Document:

AMENDMENT NO. 3
                                     TO THE
                            COVENANT TRANSPORT, INC.
                              INCENTIVE STOCK PLAN

         This Amendment No. 3 to the Covenant  Transport,  Inc.  Incentive Stock
Plan (the "Amendment"),  pursuant to Section 6.4 of the Plan, is made as of July
27, 2000.  All terms in this  Amendment  shall have the meaning  ascribed in the
Plan, unless otherwise defined herein.

         Background.  On  August  4,  1994,  all  voting  stockholders  and  all
directors of Covenant  Transport,  Inc., a Nevada  corporation  (the "Company"),
adopted an Incentive  Stock Plan (the "Plan").  On August 15, 1996,  the Company
adopted  Amendment  No. 1 to the Plan.  On May 20,  1999,  the  Company  adopted
Amendment No. 2 to the Plan. The following Amendment was adopted and approved by
the Board of Directors on July 27, 2000.

         In accordance  with the  foregoing,  the Plan is hereby  amended as set
forth below:

         Subparagraphs  2.3.a and 2.3.b.  and the last sentence of Paragraph 2.3
are deleted in their entirety and replaced with the following:

            "Fair  Market  Value"  means the  closing  price of the Common
            Stock on the  date an  Option  is  awarded,  as such  price is
            reported by The Nasdaq Stock  Market,  other  over-the-counter
            market,  or stock  exchange,  as  applicable.  If no  reported
            quotation  or sale of Common  Stock takes place on the date in
            question,  the last reported closing price of the Common Stock
            shall be determinative.

         This  Amendment was duly adopted and approved by a vote of the Board of
Directors of the Company on July 27, 2000.

                                            /s/ Mary B. Roseman
                                            --------------------------
                                            Mary B. Roseman, Assistant SecretaryAMENDMENT NO. 1
                                     TO THE
                            COVENANT TRANSPORT, INC.
                       OUTSIDE DIRECTOR STOCK OPTION PLAN

         This Amendment No. 1 to the Covenant  Transport,  Inc. Outside Director
Stock Option Plan (the  "Amendment"),  pursuant to Section [6.4] of the Plan, is
made as of July 27,  2000.  All terms in this  Amendment  shall have the meaning
ascribed in the Plan, unless otherwise defined herein.

         Background.  On May  18,  2000,  the  Board  of  Directors  recommended
approval  and all voting  stockholders  of Covenant  Transport,  Inc.,  a Nevada
corporation (the "Company"), adopted the Outside Director Stock Option Plan (the
"Plan").  The  following  Amendment  was  adopted  and  approved by the Board of
Directors on July 27, 2000.

         In accordance  with the  foregoing,  the Plan is hereby  amended as set
forth below:

         Paragraphs  2(1) is  deleted  in its  entirety  and  replaced  with the
following:

            "Fair  Market  Value"  means the  closing  price of the Common
            Stock on the  date the  Award  is  granted,  as such  price is
            reported by The Nasdaq Stock  Market,  other  over-the-counter
            market,  or stock  exchange,  as  applicable.  If no  reported
            quotation  or sale of Common  Stock takes place on the date in
            question,  the last reported closing price of the Common Stock
            shall be determinative.

         This  Amendment was duly adopted and approved by a vote of the Board of
Directors of the Company on July 27, 2000.

                                            /s/ Mary B. Roseman
                                            --------------------------
                                            Mary B. Roseman, Assistant SecretaryExhibit 4.1

                                    INDENTURE

                                     between

                      FORD CREDIT AUTO OWNER TRUST 2000-F,
                                    as Issuer

                                       and

                            THE CHASE MANHATTAN BANK,
                              as Indenture Trustee

                           Dated as of October 1, 2000

<PAGE>

                                        CROSS REFERENCE TABLE1

<TABLE>
<CAPTION>
<S>                                                                                        <C>
  TIA                                                                                       Indenture
Section                                                                                      Section

310  (a)(1)...................................................................................   6.11
     (a)(2)...................................................................................   6.11
     (a)(3)...................................................................................   6.10
     (a)(4).................................................................................    N.A.2
     (a)(5)...................................................................................   6.11
     (b)  .................................................................................  6.8;6.11
     (c)  ....................................................................................   N.A.
311  (a)  ....................................................................................   6.12
     (b)  ....................................................................................   6.12
     (c)  ....................................................................................   N.A.
312  (a)  ....................................................................................   7.1
     (b)  ....................................................................................   7.2
     (c)  ....................................................................................   7.2
313  (a)  ....................................................................................   7.4
     (b)(1)...................................................................................   7.4
     (b)(2)...................................................................................  11.5
     (c)  ....................................................................................   7.4
     (d)  ....................................................................................   7.3
314  (a)  ....................................................................................  11.15
     (b)  ....................................................................................  11.1
     (c)(1)...................................................................................  11.1
     (c)(2)...................................................................................  11.1
     (c)(3)...................................................................................  11.1
     (d)  ....................................................................................  11.1
     (e)  ....................................................................................  11.1
     (f)  ....................................................................................  11.1
315  (a)  ....................................................................................   6.1
     (b)  ..................................................................................6.5;11.5
     (c)  ....................................................................................   6.1
     (d)  ....................................................................................   6.1
     (e)  ....................................................................................   5.13
316  (a) (last sentence)......................................................................   2.8
     (a)(1)(A)................................................................................   5.11
     (a)(1)(B)................................................................................   5.12
     (a)(2)...................................................................................   N.A.
     (b)  ....................................................................................   5.7
     (c)  ....................................................................................   N.A
317  (a)(1)...................................................................................   5.3
     (a)(2)...................................................................................   5.3
     (b)  ....................................................................................   3.3
318  (a)  ....................................................................................  11.7
-----------------------

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

2    N.A. means Not Applicable.

</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                TABLE OF CONTENTS

<S>                                                                                                <C>
                                  ARTICLE I

DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE
SECTION 1.1  Definitions and Usage..................................................................3
SECTION 1.2  Incorporation by Reference of Trust Indenture Act......................................3

                                   ARTICLE II

THE NOTES
SECTION 2.1  Form of Notes..........................................................................3
SECTION 2.2  Execution, Authentication and Delivery.................................................4
SECTION 2.3  Temporary Notes........................................................................7
SECTION 2.4  Tax Treatment..........................................................................8
SECTION 2.5  Registration of Transfer and Exchange of Securities....................................8
SECTION 2.6  Mutilated, Destroyed, Lost or Stolen Notes............................................12
SECTION 2.7  Persons Deemed Owners.................................................................13
SECTION 2.8  Payment of Principal and Interest; Defaulted Interest.................................13
SECTION 2.9  Cancellation..........................................................................15
SECTION 2.10  Release of Collateral................................................................16
SECTION 2.11  Book-Entry Notes.....................................................................16
SECTION 2.12  Notices to Clearing Agency...........................................................17
SECTION 2.13  Definitive Notes.....................................................................17
SECTION 2.14  Authenticating Agents................................................................18

                                   ARTICLE III

COVENANTS
SECTION 3.1  Payment of Principal and Interest.....................................................19
SECTION 3.2  Maintenance of Office or Agency.......................................................19
SECTION 3.3  Money for Payments To Be Held in Trust................................................19
SECTION 3.4  Existence.............................................................................21
SECTION 3.5  Protection of Indenture Trust Estate..................................................21
SECTION 3.6  Opinions as to Indenture Trust Estate.................................................22
SECTION 3.7  Performance of Obligations; Servicing of Receivables..................................22
SECTION 3.8  Negative Covenants....................................................................24
SECTION 3.9  Annual Statement as to Compliance.....................................................25
SECTION 3.10  Issuer May Consolidate, etc., Only on Certain Terms..................................26
SECTION 3.11  Successor or Transferee..............................................................28
SECTION 3.12  No Other Business....................................................................28
SECTION 3.13  No Borrowing.........................................................................28
SECTION 3.14  Servicer's Obligations...............................................................28
SECTION 3.15  Guarantees, Loans, Advances and Other Liabilities....................................28
SECTION 3.16  Capital Expenditures.................................................................28
SECTION 3.17  Further Instruments and Acts.........................................................28
SECTION 3.18  Restricted Payments..................................................................29
SECTION 3.19  Calculation Agent....................................................................29
SECTION 3.20  Notice of Events of Default..........................................................30
SECTION 3.21  Removal of Administrator.............................................................30

                                   ARTICLE IV

SATISFACTION AND DISCHARGE
SECTION 4.1  Satisfaction and Discharge of Indenture...............................................31
SECTION 4.2  Satisfaction, Discharge and Defeasance of Notes.......................................32
SECTION 4.3  Application of Trust Money............................................................33
SECTION 4.4  Repayment of Monies Held by Note Paying Agent.........................................33

                                    ARTICLE V

REMEDIES
SECTION 5.1  Events of Default.....................................................................34
SECTION 5.2  Acceleration of Maturity; Rescission and Annulment....................................35
SECTION 5.3  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.............36
SECTION 5.4  Remedies; Priorities..................................................................39
SECTION 5.5  Optional Preservation of the Receivables..............................................42
SECTION 5.6  Limitation of Suits...................................................................43
SECTION 5.7  Unconditional Rights of Noteholders To Receive Principal and
     Interest......................................................................................44
SECTION 5.8  Restoration of Rights and Remedies....................................................44
SECTION 5.9  Rights and Remedies Cumulative........................................................44
SECTION 5.10  Delay or Omission Not a Waiver.......................................................44
SECTION 5.11  Control by Controlling Note Class of Noteholders.....................................45
SECTION 5.12  Waiver of Past Defaults..............................................................45
SECTION 5.13  Undertaking for Costs................................................................46
SECTION 5.14  Waiver of Stay or Extension Laws.....................................................46
SECTION 5.15  Action on Notes......................................................................46
SECTION 5.16  Performance and Enforcement of Certain Obligations...................................46

                                   ARTICLE VI

THE INDENTURE TRUSTEE
SECTION 6.1  Duties of Indenture Trustee...........................................................48
SECTION 6.2  Rights of Indenture Trustee...........................................................49
SECTION 6.3  Individual Rights of Indenture Trustee................................................50
SECTION 6.4  Indenture Trustee's Disclaimer........................................................50
SECTION 6.5  Notice of Defaults....................................................................50
SECTION 6.6  Reports by Indenture Trustee to Noteholders...........................................51
SECTION 6.7  Compensation and Indemnity............................................................51
SECTION 6.8  Replacement of Indenture Trustee......................................................51
SECTION 6.9  Successor Indenture Trustee by Merger.................................................53
SECTION 6.10  Appointment of Co-Indenture Trustee or Separate Indenture Trustee....................53
SECTION 6.11  Eligibility; Disqualification........................................................54
SECTION 6.12 Preferential Collection of Claims Against Issuer......................................55
SECTION 6.13  Interest Rate Swap Provisions........................................................55

                                   ARTICLE VII

NOTEHOLDERS' LISTS AND REPORTS
SECTION 7.1  Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders................58
SECTION 7.2  Preservation of Information; Communications to Noteholders............................58
SECTION 7.3  Reports by Issuer.....................................................................59
SECTION 7.4  Reports by Indenture Trustee..........................................................59

                                  ARTICLE VIII

ACCOUNTS, DISBURSEMENTS AND RELEASES
SECTION 8.1  Collection of Money...................................................................60
SECTION 8.2  Trust Accounts and Payahead Account...................................................60
SECTION 8.3  General Provisions Regarding Accounts.................................................68
SECTION 8.4  Release of Indenture Trust Estate.....................................................69
SECTION 8.5  Opinion of Counsel....................................................................70

                                   ARTICLE IX

SUPPLEMENTAL INDENTURES
SECTION 9.1  Supplemental Indentures Without Consent of Noteholders................................71
SECTION 9.2  Supplemental Indentures with Consent of Noteholders...................................72
SECTION 9.3  Execution of Supplemental Indentures..................................................74
SECTION 9.4  Effect of Supplemental Indenture......................................................75
SECTION 9.5  Conformity with Trust Indenture Act...................................................75
SECTION 9.6  Reference in Notes to Supplemental Indentures.........................................75

                                    ARTICLE X

REDEMPTION OF NOTES
SECTION 10.1  Redemption...........................................................................76
SECTION 10.2  Form of Redemption Notice............................................................76
SECTION 10.3  Notes Payable on Redemption Date.....................................................77

                                   ARTICLE XI

MISCELLANEOUS
SECTION 11.1  Compliance Certificates and Opinions, etc............................................77
SECTION 11.2  Form of Documents Delivered to Indenture Trustee.....................................79
SECTION 11.3  Acts of Noteholders..................................................................80
SECTION 11.4  Notices, etc., to Indenture Trustee, Issuer, Swap Counterparties and Rating
     Agencies......................................................................................81
SECTION 11.5  Notices to Noteholders; Waiver.......................................................81
SECTION 11.6  Alternate Payment and Notice Provisions..............................................82
SECTION 11.7  Conflict with Trust Indenture Act....................................................82
SECTION 11.8  Effect of Headings and Table of Contents.............................................83
SECTION 11.9  Successors and Assigns...............................................................83
SECTION 11.10  Separability........................................................................83
SECTION 11.11  Benefits of Indenture...............................................................83
SECTION 11.12  Legal Holidays......................................................................83
SECTION 11.13  Governing Law.......................................................................83
SECTION 11.14  Counterparts........................................................................83
SECTION 11.15  Recording of Indenture..............................................................83
SECTION 11.16  Trust Obligation....................................................................84
SECTION 11.17  No Petition.........................................................................84
SECTION 11.18  Inspection..........................................................................84

</TABLE>

<PAGE>

Exhibit  A-1 Form of Class  A-1 Note
Exhibit  A-2 Form of Class  A-2 Note
Exhibit  A-3 Form of Class  A-3 Note
Exhibit  A-4 Form of Class  A-4 Note
Exhibit  A-5 Form of Class  A-5 Note
Exhibit  B   Form of Class  B   Note
Exhibit VPTN Form of Variable Pay Term Note
Exhibit  C   Form of Note Depository Agreement
Exhibit  D   Form of Investment Letter - VPTN - QIBs
Exhibit  E   Form of Investment Letter - VPTN - IAIs
Exhibit  F   Form of Rule 144A Transferor Certificate - VPTN
Schedule A - Schedule of Receivables
Appendix A - Definitions and Usage

<PAGE>

                  INDENTURE,  dated as of October 1, 2000, (as from time to time
amended,  supplemented or otherwise  modified and in effect,  this  "Indenture")
between  FORD CREDIT AUTO OWNER TRUST  2000-F,  a Delaware  business  trust,  as
Issuer,  and THE CHASE  MANHATTAN BANK, a New York  corporation,  as trustee (in
such capacity, the "Indenture Trustee") and not in its individual capacity.

                  Each  party  agrees as  follows  for the  benefit of the other
party and for the equal and ratable benefit of the holders of the Issuer's Class
A-1 Floating  Rate Asset  Backed Notes (the "Class A-1 Notes"),  Class A-2 6.56%
Asset Backed  Notes (the "Class A-2 Notes"),  Class A-3 6.58% Asset Backed Notes
(the "Class A-3 Notes"),  Class A-4 Floating Rate Asset Backed Notes (the "Class
A-4 Notes"),  Class A-5 Floating  Rate Asset Backed Notes (the "Class A-5 Notes"
and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes
and the Class A-4 Notes,  the "Class A Notes"),  the Floating  Rate Asset Backed
Variable  Pay Term Notes,  as may be issued from time to time as further  stated
herein (the  "VPTNs,")  and the Class B 7.00% Asset  Backed  Notes (the "Class B
Notes" and,  together with the Class A Notes and the VPTNs, the "Notes") and the
Swap Counterparties:

                                 GRANTING CLAUSE

                  The  Issuer  hereby  Grants to the  Indenture  Trustee  at the
Closing Date, as Indenture  Trustee for the benefit of the  Noteholders  and the
Swap  Counterparty,  all of the  Issuer's  right,  title and interest in, to and
under,  whether now owned or existing or hereafter acquired or arising,  (a) the
Receivables  (including  all Additional  Receivables  acquired from time to time
during the Revolving Period); (b) with respect to Actuarial Receivables,  monies
due thereunder on or after the applicable Cutoff Date (including Payaheads) and,
with respect to Simple Interest  Receivables,  monies due or received thereunder
on or after the  applicable  Cutoff  Date  (including  in each  case any  monies
received  prior to the  applicable  Cutoff  Date  that  are due on or after  the
applicable  Cutoff Date and were not used to reduce the principal balance of the
Receivable);  (c) the security  interests in the  Financed  Vehicles  granted by
Obligors pursuant to the Receivables and any other interest of the Issuer in the
Financed  Vehicles;   (d)  rights  to  receive  proceeds  with  respect  to  the
Receivables from claims on any physical damage,  credit life, credit disability,
or other insurance  policies covering Financed Vehicles or Obligors;  (e) Dealer
Recourse;  (f) all of the rights to the Receivable Files; (g) the Trust Accounts
and all amounts,  securities,  investments  and other  property  deposited in or
credited to any of the  foregoing  and all  proceeds  thereof;  (h) the Sale and
Servicing  Agreement;  (i)  all of the  rights  under  the  Purchase  Agreement,
including the right of the Seller to cause Ford Credit to repurchase Receivables
from the Seller;  (j) payments and proceeds with respect to the Receivables held
by the Servicer;  (k) all property  (including the right to receive  Liquidation
Proceeds)  securing a  Receivable  (other  than a  Receivable  purchased  by the
Servicer or  repurchased  by the  Seller);  (l)  rebates of  premiums  and other
amounts  relating  to  insurance  policies  and other items  financed  under the
Receivables in effect as of the applicable  Cutoff Date; (m) all of the Issuer's
rights in the  Interest  Rate Swap  Agreements;  and (n) all  present and future
claims,  demands, causes of action and choses in action in respect of any or all
of the foregoing and all payments on or under and all proceeds of every kind and
nature  whatsoever  in respect  of any or all of the  foregoing,  including  all
proceeds of the conversion thereof, voluntary or involuntary, into cash or other
liquid  property,  all cash  proceeds,  accounts,  accounts  receivable,  notes,
drafts,  acceptances,   chattel  paper,  checks,  deposit  accounts,   insurance
proceeds, condemnation awards, rights to payment of any and every kind and other
forms of obligations  and  receivables,  instruments and other property which at
any time constitute all or part of or are included in the proceeds of any of the
foregoing (such amounts Granted by the Issuer, collectively, the "Collateral").

                  The foregoing Grant is made in trust to secure (a) 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,  and to
secure compliance with the provisions of this Indenture, all as provided in this
Indenture and (b) payment of amounts  payable to the Swap  Counterparties  under
the Interest Rate Swap Agreements.

                  The Indenture  Trustee,  as Indenture Trustee on behalf of the
Noteholders and the Swap  Counterparties,  acknowledges such Grant,  accepts the
trusts under this Indenture in accordance  with the provisions of this Indenture
and agrees to perform its duties  required in this  Indenture to the best of its
ability to the end that the interests of the Noteholders and Swap Counterparties
may be adequately and effectively protected.

<PAGE>

                                    ARTICLE I

                DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

                  SECTION  1.1  Definitions  and  Usage.   Except  as  otherwise
specified herein or as the context may otherwise require, capitalized terms used
but not otherwise  defined  herein are defined in Appendix A hereto,  which also
contains rules as to usage that shall be applicable herein.

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

                  "indenture securities" shall mean the Notes.

                  "indenture security holder" shall mean a Noteholder.

                  "indenture to be qualified" shall mean this Indenture.

                  "indenture trustee" or "institutional trustee" shall mean the
                  Indenture Trustee.

                  "obligor" on the  indenture  securities  shall mean the Issuer
and any other obligor on the indenture securities.

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

                                   ARTICLE II

                                    THE NOTES

                  SECTION  2.1 Form of Notes.  (a) Each of the Class A-1  Notes,
the Class A-2  Notes,  the Class A-3 Notes,  the Class A-4 Notes,  the Class A-5
Notes and the Class B Notes will be issued in the form of a Book-Entry  Note and
each of the VPTNs will be issued in the form of a Definitive  Note, which Notes,
together with the Indenture Trustee's  certificates of authentication,  shall be
in  substantially  the forms set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3,
Exhibit A-4, Exhibit A-5, Exhibit B and Exhibit VPTN (the "Note Exhibits"), with
such appropriate  insertions,  omissions,  substitutions and other variations as
are required or permitted by this Indenture,  and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon
as may,  consistently  herewith,  be determined by the officers  executing  such
Notes, as evidenced by their execution  thereof.  Any portion of the text of any
Note may be set forth on the  reverse  thereof,  with an  appropriate  reference
thereto on the face of the Note.

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

                  (c) Each Note  shall be dated the date of its  authentication.
The terms of the Notes set forth in the Note  Exhibits  are part of the terms of
this Indenture and are incorporated herein by reference.

                  SECTION 2.2 Execution,  Authentication  and Delivery.  (a) 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.

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

                  (c)  The   Indenture   Trustee   shall,   upon  Issuer  Order,
authenticate  and deliver the Notes for original  issue in the Classes,  initial
aggregate principal amounts,  interest rates, Final Scheduled Distribution Dates
and,  with  respect to the Class A Notes,  the Targeted  Scheduled  Distribution
Dates as set forth in the table below.

<TABLE>
<CAPTION>
<S>                     <C>                   <C>          <C>                  <C>
                                                               Targeted
        Class           Initial Aggregate     Interest         Scheduled         Final Scheduled
                         Principal Amount       Rate       Distribution Date    Distribution Date

Class A-1 Notes         $906,000,000          LIBOR +        October 2002          August 2003
                                               0.06%            Monthly              Monthly
                                                           Distribution Date    Distribution Date

Class A-2 Notes         $701,000,000           6.56%          April 2003             May 2004
                                                                Monthly              Monthly
                                                           Distribution Date    Distribution Date

Class A-3 Notes         $520,000,000           6.58%         October 2003         November 2004
                                                                Monthly              Monthly
                                                           Distribution Date    Distribution Date

Class A-4 Notes         $343,000,000          LIBOR +         April 2004             May 2005
                                               0.10%            Monthly              Monthly
                                                           Distribution Date    Distribution Date

Class A-5 Notes         $159,722,000          LIBOR +        October 2004          October 2005
                                               0.12%            Monthly              Monthly
                                                           Distribution Date    Distribution Date

Class B Notes           $97,397,000            7.00%      N/A                       March 2006
                                                                                     Monthly
                                                                                Distribution Date
</TABLE>
                  (d)  On the  Targeted  Scheduled  Distribution  Date  for  any
Subclass of Class A Notes and on any other  Monthly  Distribution  Date on which
any  Subclass  of Class A Notes is  Outstanding  that has  reached or passed its
Targeted  Scheduled  Distribution Date, VPTNs may be issued as set forth in this
Section 2.2(d) and Section 2(b) of the Administration  Agreement.  Each issuance
of VPTNs will be made in an aggregate  amount on any Monthly  Distribution  Date
not exceeding the excess of (1) the outstanding principal balance of one or more
of the  Outstanding  Subclasses of the Class A Notes that have reached or passed
their  Targeted  Scheduled  Distribution  Dates over (2) the  aggregate  amounts
(exclusive of investment  earnings)  that remain on deposit in the  Accumulation
Account and in the Principal Distribution Account, if any, that are allocable to
the payment of principal on the Class A Notes on such Monthly Distribution Date.
The Issuer shall execute and, upon an Issuer Order, the Indenture  Trustee shall
cause the  VPTNs,  subject  to this  Section  2.2(d),  to be  authenticated  and
delivered. Each such order shall set forth with respect to each such VPTN:

                  (i)      the issuance date and Spread of the VPTN;

                  (ii)     the  aggregate  principal  amount  of the  VPTN to be
                           authenticated  and delivered on such issuance date;

                  (iii)    the VPTN Rate for such VPTN; and

                  (iv)     any other  terms or  provisions  of such  VPTN  which
                           shall not be inconsistent with the provisions of this
                           Indenture.

                  The  Indenture  Trustee  shall  not,  however,   cause  to  be
authenticated and deliver any VPTN on a Targeted Scheduled  Distribution Date or
on any subsequent Monthly Distribution Date unless the Issuer has:

         1.       delivered to the Indenture  Trustee an Officer's  Certificate
                  certifying that the following conditions have been satisfied:

                  (A)      the  aggregate  amount of the  proceeds of the
                           issuance  and sale of the VPTNs on such Monthly
                           Distribution  Date (including any related Servicer
                           Liquidity Advances) will be sufficient,  when taken
                           together with amounts on deposit in the  Principal
                           Distribution  Account that are allocable to principal
                           payments  on the Class A Notes and the  amounts  on
                           deposit in the Accumulation Account, to repay, each
                           in its entirety,  one or more of the  Subclasses  of
                           Class A Notes  that  have  reached  or  passed  their
                           Targeted Scheduled Distribution Dates;

                  (B)      the VPTNs must be rated "AAA" and "Aaa" by S&P and
                           Moody's, respectively;

                  (C)      the  Interest  Rate Swap  Agreements  must be in full
                           force and effect  with  respective  notional  amounts
                           equal to (1)  with  respect  to each of the  Floating
                           Rate Class A Note Interest Rate Swaps,  the aggregate
                           principal  amount  of  the  related  Subclass  of the
                           Floating  Rate Class A Notes and (2) with  respect to
                           the Variable Pay Term Notes  Interest Rate Swap,  the
                           aggregate  principal balance of the VPTN to be issued
                           and any other outstanding VPTN;

                  (D)      no Early Amortization Event shall have occurred;

                  (E)      no Event of Servicing Termination shall have occurred
                           and be continuing;

                  (F)      no Event of Default shall have occurred and be
                           continuing;

                  (G)      the purchase price of each VPTN must be equal to its
                           par amount; and

                  (H)      the  interest  rate on each VPTN must not  exceed
                           one-month  LIBOR  plus 1.50%;

         2.       delivered  to the  Indenture  Trustee an  Opinion of  Counsel,
                  which shall also be  addressed  to the  purchaser of such VPTN
                  and the  Rating  Agencies  and  shall  be  dated  the  related
                  issuance date of the VPTN, substantially to the effect that:

                   (i)     the Issuer has been duly  formed  and is validly
                           existing  as a business trust under the Delaware
                           Business  Trust Act, 12 Del. C. '3801,  et seq.
                           (the  "Delaware  Act"),  and has the power and
                           authority  under the Trust Agreement  and the
                           Delaware  Act to  execute,  deliver  and  perform its
                           obligations under the Notes;

                  (ii)     the Issuer has full power and  authority to issue and
                           sell the  VPTNs to be sold to the  purchaser  on such
                           Targeted  Scheduled   Distribution  Date  or  Monthly
                           Distribution  Date, as the case may be, pursuant to a
                           VPTN  purchase  agreement,  and the  Issuer  has duly
                           authorized   such  sale  to  the   purchaser  by  all
                           necessary action;

                  (iii)    registration of the VPTNs under the Securities Act is
                           not required in connection with the purchase and sale
                           of the VPTNs pursuant to the VPTN purchase agreement;
                           and

                  (iv)     the  issuance  and sale of the  VPTNs  has been  duly
                           authorized  by the Trust,  and the  VPTNs,  when duly
                           executed by the Owner  Trustee on behalf of the Trust
                           and   authenticated  by  the  Indenture   Trustee  in
                           accordance  with the  Indenture  and delivered to and
                           paid for by the purchasers thereof in accordance with
                           the Indenture, will be validly issued and outstanding
                           and entitled to the benefits of the Indenture.

                  (e) The Class A-1  Notes,  Class A-2  Notes,  Class A-3 Notes,
Class  A-4  Notes,  Class  A-5 Notes  and  Class B Notes  shall be  issuable  as
Book-Entry Notes in minimum denominations of $1,000 and in integral multiples of
$1,000 in excess  thereof.  The VPTNs will be  issuable as  Definitive  Notes in
denominations  of not less than  $100,000  in initial  Principal  Balance and in
integral multiples of $1,000 in excess thereof.

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

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

                  If  temporary  Notes  are  issued,   the  Issuer  shall  cause
Definitive  Notes  to  be  prepared  without   unreasonable   delay.  After  the
preparation of Definitive  Notes,  the temporary Notes shall be exchangeable for
Definitive  Notes upon surrender of the temporary  Notes at the office or agency
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 exchanged, the temporary Notes shall in all
respects be entitled to the same  benefits  under this  Indenture as  Definitive
Notes.

                  SECTION 2.4 Tax  Treatment.  The Issuer has entered  into this
Indenture,  and the Notes shall be issued, with the intention that, for federal,
State and local income and franchise  tax  purposes,  the Notes shall qualify as
indebtedness of the Issuer secured by the Indenture Trust Estate. The Issuer, by
entering into this Indenture,  and each Noteholder,  by its acceptance of a Note
(and  each  Note  Owner  by its  acceptance  of an  interest  in the  applicable
Book-Entry Note),  agree to treat the Notes for federal,  State and local income
and franchise tax purposes as indebtedness of the Issuer.

                  SECTION  2.5   Registration   of  Transfer   and  Exchange  of
Securities.  (a) The  Issuer  shall  cause  to be  kept a  register  (the  "Note
Register") in which, subject to such reasonable regulations as it may prescribe,
the Issuer shall provide for the  registration of Notes and the  registration of
transfers  of  Notes.  The  Indenture  Trustee  initially  shall  be  the  "Note
Registrar" for the purpose of registering Notes and transfers of Notes as herein
provided. Upon any resignation of any Note Registrar,  the Issuer shall promptly
appoint a successor or, if it elects not to make such an appointment, assume the
duties of Note  Registrar.  If a Person  other  than the  Indenture  Trustee  is
appointed  by the  Issuer  as Note  Registrar,  (i) 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,  (ii) the  Indenture  Trustee shall have the right to inspect the Note
Register at all  reasonable  times and to obtain copies  thereof,  and (iii) 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.

                  (b) Upon surrender for registration of transfer of any Note at
the office or agency of the Issuer to be  maintained as provided in Section 3.2,
if the  requirements  of Section  8-401(1)  of the UCC are met the Issuer  shall
execute,  and 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  Class  (and,  in the case of a
VPTN, with the terms  applicable to VPTNs with the same date of issuance as such
VPTN) in any authorized denomination, of a like aggregate principal amount.

                  (c) At the option of the  Noteholder,  Notes may be  exchanged
for other  Notes of the same Class in any  authorized  denominations,  of a like
aggregate  principal amount, upon surrender of the Notes to be exchanged at such
office or agency.  Whenever any Notes are so  surrendered  for exchange,  if the
requirements  of Section  8-401(1) of the UCC are met, the Issuer shall execute,
the Indenture Trustee shall  authenticate,  and the Noteholder shall obtain from
the Indenture  Trustee,  the Notes which the Noteholder  making such exchange is
entitled to receive.

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

                  (e) Every Note presented or surrendered  for  registration  of
transfer or  exchange  shall be (i) duly  endorsed  by, or be  accompanied  by a
written  instrument of transfer in form  satisfactory  to the Indenture  Trustee
duly  executed by, the  Noteholder  thereof or such  Noteholder's  attorney duly
authorized in writing,  with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar,  which requirements
include membership or participation in STAMP or such other "signature  guarantee
program"  as may be  determined  by the Note  Registrar  in  addition  to, or in
substitution  for, STAMP, all in accordance with the Securities  Exchange Act of
1934, as amended,  and (ii)  accompanied by such other  documents or evidence as
the Indenture Trustee may require.

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

                  (g)   The   preceding   provisions   of   this   Section   2.5
notwithstanding, the Issuer shall not be required to make and the Note Registrar
need not register  transfers or exchanges of Notes selected for redemption or of
any Note for a period of fifteen (15) days  preceding  the Monthly  Distribution
Date for any payment with respect to such Note.

                  (h) All Notes  surrendered  for transfer and exchange shall be
physically canceled by the Note Registrar,  and the Note Registrar shall dispose
of such canceled Notes in accordance with its customary procedures.

                  (i) With respect to the  registration of transfer and exchange
of any  VPTN,  each VPTN  shall  bear a legend to the  following  effect  unless
determined  otherwise by the Issuer (as certified to the Indenture Trustee in an
Officers Certificate) and the Indenture Trustee consistent with applicable law:

                  "THIS  VARIABLE  PAY  TERM  NOTE  HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES  ACT"),
OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES.
THE HOLDER HEREOF,  BY PURCHASING THIS VARIABLE PAY TERM NOTE,  AGREES THAT THIS
VARIABLE  PAY  TERM  NOTE  MAY  BE  REOFFERED,   RESOLD,  PLEDGED  OR  OTHERWISE
TRANSFERRED  ONLY IN COMPLIANCE  WITH THE  SECURITIES  ACT AND OTHER  APPLICABLE
LAWS,  AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A")
TO A PERSON THAT THE HOLDER  REASONABLY  BELIEVES  IS A QUALIFIED  INSTITUTIONAL
BUYER, WITHIN THE MEANING OF RULE 144A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QIB,  WHOM THE HOLDER HAS INFORMED,  IN EACH CASE,  THAT
THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION  PROVIDED BY RULE 144 UNDER
THE  SECURITIES  ACT (IF  AVAILABLE),  SUBJECT TO THE  RECEIPT BY THE  INDENTURE
TRUSTEE AND THE VARIABLE PAY TERM NOTE REGISTRAR OF SUCH EVIDENCE  ACCEPTABLE TO
THE  INDENTURE  TRUSTEE  THAT SUCH  REOFFER,  RESALE,  PLEDGE OR  TRANSFER IS IN
COMPLIANCE  WITH  THE  SECURITIES  ACT  AND  OTHER  APPLICABLE  LAWS,  (3) TO AN
INSTITUTIONAL   "ACCREDITED   INVESTOR"  WITHIN  THE  MEANING  THEREOF  IN  RULE
501(a)(1),  (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT TO
ANY OTHER  EXEMPTION FROM THE  REGISTRATION  REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE RECEIPT BY THE  INDENTURE  TRUSTEE AND THE VARIABLE PAY TERM NOTE
REGISTRAR OF SUCH OTHER EVIDENCE  ACCEPTABLE TO THE INDENTURE  TRUSTEE THAT SUCH
REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND
OTHER APPLICABLE  LAWS, OR (4) TO THE SELLER OR ITS AFFILIATES,  IN EACH CASE IN
ACCORDANCE  WITH  ALL  APPLICABLE  SECURITIES  LAWS  OF THE  UNITED  STATES  AND
SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES."

                  As a condition to the  registration of any Transfer of a VPTN,
the  prospective  transferee  of such a VPTN shall be required to  represent  in
writing  to the  Indenture  Trustee,  the  Note  Registrar  and the  Issuer  the
following,  unless  determined  otherwise  by the  Issuer (as  certified  to the
Indenture Trustee in an Officers Certificate):

                           (i) It understands that no subsequent Transfer of the
                  VPTN is permitted unless it causes its proposed  transferee to
                  provide  to  the  Issuer  and  the  Note  Registrar  a  letter
                  substantially  in the form of  Exhibit  D or  Exhibit E hereof
                  (with such changes  therein as may be approved by the Issuer),
                  as applicable,  or such other written  statement as the Issuer
                  shall prescribe.

                           (ii) It  understands  that any purported  Transfer of
                  any VPTN (or any interest  therein) in contravention of any of
                  the restrictions and conditions contained in this Section will
                  be a Void  Transfer,  and the  purported  transferee in a Void
                  Transfer  will not be  recognized  by the  Issuer or any other
                  person as a VPTN Noteholder for any purpose.

                  (j) With respect to registration of transfer and exchange,  by
acceptance of any VPTN, the VPTN Noteholder thereof specifically agrees with and
represents to the Issuer and the Note  Registrar,  that no Transfer of such VPTN
shall be made unless the registration requirements of the Securities Act and any
applicable  State  securities laws are complied with, or such Transfer is exempt
from the registration requirements under the Securities Act because the Transfer
satisfies one of the following:

                           (i) such  Transfer  is in  compliance  with Rule 144A
                  under the Securities  Act ("Rule  144A"),  to a transferee who
                  the   transferor    reasonably   believes   is   a   Qualified
                  Institutional  Buyer that is purchasing for its own account or
                  for the account of a Qualified Institutional Buyer and to whom
                  notice is given that such  Transfer  is being made in reliance
                  upon Rule 144A under the Securities Act and (x) the transferor
                  executes and delivers to the Issuer and the Note Registrar,  a
                  Rule 144A  transferor  certificate  substantially  in the form
                  attached  as  Exhibit F and (y) the  transferee  executes  and
                  delivers to the Issuer and the Note  Registrar  an  investment
                  letter substantially in the form attached as Exhibit D;

                           (ii)  after  the  appropriate  holding  period,  such
                  Transfer is pursuant to an exemption from  registration  under
                  the  Securities  Act provided by Rule 144 under the Securities
                  Act and the transferee, if requested by the Issuer or the Note
                  Registrar,   delivers  an  Opinion  of  Counsel  in  form  and
                  substance  satisfactory  to the Issuer and the Note Registrar;
                  or

<PAGE>

                           (iii) such Transfer is to an institutional accredited
                  investor  as defined  in rule  501(a)(1),  (2),  (3) or (7) of
                  Regulation  D  promulgated  under  the  Securities  Act  in  a
                  transaction  exempt from the registration  requirements of the
                  Securities  Act,  such  Transfer  is in  accordance  with  any
                  applicable  securities  laws of any State of the United States
                  or any other  jurisdiction,  and such  investor  executes  and
                  delivers to the Issuer and the Note  Registrar  an  investment
                  letter substantially in the form attached as Exhibit E.

                  (k) With respect to  registrations of transfer and exchange of
any VPTN,  the Issuer shall make  available to the  prospective  transferor  and
transferee  of a VPTN  information  requested  to satisfy  the  requirements  of
paragraph  (d) (4) of Rule 144A (the  "Rule  144A  Information").  The Rule 144A
Information  shall  include any or all of the following  items  requested by the
prospective transferee:

                           (i) the private placement  memorandum,  if any,
                  relating to the VPTN, and any amendments or supplements
                  thereto;

                           (ii) each  statement  delivered  to VPTN  Noteholders
                  pursuant to Section 8.2(d) on each Monthly  Distribution  Date
                  preceding such request; and

                           (iii)  such  other   information   as  is  reasonably
                  available  to the  Indenture  Trustee in order to comply  with
                  requests  for  information  pursuant  to Rule  144A  under the
                  Securities Act.

                  None  of the  Issuer,  the  Note  Registrar  or the  Indenture
Trustee is under an obligation to register any VPTN under the  Securities Act or
any other securities law.

                  SECTION 2.6 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
protected  purchaser,  as defined in Section 8-303 of the UCC, and provided that
the  requirements of Section 8-405 of the UCC are met, the Issuer shall execute,
and upon Issuer Request the Indenture Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a
replacement  Note  of the  same  Class;  provided,  however,  that  if any  such
destroyed,  lost or stolen Note, but not a mutilated Note,  shall have become or
within  seven (7) days shall be due and  payable,  or shall have been called for
redemption,  instead  of  issuing a  replacement  Note,  the Issuer may pay such
destroyed,  lost or stolen  Note when so due or payable  or upon the  Redemption
Date without surrender thereof.  If, after the delivery of such replacement Note
or payment of a  destroyed,  lost or stolen Note  pursuant to the proviso to the
preceding sentence,  a protected purchaser of the original Note in lieu of which
such  replacement  Note was issued  presents for payment such original Note, the
Issuer and the Indenture  Trustee shall be entitled to recover such  replacement
Note (or such  payment)  from the Person to whom it was  delivered or any Person
taking such  replacement Note from such Person to whom such replacement Note was
delivered  or any  assignee of such Person,  except a protected  purchaser,  and
shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss,  damage,  cost or expense  incurred by the Issuer or the
Indenture Trustee in connection therewith.

                  (b) Upon the  issuance  of any  replacement  Note  under  this
Section 2.6, the Issuer may require the payment by the  Noteholder  of such Note
of a sum  sufficient to cover any tax or other  governmental  charge that may be
imposed in relation  thereto and any other  reasonable  expenses  (including the
fees and expenses of the Indenture Trustee) connected therewith.

                  (c) Every replacement Note issued pursuant to this Section 2.6
in replacement of any mutilated, destroyed, lost or stolen Note shall constitute
an original additional  contractual obligation of the Issuer, whether or not the
mutilated,  destroyed,  lost or stolen Note shall be at any time  enforceable by
anyone,  and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

                  (d) The provisions of this Section 2.6 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 2.7 Persons  Deemed Owners.  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 owner of
such Note for the purpose of receiving payments of principal of and interest, if
any,  on such Note and for all other  purposes  whatsoever,  whether or not such
Note be overdue,  and none of the Issuer,  the Indenture Trustee or any agent of
the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

                  SECTION  2.8  Payment of  Principal  and  Interest;  Defaulted
Interest.  (a) The  Class A-2  Notes,  the Class A-3 Notes and the Class B Notes
shall accrue  interest at the Class A-2 Rate, the Class A-3 Rate and the Class B
Rate,  respectively,  as set forth in the Note Exhibits, as applicable,  and the
Class A-1 Notes,  the Class A-4 Notes,  the Class A-5 Notes and the VPTNs  shall
accrue  interest at the Class A-1 Rate,  the Class A-4 Rate,  the Class A-5 Rate
and the applicable  VPTN Rate,  respectively,  as determined  from time to time.
Interest  shall be due and  payable on the  Quarterly  Pay Class A Notes on each
Quarterly Payment Date, and interest shall be due and payable on the Monthly Pay
Class A Notes,  Class B Notes and VPTNs on each Monthly  Distribution  Date,  in
each case as specified therein, subject to Section 3.1; provided, however, that:

                           (i) if any  Subclass  of the  Floating  Rate  Class A
                  Notes  is  not  paid  in  full  on  its   Targeted   Scheduled
                  Distribution   Date,   then   on   such   Targeted   Scheduled
                  Distribution  Date,  interest on such  Subclass  will begin to
                  accrue during each Monthly Interest Period and will be paid on
                  each Monthly  Distribution Date thereafter at an interest rate
                  equal to LIBOR as determined by reference to an Index Maturity
                  of one month plus the applicable Spread; and

                           (ii) if an Early  Amortization Event occurs or if the
                  Notes are  accelerated  pursuant to Section 5.2  following  an
                  Event  of  Default,  then  on the  Monthly  Distribution  Date
                  following the Early  Amortization Event or acceleration of the
                  Notes (unless the Early  Amortization Event or acceleration of
                  the Notes  occurs  within two London  banking  days prior to a
                  Monthly Distribution Date, in which case beginning on the next
                  following  Monthly   Distribution  Date),   interest  on  each
                  Subclass  of Floating  Rate Class A Notes will  accrue  during
                  each Monthly Interest Period thereafter and, in the case of an
                  Early  Amortization  Event,  will  be  paid  on  each  Monthly
                  Distribution  Date  thereafter  at an  interest  rate equal to
                  LIBOR as determined  by reference to an Index  Maturity of one
                  month, plus the applicable Spread.

                  The  Administrator  shall obtain the calculation of LIBOR from
the  Calculation  Agent  under this  Agreement,  and shall  calculate,  for each
Monthly Distribution Date, the amount of the Class A-1 Rate, the Class A-4 Rate,
the Class A-5 Rate,  the VPTN Rate and the Accrued  Class A Monthly Pay Interest
(and the portion  allocable to each Subclass of Monthly Pay Class A Notes).  Any
installment  of  interest  or  principal,  if any,  payable  on any Note that is
punctually  paid or duly provided for by the Issuer on the applicable  Quarterly
Payment Date or Monthly  Distribution  Date shall be paid to the Person in whose
name such Note (or one or more  Predecessor  Notes) is  registered on the Record
Date either by wire transfer in immediately  available  funds, to the account of
such  Noteholder  at a  bank  or  other  entity  having  appropriate  facilities
therefor,  if  such  Noteholder  shall  have  provided  to  the  Note  Registrar
appropriate  written  instructions at least five (5) Business Days prior to such
Quarterly Payment Date or Monthly  Distribution Date and such Noteholder's Notes
in the aggregate  evidence a denomination  of not less than  $1,000,000,  or, if
not, by check mailed first-class  postage prepaid to such Person's address as it
appears  on the  Note  Register  on such  Record  Date;  provided  that,  unless
Definitive  Notes have been issued to Note Owners pursuant to Section 2.13, with
respect to Notes registered on the Record Date in the name of the nominee of the
Clearing  Agency  (initially,  such nominee to be Cede & Co.),  payment shall be
made by wire transfer in immediately  available funds to the account  designated
by such nominee,  and except for the final installment of principal payable with
respect  to such Note on a Monthly  Distribution  Date,  Redemption  Date or the
applicable Final Scheduled Distribution Date, which shall be payable as provided
below. The funds  represented by any such checks returned  undelivered  shall be
held in accordance with Section 3.3.

                  (b)  The   principal   of  each  Note   shall  be  payable  in
installments on each Monthly Distribution Date as provided in the forms of Notes
set forth in the Note Exhibits. Notwithstanding the foregoing, the entire unpaid
principal  amount  of each  Class of  Notes  shall  be due and  payable,  if not
previously  paid,  on the date on which an Event of Default  shall have occurred
and be  continuing,  if  the  Indenture  Trustee  or the  Noteholders  of  Notes
evidencing not less than a majority of the Note Balance of the Controlling  Note
Class have  declared the Notes to be  immediately  due and payable in the manner
provided in Section  5.2. All  principal  payments on each Class of Notes (other
than VPTNs)  shall be made pro rata to the  Noteholders  of such Class  entitled
thereto. All principal payments on the VPTNs shall be made sequentially,  in the
order they were issued, such that the earliest issued VPTNs will be paid in full
before any  principal  payments are made on any later issued VPTNs (and,  in the
event  that  more  than one VPTN is issued  on any  Monthly  Distribution  Date,
principal  shall be paid pro rata to the holders of such VPTNs).  The  Indenture
Trustee  shall notify the Person in whose name a Note is registered at the close
of business on the Record Date preceding the Monthly  Distribution Date on which
the Issuer  expects that the final  installment  of principal of and interest on
such Note shall be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Monthly  Distribution Date and shall specify that such final
installment  shall be payable only upon  presentation and surrender of such Note
and shall specify the place where such Note may be presented and surrendered for
payment of such  installment.  Notices in  connection  with  redemption of Notes
shall be mailed to Noteholders as provided in Section 10.2.

                  (c) If the Issuer  defaults  in a payment of  interest  on the
Notes, the Issuer shall pay defaulted  interest (plus interest on such defaulted
interest  to the extent  lawful) at the  applicable  Note  Interest  Rate on the
Monthly  Distribution  Date  following  such default.  The Issuer shall pay such
defaulted  interest to the Persons  who are  Noteholders  on the Record Date for
such following Monthly Distribution Date.

                  SECTION 2.9  Cancellation.  All Notes surrendered for payment,
registration  of transfer,  exchange or redemption  shall, if surrendered to any
Person other than the Indenture  Trustee,  be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee.  The Issuer may at any
time deliver to the  Indenture  Trustee for  cancellation  any Notes  previously
authenticated and delivered  hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes  cancelled  as  provided  in this  Section  2.9,  except as  expressly
permitted by this  Indenture.  All cancelled Notes may be held or disposed of by
the  Indenture  Trustee in  accordance  with its standard  retention or disposal
policy as in effect at the time  unless  the  Issuer  shall  direct by an Issuer
Order that they be  destroyed or returned to it and so long as such Issuer Order
is timely and the Notes have not been  previously  disposed of by the  Indenture
Trustee.

                  SECTION  2.10 Release of  Collateral.  Subject to Section 11.1
and the  terms of the Basic  Documents,  the  Indenture  Trustee  shall  release
property from the lien of this  Indenture only upon receipt of an Issuer Request
accompanied by an Officer's  Certificate,  an Opinion of Counsel and Independent
Certificates  in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion
of Counsel in lieu of such  Independent  Certificates to the effect that the TIA
does not require any such  Independent  Certificates.  If the  Commission  shall
issue an exemptive order under TIA Section 304(d)  modifying the Owner Trustee's
obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and
the terms of the Basic Documents,  the Indenture  Trustee shall release property
from the lien of this Indenture in accordance with the conditions and procedures
set forth in such exemptive order.

                  SECTION 2.11 Book-Entry  Notes. The Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class A-5 Notes and the
Class  B  Notes,  upon  original  issuance,  shall  be  issued  in the  form  of
typewritten  Notes  representing  the Book-Entry  Notes,  to be delivered to The
Depository Trust Company,  the initial Clearing Agency, by, or on behalf of, the
Issuer. The Book-Entry Notes shall be registered  initially on the Note Register
in the name of Cede & Co., the nominee of the initial  Clearing  Agency,  and no
Note  Owner  thereof  shall  receive  a  Definitive   Note  (as  defined  below)
representing  such Note  Owner's  interest  in such Note,  except as provided in
Section  2.13.  Unless  and  until  definitive,   fully  registered  Notes  (the
"Definitive  Notes")  have been issued to such Note  Owners  pursuant to Section
2.13:

                           (i) the  provisions  of this  Section  2.11  shall be
                  in full  force  and effect;

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

                           (iii)  to the  extent  that  the  provisions  of this
                  Section  2.11  conflict  with  any  other  provisions  of this
                  Indenture, the provisions of this Section 2.11 shall control;

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

                           (v)  whenever  this  Indenture  requires  or  permits
                  actions to be taken based upon  instructions  or directions of
                  Noteholders of Notes evidencing a specified  percentage of the
                  Note Balance of the Notes  Outstanding  (or any Class thereof,
                  including  the  Controlling  Note Class) the  Clearing  Agency
                  shall be  deemed  to  represent  such  percentage  only to the
                  extent that it has received  instructions  to such effect from
                  Note Owners  and/or  Clearing  Agency  Participants  owning or
                  representing,  respectively,  such required  percentage of the
                  beneficial   interest  of  the  Notes  Outstanding  (or  Class
                  thereof,   including  the  Controlling  Note  Class)  and  has
                  delivered such instructions to the Indenture Trustee.

                  SECTION 2.12 Notices to Clearing Agency.  Whenever a notice or
other  communication  to the  Noteholders of Book-Entry  Notes is required under
this Indenture,  unless and until Definitive Notes shall have been issued to the
Note Owners pursuant to Section 2.13, the Indenture  Trustee shall give all such
notices  and  communications  specified  herein  to be given to  Noteholders  of
Book-Entry Notes to the Clearing Agency and to the Luxembourg  Paying Agent, and
shall have no obligation  to such Note Owners.  For so long as the Class A Notes
or the Class B Notes are outstanding and listed on the Luxembourg Stock Exchange
and as the rules of the exchange  require,  notices to the holders of such Notes
shall be given in an Authorized Newspaper.

                  SECTION 2.13  Definitive  Notes.  With respect to any Class or
Classes of  Book-Entry  Notes,  if (i) the  Administrator  advises the Indenture
Trustee  in writing  that the  Clearing  Agency is no longer  willing or able to
properly discharge its responsibilities with respect to such Class of Book-Entry
Notes and the  Administrator  is unable to locate a  qualified  successor,  (ii)
either the Clearing  Agency or both  Euroclear  and  Clearstream  cease to be an
organization  registered as a "clearing  agency"  pursuant to Section 17A of the
Exchange  Act,  (iii) 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 (iv) after the occurrence of an Event of Default or an Event
of  Servicing  Termination,  Note  Owners  of such  Class  of  Book-Entry  Notes
evidencing beneficial interests aggregating not less than a majority of the Note
Balance of such Class advise the  Indenture  Trustee and 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  Class of Note  Owners,  then the
Clearing  Agency  shall  notify all Note Owners of such Class and the  Indenture
Trustee of the  occurrence of such event and of the  availability  of Definitive
Notes to the Note  Owners of the  applicable  Class  requesting  the same.  Upon
surrender to the Indenture  Trustee of the typewritten  Notes  representing  the
Book-Entry   Notes  by  the  Clearing   Agency,   accompanied  by   registration
instructions,   the  Issuer  shall  execute  and  the  Indenture  Trustee  shall
authenticate  the Definitive  Notes in accordance  with the  instructions of the
Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee
shall  be  liable  for  any  delay  in  delivery  of such  instructions  and may
conclusively  rely on, and shall be protected in relying on, such  instructions.
Upon the issuance of  Definitive  Notes to Note Owners,  the  Indenture  Trustee
shall recognize the holders of such Definitive Notes as Noteholders.

                  SECTION 2.14 Authenticating  Agents. (a) The Indenture Trustee
may appoint one or more Persons (each, an "Authenticating  Agent") with power to
act on its behalf and subject to its direction in the authentication of Notes in
connection with issuance,  transfers and exchanges under Sections 2.2, 2.3, 2.5,
2.6 and  9.6,  as  fully  to all  intents  and  purposes  as  though  each  such
Authenticating  Agent  had  been  expressly  authorized  by  those  Sections  to
authenticate such Notes. For all purposes of this Indenture,  the authentication
of Notes by an  Authenticating  Agent  pursuant  to this  Section  2.14 shall be
deemed to be the authentication of Notes "by the Indenture Trustee."

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

                  (c) Any Authenticating  Agent may at any time resign by giving
written notice of  resignation  to the Indenture  Trustee and the Owner Trustee.
The Indenture Trustee may at any time terminate the agency of any Authenticating
Agent by giving written notice of termination to such  Authenticating  Agent and
the Owner  Trustee.  Upon  receiving  such notice of  resignation or upon such a
termination,  the Indenture Trustee may appoint a successor Authenticating Agent
and shall give written notice of any such appointment to the Owner Trustee.

                  (d) The  Administrator  agrees  to pay to each  Authenticating
Agent from time to time reasonable compensation for its services. The provisions
of Sections 2.9 and 6.4 shall be applicable to any Authenticating Agent.

                                   ARTICLE III

                                    COVENANTS

                  SECTION  3.1 Payment of  Principal  and  Interest.  The Issuer
shall duly and  punctually  pay the  principal of and  interest,  if any, on the
Notes in  accordance  with the terms of the Notes  and this  Indenture.  Amounts
properly  withheld under the Code by any Person from a payment to any Noteholder
of interest  and/or  principal  shall be  considered  as having been paid by the
Issuer to such Noteholder for all purposes of this Indenture.

                  SECTION 3.2  Maintenance  of Office or Agency.  (a) The Issuer
shall  maintain in the Borough of Manhattan,  The City of New York, an office or
agency where Notes may be surrendered for  registration of transfer or exchange,
and where  notices and demands to or upon the Issuer in respect of the Notes and
this Indenture may be served. The Issuer hereby initially appoints the Indenture
Trustee to serve as its agent for the foregoing purposes.  The Issuer shall give
prompt  written  notice to the  Indenture  Trustee of the  location,  and of any
change in the  location,  of any such  office or  agency.  If, at any time,  the
Issuer shall fail to maintain any such office or agency or shall fail to furnish
the Indenture  Trustee with the address thereof,  such  surrenders,  notices and
demands  may be made or served at the  Corporate  Trust  Office,  and the Issuer
hereby  appoints  the  Indenture  Trustee  as its  agent  to  receive  all  such
surrenders, notices and demands.

                  (b) If and for so long any of the Luxembourg  Listed Notes are
listed on the Luxembourg  Stock  Exchange,  as required by the Luxembourg  Stock
Exchange,  the Issuer  shall  maintain a Transfer  Agent in  Luxembourg  for the
transfer of  Luxembourg  Listed Notes which are  Definitive  Notes,  if any. The
Issuer hereby appoints  Banque  International a Luxembourg as its Transfer Agent
in Luxembourg for such purpose.

                  SECTION  3.3 Money for  Payments  To Be Held in Trust.  (a) As
provided in Sections  8.2 and  5.4(b),  all  payments of amounts due and payable
with  respect to any Notes that are to be made from amounts  withdrawn  from the
Trust Accounts and the Payahead Account shall be made on behalf of the Issuer by
the  Indenture  Trustee  or by  another  Note  Paying  Agent,  and no amounts so
withdrawn from the Trust Accounts and the Payahead 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 Monthly Distribution Date and Redemption
Date,  the Issuer  shall  deposit  or cause to be  deposited  in the  Collection
Account an aggregate  sum  sufficient to pay the amounts then becoming due under
the Notes and Interest  Rate Swap  Agreements,  such sum to be held in trust for
the benefit of the Persons entitled  thereto,  and (unless the Note Paying Agent
is the Indenture  Trustee)  shall promptly  notify the Indenture  Trustee of its
action or failure so to act.

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

                           (iv)  immediately  resign as a Note 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 Note Paying Agent
                  at the time of its appointment; and

                           (v) comply with all  requirements of the Code and any
                  State or local tax law 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 Note Paying  Agent to pay to the  Indenture  Trustee all
sums  held in trust  by such  Note  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 Note Paying  Agent;  and upon such  payment by any Note Paying Agent to the
Indenture  Trustee,  such Note 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 Note Paying Agent in trust
for the  payment  of any  amount  due with  respect  to any  Note and  remaining
unclaimed  for two (2) years after such amount has become due and payable  shall
be discharged from such trust and be paid to the Issuer on Issuer  Request;  and
the Noteholder 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 Note Paying Agent with respect to such trust money shall  thereupon  cease;
provided,  however, that the Indenture Trustee or such Note Paying Agent, before
being required to make any such repayment, shall at the expense and direction of
the  Issuer  cause to be  published  once (i) in a  newspaper  published  in the
English  language,  customarily  published  on each  Business Day and of general
circulation in The City of New York and (ii) in an Authorized Newspaper,  notice
that such money remains  unclaimed  and that,  after a date  specified  therein,
which shall not be less than thirty (30) days from the date of such publication,
any  unclaimed  balance  of such  money  then  remaining  shall be repaid to the
Issuer.  The Indenture  Trustee shall also adopt and employ,  at the expense and
direction of the Issuer,  any other  reasonable  means of  notification  of such
repayment  (including,  but not limited to,  mailing notice of such repayment to
Noteholders  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 Note
Paying Agent, at the last address of record for each such Noteholder).

                  SECTION 3.4  Existence.  The Issuer  shall keep in full effect
its  existence,  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 Indenture Trust Estate.

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

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

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

                           (iii)  enforce any of the Collateral; or

                           (iv) preserve and defend title to the Indenture Trust
                  Estate  and the  rights of the  Indenture  Trustee,  each Swap
                  Counterparty  and  the  Noteholders  in such  Indenture  Trust
                  Estate against the claims of all Persons.

The   Issuer   hereby   designates   the   Indenture   Trustee   its  agent  and
attorney-in-fact to execute any financing statement,  continuation  statement or
other instrument required to be executed pursuant to this Section 3.5; provided,
however,  that the  Indenture  Trustee  shall be under no obligation to file any
such financing statement, continuation statement or other instrument required to
be executed pursuant to this Section 3.5.

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

                  (b) On or before April 30 in each calendar year,  beginning in
2001,  the Issuer shall furnish to the  Indenture  Trustee an Opinion of Counsel
either stating that, in the opinion of such counsel,  such action has been taken
with  respect  to the  recording,  filing,  re-recording  and  refiling  of this
Indenture,  any indentures supplemental hereto and any other requisite documents
and with respect to the  execution and filing of any  financing  statements  and
continuation  statements  and any other action that may be required by law 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 such lien and security interest.
Such Opinion of Counsel shall also describe the recording,  filing, re-recording
and refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and the execution and filing of any financing statements and
continuation  statements that shall, 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 best
efforts  not to permit any action to be taken by others  that would  release any
Person from any of such Person's  material  covenants or  obligations  under any
instrument  or agreement  included in the  Indenture  Trust Estate or that would
result in the amendment, hypothecation,  subordination, termination or discharge
of,  or  impair  the  validity  or  effectiveness  of,  any such  instrument  or
agreement,  except as expressly  provided in this  Indenture and the other Basic
Documents.

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

                  (c) The Issuer shall punctually perform and observe all of its
obligations  and  agreements  contained  in  this  Indenture,  the  other  Basic
Documents and in the instruments and agreements  included in the Indenture Trust
Estate,  including,  but not  limited  to,  filing  or  causing  to be filed all
financing statements and continuation  statements required to be filed under the
UCC by the  terms of this  Indenture  and the Sale and  Servicing  Agreement  in
accordance  with and within the time  periods  provided  for herein and therein.
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 and the  Noteholders  of
Notes  evidencing  not less than a majority of the Note Balance of each Class of
Notes then Outstanding, voting separately.

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

                  (e) As  promptly  as  possible  after the  giving of notice of
termination  to the  Servicer of the  Servicer's  rights and powers  pursuant to
Section 7.1 of the Sale and Servicing Agreement or the Servicer's resignation in
accordance with the terms of the Sale and Servicing Agreement,  the Issuer shall
appoint a Successor  Servicer meeting the requirements of the Sale and Servicing
Agreement, and such Successor Servicer shall accept its appointment by a written
assumption in a form  acceptable to the Indenture  Trustee.  In the event that a
Successor  Servicer has not been appointed at the time when the Servicer  ceases
to  act  as  Servicer,  the  Indenture  Trustee  without  further  action  shall
automatically  be appointed the  Successor  Servicer.  If the Indenture  Trustee
shall be  legally  unable  to act as  Successor  Servicer,  it may  appoint,  or
petition a court of competent jurisdiction to appoint, a Successor Servicer. The
Indenture  Trustee may resign as the Servicer by giving  written  notice of such
resignation  to the Issuer and in such event shall be released  from such duties
and obligations,  such release not to be effective until the date a new servicer
enters  into a  servicing  agreement  with the Issuer as  provided  below.  Upon
delivery  of any such  notice  to the  Issuer,  the  Issuer  shall  obtain a new
servicer as the Successor Servicer under the Sale and Servicing  Agreement.  Any
Successor   Servicer  (other  than  the  Indenture  Trustee)  shall  (i)  be  an
established  institution  having a net worth of not less than  $100,000,000  and
whose regular business shall include the servicing of automotive receivables and
(ii) enter into a servicing  agreement with the Issuer having  substantially the
same provisions as the provisions of the Sale and Servicing Agreement applicable
to the  Servicer.  If,  within thirty (30) days after the delivery of the notice
referred to above,  the Issuer shall not have obtained such a new servicer,  the
Indenture Trustee may appoint, or may petition a court of competent jurisdiction
to appoint, a Successor Servicer.  In connection with any such appointment,  the
Indenture  Trustee  may make  such  arrangements  for the  compensation  of such
successor as it and such successor  shall agree,  subject to the limitations set
forth below and in the Sale and Servicing  Agreement,  and, in  accordance  with
Section 7.2 of the Sale and Servicing Agreement,  the Issuer shall enter into an
agreement  with  such  successor  for the  servicing  of the  Receivables  (such
agreement to be in form and substance satisfactory to the Indenture Trustee). If
the Indenture  Trustee shall succeed to the Servicer's duties as servicer of the
Receivables as provided  herein,  it shall do so in its individual  capacity and
not in its capacity as Indenture  Trustee and,  accordingly,  the  provisions of
Article VI hereof shall be inapplicable  to the Indenture  Trustee in its duties
as the successor to the Servicer and the servicing of the  Receivables.  In case
the Indenture  Trustee shall become successor to the Servicer under the Sale and
Servicing  Agreement,  the  Indenture  Trustee  shall be  entitled to appoint as
Servicer any one of its Affiliates;  provided that the Indenture Trustee, in its
capacity as the Servicer, shall be fully liable for the actions and omissions of
such Affiliate in such capacity as Successor Servicer.

                  (f) Upon any  termination of the Servicer's  rights and powers
pursuant to the Sale and Servicing  Agreement,  the Issuer shall promptly notify
the  Indenture  Trustee.  As soon as a Successor  Servicer is  appointed  by the
Issuer,  the Issuer  shall  notify the  Indenture  Trustee of such  appointment,
specifying in such notice the name and address of such Successor Servicer.

                  (g)  Without  derogating  from  the  absolute  nature  of  the
assignment  granted to the Indenture  Trustee under this Indenture or the rights
of the Indenture Trustee hereunder,  the Issuer hereby agrees that it shall not,
without the prior written consent of the Indenture Trustee or the Noteholders of
Notes  evidencing  not  less  than a  majority  in  Note  Balance  of the  Notes
Outstanding, amend, modify, waive, supplement,  terminate or surrender, or agree
to any amendment, modification, supplement, termination, waiver or surrender of,
the terms of any Collateral (except to the extent otherwise provided in the Sale
and Servicing Agreement or the other Basic Documents).

                  (h) If the Issuer shall have knowledge of the occurrence of an
Early Amortization Event, the Issuer shall promptly notify the Indenture Trustee
and the Rating Agencies thereof.

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

                           (i) except as expressly  permitted by this Indenture,
                  the Trust  Agreement,  the Purchase  Agreement or the Sale and
                  Servicing  Agreement,  direct the  Indenture  Trustee to sell,
                  transfer,   exchange  or  otherwise  dispose  of  any  of  the
                  properties or assets of the Issuer,  including  those included
                  in the Indenture Trust Estate, unless directed to do so by the
                  Indenture Trustee;

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

                           (iii)  dissolve or liquidate in whole or in part; or

                           (iv) (A) 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,  (B)
                  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  assets  of the  Issuer,  including  those
                  included in the Indenture Trust Estate, or any part thereof or
                  any interest  therein or the proceeds  thereof (other than tax
                  liens,   mechanics'  liens  and  other  liens  that  arise  by
                  operation of law, in each case on any of the Financed Vehicles
                  and arising solely as a result of an action or omission of the
                  related  Obligor) or (C) permit the lien of this Indenture not
                  to constitute a valid first priority  (other than with respect
                  to any such tax,  mechanics' or other lien) security  interest
                  in the Indenture Trust Estate.

                  SECTION  3.9 Annual  Statement  as to  Compliance.  The Issuer
shall  deliver to the  Indenture  Trustee  within 120 days after the end of each
calendar year, an Officer's  Certificate  stating,  as to the Authorized Officer
signing such Officer's Certificate, that:

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

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

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

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

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

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

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

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

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

                  (b)  Other  than as  specifically  contemplated  by the  Basic
Documents,  the Issuer  shall not convey or transfer  any of its  properties  or
assets,  including those included in the Indenture Trust Estate,  to any Person,
unless:

                           (i)  the  Person  that   acquires  by  conveyance  or
                  transfer  the   properties   and  assets  of  the  Issuer  the
                  conveyance or transfer of which is hereby restricted shall (A)
                  be a United States citizen or a Person  organized and existing
                  under the laws of the  United  States of America or any State,
                  (B) expressly assumes,  by an indenture  supplemental  hereto,
                  executed  and  delivered  to the  Indenture  Trustee,  in form
                  satisfactory  to the Indenture  Trustee,  the due and punctual
                  payment of the  principal  of and interest on all Notes and of
                  all  obligations  under the Interest Rate Swap  Agreements and
                  the  performance or observance of every agreement and covenant
                  of this Indenture on the part of the Issuer to be performed or
                  observed,  all as provided  herein,  (C)  expressly  agrees by
                  means of such supplemental indenture that all right, title and
                  interest  so  conveyed  or  transferred  shall be subject  and
                  subordinate  to  the  rights  of  Noteholders   and  the  Swap
                  Counterparties,   (D)  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 (E) expressly agrees by means of
                  such supplemental indenture that such Person (or if a group of
                  Persons,  then one  specified  Person)  shall make all filings
                  with  the  Commission  (and  any  other  appropriate   Person)
                  required by the Exchange Act in connection with the Notes);

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

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

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

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

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

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

                  (b)  Upon a  conveyance  or  transfer  of all the  assets  and
properties  of the Issuer  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 stating that the Issuer
is to be so released.

                  SECTION 3.12 No Other Business. The Issuer shall not engage in
any  business  other  than  financing,   acquiring,   owning  and  pledging  the
Receivables in the manner contemplated by this Indenture and the Basic Documents
and activities incidental thereto.

                  SECTION 3.13 No Borrowing.  The Issuer shall not issue, incur,
assume,  guarantee or otherwise become liable,  directly or indirectly,  for any
indebtedness except for the Notes.

                  SECTION 3.14  Servicer's  Obligations.  The Issuer shall cause
the Servicer to comply with the Sale and Servicing Agreement, including Sections
3.9, 3.10, 3.11, 3.12, 3.13 and 4.10 and Article VI thereof.

                  SECTION   3.15   Guarantees,   Loans,   Advances   and   Other
Liabilities.  Except as  contemplated  by this  Indenture  and 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 3.16 Capital  Expenditures.  The Issuer shall not make
any  expenditure  (by  long-term or operating  lease or  otherwise)  for capital
assets (either realty or personalty).

                  SECTION 3.17 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  3.18  Restricted  Payments.  The  Issuer  shall  not,
directly or indirectly,  (i) make any  distribution  (by reduction of capital or
otherwise),  whether in cash, property,  securities or a combination thereof, to
the  Owner  Trustee  or any  owner of a  beneficial  interest  in the  Issuer or
otherwise with respect to any ownership or equity  interest or security in or of
the Issuer or to the  Servicer  or the  Administrator,  (ii)  redeem,  purchase,
retire or otherwise  acquire for value any such ownership or equity  interest or
security  or (iii) set aside or  otherwise  segregate  any  amounts for any such
purpose;  provided,  however, that the Issuer may make, or cause to be made, (x)
payments to the Servicer, the Seller, the Administrator,  the Owner Trustee, the
Indenture   Trustee,   the  Swap   Counterparties,   the   Noteholders  and  the
Certificateholders as contemplated by, and to the extent funds are available for
such purpose under, this Indenture and the other Basic Document and (y) payments
to the  Indenture  Trustee  pursuant to Section  2(a)(ii) of the  Administration
Agreement.  The Issuer shall not,  directly or  indirectly,  make payments to or
distributions from the Collection Account, the Principal  Distribution  Account,
the Class A  Quarterly  Interest  Funding  Account or the  Accumulation  Account
except in accordance with this Indenture and the other Basic Documents.

                  SECTION 3.19 Calculation Agent. (a) The Issuer agrees that for
so long as any of the Floating Rate Class A Notes or VPTNs are Outstanding there
shall at all times be an agent  appointed to calculate  LIBOR in respect of each
Interest Period (the "Calculation  Agent").  The Issuer has initially  appointed
The Chase Manhattan Bank as Calculation  Agent for purposes of determining LIBOR
for each Interest Period.  The Calculation Agent may be removed by the Issuer at
any time. If the  Calculation  Agent is unable or unwilling to act as such or is
removed  by the  Issuer,  the Issuer  shall  promptly  appoint as a  replacement
Calculation  Agent a leading bank which is engaged in transactions in Eurodollar
deposits in the international Eurodollar market and which does not control or is
not controlled by or under common control with the Issuer or its Affiliates. The
Calculation Agent may not resign its duties without a successor having been duly
appointed.

                  (b) The Calculation  Agent shall be required to agree that, as
soon as possible  after  11:00 a.m.  (London  time) on each LIBOR  Determination
Date,  but in no event later than 11:00 a.m.  (London  time) on the Business Day
immediately following each LIBOR Determination Date, the Calculation Agent shall
calculate the interest rate for each Subclass of Floating Rate Class A Notes and
each VPTN for the  related  Interest  Period (in each case,  at a rate per annum
rounded,  if necessary,  to the nearest  1/100,000 of 1%  (.0000001),  with five
one-millionths  of a percentage point rounded upward) and the amount of interest
payable (rounded to the nearest cent, with half a cent being rounded upwards) on
the related Monthly  Distribution Date or Quarterly Payment Date, as applicable,
and shall communicate such rates and amounts to the Administrator, the Indenture
Trustee, the Servicer. For as long as any of the Floating Rate Class A Notes are
listed on the  Luxembourg  Stock  Exchange  and as  required by the rules of the
Luxembourg Stock Exchange, the Calculation Agent shall cause such interest rates
and  amounts  for  each  Subclass  of the  Floating  Rate  Class A  Notes  to be
communicated  to  the  Luxembourg  Stock  Exchange  and  to be  published  in an
Authorized   Newspaper  as  soon  as  possible  after  its  determination.   The
Calculation  Agent shall also  specify to the  Administrator  and the  Indenture
Trustee  the  quotations  upon  which  the  interest  rates and in any event the
Calculation  Agent shall notify the  Indenture  Trustee and the Servicer  before
5:00 p.m. (London time) on each LIBOR Determination Date that either: (i) it has
determined  or is in the  process  of  determining  the  interest  rates for the
Floating  Rate  Class A Notes and VPTNs and the amount of  interest  due on such
Notes,  or (ii) it has not  determined  and is not in the process of determining
the interest  rates for the Floating Rate Class A Notes and VPTNs and the amount
of  interest  due on  such  Notes,  together  with  its  reasons  therefor.  The
determination  of the  interest  rates and interest  amounts by the  Calculation
Agent  shall (in the absence of  manifest  error) be final and binding  upon all
parties.

                  SECTION  3.20  Notice of Events of Default.  The Issuer  shall
give the Indenture Trustee and the Rating Agencies prompt written notice of each
Event of Default  hereunder  and of each default on the part of any party to the
Sale and Servicing Agreement or the Purchase Agreement or any Interest Rate Swap
Agreement with respect to any of the provisions thereof.

                  SECTION  3.21  Removal  of  Administrator.  For so long as any
Notes are  Outstanding,  the Issuer shall not remove the  Administrator  without
cause unless the Rating Agency Condition shall have been satisfied in connection
therewith.

                                   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 and 3.13, (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
Section 4.3), 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, when:

                  (A)  either

                           (1) all Notes theretofore authenticated and delivered
                  (other than (i) Notes that have been destroyed, lost or stolen
                  and that have been replaced or paid as provided in Section 2.6
                  and (ii) Notes for whose  payment money has  theretofore  been
                  deposited  in  trust  or  segregated  and held in trust by the
                  Issuer and thereafter  repaid to the Issuer or discharged from
                  such trust, as provided in Section 3.3) have been delivered to
                  the Indenture Trustee for cancellation; or

                           (2)  all  Notes  not  theretofore  delivered  to  the
                  Indenture Trustee for cancellation have become due and payable
                  and the  Issuer  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  without  reinvestment  to pay  and  discharge  the
                  entire indebtedness on such Notes not theretofore delivered to
                  the  Indenture  Trustee  for  cancellation  when  due  to  the
                  applicable  Final  Scheduled  Distribution  Date or Redemption
                  Date (if Notes shall have been called for redemption  pursuant
                  to  Section  10.1),  as the case may be,  and all fees due and
                  payable to the Indenture Trustee;

                  (B) the  Issuer  has paid or caused to be paid all other  sums
                  payable hereunder, under the Interest Rate Swap Agreements and
                  under any of the other Basic Documents by the Issuer;

                  (C) the  Issuer  has  delivered  to the  Indenture  Trustee an
                  Officer's Certificate,  an Opinion of Counsel and (if required
                  by  the  TIA  or  the   Indenture   Trustee)  an   Independent
                  Certificate from a firm of certified public accountants,  each
                  meeting the applicable  requirements  of Section  11.1(a) and,
                  subject to Section  11.2,  each  stating  that all  conditions
                  precedent herein provided for relating to the satisfaction and
                  discharge of this Indenture have been complied with; and

                  (D) the  Issuer  has  delivered  to the  Indenture  Trustee an
                  Opinion of Counsel to the  effect  that the  satisfaction  and
                  discharge  of the Notes  pursuant to this Section 4.1 will not
                  cause any Noteholder to be treated as having sold or exchanged
                  any of its Notes for purposes of Section 1001 of the Code.

Upon the  satisfaction  and discharge of the Indenture  pursuant to this Section
4.1, at the request of the Owner Trustee, the Indenture Trustee shall deliver to
the  Owner  Trustee  a  certificate  of  a  Trustee  Officer  stating  that  all
Noteholders have been paid in full and stating whether, to the best knowledge of
such Trustee  Officer,  any claims  remain  against the Issuer in respect of the
Indenture and the Notes.

                  SECTION 4.2 Satisfaction, Discharge and Defeasance of Notes.

                  (a)  Upon   satisfaction   of  the  conditions  set  forth  in
subsection (b) below, the Issuer shall be deemed to have paid and discharged the
entire  indebtedness  on all the Outstanding  Notes,  and the provisions of this
Indenture,  as it relates to such  Notes,  shall no longer be in effect (and the
Indenture  Trustee,  at  the  expense  of  the  Issuer,   shall  execute  proper
instruments  acknowledging the same), except as to (i) rights of registration of
transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen
Notes,  (iii) rights of Noteholders to receive payments of principal thereof and
interest  thereon,  (iv) Sections 3.2, 3.3, 3.4, 3.5, 3.8, 3.10,  3.12 and 3.13,
(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 Section 4.3), 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.

                  (b) The  satisfaction,  discharge and  defeasance of the Notes
pursuant to subsection (a) of this Section 4.2 is subject to the satisfaction of
all of the following conditions:

                           (i)  the  Issuer  has   deposited  or  caused  to  be
                  deposited irrevocably (except as provided in Section 4.4) with
                  the  Indenture  Trustee as trust funds in trust,  specifically
                  pledged as security for, and dedicated  solely to, the benefit
                  of the Noteholders, which, through the payment of interest and
                  principal in respect  thereof in  accordance  with their terms
                  will provide,  not later than one day prior to the due date of
                  any payment referred to below,  money in an amount sufficient,
                  in the opinion of a nationally  recognized firm of independent
                  certified   public   accountants   expressed   in  a   written
                  certification  thereof delivered to the Indenture Trustee,  to
                  pay and discharge the entire  indebtedness  on the Outstanding
                  Notes, for principal  thereof and interest thereon to the date
                  of such deposit (in the case of Notes that have become due and
                  payable) or to the maturity of such principal and interest, as
                  the case may be, and to pay any  amounts  then due and payable
                  to each Swap Counterparty;

                           (ii)  such  deposit  will not  result  in a breach or
                  violation  of, or constitute  an event of default  under,  any
                  other agreement or instrument to which the Issuer is bound;

                           (iii) no Event of Default  with  respect to the Notes
                  shall  have  occurred  and be  continuing  on the date of such
                  deposit or on the ninety-first (91st) day after such date;

                           (iv)  the  Issuer  has  delivered  to  the  Indenture
                  Trustee  an  Opinion  of  Counsel  to  the  effect   that  the
                  satisfaction,  discharge and  defeasance of the Notes pursuant
                  to this  Section  4.2  will not  cause  any  Noteholder  to be
                  treated  as  having  sold or  exchanged  any of its  Notes for
                  purposes of Section 1001 of the Code; and

                           (v) the Issuer has delivered to the Indenture Trustee
                  an  Officer's  Certificate  and an  Opinion of  Counsel,  each
                  stating  that  all  conditions   precedent   relating  to  the
                  defeasance contemplated by this Section 4.2 have been complied
                  with.

                  SECTION 4.3 Application of Trust Money.  All monies  deposited
with the  Indenture  Trustee  pursuant to Sections  4.1 and 4.2 shall be held in
trust and applied by it, in accordance with the provisions of the Notes and this
Indenture,  to the payment, either directly or through any Note Paying Agent, as
the Indenture Trustee may determine,  to the Noteholders of the particular Notes
for the payment or redemption of which such monies have been  deposited with the
Indenture  Trustee,  of all sums due and to become due thereon for principal and
interest, and for payment to the Swap Counterparties of all sums, if any, due or
to  become  due to the Swap  Counterparties  under and in  accordance  with this
Indenture; but such monies need not be segregated from other funds except to the
extent  required  herein or in the Sale and  Servicing  Agreement or required by
law.

                  SECTION 4.4 Repayment of Monies Held by Note Paying Agent.  In
connection with the satisfaction and discharge of this Indenture with respect to
the  Notes,  all  monies  then  held by any Note  Paying  Agent  other  than the
Indenture  Trustee under the  provisions of this  Indenture with respect to such
Notes shall,  upon demand of the Issuer,  be paid to the Indenture Trustee to be
held and applied  according to Section 3.3 and thereupon  such Note Paying Agent
shall be released from all further liability with respect to such monies.

                                    ARTICLE V

                                    REMEDIES

                  SECTION 5.1 Events of Default.  "Event of  Default,"  wherever
used herein,  means the occurrence of any one of the following  events (whatever
the  reason  for such Event of Default  and  whether  it shall be  voluntary  or
involuntary  or be effected  by  operation  of law or pursuant to any  judgment,
decree  or  order  of  any  court  or  any  order,  rule  or  regulation  of any
administrative or governmental body):

                           (i)  default in the  payment of any  interest  on any
                  Note of the  Controlling  Note Class when the same becomes due
                  and payable on each  Monthly  Distribution  Date or  Quarterly
                  Payment Date, as  applicable,  and such default shall continue
                  for a period of five (5) days or more; or

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

                           (iii) default in the observance or performance of any
                  material  covenant  or  agreement  of the Issuer  made in this
                  Indenture  (other than a covenant or  agreement,  a default in
                  the  observance or  performance  of which is elsewhere in this
                  Section 5.1 specifically dealt with), or any representation or
                  warranty  of the  Issuer  made  in  this  Indenture  or in any
                  certificate or other writing  delivered  pursuant hereto or in
                  connection  herewith  proving  to have been  incorrect  in any
                  material  respect as of the time when the same shall have been
                  made, and such default shall continue or not be cured,  or the
                  circumstance   or   condition   in   respect   of  which  such
                  misrepresentation  or warranty  was  incorrect  shall not have
                  been eliminated or otherwise cured, for a period of sixty (60)
                  days or in the case of a materially  incorrect  representation
                  and  warranty  thirty  (30) days,  after there shall have been
                  given,  by registered or certified  mail, to the Issuer by the
                  Indenture  Trustee or to the Issuer and the Indenture  Trustee
                  by the  Noteholders  of Notes  evidencing not less than 25% of
                  the Note  Balance of the  Controlling  Note  Class,  a written
                  notice specifying such default or incorrect  representation or
                  warranty and requiring it to be remedied and stating that such
                  notice is a "Notice of Default" hereunder; or

                           (iv) the  filing of a decree or order for relief by a
                  court  having  jurisdiction  in the premises in respect of the
                  Issuer or any  substantial  part of the Indenture Trust Estate
                  in an involuntary  case under any applicable  federal or State
                  bankruptcy,  insolvency  or other similar law now or hereafter
                  in effect,  or  appointing a receiver,  liquidator,  assignee,
                  custodian,  trustee,  sequestrator or similar  official of the
                  Issuer  or for any  substantial  part of the  Indenture  Trust
                  Estate,  or ordering  the  winding-up  or  liquidation  of the
                  Issuer's  affairs,  and  such  decree  or order  shall  remain
                  unstayed and in effect for a period of sixty (60)  consecutive
                  days; or

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

The Issuer shall deliver to the Indenture  Trustee (with a copy to any Qualified
Institution  or  Qualified  Trust  Institution  (if not the  Indenture  Trustee)
maintaining  any Trust  Accounts),  within  five (5) days  after the  occurrence
thereof,  written  notice in the form of an Officer's  Certificate  of any event
which with the  giving of notice and the lapse of time would  become an Event of
Default  under  clause  (iii)  above,  its status and what  action the Issuer is
taking or proposes to take with respect thereto.

                  SECTION  5.2   Acceleration   of  Maturity;   Rescission   and
Annulment.  (a) If an Event of Default should occur and be continuing,  then and
in every such case the Indenture  Trustee or the Noteholders of Notes evidencing
not less than a majority of the principal  amount of the Controlling  Note Class
may  declare all the Notes to be  immediately  due and  payable,  by a notice in
writing to the Issuer (and to the  Indenture  Trustee if given by  Noteholders),
and upon any such  declaration  the unpaid Note Balance of such Notes,  together
with accrued and unpaid interest thereon through the date of acceleration, shall
become immediately due and payable.  If an Event of Default specified in Section
5.1(iv) or (v)  occurs,  all unpaid  principal,  together  with all  accrued and
unpaid interest thereon,  of all the Notes, and other amounts payable hereunder,
shall automatically  become due and payable without any declaration or other act
on the part of the  Indenture  Trustee or any  Noteholder.  In the event of such
declaration or automatic  acceleration,  the Indenture Trustee shall give prompt
written notice to each Swap Counterparty.

                  (b) At  any  time  after  a  declaration  of  acceleration  of
maturity has been made and before a judgment or decree for payment of the amount
due has been obtained by the Indenture  Trustee as hereinafter  provided in this
Article V, the  Noteholders of Notes  evidencing not less than a majority of the
Note Balance of the Controlling  Note Class, by written notice to the Issuer and
the  Indenture  Trustee,   may  rescind  and  annul  such  declaration  and  its
consequences if:

                           (i) the Issuer has paid or  deposited  with the
                  Indenture  Trustee a sum sufficient to pay:

                                    (A)  all   payments  of   principal  of  and
                  interest on all Notes and all other amounts that would then be
                  due  hereunder or upon such Notes and pursuant to the Interest
                  Rate Swap  Agreements  if the Event of Default  giving rise to
                  such acceleration had not occurred; and

                                    (B)  all  sums  paid  or   advanced  by  the
                  Indenture Trustee  hereunder and the reasonable  compensation,
                  expenses,  disbursements and advances of the Indenture Trustee
                  and its agents and counsel; and

                           (ii) all Events of Default, other than the nonpayment
                  of the  principal  of the Notes  that has become due solely by
                  such  acceleration,  have been cured or waived as  provided in
                  Section 5.12.

No such  rescission  shall  affect  any  subsequent  default or impair any right
consequent thereto.

                  SECTION  5.3   Collection  of   Indebtedness   and  Suits  for
Enforcement by Indenture Trustee.  (a) The Issuer covenants that if (i) there is
an Event of Default  relating to the nonpayment of any interest on any Note when
the same  becomes due and  payable,  and such Event of Default  continues  for a
period of five (5) days,  or (ii) there is an Event of Default  relating  to the
nonpayment  in  the  payment  of the  principal  of or  any  installment  of the
principal of any Note when the same becomes due and payable,  the Issuer  shall,
upon demand of the  Indenture  Trustee,  pay to the Indenture  Trustee,  for the
benefit of the Noteholders,  the whole amount then due and payable on such Notes
for principal and interest, with interest upon the overdue principal and, to the
extent  payment  at such rate of  interest  shall be legally  enforceable,  upon
overdue  installments  of interest at the applicable Note Interest Rate borne by
the Notes and in addition  thereto such further amount as shall be sufficient to
cover  the  costs  and  expenses  of   collection,   including  the   reasonable
compensation,  expenses, disbursements and advances of the Indenture Trustee and
its agents, attorneys and counsel.

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

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

                  (d) In case there shall be pending,  relative to the Issuer or
any other  obligor upon the Notes or any Person  having or claiming an ownership
interest in the Indenture Trust Estate, Proceedings under Title 11 of the United
States Code or any other applicable  federal or State bankruptcy,  insolvency or
other  similar law, or in case a receiver,  assignee or trustee in bankruptcy or
reorganization,  liquidator,  sequestrator  or similar  official shall have been
appointed  for or taken  possession  of the Issuer or its property or such other
obligor  or  Person,  or in case of any other  comparable  judicial  Proceedings
relative to the Issuer or other  obligor upon the Notes,  or to the 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  Indenture Trustee, and their respective agents,  attorneys
         and counsel,  and for  reimbursement  of all  expenses and  liabilities
         incurred,  and all advances and  disbursements  made,  by the Indenture
         Trustee and each predecessor  Indenture Trustee,  except as a result of
         negligence  or  bad  faith),   the  Swap   Counterparties  and  of  the
         Noteholders allowed in such Proceedings;

                  (ii) unless  prohibited by applicable law and regulations,  to
         vote on behalf of the  Noteholders and the Swap  Counterparties  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 pay all  amounts
         received  with  respect  to the  claims  of the  Noteholders,  the Swap
         Counterparties 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,  the Swap  Counterparties or the Noteholders
         allowed  in  any  judicial  proceedings  relative  to the  Issuer,  its
         creditors and its property;

and any trustee,  receiver,  liquidator,  custodian or other similar official in
any such Proceeding is hereby  authorized by each of such Noteholders and by the
Swap  Counterparties to make payments to the Indenture Trustee and, in the event
that the Indenture  Trustee shall consent to the making of payments  directly to
such Noteholders or to the Swap Counterparties,  to pay to the Indenture Trustee
such amounts as shall be  sufficient  to cover  reasonable  compensation  to the
Indenture  Trustee,  each  predecessor  Indenture  Trustee and their  respective
agents,  attorneys and counsel, and all other expenses and liabilities incurred,
and all advances  and  disbursements  made,  by the  Indenture  Trustee and each
predecessor  Indenture  Trustee,  except as a result of negligence or bad faith,
and any other amounts due the Indenture Trustee pursuant to Section 6.7.

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

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

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

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

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

                  (ii) institute  Proceedings from time to time for the complete
         or partial  foreclosure of this Indenture with respect to the Indenture
         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 Indenture Trust Estate or any portion thereof or
         rights or  interest  therein,  at one or more  public or private  sales
         called and conducted in any manner permitted by law.

provided, however, the Indenture Trustee may not sell or otherwise liquidate the
Indenture Trust Estate unless:

                  (A)  the Event of Default is of the type described in
Section 5.1(i) or (ii); or

                  (B)  [Reserved]; or

                  (C) with respect to any Event of Default  described in
Section 5.1(iv) and (v):

                           (1)      the Noteholders of Notes  evidencing 100%
                                    of the Note Balance of the Controlling Note
                                    Class consent thereto; or

                           (2)      the proceeds of such sale or  liquidation
                                    are sufficient to pay in  full  the
                                    principal  of and  the  accrued  interest
                                    on the Outstanding Notes; or

                           (3)      the Indenture Trustee:

                                    (x)     determines   (but   shall   have  no
                                            obligation      to     make     such
                                            determination)  that  the  Indenture
                                            Trust  Estate  will not  continue to
                                            provide  sufficient  funds  for  the
                                            payment of principal of and interest
                                            on the  Notes  as  they  would  have
                                            become due if the Notes had not been
                                            declared due and payable; and

                                    (y)     the   Indenture   Trustee   obtains
                                            the   consent   of Noteholders  of
                                            Notes  evidencing  not less than
                                            66 2/3% of he Note Balance of the
                                            Controlling Note Class; or

                  (D) with  respect to an Event of Default  described in Section
5.1(iii):

                           (1)      the   Noteholders   of   all    Outstanding
                                    Notes   and   the Certificateholders  of
                                    all  outstanding   Certificates  consent
                                    thereto; or

                           (2)      the proceeds of such sale or liquidation are
                                    sufficient  to pay in full the  principal of
                                    and  accrued  interest  on  the  Outstanding
                                    Notes and outstanding  Certificates  and all
                                    payments  due and  payable  pursuant  to the
                                    Interest Rate Swap Agreements.

In determining such sufficiency or insufficiency with respect to clauses (C)(2),
(D)(2) and (C)(3)(x) above, 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 Indenture Trust Estate for such purpose.

                  (b)  Notwithstanding  the  provisions  of Section  8.2, 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:

                           (i)  first, to the Indenture Trustee for amounts due
                  under Section 6.7;

                           (ii)  second, to the Servicer for due and unpaid
                  Servicing Fees;

                           (iii) third,  with the same priority and ratably,  in
                  accordance  with the amount of the Net Swap Payments then due,
                  to the  Swap  Counterparties  under  the  Interest  Rate  Swap
                  Agreements (exclusive of any Swap Termination Payments);

                           (iv) fourth,  with the same priority and ratably,  in
                  accordance with the outstanding principal balance of the Class
                  A Notes,  the outstanding  principal  balance of the VPTNs and
                  the amount of any Swap Termination Payments due and payable by
                  the Issuer to the Swap  Counterparties  (1) to the Noteholders
                  of the Monthly Pay Class A Notes,  the Accrued Class A Monthly
                  Pay Interest,  (2) to the VPTN  Noteholders,  the Accrued VPTN
                  Interest  and  (3)  to  the  Swap  Counterparties,   any  Swap
                  Termination  Payments;  provided,  that,  if any  amounts  are
                  remaining  after such  allocations are made, such amounts will
                  to be allocated to the  Noteholders of the Class A Notes,  the
                  VPTN Noteholders and the Swap Counterparties pro rata based on
                  the amounts  described  above in subclauses  (1), (2) and (3),
                  respectively,  that were not paid after giving  effect to such
                  allocations;

                           (v)  fifth,   (1)  to  the  holders  of  all  of  the
                  outstanding Subclasses of Class A Notes the Class A Percentage
                  of all amounts  remaining  until the  principal  amount of all
                  such outstanding Subclasses of Class A Notes have been paid in
                  full, in the following order of priority:

                                    (a) to the  Noteholders  of  the  Class  A-1
                           Notes  for  amounts  due and  unpaid on the Class A-1
                           Notes for principal,  ratably,  without preference or
                           priority  of any kind,  according  to the amounts due
                           and  payable  on the Class  A-1 Notes for  principal,
                           until the principal  amount of the Outstanding  Class
                           A-1 Notes is reduced to zero;

                                    (b) to the  Noteholders  of  the  Class  A-2
                           Notes  for  amounts  due and  unpaid on the Class A-2
                           Notes for principal,  ratably,  without preference or
                           priority  of any kind,  according  to the amounts due
                           and  payable  on the Class  A-2 Notes for  principal,
                           until the principal  amount of the Outstanding  Class
                           A-2 Notes is reduced to zero;

                                    (c) to the  Noteholders  of  the  Class  A-3
                           Notes  for  amounts  due and  unpaid on the Class A-3
                           Notes for principal,  ratably,  without preference or
                           priority  of any kind,  according  to the amounts due
                           and  payable  on the Class  A-3 Notes for  principal,
                           until the principal  amount of the Outstanding  Class
                           A-3 Notes is reduced to zero;

                                    (d) to the  Noteholders  of  the  Class  A-4
                           Notes  for  amounts  due and  unpaid on the Class A-4
                           Notes for principal,  ratably,  without preference or
                           priority  of any kind,  according  to the amounts due
                           and  payable  on the Class  A-4 Notes for  principal,
                           until the principal  amount of the Outstanding  Class
                           A-4 Notes is reduced to zero;

                                    (e) to the  Noteholders  of  the  Class  A-5
                           Notes  for  amounts  due and  unpaid on the Class A-5
                           Notes for principal,  ratably,  without preference or
                           priority  of any kind,  according  to the amounts due
                           and  payable  on the Class  A-5 Notes for  principal,
                           until the principal  amount of the Outstanding  Class
                           A-5 Notes is reduced to zero;

                           (2) to the  holders  of the VPTNs,  if any,  the VPTN
                  Percentage of all amounts  remaining,  sequentially  beginning
                  with the earliest  issued VPTN,  until all  outstanding  VPTNs
                  have been paid in full;

                           (vi) sixth,  to  Noteholders of the Class B Notes for
                  amounts  due and  unpaid  on the Class B Notes in  respect  of
                  interest, ratably, without preference or priority of any kind,
                  according  to the amounts due and payable on the Class B Notes
                  for interest;

                           (vii)  seventh,  to  Noteholders of the Class B Notes
                  for amounts due and unpaid on the Class B Notes for principal,
                  ratably, without preference or priority of any kind, according
                  to the  amounts  due and  payable  on the  Class  B Notes  for
                  principal, until the principal amount of the Outstanding Class
                  B Notes is reduced to zero;

                           (viii)  eighth,  to the Issuer for amounts  required
                  to be distributed to the Certificateholders  pursuant to the
                  Trust Agreement and the Sale and Servicing Agreement; and

                           (ix)  ninth,  to the  Seller,  any money or  property
                  remaining  after  payment in full of the amounts  described in
                  clauses (i)-(viii) of this Section 5.4(b).

The Indenture  Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section 5.4. At least fifteen (15) days before such
record date, the Issuer shall mail to each  Noteholder,  each Swap  Counterparty
and the Indenture Trustee a notice that states the record date, the payment date
and the amount to be paid.

                  (c) Upon a sale or other liquidation of the Receivables in the
manner  set  forth in  Section  5.4(a),  the  Indenture  Trustee  shall  provide
reasonable  prior  notice of such sale or  liquidation  to each  Noteholder  and
Certificateholder and to each Swap Counterparty. A Noteholder, Certificateholder
or Swap Counterparty may submit a bid with respect to such sale.

                  SECTION 5.5 Optional  Preservation of the Receivables.  If the
Notes have been  declared to be due and payable  under  Section 5.2 following an
Event  of  Default,  and such  declaration  and its  consequences  have not been
rescinded  and  annulled,  the  Indenture  Trustee may,  but need not,  elect to
maintain possession of the Indenture Trust Estate and apply proceeds as if there
had been no  declaration  of  acceleration;  provided,  however,  that  funds on
deposit in the Collection  Account at the time the Indenture  Trustee makes such
election  or  deposited  therein  during  the  Collection  Period in which  such
election is made (including  funds, if any,  deposited  therein from the Reserve
Account  and the  Payahead  Account)  shall be applied in  accordance  with such
declaration  of  acceleration  in the manner  specified in Section 4.7(c) of the
Sale and  Servicing  Agreement.  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 any  amounts  owing  to the Swap
Counterparties  and the  Indenture  Trustee  shall take such desire into account
when  determining  whether or not to maintain  possession of the Indenture Trust
Estate.  In determining  whether to maintain  possession of the Indenture  Trust
Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion
of an Independent  investment banking or accounting firm of national  reputation
as to the  feasibility of such proposed  action and as to the sufficiency of the
Indenture Trust Estate for such purpose.

                  SECTION 5.6 Limitation of Suits. No Noteholder  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 Noteholder has previously  given written notice to
the Indenture  Trustee of a continuing Event of Default;

                  (b) the  Noteholders of Notes  evidencing not less than 25% of
the Note Balance of the Controlling  Note 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;

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

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

                  (e) no direction  inconsistent  with such written  request has
been  given  to the  Indenture  Trustee  during  such  sixty-day  period  by the
Noteholders of Notes  evidencing not less than a majority of the Note Balance of
the Controlling Note Class.

                  It is understood and intended that no one or more  Noteholders
shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this  Indenture to affect,  disturb or prejudice  the rights of any
other  Noteholders or to obtain or to seek to obtain priority or preference over
any other  Noteholders or to enforce any right under this  Indenture,  except in
the manner herein provided.

                  In the event the Indenture  Trustee shall receive  conflicting
or  inconsistent  requests and indemnity from two or more groups of Noteholders,
each evidencing less than a majority of the Note Balance of the Controlling Note
Class,  the Indenture  Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this Indenture.

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

                  SECTION  5.8  Restoration  of  Rights  and  Remedies.  If  the
Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any
right or remedy under this Indenture and such  Proceeding has been  discontinued
or abandoned  for any reason or has been  determined  adversely to the Indenture
Trustee  or to such  Noteholder,  then and in every  such case the  Issuer,  the
Indenture  Trustee and the Noteholders  shall,  subject to any  determination in
such  Proceeding,  be  restored  severally  and  respectively  to  their  former
positions  hereunder,  and  thereafter  all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as 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  Noteholder  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 any
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 Controlling Note Class of Noteholders.
The Noteholders of Notes evidencing not less than a majority of the Note Balance
of the  Controlling  Note Class shall have the right to direct the time,  method
and place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power  conferred on
the Indenture Trustee; provided that:

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

                  (b) subject to the express terms of Section 5.4, any direction
to the Indenture  Trustee to sell or liquidate the Indenture  Trust Estate shall
be by Noteholders of Notes  evidencing not less than 100% of the Note Balance of
the Controlling Note Class;

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

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

Notwithstanding  the  rights  of  Noteholders  set forth in this  Section  5.11,
subject to Section 6.1, the  Indenture  Trustee need not take any action that it
determines  might  involve  it in costs or  expenses  for  which it would not be
adequately  indemnified or expose it to personal  liability or might  materially
adversely  affect  or  unduly  prejudice  the  rights  of  any  Noteholders  not
consenting to such action.

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

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

                  SECTION  5.13  Undertaking  for  Costs.  All  parties  to this
Indenture agree,  and each Noteholder by such  Noteholder's  acceptance  thereof
shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture,  or in
any suit against the Indenture Trustee for any action taken, suffered or omitted
by it as Indenture Trustee,  the filing by any party litigant in such suit of an
undertaking  to pay the  costs of such  suit,  and that  such  court  may in its
discretion  assess  reasonable  costs,  including  reasonable  attorneys'  fees,
against  any party  litigant  in such suit,  having due regard to the merits and
good  faith of the  claims or  defenses  made by such  party  litigant;  but the
provisions  of this Section 5.13 shall not apply to (a) any suit  instituted  by
the Indenture  Trustee,  (b) any suit  instituted by any  Noteholder or group of
Noteholders,  in  each  case  holding  in the  aggregate  more  than  10% of the
principal  amount of the Notes  Outstanding (or in the case of a right or remedy
under this Indenture  which is instituted by the  Controlling  Note Class,  more
than  10% of the  Controlling  Note  Class)  or (c) any suit  instituted  by any
Noteholder for the enforcement of the payment of principal of or interest on any
Note on or after the  respective  due dates  expressed  in such Note and in this
Indenture (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 affect the covenants or the performance of
this Indenture, and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
shall not hinder,  delay or impede the execution of any power herein  granted to
the  Indenture  Trustee,  but will suffer and permit the execution of every such
power as though no such law had been enacted.

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

                  SECTION   5.16   Performance   and   Enforcement   of  Certain
Obligations.  (a) Promptly  following a request from the Indenture Trustee to do
so, and at the  Administrator's  expense,  the Issuer shall take all such lawful
action as the Indenture  Trustee may request to compel or secure the performance
and observance by the Seller and the Servicer,  as applicable,  of each of their
obligations  to the Issuer under or in  connection  with the Sale and  Servicing
Agreement,  or by the Seller and Ford Credit,  as  applicable,  of each of their
obligations under or in connection with the Purchase Agreement,  and to exercise
any and all rights,  remedies,  powers and privileges  lawfully available to the
Issuer under or in  connection  with the Sale and  Servicing  Agreement  and the
Purchase Agreement, as the case may be, to the extent and in the manner directed
by the Indenture  Trustee,  including the  transmission of notices of default on
the  part  of the  Seller,  the  Servicer  or  Ford  Credit  thereunder  and the
institution  of legal or  administrative  actions  or  proceedings  to compel or
secure  performance  by the Seller or the Servicer of each of their  obligations
under the Sale and  Servicing  Agreement or by the Seller or Ford Credit of each
of their  obligations  under  the  Purchase  Agreement.  In  addition,  promptly
following  a  request  from  the  Indenture   Trustee  to  do  so,  and  at  the
Administrator's  expense,  the Issuer  shall take all such lawful  action as the
Indenture Trustee may request to compel or secure the performance and observance
by Swap  Counterparties in accordance with the Interest Rate Swap Agreements and
to  exercise  any and all  rights,  remedies,  powers  and  privileges  lawfully
available  to the Issuer  under or in  connection  with the  Interest  Rate Swap
Agreements to the extent and in the manner  directed by the  Indenture  Trustee,
including the transmission of notices of default  thereunder and the institution
of  legal  or  administrative   actions  or  proceedings  to  compel  or  secure
performance by the Swap  Counterparty of its obligations under the Interest Rate
Swap Agreements.

                  (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 Noteholders of
Notes  evidencing not less than 66b% of the Note Balance of the Controlling Note
Class shall, exercise all rights, remedies, powers, privileges and claims of the
Issuer against the Seller or the Servicer  under or in connection  with the Sale
and  Servicing  Agreement,  or  against  the Seller or Ford  Credit  under or in
connection with the Purchase Agreement, including the right or power to take any
action to compel or secure performance or observance by the Seller, the Servicer
or Ford Credit,  as the case may be, of each of their  obligations to the Issuer
thereunder  and to give  any  consent,  request,  notice,  direction,  approval,
extension,  or waiver  under the Sale and  Servicing  Agreement  or the Purchase
Agreement,  as the case may be, and any right of the Issuer to take such  action
shall be  suspended.  In  addition,  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  Noteholders  of Notes  evidencing  not less than  66b% of the  principal
amount of the  Controlling  Note Class  shall,  exercise  all rights,  remedies,
powers,  privileges  and claims of the Issuer  against  the Swap  Counterparties
including the right or power to take any action to compel or secure  performance
or  observance by the Swap  Counterparties  of their  obligations  to the Issuer
under Interest Rate Swap  Agreements and to give any consent,  request,  notice,
direction,   approval,  extension,  or  waiver  under  the  Interest  Rate  Swap
Agreements and any right of the Issuer to take such action shall be suspended.

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

                  SECTION 6.1 Duties of  Indenture  Trustee.  (a) If an Event of
Default has occurred and is continuing, the Indenture Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of care
and skill in their  exercise as a prudent Person would exercise or use under the
circumstances in the conduct of such Person's own affairs

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

                           (i) the Indenture Trustee  undertakes to perform such
                  duties and only such duties as are  specifically  set forth in
                  this Indenture and no implied  covenants or obligations  shall
                  be read into this Indenture 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,  if  required  by the  terms  of this
                  Indenture,  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.

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

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

                           (ii) the  Indenture  Trustee  shall not be liable for
                  any error of judgment made in good faith by a Trustee  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.

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

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

                  (g) Every provision of this Indenture  relating to the conduct
or affecting the liability of or affording  protection to the Indenture  Trustee
shall be subject to the provisions of this Section 6.1 and the provisions of the
TIA.

                  (h) The Indenture  Trustee shall not be charged with knowledge
of any Event of Default  unless  either (1) a Trustee  Officer shall have actual
knowledge  of such  Event of  Default  or (2)  written  notice of such  Event of
Default shall have been given to such Indenture  Trustee in accordance  with the
provisions of this Indenture.

                  (i) The Indenture Trustee shall exercise the Issuer's right to
make the  determination  specified  in the "Cross  Default"  provisio  in Part I
clause (g) of the ISDA Master  Agreement  dated as of October  26, 2000  between
Deutsche Bank AG acting through its New York Branch and the Issuer.

                  SECTION 6.2 Rights of  Indenture  Trustee.  (a) The  Indenture
Trustee may rely and shall be protected in acting or refraining from acting upon
any resolution,  certificate,  statement,  instrument,  opinion, report, notice,
request,  direction,  consent, order, bond, debenture or other paper or document
believed by it to be genuine and to have been signed or  presented by the proper
Person. The Indenture Trustee need not investigate any fact or matters stated in
any such document.

                  (b) Before the Indenture Trustee acts or refrains from acting,
it may require an Officer's  Certificate or an Opinion of Counsel. The Indenture
Trustee  shall  not be liable  for any  action it takes or omits to take in good
faith in reliance on an 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 such action or omission by
the Indenture Trustee does not constitute willful misconduct,  negligence or bad
faith.

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

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

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

                  SECTION  6.3  Individual  Rights  of  Indenture  Trustee.  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 or its  Affiliates
with the same rights it would have if it were not  Indenture  Trustee.  Any Note
Paying Agent,  Note Registrar,  co-registrar or co-paying agent hereunder may do
the same with like rights.

                  SECTION 6.4  Indenture  Trustee's  Disclaimer.  The  Indenture
Trustee (i) shall not be responsible for, and makes no representation as to, the
validity  or  adequacy  of this  Indenture  or the Notes  and (ii)  shall not be
accountable  for the Issuer's use of the proceeds from the Notes, or responsible
for any statement of the Issuer in this  Indenture or in any document  issued in
connection  with the sale of the  Notes or in the Notes  (all of which  shall be
taken  as  statements  of  the  Issuer)  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 known to a Trustee Officer of the Indenture Trustee, the
Indenture  Trustee shall mail to each  Noteholder  notice of such Default within
ninety (90) days after it occurs.  Except in the case of a Default in payment of
principal  of or  interest  on any  Note  (including  payments  pursuant  to the
mandatory  redemption  provisions  of such  Note),  the  Indenture  Trustee  may
withhold  the notice if and so long as a committee  of its  Trustee  Officers in
good faith  determines  that  withholding  the notice is in the interests of the
Noteholders.

                  SECTION 6.6 Reports by Indenture Trustee to Noteholders.  Upon
delivery to the Indenture  Trustee by the Servicer of such information  prepared
by the Servicer  pursuant to Section 3.9 of the Sale and Servicing  Agreement as
may be  required  to enable  each  Noteholder  to prepare  its federal and State
income tax returns,  the Indenture Trustee shall deliver such information to the
Noteholders.

                  SECTION 6.7 Compensation and Indemnity.  (a) The Issuer shall,
or shall cause the  Administrator  to, pay to the Indenture Trustee from time to
time  reasonable   compensation  for  its  services.   The  Indenture  Trustee's
compensation  shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall, or shall cause the  Administrator to, reimburse
the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made
by it,  including costs of collection,  in addition to the  compensation for its
services.  Such expenses shall include the reasonable compensation and expenses,
disbursements  and  advances  of  the  Indenture   Trustee's  agents,   counsel,
accountants and experts.  The Issuer shall, or shall cause the Administrator to,
indemnify the Indenture  Trustee for, and to hold it harmless  against,  any and
all loss,  liability or expense  (including  attorneys'  fees) incurred by it in
connection  with the  administration  of this trust and the  performance  of its
duties  hereunder,  including the costs and expenses of defending itself against
any claim or liability in connection  with the exercise or performance of any of
its powers or duties  hereunder.  The Indenture  Trustee shall notify the Issuer
and the  Administrator  promptly  of any claim for which it may seek  indemnity.
Failure by the Indenture  Trustee to so notify the Issuer and the  Administrator
shall not relieve the Issuer or the Administrator of its obligations  hereunder.
The Issuer shall,  or shall cause the  Administrator  to, defend any such claim,
and the  Indenture  Trustee may have separate  counsel and the Issuer shall,  or
shall cause the  Administrator  to, pay the fees and  expenses of such  counsel.
Neither the Issuer nor the Administrator need reimburse any expense or indemnity
against any loss, liability or expense incurred by the Indenture Trustee through
the Indenture Trustee's own willful misconduct, negligence or bad faith.

                  (b) The Issuer's payment  obligations to the Indenture Trustee
pursuant to this  Section 6.7 shall  survive the  resignation  or removal of the
Indenture  Trustee  and the  discharge  of this  Indenture.  When the  Indenture
Trustee incurs  expenses after the occurrence of a Default  specified in Section
5.1(iv)  or (v) with  respect  to the  Issuer,  the  expenses  are  intended  to
constitute  expenses of administration  under Title 11 of the United States Code
or any other applicable federal or State bankruptcy, insolvency or similar law.

                  SECTION  6.8   Replacement  of  Indenture   Trustee.   (a)  No
resignation  or  removal  of the  Indenture  Trustee,  and no  appointment  of a
successor  Indenture  Trustee,  shall become  effective  until the acceptance of
appointment by the successor  Indenture Trustee pursuant to this Section 6.8 and
payment in full of all sums due to the  Indenture  Trustee  pursuant  to Section
6.7. The  Indenture  Trustee may resign at any time by so notifying  the Issuer.
The Noteholders of Notes  evidencing not less than a majority in Note Balance of
the Controlling Note Class may remove the Indenture  Trustee without cause by so
notifying  such  Indenture  Trustee  and the Issuer and may  appoint a successor
Indenture Trustee. The Issuer shall remove the Indenture Trustee if:

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

                           (ii)  an Insolvency Event occurs with respect to the
                  Indenture Trustee;

                           (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.

If the  Indenture  Trustee  resigns 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 a successor Indenture Trustee.

                  (b) Any  successor  Indenture  Trustee shall deliver a written
acceptance  of its  appointment  to the  retiring  Indenture  Trustee and to the
Issuer and shall  concurrently  deliver a copy of such  acceptance  to each Swap
Counterparty. Thereupon, if all sums due the retiring Indenture Trustee pursuant
to  Section  6.7 have been  paid in full,  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.  If all sums  due the  retiring  Indenture  Trustee
pursuant to Section 6.7 have been paid in full, the retiring  Indenture  Trustee
shall  promptly  transfer  all property  held by it as Indenture  Trustee to the
successor Indenture Trustee.

                  (c) If a  successor  Indenture  Trustee  does not take  office
within  sixty  (60) days  after the  retiring  Indenture  Trustee  resigns or is
removed,  the retiring Indenture Trustee, the Issuer or the Noteholders of Notes
evidencing  not less than a majority  in Note  Balance of the  Controlling  Note
Class may petition any court of competent  jurisdiction for the appointment of a
successor  Indenture  Trustee.  If the  Indenture  Trustee  fails to comply with
Section 6.11, any  Noteholder  who has been a bona fide  Noteholder for at least
six (6) months may petition any court of competent  jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee.

                  (d)  Notwithstanding  the replacement of the Indenture Trustee
pursuant  to  this  Section  6.8,  the   obligations   of  the  Issuer  and  the
Administrator  under Section 6.7 shall  continue for the benefit of the retiring
Indenture Trustee.

                  SECTION 6.9 Successor  Indenture Trustee by Merger. (a) If the
Indenture Trustee  consolidates  with, merges or converts into, or transfers all
or  substantially  all its  corporate  trust  business  or  assets  to,  another
corporation  or banking  association,  the  resulting,  surviving or  transferee
corporation  or  banking  association  without  any  further  act  shall  be the
successor   Indenture  Trustee;   provided  that  such  corporation  or  banking
association  shall be otherwise  qualified and eligible  under Section 6.11. The
Indenture Trustee shall provide the Rating Agencies with prior written notice of
any such transaction.

                  (b) In  case at the  time  such  successor  or  successors  by
merger,  conversion or consolidation  to the Indenture  Trustee shall succeed to
the  trusts  created  by  this  Indenture  any  of the  Notes  shall  have  been
authenticated but not delivered, any such successor to the Indenture Trustee may
adopt the certificate of authentication of any predecessor  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 certificates  shall
have the  full  force  which it is  provided  anywhere  in the  Notes or in this
Indenture that the certificate of the Indenture Trustee shall have.

                  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 Indenture Trust Estate may at the time be
located,  the Indenture Trustee shall have the power and may execute and deliver
an  instrument  to  appoint  one or  more  Persons  to act  as a  co-trustee  or
co-trustees, or separate trustee or separate trustees, of all or any part of the
Trust,  and to vest in such  Person or  Persons,  in such  capacity  and for the
benefit  of the  Noteholders  and the  Swap  Counterparties,  such  title to the
Indenture Trust Estate, or any part hereof, and, subject to the other provisions
of this Section 6.10, such powers, duties, obligations, rights and trusts as the
Indenture Trustee may consider necessary or desirable. No co-trustee or separate
trustee  hereunder  shall be  required  to meet the  terms of  eligibility  as a
successor  trustee  under  Section  6.11 and no  notice  to  Noteholders  of the
appointment  of any  co-trustee  or separate  trustee  shall be  required  under
Section 6.8.

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

                           (i)  all  rights,   powers,  duties  and  obligations
                  conferred  or  imposed  upon the  Indenture  Trustee  shall be
                  conferred  or imposed  upon and  exercised or performed by the
                  Indenture  Trustee  and such  separate  trustee or  co-trustee
                  jointly (it being  understood  that such  separate  trustee or
                  co-trustee  shall not be 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 Indenture
                  Trust Estate or any portion thereof in any such  jurisdiction)
                  shall be  exercised  and  performed  singly  by such  separate
                  trustee  or  co-trustee,  but solely at the  direction  of the
                  Indenture Trustee;

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

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

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

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

                  SECTION 6.11 Eligibility;  Disqualification. (a) The Indenture
Trustee shall at all times satisfy the  requirements of TIA Section 310(a).  The
Indenture  Trustee or its parent shall have a combined capital and surplus of at
least  $50,000,000  as set forth in its most recent  published  annual report of
condition and shall have a long-term debt rating of investment  grade by each of
the Rating  Agencies  or shall  otherwise  be  acceptable  to each of the Rating
Agencies. The Indenture Trustee shall comply with TIA Section 310(b);

                  (b) Within ninety (90) days after  ascertaining the occurrence
of an Event of  Default  which  shall  not have  been  cured or  waived,  unless
authorized by the Commission, the Indenture Trustee shall resign with respect to
the Class A Notes  and/or  VPTNs  and/or  the Class B Notes in  accordance  with
Section  6.8 of this  Indenture,  and  the  Issuer  shall  appoint  a  successor
Indenture Trustee for one or more of such Classes, as applicable,  so that there
will be separate  Indenture  Trustees  for the Class A Notes,  the VPTNs and the
Class B Notes. In the event the Indenture Trustee fails to comply with the terms
of the preceding sentence,  the Indenture Trustee shall comply with clauses (ii)
and (iii) of TIA Section 310(b).

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

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

                  SECTION 6.13 Interest Rate Swap Provisions. (a) The Issuer has
entered into the Variable Pay Term Notes Interest Rate Swap Agreement, in a form
satisfactory to the Rating Agencies, to hedge the floating rate interest expense
on the  VPTNs.  The  Issuer  may,  from  time to  time,  enter  into one or more
replacement  Variable Pay Term Notes Interest Rate Swap  Agreements in the event
that any  Variable Pay Term Notes  Interest  Rate Swap  Agreement is  terminated
prior  to  its  scheduled  expiration  pursuant  to an  Event  of  Default  or a
Termination  Event  (each such term as defined  in the  Variable  Pay Term Notes
Interest Rate Swap  Agreement).  The notional amount under the Variable Pay Term
Notes Interest Rate Swap Agreement will be initially  equal to zero, and will be
increased by the principal  balance of any VPTNs issued and reduced from time to
time by amounts  paid as  principal  on the VPTNs  pursuant  to the  information
provided each month in the Servicer's Certificate.

                  (b) The Issuer has entered into the Floating Rate Class A Note
Interest  Rate  Swap  Agreements,  each  in a form  satisfactory  to the  Rating
Agencies, to hedge the floating rate interest expense on the Floating Rate Class
A Notes.  The Issuer may, from time to time,  enter into one or more replacement
Floating Rate Class A Note  Interest Rate Swap  Agreements in the event that any
Floating Rate Class A Note Interest Rate Swap  Agreement is terminated  prior to
its scheduled  expiration pursuant to an Event of Default or a Termination Event
(each such term as defined in the Floating  Rate Class A Note Interest Rate Swap
Agreements).  The notional  amounts of the Floating  Rate Class A Note  Interest
Rate Swaps will be determined as follows:

                           (i) The  notional  amount of the  Class A-1  Interest
                  Rate Swap will be initially  equal to the principal  amount of
                  the Class A-1 Notes on the Closing Date and will be reduced by
                  the amount of any principal payments on the Class A-1 Notes.

                           (ii) The  notional  amount of the Class A-4  Interest
                  Rate Swap will be initially  equal to the principal  amount of
                  the Class A-4 Notes on the Closing Date and will be reduced by
                  the amount of any principal payments on the Class A-4 Notes.

                           (iii) The  notional  amount of the Class A-5 Interest
                  Rate Swap will be initially  equal to the principal  amount of
                  the Class A-5 Notes on the Closing Date and will be reduced by
                  the amount of any principal payments on the Class A-5 Notes.

                  (c) On each  Monthly  Distribution  Date,  Net  Swap  Payments
(other than any Swap Termination Payments) relating to the Floating Rate Class A
Note Interest Rate Swap Agreements and the Variable Pay Term Notes Interest Rate
Swap  Agreement  will rank senior to interest  payments on the Class A Notes and
VPTNs and the deposit of the Class A Quarterly  Interest Funding Account Deposit
Amount into the Class A Quarterly Interest Funding Account, and Swap Termination
Payments  will rank pari passu with  interest  payments on the Class A Notes and
VPTNs and with the deposit of the Class A  Quarterly  Interest  Funding  Account
Deposit Amount into the Class A Quarterly  Interest Funding Account,  all as set
forth in Section 8.2 hereof and Section 4.7 of the Sale and Servicing Agreement.

                  (d) The Indenture  Trustee will be  responsible  for remitting
Net Swap  Payments  and any  Swap  Termination  Payments  payable  to each  Swap
Counterparty  and for collecting the Net Swap Receipts and any Swap  Termination
Payments  payable to the Issuer,  as  applicable,  on each Monthly  Distribution
Date.

                  (e) In the event that any Swap  Counterparty  is  required  to
collateralize  any Interest Rate Swap  transaction  pursuant to the terms of the
applicable  Interest Rate Swap Agreement,  the Indenture  Trustee,  upon written
request of the Administrator, shall establish individual collateral accounts and
will hold any  securities  deposited  therein in trust and will  invest any cash
amounts in accordance with the provisions of the Interest Rate Swap Agreements.

                  (f) The  Administrator  shall  calculate  and provide  written
notification to the related Swap  Counterparty  and to the Indenture  Trustee of
the notional  amount of each Interest Rate Swap as of each Monthly  Distribution
Date  on or  before  the  twelfth  day  of the  month  of  the  related  Monthly
Distribution Date. The Administrator  shall also obtain the calculation of LIBOR
from the Calculation  Agent under this Agreement and shall calculate the amount,
for each Monthly Distribution Date, of all Net Swap Payments, Net Swap Receipts,
and Swap  Termination  Payments  payable on each Monthly  Distribution  Date and
shall  provide  written  notification  of  such  amounts  to  the  related  Swap
Counterparties  and to the Indenture Trustee prior to such Monthly  Distribution
Date. At least five days before the effective date of any proposed  amendment or
supplement to an Interest Rate Swap Agreement,  the Administrator  shall provide
the Rating  Agencies  with a copy of such  amendment or  supplement.  Unless the
amendment  or  supplement   clarifies  any  term  or  provision,   corrects  any
inconsistency,  cures any ambiguity, or corrects any typographical error in such
Interest Rate Swap  Agreement,  an amendment or supplement to such Interest Rate
Swap Agreement will be effective  only after  satisfaction  of the Rating Agency
Condition.

                  (g) Promptly  following the early  termination of any Interest
Rate Swap  Agreement  due to an Event of Default or  Termination  Event (as each
such term is defined in such Interest Rate Swap Agreement),  the Issuer will use
reasonable efforts to cause the Issuer to enter into a replacement interest rate
swap  agreement on terms similar to those of such  Interest Rate Swap  Agreement
with an eligible swap counterparty.

                  (h) Each  Interest  Rate Swap  Agreement  shall provide that a
termination  event will occur thereunder if the rating of the Swap  Counterparty
is downgraded below a rating of "Aa3" by Moody's, "AA-" by Fitch or "AA-" by S&P
or is suspended or  withdrawn by any such Rating  Agency,  and within 30 days of
such downgrade,  suspension or withdrawal, the Swap Counterparty fails to either
(i) deliver or post collateral acceptable to the Issuer in amounts sufficient to
secure its obligations under such Interest Rate Swap Agreement,  (ii) assign its
rights and obligations  under such Interest Rate Swap Agreement to a replacement
counterparty  acceptable  to the Issuer or (iii)  establish  other  arrangements
necessary,  if any, in each case so that the Rating Agencies confirm the ratings
of the Notes that were in effect immediately prior to such downgrade, suspension
or  withdrawal.  If the Swap  Counterparty  is  required to  collateralize  with
respect  to any  Interest  Rate Swap  Agreement,  the  Administrator  shall send
written instructions to the Indenture Trustee to establish individual collateral
accounts and to hold any  securities  deposited  therein in trust and invest any
cash amounts  therein in  accordance  with the  provisions of such Interest Rate
Swap Agreement.

                                   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 to
the Indenture  Trustee (a) not more than five (5) days after each Record Date, a
list, in such form as the Indenture Trustee may reasonably require, of the names
and  addresses of the  Noteholders  as of such Record Date and (b) at such other
times as the Indenture  Trustee may request in writing,  within thirty (30) days
after  receipt by the  Issuer of any such  request,  a list of similar  form and
content  as of a date not more than ten (10) days prior to the time such list is
furnished;  provided,  however, that (i) so long as the Indenture Trustee is the
Note Registrar,  no such list shall be required to be furnished and (ii) no such
list shall be required to be furnished with respect to Noteholders of Book-Entry
Notes.

                  SECTION 7.2  Preservation  of Information;  Communications  to
Noteholders.  (a) The Indenture Trustee shall preserve,  in as current a form as
is reasonably practicable,  the names and addresses of the Noteholders contained
in the most  recent  list  furnished  to the  Indenture  Trustee as  provided in
Section 7.1 and the names and addresses of Noteholders received by the Indenture
Trustee in its capacity as Note Registrar. The Indenture 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 Section 312(b)
with other  Noteholders  with respect to their  rights  under this  Indenture or
under the Notes.  Upon receipt by the Indenture  Trustee of any request by three
or more  Noteholders or by one or more  Noteholders of Notes evidencing not less
than 25% of the Note Balance of the Notes  Outstanding  to receive a copy of the
current  list of  Noteholders  (whether  or not  made  pursuant  to TIA  Section
312(b)),  the Indenture Trustee shall promptly notify the Administrator  thereof
by providing to the  Administrator a copy of such request and a copy of the list
of Noteholders produced in response thereto.

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

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

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

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

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

                  (b) Unless the Issuer otherwise determines, the fiscal year of
the Issuer shall correspond to the calendar year.

                  SECTION 7.4 Reports by Indenture  Trustee.  (a) If required by
TIA Section 313(a), within sixty (60) days after each May 15, beginning with May
15, 2001, the Indenture Trustee shall mail to each Noteholder as required by TIA
Section  313(c) a brief  report  dated as of such  date that  complies  with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

                  (b) A copy of  each  report  at the  time  of its  mailing  to
Noteholders shall be filed by the Indenture Trustee with the Commission and each
stock exchange,  if any, on which the Notes are listed.  The Issuer shall notify
the Indenture Trustee if and when the Notes are listed on any stock exchange.

                                  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 and the Sale
and  Servicing  Agreement.  The  Indenture  Trustee  shall  apply all such money
received  by it as  provided  in this  Indenture  and  the  Sale  and  Servicing
Agreement.  Except as otherwise  expressly  provided in this  Indenture,  if any
default occurs in the making of any payment or  performance  under any agreement
or instrument that is part of the Indenture Trust Estate,  the Indenture Trustee
may  take  such  action  as  may be  appropriate  to  enforce  such  payment  or
performance,   including  the   institution   and   prosecution  of  appropriate
Proceedings.  Any such action shall be without prejudice to any right to claim a
Default  or Event of  Default  under  this  Indenture  and any right to  proceed
thereafter as provided in Article V.

                  SECTION 8.2 Trust  Accounts  and Payahead  Account.  (a) On or
prior to the Closing Date,  the Issuer shall cause the Servicer to establish and
maintain the Trust Accounts and the Payahead Account as provided in Sections 4.1
and 4.8 of the Sale and Servicing Agreement.

                  (b) On or before each Monthly  Distribution Date, the Servicer
shall deposit all Available  Collections  with respect to the Collection  Period
preceding such Monthly  Distribution Date in the Collection  Account as provided
in Sections  4.2, 4.3, 4.4 and 4.6 of the Sale and  Servicing  Agreement.  On or
before each Monthly Distribution Date, all amounts required to be withdrawn from
the Reserve Account and deposited in the Collection  Account pursuant to Section
4.6 of the Sale and  Servicing  Agreement  shall be withdrawn  by the  Indenture
Trustee from the Reserve Account and deposited to the Collection  Account.  With
respect to any VPTN  issued on any  Monthly  Distribution  Date,  the  Indenture
Trustee shall  instruct the purchaser of such VPTN to deposit the purchase price
thereof into the VPTN Proceeds Account on or prior to such Monthly  Distribution
Date,  as set forth in Section  4.6(c) of the Sale and Servicing  Agreement.  In
addition,  each  Servicer  Liquidity  Advance  shall be deposited  into the VPTN
Proceeds Account on or prior to the related Monthly  Distribution  Date. On each
Monthly  Distribution Date, prior to giving effect to the withdrawals  described
in Section 8.2(f),  the Indenture  Trustee shall withdraw  amounts from the VPTN
Proceeds Account with respect to any related Servicer Liquidity Advances, to the
extent and in the manner as set forth in Section  4.5 of the Sale and  Servicing
Agreement,  and pay such amounts to the Servicer.  The  Indenture  Trustee shall
direct the applicable Swap Counterparties to deposit,  and shall otherwise cause
to be deposited (1) on each Monthly Distribution Date, the Net Swap Receipts for
the Monthly Pay Floating  Rate Class A Note Interest Rate Swaps and the Variable
Pay Term Note  Interest  Rate Swap into the  Collection  Account and (2) on each
Quarterly Payment Date (or on any other Applicable Monthly  Distribution  Date),
the Net Swap  Receipts for the Quarterly Pay Floating Rate Class A Note Interest
Rate Swaps into the Class A Quarterly Interest Funding Account. In addition, the
Indenture  Trustee shall direct the applicable Swap  Counterparties  to deposit,
and shall otherwise cause to be deposited, all Swap Termination Payments paid by
Swap  Counterparties to the Trust into the Collection Account;  provided,  that,
upon direction by the Issuer,  the Indenture Trustee may retain a part or all of
such  Swap  Termination  Payments  to be  applied  as an  initial  payment  to a
replacement Swap  Counterparty;  and provided further that the Indenture Trustee
shall  promptly  deposit  any  retained  amounts  that are not so applied to the
Collection Account.

                  (c) On each Monthly  Distribution  Date, the Indenture Trustee
(based on the information  contained in the Servicer's  Certificate delivered on
or before the related Determination Date pursuant to Section 3.9 of the Sale and
Servicing  Agreement)  shall make the following  withdrawals from the Collection
Account and make deposits, distributions and payments, to the extent of funds on
deposit  in  the  Collection  Account  with  respect  to the  Collection  Period
preceding such Monthly  Distribution  Date (including  funds, if any,  deposited
therein from the Reserve  Account and the Payahead  Account),  in the  following
order of priority:

                           (i) first,  to the Servicer,  the Servicing Fee and
         all unpaid  Servicing Fees from prior Collection Periods;

                           (ii) second,  with the same priority and ratably,  in
         accordance  with  the  amount  of such Net  Swap  Payments,  (a) to the
         applicable Swap  Counterparties,  any Net Swap Payments  payable by the
         Trust on the Variable  Pay Term Notes  Interest  Rate Swap,  (b) to the
         Class A Quarterly  Interest  Funding  Account,  the excess of (A)(x)the
         total amount of the Accrued  Fixed Rate  Payments on the  Quarterly Pay
         Floating  Rate Class A Note Interest Rate Swaps minus (y) the aggregate
         amount  accrued from the  preceding  Monthly  Distribution  Date on the
         Quarterly Pay Floating  Rate Class A Note Interest Rate Swaps,  in each
         case at an interest rate equal to three-month  LIBOR plus the spread on
         the related  Subclass of Floating Rate Class A Notes over (B) the total
         amount on deposit in the Class A  Quarterly  Interest  Funding  Account
         immediately  prior to such Monthly  Distribution  Date,  and (c) to the
         applicable Swap  Counterparties,  any Net Swap Payments  payable by the
         Trust on the  Monthly  Pay  Floating  Rate Class A Note  Interest  Rate
         Swaps, if any;

                           (iii) third,  with the same priority and ratably,  in
         accordance with the outstanding  principal  balances of the Monthly Pay
         Class A  Notes,  Quarterly  Pay  Class A Notes  and the  VPTNs  and the
         amounts of any Swap Termination  Payments due and payable by the Issuer
         to the Swap Counterparties:

                           (1) to the  Indenture  Trustee for  deposit  into the
                  Class A Quarterly  Interest Funding Account an amount equal to
                  the sum of:

                           (a)      on each  Monthly  Payment Date that is not a
                                    Quarterly Payment Date, the aggregate of the
                                    Accrued  Fixed Rate  Payments on each of the
                                    Quarterly  Pay  Floating  Rate  Class A Note
                                    Interest   Rate   Swaps   minus  the  amount
                                    deposited under clause (c)(ii)(b) above; and

                           (b)      on each  Quarterly  Payment  Date, an amount
                                    equal to the excess of (I) the  Accrued
                                    Class A  Quarterly  Pay  Interest  for such
                                    Quarterly  Payment  Date over (II) the
                                    amount on deposit in the Class A Quarterly
                                    Interest  Funding  Account on such
                                    Quarterly Payment Date,  after giving
                                    effect to all other  deposits to be
                                    made under  clause  (c)(ii)(b)  and the
                                    deposit of any Net Swap Receipts,  and the
                                    withdrawal of any Net Swap Payments,  in
                                    each case with  respect to the  Quarterly
                                    Pay Class A Note  Interest Rate  Swaps,
                                    pursuant  to Section  8.2 (d);  provided,
                                    that on each Monthly  Distribution Date, if
                                    one or more of the Quarterly Pay  Floating
                                    Rate  Class A  Interest  Rates  Swaps  have
                                    been terminated and no replacement
                                    Quarterly Pay Floating Rate Class A Note
                                    Interest  Rate Swaps have been  entered
                                    into,  then the portion  of the  Class  A
                                    Quarterly  Interest  Funding  Account
                                    Deposit  Amount  deposited  into the
                                    Class A Quarterly  Interest Funding Account
                                    on such Monthly  Distribution Dates with
                                    respect to the related  Subclasses  of
                                    Quarterly  Pay Class A Notes will be equal
                                    to the amount of interest  accrued on those
                                    Subclasses from  the  preceding  Monthly
                                    Distribution  Date  at  the  rate
                                    established as of the prior Quarterly
                                    Payment Date.

                           (2) to the Indenture  Trustee for the  Noteholders of
                  the Monthly  Pay Class A Notes an amount  equal to the Accrued
                  Class A Monthly Pay Interest;

                           (3) to the  Indenture  Trustee for the  Noteholders
                  of the  Variable Pay
                  Term Notes an amount equal to the Accrued VPTN Interest; and

                           (4) to the  Swap  Counterparties,  the  amount  of
                  any  Swap  Termination Payments due and payable to them;

provided,  that, any amounts remaining shall be deposited or paid to the Class A
Quarterly  Interest Funding Account,  the Noteholders of the Monthly Pay Class A
Notes,  the VPTN Noteholders and the Swap  Counterparty or Swap  Counterparties,
pro rata,  based on the amounts  described in  subclauses  (1), (2), (3) and (4)
which were not  deposited or paid,  as  applicable,  after giving effect to such
allocations;

                           (iv) fourth, to the Principal  Distribution  Account,
         the First Priority Principal Distribution Amount;

                           (v) fifth, to the  Noteholders of Class B Notes,  the
         Accrued  Class  B  Note  Interest;  provided  that  if  there  are  not
         sufficient  funds  available  to pay the entire  amount of the  Accrued
         Class B Note Interest,  the amounts  available  shall be applied to the
         payment of such interest on the Class B Notes on a pro rata basis;

                           (vi) sixth, to the Principal  Distribution  Account,
         the Second Priority Principal Distribution Amount;

                           (vii) seventh,  to the Certificate  Interest
         Distribution  Account,  the Accrued Class C Certificate Interest;

                           (viii) eighth,  to the Certificate  Interest
         Distribution  Account,  the Accrued Class D Certificate Interest.

                           (ix) ninth, to the Reserve  Account,  the amount,  if
         any,  required to reinstate the amount in the Reserve Account up to the
         Specified  Reserve  Balance (  calculated  after  giving  effect to all
         amounts  including  amounts pursuant to clause (x) below,  deposited to
         the  Principal   Distribution  Account  and  then  transferred  to  the
         Accumulation Account on such Monthly Distribution Date);

                           (x) tenth, to the Principal  Distribution  Account,
         the Regular Principal Distribution Amount; and

                           (xi) eleventh,  to the Seller, any funds remaining on
         deposit in the Collection Account with respect to the Collection Period
         preceding such Monthly Distribution Date.

                  Notwithstanding  any other  provision of this Article VIII and
subject  to  Section  5.4(b),  (A)  following  the  occurrence  and  during  the
continuation  of an Event of  Default  specified  in  Section  5.1(i),  5.1(ii),
5.1(iv)  or  5.1(v)  which  has  resulted  in an  acceleration  of the Notes (or
following the  occurrence of any such event after an Event of Default  specified
in Section  5.1(iii)  has  occurred  and the Notes have been  accelerated),  the
Servicer shall  instruct the Indenture  Trustee to transfer the funds on deposit
in the Collection  Account  remaining after the application of clauses (i), (ii)
and (iii) above to the Principal Distribution Account to the extent necessary to
reduce the principal  amount of all the Class A Notes and the VPTNs to zero, (B)
following  the  occurrence  and during the  continuation  of an Event of Default
specified  in Section  5.1(iii)  which has  resulted in an  acceleration  of the
Notes,  the Servicer shall instruct the Indenture  Trustee to transfer the funds
on deposit in the Collection  Account remaining after the application of clauses
(i), (ii),  (iii), (iv) and (v) above to the Principal  Distribution  Account to
the extent  necessary to reduce the  principal  amount of all the Notes to zero,
and  (C)  in  the  case  of an  event  described  in  clause  (A)  or  (B),  the
Certificateholders  will not receive any  distributions of principal or interest
until the principal  amount and accrued  interest on all the Notes has been paid
in full.

                  (d) On each  Quarterly  Payment Date (or, on any other Monthly
Distribution Date that is not a Quarterly Payment Date if an Early  Amortization
Event or an acceleration of the Notes due to an Event of Default has occurred on
or prior to the LIBOR  Determination Date relating to such Monthly  Distribution
Date),  after giving  effect to the deposit of any Net Swap  Receipts  under the
Floating Rate Class A Note Interest Rate Swap  Agreements to, and the deposit of
other events pursuant to clause (c)(iii)(1)(b) to, and the withdrawal of any Net
Swap Payments under the Floating Rate Class A Note Interest Rate Swap Agreements
from,  the Class A  Quarterly  Interest  Funding  Account,  the Trust will apply
amounts on deposit in the Class A Quarterly Interest Funding Account as follows:

                           (1) first,  to pay the  holders of each  Subclass  of
                  Quarterly  Pay Class A Notes amounts on deposit in the Class A
                  Quarterly  Interest  Funding  Account,  on a pro  rata  basis,
                  according  to the amount of interest  due to each  Subclass to
                  the extent  necessary  to pay the full amount of interest  due
                  and payable on each such Subclass; and

                           (2) second, to deposit any amounts remaining into the
                  Collection  Account to be applied  on such  Quarterly  Payment
                  Date  or  Monthly   Distribution   Date,  as  applicable,   in
                  accordance with the priorities set forth in Section 8.2(c).

                  (e) On each  Monthly  Distribution  Date during the  Revolving
Period that is a Subsequent  Transfer Date, the Indenture Trustee shall withdraw
all funds on deposit in the Principal  Distribution Account (after giving effect
to the amounts deposited  pursuant to Section 8.2(c)) and any amounts on deposit
in the Accumulation Account and apply such amounts:

         (i)      first,  to make a payment to the Seller in  consideration  for
                  the purchase of Additional  Receivables in accordance with the
                  instructions  of the  Servicer  delivered  pursuant to Section
                  4.7(d) of the Sale and Servicing Agreement; and

         (ii)     second,  to deposit all amounts  remaining in the Principal
                  Distribution  Account into the Accumulation Account.

                  (f) On each Monthly  Distribution Date during the Amortization
Period,  the  Indenture  Trustee  (based  on the  information  contained  in the
Servicer's  Certificate  delivered on or before the related  Determination  Date
pursuant  to  Section  3.9 of the  Sale  and  Servicing  Agreement)  shall  make
withdrawals  from the  Principal  Distribution  Account  and the  VPTN  Proceeds
Account,  and,  if  such  Monthly  Distribution  Date  is a  Targeted  Scheduled
Distribution  Date, from the Accumulation  Account,  and make  distributions and
payments in the following order of priority:

         (1)      FIRST,  to the  holders  of the  Class A Notes  and  VPTNs  in
                  reduction  of  principal  until the  principal  amounts of the
                  outstanding Class A Notes and VPTNs have been paid in full, in
                  accordance with the following:

                  (A)      On each Targeted  Scheduled  Distribution  Date for a
                           Subclass  of Class A Notes  upon  which  the Trust is
                           able to issue and does issue VPTNs,

                           (i)      first,  from  amounts on deposit in the
                                    Principal  Distribution Account  to  the
                                    holders  of the  outstanding  VPTNs,  if
                                    any, (excluding   any  VPTNs  issued  on
                                    such   Targeted   Scheduled Distribution
                                    Date)  until  all  outstanding  VPTNs  are
                                    paid in full,  and then any  remaining
                                    amounts  to the  holders of such Subclass
                                    or  Subclasses  of Class A Notes that have
                                    reached or passed their Targeted  Scheduled
                                    Distribution  Dates until paid in full; and

                           (ii)     second,  from amounts, if any, on deposit in
                                    the  Accumulation  Account to the holders of
                                    such  Subclass  of Class A Notes  which  has
                                    reached its Targeted Scheduled  Distribution
                                    Date until paid in full;

                           (iii)    third,  from  amounts on deposit in the VPTN
                                    Proceeds  Account  to the  holders  of  such
                                    Subclass or Subclasses of Class A Notes that
                                    have  reached  or  passed   their   Targeted
                                    Scheduled  Distribution  Dates until paid in
                                    full; and

                           (iv)     fourth,   from  any  remaining   amounts  on
                                    deposit   in  the   Principal   Distribution
                                    Account to the  holders  of the VPTNs  until
                                    paid in full, and then any remaining amounts
                                    will  be  deposited   to  the   Accumulation
                                    Account if any  Subclasses  of Class A Notes
                                    are  outstanding  which have not  reached or
                                    passed their Targeted Scheduled Distribution
                                    Dates;

                  (B)      On each Targeted  Scheduled  Distribution  Date for a
                           Subclass  of Class A Notes  upon  which  the Trust is
                           unable to issue VPTNs or on any Monthly  Distribution
                           Date which is not a Targeted  Scheduled  Distribution
                           Date upon which a Subclass or  Subclasses  of Class A
                           Notes  which have  reached or passed  their  Targeted
                           Scheduled  Distribution Dates remain outstanding (and
                           no Early Amortization Event has occurred),

                           (i)      first,

                                    (a)     from   amounts  on  deposit  in  the
                                            Principal  Distribution  Account  to
                                            the   holders  of  the   outstanding
                                            Variable Pay Term Notes, if any, the
                                            Variable Pay Term Note Percentage of
                                            such amounts  until all  outstanding
                                            Variable  Pay Term Notes are paid in
                                            full; and

                                    (b)     from  amounts on deposit in the
                                            Principal  Distribution Account  to
                                            the  holders  of  all  of  the
                                            outstanding Subclasses  of  Class A
                                            Notes  which  have  reached  or
                                            passed  their  Targeted  Scheduled
                                            Distribution  Dates, the Class A
                                            Percentage  of all  amounts  on
                                            deposit in the Principal
                                            Distribution  Account until the
                                            principal amount of all of such
                                            outstanding  Subclasses  of Class A
                                            Notes has been paid in full;

                           (ii)     second,  from  amounts  on  deposit  in  the
                                    Accumulation Account, if any, to the holders
                                    of such  Subclass of Class A Notes which has
                                    reached its Targeted Scheduled  Distribution
                                    Date until paid in full;

                           (iii)    third,  from  amounts on deposit in the VPTN
                                    Proceeds  Account  to the  holders  of  such
                                    Subclass  or  Subclasses  of  Class  A Notes
                                    which have reached or passed their  Targeted
                                    Scheduled  Distribution  Date  until paid in
                                    full; and

                           (iv)     fourth,   from  any  remaining   amounts  on
                                    deposit   in  the   Principal   Distribution
                                    Account to the  holders  of the VPTNs  until
                                    paid in full, and then any remaining amounts
                                    will  be  deposited   to  the   Accumulation
                                    Account if any Class A Notes are outstanding
                                    which  have  not  reached  or  passed  their
                                    Targeted Scheduled Distribution Date;

                  (C)      On  each  Monthly  Distribution  Date  that  is not a
                           Targeted  Scheduled  Distribution Date for a Subclass
                           of Class A Notes  and as of which  the Trust has paid
                           in full  each  Subclass  of Class A Notes  which  has
                           reached or passed its Targeted Scheduled Distribution
                           Date (and no Early Amortization Event has occurred),

                           (i)      first,

                                    (a)     from   amounts  on  deposit  in  the
                                            Principal  Distribution  Account  to
                                            the   holders  of  the   outstanding
                                            VPTNs, if any, until all outstanding
                                            VPTNs have been paid in full; and

                                    (b)     second,  if any Class A Notes remain
                                            outstanding,  the remainder, if any,
                                            to the Accumulation Account;

                  (D)      On  each  Monthly  Distribution  Date  following  an
                           Early  Amortization Event,  to the  holders of the
                           outstanding  Subclasses  of Class A Notes until the
                           principal balances of all such outstanding
                           Subclasses of Class A Notes have been paid in full,
                           in the following order of priority:
                           (i)      to the Class A-1 Notes until paid in full;
                           (ii)     to the Class A-2 Notes until paid in full;
                           (iii)    to the Class A-3 Notes until paid in full;
                           (iv)     to the Class A-4 Notes until paid in full;
                                    and
                           (v)      to the Class A-5 Notes until paid in full;

         (2)  SECOND,  to the  holders  of the  Class B Notes  in  reduction  of
              principal until the principal  amount of the  outstanding  Class B
              Notes has been paid in full;

         (3)      THIRD to the Certificate  Principal  Distribution  Account,
                  until the Certificate Balance of the Class C Certificates has
                  been paid in full;

         (4)      FOURTH, to the Certificate Principal  Distribution Account,
                  until the Certificate Balance of the Class D Certificates has
                  been paid in full; and

         (5)      FIFTH,   to  the  seller,   any  funds  remaining  on  deposit
                  in  the  Principal Distribution Account;

provided,  in each case, that in the event there are not sufficient funds to pay
the  principal  amount of all Notes or  Certificates  within a Subclass or Class
having the same priority, principal payments shall be made to each holder within
such Subclass or Class on a pro rata basis,  and provided,  further,  all of the
Subclasses  of Class A Notes  will be paid  sequentially,  so that no  principal
payments will be made on any Subclass of Class A Notes,  until all Subclasses of
Class A Notes with a lower  numerical  designation  have been paid in full;  and
provided  further  if at any time more than one VPTN is  outstanding,  principal
will be paid to the VPTNs sequentially, with the earliest issued VPTN being paid
in full before any principal is paid to any VPTN with a later issuance date.

              SECTION 8.3 General Provisions Regarding Accounts.  (a) So long as
no Default or Event of Default shall have occurred and be  continuing,  all or a
portion of the funds in the Collection  Account,  the Class A Quarterly Interest
Funding  Account,  the Payahead  Account and the  Accumulation  Account shall be
invested  by the  Qualified  Institution  or  the  Qualified  Trust  Institution
maintaining such account (which shall initially be the Indenture Trustee) at the
direction of the Servicer in Permitted Investments as provided in Section 4.1 of
the Sale and  Servicing  Agreement.  All income or other gain (net of losses and
investment  expenses)  from  investments  of monies  deposited in the Collection
Account,  the Payahead Account, the Accumulation Account and the Reserve Account
shall be withdrawn by the  Indenture  Trustee from such accounts (but only under
the  circumstances  set  forth in  Sections  4.6(b)  and  4.8(c) in the Sale and
Servicing  Agreement  in the case of the Reserve  Account)  and  distributed  as
provided in Section 4.1 and 4.8 of the Sale and Servicing Agreement.  All income
or other gain from  investments  of monies  deposited into the Class A Quarterly
Interest  Funding  Account  shall be retained in such account and applied in the
manner set forth in Section 8.2(d).  The Servicer shall not direct the Qualified
Institution or Qualified Trust Institution  maintaining the Collection  Account,
the Class A Quarterly  Interest  Funding  Account,  the Payahead  Account or the
Accumulation  Account  to make  any  investment  of any  funds  or to  sell  any
investment  held in any of the  Trust  Accounts  unless  the  security  interest
Granted and  perfected  in such  account  will  continue to be perfected in such
investment  or the  proceeds of such sale,  in either  case  without any further
action by any Person,  and, in connection  with any direction by the Servicer to
make any such  investment  or sale,  if  requested by the  applicable  Qualified
Institution  or Qualified  Trust  Institution,  the Issuer shall deliver to such
Qualified  Institution  or Qualified  Trust  Institution  an Opinion of Counsel,
acceptable to such Qualified Institution or Qualified Trust Institution, to such
effect.

              (b) 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 or in the Payahead  Account  resulting  from any loss on any  Permitted
Investment  included  therein,  except for losses  attributable to the Indenture
Trustee's failure to make payments on such Permitted  Investments  issued by the
Indenture  Trustee,  in its commercial  capacity as principal obligor and not as
trustee,  in accordance  with their terms.  In addition,  the Indenture  Trustee
shall have no duty to monitor the  activities  of any Qualified  Institution  or
Qualified  Trust  Institution  (unless such  Qualified  Institution or Qualified
Trust  Institution  is also the  Indenture  Trustee) and shall not in any way be
held  liable for the  actions  or  inactions  of any  Qualified  Institution  or
Qualified  Trust  Institution  (unless such  Qualified  Institution or Qualified
Trust Institution is also the Indenture Trustee).

              (c) If the  Indenture  Trustee  is the  Qualified  Institution  or
Qualified  Trust  Institution  maintaining the Collection  Account,  the Class A
Quarterly  Interest  Funding  Account,  the Payahead Account or the Accumulation
Account and (i) the Servicer shall have failed to give investment directions for
any funds on deposit in the Collection  Account,  the Class A Quarterly Interest
Funding  Account,  the  Payahead  Account  or the  Accumulation  Account  to the
Indenture  Trustee  by 11:00  a.m.  New York Time (or such  other time as may be
agreed by the Issuer and the  Indenture  Trustee) on the Business Day  preceding
each Monthly  Distribution Date, (ii) to the knowledge of a Trust Officer of the
Indenture  Trustee,  a Default or Event of Default  shall have  occurred  and be
continuing  with respect to the Notes but the Notes shall not have been declared
due and  payable  pursuant  to  Section  5.2 or (iii) the Notes  shall have been
declared  due and payable  following an Event of Default,  amounts  collected or
receivable  from the Indenture Trust Estate are being applied in accordance with
Section 5.4 as if there had not been such a  declaration,  then in each case the
Indenture Trustee shall, to the fullest extent practicable,  invest and reinvest
funds in the Collection Account, the Class A Quarterly Interest Funding Account,
the Payahead Account or the Accumulation  Account, as the case may be, in one or
more Permitted Investments described in clause (b) of the definition thereof.

              SECTION 8.4 Release of Indenture Trust Estate.  (a) Subject to the
payment of its fees and expenses  pursuant to Section 6.7, the Indenture Trustee
may,  and when  required by the  provisions  of this  Indenture  shall,  execute
instruments to release  property from the lien of this Indenture,  or convey the
Indenture  Trustee's  interest in the same, in a manner and under  circumstances
that  are not  inconsistent  with the  provisions  of this  Indenture.  No party
relying upon an instrument executed by the Indenture Trustee as provided in this
Article  VIII shall be bound to ascertain  the  Indenture  Trustee's  authority,
inquire  into  the  satisfaction  of  any  conditions  precedent  or  see to the
application of any monies.

              (b) The  Indenture  Trustee  shall,  at such  time as there are no
Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7
have been paid in full and all  amounts  owing  under  each  Interest  Rate Swap
Agreement have been paid,  release any remaining  portion of the Indenture Trust
Estate that secured the Notes and the  Interest  Rate Swap  Agreements  from the
lien of this  Indenture  and release to the Issuer or any other Person  entitled
thereto any funds then on deposit in the Trust Accounts.  The Indenture  Trustee
shall release property from the lien of this Indenture  pursuant to this Section
8.4(b) only upon receipt of an Issuer Request  accompanied by confirmation  that
all amounts  owing under each Interest  Rate Swap  Agreement  have been paid, an
Officer's  Certificate  and an Opinion of Counsel  and (if  required by the TIA)
Independent  Certificates  in accordance  with TIA Sections 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.1.

              (c) Each Noteholder or Note Owner, by its acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note,  acknowledges that
from time to time the Indenture Trustee shall release the lien of this Indenture
on any Receivable to be sold to (i) the Seller in accordance with Section 2.3 of
the Sale and Servicing  Agreement  and (ii) to the Servicer in  accordance  with
Section 3.7 of the Sale and Servicing Agreement.

              SECTION  8.5  Opinion of  Counsel.  The  Indenture  Trustee  shall
receive at least seven (7) days notice when  requested by the Issuer to take any
action  pursuant to Section  8.4(a),  accompanied  by copies of any  instruments
involved,  and the Indenture  Trustee  shall also require,  except in connection
with any action  contemplated by Section 8.4(c),  as a condition to such action,
an Opinion of  Counsel,  in form and  substance  satisfactory  to the  Indenture
Trustee,  stating  the legal  effect  of any such  action,  outlining  the steps
required to complete the same, and concluding  that all conditions  precedent to
the taking of such  action  have been  complied  with and such  action  will not
materially and adversely  impair the security for the Notes or the rights of the
Noteholders or adversely  affect any Swap  Counterparty 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
Indenture  Trust Estate.  Counsel  rendering any such opinion may rely,  without
independent  investigation,  on the accuracy and validity of any  certificate or
other instrument  delivered to the Indenture Trustee in connection with any such
action.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

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

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

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

                  (iii) to add to the covenants of the Issuer,  for the benefit
              of the  Noteholders, or to surrender any right or power herein
              conferred upon the Issuer;

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

                  (v) to cure  any  ambiguity,  to  correct  or  supplement  any
              provision  herein  or in any  supplemental  indenture  that may be
              inconsistent   with  any   other   provision   herein  or  in  any
              supplemental  indenture  or to  make  any  other  provisions  with
              respect to matters or questions  arising  under this  Indenture or
              under any  supplemental  indenture which shall not be inconsistent
              with the  provisions of the  Indenture;  provided that such action
              shall  not  materially  adversely  affect  the  interests  of  the
              Noteholders  or adversely  affect the rights or obligations of any
              Swap  Counterparty  under the related Interest Rate Swap Agreement
              or modify the  obligations  of or impair the ability of the Issuer
              to fully  perform any of its  obligations  under any Interest Rate
              Swap Agreement;

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

                  (vii) to modify,  eliminate or add to the  provisions  of this
              Indenture  to such  extent as shall be  necessary  to  affect  the
              qualification of this Indenture under the TIA or under any similar
              federal  statute  hereafter  enacted and to add to this  Indenture
              such other provisions as may be expressly required by the TIA.

              The  Indenture  Trustee  is  hereby  authorized  to  join  in  the
execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained.

              (b) The Issuer and the Indenture  Trustee,  when  authorized by an
Issuer  Order,  may, also without the consent of any of the  Noteholders,  enter
into an indenture or  indentures  supplemental  hereto for the purpose of adding
any  provisions  to,  or  changing  in  any  manner  or  eliminating  any of the
provisions  of, this  Indenture or of  modifying  in any manner  (other than the
modifications set forth in Section 9.2) the rights of the Noteholders under this
Indenture;  provided,  however,  that (i) the Rating Agency Condition shall have
been  satisfied  with  respect to such  action,  (ii) such action  shall not, as
evidenced  by an Opinion of Counsel,  cause the Issuer to be  characterized  for
federal or any then  Applicable  Tax State income tax purposes as an association
taxable as a corporation  or otherwise  have any material  adverse impact on the
federal  or  any  then  Applicable  Tax  State  income  taxation  of  any  Notes
Outstanding or outstanding Certificates, or any Noteholder or Certificateholder,
(iii)(x) such action shall not, as evidenced by an Opinion of Counsel, adversely
affect the rights or  obligations  of any Swap  Counterparty  under the  related
Interest Rate Swap Agreement or modify the  obligations of or impair the ability
of the Issuer to fully perform any of its  obligations  under such Interest Rate
Swap Agreement or (y) the Swap  Counterparty  shall have  consented  thereto and
(iv) such action  shall not, as  evidenced  by an Opinion of Counsel,  adversely
affect  in any  material  respect  the  interest  of any  Noteholders.  The Swap
Counterparty's   consent  will  be  deemed  to  have  been  given  if  the  Swap
Counterparty does not object in writing within ten Business Days of receipt of a
written request for such consent.

              SECTION 9.2  Supplemental  Indentures with Consent of Noteholders.
The Issuer, the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior  notice to the Rating  Agencies  and the consent of a majority of the
Note  Balance  of the  Controlling  Note  Class,  enter  into  an  indenture  or
indentures  supplemental  hereto for the purpose of adding any provisions to, or
changing in any manner or  eliminating  any of the provisions of, this Indenture
or modifying in any manner the rights of the  Noteholders  under this Indenture;
provided,  however,  that  (i) the  Rating  Agency  Condition  shall  have  been
satisfied with respect to such action,  (ii) such action shall not, as evidenced
by an Opinion of Counsel,  cause the Issuer to be  characterized  for federal or
any then Applicable Tax State income tax purposes as an association taxable as a
corporation or otherwise have any material  adverse impact on the federal or any
then  Applicable  Tax  State  income  taxation  of  any  Notes   Outstanding  or
outstanding Certificates, or any Noteholder or Certificateholder,  (iii)(x) such
action shall not, as evidenced  by an Opinion of Counsel,  adversely  affect the
rights or obligations of any Swap  Counterparty  under the related Interest Rate
Swap Agreement or modify the obligations of, or impair the ability of the Issuer
to fully perform any of its obligations  under such Interest Rate Swap Agreement
or (y) the  Swap  Counterparty  shall  have  consented  thereto  (and  the  Swap
Counterparty's   consent  will  be  deemed  to  have  been  given  if  the  Swap
Counterparty does not object in writing within ten Business Days of receipt of a
written  request  for  such  consent),  and  provided,  further,  that  no  such
supplemental  indenture  shall,  without  the consent of each  Outstanding  Note
affected thereby:

              (i)  modify or alter provisions of this Section 9.2;

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

              (iii) reduce the  percentage of the principal  amount of the Notes
         Outstanding  or  the  Controlling   Note  Class,  the  consent  of  the
         Noteholders of which is required for any such  supplemental  indenture,
         or the consent of the  Noteholders  of which is required for any waiver
         of  compliance  with certain  provisions  of this  Indenture or certain
         Defaults or Events of Default hereunder and their consequences provided
         for in this Indenture;

              (iv) modify or alter (x) the  provisions of the proviso to the
         definition of the term "Outstanding" or (y) the definition of
         "Controlling Note Class";

              (v) reduce the  percentage  of the  principal  amount of the Notes
         Outstanding  or of the  Controlling  Note Class  required  to direct or
         consent  to a sale  or  liquidation  by the  Indenture  Trustee  of the
         Indenture  Trust Estate pursuant to Section 5.4 if the proceeds of such
         sale or liquidation  would be insufficient to pay the principal  amount
         and accrued but unpaid  interest on the Notes and/or the  Certificates,
         as applicable;

              (vi)  modify  any  provision  of  this   Indenture   specifying  a
         percentage  of the  aggregate  Note  Balance of the Notes  necessary to
         amend this  Indenture or the other Basic  Documents  except to increase
         any percentage  specified herein or to provide that certain  additional
         provisions  of this  Indenture or the other Basic  Documents  cannot be
         modified  or waived  without  the  consent  of the  Noteholder  of each
         Outstanding Note affected thereby;

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

              (viii)  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
         Indenture   Trust  Estate  or,   except  as   otherwise   permitted  or
         contemplated  herein,  terminate the lien of this Indenture on any such
         collateral at any time subject  hereto or deprive any Noteholder of the
         security provided by the lien of this Indenture.

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

              It shall not be necessary  for any Act of  Noteholders  under this
Section  9.2  to  approve  the  particular  form  of any  proposed  supplemental
indenture,  but it shall be  sufficient  if such Act shall approve the substance
thereof.

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

              SECTION 9.3 Execution of Supplemental Indentures. In executing, or
permitting  the  additional  trusts  created  by,  any  supplemental   indenture
permitted by this Article IX or the  modification  thereby of the trusts created
by this  Indenture,  the  Indenture  Trustee  shall be entitled to receive,  and
subject to Sections 6.1 and 6.2,  shall be fully  protected in relying  upon, an
Opinion of Counsel stating that the execution of such supplemental  indenture is
authorized or permitted by this Indenture and that all  conditions  precedent to
the execution and delivery of such  supplemental  indenture 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.  The Indenture
Trustee shall provide a fully  executed copy of any  supplemental  indentures to
the Swap Counterparty.

              SECTION 9.4 Effect of Supplemental  Indenture.  Upon the execution
of any supplemental  indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance  therewith
with  respect  to  the  Notes  affected  thereby,  and  the  respective  rights,
limitations of rights,  obligations,  duties,  liabilities and immunities  under
this Indenture of the Indenture  Trustee,  the Issuer and the Noteholders  shall
thereafter  be  determined,  exercised  and  enforced  hereunder  subject in all
respects to such modifications and amendments,  and all the terms and conditions
of any such  supplemental  indenture  shall be and be  deemed  to be part of the
terms and conditions of this Indenture for any and all purposes.

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

              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.

                                    ARTICLE X

                               REDEMPTION OF NOTES

              SECTION  10.1  Redemption.  The  Class A Notes,  the VPTNs and the
Class B Notes  are  subject  to  redemption  in whole,  but not in part,  at the
direction  of the  Servicer  pursuant to Section  8.1 of the Sale and  Servicing
Agreement,  on any Monthly Distribution Date on which the Servicer exercises its
option to purchase  the assets of the Issuer  pursuant to such  Section 8.1, and
the amount paid by the Servicer  shall be treated as  collections of Receivables
and applied to pay the unpaid  principal  amount of the Notes and the  Aggregate
Certificate  Balance  of the  Certificates  plus  accrued  and  unpaid  interest
thereon.  If the  Class A  Notes,  the  VPTNs  and the  Class B Notes  are to be
redeemed pursuant to this Section 10.1, the Servicer or the Issuer shall furnish
notice of such  election to the  Indenture  Trustee and the Rating  Agencies not
later  than  forty (40) days  prior to the  Redemption  Date (and the  Indenture
Trustee shall promptly  furnish notice to the Noteholders and for so long as the
Class A Notes and Class B Notes are listed on the Luxembourg Stock Exchange,  to
the Luxembourg  Stock  Exchange) and the Issuer shall deposit by 10:00 a.m. (New
York  City  time) on the  Redemption  Date  with the  Indenture  Trustee  in the
Collection  Account the Redemption Price of the Class A Notes, the VPTNs and the
Class B Notes to be redeemed,  whereupon all such Class A Notes, VPTNs and Class
B Notes shall be due and payable on the Redemption Date.

              SECTION 10.2 Form of Redemption Notice. Notice of redemption under
Section  10.1  shall be given by the  Indenture  Trustee  by  first-class  mail,
postage  prepaid,  or by  facsimile  mailed or  transmitted  promptly  following
receipt of notice from the Issuer or Servicer  pursuant to Section 10.1, but not
later than thirty (30) days prior to the  applicable  Redemption  Date,  to each
Noteholder  as of the  close  of  business  on the  Record  Date  preceding  the
applicable  Redemption  Date, at such  Noteholder=s  address or facsimile number
appearing in the Note Register.

         All notices of redemption shall state:

              (i)  the Redemption Date;

              (ii)  the Redemption Price;

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

              (iv) that on the Redemption Date, the Redemption Price will become
         due and payable  upon each such Note and that  interest  thereon  shall
         cease to accrue for and after said date and;

              (v) with respect to the notice  provided to the  Luxembourg  Stock
Exchange,  the  outstanding  principal  balance of the Class A Notes and Class B
Notes to be redeemed.

Notice of redemption of the Notes shall be given by the Indenture Trustee in the
name and at the expense of the Issuer. Failure to give notice of redemption,  or
any defect therein, to any Noteholder shall not impair or affect the validity of
the redemption of any other Note. If and for so long as any of the Class A Notes
and Class B Notes are listed on the  Luxembourg  Stock Exchange and the rules of
such stock exchange require,  the Indenture Trustee will arrange for a notice of
the  redemption  and the  Redemption  Price  to be  published  in an  Authorized
Newspaper.

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

                                   ARTICLE XI

                                  MISCELLANEOUS

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

              (A) 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;

              (B)  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;

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

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

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

                  (ii)  Whenever  the  Issuer  is  required  to  furnish  to the
              Indenture Trustee an Officer's  Certificate  certifying or stating
              the opinion of any signer  thereof as to the matters  described in
              clause (i) above,  the Issuer shall also deliver to the  Indenture
              Trustee an Independent  Certificate as to the same matters, if the
              fair value 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 (ii),  is ten percent (10%) or
              more of the principal amount of the Notes Outstanding,  but such a
              certificate  need not be furnished  with respect to any securities
              so deposited, if the fair value thereof to the Issuer as set forth
              in the related Officer's  Certificate is less than $25,000 or less
              than  one  percent  (1%)  of the  principal  amount  of the  Notes
              Outstanding.

                  (iii)  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  ninety (90) days of such  release) of the
              property or securities proposed to be released and stating that in
              the opinion of such person the  proposed  release  will not impair
              the  security  under  this  Indenture  in   contravention  of  the
              provisions hereof.

                  (iv)  Whenever  the  Issuer  is  required  to  furnish  to the
              Indenture Trustee an Officer's  Certificate  certifying or stating
              the opinion of any signer  thereof as to the matters  described in
              clause (iii) above, the Issuer shall also furnish to the Indenture
              Trustee an  Independent  Certificate as to the same matters if the
              fair  value  of the  property  or  securities  and  of  all  other
              property,  other than property as contemplated by clause (v) below
              or securities  released from the lien of this Indenture  since the
              commencement  of the  then-current  calendar year, as set forth in
              the  certificates  required by clause  (iii) above and this clause
              (iv),  equals ten percent (10%) or more of the principal amount of
              the Notes Outstanding,  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  (1%) of the  principal
              amount of the Notes Outstanding.

                  (v)  Notwithstanding  Section 2.10 or any other  provisions of
              this Section 11.1,  the Issuer may,  without  compliance  with the
              requirements  of the other  provisions of this Section  11.1,  (A)
              collect,  liquidate,  sell or otherwise dispose of Receivables and
              Financed  Vehicles as and to the extent  permitted  or required by
              the Basic  Documents  and (B) make cash  payments out of the Trust
              Accounts and the Payahead  Account as and to the extent  permitted
              or required by the Basic Documents.

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

              (c) Where any Person is required  to make,  give or execute two or
more applications,  requests, comments,  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  may be  embodied  in and
evidenced by one or more  instruments of  substantially  similar tenor signed by
such Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided such action shall become effective when such
instrument or instruments are delivered to the Indenture Trustee,  and, where it
is hereby expressly required, to the Issuer. Such instrument or instruments (and
the action embodied herein 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  Noteholder  of any Notes shall bind the
Noteholder  of every Note  issued upon the  registration  thereof or in exchange
therefor or in lieu thereof, in respect of anything done, omitted or suffered to
be done by the Indenture Trustee or the Issuer in reliance  thereon,  whether or
not notation of such action is made upon such Note.

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

              (i) the Indenture  Trustee by any  Noteholder,  the Servicer,  the
         Administrator  or 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

              (ii) the  Issuer by the  Indenture  Trustee  or by any  Noteholder
         shall be  sufficient  for every  purpose  hereunder  if in writing  and
         mailed  first-class,  postage prepaid to the Issuer  addressed to: Ford
         Credit Auto Owner Trust  2000-F,  in care of The Bank of New York,  101
         Barclay Street,  Floor 12 East, New York, New York,  10256,  Attention:
         Asset-Backed  Finance  Unit,  with a copy to the  Administrator  at One
         American Road, Dearborn,  Michigan 48126,  Attention:  Secretary, or at
         any other  address  previously  furnished  in writing to the  Indenture
         Trustee by the Issuer or the  Administrator.  The Issuer shall promptly
         transmit  any  notice  received  by it  from  the  Noteholders  to  the
         Indenture  Trustee and each Swap  Counterparty.  The Indenture  Trustee
         shall  likewise  promptly  transmit any notice  received by it from the
         Noteholders to the Issuer and each Swap  Counterparty and from any Swap
         Counterparty to the Issuer.

              Notices required to be given to the Rating Agencies by the Issuer,
any Swap  Counterparty,  the Indenture  Trustee or the Owner Trustee shall be in
writing,  personally  delivered,  telecopied or mailed by certified mail, return
receipt  requested,  to (i) in the case of Moody's,  at the  following  address:
Moody's Investors Service,  Inc., ABS Monitoring  Department,  99 Church Street,
New York,  New York 10007,  (ii) in case of Standard & Poor's,  at the following
address:  Standard & Poor's Ratings Services,  55 Water Street,  40th Floor, New
York, New York 10041, Attention: Asset Backed Surveillance Department,  (iii) in
the case of Fitch, Inc., at the following  address:  Fitch, Inc., 1 State Street
Plaza, New York, New York 10004,  Attention:  Asset Backed Surveillance and (iv)
in the case of a Swap  Counterparty,  at the  address  specified  in the related
Interest Rate Swap Agreement.

              SECTION  11.5  Notices  to  Noteholders;  Waiver.  (a) Where  this
Indenture  provides for notice to Noteholders of any event, such notice shall be
sufficiently  given (unless  otherwise herein expressly  provided) if in writing
and mailed,  first-class,  postage prepaid to each  Noteholder  affected by such
event,  at his  address as it appears on the Note  Register,  not later than the
latest date, and not earlier than the earliest  date,  prescribed for the giving
of such  notice.  In any case  where  notice  to  Noteholders  is given by mail,
neither  the  failure to mail such notice nor any defect in any notice so mailed
to any particular  Noteholder  shall affect the  sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

              (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 to  Noteholders  when such  notice is
required  to be given  pursuant to any  provision  of this  Indenture,  then any
manner of giving such notice as shall be satisfactory  to the Indenture  Trustee
shall be deemed to be a sufficient giving of such notice.

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

              SECTION   11.6   Alternate   Payment   and   Notice    Provisions.
Notwithstanding  any  provision  of this  Indenture  or any of the  Notes to the
contrary,  the Issuer may enter into any agreement with any Noteholder providing
for a method of payment,  or notice by the Indenture  Trustee or any Note Paying
Agent to such  Noteholder,  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. If any provision
hereof  limits,  qualifies or conflicts  with another  provision  hereof that is
required or deemed to be included in this  Indenture by any of the provisions of
the Trust Indenture Act, such required or deemed provision shall control.

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

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

              SECTION 11.9 Successors and Assigns.  All covenants and agreements
in this  Indenture  and the Notes by the Issuer  shall bind its  successors  and
assigns, whether so expressed or not. All agreements of the Indenture Trustee in
this Indenture shall bind their successors, co-trustees and agents.

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

              SECTION 11.11 Benefits of Indenture.  Nothing in this Indenture or
in the Notes,  express or  implied,  shall  give to any  Person,  other than the
parties hereto and their successors  hereunder,  and the  Noteholders,  the Swap
Counterparties and any other party secured hereunder,  and any other Person with
an ownership  interest in any part of the Indenture Trust Estate, any benefit or
any legal or equitable  right,  remedy or claim under this Indenture;  provided,
that no Swap  Counterparty  shall have any right to  institute  any  Proceeding,
judicial or otherwise,  with respect to  enforcement of remedies under Article V
of this Indenture upon the occurrence of an Event of Default.

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

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

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

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

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

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

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

<PAGE>

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

                           FORD CREDIT AUTO OWNER TRUST 2000-F

                                  By:    THE BANK OF NEW YORK,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford Credit
                                         Auto Owner Trust 2000-F

                                  By:
                                        Name:
                                        Title:

                                  THE CHASE MANHATTAN BANK,
                                  not in its individual capacity but solely as
                                  Indenture Trustee

                                  By:
                                      Name:
                                      Title:

<PAGE>

                                      A-1-1

                                                                     EXHIBIT A-1

                            [FORM OF CLASS A-1 NOTE]

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.

REGISTERED                                                          $906,000,000

No. R-1                                                      CUSIP NO. 34527RER0

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                   CLASS A-1 FLOATING RATE ASSET BACKED NOTES

<PAGE>

                                      A-1-2

                  Ford  Credit  Auto  Owner  Trust  2000-F,   a  business  trust
organized and existing under the laws of the State of Delaware  (herein referred
to as the "Issuer"),  for value received,  hereby promises to pay to CEDE & CO.,
or registered  assigns,  the  principal sum of NINE HUNDRED SIX MILLION  DOLLARS
payable on each Quarterly  Payment Date (as defined below),  except as described
herein,  in an  amount  equal  to the  aggregate  amount,  if  any,  payable  to
Noteholders  of Class A-1 Notes on such  Quarterly  Payment  Date in  respect of
principal on the Class A-1 Notes  pursuant to the Indenture  dated as of October
1, 2000 (as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and The Chase Manhattan Bank, a New
York  corporation,  as  Indenture  Trustee  (in  such  capacity  the  "Indenture
Trustee");  provided,  however,  that the entire  principal  amount of this Note
shall be payable on the October 2002 Monthly  Distribution  Date (the  "Targeted
Scheduled Distribution Date") to the extent of funds available therefor pursuant
to the Indenture and the entire  unpaid  principal  amount of this Note shall be
due and payable on the earlier to occur of the August 2003 Monthly  Distribution
Date (the  "Class A-1 Final  Scheduled  Distribution  Date") and the  Redemption
Date, if any, pursuant to Section 10.1 of the Indenture.  Capitalized terms used
but not  defined  herein are defined in Article I of the  Indenture,  which also
contains rules as to construction that shall be applicable herein.

                  Except as  described  below,  the Issuer shall pay interest on
this Note on the fifteenth day of each January,  April, July and October, or, if
any such day is not a Business Day, the next  succeeding  Business Day (each,  a
"Quarterly Payment Date"), commencing January 15, 2001 at a per annum rate equal
to the London  interbank  offered rate  ("LIBOR") for  three-month  U.S.  Dollar
deposits  in  Europe  (determined  as set forth in the  Indenture)  on the LIBOR
Determination Date, in each case plus 0.06% on the principal amount of this Note
outstanding on the preceding  Quarterly  Payment Date after giving effect to all
payments of principal made on the preceding  Quarterly  Payment Date  (provided,
however,  that  interest  shall  accrue  from the  Closing  Date to the  initial
Quarterly  Payment Date, and shall be payable on the initial  Quarterly  Payment
Date, at a per annum rate equal to [ ]% on the principal  amount  outstanding on
the Closing Date),  subject to certain  limitations  contained in Section 3.1 of
the  Indenture,  until the principal of this Note is paid or made  available for
payment.  Except as provided  below,  interest on this Note will accrue for each
Quarterly  Payment Date from and including the preceding  Quarterly Payment Date
(or, in the case of the initial  Quarterly  Payment Date, from and including the
Closing Date) to but excluding  such  Quarterly  Payment Date.  Interest will be
computed on the basis of actual days elapsed and a 360-day year.  Such principal
of and  interest  on this  Note  shall be paid in the  manner  specified  on the
reverse side hereof.

                  If (i) this Note is not paid in full on its Targeted Scheduled
Distribution Date, (ii) with respect to any Monthly  Distribution Date, an Early
Amortization Event (as such term is defined in the Indenture) has occurred prior
to the related LIBOR Determination Date or (iii) this Note is accelerated due to
an Event of Default (as such term in defined in the Indenture), beginning on the
next Monthly  Distribution  Date,  the frequency of payments will change and the
Issuer  shall pay  interest  on this  Note on each  Monthly  Distribution  Date.
Beginning on the first Monthly Distribution Date following such event,  interest
will  accrue at a rate equal to LIBOR for  one-month  U.S.  Dollar  deposits  in
Europe  (determined as set forth in the Indenture) on the related  Determination
Date plus  0.06% on the  principal  amount of this  Note  outstanding  as of the
preceding  Monthly  Distribution  Date upon which interest was paid after giving
effect to all payments of principal made on such Monthly  Distribution Date from
and including  the preceding  Monthly  Distribution  Date to but excluding  such
Monthly  Distribution Date, subject to certain limitations  contained in Section
3.1 of the Indenture,  until the principal of the Note is paid or made available
for payment. Interest will be computed on the basis of actual days elapsed and a
360-day year. "Monthly Distribution Date" means the fifteenth day of each month,
or, if any such day is not a Business  Day, the next  succeeding  Business  Day,
commencing November 15, 2000.

<PAGE>

                                      A-1-3

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

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

<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.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

<PAGE>

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

Date: October 26, 2000

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                                  By:    THE BANK OF NEW YORK,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford Credit
                                         Auto Owner Trust 2000-F

                                  By:
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class  A-1 Notes  designated  above  and  referred  to in the
within-mentioned Indenture.

Date: October 26, 2000

                                  THE CHASE MANHATTAN BANK, not in its
                                  individual capacity but
                                  solely as Indenture Trustee

                                  By:
                                           Authorized Officer

<PAGE>

                                      A-1-6

                                [REVERSE OF NOTE]

                  This  Note is one of a duly  authorized  issue of Notes of the
Issuer, designated as its Class A-1 Floating Rate Asset Backed Notes (the "Class
A-1 Notes") which, together with the Issuer's Class A-2 6.56% Asset Backed Notes
(the  "Class A-2  Notes"),  Class A-3 6.58% Asset  Backed  Notes (the "Class A-3
Notes"),  Class A-4  Floating  Rate Asset  Backed Notes (the "Class A-4 Notes"),
Class A-5 Floating Rate Asset Backed Notes (the "Class A-5 Notes" and,  together
with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes,  the "Class A Notes"),  the Floating  Rate Asset Backed  Variable Pay
Term Notes to be issued by the Issuer from time to time (the  "VPTNs") and Class
B 7.00% Asset Backed Notes (the "Class B Notes" and,  together  with the Class A
Notes and the VPTNs,  the  "Notes"),  are issued under the  Indenture,  to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The Notes are subject to all the terms of
the Indenture.

                  The  Class  A-1  Notes  are and will be  equally  and  ratably
secured by the  collateral  pledged as  security  therefor  as  provided  in the
Indenture.

                  As described on the face hereof,  the entire unpaid  principal
amount of this Note shall be due and  payable  on the Class A-1 Final  Scheduled
Distribution Date.  Notwithstanding  the foregoing,  the entire unpaid principal
amount of the Notes  shall be due and  payable  on the date on which an Event of
Default shall have occurred and be continuing  and the Indenture  Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Controlling  Note Class have declared the Notes to be immediately due and
payable in the manner  provided in Section 5.2 of the  Indenture.  All principal
payments  on the  Class  A-1  Notes  shall be made  pro rata to the  Noteholders
entitled thereto.

<PAGE>

                  Payments of interest  on this Note on each  Quarterly  Payment
Date or Monthly Distribution Date, as applicable,  together with the installment
of principal,  if any, to the extent not in full payment of this Note,  shall be
made to the Person whose name appears as the  Registered  Noteholder of the Note
(or one or more  Predecessor  Notes)  on the Note  Register  as of the  close of
business on each Record Date either by wire  transfer in  immediately  available
funds,  to the  account  of such  Noteholder  at a bank or other  entity  having
appropriate  facilities therefor,  if such Noteholder shall have provided to the
Note Registrar  appropriate written instructions at least five (5) Business Days
prior to such  Quarterly  Payment  Date or  Monthly  Distribution  Date and such
Noteholder's  Notes in the aggregate  evidence a  denomination  of not less than
$1,000,000,  or, if not, by check  mailed  first-class  postage  prepaid to such
Person's  address  as it  appears  on the Note  Register  on such  Record  Date;
provided that,  unless  Definitive  Notes have been issued to Note Owners,  with
respect to Notes registered on the Record Date in the name of the nominee of the
Clearing  Agency  (initially,  such nominee to be Cede & Co.),  payments will be
made by wire transfer in immediately  available funds to the account  designated
by such nominee.  Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Monthly  Distribution Date shall be binding upon all future  Noteholders of this
Note and of any Note  issued  upon the  registration  of  transfer  hereof or in
exchange  hereof or in lieu hereof,  whether or not noted  hereon.  If funds are
expected to be available,  as provided in the Indenture,  for payment in full of
the  then  remaining   unpaid  principal  amount  of  this  Note  on  a  Monthly
Distribution Date, then the Indenture  Trustee,  in the name of and on behalf of
the Issuer,  will notify the Person who was the Registered  Noteholder hereof as
of the Record Date preceding such Monthly  Distribution Date by notice mailed or
transmitted by facsimile prior to such Monthly Distribution Date, and the amount
then due and payable  shall be payable only upon  presentation  and surrender of
this Note at the Indenture  Trustee's principal Corporate Trust Office or at the
office of the Indenture  Trustee's agent appointed for such purposes  located in
The City of New York.

                  The  Issuer  shall pay  interest  on overdue  installments  of
interest at the Class A-1 Rate to the extent lawful.

                  As provided in the  Indenture,  the Notes may be redeemed,  in
whole  but  not in  part,  in the  manner  and to the  extent  described  in the
Indenture and the Sale and Servicing Agreement.

                  As  provided  in  the   Indenture,   and  subject  to  certain
limitations  set forth  therein,  the transfer of this Note may be registered on
the Note Register upon  surrender of this Note for  registration  of transfer at
the office or agency  designated by the Issuer  pursuant to the Indenture,  duly
endorsed  by,  or  accompanied  by a  written  instrument  of  transfer  in form
satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or
such  Noteholder's  attorney  duly  authorized in writing,  with such  signature
guaranteed by an "eligible  guarantor  institution"  meeting the requirements of
the Note  Registrar,  and  thereupon  one or more new Notes of the same Class in
authorized  denominations  and in the same  aggregate  principal  amount will be
issued to the designated  transferee or  transferees.  No service charge will be
charged for any  registration  of  transfer  or  exchange of this Note,  but the
transferor  may be  required to pay a sum  sufficient  to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

<PAGE>

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

                  Each  Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note,  covenants and agrees
by accepting  the benefits of the Indenture  that such  Noteholder or Note Owner
will not at any time institute  against the Seller,  the General  Partner or the
Issuer,  or join in any institution  against the Seller,  the General Partner or
the  Issuer of,  any  bankruptcy,  reorganization,  arrangement,  insolvency  or
liquidation  proceedings  under any United States federal or State bankruptcy or
similar  law in  connection  with any  obligations  relating  to the Notes,  the
Indenture or the other Basic Documents.

                  The Issuer has  entered  into the  Indenture  and this Note is
issued  with the  intention  that,  for  federal,  State and local  income,  and
franchise tax  purposes,  the Notes will qualify as  indebtedness  of the Issuer
secured by the Indenture Trust Estate.  Each Noteholder,  by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal,  State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  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 be
overdue,  and none of the Issuer,  the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

<PAGE>

                  The Indenture permits,  with certain exceptions  requiring the
consent of all Noteholders  affected thereby as therein provided,  the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the  Noteholders of Notes  evidencing not less than a majority of the
principal  amount of the Controlling  Note Class. The Indenture also permits the
Indenture  Trustee to amend or waive certain terms and  conditions  set forth in
the Indenture without the consent of the Noteholders provided certain conditions
are satisfied.  In addition,  the Indenture contains  provisions  permitting the
Noteholders of Notes evidencing specified percentages of the principal amount of
the  Notes  Outstanding  or of the  Controlling  Note  Class,  on  behalf of all
Noteholders,  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  Noteholder  of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders 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  term  "Issuer",  as  used  in  this  Note,  includes  any
successor to the Issuer under the Indenture.

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

                  The   Notes  are   issuable   only  in   registered   form  in
denominations  of $1,000  and  integral  multiples  thereof as  provided  in the
Indenture, subject to certain limitations therein set forth.

                  This  Note  and  the  Indenture  shall  be  governed  by,  and
construed  in  accordance  with  the  laws of the  State  of New  York,  without
reference to its conflicts of law provisions.

                  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,  none of The Chase Manhattan Bank, in
its individual capacity,  The Bank of New York, in its individual capacity,  any
owner  of a  beneficial  interest  in the  Issuer,  or 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 or of interest on this Note or performance  of, or
omission to  perform,  any of the  covenants,  obligations  or  indemnifications
contained in the  Indenture.  The  Noteholder  of this Note,  by his  acceptance
hereof, agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture,  the  Noteholder  shall have no
claim against any of the foregoing for any deficiency,  loss or claim therefrom;
provided,  however,  that  nothing  contained  herein  shall be taken to prevent
recourse to, and enforcement  against,  the assets of the Issuer for any and all
liabilities,  obligations and undertakings contained in the Indenture or in this
Note.

<PAGE>

                                   ASSIGNMENT

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

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

                                    (name and address of assignee)

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

 Dated:                                                                       */
                                         Signature Guaranteed
                                                                              */

     */ NOTICE:  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  whatever.  Such
signature must be guaranteed by an "eligible guarantor  institution" meeting the
requirements of the Note Registrar,  which  requirements  include  membership or
participation  in STAMP or such other  "signature  guarantee  program" as may be
determined by the Note Registrar in addition to, or in substitution  for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                      A-2-1

                                                                     EXHIBIT A-2

                            [FORM OF CLASS A-2 NOTE]

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.

REGISTERED                                                          $701,000,000

No. R-1                                                      CUSIP NO. 34527RES8

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                       CLASS A-2 6.56% ASSET BACKED NOTES

<PAGE>

                  Ford  Credit  Auto  Owner  Trust  2000-F,   a  business  trust
organized and existing under the laws of the State of Delaware  (herein referred
to as the "Issuer"),  for value received,  hereby promises to pay to CEDE & CO.,
or registered  assigns,  the principal sum of SEVEN HUNDRED ONE MILLION  DOLLARS
payable on each Monthly  Distribution  Date in an amount equal to the  aggregate
amount,  if any,  payable  to  Noteholders  of Class A-2  Notes on such  Monthly
Distribution Date in respect of principal on the Class A-2 Notes pursuant to the
Indenture  dated  as  of  October  1,  2000  (as  from  time  to  time  amended,
supplemented or otherwise modified and in effect, the "Indenture"),  between the
Issuer  and The Chase  Manhattan  Bank,  a New York  corporation,  as  Indenture
Trustee (in such capacity the "Indenture Trustee");  provided, however, that the
entire  principal amount of this Note shall be payable on the April 2003 Monthly
Distribution Date (the "Targeted Scheduled  Distribution Date") to the extent of
funds  available  therefor  pursuant  to the  Indenture  and the  entire  unpaid
principal  amount of this Note shall be due and  payable on the earlier to occur
of the May 2004  Monthly  Distribution  Date (the  "Class  A-2  Final  Scheduled
Distribution Date") and the Redemption Date, if any, pursuant to Section 10.1 of
the  Indenture.  Capitalized  terms used but not  defined  herein are defined in
Article I of the Indenture,  which also contains rules as to  construction  that
shall be applicable herein.

                  The  Issuer  shall pay  interest  on this Note at the rate per
annum shown above on each Monthly  Distribution Date until the principal of this
Note is paid or made available for payment on the principal  amount of this Note
outstanding on the preceding  Monthly  Distribution Date (after giving effect to
all payments of principal  made on the  preceding  Monthly  Distribution  Date),
subject to  certain  limitations  contained  in  Section  3.1 of the  Indenture.
Interest on this Note will accrue for each  Monthly  Distribution  Date from and
including the fifteenth day of the calendar  month  immediately  preceding  such
Monthly  Distribution Date (or, in the case of the initial Monthly  Distribution
Date, from the Closing Date) to but excluding the fifteenth day of the following
calendar  month.  Interest  will be computed  on the basis of a 360-day  year of
twelve 30-day months.  Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof. "Monthly Distribution Date" means
the fifteenth day of each month,  or, if any such day is not a Business Day, the
next succeeding Business Day, commencing November 15, 2000.

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

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

<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.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

<PAGE>

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

Date: October 26, 2000

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                                  By:    THE BANK OF NEW YORK,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford Credit
                                         Auto Owner Trust 2000-F

                                  By:
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class  A-2 Notes  designated  above  and  referred  to in the
within-mentioned Indenture.

Date: October 26, 2000

                                  THE CHASE MANHATTAN BANK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:
                                          Authorized Officer

<PAGE>

                                      A-2-5

                                [REVERSE OF NOTE]

                  This  Note is one of a duly  authorized  issue of Notes of the
Issuer,  designated  as its Class A-2 6.56% Asset  Backed  Notes (the "Class A-2
Notes")  which,  together with the Issuer's Class A-1 Floating Rate Asset Backed
Notes (the "Class A-1  Notes"),  Class A-3 6.58% Asset  Backed Notes (the "Class
A-3 Notes"), Class A-4 Floating Rate Asset Backed Notes (the "Class A-4 Notes"),
Class A-5 Floating Rate Asset Backed Notes (the "Class A-5 Notes" and,  together
with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes,  the "Class A Notes"),  the Floating  Rate Asset Backed  Variable Pay
Term Notes to be issued by the Issuer from time to time (the  "VPTNs") and Class
B 7.00% Asset Backed Notes (the "Class B Notes" and,  together  with the Class A
Notes and the VPTNs,  the  "Notes"),  are issued under the  Indenture,  to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The Notes are subject to all the terms of
the Indenture.

                  The  Class  A-2  Notes  are and will be  equally  and  ratably
secured by the  collateral  pledged as  security  therefor  as  provided  in the
Indenture.

                  As described on the face hereof,  the entire unpaid  principal
amount of this Note shall be due and  payable  on the Class A-2 Final  Scheduled
Distribution Date.  Notwithstanding  the foregoing,  the entire unpaid principal
amount of the Notes  shall be due and  payable  on the date on which an Event of
Default shall have occurred and be continuing  and the Indenture  Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Controlling  Note Class have declared the Notes to be immediately due and
payable in the manner  provided in Section 5.2 of the  Indenture.  All principal
payments  on the  Class  A-2  Notes  shall be made  pro rata to the  Noteholders
entitled thereto.

<PAGE>

                  Payments of interest on this Note on each Monthly Distribution
Date,  together with the installment of principal,  if any, to the extent not in
full payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately  available  funds, to the account of such Noteholder at a bank or
other entity having appropriate  facilities  therefor,  if such Noteholder shall
have provided to the Note Registrar  appropriate  written  instructions at least
five  (5)  Business  Days  prior  to such  Monthly  Distribution  Date  and such
Noteholder's  Notes in the aggregate  evidence a  denomination  of not less than
$1,000,000,  or, if not, by check  mailed  first-class  postage  prepaid to such
Person's  address  as it  appears  on the Note  Register  on such  Record  Date;
provided that,  unless  Definitive  Notes have been issued to Note Owners,  with
respect to Notes registered on the Record Date in the name of the nominee of the
Clearing  Agency  (initially,  such nominee to be Cede & Co.),  payments will be
made by wire transfer in immediately  available funds to the account  designated
by such nominee.  Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Monthly  Distribution Date shall be binding upon all future  Noteholders of this
Note and of any Note  issued  upon the  registration  of  transfer  hereof or in
exchange  hereof or in lieu hereof,  whether or not noted  hereon.  If funds are
expected to be available,  as provided in the Indenture,  for payment in full of
the  then  remaining   unpaid  principal  amount  of  this  Note  on  a  Monthly
Distribution Date, then the Indenture  Trustee,  in the name of and on behalf of
the Issuer,  will notify the Person who was the Registered  Noteholder hereof as
of the Record Date preceding such Monthly  Distribution Date by notice mailed or
transmitted by facsimile prior to such Monthly Distribution Date, and the amount
then due and payable  shall be payable only upon  presentation  and surrender of
this Note at the Indenture  Trustee's principal Corporate Trust Office or at the
office of the Indenture  Trustee's agent appointed for such purposes  located in
The City of New York.

                  The  Issuer  shall pay  interest  on overdue  installments  of
interest at the Class A-2 Rate to the extent lawful.

                  As provided in the  Indenture,  the Notes may be redeemed,  in
whole  but  not in  part,  in the  manner  and to the  extent  described  in the
Indenture and the Sale and Servicing Agreement.

                  As  provided  in  the   Indenture,   and  subject  to  certain
limitations  set forth  therein,  the transfer of this Note may be registered on
the Note Register upon  surrender of this Note for  registration  of transfer at
the office or agency  designated by the Issuer  pursuant to the Indenture,  duly
endorsed  by,  or  accompanied  by a  written  instrument  of  transfer  in form
satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or
such  Noteholder's  attorney  duly  authorized in writing,  with such  signature
guaranteed by an "eligible  guarantor  institution"  meeting the requirements of
the Note  Registrar,  and  thereupon  one or more new Notes of the same Class in
authorized  denominations  and in the same  aggregate  principal  amount will be
issued to the designated  transferee or  transferees.  No service charge will be
charged for any  registration  of  transfer  or  exchange of this Note,  but the
transferor  may be  required to pay a sum  sufficient  to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

<PAGE>

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

                  Each  Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note,  covenants and agrees
by accepting  the benefits of the Indenture  that such  Noteholder or Note Owner
will not at any time institute  against the Seller,  the General  Partner or the
Issuer,  or join in any institution  against the Seller,  the General Partner or
the  Issuer of,  any  bankruptcy,  reorganization,  arrangement,  insolvency  or
liquidation  proceedings  under any United States federal or State bankruptcy or
similar  law in  connection  with any  obligations  relating  to the Notes,  the
Indenture or the other Basic Documents.

                  The Issuer has  entered  into the  Indenture  and this Note is
issued  with the  intention  that,  for  federal,  State and local  income,  and
franchise tax  purposes,  the Notes will qualify as  indebtedness  of the Issuer
secured by the Indenture Trust Estate.  Each Noteholder,  by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal,  State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  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 be
overdue,  and none of the Issuer,  the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

<PAGE>

                  The Indenture permits,  with certain exceptions  requiring the
consent of all Noteholders  affected thereby as therein provided,  the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the  Noteholders of Notes  evidencing not less than a majority of the
principal  amount of the Controlling  Note Class. The Indenture also permits the
Indenture  Trustee to amend or waive certain terms and  conditions  set forth in
the Indenture without the consent of the Noteholders provided certain conditions
are satisfied.  In addition,  the Indenture contains  provisions  permitting the
Noteholders of Notes evidencing specified percentages of the principal amount of
the  Notes  Outstanding  or of the  Controlling  Note  Class,  on  behalf of all
Noteholders,  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  Noteholder  of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders 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  term  "Issuer",  as  used  in  this  Note,  includes  any
successor to the Issuer under the Indenture.

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

                  The   Notes  are   issuable   only  in   registered   form  in
denominations  of $1,000  and  integral  multiples  thereof as  provided  in the
Indenture, subject to certain limitations therein set forth.

                  This  Note  and  the  Indenture  shall  be  governed  by,  and
construed  in  accordance  with  the  laws of the  State  of New  York,  without
reference to its conflicts of law provisions.

                  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,  none of The Chase Manhattan Bank, in
its individual capacity,  The Bank of New York, in its individual capacity,  any
owner  of a  beneficial  interest  in the  Issuer,  or 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 or of interest on this Note or performance  of, or
omission to  perform,  any of the  covenants,  obligations  or  indemnifications
contained in the  Indenture.  The  Noteholder  of this Note,  by his  acceptance
hereof, agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture,  the  Noteholder  shall have no
claim against any of the foregoing for any deficiency,  loss or claim therefrom;
provided,  however,  that  nothing  contained  herein  shall be taken to prevent
recourse to, and enforcement  against,  the assets of the Issuer for any and all
liabilities,  obligations and undertakings contained in the Indenture or in this
Note.

<PAGE>

                                   ASSIGNMENT

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

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

                                    (name and address of assignee)

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

Dated:                                                                        */
                                                     Signature Guaranteed

                                                                              */

     */ NOTICE:  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  whatever.  Such
signature must be guaranteed by an "eligible guarantor  institution" meeting the
requirements of the Note Registrar,  which  requirements  include  membership or
participation  in STAMP or such other  "signature  guarantee  program" as may be
determined by the Note Registrar in addition to, or in substitution  for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                      A-3-1

                                                                     EXHIBIT A-3

                            [FORM OF CLASS A-3 NOTE]

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.

REGISTERED                                                          $520,000,000

No. R-1                                                      CUSIP NO. 34527RET6

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                       CLASS A-3 6.58% ASSET BACKED NOTES

<PAGE>

                  Ford  Credit  Auto  Owner  Trust  2000-F,   a  business  trust
organized and existing under the laws of the State of Delaware  (herein referred
to as the "Issuer"),  for value received,  hereby promises to pay to CEDE & CO.,
or registered assigns,  the principal sum of FIVE HUNDRED TWENTY MILLION DOLLARS
payable on each Monthly  Distribution  Date in an amount equal to the  aggregate
amount,  if any,  payable  to  Noteholders  of Class A-3  Notes on such  Monthly
Distribution Date in respect of principal on the Class A-3 Notes pursuant to the
Indenture  dated  as  of  October  1,  2000  (as  from  time  to  time  amended,
supplemented or otherwise modified and in effect, the "Indenture"),  between the
Issuer  and The Chase  Manhattan  Bank,  a New York  corporation,  as  Indenture
Trustee (in such capacity the "Indenture Trustee");  provided, however, that the
entire  principal  amount of this Note  shall be  payable  on the  October  2003
Distribution Date (the "Targeted Scheduled  Distribution Date") to the extent of
funds  available  therefor  pursuant  to the  Indenture  and the  entire  unpaid
principal  amount of this Note shall be due and  payable on the earlier to occur
of the November 2004 Monthly  Distribution  Date (the "Class A-3 Final Scheduled
Distribution Date") and the Redemption Date, if any, pursuant to Section 10.1 of
the  Indenture.  Capitalized  terms used but not  defined  herein are defined in
Article I of the Indenture,  which also contains rules as to  construction  that
shall be applicable herein.

                  The  Issuer  shall pay  interest  on this Note at the rate per
annum shown above on each Monthly  Distribution Date until the principal of this
Note is paid or made available for payment on the principal  amount of this Note
outstanding on the preceding  Monthly  Distribution Date (after giving effect to
all payments of principal  made on the  preceding  Monthly  Distribution  Date),
subject to  certain  limitations  contained  in  Section  3.1 of the  Indenture.
Interest on this Note will accrue for each  Monthly  Distribution  Date from and
including the fifteenth day of the calendar  month  immediately  preceding  such
Monthly  Distribution Date (or, in the case of the initial Monthly  Distribution
Date, from the Closing Date) to but excluding the fifteenth day of the following
calendar  month.  Interest  will be computed  on the basis of a 360-day  year of
twelve 30-day months.  Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof. "Monthly Distribution Date" means
the fifteenth day of each month,  or, if any such day is not a Business Day, the
next succeeding Business Day, commencing November 15, 2000.

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

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

<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.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

<PAGE>

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

Date: October 26, 2000

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                                  By:    THE BANK OF NEW YORK,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford Credit
                                         Auto Owner Trust 2000-F

                                  By:
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class  A-3 Notes  designated  above  and  referred  to in the
within-mentioned Indenture.

Date: October 26, 2000

                                  THE CHASE MANHATTAN BANK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:
                                         Authorized Officer

<PAGE>

                                      A-3-5

                                [REVERSE OF NOTE]

                  This  Note is one of a duly  authorized  issue of Notes of the
Issuer,  designated  as its Class A-3 6.58% Asset  Backed  Notes (the "Class A-3
Notes")  which,  together with the Issuer's Class A-1 Floating Rate Asset Backed
Notes (the "Class A-1  Notes"),  Class A-2 6.56% Asset  Backed Notes (the "Class
A-2 Notes"), Class A-4 Floating Rate Asset Backed Notes (the "Class A-4 Notes"),
Class A-5 Floating Rate Asset Backed Notes (the "Class A-5 Notes" and,  together
with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes,  the "Class A Notes"),  the Floating  Rate Asset Backed  Variable Pay
Term Notes to be issued by the Issuer from time to time (the  "VPTNs") and Class
B 7.00% Asset Backed Notes (the "Class B Notes" and,  together  with the Class A
Notes and the VPTNs,  the  "Notes"),  are issued under the  Indenture,  to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The Notes are subject to all the terms of
the Indenture.

                  The  Class  A-3  Notes  are and will be  equally  and  ratably
secured by the  collateral  pledged as  security  therefor  as  provided  in the
Indenture.

                  As described on the face hereof,  the entire unpaid  principal
amount of this Note shall be due and  payable  on the Class A-3 Final  Scheduled
Distribution Date.  Notwithstanding  the foregoing,  the entire unpaid principal
amount of the Notes  shall be due and  payable  on the date on which an Event of
Default shall have occurred and be continuing  and the Indenture  Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Controlling  Note Class have declared the Notes to be immediately due and
payable in the manner  provided in Section 5.2 of the  Indenture.  All principal
payments  on the  Class  A-3  Notes  shall be made  pro rata to the  Noteholders
entitled thereto.

<PAGE>

                  Payments of interest on this Note on each Monthly Distribution
Date,  together with the installment of principal,  if any, to the extent not in
full payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately  available  funds, to the account of such Noteholder at a bank or
other entity having appropriate  facilities  therefor,  if such Noteholder shall
have provided to the Note Registrar  appropriate  written  instructions at least
five  (5)  Business  Days  prior  to such  Monthly  Distribution  Date  and such
Noteholder's  Notes in the aggregate  evidence a  denomination  of not less than
$1,000,000,  or, if not, by check  mailed  first-class  postage  prepaid to such
Person's  address  as it  appears  on the Note  Register  on such  Record  Date;
provided that,  unless  Definitive  Notes have been issued to Note Owners,  with
respect to Notes registered on the Record Date in the name of the nominee of the
Clearing  Agency  (initially,  such nominee to be Cede & Co.),  payments will be
made by wire transfer in immediately  available funds to the account  designated
by such nominee.  Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Monthly  Distribution Date shall be binding upon all future  Noteholders of this
Note and of any Note  issued  upon the  registration  of  transfer  hereof or in
exchange  hereof or in lieu hereof,  whether or not noted  hereon.  If funds are
expected to be available,  as provided in the Indenture,  for payment in full of
the  then  remaining   unpaid  principal  amount  of  this  Note  on  a  Monthly
Distribution Date, then the Indenture  Trustee,  in the name of and on behalf of
the Issuer,  will notify the Person who was the Registered  Noteholder hereof as
of the Record Date preceding such Monthly  Distribution Date by notice mailed or
transmitted by facsimile prior to such Monthly Distribution Date, and the amount
then due and payable  shall be payable only upon  presentation  and surrender of
this Note at the Indenture  Trustee's principal Corporate Trust Office or at the
office of the Indenture  Trustee's agent appointed for such purposes  located in
The City of New York.

                  The  Issuer  shall pay  interest  on overdue  installments  of
interest at the Class A-3 Rate to the extent lawful.

                  As provided in the  Indenture,  the Notes may be redeemed,  in
whole  but  not in  part,  in the  manner  and to the  extent  described  in the
Indenture and the Sale and Servicing Agreement.

                  The  transfer of this Note is subject to the  restrictions  on
transfer  specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon  surrender
of this Note for registration of transfer at the office or agency  designated by
the Issuer  pursuant to the  Indenture,  duly endorsed by, or  accompanied  by a
written  instrument of transfer in form  satisfactory  to the Indenture  Trustee
duly  executed by, the  Noteholder  hereof or such  Noteholder's  attorney  duly
authorized in writing,  with such signature guaranteed by an "eligible guarantor
institution"  meeting the requirements of the Note Registrar,  and thereupon one
or more new Notes of the same Class in authorized  denominations and in the same
aggregate  principal  amount  will be issued  to the  designated  transferee  or
transferees.  No service charge will be charged for any registration of transfer
or  exchange  of this Note,  but the  transferor  may be  required  to pay a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
connection with any such registration of transfer or exchange.

<PAGE>

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

                  Each  Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note,  covenants and agrees
by accepting  the benefits of the Indenture  that such  Noteholder or Note Owner
will not at any time institute  against the Seller,  the General  Partner or the
Issuer,  or join in any institution  against the Seller,  the General Partner or
the  Issuer of,  any  bankruptcy,  reorganization,  arrangement,  insolvency  or
liquidation  proceedings  under any United States federal or State bankruptcy or
similar  law in  connection  with any  obligations  relating  to the Notes,  the
Indenture or the other Basic Documents.

                  The Issuer has  entered  into the  Indenture  and this Note is
issued  with the  intention  that,  for  federal,  State and local  income,  and
franchise tax  purposes,  the Notes will qualify as  indebtedness  of the Issuer
secured by the Indenture Trust Estate.  Each Noteholder,  by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal,  State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  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 be
overdue,  and none of the Issuer,  the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

<PAGE>

                  The Indenture permits,  with certain exceptions  requiring the
consent of all Noteholders  affected thereby as therein provided,  the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the  Noteholders of Notes  evidencing not less than a majority of the
principal  amount of the Controlling  Note Class. The Indenture also permits the
Indenture  Trustee to amend or waive certain terms and  conditions  set forth in
the Indenture without the consent of the Noteholders provided certain conditions
are satisfied.  In addition,  the Indenture contains  provisions  permitting the
Noteholders of Notes evidencing specified percentages of the principal amount of
the  Notes  Outstanding  or of the  Controlling  Note  Class,  on  behalf of all
Noteholders,  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  Noteholder  of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders 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  term  "Issuer",  as  used  in  this  Note,  includes  any
successor to the Issuer under the Indenture.

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

                  The   Notes  are   issuable   only  in   registered   form  in
denominations  of $1,000  and  integral  multiples  thereof as  provided  in the
Indenture, subject to certain limitations therein set forth.

                  This  Note  and  the  Indenture  shall  be  governed  by,  and
construed  in  accordance  with  the  laws of the  State  of New  York,  without
reference to its conflicts of law provisions.

                  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,  none of The Chase Manhattan Bank, in
its individual capacity,  The Bank of New York, in its individual capacity,  any
owner  of a  beneficial  interest  in the  Issuer,  or 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 or of interest on this Note or performance  of, or
omission to  perform,  any of the  covenants,  obligations  or  indemnifications
contained in the  Indenture.  The  Noteholder  of this Note,  by his  acceptance
hereof, agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture,  the  Noteholder  shall have no
claim against any of the foregoing for any deficiency,  loss or claim therefrom;
provided,  however,  that  nothing  contained  herein  shall be taken to prevent
recourse to, and enforcement  against,  the assets of the Issuer for any and all
liabilities,  obligations and undertakings contained in the Indenture or in this
Note.

<PAGE>

                                   ASSIGNMENT

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

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

                                    (name and address of assignee)

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

Dated:                                                                        */
                                                     Signature Guaranteed

                                                                              */

     */ NOTICE:  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  whatever.  Such
signature must be guaranteed by an "eligible guarantor  institution" meeting the
requirements of the Note Registrar,  which  requirements  include  membership or
participation  in STAMP or such other  "signature  guarantee  program" as may be
determined by the Note Registrar in addition to, or in substitution  for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                      A-4-1

                                                                     EXHIBIT A-4

                            [FORM OF CLASS A-4 NOTE]

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.

REGISTERED                                                          $343,000,000

No. R-1                                                      CUSIP NO. 34527REV3

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                   CLASS A-4 FLOATING RATE ASSET BACKED NOTES

<PAGE>

                  Ford  Credit  Auto  Owner  Trust  2000-F,   a  business  trust
organized and existing under the laws of the State of Delaware  (herein referred
to as the "Issuer"),  for value received,  hereby promises to pay to CEDE & CO.,
or registered  assigns,  the principal sum of THREE HUNDRED  FORTY-THREE MILLION
DOLLARS  payable on each Quarterly  Payment Date (as defined  below),  except as
described herein, in an amount equal to the aggregate amount, if any, payable to
Noteholders  of Class A-4 Notes on such  Quarterly  Payment  Date in  respect of
principal on the Class A-4 Notes  pursuant to the Indenture  dated as of October
1, 2000 (as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and The Chase Manhattan Bank, a New
York  corporation,  as  Indenture  Trustee  (in  such  capacity  the  "Indenture
Trustee");  provided,  however,  that the entire  principal  amount of this Note
shall be payable  on the April 2004  Monthly  Distribution  Date (the  "Targeted
Scheduled Distribution Date") to the extent of funds available therefor pursuant
to the Indenture and the entire  unpaid  principal  amount of this Note shall be
due and payable on the May 2005 Monthly  Distribution Date (the "Class A-4 Final
Scheduled  Distribution  Date") and the  Redemption  Date,  if any,  pursuant to
Section 10.1 of the Indenture. Capitalized terms used but not defined herein are
defined  in  Article  I of  the  Indenture,  which  also  contains  rules  as to
construction that shall be applicable herein.

                  Except as  described  below,  the Issuer shall pay interest on
this Note on the fifteenth day of each January,  April, July and October, or, if
any such day is not a Business Day, the next  succeeding  Business Day (each,  a
"Quarterly Payment Date"), commencing January 15, 2001 at a per annum rate equal
to the London  interbank  offered rate  ("LIBOR") for  three-month  U.S.  Dollar
deposits  in  Europe  (determined  as set forth in the  Indenture)  on the LIBOR
Determination Date, in each case plus 0.10% on the principal amount of this Note
outstanding on the preceding  Quarterly  Payment Date after giving effect to all
payments of principal made on the preceding  Quarterly  Payment Date  (provided,
however  that  interest  shall  accrue  from  the  Closing  Date to the  initial
Quarterly  Payment  Date,  at a per annum  rate  equal to [ ]% on the  principal
amount outstanding on the Closing Date) subject to certain limitations contained
in Section 3.1 of the  Indenture,  until the  principal  of this Note is paid or
made available for payment. Except as provided below, interest on this Note will
accrue  for each  Quarterly  Payment  Date  from  and  including  the  preceding
Quarterly  Payment Date (or, in the case of the initial  Quarterly Payment Date,
from and including the Closing Date) to but  excluding  such  Quarterly  Payment
Date.  Interest  will be  computed  on the basis of actual  days  elapsed  and a
360-day year.  Such  principal of and interest on this Note shall be paid in the
manner specified on the reverse side hereof.

                  If (i) this Note is not paid in full on its Targeted Scheduled
Distribution Date, (ii) with respect to any Monthly  Distribution Date, an Early
Amortization Event (as such term is defined in the Indenture) has occurred prior
to the related LIBOR Determination Date or (iii) this Note is accelerated due to
an Event of Default (as such term in defined in the Indenture), beginning on the
next Monthly  Distribution  Date,  the frequency of payments will change and the
Issuer  shall pay  interest  on this  Note on each  Monthly  Distribution  Date.
Beginning on the first Monthly Distribution Date following such event,  interest
will  accrue at a rate equal to LIBOR for  one-month  U.S.  Dollar  deposits  in
Europe  (determined as set forth in the Indenture) on the related  Determination
Date plus  0.10% on the  principal  amount of this  Note  outstanding  as of the
preceding  Monthly  Distribution  Date upon which interest was paid after giving
effect to all payments of principal made on such Monthly  Distribution Date from
and including the preceding  Monthly  Distribution  Date to but excludiong  such
Monthly  Distribution Date, subject to certain limitations  contained in Section
3.1 of the Indenture,  until the principal of the Note is paid or made available
for payment. Interest will be computed on the basis of actual days elapsed and a
360-day year. "Monthly Distribution Date" means the fifteenth day of each month,
or, if any such day is not a Business  Day, the next  succeeding  Business  Day,
commencing November 15, 2000.

<PAGE>

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

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

<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.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

<PAGE>

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

Date: October 26, 2000

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                                  By:    THE BANK OF NEW YORK,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford Credit
                                         Auto Owner Trust 2000-F

                                  By:
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class  A-4 Notes  designated  above  and  referred  to in the
within-mentioned Indenture.

Date: October 26, 2000

                                  THE CHASE MANHATTAN BANK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:
                                          Authorized Officer

<PAGE>

                                      A-4-6

                                [REVERSE OF NOTE]

                  This  Note is one of a duly  authorized  issue of Notes of the
Issuer, designated as its Class A-4 Floating Rate Asset Backed Notes (the "Class
A-4 Notes")  which,  together  with the Issuer's  Class A-1 Floating  Rate Asset
Backed  Notes (the "Class A-1  Notes"),  Class A-2 6.56% Asset Backed Notes (the
"Class A-2 Notes"),  Class A-3 6.58% Asset Backed Notes (the "Class A-3 Notes"),
Class A-5 Floating Rate Asset Backed Notes (the "Class A-5 Notes" and,  together
with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes,  the "Class A Notes"),  the Floating  Rate Asset Backed  Variable Pay
Term Notes to be issued by the Issuer from time to time (the  "VPTNs") and Class
B 7.00% Asset Backed Notes (the "Class B Notes" and,  together  with the Class A
Notes and the VPTNs,  the  "Notes"),  are issued under the  Indenture,  to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The Notes are subject to all the terms of
the Indenture.

                  The  Class  A-4  Notes  are and will be  equally  and  ratably
secured by the  collateral  pledged as  security  therefor  as  provided  in the
Indenture.

                  As described on the face hereof,  the entire unpaid  principal
amount of this Note shall be due and  payable  on the Class A-4 Final  Scheduled
Distribution Date.  Notwithstanding  the foregoing,  the entire unpaid principal
amount of the Notes  shall be due and  payable  on the date on which an Event of
Default shall have occurred and be continuing  and the Indenture  Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Controlling  Note Class have declared the Notes to be immediately due and
payable in the manner  provided in Section 5.2 of the  Indenture.  All principal
payments  on the  Class  A-4  Notes  shall be made  pro rata to the  Noteholders
entitled thereto.

<PAGE>

                  Payments of interest  on this Note on each  Quarterly  Payment
Date or Monthly Distribution Date, as applicable,  together with the installment
of principal,  if any, to the extent not in full payment of this Note,  shall be
made to the Person whose name appears as the  Registered  Noteholder of the Note
(or one or more  Predecessor  Notes)  on the Note  Register  as of the  close of
business on each Record Date either by wire  transfer in  immediately  available
funds,  to the  account  of such  Noteholder  at a bank or other  entity  having
appropriate  facilities therefor,  if such Noteholder shall have provided to the
Note Registrar  appropriate written instructions at least five (5) Business Days
prior to such  Quarterly  Payment  Date or  Monthly  Distribution  Date and such
Noteholder's  Notes in the aggregate  evidence a  denomination  of not less than
$1,000,000,  or, if not, by check  mailed  first-class  postage  prepaid to such
Person's  address  as it  appears  on the Note  Register  on such  Record  Date;
provided that,  unless  Definitive  Notes have been issued to Note Owners,  with
respect to Notes registered on the Record Date in the name of the nominee of the
Clearing  Agency  (initially,  such nominee to be Cede & Co.),  payments will be
made by wire transfer in immediately  available funds to the account  designated
by such nominee.  Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Monthly  Distribution Date shall be binding upon all future  Noteholders of this
Note and of any Note  issued  upon the  registration  of  transfer  hereof or in
exchange  hereof or in lieu hereof,  whether or not noted  hereon.  If funds are
expected to be available,  as provided in the Indenture,  for payment in full of
the  then  remaining   unpaid  principal  amount  of  this  Note  on  a  Monthly
Distribution Date, then the Indenture  Trustee,  in the name of and on behalf of
the Issuer,  will notify the Person who was the Registered  Noteholder hereof as
of the Record Date preceding such Monthly  Distribution Date by notice mailed or
transmitted by facsimile prior to such Monthly Distribution Date, and the amount
then due and payable  shall be payable only upon  presentation  and surrender of
this Note at the Indenture  Trustee's principal Corporate Trust Office or at the
office of the Indenture  Trustee's agent appointed for such purposes  located in
The City of New York.

                  The  Issuer  shall pay  interest  on overdue  installments  of
interest at the Class A-4 Rate to the extent lawful.

                  As provided in the  Indenture,  the Notes may be redeemed,  in
whole  but  not in  part,  in the  manner  and to the  extent  described  in the
Indenture and the Sale and Servicing Agreement.

                  The  transfer of this Note is subject to the  restrictions  on
transfer  specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon  surrender
of this Note for registration of transfer at the office or agency  designated by
the Issuer  pursuant to the  Indenture,  duly endorsed by, or  accompanied  by a
written  instrument of transfer in form  satisfactory  to the Indenture  Trustee
duly  executed by, the  Noteholder  hereof or such  Noteholder's  attorney  duly
authorized in writing,  with such signature guaranteed by an "eligible guarantor
institution"  meeting the requirements of the Note Registrar,  and thereupon one
or more new Notes of the same Class in authorized  denominations and in the same
aggregate  principal  amount  will be issued  to the  designated  transferee  or
transferees.  No service charge will be charged for any registration of transfer
or  exchange  of this Note,  but the  transferor  may be  required  to pay a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
connection with any such registration of transfer or exchange.

<PAGE>

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

                  Each  Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note,  covenants and agrees
by accepting  the benefits of the Indenture  that such  Noteholder or Note Owner
will not at any time institute  against the Seller,  the General  Partner or the
Issuer,  or join in any institution  against the Seller,  the General Partner or
the  Issuer of,  any  bankruptcy,  reorganization,  arrangement,  insolvency  or
liquidation  proceedings  under any United States federal or State bankruptcy or
similar  law in  connection  with any  obligations  relating  to the Notes,  the
Indenture or the other Basic Documents.

                  The Issuer has  entered  into the  Indenture  and this Note is
issued  with the  intention  that,  for  federal,  State and local  income,  and
franchise tax  purposes,  the Notes will qualify as  indebtedness  of the Issuer
secured by the Indenture Trust Estate.  Each Noteholder,  by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal,  State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  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 be
overdue,  and none of the Issuer,  the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

<PAGE>

                  The Indenture permits,  with certain exceptions  requiring the
consent of all Noteholders  affected thereby as therein provided,  the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the  Noteholders of Notes  evidencing not less than a majority of the
principal  amount of the Controlling  Note Class. The Indenture also permits the
Indenture  Trustee to amend or waive certain terms and  conditions  set forth in
the Indenture without the consent of the Noteholders provided certain conditions
are satisfied.  In addition,  the Indenture contains  provisions  permitting the
Noteholders of Notes evidencing specified percentages of the principal amount of
the  Notes  Outstanding  or of the  Controlling  Note  Class,  on  behalf of all
Noteholders,  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  Noteholder  of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders 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  term  "Issuer",  as  used  in  this  Note,  includes  any
successor to the Issuer under the Indenture.

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

                  The   Notes  are   issuable   only  in   registered   form  in
denominations  of $1,000  and  integral  multiples  thereof as  provided  in the
Indenture, subject to certain limitations therein set forth.

                  This  Note  and  the  Indenture  shall  be  governed  by,  and
construed  in  accordance  with  the  laws of the  State  of New  York,  without
reference to its conflicts of law provisions.

                  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,  none of The Chase Manhattan Bank, in
its individual capacity,  The Bank of New York, in its individual capacity,  any
owner  of a  beneficial  interest  in the  Issuer,  or 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 or of interest on this Note or performance  of, or
omission to  perform,  any of the  covenants,  obligations  or  indemnifications
contained in the  Indenture.  The  Noteholder  of this Note,  by his  acceptance
hereof, agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture,  the  Noteholder  shall have no
claim against any of the foregoing for any deficiency,  loss or claim therefrom;
provided,  however,  that  nothing  contained  herein  shall be taken to prevent
recourse to, and enforcement  against,  the assets of the Issuer for any and all
liabilities,  obligations and undertakings contained in the Indenture or in this
Note.

<PAGE>

                                   ASSIGNMENT

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

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

                                    (name and address of assignee)

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

Dated:                                                                        */
                                                     Signature Guaranteed

                                                                              */

     */ NOTICE:  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  whatever.  Such
signature must be guaranteed by an "eligible guarantor  institution" meeting the
requirements of the Note Registrar,  which  requirements  include  membership or
participation  in STAMP or such other  "signature  guarantee  program" as may be
determined by the Note Registrar in addition to, or in substitution  for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                      A-5-1

                                                                     EXHIBIT A-5

                            [FORM OF CLASS A-5 NOTE]

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.

REGISTERED                                                          $159,722,000

No. R-1                                                      CUSIP NO. 34527REV1

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                   CLASS A-5 FLOATING RATE ASSET BACKED NOTES

<PAGE>

                  Ford  Credit  Auto  Owner  Trust  2000-F,   a  business  trust
organized and existing under the laws of the State of Delaware  (herein referred
to as the "Issuer"),  for value received,  hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of ONE HUNDRED FIFTY-NINE MILLION SEVEN
HUNDRED  TWENTY-TWO  THOUSAND DOLLARS payable on each Quarterly Payment Date (as
defined below),  except as described herein, in an amount equal to the aggregate
amount,  if any,  payable to  Noteholders  of Class A-1 Notes on such  Quarterly
Payment  Date in respect of  principal  on the Class A-5 Notes  pursuant  to the
Indenture  dated  as  of  October  1,  2000  (as  from  time  to  time  amended,
supplemented or otherwise modified and in effect, the "Indenture"),  between the
Issuer  and The Chase  Manhattan  Bank,  a New York  corporation,  as  Indenture
Trustee (in such capacity the "Indenture Trustee");  provided, however, that the
entire  principal  amount of this Note  shall be  payable  on the  October  2003
Distribution Date (the "Targeted Scheduled  Distribution Date") to the extent of
funds  available  therefor  pursuant  to the  Indenture  and the  entire  unpaid
principal  amount of this Note  shall be due and  payable  on the  October  2005
Monthly  Distribution Date (the "Class A-5 Final Scheduled  Distribution  Date")
and the  Redemption  Date,  if any,  pursuant to Section 10.1 of the  Indenture.
Capitalized  terms used but not  defined  herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

                  Except as  described  below,  the Issuer shall pay interest on
this Note on the fifteenth day of each January,  April, July and October, or, if
any such day is not a Business Day, the next  succeeding  Business Day (each,  a
"Quarterly Payment Date"), commencing January 15, 2001 at a per annum rate equal
to the London  interbank  offered rate  ("LIBOR") for  three-month  U.S.  Dollar
deposits  in  Europe  (determined  as set forth in the  Indenture)  on the LIBOR
Determination Date, in each case plus 0.12% on the principal amount of this Note
outstanding on the preceding  Quarterly  Payment Date after giving effect to all
payments of principal  made on the preceding  Quarterly  Payment  Date(provided,
however,  that  interest  shall  accrue  from the  Closing  Date to the  initial
Quarterly  Payment  Date,  at a per annum  rate  equal to [ ]% on the  principal
amount outstanding on the Closing Date) subject to certain limitations contained
in Section 3.1 of the  Indenture,  until the  principal  of this Note is paid or
made available for payment. Except as provided below, interest on this Note will
accrue  for each  Quarterly  Payment  Date  from  and  including  the  preceding
Quarterly  Payment Date (or, in the case of the initial  Quarterly Payment Date,
from and including the Closing Date) to but  excluding  such  Quarterly  Payment
Date.  Interest  will be  computed  on the basis of actual  days  elapsed  and a
360-day year.  Such  principal of and interest on this Note shall be paid in the
manner specified on the reverse side hereof.

                  If (i) this Note is not paid in full on its Targeted Scheduled
Distribution Date, (ii) with respect to any Monthly  Distribution Date, an Early
Amortization Event (as such term is defined in the Indenture) has occurred prior
to the related LIBOR Determination Date or (iii) this Note is accelerated due to
an Event of Default (as such term in defined in the Indenture), beginning on the
next Monthly  Distribution  Date,  the frequency of payments will change and the
Issuer  shall pay  interest  on this  Note on each  Monthly  Distribution  Date.
Beginning on the first Monthly Distribution Date following such event,  interest
will  accrue at a rate equal to LIBOR for  one-month  U.S.  Dollar  deposits  in
Europe  (determined as set forth in the Indenture) on the related  Determination
Date plus  0.12% on the  principal  amount of this  Note  outstanding  as of the
preceding  Monthly  Distribution  Date upon which interest was paid after giving
effect to all payments of principal made on such Monthly  Distribution Date from
and including  the preceding  Monthly  Distribution  Date to but excluding  such
Monthly  Distribution Date, subject to certain limitations  contained in Section
3.1 of the Indenture,  until the principal of the Note is paid or made available
for payment. Interest will be computed on the basis of actual days elapsed and a
360-day year. "Monthly Distribution Date" means the fifteenth day of each month,
or, if any such day is not a Business  Day, the next  succeeding  Business  Day,
commencing November 15, 2000.

<PAGE>

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

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

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

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

<PAGE>

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

Date: October 26, 2000

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                                  By:    THE BANK OF NEW YORK,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford Credit
                                         Auto Owner Trust 2000-F

                                  By:
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class  A-5 Notes  designated  above  and  referred  to in the
within-mentioned Indenture.

Date: October 26, 2000

                                  THE CHASE MANHATTAN BANK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:
                                          Authorized Officer

<PAGE>

                                      A-5-5

                                [REVERSE OF NOTE]

                  This  Note is one of a duly  authorized  issue of Notes of the
Issuer, designated as its Class A-5 Floating Rate Asset Backed Notes (the "Class
A-5 Notes")  which,  together  with the Issuer's  Class A-1 Floating  Rate Asset
Backed  Notes (the "Class A-1  Notes"),  Class A-2 6.56% Asset Backed Notes (the
"Class A-2 Notes"),  Class A-3 6.58% Asset Backed Notes (the "Class A-3 Notes"),
Class A-4 Floating Rate Asset Backed Notes (the "Class A-4 Notes" and,  together
with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-5 Notes,  the "Class A Notes"),  the Floating  Rate Asset Backed  Variable Pay
Term Notes to be issued by the Issuer from time to time (the  "VPTNs") and Class
B 7.00% Asset Backed Notes (the "Class B Notes" and,  together  with the Class A
Notes and the VPTNs,  the  "Notes"),  are issued under the  Indenture,  to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The Notes are subject to all the terms of
the Indenture.

                  The  Class  A-5  Notes  are and will be  equally  and  ratably
secured by the  collateral  pledged as  security  therefor  as  provided  in the
Indenture.

                  As described on the face hereof,  the entire unpaid  principal
amount of this Note  shall be due and  payable  on the  earlier of the Class A-5
Final Scheduled  Distribution  Date and the Redemption Date, if any, pursuant to
Section 10.1 of the Indenture.  Notwithstanding the foregoing, the entire unpaid
principal  amount of the Notes  shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the  Controlling  Note Class have declared the Notes to be immediately
due and  payable in the manner  provided in Section  5.2 of the  Indenture.  All
principal  payments  on the  Class  A-5  Notes  shall  be made  pro  rata to the
Noteholders entitled thereto.

<PAGE>

                  Payments of interest  on this Note on each  Quarterly  Payment
Date or Monthly Distribution Date, as applicable,  together with the installment
of principal,  if any, to the extent not in full payment of this Note,  shall be
made to the Person whose name appears as the  Registered  Noteholder of the Note
(or one or more  Predecessor  Notes)  on the Note  Register  as of the  close of
business on each Record Date either by wire  transfer in  immediately  available
funds,  to the  account  of such  Noteholder  at a bank or other  entity  having
appropriate  facilities therefor,  if such Noteholder shall have provided to the
Note Registrar  appropriate written instructions at least five (5) Business Days
prior to such  Quarterly  Payment  Date or  Monthly  Distribution  Date and such
Noteholder's  Notes in the aggregate  evidence a  denomination  of not less than
$1,000,000,  or, if not, by check  mailed  first-class  postage  prepaid to such
Person's  address  as it  appears  on the Note  Register  on such  Record  Date;
provided that,  unless  Definitive  Notes have been issued to Note Owners,  with
respect to Notes registered on the Record Date in the name of the nominee of the
Clearing  Agency  (initially,  such nominee to be Cede & Co.),  payments will be
made by wire transfer in immediately  available funds to the account  designated
by such nominee.  Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Monthly  Distribution Date shall be binding upon all future  Noteholders of this
Note and of any Note  issued  upon the  registration  of  transfer  hereof or in
exchange  hereof or in lieu hereof,  whether or not noted  hereon.  If funds are
expected to be available,  as provided in the Indenture,  for payment in full of
the  then  remaining   unpaid  principal  amount  of  this  Note  on  a  Monthly
Distribution Date, then the Indenture  Trustee,  in the name of and on behalf of
the Issuer,  will notify the Person who was the Registered  Noteholder hereof as
of the Record Date preceding such Monthly  Distribution Date by notice mailed or
transmitted by facsimile prior to such Monthly Distribution Date, and the amount
then due and payable  shall be payable only upon  presentation  and surrender of
this Note at the Indenture  Trustee's principal Corporate Trust Office or at the
office of the Indenture  Trustee's agent appointed for such purposes  located in
The City of New York.

                  The  Issuer  shall pay  interest  on overdue  installments  of
interest at the Class A-5 Rate to the extent lawful.

                  As provided in the  Indenture,  the Notes may be redeemed,  in
whole  but  not in  part,  in the  manner  and to the  extent  described  in the
Indenture and the Sale and Servicing Agreement.

                  The  transfer of this Note is subject to the  restrictions  on
transfer  specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon  surrender
of this Note for registration of transfer at the office or agency  designated by
the Issuer  pursuant to the  Indenture,  duly endorsed by, or  accompanied  by a
written  instrument of transfer in form  satisfactory  to the Indenture  Trustee
duly  executed by, the  Noteholder  hereof or such  Noteholder's  attorney  duly
authorized in writing,  with such signature guaranteed by an "eligible guarantor
institution"  meeting the requirements of the Note Registrar,  and thereupon one
or more new Notes of the same Class in authorized  denominations and in the same
aggregate  principal  amount  will be issued  to the  designated  transferee  or
transferees.  No service charge will be charged for any registration of transfer
or  exchange  of this Note,  but the  transferor  may be  required  to pay a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
connection with any such registration of transfer or exchange.

<PAGE>

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

                  Each  Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note,  covenants and agrees
by accepting  the benefits of the Indenture  that such  Noteholder or Note Owner
will not at any time institute  against the Seller,  the General  Partner or the
Issuer,  or join in any institution  against the Seller,  the General Partner or
the  Issuer of,  any  bankruptcy,  reorganization,  arrangement,  insolvency  or
liquidation  proceedings  under any United States federal or State bankruptcy or
similar  law in  connection  with any  obligations  relating  to the Notes,  the
Indenture or the other Basic Documents.

                  The Issuer has  entered  into the  Indenture  and this Note is
issued  with the  intention  that,  for  federal,  State and local  income,  and
franchise tax  purposes,  the Notes will qualify as  indebtedness  of the Issuer
secured by the Indenture Trust Estate.  Each Noteholder,  by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal,  State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  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 be
overdue,  and none of the Issuer,  the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

<PAGE>

                  The Indenture permits,  with certain exceptions  requiring the
consent of all Noteholders  affected thereby as therein provided,  the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the  Noteholders of Notes  evidencing not less than a majority of the
principal  amount of the principal  amount of the  Controlling  Note Class.  The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions  set forth in the  Indenture  without the consent of the  Noteholders
provided certain conditions are satisfied.  In addition,  the Indenture contains
provisions  permitting the Noteholders of Notes evidencing specified percentages
of the principal  amount of the Notes  Outstanding  or of the  Controlling  Note
Class,  on behalf of all  Noteholders,  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 Noteholder
of this Note (or any one or more  Predecessor  Notes)  shall be  conclusive  and
binding upon such Noteholder and upon all future Noteholders 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  term  "Issuer",  as  used  in  this  Note,  includes  any
successor to the Issuer under the Indenture.

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

                  The   Notes  are   issuable   only  in   registered   form  in
denominations  of $1,000  and  integral  multiples  thereof as  provided  in the
Indenture, subject to certain limitations therein set forth.

                  This  Note  and  the  Indenture  shall  be  governed  by,  and
construed  in  accordance  with  the  laws of the  State  of New  York,  without
reference to its conflicts of law provisions.

                  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.

<PAGE>

                  Anything  herein to the  contrary  notwithstanding,  except as
expressly provided in the Basic Documents,  none of The Chase Manhattan Bank, in
its individual capacity,  The Bank of New York, in its individual capacity,  any
owner  of a  beneficial  interest  in the  Issuer,  or 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 or of interest on this Note or performance  of, or
omission to  perform,  any of the  covenants,  obligations  or  indemnifications
contained in the  Indenture.  The  Noteholder  of this Note,  by his  acceptance
hereof, agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture,  the  Noteholder  shall have no
claim against any of the foregoing for any deficiency,  loss or claim therefrom;
provided,  however,  that  nothing  contained  herein  shall be taken to prevent
recourse to, and enforcement  against,  the assets of the Issuer for any and all
liabilities,  obligations and undertakings contained in the Indenture or in this
Note.

<PAGE>

                                   ASSIGNMENT

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

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

                                    (name and address of assignee)

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

Dated:                                                                        */
                                                     Signature Guaranteed

                                                                              */

     */ NOTICE:  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  whatever.  Such
signature must be guaranteed by an "eligible guarantor  institution" meeting the
requirements of the Note Registrar,  which  requirements  include  membership or
participation  in STAMP or such other  "signature  guarantee  program" as may be
determined by the Note Registrar in addition to, or in substitution  for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                       B-1

                                                                       EXHIBIT B

                             [FORM OF CLASS B NOTE]

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.

REGISTERED                                                           $97,397,000

No. R-1                                                      CUSIP NO. 34527REW9

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                        CLASS B 7.00% ASSET BACKED NOTES

<PAGE>

                  Ford  Credit  Auto  Owner  Trust  2000-F,   a  business  trust
organized and existing under the laws of the State of Delaware  (herein referred
to as the "Issuer"),  for value received,  hereby promises to pay to CEDE & CO.,
or registered assigns,  the principal sum of NINETY-SEVEN  MILLION THREE HUNDRED
NINETY-SEVEN  THOUSAND DOLLARS payable on each Monthly  Distribution  Date in an
amount equal to the aggregate  amount, if any, payable to Noteholders of Class B
Notes on such Monthly  Distribution  Date in respect of principal on the Class B
Notes  pursuant  to the  Indenture  dated as of October 1, 2000 (as from time to
time  amended,   supplemented   or  otherwise   modified  and  in  effect,   the
"Indenture"),  between  the  Issuer  and The Chase  Manhattan  Bank,  a New York
corporation,  as Indenture  Trustee (in such capacity the "Indenture  Trustee");
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the earlier of the March 2006 Monthly  Distribution Date (the
"Class B Final Scheduled  Distribution  Date") and the Redemption  Date, if any,
pursuant  to  Section  10.1 of the  Indenture.  Capitalized  terms  used but not
defined  herein are defined in Article I of the  Indenture,  which also contains
rules as to construction that shall be applicable herein.

                  The  Issuer  shall pay  interest  on this Note at the rate per
annum shown above on each Monthly  Distribution Date until the principal of this
Note is paid or made available for payment on the principal  amount of this Note
outstanding on the preceding  Monthly  Distribution Date (after giving effect to
all payments of principal  made on the  preceding  Monthly  Distribution  Date),
subject to  certain  limitations  contained  in  Section  3.1 of the  Indenture.
Interest on this Note will accrue for each  Monthly  Distribution  Date from and
including the fifteenth day of the calendar  month  immediately  preceding  such
Monthly  Distribution Date (or, in the case of the initial Monthly  Distribution
Date, from the Closing Date) to but excluding the fifteenth day of the following
calendar  month.  Interest  will be computed  on the basis of a 360-day  year of
twelve 30-day months.  Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof. "Monthly Distribution Date" means
the fifteenth day of each month,  or, if any such day is not a Business Day, the
next succeeding Business Day, commencing November 15, 2000.

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

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

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

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

<PAGE>

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

Date: October 26, 2000

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                                  By:    THE BANK OF NEW YORK,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford Credit
                                         Auto Owner Trust 2000-F

                                  By:
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: October 26, 2000

                                  THE CHASE MANHATTAN BANK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:
                                          Authorized Officer

<PAGE>

                                       B-4

                                [REVERSE OF NOTE]

                  This  Note is one of a duly  authorized  issue of Notes of the
Issuer,  designated as its Class B 7.00% Asset Backed Notes (the "Class B Notes"
and,  together with the Class A Notes and VPTNs referred to below,  the "Notes")
which,  together  with the Issuer's  Class A-1 Floating  Rate Asset Backed Notes
(the  "Class A-1  Notes"),  Class A-2 6.56% Asset  Backed  Notes (the "Class A-2
Notes"),  Class A-3 6.58% Asset Backed Notes (the "Class A-3 Notes"),  Class A-4
Floating  Rate Asset Backed Notes (the "Class A-4 Notes") and Class A-5 Floating
Rate Asset Backed Notes (the "Class A-5 Notes" and,  together with the Class A-1
Notes,  the Class A-2 Notes,  the Class A-3 Notes and the Class A-4  Notes,  the
"Class A Notes") and the Floating  Rate Asset Backed  Variable Pay Term Notes to
be issued by the Issuer from time to time (the  "VPTNs"),  are issued  under the
Indenture,  to which Indenture and all indentures supplemental thereto reference
is  hereby  made  for a  statement  of the  respective  rights  and  obligations
thereunder of the Issuer,  the Indenture Trustee and the Noteholders.  The Notes
are subject to all the terms of the Indenture.

                  The Class B Notes are and will be equally and ratably  secured
by the collateral pledged as security therefor as provided in the Indenture. The
holder of this Class B Note  acknowledges  and agrees that its rights to receive
payments in respect of this Note are  subordinated  to the rights of the Class A
Noteholders,  the VPTN Noteholders and the Swap Counterparty as described in the
Sale and Servicing Agreement and Indenture.

                  Principal of the Class B Notes will be payable on each Monthly
Distribution Date in an amount described on the face hereof.

                  As described on the face hereof,  the entire unpaid  principal
amount of this Note shall be due and payable on the earlier of the Class B Final
Scheduled Distribution Date and the Redemption Date, if any, pursuant to Section
10.1  of  the  Indenture.  Notwithstanding  the  foregoing,  the  entire  unpaid
principal  amount of the Notes  shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the  Controlling  Note Class have declared the Notes to be immediately
due and  payable in the manner  provided in Section  5.2 of the  Indenture.  All
principal  payments  on the  Class  B  Notes  shall  be  made  pro  rata  to the
Noteholders entitled thereto.

<PAGE>

                  Payments of interest on this Note on each Monthly Distribution
Date,  together with the installment of principal,  if any, to the extent not in
full payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately  available  funds, to the account of such Noteholder at a bank or
other entity having appropriate  facilities  therefor,  if such Noteholder shall
have provided to the Note Registrar  appropriate  written  instructions at least
five  (5)  Business  Days  prior  to such  Monthly  Distribution  Date  and such
Noteholder's  Notes in the aggregate  evidence a  denomination  of not less than
$1,000,000,  or, if not, by check  mailed  first-class  postage  prepaid to such
Person's  address  as it  appears  on the Note  Register  on such  Record  Date;
provided that,  unless  Definitive  Notes have been issued to Note Owners,  with
respect to Notes registered on the Record Date in the name of the nominee of the
Clearing  Agency  (initially,  such nominee to be Cede & Co.),  payments will be
made by wire transfer in immediately  available funds to the account  designated
by such nominee.  Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Monthly  Distribution Date shall be binding upon all future  Noteholders of this
Note and of any Note  issued  upon the  registration  of  transfer  hereof or in
exchange  hereof or in lieu hereof,  whether or not noted  hereon.  If funds are
expected to be available,  as provided in the Indenture,  for payment in full of
the  then  remaining   unpaid  principal  amount  of  this  Note  on  a  Monthly
Distribution Date, then the Indenture  Trustee,  in the name of and on behalf of
the Issuer,  will notify the Person who was the Registered  Noteholder hereof as
of the Record Date preceding such Monthly  Distribution Date by notice mailed or
transmitted by facsimile prior to such Monthly Distribution Date, and the amount
then due and payable  shall be payable only upon  presentation  and surrender of
this Note at the Indenture  Trustee's principal Corporate Trust Office or at the
office of the Indenture  Trustee's agent appointed for such purposes  located in
The City of New York.

                  The  Issuer  shall pay  interest  on overdue  installments  of
interest at the Class B Rate to the extent lawful.

                  As provided in the  Indenture,  the Notes may be redeemed,  in
whole  but  not in  part,  in the  manner  and to the  extent  described  in the
Indenture and the Sale and Servicing Agreement.

<PAGE>

                  The  transfer of this Note is subject to the  restrictions  on
transfer  specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon  surrender
of this Note for registration of transfer at the office or agency  designated by
the Issuer  pursuant to the  Indenture,  duly endorsed by, or  accompanied  by a
written  instrument of transfer in form  satisfactory  to the Indenture  Trustee
duly  executed by, the  Noteholder  hereof or such  Noteholder's  attorney  duly
authorized in writing,  with such signature guaranteed by an "eligible guarantor
institution"  meeting the requirements of the Note Registrar,  and thereupon one
or more new Notes of the same Class in authorized  denominations and in the same
aggregate  principal  amount  will be issued  to the  designated  transferee  or
transferees.  No service charge will be charged for any registration of transfer
or  exchange  of this Note,  but the  transferor  may be  required  to pay a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  Each  Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note,  covenants and agrees
by accepting  the benefits of the Indenture  that such  Noteholder or Note Owner
will not at any time institute  against the Seller,  the General  Partner or the
Issuer,  or join in any institution  against the Seller,  the General Partner or
the  Issuer of,  any  bankruptcy,  reorganization,  arrangement,  insolvency  or
liquidation  proceedings  under any United States federal or State bankruptcy or
similar  law in  connection  with any  obligations  relating  to the Notes,  the
Indenture or the other Basic Documents.

                  The Issuer has  entered  into the  Indenture  and this Note is
issued  with the  intention  that,  for  federal,  State and local  income,  and
franchise tax  purposes,  the Notes will qualify as  indebtedness  of the Issuer
secured by the Indenture Trust Estate.  Each Noteholder,  by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal,  State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  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 be
overdue,  and none of the Issuer,  the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

<PAGE>

                  The Indenture permits,  with certain exceptions  requiring the
consent of all Noteholders  affected thereby as therein provided,  the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the  Noteholders of Notes  evidencing not less than a majority of the
principal  amount of the Controlling  Note Class. The Indenture also permits the
Indenture  Trustee to amend or waive certain terms and  conditions  set forth in
the Indenture without the consent of the Noteholders provided certain conditions
are satisfied.  In addition,  the Indenture contains  provisions  permitting the
Noteholders of Notes evidencing specified percentages of the principal amount of
the  Notes  Outstanding  or of the  Controlling  Note  Class,  on  behalf of all
Noteholders,  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  Noteholder  of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders 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  term  "Issuer",  as  used  in  this  Note,  includes  any
successor to the Issuer under the Indenture.

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

                  The   Notes  are   issuable   only  in   registered   form  in
denominations  of $1,000  and  integral  multiples  thereof as  provided  in the
Indenture, subject to certain limitations therein set forth.

                  This  Note  and  the  Indenture  shall  be  governed  by,  and
construed  in  accordance  with  the  laws of the  State  of New  York,  without
reference to its conflicts of law provisions.

                  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.

<PAGE>

                  Anything  herein to the  contrary  notwithstanding,  except as
expressly provided in the Basic Documents,  none of The Chase Manhattan Bank, in
its individual capacity,  The Bank of New York, in its individual capacity,  any
owner  of a  beneficial  interest  in the  Issuer,  or 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 or of interest on this Note or performance  of, or
omission to  perform,  any of the  covenants,  obligations  or  indemnifications
contained in the  Indenture.  The  Noteholder  of this Note,  by his  acceptance
hereof, agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture,  the  Noteholder  shall have no
claim against any of the foregoing for any deficiency,  loss or claim therefrom;
provided,  however,  that  nothing  contained  herein  shall be taken to prevent
recourse to, and enforcement  against,  the assets of the Issuer for any and all
liabilities,  obligations and undertakings contained in the Indenture or in this
Note.

<PAGE>

                                   ASSIGNMENT

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

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

                                    (name and address of assignee)

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

Dated:                                                                        */
                                                     Signature Guaranteed

                                                                              */

     */ NOTICE:  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  whatever.  Such
signature must be guaranteed by an "eligible guarantor  institution" meeting the
requirements of the Note Registrar,  which  requirements  include  membership or
participation  in STAMP or such other  "signature  guarantee  program" as may be
determined by the Note Registrar in addition to, or in substitution  for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                                                    EXHIBIT VPTN

                        [FORM OF VARIABLE PAY TERM NOTE]

THIS  VARIABLE PAY TERM NOTE HAS NOT BEEN AND WILL NOT BE  REGISTERED  UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE  "SECURITIES  ACT"),  OR UNDER ANY STATE
SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF,
BY PURCHASING  THIS  VARIABLE PAY TERM NOTE,  AGREES THAT THIS VARIABLE PAY TERM
NOTE  MAY BE  REOFFERED,  RESOLD,  PLEDGED  OR  OTHERWISE  TRANSFERRED  ONLY  IN
COMPLIANCE  WITH THE  SECURITIES  ACT AND OTHER  APPLICABLE  LAWS,  AND ONLY (1)
PURSUANT TO RULE 144A UNDER THE  SECURITIES  ACT ("RULE  144A") TO A PERSON THAT
THE HOLDER REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER, WITHIN THE
MEANING  OF RULE  144A (A  "QIB"),  PURCHASING  FOR ITS OWN  ACCOUNT  OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED,  IN EACH CASE, THAT THE REOFFER,
RESALE,  PLEDGE,  OR OTHER  TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)
PURSUANT  TO AN  EXEMPTION  FROM  REGISTRATION  PROVIDED  BY RULE 144  UNDER THE
SECURITIES ACT (IF AVAILABLE),  SUBJECT TO THE RECEIPT BY THE INDENTURE  TRUSTEE
AND THE VARIABLE  PAY TERM NOTE  REGISTRAR OF SUCH  EVIDENCE  ACCEPTABLE  TO THE
INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE  SECURITIES  ACT AND OTHER  APPLICABLE  LAWS,  (3) TO AN  INSTITUTIONAL
"ACCREDITED INVESTOR" WITHIN THE MEANING THEREOF IN RULE 501(a)(1),  (2), (3) OR
(7) OF  REGULATION D UNDER THE  SECURITIES  ACT PURSUANT TO ANY OTHER  EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RECEIPT
BY THE  INDENTURE  TRUSTEE  AND  THE  NOTE  REGISTRAR  OF  SUCH  OTHER  EVIDENCE
ACCEPTABLE  TO THE  INDENTURE  TRUSTEE  THAT  SUCH  REOFFER,  RESALE,  PLEDGE OR
TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER  APPLICABLE LAWS, OR
(4) TO THE  SELLER  OR ITS  AFFILIATES,  IN EACH  CASE IN  ACCORDANCE  WITH  ALL
APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS
OF THE STATES OF THE UNITED STATES.

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

<PAGE>

No. R-[___]                                                            $[      ]
                                                              CUSIP NO. [      ]

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                FLOATING RATE ASSET BACKED VARIABLE PAY TERM NOTE

                  Ford  Credit  Auto  Owner  Trust  2000-F,   a  business  trust
organized and existing under the laws of the State of Delaware  (herein referred
to as the "Issuer"), for value received, hereby promises to pay to [__________],
or registered assigns,  the principal sum of [_________] MILLION DOLLARS payable
on each Monthly  Distribution  Date in an amount equal to the result obtained by
multiplying (i) a fraction, the numerator of which is [__________] (the original
face  amount of this Note) and the  denominator  of which is  [__________]  (the
aggregate  principal  amount of the VPTN on the original  issuance  date of this
VPTN) by (ii) the aggregate  amount,  if any, payable to the VPTNs issued on the
original  issuance  date of this VPTN in respect of  principal  pursuant  to the
Indenture  dated  as  of  October  1,  2000  (as  from  time  to  time  amended,
supplemented or otherwise modified and in effect, the "Indenture"),  between the
Issuer  and The Chase  Manhattan  Bank,  a New York  corporation,  as  Indenture
Trustee (in such  capacity the  "Indenture  Trustee");  provided,  however,  the
entire  unpaid  principal  amount of this Note  shall be due and  payable on the
October 2005 Monthly  Distribution Date (the "VPTN Final Scheduled  Distribution
Date")  and  the  Redemption  Date,  if any,  pursuant  to  Section  10.1 of the
Indenture.  Capitalized terms used but not defined herein are defined in Article
I of the Indenture,  which also contains rules as to construction  that shall be
applicable herein.

                  The Issuer  shall pay  interest  on this VPTN on each  Monthly
Distribution  Date at a rate  equal  to  one-month  LIBOR on the  related  LIBOR
Determination  Date (as defined in the Indenture) plus [___]%.  Interest on this
VPTN will accrue,  in the case of the first Monthly  Distribution Date following
the issuance of the VPTN, the period from and including the issuance date to and
excluding such Monthly  Distribution Date and for any other Monthly Distribution
Date, the period from and including the most recent Monthly Distribution Date to
but excluding such Monthly  Distribution Date.  Interest will be computed on the
basis of actual days elapsed and a 360-day year.  Such principal of and interest
on this  VPTN  shall be paid in the  manner  specified  on the  reverse  hereof.
"Monthly  Distribution  Date" means the fifteenth day of each month,  or, if any
such day is not a Business Day, the next succeeding  Business Day,  commencing [
].

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

<PAGE>

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

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

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

<PAGE>

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

Date: October 26, 2000

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                                  By:    THE BANK OF NEW YORK,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford Credit
                                         Auto Owner Trust 2000-F

                                  By:
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: October 26, 2000

                                  THE CHASE MANHATTAN BANK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:

                                         Authorized Officer

<PAGE>

                                     VPTN-5

                                [REVERSE OF NOTE]

                  This  VPTN is one of a duly  authorized  issue of VPTNs of the
Issuer,  designated  as its Floating  Rate Asset Backed  Variable Pay Term Notes
(the "VPTNs")  which,  together with the Issuer's  Class A-1 Floating Rate Asset
Backed  Notes (the "Class A-1  Notes"),  Class A-2 6.56% Asset Backed Notes (the
"Class A-2 Notes"),  Class A-3 6.58% Asset Backed Notes (the "Class A-3 Notes"),
Class A-4 Floating Rate Asset Backed Notes (the "Class A-4 Notes") and Class A-5
Floating  Rate Asset Backed Notes (the "Class A-5 Notes" and,  together with the
Class A-1  Notes,  the Class  A-2  Notes,  the Class A-3 Notes and the Class A-4
Notes,  the "Class A Notes"),  the Floating Rate Asset Backed  Variable Pay Term
Notes to be issued by the  Issuer  from time to time (the  "VPTNs")  and Class B
7.00% Asset  Backed  Notes (the "Class B Notes" and,  together  with the Class A
Notes and the VPTNs,  the  "Notes"),  are issued under the  Indenture,  to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The VPTNs are subject to all the terms of
the Indenture.

                  The VPTNs are and will be equally and  ratably  secured by the
collateral pledged as security therefor as provided in the Indenture.

                  As described on the face hereof,  the entire unpaid  principal
amount  of this  VPTN  shall  be due and  payable  on the VPTN  Final  Scheduled
Distribution Date.  Notwithstanding  the foregoing,  the entire unpaid principal
amount of the VPTNs  shall be due and  payable  on the date on which an Event of
Default shall have occurred and be continuing  and the Indenture  Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Controlling  Note Class have declared the Notes to be immediately due and
payable in the manner  provided in Section 5.2 of the  Indenture.  All principal
payments  on the VPTNs  shall be made  sequentially,  such that no  payments  of
principal  on a VPTN shall be payable  until all earlier  issued VPTNs have been
paid in full.

<PAGE>

                  Payments of interest on this VPTN on each Monthly Distribution
Date,  together with the installment of principal,  if any, to the extent not in
full payment of this VPTN, shall be made to the Person whose name appears as the
Registered  Noteholder  of the  VPTN on the  Note  Register  as of the  close of
business on each Record Date either by wire  transfer in  immediately  available
funds,  to the  account  of such  Noteholder  at a bank or other  entity  having
appropriate  facilities therefor,  if such Noteholder shall have provided to the
Note Registrar  appropriate written instructions at least five (5) Business Days
prior to such  Monthly  Distribution  Date and  such  Noteholder's  Notes in the
aggregate  evidence a denomination of not less than  $1,000,000,  or, if not, by
check mailed first-class  postage prepaid to such Person's address as it appears
on the Note  Register on such Record Date.  Such  payments  will be made without
requiring that this VPTN be submitted for notation of payment.  Any reduction in
the  principal  amount of this VPTN effected by any payments made on any Monthly
Distribution Date shall be binding upon all future  Noteholders of this VPTN and
of any VPTN  issued  upon the  registration  of  transfer  hereof or in exchange
hereof or in lieu hereof,  whether or not noted hereon. If funds are expected to
be  available,  as  provided in the  Indenture,  for payment in full of the then
remaining unpaid principal amount of this VPTN on a Distribution  Date, then the
Indenture Trustee,  in the name of and on behalf of the Issuer,  will notify the
Person who was the Registered  Noteholder hereof as of the Record Date preceding
such Monthly  Distribution  Date by notice  mailed or  transmitted  by facsimile
prior to such  Monthly  Distribution  Date,  and the amount then due and payable
shall be  payable  only  upon  presentation  and  surrender  of this VPTN at the
Indenture  Trustee's  principal  Corporate  Trust Office or at the office of the
Indenture Trustee's agent appointed for such purposes located in The City of New
York.

                  The  Issuer  shall pay  interest  on overdue  installments  of
interest at the VPTN Rate to the extent lawful.

                  As provided in the  Indenture,  the Notes may be redeemed,  in
whole  but  not in  part,  in the  manner  and to the  extent  described  in the
Indenture and the Sale and Servicing Agreement.

                  As provided in the Indenture,  and subject to the restrictions
on  transfer  set  forth  in the  legend  on the  face of this  VPTN  and in the
Indenture, the transfer of this VPTN may be registered on the Note Register upon
surrender  of this VPTN for  registration  of  transfer  at the office or agency
designated  by the  Issuer  pursuant  to the  Indenture,  duly  endorsed  by, or
accompanied  by a written  instrument  of transfer in form  satisfactory  to the
Indenture  Trustee duly executed by, the Noteholder  hereof or such Noteholder's
attorney  duly  authorized  in writing,  with such  signature  guaranteed  by an
"eligible guarantor institution" meeting the requirements of the Note Registrar,
and   thereupon  one  or  more  new  VPTNs  of  the  same  Class  in  authorized
denominations  and in the same aggregate  principal amount will be issued to the
designated transferee or transferees.  No service charge will be charged for any
registration  of transfer or exchange of this VPTN,  but the  transferor  may be
required to pay a sum sufficient to cover any tax or other  governmental  charge
that may be imposed in  connection  with any such  registration  of  transfer or
exchange.

<PAGE>

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

                  Each Noteholder,  by acceptance of a VPTN covenants and agrees
by accepting the benefits of the Indenture that such  Noteholder will not at any
time institute against the Seller, the General Partner or the Issuer, or join in
any  institution  against the Seller,  the General Partner or the Issuer of, any
bankruptcy,  reorganization,  arrangement, insolvency or liquidation proceedings
under any United States federal or State bankruptcy or similar law in connection
with any  obligations  relating to the Notes,  the  Indenture or the other Basic
Documents.

                  The Issuer has  entered  into the  Indenture  and this VPTN is
issued  with the  intention  that,  for  federal,  State and local  income,  and
franchise tax  purposes,  the VPTNs will qualify as  indebtedness  of the Issuer
secured by the Indenture Trust Estate.  Each Noteholder,  by its acceptance of a
VPTN,  will be deemed to agree to treat the VPTNs for  federal,  State and local
income,  single  business  and  franchise  tax purposes as  indebtedness  of the
Issuer.

                  Prior to the due presentment  for  registration of transfer of
this VPTN, the Issuer,  the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this VPTN (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 VPTN be
overdue,  and none of the Issuer,  the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits (with certain  exceptions  requiring the
consent of all  Noteholders  adversely  affected) the  amendment  thereof by the
Issuer and the Indenture Trustee without the consent of the Noteholders provided
certain  conditions  are  satisfied.  The  Indenture  also  contains  provisions
permitting the  Noteholders  of VPTNs  evidencing  specified  percentages of the
principal  amount of the Notes  Outstanding or of the Controlling Note Class, on
behalf of all  Noteholders,  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  Noteholder of this VPTN
shall be  conclusive  and  binding  upon  such  Noteholder  and upon all  future
Noteholders  of this  VPTN  and of any VPTN  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 VPTN.

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

<PAGE>

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

                  The   VPTNs  are   issuable   only  in   registered   form  in
denominations  of $100,000 and integral  multiples of $1,000 thereof as provided
in the Indenture, subject to certain limitations therein set forth.

                  This  VPTN  and  the  Indenture  shall  be  governed  by,  and
construed  in  accordance  with  the  laws of the  State  of New  York,  without
reference to its conflicts of law provisions.

                  No reference herein to the Indenture, and no provision of this
VPTN 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  VPTN 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,  none of The Chase Manhattan Bank, in
its individual capacity,  The Bank of New York, in its individual capacity,  any
owner  of a  beneficial  interest  in the  Issuer,  or 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 or of interest on this VPTN or performance  of, or
omission to  perform,  any of the  covenants,  obligations  or  indemnifications
contained in the  Indenture.  The  Noteholder  of this VPTN,  by his  acceptance
hereof, agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture,  the  Noteholder  shall have no
claim against any of the foregoing for any deficiency,  loss or claim therefrom;
provided,  however,  that  nothing  contained  herein  shall be taken to prevent
recourse to, and enforcement  against,  the assets of the Issuer for any and all
liabilities,  obligations and undertakings contained in the Indenture or in this
VPTN.

<PAGE>

                                   ASSIGNMENT

Social Security Number 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 VPTN and all rights thereunder,  and hereby  irrevocably  constitutes
and appoints  _________________,  attorney,  to transfer  said VPTN on the books
kept for registration thereof, with full power of substitution in the premises.

Dated:                                                                        */
                                                     Signature Guaranteed

                                                                              */

*/       NOTICE:  The signature to this assignment must correspond with the name
         of the registered owner as it appears on the face of the within VPTN in
         every  particular,  without  alteration,   enlargement  or  any  change
         whatever.  Such signature must be guaranteed by an "eligible  guarantor
         institution" meeting the requirements of the Note Registrar.

<PAGE>

                                       C-1

                                                                       Exhibit C

                       [FORM OF NOTE DEPOSITORY AGREEMENT]

<PAGE>

                                       D-1

                                                                       Exhibit D

                        FORM OF INVESTMENT LETTER - VPTNs
                          QUALIFIED INSTITUTIONAL BUYER

[Date]

Ford Credit Auto Owner Trust 2000-F
  as Issuer
The Chase Manhattan Bank
  as Indenture Trustee and
  Note Registrar
450 West 33rd Street
New York, New York 10001

                  Re:      Ford Credit Auto Owner Trust  2000-F
                           Floating  Rate Asset Backed  Variable Pay Term Notes

Ladies and Gentlemen:

         In connection  with our proposed  purchase of the Floating Asset Backed
Variable  Pay Term Note (the "VPTN") of Ford Credit Auto Owner Trust 2000-F (the
"Issuer"),  a trust  formed  by Ford  Credit  Auto  Receivables  Two  L.P.  (the
"Seller"), we confirm that:

         1. The undersigned agrees to be bound by, and not to resell,  transfer,
assign, participate, pledge or otherwise dispose of (any such act, a "Transfer")
the VPTN except in compliance with, the restrictions and conditions set forth in
the  legend  on the face of the VPTN and under the  Securities  Act of 1933,  as
amended (the "Securities Act").

         2. We understand  that no subsequent  Transfer of the VPTN is permitted
unless we cause our  proposed  transferee  to provide to the Issuer and the Note
Registrar a letter  substantially in the form of this letter or Exhibit D to the
Indenture,  as applicable,  or such other written  statement as the Seller shall
prescribe.

         3. We are a "qualified institutional buyer" (within the meaning of Rule
144A under the  Securities  Act) (a "QIB") and we are acquiring the VPTN for our
own  account or for a single  account  (which is a QIB) as to which we  exercise
sole investment discretion.

<PAGE>

         4. We  understand  that  any  purported  Transfer  of any  VPTN (or any
interest therein) in contravention of the restrictions and conditions above will
be null and void (each, a "Void  Transfer"),  and the purported  transferee in a
Void Transfer will not be recognized by the Issuer or any other person as a VPTN
Noteholder for any purpose.

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

                                Very truly yours,

                                      By:   ______________________________
                                      Name:
                                      Title:

Securities To Be Purchased:
$                           principal amount VPTN

<PAGE>

                                       E-1

                                                                       Exhibit E

                        FORM OF INVESTMENT LETTER - VPTNs
                        INSTITUTIONAL ACCREDITED INVESTOR

[Date]

Ford Credit Auto Owner Trust 2000-F
  as Issuer
The Chase Manhattan Bank
  as Indenture Trustee and
  Note Registrar
450 West 33rd Street
New York, New York 10001

                  Re:      Ford Credit Auto Owner Trust  2000-F
                           Floating  Rate Asset Backed  Variable Pay Term Notes

Ladies and Gentlemen:

         In connection  with our proposed  purchase of the Floating Asset Backed
Variable  Pay Term Note (the "VPTN") of Ford Credit Auto Owner Trust 2000-F (the
"Issuer"),  a trust  formed  by Ford  Credit  Auto  Receivables  Two  L.P.  (the
"Seller"), we confirm that:

                  1. The  undersigned  agrees to be bound by, and not to resell,
         transfer, assign, participate, pledge or otherwise dispose of (any such
         act, a "Transfer") the VPTN except in compliance with, the restrictions
         and  conditions  set  forth in the  legend  on the face of the VPTN and
         under the Securities Act of 1933, as amended (the "Securities Act").

                  2. We understand  that no  subsequent  Transfer of the VPTN is
         permitted  unless we cause our  proposed  transferee  to provide to the
         Issuer and the Note  Registrar  a letter  substantially  in the form of
         this letter or Exhibit C to the Indenture, as applicable, or such other
         written statement as the Issuer shall prescribe.

                  3.  We  are a  "qualified  institutional  buyer"  (within  the
         meaning  of Rule 144A  under the  Securities  Act) (a "QIB") and we are
         acquiring the VPTN for our own account or for a single  account  (which
         is a QIB) as to which we exercise sole investment discretion.

<PAGE>

                  4. We understand  that any purported  Transfer of any VPTN (or
         any  interest   therein)  in  contravention  of  the  restrictions  and
         conditions above will be null and void (each, a "Void  Transfer"),  and
         the  purported  transferee in a Void Transfer will not be recognized by
         the Issuer or any other person as a VPTN Noteholder for any purpose.

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

                                Very truly yours,

                                      By:   ____________________________
                                      Name:
                                      Title:

Securities To Be Purchased:
$                          principal amount of VPTN

<PAGE>

                                       F-1

                                                                       Exhibit F

                          FORM OF RULE 144A TRANSFEROR
                               CERTIFICATE B VPTN

[Date]

The Chase Manhattan Bank
  as Indenture Trustee and
  Note Registrar
450 West 33rd Street
New York, New York 10001

                  Re:      Ford Credit Auto Owner Trust  2000-F
                           Floating  Rate Asset Backed  Variable Pay Term Notes

Ladies and Gentlemen:

         This  is to  notify  you as to the  transfer  of $ [*] in  denomination
Floating  Rate Asset  Backed  Variable Pay Term Note (the "VPTN") of Ford Credit
Auto Owner Trust 2000-F (the "Issuer").

         The  undersigned  is the holder of the VPTN and with this notice hereby
deposits with the Indenture  Trustee $[*] in denomination VPTN and requests that
a VPTN of the same class in the same aggregate denomination be issued,  executed
and  authenticated  and registered to the purchaser on  ___________,  200[],  as
specified in the Indenture dated as of October 1, 2000 relating to the VPTNs, as
follows:

         Name:                           Denominations:
         Address:
         Taxpayer I.D. No:

<PAGE>

         The  undersigned  represents  and  warrants  that the  undersigned  (i)
reasonably  believes  the  purchaser is a  "qualified  institutional  buyer," as
defined in Rule 144A under the  Securities  Act of 1933 (the  "Act"),  (ii) such
purchaser has acquired the VPTN in a transaction effected in accordance with the
exemption from the  registration  requirements of the Act provided by Rule 144A,
(iii) if the  purchaser  has  purchased  the VPTN for an account for which it is
acting as fiduciary or agent,  such account is a qualified  institutional  buyer
and  (iv)  the  purchaser  is  acquiring  VPTN  for  its own  account  or for an
institutional account for which it is acting as fiduciary or agent.

                                               Very truly yours,

                                               [NAME OF VPTN HOLDER]

                                               By:   ________________________
                                                     Name:
                                                     Title:

[*] authorized denomination

<PAGE>

                                                                      SCHEDULE A

                             Schedule of Receivables

               [Provided to the Indenture Trustee at the Closing]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}]]