstanding, the Issuer shall not, directly or indirectly:

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

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

                  (c) set aside or otherwise segregate any amounts for any such
purpose; provided, however, that the Issuer may make, or cause to be made,
distributions to the Servicer, the Transferor, the Indenture Trustee, the Owner
Trustee and the Securityholders as permitted by, and to the extent funds are
available for such purpose under, the Trust Sale and Servicing Agreement, the
Trust Agreement or the other Basic Documents. The Issuer shall not, directly or
indirectly, make payments to or distributions from the Collection Account or any
other Trust Account except in accordance with the Basic Documents.

                  SECTION 3.19 Notice of Events of Default. The Issuer agrees to
give the Indenture Trustee and the Rating Agencies prompt written notice of each
Event of Default hereunder, each Servicing Default, any Insolvency Event with
respect to the Transferor, each default on the part of the Transferor or the
Servicer of its respective obligations under the Trust Sale and Servicing
Agreement and each default on the part of World Omni of its obligations under
the Receivables Purchase Agreement, in each case promptly after the discovery
thereof by the Issuer.

                  SECTION 3.20 Further Instruments and Acts. Upon request of the
 Indenture Trustee, the Issuer shall execute and deliver such further
 instruments and do such further acts as may be reasonably necessary or proper
 to carry out more effectively the purpose of this Indenture.

                  SECTION 3.21 Indenture Trustee's Assignment of Interests in
 Certain Receivables. The Indenture Trustee shall assign, without recourse,
 representation or warranty, to the Servicer, World Omni or the Transferor, as
 the case may be, all of the Indenture Trustee's right, title and interest in
 and to any Receivable assigned by the Issuer to the Servicer, World Omni or the
 Transferor, as applicable, pursuant to the Receivables Purchase Agreement or
 the Trust Sale and Servicing Agreement (in each case, to the extent so assigned
 and upon the receipt of any related payment, if applicable), such assignment

                                       21
<PAGE>

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

                  SECTION 3.22 Representations and Warranties by the Issuer to
 the Indenture Trustee. The Issuer hereby represents and warrants to the
 Indenture Trustee as follows:

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

                  (b) All Filings Made. All filings (including, without
 limitation, Uniform Commercial Code filings) necessary in any jurisdiction to
 give the Indenture Trustee, upon the acquisition by the Issuer of any Eligible
 Receivable, a first priority perfected security interest in such Eligible
 Receivable have been made.

                                   ARTICLE IV
                           SATISFACTION AND DISCHARGE

                  SECTION 4.1 Satisfaction and Discharge of Indenture. This
 Indenture shall cease to be of further effect with respect to the Notes except
 as to: (i) rights of registration of transfer and exchange; (ii) substitution
 of mutilated, destroyed, lost or stolen Notes; (iii) rights of Noteholders to
 receive payments of principal thereof and interest thereon; (iv) Sections 3.3,
 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.19 and 3.21; (v) the rights, obligations and
 immunities of the Indenture Trustee hereunder (including the rights of the
 Indenture Trustee under Section 6.7 and the obligations of the Indenture
 Trustee under Sections 4.2 and 4.4); and (vi) the rights of Noteholders as
 beneficiaries hereof with respect to the property so deposited with the
 Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
 demand of and at the expense of the Issuer, shall execute proper instruments
 acknowledging satisfaction and discharge of this Indenture with respect to the
 Notes, if:

                  (a)      either:

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

                                       22
<PAGE>

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

                           (A)  have become due and payable,

                           (B)  will be due and payable on their respective
          stated final maturity dates within one year, or

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

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

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

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

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

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

                                       23
<PAGE>

                  SECTION 4.4 Duration of Position of Indenture Trustee.
 Notwithstanding the earlier payment in full of all principal and interest due
 to all Noteholders under the terms of the Notes of each Series and the
 cancellation of such Notes pursuant to Section 3.1, the Indenture Trustee shall
 continue to act in the capacity as Indenture Trustee hereunder to the benefit
 of the Certificateholders and the Indenture Trustee, for the benefit of the
 Certificateholders, shall comply with its obligations under Sections 6.1(a),
 8.2 and 8.3 of the Trust Sale and Servicing Agreement, as appropriate, until
 such time as all distributions due to the Certificateholders have been paid in
 full.

                                    ARTICLE V
                              DEFAULT AND REMEDIES

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

                  (a) failure to pay any interest on any Note as and when the
same becomes due and payable, and such default shall continue unremedied for a
period of 5 days; or

                  (b) except as set forth in Section 5.1(c), failure to pay any
 installment of the principal of any Note as and when the same becomes due and
 payable, and such default continues unremedied for a period of 5 days after
 there shall have been given, by registered or certified mail, written notice
 thereof to the Servicer by the Indenture Trustee or to the Servicer and the
 Indenture Trustee by the Holders of not less than 25% of the aggregate
 outstanding principal amount of the Notes, a written notice specifying such
 default and demanding that it be remedied and stating that such notice is a
 "Notice of Default" hereunder; or

                  (c) failure to pay in full the unpaid principal balance
attributable to any Series of Notes on or prior to the Final Maturity Date for
such Series or class; or

                  (d) default in the observance or performance in any material
 respect of any covenant or agreement of the Issuer made in this Indenture
 (other than a covenant or agreement, a default in the observance or performance
 of which is specifically dealt with elsewhere in this Section 5.1) which
 failure materially and adversely affects the rights of the Noteholders, and
 such default shall continue or not be cured for a period of 30 days after there
 shall have been given, by registered, certified or overnight mail or by hand
 delivery, to the Issuer and the Transferor (or the Servicer, as applicable) by
 the Indenture Trustee or to the Issuer and the Transferor (or the Servicer, as
 applicable) and the Indenture Trustee by the Holders of at least 25% of the
 aggregate outstanding principal amount of the Notes, a written notice
 specifying such default and requiring it to be remedied and stating that such
 notice is a "Notice of Default" hereunder; or

                                       24
<PAGE>

                  (e) the filing of an order for relief by a court having
 jurisdiction in the premises in respect of the Issuer or any substantial part
 of the Trust Estate in an involuntary case under the Bankruptcy Code, and such
 order shall have continued undischarged or unstayed for a period of 90 days; or
 the filing of a decree or order by a court having jurisdiction in the premises
 approving as properly filed a petition seeking reorganization, arrangement,
 adjustment or composition of the Issuer under any other Insolvency Law, and
 such decree or order shall have continued undischarged or unstayed for a period
 of 90 days; or the filing of a decree or order of a court having jurisdiction
 in the premises appointing a receiver, liquidator, assignee, custodian,
 trustee, sequestrator or similar official of the Issuer or for any substantial
 part of the Trust Estate, or ordering the winding-up or liquidation of the
 Issuer's affairs, and such decree or order shall have continued undischarged
 and unstayed for a period of 90 consecutive days; or

                  (f) the commencement by the Issuer of a voluntary case under
 the Bankruptcy Code; or the filing of a petition or answer or consent by the
 Issuer seeking reorganization, arrangement, adjustment or composition under any
 other Insolvency Law, or consent to the filing of any such petition, answer or
 consent; or the consent by the Issuer to the appointment or taking possession
 by a receiver, liquidator, assignee, custodian, trustee, sequestrator or
 similar official of the Issuer or for any substantial part of the Trust Estate,
 or the making by the Issuer of an assignment for the benefit of creditors, or
 the admission in writing of its inability to pay its debts generally as such
 debts become due; or

                  (g) any other event designated as such in a Series Supplement.

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

                  SECTION 5.2 Acceleration of Maturity; Rescission and
Annulment.

                  (a) If an Event of Default with respect to any Series of Notes
 should occur and be continuing, then and in every such case, unless the
 principal amount of the Notes shall have already become due and payable, either
 the Indenture Trustee or the Holders of Notes representing not less than a
 majority of the principal amount of the then outstanding Controlling Class for
 that Series of Notes may declare the principal of those Notes to be immediately
 due and payable, by a notice in writing to the Issuer (and to the Indenture
 Trustee if given by the Noteholders) setting forth the Event or Events of
 Default, and upon any such declaration the unpaid principal amount of such
 Notes, together with accrued and unpaid interest thereon through the date of
 acceleration, shall become immediately due and payable. Such declaration will
 constitute an Early Amortization Event for that Series and may be rescinded as
 set forth in Section 5.2(b).

                  (b) At any time after such declaration of acceleration of
 maturity has been made and before a judgment or decree for payment of the money
 due has been obtained by the Indenture Trustee as hereinafter provided in this
 Article V, the Holders of Notes representing a majority of the principal amount

                                       25
<PAGE>

 of the Notes of the Controlling Class, by written notice to the Issuer and the
 Indenture Trustee, may rescind and annul such declaration and its consequences;
 provided, however, that no such rescission and annulment shall extend to or
 affect any subsequent Event of Default or impair any right consequent thereto;
 and provided, further, that if the Indenture Trustee shall have proceeded to
 enforce any right under this Indenture and such proceedings shall have been
 discontinued or abandoned because of such rescission and annulment or for any
 other reason, or shall have been determined adversely to the Indenture Trustee,
 then and in every such case, the Indenture Trustee, the Issuer and the
 Noteholders, as the case may be, shall be restored to their respective former
 positions and rights hereunder, and all rights, remedies and powers of the
 Indenture Trustee, the Issuer and the Noteholders, as the case may be, shall
 continue as though no such proceedings had been commenced.

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

                  (a) The Issuer covenants that if there shall occur an Event of
 Default under Sections 5.1(a), (b) or (c) that has not been waived pursuant to
 Section 5.12, then the Issuer shall, upon demand of the Indenture Trustee, pay
 to the Indenture Trustee, for the ratable benefit of the parties to receive
 such amounts pursuant to the terms of this Indenture, the entire amount then
 due and payable on the Notes for principal and interest, with interest upon the
 overdue principal for each Series of Notes, at the rate borne by such Notes and
 in addition thereto such further amount as shall be sufficient to cover the
 costs and expenses of collection, including any fees and Variable Funding
 Increased Cost Amounts, the reasonable compensation, expenses, disbursements
 and advances of the Indenture Trustee and its agents and counsel, with all such
 amounts applied as described in clause SECOND of Section 5.4(b).

                  (b) The Indenture Trustee, following the occurrence of an
 Event of Default, shall have full right, power and authority to take, or defer
 from taking, any and all acts with respect to the administration, maintenance
 or disposition of the collateral, including the exercise of any remedies
 specified in Sections 5.3 and 5.4.

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

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

                                       26
<PAGE>

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

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

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

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

                           (iv) to file such proofs of claim and other papers or
          documents as may be necessary or advisable in order to have the claims
          of the Indenture Trustee or the Holders of Notes allowed in any
          judicial proceedings relative to the Issuer, its creditors and its
          property; and any trustee, receiver, liquidator, custodian or other
          similar official in any such Proceeding is hereby authorized by each
          of such Noteholders to make payments to the Indenture Trustee, and, if
          the Indenture Trustee shall consent to the making of payments directly
          to such Noteholders, to pay to the Indenture Trustee such amounts as
          shall be sufficient to cover reasonable compensation to the Indenture
          Trustee, each predecessor trustee and their respective agents,
          attorneys and counsel, and all other expenses and liabilities
          incurred, and all advances made, by the Indenture Trustee and each
          predecessor trustee except as a result of negligence or bad faith.

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

                                       27
<PAGE>

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

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

                  SECTION 5.4 Remedies; Priorities.

                  (a) If an Event of Default shall have occurred and be
continuing and the Notes have been accelerated under Section 5.2(a), the
Indenture Trustee may (but shall not be required to) do one or more of the
following (subject to Section 5.5):

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

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

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

                           (iv) sell the portions of the related Trust Estate
          allocated to that Series, or any portion thereof or rights or interest
          therein, at one or more public or private sales called and conducted
          in any manner permitted by law or elect to have the Issuer maintain
          possession of the Trust Estate, including the Receivables included
          therein, and continue to apply Collections on such Receivables as if
          there had been no declaration of acceleration (although the Early
          Amortization Period commenced by that declaration shall continue
          unless the declaration is rescinded); provided, however, that the
          Indenture Trustee may not sell or otherwise liquidate an interest in
          the Trust Estate following an Event of Default and acceleration of the
          Notes, unless (A) the Holders of all of the outstanding Notes of the
          affected Series consent thereto, (B) the proceeds of such sale or
          liquidation distributable to the Securityholders are sufficient to
          discharge in full the principal of and the accrued interest on the
          Notes of the affected Series as of the date of such sale or
          liquidation or (C) (i) there has been an Event of Default under
          Section 5.1(a), (b) or (c) or otherwise arising from a failure to make
          a required payment of principal on any Notes, (ii) the Indenture
          Trustee determines that the Trust Estate is reasonably unlikely to
          provide sufficient funds for the payment of principal of and interest
          on the Notes as and when they would have become due if the Notes had
          not been declared due and payable and (iii) the Indenture Trustee
          obtains

                                       28
<PAGE>

          the consent of Holders of a majority of the aggregate outstanding
          principal amount of the Controlling Class of such Series of Notes. In
          determining such sufficiency or insufficiency with respect to clauses
          (B) and (C), the Indenture Trustee may, but need not, obtain and rely
          upon an opinion of an Independent investment banking or accounting
          firm of national reputation as to the feasibility of such proposed
          action and as to the sufficiency of the Trust Estate for such purpose.

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

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

                           SECOND: to the Collection Account for distribution
          pursuant to Section 4.3(d) of the Trust Sale and Servicing Agreement,
          with such amounts being deemed to be Principal Collections and
          Non-Principal Collections in the same proportion as (x) the
          outstanding principal balance of the Notes bears to (y) the sum of the
          accrued and unpaid interest on the Notes and other fees and expenses
          payable in connection therewith under the applicable Series Supplement
          (and, if any Series of Notes has Enhancements, the amount unpaid under
          such Enhancements). Repayment in full of the accrued interest on and
          unpaid principal balance of the Notes of that Series will be made
          prior to any further distribution on the subordinated portion of the
          Certificates.

                  (c) Notwithstanding the foregoing, if an Event of Default
 shall have occurred and be continuing and the Notes of any Series shall have
 been accelerated under Section 5.2(a) and the Final Maturity Date for such
 Series of Note shall have occurred, on the first Payment Date thereafter, the
 Indenture Trustee will sell or cause to be sold on such Payment Date such
 Principal Receivables (or interests therein) in the amount and manner described
 in the related Series Supplement; provided, however, that in no event shall the
 amount of Principal Receivables sold exceed the Series Allocation Percentage
 for that Series (for the Collection Period in which such Payment Date occurs)
 of Principal Receivables on such Payment Date. The proceeds from such sale,
 shall be immediately deposited into the applicable Principal Funding Account or
 such other Trust Account as shall be specified in the related Series Supplement
 and shall be allocated and distributed to the Noteholders of such Series in
 accordance with the terms of the related Series Supplement.

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

                                       29
<PAGE>

 to the feasibility of such proposed action and as to the sufficiency of the
 Trust Estate for such purpose.

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

                  (a) such Holder's Note is in the Controlling Class;

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

                  (c) the Holders of not less than 25% in aggregate principal
 amount of the outstanding Notes of the Controlling Class have made written
 request to the Indenture Trustee to institute such Proceeding in respect of
 such Event of Default in its own name as Indenture Trustee hereunder;

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

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

                  (f) no direction inconsistent with such written request has
 been given to the Indenture Trustee during such 60-day period by the Holders of
 a majority of the Outstanding Amount of the Notes; it being understood and
 intended that no one or more Holders of Notes shall have any right in any
 manner whatever by virtue of, or by availing of, any provision of this
 Indenture to affect, disturb or prejudice the rights of any other Holders of
 Notes or to obtain or to seek to obtain priority or preference over any other
 Holders of Notes or to enforce any right under this Indenture, except in the
 manner herein provided and for the equal, ratable and common benefit of all
 holders of Notes. For the protection and enforcement of the provisions of this
 Section 5.6, each and every Noteholder shall be entitled to such relief as can
 be given either at law or in equity.

                  If the Indenture Trustee shall receive conflicting or
 inconsistent requests and indemnity from two or more groups of Holders of
 Notes, each representing less than a majority of the aggregate principal amount
 of the outstanding Notes, the Indenture Trustee in its sole discretion may
 determine what action, if any, shall be taken, notwithstanding any other
 provisions of this Indenture.

                                       30
<PAGE>

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

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

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

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

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

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

                                       31
<PAGE>

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

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

                  (d) the Indenture Trustee may take any other action deemed
 proper by the Indenture Trustee that is not inconsistent with such direction;
 provided, however, that, subject to Section 6.1, the Indenture Trustee need not
 take any action that it determines might cause it to incur any liability (y)
 with respect to which the Indenture Trustee shall have reasonable grounds to
 believe that adequate indemnity against such liability is not assured to it and
 (z) which might materially adversely affect the rights of any Noteholders not
 consenting to such action.

                  SECTION 5.12 Waiver of Past Defaults.

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

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

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

                  (a) any Proceeding instituted by the Indenture Trustee;

                                       32
<PAGE>

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

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

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

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

                  SECTION 5.16 Performance and Enforcement of Certain
Obligations.

                  (a) Promptly following a request from the Indenture Trustee to
 do so and at the Administrator's expense, the Issuer agrees to take all such
 lawful action as the Indenture Trustee may request to compel or secure the
 performance and observance by the Transferor and the Servicer of their
 respective obligations to the Issuer under or in connection with the Trust Sale
 and Servicing Agreement and the Receivables Purchase Agreement or by World Omni
 of its obligations under or in connection with the Receivables Purchase
 Agreement in accordance with the terms thereof, and to exercise any and all
 rights, remedies, powers and privileges lawfully available to the Issuer under
 or in connection with the Trust Sale and Servicing Agreement to the extent and
 in the manner directed by the Indenture Trustee, including the transmission of
 notices of default on the part of the Transferor or the Servicer thereunder and
 the institution of legal or administrative actions or proceedings to compel or
 secure performance by the Transferor or the Servicer of each of their
 obligations under the Trust Sale and Servicing Agreement.

                  (b) If an Event of Default has occurred and is continuing, the
 Indenture Trustee may, and, at the direction (which direction shall be in
 writing or by telephone (confirmed in writing promptly thereafter)) of the
 Holders of 66-2/3% of the outstanding Notes of any outstanding Series shall,
 exercise all rights, remedies, powers, privileges and claims of the Issuer
 against the Transferor or the Servicer under or in connection with the Trust
 Sale and Servicing Agreement, including the right or power to take any action
 to compel or secure performance or observance by the Transferor or the Servicer
 of each of their obligations to the Issuer thereunder and to give any consent,
 request,

                                       33
<PAGE>

 notice, direction, approval, extension or waiver under the Trust Sale and
 Servicing Agreement, and any right of the Issuer to take such action shall be
 suspended.

                  (c) Promptly following a request from the Indenture Trustee to
 do so and at the Administrator's expense, the Issuer agrees to take all such
 lawful action as the Indenture Trustee may request to compel or secure the
 performance and observance by World Omni and the Servicer of each of their
 obligations to the Transferor under or in connection with the Receivables
 Purchase Agreement in accordance with the terms thereof, and to exercise any
 and all rights, remedies, powers and privileges lawfully available to the
 Issuer under or in connection with the Receivables Purchase Agreement to the
 extent and in the manner directed by the Indenture Trustee, including the
 transmission of notices of default on the part of the Transferor thereunder and
 the institution of legal or administrative actions or proceedings to compel or
 secure performance by World Omni and the Servicer of each of their obligations
 under the Receivables Purchase Agreement.

                  (d) If an Event of Default has occurred and is continuing, the
 Indenture Trustee may, and, at the direction (which direction shall be in
 writing or by telephone (confirmed in writing promptly thereafter)) of the
 Holders of 66-2/3% of the outstanding Notes of any outstanding Series shall,
 exercise all rights, remedies, powers, privileges and claims of the Transferor
 against World Omni and the Servicer under or in connection with the Receivables
 Purchase Agreement, including the right or power to take any action to compel
 or secure performance or observance by World Omni and the Servicer of each of
 their obligations to the Transferor thereunder and to give any consent,
 request, notice, direction, approval, extension or waiver under the Receivables
 Purchase Agreement, and any right of the Transferor to take such action shall
 be suspended.

                  SECTION 5.17 Early Amortization Events. An Early Amortization
 Event for any Series of Notes shall be any of the events so defined in the
 Series Supplement relating to a Series of Notes, as well as the following
 events:

                  (a) a failure by the Transferor to convey Receivables in
 Additional Accounts to the Trust within 15 Business Days after the day on which
 it is required to convey such Receivables;

                  (b) the Transferor or the Servicer shall file a petition
 commencing a voluntary case under any chapter of the federal bankruptcy laws;
 or the Transferor or the Servicer shall file a petition or answer or consent
 seeking reorganization, arrangement, adjustment, or composition under any other
 similar applicable federal law, or shall consent to the filing of any such
 petition, answer, or consent; or the Transferor or the Servicer shall appoint,
 or consent to the appointment of, a custodian, receiver, liquidator, trustee,
 assignee, sequestrator or other similar official in bankruptcy or insolvency of
 it or of any substantial part of its property; or the Transferor or the
 Servicer shall make an assignment for the benefit of creditors, or shall admit
 in writing its inability to pay its debts generally as they become due;

                                       34
<PAGE>

                  (c) any order for relief against the Transferor or the
 Servicer shall have been entered by a court having jurisdiction in the premises
 under any chapter of the federal bankruptcy laws, and such order shall have
 continued undischarged or unstayed for a period of 60 days; or a
 decree or order by a court having jurisdiction in the premises shall have been
 entered approving as properly filed a petition seeking reorganization,
 arrangement, adjustment, or composition of the Transferor or the Servicer under
 any other similar applicable federal law, and such decree or order shall have
 continued undischarged or unstayed for a period of 120 days; or a decree or
 order of a court having jurisdiction in the premises for the appointment of a
 custodian, receiver, liquidator, trustee, assignee, sequestrator, or other
 similar official in bankruptcy or insolvency of the Transferor or the Servicer
 or of any substantial part of its property or for the winding up or liquidation
 of its affairs, shall have been entered, and such decree or order shall have
 remained in force undischarged or unstayed for a period of 120 days;

                  (d) World Omni or Toyota shall file a petition commencing a
 voluntary case under any chapter of the federal bankruptcy laws; or World Omni
 or Toyota shall file a petition or answer or consent seeking reorganization,
 arrangement, adjustment, or composition under any other similar applicable
 federal law, or shall consent to the filing of any such petition, answer, or
 consent; or World Omni or Toyota shall appoint, or consent to the appointment
 of, a custodian, receiver, liquidator, trustee, assignee, sequestrator or other
 similar official in bankruptcy or insolvency of it or of any substantial part
 of its property; or World Omni or Toyota shall make an assignment for the
 benefit of creditors, or shall admit in writing its inability to pay its debts
 generally as they become due;

                  (e) any order for relief against World Omni or Toyota shall
 have been entered by a court having jurisdiction in the premises under any
 chapter of the federal bankruptcy laws, and such order shall have continued
 undischarged or unstayed for a period of sixty (60) days; or a decree or order
 by a court having jurisdiction in the premises shall have been entered
 approving as properly filed a petition seeking reorganization, arrangement,
 adjustment, or composition of World Omni or Toyota under any other similar
 applicable state or federal law, and such decree or order shall have continued
 undischarged or unstayed for a period of one hundred and twenty (120) days; or
 a decree or order of a court having jurisdiction in the premises for the
 appointment of a custodian, receiver, liquidator, trustee, assignee,
 sequestrator, or other similar official in bankruptcy or insolvency of World
 Omni or Toyota or of any substantial part of its property, or for the winding
 up or liquidation of its affairs, shall have been entered, and such decree or
 order shall have remained in force undischarged or unstayed for a period of one
 hundred and twenty (120) days; or

                  (f) the Trust or the Transferor shall become an "investment
 company" within the meaning of the Investment Company Act.

          Immediately upon the occurrence of any event described above or in the
 related Series Supplement for a Series of Notes, subject to applicable law and
 any other condition specified in the related Series Supplement, and after the
 applicable grace period, if any, an amortization event (an "Early Amortization
 Event") shall occur without any notice or other action on the part of any party
 solely with respect to the affected Series.

                                       35
<PAGE>

                  SECTION 5.18 Investment Event. An Investment Event for any
 Series of Notes shall be any of the events so defined in the Series Supplement
 relating to the Series of Notes.

                                   ARTICLE VI
                              THE INDENTURE TRUSTEE

                  SECTION 6.1 Duties of Indenture Trustee.

                  (a) If an Event of Default has occurred and is continuing of
 which a Responsible Officer of the Indenture Trustee has actual knowledge, the
 Indenture Trustee shall exercise the rights and powers vested in it by this
 Indenture and use the same degree of care and skill in their exercise as a
 prudent person would exercise or use under the circumstances in the conduct of
 such person's own affairs, including without limitation, continuing to hold the
 Trust Estate and receive collections on the Receivables included therein as
 provided in the Trust Sale and Servicing Agreement.

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

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

                           (ii) in the absence of bad faith on its part, the
          Indenture Trustee may conclusively rely, as to the truth of the
          statements and the correctness of the opinions expressed therein, upon
          certificates or opinions furnished to the Indenture Trustee and
          conforming to the requirements of this Indenture; provided, however,
          that the Indenture Trustee shall examine the certificates and opinions
          to determine whether or not they conform to the requirements of this
          Indenture (but need not confirm or investigate the accuracy of any
          mathematical calculations or other facts stated therein).

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

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

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

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

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

                                       36
<PAGE>

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

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

                  (g) The Indenture Trustee shall have no discretionary duties
 other than performing those ministerial acts set forth above necessary to
 accomplish the purpose of the Trust as set forth in this Indenture.

                  (h) Every provision of this Indenture relating to the
 Indenture Trustee shall be subject to the provisions of this Section 6.1 and,
 if the Indenture is or is required to be qualified under this TIA, to the
 provisions of the TIA.

                  SECTION 6.2 Rights of Indenture Trustee.

                  (a) The Indenture Trustee may conclusively rely and shall be
 fully protected in acting or refraining from acting on any document believed by
 it to be genuine and to have been signed or presented by the proper Person. The
 Indenture Trustee shall not be bound to make any investigation into any fact or
 matter stated in any resolution, certificate, statement, instrument, opinion,
 report, notice, request, consent, order, approval, bond or other paper or
 document.

                  (b) Before the Indenture Trustee acts or refrains from acting,
 it may require an Officer's Certificate from the Issuer or an Opinion of
 Counsel that such action or omission is required or permitted hereunder. The
 Indenture Trustee shall not be liable for any action it takes or omits to take
 in good faith in reliance on such Officer's Certificate or Opinion of Counsel.

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

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

                  (e) The Indenture Trustee may consult with counsel, and the
 advice or opinion of counsel with respect to legal matters relating to this
 Indenture and the Notes shall be full and

                                       37
<PAGE>

 complete authorization and protection from liability in respect to any action
 taken, omitted or suffered by it hereunder in good faith and in accordance with
 the advice or opinion of such counsel.

                  (f) The Indenture Trustee shall not be under any obligation to
 take any action that is discretionary under the provisions of this Indenture.

                  (g) The Indenture Trustee shall not be charged with knowledge
 of any default or event of default unless either (i) a Responsible Officer of
 the Indenture Trustee shall have actual knowledge or (ii) the Indenture Trustee
 shall have received written notice thereof from the Issuer or a Holder.

                  (h) The Indenture Trustee shall have no duty to monitor the
 performance of the Issuer nor shall it have any liability (in its capacity as
 Indenture Trustee) in connection with the malfeasance or nonmalfeasance by the
 Issuer. The Indenture Trustee shall have no liability in connection with
 compliance by the Issuer with statutory or regulatory requirements related to
 the Collateral. The Indenture Trustee shall not make or be deemed to have made
 any representations or warranties with respect to the Collateral or adequacy
 thereof or the validity or sufficiency of any assignment of the Collateral to
 the Indenture Trustee.

                  (i) Except as otherwise explicitly set forth in this
 Indenture, the Indenture Trustee shall have no duty or obligation, implied or
 otherwise, to (i) attend any meetings of the Issuer's management or membership,
 (ii) inspect the accounts or books and records of the Issuer, (iii) otherwise
 insure that the Noteholders remain informed about the business of the Issuer or
 (iv) furnish to the Noteholders any information from the Issuer by the
 Indenture Trustee.

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

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

                  SECTION 6.5 Notice of Defaults. If a Default occurs and is
 continuing and if it is actually known to a Responsible Officer of the
 Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice
 of the Default within 60 days after obtaining actual knowledge of the
 occurrence thereof. Except in the case of a Default in payment of principal of
 or interest on any

                                       38
<PAGE>

 Note, the Indenture Trustee may withhold the notice if and so long as a
 committee of its Responsible Officers in good faith determines that withholding
 the notice is in the interests of Noteholders.

                  SECTION 6.6 Reports by Indenture Trustee to Holders. The
 Indenture Trustee shall deliver to each Noteholder the information and
 documents set forth in Article VII, and, in addition, all such information with
 respect to the Notes as may be required by the terms of the Trust Sale and
 Servicing Agreement to be provided to Holders by the Indenture Trustee to
 enable such Holder to prepare its federal and state income tax returns within a
 reasonable time after the Servicer has provided the Indenture Trustee with the
 information required by the Indenture Trustee to make such deliveries.

                  SECTION 6.7 Compensation; Indemnity.

                  (a) The Issuer shall pay, out of funds which are otherwise to
 be distributed to the Certificateholders or to be deposited in the Certificate
 Distribution Account, or shall cause the Servicer pursuant to any Series
 Supplement and Section 3.2 of the Trust Sale and Servicing Agreement to pay to
 the Indenture Trustee from time to time such compensation for its services as
 shall be agreed upon in writing. The Indenture Trustee's compensation shall not
 be limited by any law on compensation of a trustee of an express trust. The
 Issuer shall or shall cause the Servicer pursuant to any Series Supplement and
 Section 3.2 of the Trust Sale and Servicing Agreement to reimburse, out of
 funds which are otherwise to be distributed to the Certificateholders or to be
 deposited in the Certificate Distribution Account, the Indenture Trustee for
 all reasonable out-of-pocket expenses incurred or made by it, including costs
 of collection, in addition to the compensation for its services. Such expenses
 shall include the reasonable compensation and expenses, disbursements and
 advances of the Indenture Trustee's agents, counsel, accountants and experts.
 The Issuer shall or shall cause the Servicer pursuant to the Trust Sale and
 Servicing Agreement to indemnify, out of funds which are otherwise to be
 distributed to the Certificateholders or to be deposited in the Certificate
 Distribution Account, against any and all loss, liability or expense (including
 attorneys' fees and expenses) incurred by the Indenture Trustee in accordance
 with Section 6.4 of the Trust Sale and Servicing Agreement. The Indenture
 Trustee shall notify the Servicer promptly of any claim for which it may seek
 indemnity. Failure by the Indenture Trustee to so notify the Issuer shall not
 relieve the Issuer or the Servicer of its obligations hereunder. The Issuer
 shall defend or cause the Servicer to defend any such claim, and the Indenture
 Trustee may have separate counsel and the Issuer shall pay, out of funds which
 are otherwise to be distributed to the Certificateholders or to be deposited in
 the Certificate Distribution Account, or shall cause the Servicer to pay the
 fees and expenses of such counsel.

                  (b) The Issuer's obligation to cause the Servicer to honor the
 Issuer's obligations to the Indenture Trustee specified in Section 6.7(a) shall
 survive the discharge of this Indenture or the earlier resignation or removal
 of the Indenture Trustee. When the Indenture Trustee incurs expenses after the
 occurrence of a Default specified in Section 5.1(e) or (f) with respect to the
 Issuer, if the surviving entity has failed to honor such obligation the
 expenses are intended to constitute expenses of administration under any
 Insolvency Law or under Title 11 of the United States Code.

                                       39
<PAGE>

                  SECTION 6.8 Replacement of Indenture Trustee.

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

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

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

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

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

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

                  (c) A successor Indenture Trustee shall deliver a written
 acceptance of its appointment and designation to the retiring Indenture Trustee
 and to the Issuer. Thereupon the resignation or removal of the retiring
 Indenture Trustee shall become effective, and the successor Indenture Trustee
 shall have all the rights, powers and duties of the Indenture Trustee under
 this Indenture. The successor Indenture Trustee shall mail a notice of its
 succession to Noteholders. The Issuer shall release the resigning Indenture
 Trustee from its obligations hereunder by written instrument. The retiring
 Indenture Trustee shall promptly transfer all property held by it as Indenture
 Trustee to the successor Indenture Trustee.

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

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

                                       40
<PAGE>

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

                  SECTION 6.9 Merger or Consolidation of Indenture Trustee.

                  (a) Any corporation into which the Indenture Trustee may be
 merged or converted or with which it may be consolidated, or any corporation
 resulting from any merger, conversion or consolidation to which the Indenture
 Trustee shall be a party, or any corporation succeeding to all or substantially
 all of the corporate trust business of the Indenture Trustee, shall be the
 successor of the Indenture Trustee under this Indenture; provided, however,
 that such corporation shall be eligible under the provisions of Section 6.11,
 without the execution or filing of any instrument or any further act on the
 part of any of the parties to this Indenture except where an instrument of
 transfer or assignment is required by law to effect such succession, anything
 in this Indenture to the contrary notwithstanding.

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

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

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

                                       41
<PAGE>

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

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

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

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

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

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

                  SECTION 6.11 Eligibility; Disqualification. The Indenture
 Trustee shall at all times satisfy the requirements of TIA ss. 310(a) and
 Section 26(a) of the Investment Company Act. The Indenture Trustee shall have a
 combined capital and surplus, and an aggregate capital, surplus and undivided
 profits, of at least $50,000,000 as set forth in its most recent published
 annual report of condition and (unless waived by Moody's and Standard and
 Poor's) it shall have a long term

                                       42
<PAGE>
 unsecured debt rating of Baa3 or better by Moody's. The Indenture Trustee shall
 comply with TIA ss. 310(b); provided, however, that there shall be excluded
 from the operation of TIA ss. 310(b)(1) any indenture or indentures under which
 other securities of the Issuer are outstanding if the requirements for such
 exclusion set forth in TIA ss. 310(b)(1) are met.

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

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

                 (a) the Indenture Trustee is an Illinois banking corporation
 and satisfies the eligibility requirements set forth in Section 6.11;

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

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

                  (d) the execution, delivery and performance by the Indenture
 Trustee of this Indenture shall not require the authorization, consent or
 approval of, the giving of notice to, the filing or registration with, or the
 taking of any other action in respect of, any Governmental Authority or agency
 regulating the banking and corporate trust activities of the Indenture Trustee;
 and

                  (e) this Indenture has been duly executed and delivered by the
 Indenture Trustee and constitutes the legal, valid and binding agreement of the
 Indenture Trustee, enforceable in accordance with its terms.

                  (f) The Indenture Trustee certifies that (a) its principal
 place of business is outside the State of Florida, and it has no place of
 business or assets in the State of Florida; (b) its usual place of business
 where books and records pertaining to the Indenture will be kept is outside

                                       43
<PAGE>

 the State of Florida; (c) it has a division that is licensed to sell municipal
 bonds in the State of Florida, but it has no offices located in the State of
 Florida to sell the municipal bonds or provide banking and trustee services,
 and files no tax returns with the State of Florida; (d) it has employees
 employed within the State of Florida who provide services to an affiliate of
 the Indenture Trustee, but who in no event manage or control assets of the
 Indenture Trustee, and it does not engage in any material actions on behalf of
 the Indenture Trustee in the State of Florida; and (f) it is not organized
 under the laws of the State of Florida. The Indenture Trustee will certify the
 above by September 30 each year this Agreement is in effect by providing an
 Officer's Certificate in the form of Exhibit C attached hereto. Additionally,
 the Indenture Trustee certifies and agrees that it will promptly notify the
 Issuer if any of the above changes.

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

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

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

                                       44
<PAGE>

                                   ARTICLE VII
                         NOTEHOLDERS' LISTS AND REPORTS

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

                  SECTION 7.2 Preservation of Information, Communications to
 Noteholders.

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

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

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

                  SECTION 7.3 Reports by Issuer.

                  (a)      The Issuer shall:

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

                           (ii) file with the Indenture Trustee and the
          Commission or any applicable state agencies in accordance with rules
          and regulations prescribed from time to time by the Commission or any
          applicable state agencies such additional information, documents and

                                       45
<PAGE>

          reports with respect to compliance by the Issuer with the conditions
          and covenants of this Indenture as may be required from time to time
          by such rules and regulations; and

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

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

                  SECTION 7.4 Reports by Indenture Trustee.

                  (a) If required by TIA ss. 313(a), within 60 days after each
 May 1, beginning with May 1, 2000, the Indenture Trustee shall mail to each
 Noteholder as required by TIA ss. 313(c) a brief report dated as of such date
 that complies with TIA ss. 313(a). If the Indenture is or is required to be
 qualified under the TIA, the Indenture Trustee also shall comply with TIA ss.
 313(b). A copy of any report delivered pursuant to this Section 7.4(a) shall,
 at the time of its mailing to Noteholders, be filed by the Indenture Trustee
 with the Commission, if required by applicable rules, and each stock exchange,
 if any, on which the Notes are listed. The Issuer shall notify the Indenture
 Trustee in writing if and when the Notes are listed on any stock exchange. The
 report contemplated by this Section 7.4(a) shall include the following
 information concerning the Indenture Trustee:

                           (i)  its eligibility and qualifications to continue
          as Indenture Trustee under this Indenture;

                           (ii) any amounts advanced by the Indenture Trustee
          under this Indenture;

                           (iii) the amount, interest rate and maturity date of
          specified indebtedness owing by the Issuer to the Indenture Trustee in
          its individual capacity;

                           (iv) the property and funds physically held by the
          Indenture Trustee as trustee; and

                           (v) any action taken by the Indenture Trustee that
          materially affects the Notes and that has not been previously
          reported.

                  (b) On each Payment Date, the Indenture Trustee shall include
 with each payment to each Noteholder a copy of the statement for the Collection
 Period or Periods applicable to such Payment Date as required pursuant to
 Section 3.4 of the Trust Sale and Servicing Agreement provided, the Servicer
 has provided the Indenture Trustee with such information as required.

                                       46
<PAGE>

                                  ARTICLE VIII
                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

                  SECTION 8.2 Trust Accounts; Allocations; Payments.

                  (a) On or prior to the Closing Date, the Issuer shall cause
 the Servicer to establish and maintain, in the name of the Indenture Trustee,
 for the benefit of the Noteholders, the Trust Accounts as provided in any
 Series Supplement and Section 4.2 of the Trust Sale and Servicing Agreement (or
 with respect to any Trust Account for any Series of Notes issued after the
 Closing Date, on or prior to the closing date with respect to such Series of
 Notes).

                  (b) Subject to and in accordance with Section 8.2(c),
 collections of Non-Principal Receivables and Principal Receivables, Defaulted
 Receivables and Miscellaneous Payments will be allocated to each Series from
 and after the related Series Cut-Off Date on the basis of the Series Allocable
 Non-Principal Collections, Series Allocable Principal Collections, Series
 Allocable Defaulted Amount and Series Allocable Miscellaneous Payments for such
 Series, respectively, and amounts so allocated to any Series will not, except
 as specified in the related Supplement, be available to the Noteholders of any
 other Series. Allocations thereof among the Series in any group and among the
 Classes in any Series and between the Noteholders and the Certificateholders
 shall be set forth in the related Supplement or Supplements; provided, however,
 that collections of Non- Principal Receivables and Principal Receivables,
 Defaulted Receivables and Miscellaneous Payments shall not be allocated to any
 Excluded Series until the Invested Amount of the Series relating to the
 Excluded Series is reduced to zero.

                  (c) For purposes of determining the Series Allocation
 Percentage for any Series in connection with the allocation of Non-Principal
 Receivables and Principal Receivables, Defaulted Receivables and Miscellaneous
 Payments for the specified Collection Period:

                           (i) unless the related Supplement shall provide
          otherwise, each Series upon issuance, shall be deemed to have been
          created and in existence as of the first day of the Collection Period
          in which the related Series Cut-Off Date falls and, as a result, shall
          be

                                       47
<PAGE>

          allocated (based on its Series Allocation Percentage) its allocable
          portion of Non-Principal Receivables and Principal Receivables,
          Defaulted Receivables and Miscellaneous Payments for such Collection
          Period; and

                           (ii) unless the related Series Supplement shall
          provide otherwise, with respect to any Series, if (x) as of the last
          day of any Collection Period the amounts on deposit in the Collection
          Account and the related Series Accounts are sufficient to pay in full
          the outstanding principal amount, accrued interest and all other
          amounts payable by the Trust (whether or not then due) with respect to
          any such Series of Notes on the Payment Date relating to such
          Collection Period (after giving effect to the allocations,
          distributions, withdrawals and deposits to be made on such related
          Payment Date) then (y) such Series shall be deemed to have been paid
          in full on such last day and, as a result, shall not be allocated any
          portion of Non-Principal Receivables and Principal Receivables,
          Defaulted Receivables and Miscellaneous Payments for any subsequent
          Collection Period. For purposes of making the determination in clause
          (x) above, on the date of any such determination it shall be assumed
          that any theretofore unpaid Adjustment Payments with respect to the
          immediately preceding Collection Period shall be allocated to such
          Series on the related Determination Date and shall be payable from
          amounts allocated to or available with respect to such Series on the
          related Payment Date.

                  (d) On or before the date any distribution is to be made by
 the Indenture Trustee, all amounts required to be disbursed by the Indenture
 Trustee will be deposited by the Indenture Trustee upon receipt into the
 applicable Principal Funding Account or such other Trust Account as shall be
 specified in the related Series Supplement. The Indenture Trustee shall (unless
 otherwise provided in any Series Supplement) allocate the amount deposited into
 such Principal Funding Account and such other Trust Accounts to the extent and
 at the times as provided in the related Series Supplement. The Indenture
 Trustee shall pay amounts to the Holders of such Series to the extent and at
 the times provided in the related Series Supplement.

                  (e) The Indenture Trustee shall allocate amounts deposited in
 a Principal Funding Account for payments of principal on the applicable Series
 of Notes, and pay amounts to the Holders thereof, to the extent and at the
 times provided in the related Series Supplements.

                  (f) Notwithstanding anything to the contrary herein, all
 investment earnings on funds on deposit in the Principal Funding Account, net
 of losses and investment expenses, shall constitute Investment Proceeds and be
 applied as described in the related Series Supplement.

                  (g) Notwithstanding any provision of this Indenture to the
 contrary, for so long as the Transferor is the sole Certificateholder and until
 the Indenture Trustee shall have received written notice from the Trust or the
 Transferor to the contrary, all amounts to be distributed by the Indenture
 Trustee to the Certificateholders or the Certificate Distribution Account shall
 be distributed to the Transferor to the account specified by the Transferor.

                  SECTION 8.3 General Provisions Regarding Trust Accounts.

                                       48
<PAGE>

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

                  (b) If (i) the Servicer shall have failed to give investment
 directions for any funds on deposit in the Trust Accounts to the Indenture
 Trustee by 11:00 a.m., New York City time (or such other time as may be agreed
 by the Servicer and the Indenture Trustee) on any Business Day or (ii) an Event
 of Default shall have occurred and be continuing with respect to the Notes but
 the Notes shall not have been declared due and payable pursuant to Section 5.2,
 or, (iii) if such Notes shall have been declared due and payable following an
 Event of Default, but amounts collected or receivable from the Trust Estate are
 being applied in accordance with Section 5.5 as if there had not been such a
 declaration, then the Indenture Trustee shall, to the fullest extent
 practicable, invest and reinvest funds in the Trust Accounts in Eligible
 Investments specified in clause (j) of the definition thereof.

                  SECTION 8.4 Release of Trust Estate.

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

                  (b) The Indenture Trustee shall, at such time as there are no
 Notes Outstanding and all sums due to the Indenture Trustee pursuant to Section
 6.7 have been paid, notify the Issuer thereof in writing and upon receipt of an
 Issuer Request, release any remaining portion of the Trust Estate that secured
 the Notes from the lien of this Indenture and release to the Issuer or any
 other Person entitled thereto any funds then on deposit in the Collection
 Account, the Excess Funding Account and, except as otherwise specified in the
 related Series Supplement, any other Trust Account. The Indenture Trustee shall
 (i) release any remaining portion of the Trust Estate that secured the
 Certificates from the lien of this Indenture and (ii) release to the Issuer or
 any other Person entitled thereto any funds then on deposit in the Collection
 Account only at such time as (x) there are no Notes Outstanding and (y) all
 sums due to the Indenture Trustee pursuant to Section 6.7 have been paid.

                  SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall
 receive at least seven days' notice when requested by the Issuer to take any
 action pursuant to this Section 8.4, accompanied by copies of any instruments
 involved, and the Indenture Trustee shall also require as a condition to such
 action, an Opinion of Counsel and an Officer's Certificate, in form and
 substance

                                       49
<PAGE>

 satisfactory to the Indenture Trustee, stating the legal effect of any such
 action, outlining the steps required to complete the same, and concluding that
 all conditions precedent to the taking of such action have been complied with
 and such action shall not materially and adversely impair the security for the
 Notes or the rights of the Noteholders in contravention of the provisions of
 this Indenture; provided, however, that such Opinion of Counsel shall not be
 required to express an opinion as to the fair value of the Trust Estate.
 Counsel rendering any such opinion may rely, without independent investigation,
 on the accuracy and validity of any certificate or other instrument delivered
 to the Indenture Trustee pursuant to the provisions of this Indenture in
 connection with any such action.

                  SECTION 8.6 Effect of Fully Funded Date. Following the
 occurrence of the Fully Funded Date for any Series of Notes, Noteholders of
 that Series will no longer have any interest in the Collateral and shall have
 no rights under this Indenture except as set forth in the first paragraph of
 Section 4.1, and all other representations and covenants of the Transferor or
 the Servicer, as applicable, and other provisions set forth below and all
 remedies for breaches thereof, will no longer accrue to the benefit of the
 Noteholders of that Series, in each case, unless the Revolving Period for such
 Series recommences as provided in the related Series Supplement:

                  (a) representations and covenants of the Transferor in
 Sections 2.3 and 2.6 of the Trust Sale and Servicing Agreement, to the extent
 they relate to the Receivables and the Collateral Security;

                  (b) representations and covenants of the Servicer in Section
 3.3 of the Trust Sale and Servicing Agreement, to the extent they relate to the
 Collateral Security;

                  (c) the conditions to exchange of the Transferor Certificate
 in Section 3.4 of the Trust Sale and Servicing Agreement;

                  (d) the conditions to the issuance of a new Series of Notes in
 Section 2.1 of this Indenture;

                  (e) the representations made in Section 2.4 of the Trust Sale
 and Servicing Agreement, to the extent they relate to the Receivables and the
 Collateral Security;

                  (f) the limitations on additions and removals of Accounts in
 Sections 2.5, 2.7 and 2.8 of the Trust Sale and Servicing Agreement; and

                  (g) the obligations of the Servicer to service the Receivables
 under Section 3.1 of the Trust Sale and Servicing Agreement.

          In addition, upon the occurrence of the Fully Funded Date for any
 Series of Notes, no Non- Principal Collections, Principal Collections,
 Defaulted Amount or Miscellaneous Payments will be allocated to that Series,
 unless the Revolving Period with respect thereto recommences as described
 above.

                                       50
<PAGE>

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

                  SECTION 9.1 Supplemental Indentures Without Consent of
Noteholders.

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

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

                           (ii) to evidence the succession, in compliance with
          Section 3.10 and the applicable provisions hereof, of another Person
          to the Issuer, and the assumption by any such successor of the
          covenants of the Issuer contained herein and in the Notes;

                           (iii) to add to the covenants of the Issuer for
          the benefit of the Noteholders;

                           (iv)  to convey, transfer, assign, mortgage or
          pledge any property to or with the Indenture Trustee;

                           (v)   to cure any ambiguity or to correct or
          supplement any provision herein or in any supplemental indenture
          which may be inconsistent with any other provision herein or in any
          supplemental indenture;

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

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

                  (b) The Issuer and the Indenture Trustee, when authorized by
 an Issuer Order, may, also without the consent of any of the Noteholders but
 with prior notice to the Rating

                                       51
<PAGE>

 Agencies, at any time and from time to time enter into one or more indentures
 supplemental hereto for the purpose of adding any provisions to, changing in
 any manner, or eliminating any of the provisions of, this Indenture or
 modifying in any manner the rights of the Noteholders under this Indenture;
 provided, however, that such action shall not, as evidenced by an Officer's
 Certificate, adversely affect in any material respect the interests of any
 Noteholder unless such Noteholders' consent is obtained.

                  SECTION 9.2 Supplemental Indentures With Consent of
Noteholders.

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

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

                           (ii) reduce the percentage of the aggregate
          outstanding principal amount of the Notes, the consent of the Holders
          of which is required for any such supplemental indenture, or the
          consent of the Holders of which is required for any waiver of
          compliance with certain provisions of this Indenture or certain
          defaults hereunder and their consequences as provided for in this
          Indenture;

                           (iii)    impair the right to institute suit for the
          enforcement of specified provisions of this Indenture regarding
          payment;

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

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<PAGE>

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

                           (vi) modify or alter the provisions of the Indenture
          regarding the voting of Notes held by the Issuer, the Transferor or
          any Affiliate of either of them; or

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

                  (b) The Indenture Trustee may in its discretion determine
 whether or not any Notes would be affected (such that the consent of each
 Noteholder would be required) by any supplemental indenture proposed pursuant
 to this Section 9.2 and any such determination shall be conclusive and binding
 upon the Holders of all Notes, whether authenticated and delivered thereunder
 before or after the date upon which such supplemental indenture becomes
 effective. The Indenture Trustee shall not be liable for any such determination
 made in good faith.

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

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

                  SECTION 9.3 Execution of Supplemental Indentures. In
 executing, or permitting the additional trusts created by any supplemental
 indenture permitted by this Article IX or the modifications thereby of the
 trusts created by this Indenture, the Indenture Trustee shall be entitled to
 receive, and subject to Sections 6.1 and 6.2, shall be fully protected in
 relying upon, an Opinion of Counsel and an Officer's Certificate stating that
 the execution of such supplemental indenture is authorized or permitted by this
 Indenture and that all conditions precedent to the execution of any such
 amendment have been satisfied. The Indenture Trustee may, but shall not be
 obligated to, enter into any such supplemental indenture that affects the
 Indenture Trustee's own rights, duties, liabilities or immunities under this
 Indenture or otherwise.

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

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<PAGE>

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

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

                  SECTION 9.6 Reference in Notes to Supplemental Indentures.
 Notes authenticated and delivered after the execution of any supplemental
 indenture pursuant to this Article IX may, and if required by the Indenture
 Trustee shall, bear a notation in form approved by the Indenture Trustee as to
 any matter provided for in such supplemental indenture. If the Issuer or the
 Indenture Trustee shall so determine, new Notes so modified as to conform, in
 the opinion of the Indenture Trustee and the Issuer, to any such supplemental
 indenture may be prepared and executed by the Issuer and authenticated and
 delivered by the Indenture Trustee in exchange for Outstanding Notes of the
 same Series.

                                    ARTICLE X
                               REDEMPTION OF NOTES

                  SECTION 10.1 Redemption.

                  (a) A Series of Notes shall be subject to redemption if and to
the extent provided in the related Series Supplement.

                  (b) Each Series of Notes shall be subject to redemption as set
 forth in this Section 10.1(b). In the event of any breach of any of the
 representations and warranties set forth in Section 2.3 of the Trust Sale and
 Servicing Agreement shall have a material adverse effect on the Noteholders,
 then either the Indenture Trustee or the Holders of Notes evidencing not less
 than a majority in aggregate unpaid principal amount of the Controlling Class
 of each Series of Notes, by written notice to the Issuer and the Indenture
 Trustee may direct the Issuer to redeem all of the Notes then outstanding on
 the second Payment Date following the date of such notice (or such later date
 as may be specified in such notice); provided, however, that no such redemption
 shall be required to be made if on or prior to the earlier of the date the
 Redemption Notice is or is required to be sent to Noteholders, the
 representations and warranties set forth in Section 2.3 of the Trust Sale and
 Servicing Agreement are satisfied in all material respects and any material
 adverse effect on the Noteholders caused thereby shall have been cured. The
 Issuer shall promptly furnish a copy of such notice to the Transferor.

                  (c) The redemption price for any Notes shall be equal to the
 applicable Redemption Price set forth in the related Series Supplement. The
 Issuer shall only be required to redeem Notes if it has available funds
 sufficient to pay such amount. The Issuer shall furnish the

                                       54
<PAGE>

 Rating Agencies notice of any such redemption. If any Notes are to be redeemed
 pursuant to this Section 10.1(a), the Issuer shall furnish notice thereof to
 the Indenture Trustee not later than 10 days prior to the applicable Redemption
 Date and the Issuer shall deposit into the applicable Principal Funding
 Account, on or before the applicable Redemption Date, the aggregate Redemption
 Price of the Notes to be redeemed, whereupon all such Notes shall be due and
 payable on the Redemption Date.

                  SECTION 10.2 Form of Redemption Notice.

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

                  (b)      All notices of redemption shall state:

                           (i)      the applicable Redemption Date;

                           (ii)     the applicable Redemption Price;

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

                           (iv)     the CUSIP number, if applicable; and

                           (v)      the principal amount of Notes to be
          redeemed.

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

                  SECTION 10.3 Notes Payable on Redemption Date.

                  With respect to any Notes, such Notes shall, following notice
 of redemption as required by Section 10.2 (in the case of redemption pursuant
 to Section 10.1), on the applicable Redemption Date cease to be Outstanding for
 purposes of this Indenture and shall thereafter represent only the right to
 receive the applicable Redemption Price and (unless the Issuer shall default in
 the payment of such Redemption Price) no interest shall accrue on such
 Redemption Price for any period after the date to which accrued interest is
 calculated for purposes of calculating such Redemption Price.

                                   ARTICLE XI
                                  MISCELLANEOUS

                  SECTION 11.1 Compliance Certificates and Opinions, etc.

                  (a) Upon any application or request by the Issuer to the
 Indenture Trustee to take any action under any provision of this Indenture, the
 Issuer shall furnish to the Indenture Trustee upon request: (i) an Officer's
 Certificate stating that all conditions precedent, if any, provided for in this
 Indenture relating to the proposed action have been complied with, (ii) an

                                       55
<PAGE>

 Opinion of Counsel stating that in the opinion of such counsel all such
 conditions precedent, if any, have been complied with and (iii) (if required by
 the TIA) an Independent Certificate from a firm of certified public accountants
 meeting the applicable requirements of this Section 11.1, except that, in the
 case of any such application or request as to which the furnishing of such
 documents is specifically required by any provision of this Indenture, no
 additional certificate or opinion need be furnished. Every certificate or
 opinion with respect to compliance with a condition or covenant provided for in
 this Indenture shall include:

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

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

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

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

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

                           (ii) Whenever the Issuer is required to furnish to
          the Indenture Trustee an Officers' Certificate certifying or stating
          the opinion of any signer thereof as to the matters described in
          clause (b)(i) above, the Issuer shall also deliver to the Indenture
          Trustee an

                                       56
<PAGE>

          Independent Certificate as to the same matters, if the fair value to
          the Issuer of the securities to be so deposited and of all other such
          securities made the basis of any such withdrawal or release since the
          commencement of the then current fiscal year of the Issuer, as set
          forth in the certificates delivered pursuant to clause (i) above and
          this clause (b)(ii), is 10% or more of the Outstanding Amount of the
          Notes, but such a certificate need not be furnished with respect to
          any securities so deposited, if the fair value thereof to the Issuer
          as set forth in the related Officers' Certificate is less than $25,000
          or less than one percent of the outstanding Notes.

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

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

                           (v) Notwithstanding Section 2.9 or any other
          provision of this Section 11.1, the Issuer may (A) collect, liquidate,
          sell or otherwise dispose of Receivables and related Collateral
          Security and proceeds of both as and to the extent permitted or
          required by the Basic Documents, (B) make cash payments out of the
          Trust Accounts as and to the extent permitted or required by the Basic
          Documents and (C) take any other action not inconsistent with the TIA
          so long as the Indenture is or is required to be qualified under the
          TIA.

                  SECTION 11.2 Form of Documents Delivered to Indenture Trustee.

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

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

                                       57
<PAGE>

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

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

                  SECTION 11.3 Acts of Noteholders.

                  (a) Any request, demand, authorization, direction, notice,
 consent, waiver or other action provided by this Indenture to be given or taken
 by Noteholders or a Series of Noteholders may be embodied in and evidenced by
 one or more instruments of substantially similar tenor signed by such
 Noteholders in person or by agents duly appointed in writing and shall be
 subject to Section 5.11 hereof; and except as herein otherwise expressly
 provided such action shall become effective when such instrument or instruments
 are delivered to the Indenture Trustee, and, where it is hereby expressly
 required, to the Issuer. Such instrument or instruments (and the action
 embodied therein and evidenced thereby) are herein sometimes referred to as the
 "Act" of the Noteholders signing such instrument or instruments. Proof of
 execution of any such instrument or of a writing appointing any such agent
 shall be sufficient for any purpose of this Indenture and (subject to Section
 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in
 the manner provided in this Section 11.3.

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

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

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

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<PAGE>

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

                  (a) the Indenture Trustee by any Noteholder or by the Issuer
 shall be sufficient for every purpose hereunder if made, given, furnished or
 filed in writing to or with the Indenture Trustee at its Corporate Trust
 Office, or

                  (b) the Issuer by the Indenture Trustee or by any Noteholder
 shall be sufficient for every purpose hereunder if in writing and either sent
 by electronic facsimile transmission (with hard copy to follow via first class
 mail) or mailed, by certified mail, return receipt requested, or by overnight
 mail to the Issuer and the Owner Trustee each at the address specified in
 Appendix B to the Trust Sale and Servicing Agreement.

                  The Issuer shall promptly transmit any notice received by it
 from the Noteholders to the Indenture Trustee and the Indenture Trustee shall
 likewise promptly transmit any notice received by it from the Noteholders to
 the Issuer.

                  (c) Notices required to be given to the Rating Agencies by the
 Issuer, the Indenture Trustee or the Owner Trustee shall be delivered as
 specified in Appendix B to the Trust Sale and Servicing Agreement.

                  SECTION 11.5 Notices to Noteholders; Waiver.

                  (a) Where this Indenture provides for notice to Noteholders of
any condition or event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if it is in writing and mailed,
first-class, postage prepaid to each Noteholder affected by such event, at such
Person's address as it appears on the Note Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such
notice. If notice to Noteholders is given by mail, neither the failure to mail
such notice nor any defect in any notice so mailed to any particular Noteholder
shall affect the sufficiency of such notice with respect to other Noteholders,
and any notice that is mailed in the manner herein provided shall conclusively
be presumed to have been duly given regardless of whether such notice is in fact
actually received.

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

                  (c) In case, by reason of the suspension of regular mail
 service as a result of a strike, work stoppage or similar activity, it shall be
 impractical to mail notice of any event of Noteholders when such notice is
 required to be given pursuant to any provision of this Indenture, then any
 manner of giving such notice as shall be satisfactory to the Indenture Trustee
 shall be deemed to be a sufficient giving of such notice.

                                       59
<PAGE>

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

                  SECTION 11.6 Alternate Payment and Notice Provisions.

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

                  SECTION 11.7 Conflict with Trust Indenture Act.

                  (a) If any provision hereof limits, qualifies or conflicts
 with another provision hereof that is required to be included in this Indenture
 by any of the provisions of the TIA, such required provision shall control.

                  (b) If this Indenture is or is required to be qualified under
 the TIA, the provisions of TIA ss.ss. 310 through 317 that impose duties on any
 Person (including the provisions automatically deemed included herein unless
 expressly excluded by this Indenture) are a part of and govern this Indenture,
 whether or not physically contained herein.

                  SECTION 11.8 Effect of Headings and Table of Contents.

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

                  SECTION 11.9 Successors and Assigns.

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

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

                  SECTION 11.10 Separability.

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

                                       60
<PAGE>

                  SECTION 11.11 Benefits of Indenture.

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

                  SECTION 11.12 Legal Holidays.

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

                  SECTION 11.13  GOVERNING LAW.

                  THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
 OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS OR ANY OTHER JURISDICTION'S
 CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
 PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                  SECTION 11.14  Counterparts.

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

                  SECTION 11.15 Recording of Indenture.

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

                  SECTION 11.16 No Recourse.

                  (a) Each Noteholder will agree by acceptance of a Note (or
 interest therein) that no recourse may be taken, directly or indirectly, with
 respect to the obligations of the Issuer, the Owner Trustee or the Indenture
 Trustee on the Notes or under this Indenture or any certificate or other
 writing delivered in connection herewith or therewith, against:

                                       61
<PAGE>

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

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

                           (iii) any partner, owner, beneficiary, agent,
          officer, director or employee of the Indenture Trustee or the Owner
          Trustee in its individual capacity, any holder of a beneficial
          interest in the Issuer, the Owner Trustee or the Indenture Trustee or
          of any successor or assign of the Indenture Trustee or the Owner
          Trustee in its individual capacity, except as any such Person may have
          expressly agreed (it being understood that the Indenture Trustee and
          the Owner Trustee has no such obligation in its individual capacity)
          and except that any such partner, owner or beneficiary shall be fully
          liable, to the extent provided by applicable law, for any unpaid
          consideration for stock, unpaid capital contribution or failure to pay
          any installment or call owing to such entity. For all purposes of this
          Indenture, in the performance of any duties or obligations of the
          Issuer hereunder, the Owner Trustee shall be subject to, and entitled
          to the benefits of, the terms and provisions of Articles IV, V and VI
          of the Trust Agreement.

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

                  SECTION 11.17 No Petition.

                  The Indenture Trustee, by entering into this Indenture, and
 each Noteholder and Note Owner, by accepting a Note (or interest therein)
 issued hereunder, hereby covenant and agree that they shall not, prior to the
 date which is one year and one day after the termination of the Trust
 Agreement, acquiesce, petition or otherwise invoke or cause the Transferor or
 the Issuer to invoke the process of any court or government authority for the
 purpose of commencing or sustaining a case against the Transferor or the Issuer
 under any Insolvency Law or appointing a receiver, liquidator, assignee,
 trustee, custodian, sequestrator or other similar official of the Transferor or
 the Issuer or any substantial part of its property, or ordering the winding up
 or liquidation of the affairs of the Transferor or the Issuer.

                                       62
<PAGE>

                  SECTION 11.18 Inspection.

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

                  SECTION 11.19 No Substantive Review of Compliance Documents.

                  Other than as specifically set forth in this Indenture for
 notices which specifically contain information of which the Indenture Trustee
 is to have notice, any reports, information or other documents provided to the
 Indenture Trustee are for the purposes only of enabling the sending party to
 comply with its document delivery requirements hereunder and such party's
 receipt of any such information shall not, in and of itself, constitute
 constructive or actual notice to the Indenture Trustee of any information
 contained therein or determinable from any information contained therein,
 including the Issuer or the Servicer's compliance with any of its covenants,
 representations or warranties hereunder.

                  SECTION 11.20 Amendment of Basic Documents.

                  The Issuer shall not amend, modify or grant any consent or
 waiver with respect to the provisions of any of the Basic Documents without the
 prior written consent of the Indenture Trustee, except where the Basic
 Documents do not require the consent of the Indenture Trustee for such
 amendment, modification, consent or waiver.

                  SECTION 11.21 Effect of Amendment and Restatement.

                  It is the intent of the parties hereto that this Indenture, as
 amended and restated as of April 6, 2000, shall as of such date, replace in its
 entirety the Original Indenture; provided that, with respect to the period of
 time from November 22, 1999 through April 5, 2000, the rights and obligations
 of the parties shall be governed by the Original Indenture; provided further,
 that the amendment and restatement of the Original Indenture shall not effect
 any of the grants, transfers or conveyances contemplated by the Original
 Indenture to have occurred prior to April 6, 2000.

                                    * * * * *

                                       63
<PAGE>

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

                              WORLD OMNI MASTER OWNER TRUST

                              By:    Chase Manhattan Bank Delaware, not in its
                                     individual capacity but solely as Owner
                                     Trustee

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

                              HARRIS TRUST AND SAVINGS BANK
                              as Indenture Trustee

                              By:
                                 ----------------------------------------------
                                   Name: Megan F. Carmody
                                   Title:  Assistant Vice President

 Acknowledged and Accepted:

 WORLD OMNI FINANCIAL CORP.,
 Servicer

 By:
    -------------------------
 Name:    Eric M. Gebhard
 Title:   Assistant Secretary

                                       64
<PAGE>

                                                                  EXHIBIT A

                          FORM OF TRANSFER CERTIFICATE

 WODFI LLC
 Corporation Trust Center
 1209 Orange Street
 Wilmington, Delaware  19801

 Harris Trust and Savings Bank
 311 West Monroe St. 12th Floor
 Chicago, Illinois 60606

 Attn:    Indenture Trustee Administration
          as Indenture Trustee for
          World Omni Master Owner Trust

 Ladies and Gentlemen:

                  In connection with the purchase of a Note subject to Section
 2.15 of the Amended and Restated Indenture dated as of __________, 2000 (the
 "Unregistered Note") of the World Omni Master Owner Trust, the undersigned
 buyer ("Buyer") hereby acknowledges, represents and agrees that:

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

                  (b) The Buyer understands that the Unregistered Note has not
 been registered under the Securities Act of 1933, as amended (the "Securities
 Act"), and may not be sold except as permitted in the following sentence. The
 Buyer agrees, on its own behalf and on behalf of any accounts for which it is
 acting as hereinafter stated, that such Unregistered Note may be resold,
 pledged or transferred only (i) to an [institutional] investor that is an
 "Accredited Investor" as defined in Rule 501(a)(1),(2),(3) or (7) (an
 "Institutional Accredited Investor") under the Securities Act acting for its
 own account (and not for the account of others) or as a fiduciary or agent for
 others (which others also are Institutional Accredited Investors unless the
 holder is a bank acting in its fiduciary capacity) that, if so requested by the
 Transferor or the Indenture Trustee, executes a certificate in the form hereof,
 (ii) [so long as such Unregistered Note is eligible for resale pursuant to Rule
 144A under the Securities Act ("Rule 144A"), to a person whom the Buyer
 reasonably believes after due inquiry to be a "qualified institutional buyer"
 (as defined in Rule 144A) acting for its own account (and not for the account
 of others) or as a fiduciary or agent for others (which others also are
 "qualified institutional buyers") that, if so requested by the Transferor or
 the Indenture Trustee, executes a certificate in the form hereof or (iii)]

                                       A-1

<PAGE>

 in a sale, pledge or other transfer made in a transaction otherwise exempt from
 the registration requirements of the Securities Act, in which case (A) the
 Indenture Trustee shall require that both the prospective transferor and the
 prospective transferee certify to the Indenture Trustee and the Transferor in
 writing the facts surrounding such transfer, which certification shall be in
 form and substance satisfactory to the Indenture Trustee and the Transferor,
 and (B) the Indenture Trustee shall require a written opinion of counsel (which
 will not be at the expense of the Transferor, the Servicer or the Indenture
 Trustee) satisfactory to the Transferor and the Indenture Trustee to the effect
 that such transfer will not violate the Securities Act, in each case in
 accordance with any applicable securities laws of any state of the United
 States. The Buyer will notify any purchaser of the Unregistered Note from it of
 the above resale restrictions, if then applicable. The Buyer further
 understands that in connection with any transfer of the Unregistered Note by it
 that the Transferor and the Indenture Trustee may request, and if so requested
 the Buyer will furnish, such certificates and other information as they may
 reasonably require to confirm that any such transfer complies with the
 foregoing restrictions.

                                            CHECK [ONE]

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

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

                                       A-2

<PAGE>

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

                             ------------------------------------------
                             Print Name of Buyer

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

                             Title:
                                   -------------------------------------
                             Date:
                                  --------------------------------------

                                       A-3

<PAGE>

                                                                  EXHIBIT B

                               UNDERTAKING LETTER

 WODFI LLC
 Corporation Trust Center
 1209 Orange Street
 Wilmington, Delaware  19801

 Harris Trust and Savings Bank
 311 West Monroe St., 12th Floor
 Chicago, IL 60606
 Attn:   Indenture Trust Administration
         as Indenture Trustee for
         World Omni Master Owner Trust

 Ladies and Gentlemen:

                  In connection with our purchase of record or beneficial
 ownership of a Note subject to the provisions of Section 2.15 of the Amended
 and Restated Indenture dated as of __________, 2000 (the "Unregistered Note")
 of the World Omni Master Owner Trust, the undersigned purchaser, record owner
 or beneficial owner hereby acknowledges, represents and warrants that such
 purchaser, record owner or beneficial owner:

                  (1) is not, and has not acquired the Unregistered Note by or
 for the benefit of, (i) an employee benefit plan (as defined in Section 3(3) of
 the Employee Retirement Income Security Act of 1974, as amended ("ERISA")) that
 is subject to the provisions of Title I of ERISA, (ii) a plan described in
 Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or [(iii)
 any entity whose underlying assets include plan assets by reason of a plan's
 investment in such entity]; and

                                       B-1

<PAGE>

                  (2) acknowledges that you and others will rely on our
 acknowledgments, representations and warranties, and agrees to notify you
 promptly in writing if any of our acknowledgments, representations or
 warranties herein cease to be accurate and complete.

                             ------------------------------------------
                             Print Name of Owner

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

                             Title:
                                   -------------------------------------
                             Date:
                                  --------------------------------------

                                       B-2================================================================================

                            SERIES 2000-1 SUPPLEMENT

                            Dated as of April 6, 2000

                                       to

                         AMENDED AND RESTATED INDENTURE

                            Dated as of April 6, 2000

                          WORLD OMNI MASTER OWNER TRUST

                                    as Issuer

                                       and

                         HARRIS TRUST AND SAVINGS BANK,

                              as Indenture Trustee

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

                          WORLD OMNI MASTER OWNER TRUST
                               SERIES 2000-1 NOTES

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

<PAGE>

                                             TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                      Page
<S>       <C>               <C>                                                                         <C>
ARTICLE I  DEFINITIONS

ARTICLE II  CREATION OF THE SERIES 2000-1 NOTES

         SECTION 2.01.     Designation..................................................................12

ARTICLE III  SERVICING FEE

         SECTION 3.01.     Servicing Compensation.......................................................13

ARTICLE IV   RIGHTS OF SERIES 2000-1 NOTEHOLDERS AND
              ALLOCATION AND APPLICATION OF COLLECTIONS

         SECTION 4.01.     Daily Allocations; Payments to Certificateholders............................13
         SECTION 4.02.     Monthly Interest.............................................................15
         SECTION 4.03.     Establishment of the Series 2000-1 Accounts..................................16
         SECTION 4.04.     Application of Noteholder Non-Principal
                           Collections, Investment Proceeds and Available

                           Noteholder Principal Collections.............................................18
         SECTION 4.05.     Distributions to Series 2000-1 Noteholders...................................19
         SECTION 4.06.     Application of Reserve Fund and Available
                           Subordinated Amount..........................................................21
         SECTION 4.07.     Noteholder Charge-Offs.......................................................22
         SECTION 4.08.     Excess Principal Collections.................................................22
         SECTION 4.09.     Accumulation Period Length; Accumulation Period
                           Commencement Date............................................................22
         SECTION 4.10.     Excess Funding Account.......................................................23

ARTICLE V    DISTRIBUTIONS AND REPORTS TO SERIES 2000-1
              NOTEHOLDERS

         SECTION 5.01.     Distributions................................................................23
         SECTION 5.02.     Reports and Statements to Series 2000-1
                           Noteholders..................................................................23

ARTICLE VI   EARLY AMORTIZATION EVENTS

         SECTION 6.01.     Additional Early Amortization Events.........................................25
         SECTION 6.02      Recommencement of the Revolving Period.......................................26

                                                    i

<PAGE>

ARTICLE VII  OPTIONAL REDEMPTION

         SECTION 7.01.     Optional Redemption..........................................................27

ARTICLE VIII  FINAL DISTRIBUTIONS

         SECTION 8.01.     Acquisition of Notes Pursuant to Section 10.1 of
                           the Indenture................................................................27
         SECTION 8.02.     Disposition of Principal Receivables Pursuant to
                           Section 5.4 of the Indenture.................................................28

ARTICLE IX   MISCELLANEOUS PROVISIONS

         SECTION 9.01.     Ratification of Agreement....................................................29
         SECTION 9.02.     Counterparts.................................................................29
         SECTION 9.03.     Change in Indenture Trustee..................................................29
         SECTION 9.04.     GOVERNING LAW................................................................30

                                                 EXHIBITS

Exhibit A         Form of Series 2000-1, Class A Note
Exhibit B         Form of Series 2000-1, Class B Note
Exhibit C         Form of Monthly Payment Date Statement

                                                 SCHEDULES

Schedule 1        Series 2000-1 Accounts

                                                    ii
</TABLE>

<PAGE>

         THIS SERIES SUPPLEMENT, dated as of April 6, 2000 (as amended,
supplemented or otherwise modified, this "Series Supplement") to the Indenture
dated as of November 22, 1999 and amended and restated on April 6, 2000 (as
amended, supplemented or otherwise modified, the "Indenture"), among World Omni
Master Owner Trust (the "Issuer" or the "Trust") and Harris Trust and Savings
Bank, as Indenture Trustee (as indenture trustee and not in its individual
capacity, the "Indenture Trustee").

         Section 2.1 of the Indenture provides that the Issuer may from time to
time issue one or more new Series of Notes. The Principal Terms of any new
Series of Notes are to be set forth in a Series Supplement. Pursuant to this
Series Supplement, the Issuer and the Indenture Trustee shall create the Series
2000-1 Notes and specify the Principal Terms thereof. The Servicer is
acknowledging this Series Supplement to agree to the terms hereof applicable to
the Servicer.

                                    ARTICLE I

                                   DEFINITIONS

         (a) Whenever used in this Series Supplement,  the following words shall
have the following meanings:

         "Accumulation Period" means a period beginning at the close of business
on the Accumulation Period Commencement Date and ending on the close of business
of the earliest of (a) the date an Early Amortization Period commences and (b)
the date the outstanding principal amount of the Series 2000-1 Notes is paid in
full.

         "Accumulation Period Commencement Date" shall mean the first day of the
Collection Period when the number of full Collection Periods remaining until the
Expected Principal Payment Date first equals the Accumulation Period Length
adjusted pursuant to Section 4.09 and shall not thereafter be changed; provided,
however, that, if at any time after the November 2002 Payment Date, any other
outstanding Series (other than any Excluded Series) shall have entered into an
investment period or an early amortization period, the Accumulation Period
Commencement Date shall be the earlier of (i) the date that such outstanding
Series shall have entered into its investment period or early amortization
period and (ii) the Accumulation Period Commencement Date as previously
determined.

         "Accumulation Period Length" shall mean, on any date of determination,
a period calculated as of the November 2002 Payment Date and each Payment Date
thereafter that occurs prior to the Accumulation Period Commencement Date, as
the lesser of (i) the number of full Collection Periods between such Payment
Date and the Expected Principal Payment Date and (ii) the product, rounded
upwards to the nearest integer not greater than three, of (a) one divided by the
lowest Monthly Payment Rate during the last 12 months and (b) a fraction, the
numerator of which is the sum of (i) the Invested Amount as of such Payment Date
(after giving effect to all changes therein on such date) and (ii) the invested
amounts of all other Series (other than any Excluded Series) currently in their
amortization or

<PAGE>

accumulation periods or expected to be in their amortization periods by the
Expected Principal Payment Date and the denominator of which is the sum of such
Invested Amount and the invested amounts as of such Payment Date (after giving
effect to all changes therein on such date) of all other outstanding Series
(other than any Excluded Series) which are scheduled to be outstanding on the
Expected Principal Payment Date.

         "Additional Noteholder Collections" shall mean, with respect to any
Deposit Date, the sum of (a) the Additional Noteholder Non-Principal Collections
for such Deposit Date and (b) the Additional Noteholder Principal Collections
for such Deposit Date.

         "Additional Noteholder Non-Principal Collections" shall mean, for any
Deposit Date, an amount equal to the product of (a) the excess of (i) the
Certificateholder Percentage for such date over (ii) the Excess
Certificateholder Percentage for such Deposit Date and (b) Allocable
Non-Principal Collections for such Deposit Date; provided, however, that the
Additional Noteholder Non-Principal Collections shall be zero for any Deposit
Date on which the Available Subordinated Amount is zero.

         "Additional Noteholder Principal Collections" shall mean, for any
Deposit Date, an amount equal to the sum of (a) product of (i) the excess of (A)
the Certificateholder Percentage for such Deposit Date over (B) the Excess
Certificateholder Percentage for such date and (ii) Allocable Principal
Collections for such Deposit Date and (b) amounts treated as Additional
Noteholder Principal Collections pursuant to Section 4.04(a)(vii); provided,
however, that the Additional Noteholder Principal Collections shall be zero for
any Deposit Date on which the Available Subordinated Amount is zero.

         "Allocable Non-Principal Collections" shall mean, with respect to any
day, the product of (a) the Series 2000-1 Allocation Percentage on such day and
(b) the aggregate amount of Non-Principal Collections deposited in the
Collection Account for such day.

         "Allocable Principal Collections" shall mean, with respect to any day,
the product of (a) the Series 2000-1 Allocation Percentage on such day and (b)
the aggregate amount of Principal Collections deposited in the Collection
Account for such day.

         "Assets Receivables Rate" shall mean, with respect to any Interest
Period an amount equal to the product of: (a) the quotient obtained by dividing
(i) 360 by (ii) the actual number of days elapsed in such period and (b) a
fraction, (i) the numerator of which is the sum of (A) Noteholder Non-Principal
Collections for the Collection Period immediately preceding the last day of such
period (which for this purpose only is based on interest amounts billed to the
Dealers which are due during such Collection Period) less the Noteholder Monthly
Servicing Fee with respect to such immediately preceding Collection Period, to
the extent not waived by the Servicer and (B) the Investment Proceeds to be
applied on the Payment Date related to such period and (ii) the denominator of
which is the sum of (A) the product of the Floating Allocation Percentage, the
Series Allocation Percentage and the weighted average Pool Balance (after giving
effect to any charge-offs) for such immediately preceding Collection Period, (B)
the weighted average of the Series 2000-1 Excess Funding Amount for such

                                        2

<PAGE>

immediately preceding Collection Period, and (C) the weighted average of the
principal balance on deposit in the Principal Funding Account for such
Collection Period.

         "Available Noteholder Principal Collections" shall mean, with respect
to any Deposit Date falling in the Accumulation Period or an Early Amortization
Period, the sum of (a) Noteholder Principal Collections for such Deposit Date
and (b) Series 2000-1 Excess Principal Collections allocated to cover any
Principal Shortfall for such Deposit Date.

         "Available Subordinated Amount" means, on the Series Issuance Date, the
Required Subordinated Amount and, on any subsequent day, an amount equal to the
lesser of (x) the Required Subordinated Amount for that day and (y) the
Available Subordinated Amount for the most recent Reset Date, minus (A) the
Required Draw Amount with respect to any Payment Date occurring after that Reset
Date, plus (B) the amount of Noteholder Non- Principal Collections and
Investment Proceeds treated as a portion of Additional Noteholder Principal
Collections in respect of Noteholder Defaulted Amounts and Monthly Dilution
Amounts that had previously reduced the Available Subordinated Amount since the
most recent Reset Date, minus (C) the Incremental Subordinated Amount for the
most recent Reset Date, plus (D) the Incremental Subordinated Amount for such
date of determination, plus (E) the Subordinated Percentage of the decrease in
the Series Allocable Excess Funding Amount since the most recent Reset Date,
minus (F) the Subordinated Percentage of the increase in the Series 2000-1
Excess Funding Amount since the most recent Reset Date; provided, that the
Certificateholders may, in their sole discretion, from time to time increase the
Available Subordinated Amount for so long as the cumulative amount of such
increase does not exceed the lesser of $12,352,970 or 1.765% of the Invested
Amount.

         "Calculation Agent" shall mean the Indenture Trustee or any other
Calculation Agent selected by the Transferor which is reasonably acceptable to
the Indenture Trustee.

         "Carry-over Amount" shall mean the sum of the Class A Carry-over Amount
and the Class B Carry-over Amount.

         "Certificateholder Percentage" shall mean 100% minus (a) the Floating
Allocation Percentage, when used with respect to Non-Principal Collections and
Defaulted Amount at all times and Principal Collections during any Revolving
Period, and (b) the Principal Allocation Percentage, when used with respect to
Principal Collections during the Accumulation Period and during any Early
Amortization Period.

         "Class A Carry-over Amount" shall mean, if the Class A Note Rate for
any Payment Date is based on the Assets Receivables Rate, the sum of (a) the
excess of (i) the amount of interest on the Class A Notes that would have
accrued in respect of the related Interest Period had interest on the Class A
Notes been calculated based on LIBOR over (ii) the amount of interest on the
Class A Notes actually accrued in respect of such Interest Period based on the
Assets Receivables Rate and (b) the unpaid portion of any such excess from prior
Payment Dates and interest accrued thereon calculated on the basis of LIBOR.

                                        3

<PAGE>

         "Class A Controlled Accumulation Amount" shall mean an amount equal to
(1) the aggregate outstanding principal balance of the Class A Notes as of the
Payment Date immediately preceding the first date of the Accumulation Period
(after giving effect to any changes therein on such date) less the portion of
the Series 2000-1 Excess Funding Amount deposited into the Principal Funding
Account in respect of the Class A Notes divided by (2) the Accumulation Period
Length.

         "Class A Controlled Deposit Amount" shall mean, for a Deposit Date (i)
during the Accumulation Period, the excess, if any, of (a) the product of the
Class A Controlled Accumulation Amount and the number of Payment Dates from and
including the first Payment Date with respect to the Accumulation Period through
and including the Payment Date related to the Collection Period during which the
Deposit Date occurs (but not in excess of the Accumulation Period Length,
expressed in number of months) over (b) the amount on deposit in the Principal
Funding Account to make payments of principal on the Class A Notes less the
portion of the Series 2000-1 Excess Funding Amount deposited into the Principal
Funding Account in respect of the Class A Notes before giving effect to any
withdrawals from or deposits to such account on such Deposit Date, but not more
than the Class A Invested Amount; provided, however, if Available Noteholder
Principal Collections for that Deposit Date would otherwise be deposited into
the Excess Funding Account so that the Pool Balance would not be less than the
Required Pool Balance, the Class A Controlled Deposit Amount for that Deposit
Date shall be increased by an amount equal to the product of (1) the Available
Noteholder Principal Collections that would have been so deposited into the
Excess Funding Account and (2) a fraction, the numerator of which is the Class A
Invested Amount for such Deposit Date and the denominator of which is the
Invested Amount for such Deposit Date, but not by more than the Class A Invested
Amount, and (ii) during an Early Amortization Period, the Class A Invested
Amount.

         "Class A Initial Invested Amount" means $646,000,000.

         "Class A Invested Amount" shall mean, for any date, an amount equal to
the Class A Initial Invested Amount minus the amount, without duplication, of
principal payments made to Class A Noteholders or deposited to the Principal
Funding Account in respect of the Class A Notes prior to such date since the
Series Issuance Date, minus the excess, if any, of the aggregate amount of Class
A Noteholder Charge-Offs for all Payment Dates preceding such date, over the
aggregate amount of any reversals of Class A Noteholder Charge-Offs for all
Payment Dates preceding such date, minus the Series 2000-1 Excess Funding Amount
for such day but limited to an amount that would reduce the Class A Invested
Amount to zero.

         "Class A Monthly Interest" shall have the meaning specified in Section
4.02.

         "Class A Note Rate" will be equal to the lesser of (a) LIBOR plus
0.135% and (b) the Assets Receivables Rate for the related Payment Date.

         "Class A Noteholder Charge-offs" shall have the meaning specified in
Section 4.07.

                                        4

<PAGE>

         "Class A Stated Maturity Date" shall mean March 15, 2005.

         "Class B Carry-over Amount" shall mean, if the Class B Note Rate for
any Payment Date is based on the Assets Receivables Rate, the sum of (a) the
excess of (i) the amount of interest on the Class B Notes that would have
accrued in respect of the related Interest Period had interest on the Class B
Notes been calculated based on LIBOR over (ii) the amount of interest on the
Class B Notes actually accrued in respect of such Interest Period based on the
Assets Receivables Rate and (b) the unpaid portion of any such excess from prior
Payment Dates and interest accrued thereon calculated on the basis of LIBOR.

         "Class B Controlled Accumulation Amount" shall mean an amount equal to
(1) the aggregate outstanding principal balance of the Class B Notes as of the
Payment Date immediately preceding the first day of the Accumulation Period
(after giving effect to any changes therein on such date) less the portion of
the Series 2000-1 Excess Funding Amount deposited into the Principal Funding
Account in respect of the Class B Notes divided by (2) the Accumulation Period
Length.

         "Class B Controlled Deposit Amount" shall mean, for a Deposit Date (i)
during the Accumulation Period, the excess, if any, of (a) the product of the
Class B Controlled Accumulation Amount and the number of Payment Dates from and
including the first Payment Date with respect to the Accumulation Period through
and including the Payment Date related to the Collection Period during which the
Deposit Date occurs (but not in excess of the Accumulation Period Length
expressed in a number of months) over (b) the amount on deposit in the Principal
Funding Account to make principal payments on the Class B Notes less the portion
of the Series 2000-1 Excess Funding Amount deposited into the Principal Funding
Account in respect of the Class B Notes before giving effect to any withdrawals
from or deposits to such account on such Deposit Date, but not more than the
Class B Invested Amount; provided, however, if Available Noteholder Principal
Collections for that Deposit Date would otherwise be deposited into the Excess
Funding Account so that the Pool Balance would not be less than the Required
Pool Balance, the Class B Controlled Deposit Amount for that Deposit Date shall
be increased by an amount equal to the product of (1) the Available Noteholder
Principal Collections that would have been so deposited into the Excess Funding
Account and (2) a fraction, the numerator of which is the Class B Invested
Amount for such Deposit Date and the denominator of which is the Invested Amount
for such Deposit Date but not more than the Class B Invested Amount and (ii)
during an Early Amortization Period, the Class B Invested Amount.

         "Class B Initial Invested Amount" means $54,000,000.

         "Class B Invested Amount" shall mean, for any date, an amount equal to
the Class B Initial Invested Amount minus the amount, without duplication, of
principal payments made to Class B Noteholders or deposited to the Principal
Funding Account in respect of the Class B Notes prior to such date since the
Series Issuance Date minus the excess, if any, of aggregate amount of Class B
Noteholder Charge-Offs for all Payment Dates preceding such date, over the
aggregate amount of any reversals of Class B Noteholder Charge-Offs for all
Payment Dates preceding such date minus the amount, if any, of the Series 2000-1
Excess

                                        5

<PAGE>

Funding Amount remaining after allocation to the Class A Invested Amount but
limited to an amount that would reduce the Class B Invested Amount to zero.

         "Class B Monthly Interest" shall have the meaning specified in Section
4.02.

         "Class B Note Rate" shall mean the lesser of (a) LIBOR plus 0.45% and
(b) the Assets Receivables Rate for the related Payment Date.

         "Class B Noteholder Charge-offs" shall have the meaning specified in
Section 4.07.

         "Class B Stated Maturity Date" shall mean March 15, 2005.

         "Deficiency Amount" shall have the meaning specified in Section
4.06(b).

         "Excess Certificateholder Percentage" shall mean, for any day, a
percentage (which percentage shall never be less than 0% nor more than 100%)
equal to (a) 100% minus, when used with respect to Non-Principal Collections and
Defaulted Amount at all times and Principal Collections during any Revolving
Period, the sum of (i) the Floating Allocation Percentage with respect to such
day and (ii) the percentage equivalent of a fraction, the numerator of which is
the Available Subordinated Amount as of the most recent Reset Date and the
denominator of which is the product of (A) the Pool Balance as of the most
recent Reset Date and (B) the Series 2000-1 Allocation Percentage for such day
or (b) 100% minus, when used with respect to Principal Collections during the
Accumulation Period and any Early Amortization Period, the sum of (i) the
Principal Allocation Percentage with respect to such day and (ii) the percentage
equivalent of a fraction, the numerator of which is the Available Subordinated
Amount as of the most recent Reset Date and the denominator of which is the
product of (A) the Pool Balance as of the most recent Reset Date and (B) the
Series 2000-1 Allocation Percentage for such day.

         "Excess Reserve Fund Required Amount" shall mean, for any Payment Date,
an amount equal to the greater of (a) 5.0% of the initial principal balance of
the Series 2000-1 Notes and (b) the excess of (i) the Available Subordinated
Amount on the most recent Reset Date (after giving effect to the allocations,
distributions, withdrawals and deposits to be made on such Payment Date) over
(ii) the excess of (x) the Series 2000-1 Allocation Percentage of the Pool
Balance on the most resent Reset Date over (y) the Invested Amount on such
Payment Date (after giving effect to changes therein on such Payment Date);
provided, that the Excess Reserve Fund Required Amount shall not exceed the
Available Subordinated Amount on the most recent Reset Date.

         "Expected Principal Payment Date" shall mean the March 2003 Payment
Date.

         "Floating Allocation Percentage" shall mean, with respect to any day,
the percentage equivalent (which percentage shall never exceed 100%) of a
fraction, the numerator of which is the Invested Amount as of the most recent
Reset Date and the denominator of which is the product of (a) the Pool Balance
as of such Reset Date and (b) the Series 2000-1 Allocation Percentage in respect
of which the Floating Allocation Percentage is being calculated;

                                        6

<PAGE>

provided, however, that, with respect to the first Reset Date, the Floating
Allocation Percentage shall mean the percentage equivalent of a fraction, the
numerator of which is the Initial Invested Amount and the denominator of which
is the product of (x) the Pool Balance on the Series Cut-Off Date and (y) the
Series 2000-1 Allocation Percentage with respect to the Series Cut-Off Date.

         "Incremental Subordinated Amount" shall mean, for any day, the product
of (a) a fraction, the numerator of which is the sum of the Target Invested
Amount and the Target Available Subordinated Amount and the denominator of which
is the greater of (i) the Pool Balance or (ii) the sum of the amounts calculated
as the numerator above for all outstanding series, in each case, on the most
recent Reset Date and (b) the Trust Incremental Subordinated Amount for such
day.

         "Initial Invested Amount" means the sum of the Class A Initial Invested
Amount and the Class B Initial Invested Amount.

         "Initial Payment Date" shall mean May 15, 2000.

         "Initial Reserve Fund Deposit Amount" shall mean $3,500,000.

         "Interest Period" shall mean, with respect to any Payment Date, the
period from and including the Payment Date immediately preceding such Payment
Date (or, in the case of the Initial Payment Date, the Series Issuance Date) to
but excluding such Payment Date.

         "Invested Amount" shall mean, for any day, an amount equal to the sum
of (a) the Class A Invested Amount and (b) the Class B Invested Amount.

         "Investment Proceeds" shall mean, with respect to any Payment Date, all
interest and other investment earnings (net of losses and investment expenses)
deposited into the Collection Account on the related Determination Date with
respect to (a) funds on deposit in the Reserve Fund and the Principal Funding
Account, (b) the Series 2000-1 Allocation Percentage of funds held in the
Collection Account and (c) funds held in the Excess Funding Account with respect
to the Series 2000-1 Excess Funding Amount, if any.

         "LIBOR" shall mean, with respect to any Interest Period, an amount
established by the Calculation Agent and equal to the offered rate for United
States dollar deposits for one month that appears on Telerate Page 3750 as of
11:00 A.M., London time, on the LIBOR Determination Date. If on any LIBOR
Determination Date the offered rate does not appear on Telerate Page 3750, the
Calculation Agent will request each of the reference banks (which shall be major
banks that are engaged in transactions in the London interbank market selected
by the Calculation Agent) to provide the Calculation Agent with its offered
quotation for United States dollar deposits for one month to prime banks in the
London interbank market as of 11:00 A.M., London time, on such date. If at least
two reference banks provide the Calculation Agent with such offered quotations,
LIBOR on such date will be the arithmetic mean, rounded upwards, if necessary,
to the nearest 1/100,000 of 1% (.0000001), with five one-millionths of a
percentage point rounded upward, of all such quotations. If on such date

                                        7

<PAGE>

fewer than two of the reference banks provide the Calculation Agent with such
offered quotations, LIBOR on such date will be the arithmetic mean, rounded
upwards, if necessary, to the nearest 1/100,000 of 1% (.0000001), with five
one-millionths of a percentage point rounded upward, of the offered per annum
rates that one or more leading banks in New York City selected by the
Calculation Agent are quoting as of 11:00 A.M., New York City time, on such date
to leading European banks for United States dollar deposits for one month;
provided, however, that if such banks are not quoting as described above, LIBOR
for such date will be LIBOR applicable to the Interest Period immediately
preceding such Interest Period.

         "LIBOR Business Day" shall mean a day on which banking institutions in
New York, New York, Chicago, Illinois and London, England are not required or
authorized by law to be closed.

         "LIBOR Determination Date" shall mean the second LIBOR Business Day
prior to any Interest Period for which LIBOR is calculated by the Calculation
Agent.

         "Monthly Dilution Amount" shall mean an amount equal to the Weighted
Average Series Allocation Percentage for the related Collection Period of any
Adjustment Payment required to be deposited into the Collection Account pursuant
to the Trust Sale and Servicing Agreement with respect to the related Collection
Period that has not been so deposited as of the related Determination Date.

         "Monthly Interest" shall mean the sum of (a) the Class A Monthly
Interest and (b) the Class B Monthly Interest.

         "Monthly Servicing Fee" shall have the meaning specified in Section
3.01.

         "Note Rate" shall mean the Class A Note Rate or the Class B Note Rate.

         "Noteholder Charge-Offs" shall have the meaning specified in Section
4.07.

         "Noteholder Charge-Off Reversal Amount" shall have the meaning set
forth in Section 4.04.

         "Noteholder Defaulted Amount" shall mean, with respect to any Payment
Date, an amount equal to the excess, if any, of (a) the product of the Series
2000-1 Allocable Defaulted Amount for the related Collection Period and the
Weighted Average Floating Allocation Percentage for the related Collection
Period over (b) the Incremental Subordinated Amount for that Payment Date.

         "Noteholder Monthly Servicing Fee" shall have the meaning specified in
Section 3.01.

         "Noteholder Non-Principal Collections" shall mean, with respect to any
Deposit Date, an amount equal to the Allocable Non-Principal Collections
(including any Series 2000-1

                                        8

<PAGE>

Allocable Miscellaneous Payments that are treated as Noteholder Non-Principal
Collections pursuant to Section 4.01(e)) retained in the Collection Account
pursuant to Section 4.01(b) on such Deposit Date.

         "Noteholder Principal Collections" shall mean, with respect to any
Deposit Date falling in: (i) the Revolving Period, the sum of (a) the Floating
Allocation Percentage of Allocable Principal Collections plus any Series 2000-1
Allocable Miscellaneous Payments that are treated as Noteholder Principal
Collections and (b) for any Deposit Date that is also a Payment Date, the
amount, if any, of Noteholder Non-Principal Collections, Investment Proceeds,
funds in the Reserve Fund and Additional Noteholder Collections allocated to
cover Noteholder Defaulted Amount or Monthly Dilution Amount or reverse
Noteholder Charge-Offs and (ii) the Accumulation Period or an Early Amortization
Period, the sum of (a) the Principal Allocation Percentage then in effect of
Allocable Principal Collections plus any Series 2000-1 Allocable Miscellaneous
Payments that are treated as Noteholder Principal Collections and (b) for any
Deposit Date that is also a Payment Date, the amount, if any, of Noteholder
Non-Principal Collections, Investment Proceeds, funds in the Reserve Fund and
Additional Noteholder Collections allocated to cover the Noteholder Defaulted
Amount or Monthly Dilution Amount or to reverse Noteholder Charge-Offs.

         "Principal Allocation Percentage" shall mean, with respect to any day,
the percentage equivalent (which shall never exceed 100%) of a fraction, the
numerator of which is the Invested Amount as of the last day of the Revolving
Period and the denominator of which is the product of (x) the Pool Balance as of
the last Reset Date and (y) the Series 2000-1 Allocation Percentage for the day
in respect of which the Principal Allocation Percentage is being calculated.

         "Principal Funding Account" shall have the meaning specified in Section
4.03.

         "Rating Agency" shall mean, (i) with respect to the Class A Notes, each
of Moody's, Standard & Poor's and Fitch and (ii) with respect to the Class B
Notes, Moody's and Fitch.

         "Redemption Price" shall mean, with respect to any Payment Date, the
sum of (a) the aggregate outstanding principal balance of the Series 2000-1
Notes to be redeemed on the Determination Date preceding the Payment Date on
which such redemption is to be made, (b) accrued and unpaid interest on the
unpaid balance of the Series 2000-1 Notes (calculated on the basis of the
outstanding principal balance of the Series 2000-1 Notes at the Note Rate as in
effect during the applicable Interest Periods through the day preceding such
Payment Date), together with interest on overdue interest, and (c) any
outstanding Carry-over Amount with respect to the Series 2000-1 Notes to be
repurchased.

         "Required Draw Amount" shall mean the lesser of (a) the Deficiency
Amount and (b) the Available Subordinated Amount.

         "Required Participation Percentage" shall mean, with respect to Series
2000-1, 100%.

                                        9

<PAGE>

         "Required Subordinated Amount" shall mean, initially, $60,869,565 plus
the Incremental Subordinated Amount as of the Series Issuance Date and
thereafter, as of any date of determination, the sum of (a) the product of the
Subordinated Percentage and the Invested Amount as of the opening of business on
such date and (b) the Incremental Subordinated Amount as of such date.

         "Reserve Fund" shall have the meaning specified in Section 4.03.

         "Reserve Fund Deposit Amount" shall mean, with respect to any Payment
Date, the amount, if any, by which (a) the Reserve Fund Required Amount for such
Payment Date exceeds (b) the amount of funds in the Reserve Fund after giving
effect to any withdrawals therefrom and deposits thereto on such Payment Date.

         "Reserve Fund Required Amount" shall mean, on any Payment Date with
respect to an Early Amortization Period, an amount equal to the Excess Reserve
Fund Required Amount and, for any other Payment Date, an amount equal to 0.50%,
or on and after the September 2002 Payment Date, 0.60%, of the outstanding
principal balance of the Series 2000-1 Notes on such Payment Date (after giving
effect to any change therein on such Payment Date).

         "Revolving Period" shall mean the period beginning on the Series
Cut-Off Date and ending on the earlier of (a) the close of business on the day
immediately preceding the Accumulation Period Commencement Date, (b) the close
of business on the day immediately preceding the day on which an Early
Amortization Event occurs; provided, however, that the Revolving Period may
recommence in certain circumstances as provided in Section 6.02 hereof.

         "Series Adjusted Invested Amount" shall mean, with respect to Series
2000-1, for any date, an amount equal to the sum of (a) the Invested Amount as
of the most recent Reset Date (or, during an Early Amortization Period, the
Invested Amount as of the close of business on the date immediately preceding
the date on which such Early Amortization Period began) and (b) the Available
Subordinated Amount as of the most recent Reset Date.

         "Series 2000-1" shall mean the Series 2000-1 Asset Backed Notes, the
terms of which are specified in this Series Supplement and the interest of the
Certificateholders in funds allocated pursuant to the Series 2000-1 Allocation
Percentage.

         "Series 2000-1 Accounts" shall mean the Reserve Fund and the Principal
Funding Account.

         "Series 2000-1 Allocable Defaulted Amount" shall mean, with respect to
any Collection Period, the product of (a) the Series Allocation Percentage with
respect to such Collection Period and (b) the Defaulted Amount with respect to
such Collection Period.

                                       10

<PAGE>

         "Series 2000-1 Allocable Miscellaneous Payments" shall mean, with
respect to any day, the product of (a) the Series 2000-1 Allocation Percentage
for the related Collection Period and (b) Miscellaneous Payments with respect to
the related Collection Period.

         "Series 2000-1 Allocation Percentage" shall mean the Series Allocation
Percentage with respect to Series 2000-1.

         "Series 2000-1 Excess Funding Amount" shall mean, with respect to the
Series 2000- 1 Notes, for any day, the product of (a) the amount on deposit in
the Excess Funding Account on such day, and (b) a fraction, the numerator of
which is the sum of the Target Invested Amount and the Target Available
Subordinated Amount and the denominator of which is the sum of the numerators
for each Series then being allocated a portion of the funds on deposit in the
Excess Funding Account; provided, however, that the Series 2000-1 Excess Funding
Amount shall be zero and the Series 2000-1 Notes shall not be allocated a
portion of the funds on deposit in the Excess Funding Account, on any date after
the Business Day immediately following the last day of the Revolving Period.

         "Series 2000-1 Excess Principal Collections" shall mean, with respect
to any Deposit Date, an amount equal to the Series 2000-1 Principal Shortfall
for such Deposit Date; provided, however, that, if the aggregate amount of
Excess Principal Collections for such Deposit Date is less than the aggregate
amount of Principal Shortfalls for such Deposit Date, then Series 2000-1 Excess
Principal Collections for such Deposit Date shall equal the product of (x)
Excess Principal Collections for all Series for such Deposit Date and (y) a
fraction, the numerator of which is the Series 2000-1 Principal Shortfall for
such Deposit Date and the denominator of which is the aggregate amount of
Principal Shortfalls for all Series for such Deposit Date.

         "Series 2000-1 Noteholders" shall mean the Holders of Series 2000-1
Notes.

         "Series 2000-1 Note Owner" shall mean, with respect to a Series 2000-1
Note in Book Entry form, any person who is a beneficial owner of such note.

         "Series 2000-1 Notes" shall mean the Series 2000-1 Asset Backed Notes,
substantially in the form of Exhibit A or Exhibit B, as applicable.

         "Series 2000-1 Principal Shortfall" shall mean, with respect to any
Deposit Date, an amount equal to the excess of (i) the sum of (a) the Class A
Controlled Deposit Amount for such Deposit Date and (b) the Class B Controlled
Deposit Amount over (ii) the amount deposited into the Principal Funding Account
on such Deposit Date.

         "Series Cut-Off Date" shall mean April 1, 2000.

         "Series Issuance Date" shall mean April 6, 2000.

         "Servicing Fee Rate" shall mean, unless otherwise waived, with respect
to Series 2000-1, 1.0%.

                                       11

<PAGE>

         "Special Payment Date" shall mean each Payment Date with respect to an
Early Amortization Period.

         "Stated Maturity Date" shall mean the Class A Stated Maturity Date or
the Class B Stated Maturity Date.

         "Subordinated Percentage" shall mean the percentage equivalent of a
fraction, (a) the numerator of which is the Subordination Factor and (b) the
denominator of which will be the excess of 100% over the Subordination Factor.

         "Subordination Factor" shall mean 8%.

         "Telerate Page 3750" shall mean the display page so designated on the
Dow Jones Telerate Service (or such other page as may replace that page on that
service, or such other service as may be nominated as the information vendor,
for the purpose of displaying London interbank offered rates of major banks).

         "Weighted Average Floating Allocation Percentage" means, for any
Collection Period, a percentage equal to the result of (a) the sum of the
Floating Allocation Percentage for each day during that Collection Period,
divided by (b) the number of days in that Collection Period.

         (b) The words "hereof," "herein" and "hereunder" and words of similar
import when used in this Series Supplement shall refer to this Series Supplement
as a whole and not to any particular provision of this Series Supplement;
references to any Article, Section or Exhibit are references to Articles,
Sections and Exhibits in or to this Series Supplement unless otherwise
specified; and the term "including" means "including without limitation."

                                   ARTICLE II

                       CREATION OF THE SERIES 2000-1 NOTES

         SECTION 2.01. Designation. (a) There is hereby created a Series of
Notes to be issued pursuant to the Indenture and this Series Supplement to be
known as the "Series 2000-1 Asset Backed Notes" (the "Series 2000-1 Notes").
Such Series shall be comprised of two classes: the Series 2000-1 Floating Rate
Automobile Dealer Floorplan Asset Backed Notes, Class A (the "Class A Notes")
and the Series 2000-1 Asset Backed Notes, Class B (the "Class B Notes").

         (b) In the event that any term or provision contained herein shall
conflict with or be inconsistent with any term or provision contained in the
Indenture, the terms and provisions of this Series Supplement shall govern.

                                       12

<PAGE>

         (c) The Issuer shall issue and the Indenture Trustee shall authenticate
and deliver to the Issuer the Class A Notes in the initial aggregate principal
amount of $646,000,000 and the Class B Notes in the initial aggregate principal
amount of $54,000,000.

                                   ARTICLE III

                                  SERVICING FEE

         SECTION 3.01. Servicing Compensation. The monthly servicing fee with
respect to Series 2000-1 (the "Monthly Servicing Fee") shall be payable to the
Servicer, in arrears, on each Payment Date in respect of any Collection Period
(or portion thereof) occurring on or prior to the earlier of the first Payment
Date following the Stated Maturity Date and the first Payment Date on which the
Invested Amount is zero, in an amount equal to one-twelfth of the product of (a)
the Servicing Fee Rate and (b) the Series 2000-1 Allocation Percentage of the
Pool Balance (excluding the amount of Principal Receivables relating to
Non-Serviced Participated Receivables) in each case, as of the last day of the
second Collection Period preceding such Payment Date. The share of the Monthly
Servicing Fee allocable to the Series 2000-1 Noteholders with respect to any
Payment Date (the "Noteholder Monthly Servicing Fee") shall be equal to
one-twelfth of the product of (a) the Servicing Fee Rate and (b) the Invested
Amount as of the last day of the Collection Period second preceding such Payment
Date; provided, however, that the Noteholder Monthly Servicing Fee with respect
to the first Payment Date will be $583,333. The remainder of the Monthly
Servicing Fee for the first Payment Date and each subsequent Payment Date shall
be paid by the Certificateholders and, in no event shall the Trust or the Series
2000-1 Noteholders be liable for the share of the Monthly Servicing Fee to be
paid by the Certificateholders. The remainder of the Servicing Fee shall be paid
by the Certificateholders and the Noteholders of other Series and the Series
2000-1 Noteholders shall in no event be liable for the share of Servicing Fee to
be paid by the Certificateholders or the Noteholders of other Series. The
Noteholder Monthly Servicing Fee shall be payable to the Servicer solely to the
extent amounts are available for distribution in accordance with the terms of
the Trust Sale and Servicing Agreement and Section 4.04(a) of this Series
Supplement.

                                   ARTICLE IV

                     RIGHTS OF SERIES 2000-1 NOTEHOLDERS AND
                    ALLOCATION AND APPLICATION OF COLLECTIONS

         SECTION 4.01. Daily Allocations; Payments to Certificateholders. On
each Deposit Date, Non-Principal Collections, Principal Collections and
Miscellaneous Payments will be allocated to the Series 2000-1 based on the
Series Allocation Percentage and shall be further allocated and distributed as
set forth in this Section 4.01.

                                       13

<PAGE>

         (a) Certificateholder  Collections;  Additional Noteholder Collections.
The  Servicer  will  instruct the  Indenture  Trustee in writing to withdraw the
following amounts from the Collection  Account and apply such amounts as follows
on each Deposit Date:

                  (i) an amount equal to the Excess Certificateholder Percentage
         then in effect of Allocable Non-Principal Collections deposited in the
         Collection Account for such Deposit Date shall be paid to the
         Certificateholders;

                  (ii) an amount equal to the Excess Certificateholder
         Percentage then in effect of Allocable Principal Collections deposited
         in the Collection Account for such Deposit Date shall be paid to the
         Certificateholders, provided, however, that if the Pool Balance
         (determined after giving effect to any Principal Receivables
         transferred to the Trust on such Deposit Date) is less than the
         Required Pool Balance for such Deposit Date (after giving effect to the
         allocations, distributions, withdrawals and deposits to be made on such
         Deposit Date), such funds will be deposited into the Excess Funding
         Account to the extent necessary so that the Pool Balance at least
         equals the Required Pool Balance;

                  (iii) an amount equal to the Additional Noteholder
         Non-Principal Collections for such Deposit Date shall be retained in
         the Collection Account; provided, however, that during the Revolving
         Period and the Accumulation Period, the amount so retained shall not
         exceed the excess if any, of the Reserve Fund Required Amount over the
         amount in the Reserve Fund (after giving effect to the allocations,
         distributions, withdrawals and deposits to be made on the Payment Date
         immediately following such Deposit Date), and if on any day the amount
         so retained exceeds such excess, the amount retained which exceeds such
         excess may be withdrawn from the Collection Account and applied in
         accordance with Section 4.01(a)(v).

                  (iv) an amount equal to the Additional Noteholder Principal
         Collections for an Early Amortization Period shall be retained in the
         Collection Account and, to the extent not otherwise required to be
         allocated, on the related Payment Date shall be treated as Noteholder
         Principal Collections; and

                  (v) any remaining Additional Noteholder Collections for such
         Deposit Date not required to be retained in the Collection Account
         pursuant to Section 4.01(a)(iii) and (iv) or distributed pursuant to
         Section 4.06(b) shall be paid to the Certificateholders; provided,
         however, that if the Pool Balance (determined after giving effect to
         any Principal Receivables transferred to the Trust on such Deposit
         Date) is less than the Required Pool Balance (after giving effect to
         the allocations, distributions, withdrawals and deposits to be made on
         that Deposit Date), such funds shall be deposited into the Excess
         Funding Account to the extent necessary so that the Pool Balance at
         least equals the Required Pool Balance.

         (b) Noteholder Non-Principal Collections. On each Deposit Date, the
Servicer shall allocate to Series 2000-1 and retain in the Collection Account an
amount equal to the

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<PAGE>

Floating Allocation Percentage then in effect of Allocable Non-Principal
Collections deposited in the Collection Account for such Deposit Date.

         (c) Noteholder Principal Collections - Revolving Period. On each
Deposit Date falling in the Revolving Period, the Servicer shall allocate to
Series 2000-1 and treat as Excess Principal Collections an amount equal to
Noteholder Principal Collections on such Deposit Date.

         (d) Noteholder Principal Collections - Other Periods. On each Deposit
Date falling in the Accumulation Period or the Early Amortization Period, the
Servicer shall allocate and deposit an amount equal to Available Noteholder
Principal Collections as follows:

                  (i) first, an amount up to the Class A Controlled Deposit
         Amount for such Deposit Date shall be deposited by the Servicer or the
         Indenture Trustee into the Principal Funding Account;

                  (ii) second, an amount up to the Class B Controlled Deposit
         Amount for such Deposit Date shall be deposited by the Servicer or the
         Indenture Trustee into the Principal Funding Account; and

                  (iii) third, after giving effect to the transactions referred
         to in clauses (i) and (ii) above, an amount equal to the balance, if
         any, of such Available Noteholder Principal Collections shall be
         treated as Excess Principal Collections and applied in accordance with
         Section 4.4 of the Trust Sale and Servicing Agreement and Section 4.08
         hereof.

         (e) Miscellaneous Payments. On each Deposit Date, the Servicer shall
treat any Series 2000-1 Allocable Miscellaneous Payments as Noteholder Principal
Collections and apply them as provided in Section 4.01(c) or (d), as
appropriate; provided, however, Series 2000-1 Allocable Miscellaneous Payments
consisting of Adjustment Payments that were paid after their due date as per
Section 3.9(a) of the Trust Sale and Servicing Agreement, if the amount of such
overdue Adjustment Payments has been included in the Monthly Dilution Amount for
any prior Monthly Period, shall be treated as Noteholder Non-Principal
Collections and applied as provided in Section 4.01(b).

         SECTION 4.02.              Monthly Interest.

         (a) The amount of interest accrued on the outstanding principal balance
during an Interest Period with respect to the Class A Notes (the "Class A
Monthly Interest") shall be an amount equal to the product of (i) the Class A
Note Rate, (ii) the outstanding principal balance of the Class A Notes as of the
close of business on the preceding Payment Date (after giving effect to all
repayments of principal made to Class A Noteholders on such preceding Payment
Date, if any) and (iii) a fraction, the numerator of which is the actual number
of days elapsed in such Interest Period and the denominator of which is 360.

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<PAGE>

         (b) The amount of monthly interest accrued on the outstanding principal
balance during an Interest Period with respect to the Class B Notes (the "Class
B Monthly Interest") shall be an amount equal to the product of (i) the Class B
Note Rate, (ii) the outstanding principal balance of the Class B Notes as of the
close of business on the preceding Payment Date (after giving effect to all
repayments of principal made to Class B Noteholders on such preceding Payment
Date, if any) and (iii) a fraction, the numerator of which is the actual number
of days elapsed in such Interest Period and the denominator of which is 360.

         (c) The Class A Carry-over Amount, if any, will be paid on any Payment
Date, to the extent funds are allocated and available therefor after making all
required distributions and deposits with respect to the Series 2000-1 Notes,
including payments with respect to principal (including deposits to the Excess
Funding Account), Monthly Interest, the Noteholder Monthly Servicing Fee, the
Reserve Fund Deposit Amount, the Noteholder Defaulted Amount, the Monthly
Dilution Amount, the Noteholder Charge-Off Reversal Amount and Noteholder
Defaulted Amounts and Monthly Dilution Amounts from prior periods that had not
previously been paid. The Class B Carry-over Amount, if any, will be paid on any
Payment Date, to the extent funds are allocated and available therefor after
making all required distributions and deposits with respect to the Series 2000-1
Notes, including payments with respect to principal (including deposits to the
Excess Funding Account), Monthly Interest, the Noteholder Monthly Servicing Fee,
the Reserve Fund Deposit Amount, the Noteholder Defaulted Amount, the Monthly
Dilution Amount, the Noteholder Charge-Off Reversal Amount and Noteholder
Defaulted Amounts and Monthly Dilution Amounts from prior periods that had not
previously been paid and the Class A Carry-over Amount.

         SECTION 4.03.              Establishment of the Series 2000-1 Accounts.

         (a) The Servicer, for the benefit of the Series 2000-1 Noteholders,
shall cause to be established and maintained in the name of the Indenture
Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve
Fund") which shall be identified as the "Reserve Fund for the World Omni Master
Owner Trust, Series 2000-1" and shall bear a designation clearly indicating that
the funds deposited therein are held for the benefit of the Series 2000-1
Noteholders. On the Series Issuance Date, the Transferor shall cause to be
deposited in the Reserve Fund the Initial Reserve Fund Deposit Amount.

         (b) At the written direction of the Servicer, funds on deposit in the
Reserve Fund shall be invested by the Indenture Trustee in Eligible Investments
selected by the Servicer that will mature so that such funds will be available
at the close of business on or before the Business Day two Business Days before
the following Payment Date (or on or before 10:00 a.m. on such following Payment
Date in the case of Eligible Investments in respect of which the Indenture
Trustee is the obligor or Eligible Investments specified in clauses (g) and (i)
of the definition thereof). All Eligible Investments shall be held by the
Indenture Trustee for the benefit of the Series 2000-1 Noteholders. On each
Payment Date, all interest and other investment earnings (net of losses and
investment expenses) on funds on deposit in the Reserve Fund received prior to
such Payment Date shall be deposited in the Collection Account and treated as
Investment Proceeds and applied as set forth in Section 4.04(a) of this

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<PAGE>

Series Supplement. Funds deposited in the Reserve Fund on a Business Day (which
immediately precedes a Payment Date) upon the maturity of any Eligible
Investments are not required to be invested overnight. In no event shall the
Indenture Trustee be liable for the selection of Eligible Investments or for
investment losses incurred thereon. The Indenture Trustee shall have no
liability in respect of losses incurred as a result of the liquidation of any
Eligible Investments prior to its stated maturity or failure of the Servicer to
provide timely written direction.

         (c) The Servicer, for the benefit of the Noteholders, shall establish
and maintain in the name of the Indenture Trustee, on behalf of the Trust, an
Eligible Deposit Account (the "Principal Funding Account"), which shall be
identified as the "Principal Funding Account for World Omni Master Owner Trust,
Series 2000-1" and shall bear a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2000-1 Noteholders.

         (d) At the written direction of the Servicer, funds on deposit in the
Principal Funding Account shall be invested by the Indenture Trustee in Eligible
Investments selected by the Servicer that will mature so that such funds will be
available on or before the close of business on the Business Day two business
days before the following Payment Date (or on or before 10:00 a.m. on such
following Payment Date in the case of Eligible Investments in respect of which
the Indenture Trustee is the obligor or Eligible Investments specified in
clauses (g) and (i) of the definition thereof). All such Eligible Investments
shall be held by the Indenture Trustee for the benefit of the Series 2000-1
Noteholders. On each Payment Date all interest and other investment earnings
(net of losses and investment expenses) on funds on deposit therein shall be
deposited in the Collection Account and treated as Investment Proceeds and
applied as set forth in Section 4.04(a) of this Series Supplement. Funds
deposited in the Principal Funding Account on a Business Day (which immediately
precedes an Expected Principal Payment Date) upon the maturity of any Eligible
Investments are not required to be invested overnight. In no event shall the
Indenture Trustee be liable for the selection of Eligible Investments or for
investment losses incurred thereon. The Indenture Trustee shall have no
liability in respect of losses incurred as a result of the liquidation of any
Eligible Investments prior to its stated maturity or failure of the Servicer to
provide timely written direction.

         (e) The Indenture Trustee shall possess all right, title and interest
in and to all funds on deposit from time to time in, and all Eligible
Investments credited to, the Reserve Fund and the Principal Funding Account
(collectively, the "Series 2000-1 Accounts") and in all proceeds thereof. The
Series 2000-1 Accounts shall be under the sole dominion and control of the
Indenture Trustee for the benefit of the Noteholders. If, at any time, any of
the Series 2000-1 Accounts ceases to be an Eligible Deposit Account, the
Indenture Trustee (or the Servicer on its behalf) shall within 10 Business Days
(or such longer period, not to exceed 30 calendar days, as to which each Rating
Agency has consented) establish and maintain in the name of the Indenture
Trustee a new Series 2000-1 Account (which shall be an Eligible Deposit Account
and which shall bear a designation clearly indicating that the funds deposited
therein are held for the benefit of the Series 2000-1 Noteholders) and shall
transfer any cash and/or any investments to such new Series 2000-1 Account.
Neither the

                                       17

<PAGE>

Transferor, the Servicer nor any person or entity claiming by, through or under
the Transferor, the Servicer or any such person or entity shall have any right,
title or interest in, or any right to withdraw any amount from, any Series
2000-1 Account, except as expressly provided herein. Schedule 1, which is hereby
incorporated into and made part of this Series Supplement, identifies each
Series 2000-1 Account by setting forth the account number of each such account,
the account designation of each such account and the name of the institution
with which such account has been established. If a substitute Series 2000-1
Account is established pursuant to this Section, the Servicer shall provide to
the Indenture Trustee an amended Schedule 1, setting forth the relevant
information for such substitute Series 2000-1 Account.

         (f) Pursuant to the authority granted to the Servicer in Section 8.2 of
the Indenture and Section 3.1(a) and Section 4.2 of the Trust Sale and Servicing
Agreement, the Servicer shall have the power, revocable by the Indenture Trustee
to instruct the Indenture Trustee to make withdrawals and payments from the
Series 2000-1 Accounts for the purposes of carrying out the Servicer's or
Indenture Trustee's duties hereunder.

         SECTION 4.04.              Application of Noteholder Non-Principal
Collections, Investment Proceeds and Available Noteholder Principal Collections.
The Servicer shall cause the Indenture Trustee to make the following
distributions:

         (a) On each Payment Date, commencing with the Initial Payment Date, an
amount equal to the sum of Noteholder Non-Principal Collections and any
Investment Proceeds with respect to such Payment Date will be distributed, to
the extent funds are available therefor, in the following priority:

                  (i)    first, an amount equal to Class A Monthly Interest for
         such Payment Date, plus the amount of any Class A Monthly Interest
         previously due but not distributed to the Class A Noteholders on a
         prior Payment Date (plus interest thereon) shall be distributed to the
         Class A Noteholders;

                  (ii)   second, an amount equal to Class B Monthly Interest for
         such Payment Date, plus the amount of any Class B Monthly Interest
         previously due but not distributed to the Class B Noteholders on a
         prior Payment Date (plus interest thereon) shall be distributed to the
         Class B Noteholders;

                  (iii)  third, an amount equal to the Noteholder Monthly
         Servicing Fee for such Payment Date shall be distributed to the
         Servicer (unless such amount has been netted against deposits to the
         Collection Account or waived);

                  (iv)   fourth, an amount equal to the Reserve Fund Deposit
         Amount, if any, for such Payment Date shall be deposited in the
         Reserve Fund;

                  (v)    fifth, an amount equal to the Noteholder Defaulted
         Amount and the Monthly Dilution Amount for such Payment Date shall be
         treated as a portion of Noteholder Principal Collections for such day;

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<PAGE>

                  (vi)   sixth, an amount equal to the aggregate amount of
         Noteholder Charge- Offs which have not been previously reversed as
         provided in this Section 4.04(a)(vi) shall be treated as a portion of
         Noteholder Principal Collections for such day and shall increase the
         Class A Invested Amount or the Class B Invested Amount as described in
         Section 4.07 (the "Noteholder Charge-Off Reversal Amount");

                  (vii)  seventh, an amount equal to the amount of reductions of
         the Available Subordinated Amount on account of Noteholder Defaulted
         Amounts and Monthly Dilution Amounts that have not previously been
         reinstated shall be treated as a portion of Additional Noteholder
         Principal Collections for such day and shall increase the Available
         Subordinated Amount;

                  (viii) eighth, an amount equal to any outstanding Class A
         Carry-over Amount shall be distributed to the Class A Noteholders;

                  (ix)   ninth, an amount equal to any outstanding Class B
         Carry-over Amount shall be distributed to the Class B Noteholders;

                  (x)    tenth, an amount equal to the aggregate outstanding
         amounts of Noteholder Monthly Servicing Fee which have been previously
         waived shall be distributed to the Servicer; and

                  (xi)   eleventh, the balance shall be distributed to the
         Certificateholders.

         (b) In the event that the Class B Invested Amount is greater than zero
on the Class B Stated Maturity Date, any funds remaining in the Reserve Account
(after the application of funds in the Reserve Fund as described in Section 4.06
hereof) will be treated as a portion of Available Noteholder Principal
Collections for the Payment Date occurring on the Class B Stated Maturity Date.

         SECTION 4.05. Distributions to Series 2000-1 Noteholders. Payments to
Series 2000-1 Noteholders will be made from the Collection Account, the Reserve
Fund or the Principal Funding Account, as applicable.

         (a) on each Payment Date, the Servicer shall cause the Indenture
Trustee to distribute the amounts on deposit in the Collection Account and the
Reserve Fund that are payable to the Series 2000-1 Noteholders with respect to
accrued interest to the Series 2000-1 Noteholders in accordance with Section
4.04(a); provided, however, that no Class B Monthly Interest shall be paid to
the Class B Noteholders until all Class A Monthly Interest and interest on
unpaid Class A Monthly Interest has been paid to the Class A Noteholders and no
Class B Carry-over Amount shall be paid to the Class B Noteholders until any
outstanding Class A Carry-over Amount has been paid to the Class A Noteholders.

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<PAGE>

         (b) The Servicer shall instruct the Indenture Trustee in writing to
apply the funds on deposit in the Principal Funding Account and the Collection
Account and shall instruct the Indenture Trustee in writing to make, without
duplication, the following distributions at the following times:

                  (i) on the Expected Principal Payment Date and each Special
         Payment Date all amounts on deposit in the Principal Funding Account
         and the Collection Account as are payable to the Class A Noteholders
         with respect to principal shall be distributed to the Class A
         Noteholders up to a maximum amount on any such day equal to the
         outstanding principal balance of the Class A Notes on such date; and

                  (ii) if all of the amounts due and owing to the Class A
         Noteholders pursuant to clause (i) above have been paid in full, on the
         Expected Principal Payment Date and each Special Payment Date, all
         amounts on deposit in the Principal Funding Account and the Collection
         Account as are payable to Class B Noteholders with respect to principal
         shall be distributed to the Class B Noteholders up to a maximum amount
         on any such day equal to the outstanding principal balance of the Class
         B Notes on such date.

         (c) On each Payment Date on which there is an unpaid Class A Carry-over
Amount, the Servicer shall instruct the Indenture Trustee in writing to
distribute to the Class A Noteholders such Class A Carry-over Amount to the
extent funds are available therefor after making all required distributions and
deposits with respect to the Series 2000-1 Notes pursuant to Section 4.04(a).

         (d) On each Payment Date on which there is an unpaid Class B Carry-over
Amount, the Servicer shall instruct the Indenture Trustee in writing to
distribute to the Class B Noteholders such Class B Carry-over Amount to the
extent funds are available therefor after making all required distributions and
deposits with respect to the Series 2000-1 Notes pursuant to Section 4.04(a).

         (e) If on the Class A Stated Maturity Date there is any Class A
Carry-over Amount or on the Class B Stated Maturity Date there is any Class B
Carry-over Amount or on the date on which the Invested Amount has been reduced
to zero there is any Carry-over Amount (in each case after giving effect to any
distributions on such date pursuant to Section 4.04(a) through (d) above), the
Servicer shall instruct the Indenture Trustee in writing to distribute to the
Class A Noteholders or the Class B Noteholders, as applicable, the amounts
payable with respect thereto pursuant to Section 4.06(a) and (b) .

         (f) The distributions to be made pursuant to this Section are subject
to the provisions of Section 4.3 of the Trust Sale and Servicing Agreement,
Section 2.7(c) of the Indenture and Section 8.01 of this Series Supplement.

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<PAGE>

         SECTION 4.06.              Application of Reserve Fund and Available
Subordinated Amount.

         (a) If the portion of Noteholder Non-Principal Collections and
Investment Proceeds allocated to Series 2000-1 Noteholders on any Payment Date
pursuant to Section 4.04(a) is not sufficient to make the entire distributions
required on such Payment Date by (a) Sections 4.04(a)(i), (ii), (iii) and (v) or
(b) on the Class A Stated Maturity Date or the date on which the Invested Amount
has been reduced to zero only, Section 4.04(a)(viii) and on the Class B Stated
Maturity Date or the date on which the Invested Amount has been reduced to zero
only, Section 4.04(a)(ix), the Servicer shall cause the Indenture Trustee to
withdraw funds from the Reserve Fund (in the case of Section 4.04(a)(viii) and
(ix), only to the extent such amounts would otherwise be distributed to the
Certificateholders) to the extent available therein, and apply such funds to
complete the distributions pursuant to Section 4.04(a)(i), (ii), (iii), (v),
(viii) and (ix), as the case may be, provided, however, that during any Early
Amortization Period funds shall not be withdrawn from the Reserve Fund to make
distributions otherwise required by Section 4.04(a)(v) to the extent that, after
giving effect to such withdrawal, the amount on deposit in the Reserve Fund
shall be less than $1,000,000.

         (b) If the amounts allocated to the Series 2000-1 Noteholders pursuant
to Section 4.04(a) and the amounts withdrawn from the Reserve Fund pursuant to
Section 4.06(a) are not sufficient to make the entire distributions required by
clauses (i), (ii), (iii) and (v) of Section 4.04(a) (such shortfall being the
"Deficiency Amount"), the Servicer shall cause the Indenture Trustee to apply
the amount of Additional Noteholder Collections for the related Collection
Period on deposit in the Collection Account on such Payment Date, but only up to
the Available Subordinated Amount, to make the distributions required by clauses
(i), (ii), (iii) and (v) of Section 4.04(a) that have not been made and, if such
Payment Date is the Class A Stated Maturity Date, the Class B Stated Maturity
Date or the date on which the Invested Amount has been reduced to zero, the
distributions required by Section 4.04(a)(viii) in the case of the Class A
Stated Maturity Date and Section 4.04(a)(ix) in the case of the Class B Stated
Maturity Date or both Sections 4.04(a)(viii) and (ix) in the case of the date on
which the Invested Amount has been reduced to zero that have not been made. The
Available Subordinated Amount will be reduced by the amount of Additional
Noteholder Collections applied in accordance with the preceding sentence. If the
amount necessary to complete the distributions referred to in this paragraph (b)
exceeds Additional Noteholder Collections for such Payment Date, the Available
Subordinated Amount shall be further reduced (but not below zero) by the amount
of such excess, but not by more than the sum of (x) the Noteholder Defaulted
Amount and (y) the Monthly Dilution Amount.

         (c) If, after giving effect to the allocations of, distributions from,
and deposits in, the Reserve Fund made pursuant to Section 4.04(a) and this
Section 4.06, (i) the amount in the Reserve Fund is greater than the Reserve
Fund Required Amount for such Payment Date, the Servicer shall cause the
Indenture Trustee to distribute such excess amount to the Certificateholders,
subject to the proviso contained in paragraph (d) or (ii) the amount in the
Reserve Fund is less than such Reserve Fund Required Amount, the Indenture
Trustee shall deposit any remaining Additional Noteholder Non-Principal
Collections on deposit in the Collection Account for such Payment Date into the
Reserve Fund until the amount in the

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<PAGE>

Reserve Fund is equal to such Reserve Fund Required Amount. After the earlier to
occur of the payment in full of the outstanding principal balance of the Series
2000-1 Notes and the Class B Stated Maturity Date, any funds remaining on
deposit in the Reserve Fund shall be paid to the Certificateholders.

         (d) The balance of Additional Noteholder Collections on any Payment
Date, after giving effect to any distributions thereof pursuant to Section
4.06(b) or (c), shall be distributed to the Certificateholders on such Payment
Date; provided, however, that if the Required Pool Balance for the immediately
preceding Determination Date exceeds the Pool Balance on such date (determined
after giving effect to any Principal Receivables transferred to the Trust on
such Payment Date), Section 4.06(c)(i) hereof shall not apply and the amount of
such excess shall be deposited into the Excess Funding Account, with any
remaining Additional Noteholder Collections or amounts in the Reserve Fund, to
the extent available, paid to the Certificateholders.

         SECTION 4.07. Noteholder Charge-Offs. If, on any Payment Date on which
the Available Subordinated Amount on the preceding Determination Date (after
giving effect to the allocations, distributions, withdrawals and deposits to be
made on such Payment Date) is zero and the Deficiency Amount for such Payment
Date is greater than zero, the Invested Amount of the Series 2000-1 Notes shall
be reduced (a "Noteholder Charge-Off") by the Deficiency Amount, but not by more
than the sum of the Noteholder Defaulted Amount and the Monthly Dilution Amount
to the extent not covered by applications made pursuant to Sections 4.04 and
4.06 for such Payment Date. Any such reduction shall be applied first to reduce
the Class B Invested Amount (a "Class B Noteholder Charge-Off") but not below
zero, and then to reduce the Class A Invested Amount (a "Class A Noteholder
Charge-Off") but not below zero. Noteholder Charge-Offs of either class shall
thereafter be reversed and the Invested Amount increased (but not by an amount
in excess of the aggregate unreversed Noteholder Charge-Offs on any Payment Date
for that class) by the Noteholder's Charge-off Reversal Amount. Any such
increase shall be applied first to the Class A Invested Amount until all
previously unreversed Class A Noteholder Charge-Offs have been reversed and then
to the Class B Invested Amount until all previously unreversed Class B
Noteholder Charge- Offs have been reversed.

         SECTION 4.08. Excess Principal Collections. The Servicer will allocate
Series 2000-1 Excess Principal Collections and treat as Available Noteholder
Principal Collections an amount equal to the Series 2000-1 Principal Shortfall,
to the extent available. In the event there is no Series 2000-1 Principal
Shortfall, Excess Principal Collections will be allocated and distributed in
accordance with Section 4.4 of the Trust Sale and Servicing Agreement.

         SECTION 4.09. Accumulation Period Length; Accumulation Period
Commencement Date. Beginning on the November 2002 Payment Date, and on each
Payment Date thereafter that occurs prior to the Accumulation Period
Commencement Date, the Servicer shall calculate the Accumulation Period Length
and, if applicable, determine the Accumulation Period Commencement Date. The
Servicer shall promptly notify the Indenture Trustee in writing of the
Accumulation Period Commencement Date and the Accumulation Period Length.

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<PAGE>

         SECTION 4.10. Excess Funding Account. On the Business Day immediately
following the last day of the Revolving Period, an amount equal to the Series
2000-1 Excess Funding Amount as of the last day of the Revolving Period will be
withdrawn from the Excess Funding Account and deposited in the Principal Funding
Account on such date and distributed in accordance with Section 4.05(b). The
amount of that deposit shall be deemed to have been first deposited for the
benefit of the Class A Noteholders up to the Class A Invested Amount and then
for the benefit of the Class B Noteholders. Thereafter, the Series 2000-1
Noteholders will not be entitled to any funds on deposit in the Excess Funding
Account.

                                    ARTICLE V

                            DISTRIBUTIONS AND REPORTS
                          TO SERIES 2000-1 NOTEHOLDERS

         SECTION 5.01.              Distributions.

         (a) On each Payment Date, the Indenture Trustee shall distribute to
each Series 2000-1 Noteholder of record on the preceding Record Date (other than
as provided in Section 2.7(c) of the Indenture respecting a final distribution)
such Noteholder's pro rata share (based on the aggregate fractional undivided
interests represented by such class of Series 2000-1 Notes held by such
Noteholder) of the amounts on deposit in the Series 2000-1 Accounts as is
payable to such class of Series 2000-1 Noteholders on such Payment Date pursuant
to Section 4.04 and 4.05.

         (b) Except as provided in Section 2.7(c) of the Indenture with respect
to a final distribution, distributions to Series 2000-1 Noteholders hereunder
shall be made by check mailed to each Series 2000-1 Noteholder at such
Noteholder's address appearing in the Note Register without presentation or
surrender of any Series 2000-1 Note or the making of any notation thereon;
provided, however, that, with respect to Series 2000-1 Notes registered in the
name of a Depository, such distributions shall be made to such Depository in
immediately available funds.

         SECTION 5.02.              Reports and Statements to Series 2000-1
Noteholders.

         (a) On or prior to each Payment Date (including each date that
corresponds to the Expected Principal Payment Date or Special Payment Date),
commencing with the initial Payment Date, the Servicer will provide to the
Indenture Trustee, and on each Payment Date, the Indenture Trustee shall forward
to each Series 2000-1 Noteholder (provided the Indenture Trustee has received
such report from the Servicer), a statement prepared by the Servicer,
substantially in the form attached as Exhibit C hereto, setting forth the
following information relating to the Trust and the Series 2000-1 Notes:

             (i) the aggregate amount of Collections, the aggregate amount of
         Non-Principal Collections and the aggregate amount of Principal
         Collections processed

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<PAGE>

         during the immediately preceding Collection Period and the Pool
         Balance, the Required Pool Balance and the Excess Funding Account
         Balance as of the close of business on the last day of the preceding
         Collection Period;

                  (ii)     the Series Allocation Percentage, the Floating
         Allocation Percentage and the Principal Allocation Percentage for the
         preceding Collection Period;

                  (iii)    the total amount, if any, distributed on the Class A
         Notes and the Class B Notes;

                  (iv)     the amount of such distribution allocable to
         principal on each class of Series 2000-1 Notes;

                  (v)      the amount of such distribution allocable to interest
         on each class of Series 2000-1 Notes;

                  (vi)     the Noteholder Defaulted Amount for such Payment
         Date;

                  (vii)    the Required Draw Amount, if any, for such Collection
         Period;

                  (viii)   the amount of Noteholder Charge-Offs and the amounts
         of the reversals thereof for such Collection Period;

                  (ix)     the amount of the Monthly Servicing Fee and the
         Noteholder Monthly Servicing Fee for such Collection Period;

                  (x) the Class A Controlled Deposit Amount and Class B
         Controlled Deposit Amount, if any, as of the first day of the
         Collection Period related to such Payment Date;

                  (xi) the Invested Amount as of the last day of such Collection
         Period and the outstanding principal balance of each Class of Series
         2000-1 Notes for such Payment Date (after giving effect to all
         distributions which will occur on such Payment Date);

                  (xii)    the Available Subordinated Amount as of the last day
         of the Collection Period;

                  (xiii)   the Reserve Fund balance for such date; and

                  (xiv)    the balance of the Principal Funding Account with
         respect to such date.

         (b) A copy of each statement provided pursuant to paragraph (a) will be
made available for inspection at the Corporate Trust Office of the Indenture
Trustees.

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<PAGE>

         (c) On or before April 30 of each calendar year, beginning with
calendar year 2001, the Indenture Trustee shall furnish or cause to be furnished
to each Person who at any time during the preceding calendar year was a Series
2000-1 Noteholder (or Note Owner), a report prepared by the Servicer containing
the information which is required to be contained in the statement to Series
2000-1 Noteholders as set forth in paragraph (a) above, aggregated for such
calendar year or the applicable portion thereof during which such Person (or any
related Note Owner) was a Series 2000-1 Noteholder (or Note Owner). The Servicer
shall prepare and the Indenture Trustee shall furnish to each person who was a
Series 2000-1 Noteholder (or Note Owner) during the preceding calendar year in
the time and manner required by the Code such information as is required to be
provided by an issuer of indebtedness under the Code, including Forms 1099 and
such other customary information as is necessary to enable the Series 2000-1
Noteholders (or Note Owners) to prepare their tax returns. Such obligation of
the Indenture Trustee shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Indenture Trustee
pursuant to any requirements of the Code as from time to time in effect.

                                   ARTICLE VI

                            EARLY AMORTIZATION EVENTS

         SECTION 6.01.              Additional Early Amortization Events.

         (a) Except as provided in Section 6.01(b), the occurrence of any of the
following events shall, immediately upon the occurrence thereof without notice
or other action on the part of the Indenture Trustee or the Series 2000-1
Noteholders, be deemed to be an Early Amortization Event solely with respect to
Series 2000-1:

                  (i)      on any Determination Date, the average of the Monthly
         Payment Rates for the three preceding Collection Periods is less than
         30%;

                  (ii) on any Determination Date, the Available Subordinated
         Amount for the next Payment Date will be reduced to an amount less than
         the Required Subordinated Amount on such Determination Date, after
         giving effect to the distributions to be made on the next Payment Date;

                  (iii)    any Servicing Default with respect to the Series
         2000-1 Notes occurs;

                  (iv)     any Carry-Over Amount is outstanding on six
         consecutive Payment Dates;

                  (v) failure on the part of the Transferor, the Servicer or
         World Omni, as applicable, (a) to make any payment or deposit required
         by the Trust Sale and Servicing Agreement or the Receivables Purchase
         Agreement, including but not limited to any Transfer Deposit Amount or
         Adjustment Payment, on or before the date occurring ten Business Days
         after the date such payment or deposit is required

                                       25

<PAGE>

         to be made therein; or (b) to deliver a Payment Date Statement on the
         date required under the Trust Sale and Servicing Agreement (or within
         the applicable grace period which will not exceed five business days);
         (c) to comply with its covenant not to create any lien on a Receivable;
         or (d) to observe or perform in any material respect any other
         covenants or agreements set forth in the Trust Sale and Servicing
         Agreement or the Receivables Purchase Agreement, which failure
         continues unremedied for a period of 45 days after written notice of
         such failure; and

                  (vi) any representation or warranty made by World Omni in the
         Receivables Purchase Agreement or by the Transferor in the Trust Sale
         and Servicing Agreement or any information required to be given by the
         Transferor to the Indenture Trustee to identify the Accounts proves to
         have been incorrect in any material respect when made and continues to
         be incorrect in any material respect for a period of 60 days after
         written notice and as a result the interests of the Noteholders are
         materially and adversely affected; provided, however, that an Early
         Amortization Event shall not be deemed to occur thereunder if the
         Transferor has repurchased the related Receivables or all such
         Receivables, if applicable, during such period in accordance with the
         provisions of the Trust Sale and Servicing Agreement;

                  (vii) the occurrence of an Event of Default with respect to
         the Series 2000- 1 Notes and the declaration that the Series 2000-1
         Notes are due and payable pursuant to Section 5.2 of the Indenture;

                  (viii) on the first day of the Accumulation Period, the amount
         on deposit in the Reserve Fund does not equal or exceed the Reserve
         Fund Required Amount; and

                  (ix)     on the Expected Principal Payment Date, the Series
         2000-1 Notes are not paid in full.

         (b) In the case of any event described in Section 6.01(a)(iii), (v) or
(vi) above, an Early Amortization Event with respect to Series 2000-1 will be
deemed to have occurred only if, after the applicable grace period described in
such clauses, either (i) the Indenture Trustee or (ii) Series 2000-1 Noteholders
holding Series 2000-1 Notes evidencing more than 50% of the aggregate unpaid
principal amount of the Controlling Class of the Series 2000-1 Notes, by written
notice to the Certificateholders and the Servicer (and the Indenture Trustee, if
such notice is given by Series 2000-1 Noteholders) declare that an Early
Amortization Event has occurred as of the date of such notice.

         SECTION 6.02 Recommencement of the Revolving Period. If any Early
Amortization Event (other than an Early Amortization Event described in Section
5.17 of the Indenture) occurs, the Revolving Period will recommence following
receipt of (i) satisfaction of the Rating Agency Condition and (ii) receipt of
the consent of Noteholders evidencing more than 50% of the aggregate unpaid
principal amount of the Controlling Class of Series 2000-1 Notes to such
recommencement, provided that no other Early Amortization Event that has not
been cured or waived as described herein has occurred and the scheduled
termination of the Revolving Period has not occurred.

                                       26

<PAGE>

                                   ARTICLE VII

                               OPTIONAL REDEMPTION

         SECTION 7.01.              Optional Redemption.

         (a) On any Payment Date occurring after the date on which the aggregate
outstanding principal balance of the Series 2000-1 Notes is reduced to
$70,000,000 or less (which amount shall equal 10% of the initial outstanding
principal balance of the Series 2000-1 Notes), the Servicer shall have the
option to redeem the Series 2000-1 Notes in whole but not in part at a purchase
price equal to the Redemption Price for such Payment Date.

         (b) The Servicer shall give the Indenture Trustee at least 10 days'
prior written notice of the Payment Date on which the Servicer intends to
exercise such purchase option. Not later than 12:00 noon (New York City time) on
such Payment Date, the Servicer shall deposit an amount equal to the sum of (i)
the Series 2000-1 Excess Funding Amount (in a maximum amount not exceeding the
Redemption Price) and (ii) the excess, if any, of the Redemption Price over the
amount calculated in clause (i) into the Collection Account in immediately
available funds. Such purchase option is subject to payment in full of the
Redemption Price. Such amount deposited in the Collection Account shall be
distributed as set forth in Section 8.01.

                                  ARTICLE VIII

                               FINAL DISTRIBUTIONS

         SECTION 8.01. Acquisition of Notes Pursuant to Section 10.1 of the
Indenture; Distributions pursuant to Section 7.01 of this Series Supplement or
Section 8.04 of the Indenture.

         (a) The amount to be paid by the Issuer to the Principal Funding
Account with respect to Series 2000-1 Notes in connection with a purchase of the
Notes pursuant to Section 10.1 of the Indenture shall equal the Redemption Price
for the Payment Date on which such repurchase occurs.

         (b) With respect to the amount deposited into the Collection Account
pursuant to Section 7.01 of this Series Supplement, the Indenture Trustee shall,
not later than 12:00 noon (New York City time), on the Payment Date on which
such amounts are deposited (or, if such date is not a Payment Date, on the
immediately following Payment Date) deposit such amount into the Principal
Funding Account.

         (c) Notwithstanding anything to the contrary in this Series Supplement
or the Indenture, the entire amount deposited in the Principal Funding Account
pursuant to Section 7.01 or 8.01 hereof and all other amounts on deposit therein
shall be distributed in full to the

                                       27

<PAGE>

Series 2000-1 Noteholders on such date and any distribution made pursuant to
paragraph (b) above shall be deemed to be a final distribution pursuant to
Section 8.4 of the Indenture with respect to the Series 2000-1 Notes; provided,
however, that amounts shall be paid first, to the Class A Noteholders to the
extent due and owing and second, to the Class B Noteholders.

         SECTION 8.02.              Disposition of Principal Receivables
Pursuant to Section 5.4 of the Indenture.

         (a) In accordance with Section 5.4 of the Indenture, in the event that
the aggregate outstanding principal amount of the Class A Notes is greater than
zero on the Class A Stated Maturity Date (after giving effect to deposits and
distributions otherwise to be made on such Class A Stated Maturity Date), upon
receipt of an Opinion of Counsel to the effect that its action will not result
in the Trust being characterized as an association (or a publicly traded
partnership) taxable as a corporation, the Indenture Trustee will sell or cause
to be sold Principal Receivables (or interests therein) in an amount such that
the proceeds of such sale equal the aggregate outstanding principal balance of,
and accrued and unpaid interest on, the Class A Notes on such Class A Stated
Maturity Date (after giving effect to such deposits and distributions);
provided, however, in no event shall such amount of Receivables sold exceed the
lesser of (a) the sum of the Invested Amount and the Available Subordinated
Amount on the preceding Determination Date (after giving effect to the
allocations, distributions, withdrawals and deposits to be made on the Payment
Date following such Determination Date) and (b) the Series Allocation Percentage
for Series 2000-1 (for the Collection Period in which such Class A Stated
Maturity Date occurs) of Principal Receivables on such Class A Stated Maturity
Date. The amount of Principal Receivables sold shall first reduce the Class A
Invested Amount, but not to below zero, then any remaining amounts shall reduce
the Available Subordinated Amount, but not to below zero, and then any amounts
still remaining shall reduce the Class B Invested Amount. The net proceeds of
such sale and any Collections on the Principal Receivables will be paid pro rata
to the Class A Noteholders on the Class A Stated Maturity Date as the final
payment of the Class A Notes, and the Class A Noteholders shall not receive any
additional payments with respect to the Class A Notes.

         (b) In accordance with Section 5.4 of the Indenture, in the event that
the aggregate outstanding principal balance of the Class B Notes is greater than
zero on the Class B Stated Maturity Date (after giving effect to deposits and
distributions otherwise to be made on such Class B Stated Maturity Date), upon
receipt of an Opinion of Counsel to the effect that its action will not result
in the Trust being characterized as an association (or publicly traded
partnership) taxable as a corporation, the Indenture Trustee will sell or cause
to be sold Principal Receivables (or interests therein) in an amount such that
the net proceeds of such sale equal the aggregate outstanding principal balance
of, and accrued and unpaid interest on, the Class B Notes on such Class B Stated
Maturity Date (after giving effect to such deposits and distributions);
provided, however, in no event shall such amount of Receivables sold (including
those sold pursuant to Section 8.02(a)) exceed the lesser of (a) the sum of the
Invested Amount and the Available Subordinated Amount on the preceding
Determination Date (after giving effect to the allocations, distributions,
withdrawals and deposits to be made on the Payment Date following such
Determination Date) and (b) the Series Allocation Percentage for Series 2000-1
(for the Collection Period in which such Class B Stated

                                       28

<PAGE>

Maturity Date occurs) of Principal Receivables on such Class B Stated Maturity
Date. The amount of Receivables sold shall first reduce the Class B Invested
Amount, but not to below zero, then any remaining amounts shall reduce the
Available Subordinated Amount. The net proceeds of such sale and any Collections
on the Principal Receivables will be paid pro rata to the Class B Noteholders on
the Class B Stated Maturity Date as the final payment of the Class B Notes, and
the Class B Noteholders shall not receive any additional payments with respect
to the Class B Notes.

         (c) In accordance with Section 5.4 of the Indenture, in the event that
an Event of Default relating to the failure to make any required payment of
interest or principal on the Series 2000-1 Notes has occurred and the Series
2000-1 Notes have been declared due and payable, on the direction of the holders
of a majority of the aggregate outstanding principal amount of the Controlling
Class of the Series 2000-1 Notes, upon receipt of an Opinion of Counsel to the
effect that its action will not result in the Trust being characterized as an
association (or publicly traded partnership) taxable as a corporation, the
Indenture Trustee will sell or cause to be sold an interest in the Receivable or
certain Receivables in an amount such that the net proceeds of such sale equal
the aggregate outstanding principal balance of, and accrued and unpaid interest
on, the Series 2000-1 Notes then outstanding on such date; provided, however, in
no event shall such amount of Receivables sold exceed the lesser of (a) the sum
of the Invested Amount and the Available Subordinated Amount on the preceding
Determination Date (after giving effect to the allocations, distributions,
withdrawals and deposits to be made prior to such date); and (b) the Series
Allocation Percentage for Series 2000-1 of Principal Receivables on such date.
The net proceeds of such sale will be paid pro rata to the Class A Noteholders
in an amount up to the aggregate outstanding principal balance of and accrued
and unpaid interest on the Class A Notes, and then, to the extent of funds
remaining, to the Class B Noteholders, and the Series 2000-1 Noteholders shall
not receive any additional payments with respect to the Series 2000-1 Notes.

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

         SECTION 9.01. Ratification of Agreement. As supplemented by this Series
Supplement, the Indenture is in all respects ratified and confirmed and the
Indenture as so supplemented by this Series Supplement shall be read, taken and
construed as one and the same instrument.

         SECTION 9.02.              Counterparts.  This Series Supplement may be
executed in two or more counterparts (and by different parties on separate
counterparts) each of which shall be an original, but all of which together
shall constitute one and the same instrument.

         SECTION 9.03. Change in Indenture Trustee. Neither the Servicer nor the
Certificateholders shall appoint a new Indenture Trustee located in any
jurisdiction which does not have in effect the standard UCC provisions relating
to perfection of interests in instruments without delivering an Opinion of
Counsel to Moody's to the effect that such new

                                       29

<PAGE>

Indenture Trustee will have a perfected and first priority interest in any
instruments evidencing the Receivables.

         SECTION 9.04. GOVERNING LAW. THIS SERIES SUPPLEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
OR ANY OTHER JURISDICTION'S CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

                                       30

<PAGE>

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

                               WORLD OMNI MASTER OWNER TRUST

                               By:      Chase Manhattan Bank Delaware, not
                                        in its individual capacity but solely as
                                        Owner Trustee

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

                               HARRIS TRUST AND SAVINGS BANK
                               As Indenture Trustee

                               By:
                                   ---------------------------------------------
                                        Name:    Megan F. Carmody
                                        Title:   Assistant Vice President

Acknowledged and Accepted:

WORLD OMNI FINANCIAL CORP.,
Servicer

By:
    ---------------------------------------------
Name:    Eric M. Gebhard
Title:   Assistant Secretary

                                       31

<PAGE>

                                                                       EXHIBIT A

                             [FORM OF CLASS A NOTE]

                             REGISTERED                              $__________

No. R-_

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                         CUSIP NO. _____________

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

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

                          WORLD OMNI MASTER OWNER TRUST
             SERIES 2000-1 FLOATING RATE AUTOMOBILE DEALER FLOORPLAN
                           ASSET BACKED NOTES, CLASS A

                  Evidencing an indebtedness of the Trust, the corpus of which
consists of wholesale dealer floor plan receivables (collectively the
"Receivables") generated from time to time in the ordinary course of business in
a portfolio of revolving financing agreements (collectively the "Accounts") of
World Omni Financial Corp., a Florida corporation (the "Servicer"). This Note
(the "Note") does not represent any interest in, or recourse obligation of,
WODFI LLC, a Delaware limited liability company and wholly-owned subsidiary of
the Servicer ("WODFI LLC"), the Servicer or any affiliate thereof.

                  This Series 2000-1 Floating Rate Automobile Dealer Floorplan
Asset Backed Note, Class A (this "Class A Note" or this "Note") evidences the
indebtedness of WORLD OMNI MASTER OWNER TRUST (the "Issuer") to Cede & Co., or
registered assigns (the

                                       32

<PAGE>

"Class A Noteholder"). This Note was created pursuant to an Amended and Restated
Indenture (the "Indenture"; such term to include any amendment or Supplement
thereto) dated as of April 6, 2000, between the Trust and Harris Trust and
Savings Bank, the Indenture Trustee (the "Indenture Trustee"), and the Series
2000-1 Supplement (the "Series 2000-1 Supplement") thereto dated as of April 6,
2000, among the Trust, the Indenture Trustee and the Servicer.

                  This Note is issued under, and is subject to, the terms and
conditions of the Indenture to which, as amended and supplemented from time to
time, this Class A Noteholder by virtue of acceptance hereof is bound.

                  The Trust has entered into the Indenture and the Notes have
been (or will be) issued with the intention that the Notes will qualify under
applicable tax law as indebtedness. Each Class A Noteholder, by the acceptance
of its Note, agrees to treat the Notes as indebtedness for all Federal income
taxes, state and local income, single business and franchise taxes and any other
taxes imposed on or measured by income.

                  The Issuer, for value received, hereby promises to pay to the
Class A Noteholders, the principal sum of ______________ DOLLARS ($_______)
pursuant to and in accordance with the terms of the Indenture but no sooner than
the earlier to occur of (i) the Expected Payment Date and (ii) an Event of
Default and declaration by a majority of the principal amount of the outstanding
Class A Notes that the principal amount of the Class A Notes is immediately due
and payable; provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on March 15, 2005 (the "Class A Stated Maturity
Date"). The Issuer will pay interest on this Note at the rate per annum equal to
LIBOR plus 0.135% on each Payment Date on the principal amount of this Note
outstanding on the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date) until the principal of this
Note is paid in full. Interest on this Note will accrue for each Payment Date
from and including the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, with respect to the first
Payment Date, from and including the date hereof to but excluding the first
Payment Date. Interest on this Note will be calculated on the basis of the
actual number of days elapsed since the Closing Date or the preceding Payment
Date divided by 360. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

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

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

                                       33

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Note to be duly
executed.

Dated: April 6, 2000        WORLD OMNI MASTER OWNER TRUST by
                            Chase Manhattan Bank Delaware, not in its individual
                            capacity, but solely as Owner Trustee

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

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: April 6, 2000                      HARRIS TRUST AND SAVINGS
                                          BANK, not in its individual capacity
                                          but solely        as Indenture Trustee

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

                                       34

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of the Issuer
designated as its Series 2000-1, Floating Rate Automobile Dealer Floorplan Asset
Backed Notes, Class A (herein called the "Class A Notes"), all issued under an
Amended and Restated Indenture, dated as of April 6, 2000, (such Indenture, as
supplemented by a Series Supplement or amended, is herein called the
"Indenture"), among the Issuer and Harris Trust and Savings Bank, an Illinois
banking corporation, as indenture trustee (the "Indenture Trustee", which term
includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Class A Noteholders. The Notes are governed by and subject to
all terms of the Indenture (which terms are incorporated herein and made a part
hereof), to which Indenture the holder of this Note by virtue of acceptance
hereof assents and by which such holder is bound. All capitalized terms used and
not otherwise defined in this Note that are defined in the Inden ture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant
to the Indenture.

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

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that by accepting the benefits of the Indenture such Noteholder will not, prior
to the date which is one year and one day after the termination of such
Indenture with respect to the Issuer, acquiesce, petition or otherwise invoke or
cause the Seller or the Issuer to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against WODFI LLC,
the Trust, the Owner Trust Estate or 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 WODFI
LLC or the Issuer or any substantial part of

                                       35

<PAGE>

its property, or ordering the winding up or liquidation of the affairs of WODFI
LLC, the Trust or the Issuer.

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

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

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

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

                  The term "Payment Date" mean the fifteenth day of each
calendar month, or, if such fifteenth day is not a Business Day, the next
succeeding Business Day.

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

                                       36

<PAGE>

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

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

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

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

                                       37

<PAGE>

                                   ASSIGNMENT

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

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

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

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________, as attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution
in the premises.

Dated:                                                                        1
      ------------------                    ----------------------------------

                                                    Signature Guaranteed:

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

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

                                       38

<PAGE>

                                                                       EXHIBIT B

                             [FORM OF CLASS B NOTE]
REGISTERED                                                           $__________

No. R-_

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                        CUSIP NO. ______________

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

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

                               WORLD OMNI MASTER OWNER TRUST
                  SERIES 2000-1 FLOATING RATE AUTOMOBILE DEALER FLOORPLAN
                                ASSET BACKED NOTES, CLASS B

                  Evidencing an indebtedness of the Trust, the corpus of which
consists of wholesale dealer floor plan receivables (collectively the
"Receivables") generated from time to time in the ordinary course of business in
a portfolio of revolving financing agreements (collectively the "Accounts") of
World Omni Financial Corp., a Florida corporation (the "Servicer"). This Note
(the "Note") does not represent any interest in, or recourse obligation of,
WODFI LLC, a Delaware limited liability company and wholly-owned subsidiary of
the Servicer ("WODFI LLC"), the Servicer or any affiliate thereof.

                  This Series 2000-1 Floating Rate Automobile Dealer Floorplan
Asset Backed Note, Class B (this "Class B Note" or this "Note") evidences the
indebtedness of WORLD OMNI MASTER OWNER TRUST (the "Issuer") to Cede & Co., or
registered assigns (the "Class B Noteholder"). This Note was created pursuant to
an Amended and Restated Indenture (the "Indenture"; such term to include any
amendment or Supplement thereto)

                                       39

<PAGE>

dated as of April 6, 2000, between the Trust and Harris Trust and Savings Bank,
the Indenture Trustee (the "Indenture Trustee"), and the Series 2000-1
Supplement (the "Series 2000-1 Supplement") thereto dated as of April 6, 2000,
among the Trust, the Indenture Trustee and the Servicer.

                  This Note is issued under, and is subject to, the terms and
conditions of the Indenture to which, as amended and supplemented from time to
time, this Class B Noteholder by virtue of acceptance hereof is bound.

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

                  The Trust has entered into the Indenture and the Notes have
been (or will be) issued with the intention that the Notes will qualify under
applicable tax law as indebtedness. Each Class B Noteholder, by the acceptance
of its Note, agrees to treat the Notes as indebtedness for all Federal income
taxes, state and local income, single business and franchise taxes and any other
taxes imposed on or measured by income.

                  The Issuer, for value received, hereby promises to pay to the
Class B Noteholders, the principal sum of ____________ DOLLARS ($________)
pursuant to and in accordance with the terms of the Indenture but no sooner than
the earlier to occur of (i) the Expected Payment Date and (ii) an Event of
Default and declaration by a majority of the principal amount of the outstanding
Class B Notes that the principal amount of the Class B Notes is immediately due
and payable; provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on March 15, 2005 (the "Class B Stated Maturity
Date"). The Issuer will pay interest on this Note at the rate per annum equal to
LIBOR plus 0.45% on each Payment Date on the principal amount of this Note
outstanding on the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date) until the principal of this
Note is paid in full. Interest on this Note will accrue for each Payment Date
from and including the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, with respect to the first
Payment Date, from and including the date hereof to but excluding the first
Payment Date. Interest on this Note will be calculated on the basis of the
actual number of days elapsed since the Closing Date or the preceding Payment
Date divided by 360. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

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

                                       40

<PAGE>

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

                                       41

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this Note to be duly
executed.

Dated: April 6, 2000        WORLD OMNI MASTER OWNER TRUST by
                            Chase Manhattan Bank Delaware, not in its individual
                            capacity, but solely as Owner Trustee

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

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: April 6, 2000                   HARRIS TRUST AND SAVINGS
                                       BANK, not in its individual capacity
                                       but solely        as Indenture Trustee

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

                                       42

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of the Issuer
designated as its Series 2000-1, Floating Rate Automobile Dealer Floorplan Asset
Backed Notes, Class B (herein called the "Class B Notes"), all issued under an
Amended and Restated Indenture, dated as of April 6, 2000, (such Indenture, as
supplemented by a Series Supplement or amended, is herein called the
"Indenture"), among the Issuer and Harris Trust and Savings Bank, an Illinois
banking corporation, as indenture trustee (the "Indenture Trustee", which term
includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Class B Noteholders. The Notes are governed by and subject to
all terms of the Indenture (which terms are incorporated herein and made a part
hereof), to which Indenture the holder of this Note by virtue of acceptance
hereof assents and by which such holder is bound. All capitalized terms used and
not otherwise defined in this Note that are defined in the Inden ture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant
to the Indenture.

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

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that by accepting the benefits of the Indenture such Noteholder will not, prior
to the date which is one year and one day after the termination of such
Indenture with respect to the Issuer, acquiesce, petition or otherwise invoke or
cause the Seller or the Issuer to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against WODFI LLC,
the Trust, the Owner Trust Estate or 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 WODFI
LLC or the Issuer or any substantial part of

                                       43

<PAGE>

its property, or ordering the winding up or liquidation of the affairs of WODFI
LLC, the Trust or the Issuer.

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

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

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

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

                  The term "Payment Date" mean the fifteenth day of each
calendar month, or, if such fifteenth day is not a Business Day, the next
succeeding Business Day.

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

                                       44

<PAGE>

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

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

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

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

                                       45

<PAGE>

                                   ASSIGNMENT

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

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

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

-----------------------------------------------------------------
                      (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________, as attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution
in the premises.

Dated:                                                                        2
      ------------------------              ----------------------------------

                                                     Signature Guaranteed:

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

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

                                       46

<PAGE>

                                                                       EXHIBIT C

                    [FORM OF MONTHLY PAYMENT DATE STATEMENT]

                                       47

<PAGE>

                                                                      SCHEDULE 1

                             SERIES 2000-1 ACCOUNTS

Series 2000-1 Reserve Account

         Harris Trust and Savings Bank
         ABA 071 000 288
         Account Number 109-211-3
         Attn: Megan Carmody 312-461-6030
         Further Credit World Omni 2000-1 Reserve Account
         Acct: 01-11-080-1160761

Series 2000-1 Principal Funding Account

         Harris Trust and Savings Bank
         ABA 071 000 288
         Account Number 109-211-3
         Attn: Megan Carmody 312-461-6030
         Further Credit World Omni 2000-1 Principal Funding Account
         Acct: 01-11-080-1160753

                                       48

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