Document:

Prepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document

  
 

    Exhibit 4.1.2    
  

POOLED AUTO SECURITIES SHELF LLC,

as Depositor, 

and

	 
	 
	 

	 	 	,
	 	
as Owner Trustee	 

AMENDED AND RESTATED

TRUST AGREEMENT

Dated
as of       1, 2001 

   TABLE OF CONTENTS  

	 
	 	 
	 	Page

	
ARTICLE ONE

DEFINITIONS
	

Section 1.01.	
 	

General Definitions	
 	

1
	Section 1.02.	 	Other Definitional Provisions	 	6
	Section 1.03.	 	Interpretive Provisions	 	6
	
ARTICLE TWO

ORGANIZATION
	

Section 2.01.	
 	

Name	
 	

7
	Section 2.02.	 	Office	 	7
	Section 2.03.	 	Purposes and Powers	 	7
	Section 2.04.	 	Appointment of Owner Trustee	 	8
	Section 2.05.	 	Initial Capital Contribution of Trust Estate	 	8
	Section 2.06.	 	Declaration of Trust	 	8
	Section 2.07.	 	Liability of Certificateholders	 	9
	Section 2.08.	 	Title to Trust Estate	 	9
	Section 2.09.	 	Situs of Issuer	 	9
	Section 2.10.	 	Representations and Warranties of the Depositor	 	9
	Section 2.11.	 	Federal Income Tax Matters	 	11
	
ARTICLE THREE

CERTIFICATES AND TRANSFER OF INTERESTS
	

Section 3.01.	
 	

Initial Ownership	
 	

12
	Section 3.02.	 	The Certificates	 	12
	Section 3.03.	 	Authentication and Delivery of Certificates	 	12
	Section 3.04.	 	Registration of Transfer and Exchange of Certificates	 	13
	Section 3.05.	 	Mutilated, Destroyed, Lost or Stolen Certificates	 	14
	Section 3.06.	 	Persons Deemed Holders	 	15
	Section 3.07.	 	Access to List of Certificateholders' Names and Addresses	 	15
	Section 3.08.	 	Maintenance of Office or Agency	 	16
	Section 3.09.	 	Appointment of Paying Agent	 	16
	Section 3.10.	 	Book-Entry Certificates	 	17
	Section 3.11.	 	Notices to Clearing Agency	 	17
	Section 3.12.	 	Definitive Certificates	 	18
	Section 3.13.	 	Certificates Nonassessable and Fully Paid	 	18
	Section 3.14.	 	No Recourse	 	18

i

 

	
ARTICLE FOUR

ACTIONS BY OWNER TRUSTEE
	

Section 4.01.	
 	

Prior Notice to Certificateholders with Respect to Certain Matters	
 	

19
	Section 4.02.	 	Action by Certificateholders with Respect to Certain Matters	 	19
	Section 4.03.	 	Action by Certificateholders with Respect to Bankruptcy	 	20
	Section 4.04.	 	Restrictions on Certificateholders' Power	 	20
	Section 4.05.	 	Majority Control	 	20
	Section 4.06.	 	Certain Litigation Matters	 	20
	
ARTICLE FIVE

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	

Section 5.01.	
 	

Establishment of Trust Account	
 	

21
	Section 5.02.	 	Application of Trust Funds	 	21
	Section 5.03.	 	Method of Payment	 	22
	Section 5.04.	 	No Segregation of Monies; No Interest	 	22
	Section 5.05.	 	Accounting and Reports to Securityholders, Internal Revenue Service and Others	 	23
	Section 5.06.	 	Signature on Returns; Tax Matters Partner	 	23
	Section 5.07.	 	Insurance Policy Matters	 	24
	
ARTICLE SIX

AUTHORITY AND DUTIES OF OWNER TRUSTEE
	

Section 6.01.	
 	

General Authority	
 	

25
	Section 6.02.	 	General Duties	 	25
	Section 6.03.	 	Action Upon Instruction	 	25
	Section 6.04.	 	No Duties Except as Specified in this Agreement or in Instructions	 	26
	Section 6.05.	 	No Action Except Under Specified Documents or Instructions	 	27
	Section 6.06.	 	Restrictions	 	27
	
ARTICLE SEVEN

CONCERNING THE OWNER TRUSTEE
	Section 7.01.	 	Acceptance of Trusts and Duties	 	28
	Section 7.02.	 	Furnishing of Documents	 	29
	Section 7.03.	 	Representations and Warranties	 	29
	Section 7.04.	 	Reliance; Advice of Counsel	 	30
	Section 7.05.	 	Not Acting in Individual Capacity	 	30

ii

 

	Section 7.06.	 	Owner Trustee Not Liable for Certificates or Receivables	 	30
	Section 7.07.	 	Owner Trustee May Own Securities	 	31
	
ARTICLE EIGHT

COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE
	

Section 8.01.	
 	

Owner Trustee's Fees and Expenses	
 	

32
	Section 8.02.	 	Indemnification	 	32
	
ARTICLE NINE

TERMINATION OF TRUST AGREEMENT
	

Section 9.01.	
 	

Termination of Trust Agreement	
 	

33
	Section 9.02.	 	Purchase of the Trust Estate; Prepayment of the Certificates	 	34
	
ARTICLE TEN

SUCCESSOR AND ADDITIONAL OWNER TRUSTEES
	

Section 10.01.	
 	

Eligibility Requirements for Owner Trustee	
 	

36
	Section 10.02.	 	Resignation or Removal of Owner Trustee	 	36
	Section 10.03.	 	Successor Owner Trustee	 	37
	Section 10.04.	 	Merger or Consolidation of Owner Trustee	 	37
	Section 10.05.	 	Appointment of Co-Trustee or Separate Trustee	 	38
	Section 10.06.	 	Actions Outside of Delaware	 	39
	
ARTICLE ELEVEN

MISCELLANEOUS
	

Section 11.01.	
 	

Supplements and Amendments	
 	

41
	Section 11.02.	 	Limitations on Rights of Others	 	43
	Section 11.03.	 	Notices	 	43
	Section 11.04.	 	Severability	 	43
	Section 11.05.	 	Counterparts	 	44
	Section 11.06.	 	Successors and Assigns	 	44
	Section 11.07.	 	Covenants of the Depositor	 	44
	Section 11.08.	 	No Petition	 	44
	Section 11.09.	 	Headings	 	44
	Section 11.10.	 	Governing Law	 	44
	Section 11.11.	 	Servicer Payment Obligation	 	44
	
EXHIBITS
	Exhibit A-1	 	Form of Certificate	 	A-1

iii

AMENDED AND RESTATED TRUST AGREEMENT  

    This Amended and Restated Trust Agreement, dated as of              1, 2001, is between Pooled Auto Securities Shelf LLC, a Delaware limited
liability
company, as depositor (the "Depositor"), and              , a              corporation, as trustee and not in
its individual capacity (in such capacity, the "Owner Trustee"). 

    WHEREAS,              Auto
Owner Trust 2001-       has been created pursuant to a trust agreement, dated as of              , 2001, between the
Depositor and the Owner Trustee (the "Initial Trust Agreement"); and 

    WHEREAS,
the Depositor and the Owner Trustee wish to amend and restate the Initial Trust Agreement on the terms and conditions hereinafter set forth and issue $              
aggregate principal amount of Asset Backed Certificates; 

    NOW,
THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows: 

 
 

ARTICLE ONE    
  

 
 

DEFINITIONS    
  

    Section 1.01.  General Definitions.  Whenever used herein, unless the context otherwise requires,
the following words and phrases shall have the following meanings: 

    "Accountants"  has the meaning set forth in Section 5.05. 

    "Administration Agreement"  means the administration agreement, dated as of              1, 2001, among
the
Issuer, the Indenture Trustee, the Depositor and the Administrator, as amended or supplemented from time to time. 

    "Administrator"  means the Seller, as administrator under the Administration Agreement, and its successors in such
capacity. 

    "Agreement"  means this Amended and Restated Trust Agreement, as the same may be amended and supplemented from time to
time. 

    "Applicants"  has the meaning set forth in Section 3.07. 

    "Benefit Plan"  means (i) an employee benefit plan (as such term is defined in Section 3(3) of ERISA) that
is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any entity whose underlying assets include plan assets by reason
of a plan's investment in the entity. 

    "Book-Entry Certificates"  means a beneficial interest in the Certificates, ownership and Transfers of which
shall be made through book entries by a Clearing Agency as described in Section 3.10. 

    "Business Trust Statute"  means Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. § 3801  et seq., as the same may
be amended from time to time. 

 

    "Certificate"  means a certificate evidencing the beneficial interest of a Holder in the Issuer, substantially in the
form of Exhibit A. 

    "Certificate Balance"  means, at any time, as the context may require, with respect to (i) all of the
Certificates, an amount equal to, initially, the Initial Certificate Balance and, thereafter, an amount equal to the Initial Certificate Balance as reduced from time to time by all amounts allocable
to principal previously distributed to the Certificateholders or (ii) any Certificate, an amount equal to, initially, the initial denomination of such Certificate and, thereafter, an amount
equal to such initial denomination as reduced from time to time by all amounts allocable to principal previously distributed in respect of such Certificate; provided, however, that (a) except
as otherwise indicated by the context, references to the Certificate Balance as of a particular Distribution Date shall take into account all distributions of principal made on such Distribution Date,
(b) in determining whether the Holders of Certificates evidencing the requisite percentage of the Certificate Balance have given any request, demand, authorization, direction, notice, consent
or waiver hereunder or under any other Basic Document, Certificates owned by the Issuer, any other obligor upon the Certificates, the Depositor, the Seller, the Servicer or any of their respective
Affiliates shall be disregarded and deemed to be excluded from the Certificate Balance (unless such Persons own 100% of the Certificate Balance of the Certificates), except that, in determining
whether the Indenture Trustee or the Owner Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Certificates that a Responsible
Officer of the Indenture Trustee or the Owner Trustee, as applicable, knows to be so owned shall be so disregarded and (c) Certificates that have been pledged in good faith may be regarded as
included in the Certificate Balance if the pledgee establishes to the satisfaction of the Indenture Trustee or the Owner Trustee, as applicable, the pledgee's right so to act with respect to such
Certificates and that the pledgee is not the Issuer, any other obligor upon the Certificates, the Depositor, the Seller, the Servicer or any of their respective Affiliates. 

    "Certificate Depository Agreement"  means the agreement, dated the Closing Date, among the Issuer, the Indenture
Trustee, the Owner Trustee and DTC, as the initial Clearing Agency, relating to the Certificates, as amended or supplemented from time to time. 

    "Certificate Distribution Account"  means the account established and maintained as such pursuant to
Section 5.01. 

    "Certificate Final Distribution Date"  means the              ,
       Distribution Date. 

    "Certificate of Trust"  means the Certificate of Trust filed for the Issuer pursuant to Section 3810(a) of the
Business Trust Statute. 

2

 

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

    "Certificate Register" and "Certificate Registrar"  means the register
maintained and the registrar (or any successor thereto) appointed pursuant to Section 3.04. 

    "Certificateholder" or "Holder"  means a Person in whose name a
Certificate is registered on the Certificate Register. 

    "Closing Date"  means              , 2001. 

    "Code"  means the Internal Revenue Code of 1986, as amended, and Treasury Regulations promulgated thereunder. 

    "Commission"  means the Securities and Exchange Commission, and its successors. 

    "Corporate Trust Office"  means, with respect to the Owner Trustee, the principal corporate trust office of the Owner
Trustee located at              , Attention:              , or at such other address as the Owner Trustee may
designate by notice to the Holders, the Insurer, the Indenture Trustee, the
Servicer and the Depositor, or the principal corporate trust office of any successor Owner Trustee at the address designated by such successor Owner Trustee by notice to the Holders, the Indenture
Trustee, the Insurer, the Servicer and the Depositor. 

    "Definitive Certificates"  has the meaning set forth in Section 3.10. 

    "Depositor"  means PASS, in its capacity as depositor hereunder, and its successors. 

    "Distribution Date"  has the meaning set forth in the Sale and Servicing Agreement. 

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

    "Eligible Account"  has the meaning set forth in the Sale and Servicing Agreement. 

    "Eligible Institution"  has the meaning set forth in the Sale and Servicing Agreement. 

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

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

    "Expenses"  has the meaning set forth in Section 8.02. 

3

 

    "Final Distribution Date"  has the meaning set forth in the Sale and Servicing Agreement. 

    "Indemnified Parties"  has the meaning set forth in Section 8.02. 

    "Indenture"  means the indenture, dated as of              1, 2001, between the Issuer and the
Indenture Trustee,
as amended or supplemented from time to time. 

    "Initial Certificate Balance"  means $              . 

    "Insurer Default"  has the meaning set forth in the Indenture. 

    "Interest Period"  has the meaning set forth in the Indenture. 

    "Issuer"  means the              Auto Owner Trust 2001-       , and
its successors. 

    "Opinion of Counsel"  means one or more written opinions of counsel, who may be an employee of or counsel to the
Depositor or the Servicer, which counsel shall be acceptable to the Indenture Trustee, the Owner Trustee, the Insurer or each Rating Agency, as the case may be. 

    "Optional Termination"  means the exercise by the Servicer of its option to purchase all remaining Receivables from the
Issuer on any Distribution Date following the last day of a Collection Period as of which the Pool Balance is 10% or less of the Cutoff Date Pool Balance. 

    "Owner Trustee"  means              ,
a              corporation, not in its individual capacity but solely
as Owner Trustee under this Agreement, and any successor Owner Trustee hereunder. 

    "Owner Trust Estate"  means all right, title and interest of the Issuer in, to and under the property and rights
assigned to the Issuer pursuant to Article Two of the Sale and Servicing Agreement. 

    "PASS"  means Pooled Auto Securities Shelf LLC, and its successors. 

    "Paying Agent"  means the Owner Trustee or any successor paying agent or co-paying agent appointed pursuant
to Section 3.09. 

    "Plan Asset Regulation"  means 29 C.F.R. Section 2510.3-101 issued by The United States Department of
Labor concerning the definition of what constitutes the assets of a Benefit Plan with respect to such Benefit Plan's investment in an entity for purposes of the fiduciary responsibility provisions of
Title I of ERISA and Section 4975 of the Code. 

    "Prepayment Date"  means the Distribution Date specified by the Servicer pursuant to Section 9.02(a). 

4

 

    "Prepayment Price"  means, with respect to any prepayment of Certificates pursuant to Section 9.02(a), an amount
equal to the sum of (i) the Certificate Balance as of the related Prepayment Date plus (ii) the amount of accrued but unpaid interest on such Certificate Balance to but excluding such
Prepayment Date. 

    "PTCE 95-60"  means Prohibited Transaction Class Exemption 95-60, as amended or supplemented
from time to time. 

    "Record Date"  means, with respect to any Distribution Date, the close of business on the day immediately preceding such
Distribution Date or, if the Certificates are issued as Definitive Certificates, the close of business on the last day of the month immediately preceding the month in which such Distribution Date
occurs. 

    "Residual Interest"  means the right to receive the amounts in respect of the Trust Estate that are distributable to the
Seller pursuant to this Agreement, the Sale and Servicing Agreement or the Indenture. 

    "Sale and Servicing Agreement"  means the sale and servicing agreement, dated as of              1,
2001, among
the Issuer, the Depositor, the Seller and the Servicer, as amended or supplemented from time to time. 

    "Secretary of State"  means the Secretary of State of the State of Delaware. 

    "Securities Act"  means the Securities Act of 1933, as amended. 

    "Seller"  means              , and its successors. 

    "Servicer"  means              , in its capacity as servicer under the Sale and Servicing Agreement,
and its
successors. 

    "Transfer"  means a sale, transfer, assignment, participation, pledge or other disposition of a Certificate. 

    "Treasury Regulations"  means regulations, including proposed or temporary regulations, promulgated under the Code.
References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

    "Trust Estate"  means all right, title and interest of the Issuer in and to the property and rights assigned to the
Issuer pursuant to Article Two of the Sale and Servicing Agreement, all funds on deposit from time to time in the Accounts and the Certificate Distribution Account, all other property of the Issuer
from time to time, including any rights of the Owner Trustee and the Issuer pursuant to the Sale and Servicing Agreement and the Administration Agreement and all proceeds of the foregoing. 

5

 

    Section 1.02.  Other Definitional Provisions.  

    (a)    Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed
thereto in the Sale and Servicing Agreement or the Indenture, as the case may be. 

    (b)    All terms defined in this Agreement shall have the defined meanings when used in any certificate
or other document made or delivered pursuant hereto unless otherwise defined therein. 

    Section 1.03.  Interpretive Provisions.  

    (a)    For all purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires, (i) terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to this Agreement include all exhibits hereto,
(iii) references to words such as "herein", "hereof" and the like shall refer to this Agreement as a whole and not to any particular part, article or section within this Agreement,
(iv) references to a section such as "Section 1.01", an article such as "Article One" and the like shall refer to the applicable Section or Article of this Agreement, as the case may be,
(v) the term "include" and all variations thereof shall mean "include without limitation", (vi) the term "or" shall include "and/or" and (vii) the term "proceeds" shall have the
meaning set forth in the applicable UCC. 

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

6

  

  
 

    ARTICLE TWO    
  

 
 

ORGANIZATION    
  

    Section 2.01.  Name.  The trust created hereby shall be known as the "              Auto
Owner Trust 2001-       ", in which name the Owner Trustee may conduct the business of the Issuer, make and execute contracts and other instruments and sue and be sued, to the
extent herein provided. 

    Section 2.02.  Office.  The office of the Issuer shall be in care of the Owner Trustee at the
Corporate Trust Office or at such other address in Delaware as the Owner Trustee may designate by written notice to the Holders and the Depositor. 

    Section 2.03.  Purposes and Powers.  

    (a)    The sole purpose of the Issuer is to conserve the Trust Estate and collect and disburse the
periodic income therefrom for the use and benefit of the
Certificateholders, and in furtherance of such purpose to engage in the following ministerial activities: 

    (i)    to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement, and
to sell the Notes and the Certificates upon the written order of the Depositor; 

    (ii)    with the proceeds of the sale of the Securities, to purchase the Receivables, to fund the Reserve
Fund with an amount equal to the Reserve Fund Initial Deposit, to pay the organizational, start-up and transactional expenses of the Issuer and to pay the balance to the Seller, as holder
of the Residual Interest pursuant to the Sale and Servicing Agreement; 

    (iii)    to pay interest on and principal of the Securities and any excess collections to the Seller, as
holder of the Residual Interest pursuant to the terms of the Securities, the Sale and Servicing Agreement and the other Basic Documents; 

    (iv)    to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate pursuant to the
Indenture to the Indenture Trustee as security for the Notes and to hold, manage and distribute to the Certificateholders pursuant to the terms of this Agreement any portion of the Trust Estate
released from the Lien of, and remitted to the Issuer pursuant to, the Indenture; 

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

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

7

 

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

    (b)    The Issuer is hereby authorized to engage in the foregoing activities. The Issuer shall not engage
in any activities other than in connection with the foregoing or other than as required, authorized or contemplated by the terms of this Agreement or the other Basic Documents. 

    Section 2.04.  Appointment of Owner Trustee.  The Depositor hereby appoints the Owner Trustee as
trustee of the Issuer effective as of the date hereof and to have all the rights, powers and duties set forth herein and in the Business Trust Statute, and the Owner Trustee hereby accepts such
appointment. 

    The
Owner Trustee may engage, in the name of the Issuer or in its own name on behalf of the Issuer, in the activities of the Issuer, make and execute contracts on behalf of the Issuer
and sue on behalf of the Issuer. 

    Section 2.05.  Initial Capital Contribution of Trust Estate.  As of              , 2001, the
Depositor sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $              . The Owner Trustee hereby acknowledges receipt in trust from the
Depositor, as of such
date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Certificate Distribution Account. The Depositor shall pay the organizational expenses
of the Issuer as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 

    Section 2.06.  Declaration of Trust.  The Owner Trustee hereby declares that it will hold the
Owner Trust Estate in trust upon and subject to the conditions set forth herein for the sole purpose of conserving the Owner Trust Estate and collecting and disbursing the periodic income therefrom
for the use and benefit of the Certificateholders, subject to the lien of the Indenture Trustee and the Insurer and the obligations of the Issuer under the Basic Documents. It is the intention of the
parties hereto that the Issuer constitute a business trust under the Business Trust Statute and that this Agreement constitute the governing instrument of such business trust. It is the intention of
the parties hereto that, solely for income and franchise tax purposes, (i) so
long as there is a sole beneficial owner, the Issuer shall be treated as a nonentity and (ii) if there is more than one beneficial owner, the Issuer shall be treated as a grantor trust pursuant
to Sections 671 through 679 of the Code for income and franchise tax purposes, with the assets of the trust being the Receivables and other assets of the Issuer and with the Certificates and the Notes
being debt of the partnership. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will file or cause to be filed annual or other necessary returns, reports
and other forms consistent with the characterization of the Issuer as provided in the preceding sentence for such tax purposes. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the 

8

 

Business Trust Statute for the sole purpose and to the extent necessary to accomplish the purpose of the Issuer as set forth in Section 2.03(a). The Owner Trustee has filed the Certificate of
Trust with the Secretary of State. 

    Section 2.07.  Liability of Certificateholders.  The Certificateholders shall be entitled to the
same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of the State of Delaware. 

    Section 2.08.  Title to Trust Estate.  

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

    (b)    The Certificateholders shall not have legal title to any part of the Trust Estate. The
Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial ownership interests therein only in accordance with Articles Five and Nine. No transfer, by
operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their beneficial ownership interest in the Trust Estate shall operate to terminate this Agreement or
the trusts hereunder or entitle
any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 

    Section 2.09.  Situs of Issuer.  The Issuer will be located and administered in the State of
Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the states of Delaware,              or New York. The Issuer shall not have
any employees
in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be
received by the Issuer only in, and payments will be made by the Issuer only from, the states of Delaware,              or New York. The only office of the Issuer will be at the
Corporate Trust
Office. 

    Section 2.10.  Representations and Warranties of the Depositor.  The Depositor hereby represents
and warrants to the Owner Trustee that: 

    (a)    The Depositor has been duly organized and is validly existing as a limited liability company in
good standing under the laws of the State of Delaware, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business
is presently conducted, and had at all relevant times, and has, power, authority and legal right to acquire, own and sell the Receivables. 

    (b)    The Depositor is duly qualified to do business as a foreign limited liability company in good
standing and has obtained all necessary licenses and 

9

 

approvals in each jurisdiction in which the failure to so qualify or to obtain such licenses and approvals would materially and adversely affect the performance by the Depositor of its obligations
under, or the validity or enforceability of, this Agreement, any of the other Basic Documents to which it is a party, the Receivables, the Notes or the Certificates. 

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

    (d)    This Agreement constitutes a legal, valid and binding obligation of the Depositor, enforceable in
accordance with its terms, except as such enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation, fraudulent conveyance or other similar laws
affecting the enforcement of creditors' rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law. 

    (e)    The execution, delivery and performance by the Depositor of this Agreement and the other Basic
Documents to which it is a party, the consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (i) conflict with, result in any breach of
any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of the Depositor,
(ii) conflict with or violate any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other instrument
to which the Depositor is a party or by which it is bound, (iii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than pursuant to the Basic Documents), or (iv) violate any law or, to the best of the Depositor's knowledge, any order, rule or regulation applicable to
the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties, in each
case which breach, default, conflict, Lien or violation would have a material adverse effect on the earnings, business affairs or business prospects of the Depositor. 

    (f)    There are no proceedings or investigations pending or, to the Depositor's knowledge, threatened,
before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this
Agreement, 

10

 

any of the other Basic Documents, the Notes or the Certificates, (ii) seeking to prevent the issuance of the Notes or Certificates or the consummation of any of the transactions contemplated by
this Agreement and any of the other Basic Documents or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its obligations
under, or the validity or enforceability of, this Agreement, any of the other Basic Documents, the Receivables, the Notes or the Certificates. 

    Section 2.11.  Federal Income Tax Matters.  The Certificateholders acknowledge that it is their
intent and that they understand it is the intent of the Depositor and the Servicer that, for purposes of federal income, state and local income and franchise tax and any other income taxes, the Issuer
will be treated either as a "nonentity" under Treasury Regulation Section 301.7701-3 if there is only a single holder of the Residual Interest or as a grantor trust pursuant to
Sections 671 through 679 of the Code if there is more than one Holder of the Residual Interest. The Certificates will be issued with the intention that for tax purposes including federal, state and
local income, single business and franchise tax purposes, the Certificates will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Certificateholder, by its acceptance of a
Certificate (and each Certificate Owner with respect to a Book-Entry Certificate), agree to treat the Certificates for tax purposes including federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuer. In the event that the Issuer is required to be treated as a partnership for federal income tax purposes, all allocations of income,
gain, credit, loss and deduction will be made in a manner that has substantial economic effect pursuant to Section 704(b) of the Code. The holder of the Residual Interest and the
Certificateholders, by acceptance of a Certificate, agree to such treatment and agree to take no action inconsistent with such treatment. 

    The
Depositor is authorized to modify the allocations in this Section if necessary or appropriate, in its sole discretion, for the allocations to reflect fairly the economic income,
gain or loss to the holder of the Residual Interest or the Certificateholders or as otherwise required by the Code. 

11

  

  
 

    ARTICLE THREE    
  

 
 

CERTIFICATES AND TRANSFER OF INTERESTS    
  

    Section 3.01.  Initial Ownership.  Upon the formation of the Issuer by the contribution by the
Depositor pursuant to Section 2.05 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Issuer. 

    Section 3.02.  The Certificates.  The Certificates shall be issued in one or more registered,
definitive, physical certificates substantially in the form of Exhibit A hereto, in minimum denominations of at least $1,000 and integral multiples of $1,000 in excess thereof; provided,
however, that a single Certificate may be issued in a denomination equal to the Initial Certificate Balance less the aggregate denominations of all other Certificates or a denomination less than
$1,000. 

    The
Certificates may be in printed or typewritten form and shall be executed on behalf of the Issuer by manual or facsimile signature of an authorized signatory of the Owner Trustee.
Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Issuer, shall be validly
issued and entitled to the benefits of this Agreement, notwithstanding that such individuals or any of them shall have ceased to
be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 

    If
Transfer of a Certificate is permitted pursuant to this Section and Section 3.04, the transferee shall become a Certificateholder, and shall be entitled to the rights and
subject to the obligations of a Certificateholder hereunder upon such transferee's acceptance of a Certificate duly registered in such transferee's name pursuant to Section 3.04. 

    Section 3.03.  Authentication and Delivery of Certificates.  On the Closing Date, the Owner
Trustee shall cause to be authenticated and delivered, in exchange for the Receivables and the other assets of the Issuer, simultaneously with the sale, assignment and transfer to the Issuer of the
Receivables, and the constructive delivery to the Owner Trustee of the Receivable Files and the other assets of the Issuer, Certificates duly authenticated by the Owner Trustee, evidencing the entire
ownership of the Issuer, in aggregate principal amount equal to the Initial Certificate Balance. No Certificate shall entitle its Holder to any benefit under this Agreement, or be valid for any
purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or its authenticating
agent, by manual signature; and such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be
dated the date of their authentication. Upon issuance, authentication and delivery pursuant to the terms hereof, the Certificates will be entitled to the benefits of this Agreement. 

12

 

    Section 3.04.  Registration of Transfer and Exchange of Certificates.  

    (a)    The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained
pursuant to Section 3.08, a register (the "Certificate Register") in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as herein provided. The Owner Trustee,              is hereby appointed as initial certificate registrar
(the
"Certificate Registrar"). Upon any resignation of any
Certificate Registrar, the Owner Trustee or Depositor shall promptly appoint a successor thereto. 

    (b)    The Certificates may not be acquired by or for the account of a Benefit Plan. Each Certificate
Owner, by its acceptance of a Certificate or a beneficial interest therein, shall be deemed to have represented and warranted that such Certificate Owner (i) is not a Benefit Plan and is not a
Person acting on behalf of a Benefit Plan or a Person using the assets of a Plan to effect the transfer of such Certificate, and (ii) is not an insurance company purchasing a Certificate with
funds contained in an "insurance company general account" (as defined in Section V(e) of PTCE 95-60) that includes the assets of a Benefit Plan for purposes of the Plan Asset
Regulation. 

    To
the extent permitted under applicable law (including ERISA), neither the Owner Trustee nor the Certificate Registrar shall be under any liability to any Person for any registration
of Transfer of any Certificate that is in fact not permitted or for taking any other action with respect to such Certificate under the provisions of this Agreement so long as such transfer was
registered by the Owner Trustee or the Certificate Registrar in accordance with this Agreement. 

    (c)    Upon surrender for registration of Transfer of any Certificate at the office or agency of the
Certificate Registrar to be maintained as provided in Section 3.08, and upon compliance with any provisions of this Agreement relating to such Transfer, the Owner Trustee shall execute on
behalf of the Issuer and the Owner Trustee shall authenticate and deliver to the Certificateholder making such surrender, in the name of the designated transferee or transferees, one or more new
Certificates in any authorized denomination evidencing the same aggregate interest in the Issuer. Each Certificate presented or surrendered for registration of Transfer or exchange shall be
accompanied by a written instrument of transfer and accompanied by IRS Form W-8ECI or W-9 in form satisfactory to the Owner Trustee and the Certificate Registrar, duly
executed by the Certificateholder or his attorney duly authorized in writing. Each Certificate presented or surrendered for registration of Transfer or exchange shall be canceled and subsequently
disposed of by the Certificate Registrar in accordance with its customary practice. No service charge shall be made for any registration of Transfer or exchange of Certificates, but the Owner Trustee
or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any Transfer or exchange of Certificates. 

13

 

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

    (e)    All Certificates surrendered for registration of Transfer or exchange, if surrendered to the
Issuer or any agent of the Owner Trustee or the Issuer under this Agreement, shall be delivered to the Owner Trustee and promptly cancelled by it, or, if surrendered to the Owner Trustee, shall be
promptly cancelled by it, and no Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Owner Trustee shall dispose of cancelled
Certificates in accordance with its normal practice. 

    (f)    The preceding provisions of this Section notwithstanding, the Owner Trustee shall not make, and
the Certificate Registrar shall not register Transfers or exchanges of, Certificates for a period of 15 days preceding the date that any payment is due with respect to the Certificates. 

    Section 3.05.  Mutilated, Destroyed, Lost or Stolen Certificates.  

    (a)    If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the
Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and (ii) there is delivered to the Certificate Registrar and the Owner Trustee
such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice that such Certificate has been acquired by a Protected Purchaser, the Owner Trustee
on behalf of the Issuer shall execute and the Owner Trustee or its authenticating agent shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of a like tenor and denomination; provided, however, that if any such destroyed, lost or stolen Certificate, but not a mutilated Certificate, shall have become or within
seven days of the Certificate Registrar's receipt of evidence to its satisfaction of such destruction, loss or theft shall be due and payable, or shall have been called for prepayment in whole
pursuant to Section 9.02, instead of issuing a replacement Certificate, the Owner Trustee may direct the Paying Agent to pay such destroyed,
lost or stolen Certificate when so due or payable or upon the Prepayment Date without surrender thereof. If, after the delivery of such replacement Certificate or payment of a destroyed, lost or
stolen Certificate pursuant to the proviso to the preceding sentence, a Protected Purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment
such original Certificate, the Issuer and the Owner Trustee shall be entitled to recover such replacement Certificate (or such payment) from the Person to whom such replacement Certificate was
delivered or any Person taking such replacement Certificate from such Person to whom such replacement 

14

 

Certificate was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Issuer or the Owner Trustee in connection therewith. In connection with the issuance of any new Certificate under this Section, the Owner Trustee may require
the payment of a sum sufficient to cover any expense, tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section shall
constitute conclusive evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

    (b)    Upon the issuance of any replacement Certificate under this Section, the Issuer may require the
payment by the Holder of such Certificate of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with such issuance and any other reasonable expenses
(including the fees and expenses of the Owner Trustee) related thereto. 

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

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

    Section 3.06.  Persons Deemed Holders.  Prior to due presentation of a Certificate for
registration of Transfer, the Owner Trustee, the Certificate Registrar, any Paying Agent and any of their respective agents may treat the Person in whose name any Certificate is registered in the
Certificate Registrar as the holder of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee,
the Certificate Registrar, any Paying Agent or any of their respective agents shall be affected by any notice to the contrary. 

    Section 3.07.  Access to List of Certificateholders' Names and Addresses.  The Certificate
Registrar shall furnish or cause to be furnished to the Servicer, the Insurer and the Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from the
Servicer, the Insurer or the Depositor, a list, in such form as the entity making the request may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record
Date. If three or more Certificateholders, or one or more Holders of Certificates evidencing not less than 25% of the Certificate Balance (hereinafter referred to as the "Applicants"), apply in
writing to the Certificate Registrar, and such application states that the 

15

 

Applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a copy of the
communication that such Applicants propose to transmit, then the Certificate Registrar shall, within five Business Days after the receipt of such application, afford such Applicants access during
normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the
Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 

    Section 3.08.  Maintenance of Office or Agency.  The Certificate Registrar shall maintain in the
Borough of Manhattan, the City of New York, an office or offices or agency or
agencies where Certificates may be surrendered for registration of Transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Certificates and the Basic
Documents may be served. The Certificate Registrar initially designates the Corporate Trust Office as its office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor,
the Servicer and the Certificateholders of any change in the location of the Certificate Registrar or any such office or agency. 

    Section 3.09.  Appointment of Paying Agent.  The Paying Agent shall make distributions to
Certificateholders from the Certificate Distribution Account pursuant to Section 5.02(a) and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the
revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying
Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent initially
shall be the Owner Trustee, and any co-paying agent chosen by the Paying Agent that is acceptable to the Owner Trustee. Each Paying Agent shall be permitted to resign as Paying Agent upon
30 days' prior written notice to the Owner Trustee. In the event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee, upon receipt of written instruction from the
Depositor and with the consent of the Insurer, shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or
any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor or additional Paying Agent shall agree with the Owner
Trustee that, as Paying Agent, it will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall
be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its
possession to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role as Paying Agent, for so 

16

 

long as the Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise. 

    Section 3.10.  Book-Entry Certificates.  The Certificates, upon original issuance,
shall be issued as provided in Section 3.02 representing the Book-Entry Certificates, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf
of, the Issuer. The Book-Entry Certificates shall be registered initially on the Certificate Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no
Certificate Owner thereof shall receive a definitive Certificate representing such Certificate Owner's interest in such Certificate, except as provided in Section 3.12. Unless and until
definitive, fully registered Certificates (the "Definitive Certificates") have been issued to such Certificate Owner pursuant to Section 3.12: 

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

    (ii)    the Certificate Registrar, the Paying Agent and the Owner Trustee shall be entitled to deal with
the Clearing Agency for all purposes of this Agreement (including the payment of principal and interest on the Certificates and the giving of instructions or directions hereunder) as the sole Holder
of the Certificates, and shall have no obligation to the Certificate Owners; 

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

    (iv)    the rights of Certificate Owners shall be exercised only through the Clearing Agency and shall be
limited to those established by law and agreements between such Certificate Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Certificate Depository Agreement,
and, unless and until Definitive Certificates are issued, 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 Certificates to such Clearing Agency Participants; and 

    (v)    whenever this Agreement requires or permits actions to be taken based upon written instructions or
directions of Holders of Certificates evidencing a specified percentage of the Certificate Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has
received written instructions to such effect from Certificate Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in
the Certificates and has delivered such written instructions to the Owner Trustee. 

    Section 3.11.  Notices to Clearing Agency.  Whenever a notice or other communication to the
Certificateholders is required under this Agreement, unless and 

17

 

until Definitive Certificates shall have been issued to Certificate Owners pursuant to Section 3.12, the Owner Trustee shall give all such notices and communications specified herein to be
given to Holders of the Certificates to the Clearing Agency, and shall have no obligation to Certificate Owners. 

    Section 3.12.  Definitive Certificates.  If (i) the Depositor, the Administrator or the
Servicer advises the Owner Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Certificates
and the Administrator is unable to locate a qualified successor, (ii) the Depositor, at its option, advises the Owner Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (iii) after the occurrence of a Servicer Termination Event, Certificate Owners representing beneficial interests aggregating not less than 51% of the
Certificate Balance advise the Owner 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 Certificate Owners, then the Clearing Agency shall notify all Certificate Owners and the Owner Trustee in writing of the occurrence of such event and of the availability of Definitive
Certificates to Certificate Owners requesting the same. Upon surrender to the Certificate Registrar of the typewritten Certificates representing the Book-Entry Certificates by the Clearing
Agency, accompanied by registration instructions, the Owner Trustee shall execute and authenticate the Definitive Certificates in accordance with the instructions of the Clearing Agency. None of the
Issuer, the Certificate Registrar or the Owner 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 Certificates, the Owner Trustee shall recognize the Holders of the Definitive Certificates as Certificateholders. 

    Section 3.13.  Certificates Nonassessable and Fully Paid.  Certificateholders shall not be
personally liable for obligations of the Issuer. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon
the authentication thereof by the Owner Trustee pursuant to Section 3.03, 3.04 or 3.05, the Certificates are and shall be deemed fully paid. 

    Section 3.14.  No Recourse.  Each Certificateholder by accepting a Certificate acknowledges that
such Certificateholder's Certificates represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator,
the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in
the Certificates, this Agreement or any other Basic Document. 

18

  

  
 

    ARTICLE FOUR    
  

ACTIONS BY OWNER TRUSTEE  

    Section 4.01.  Prior Notice to Certificateholders with Respect to Certain Matters.  Subject to the
provisions and limitations of Section 4.04, with respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action,
(i) the Owner Trustee shall have notified the Certificateholders, the Rating Agencies and, so long as no Insurer Default shall have occurred and be continuing, the Insurer in writing of the
proposed action, or (ii) if an Insurer Default shall have occurred and be continuing, the Holders of Certificates evidencing not less than 51% of the Certificate Balance shall not have notified
the Owner Trustee in writing prior to the 30th day after such notice is given that the Insurer and such Holders have withheld consent or provided alternative direction: 

    (a)    the initiation of any claim or lawsuit by the Issuer (except claims or lawsuits brought in
connection with the collection of the Receivables) and the settlement of any action, proceeding, investigation, claim or lawsuit brought by or against the Issuer (except with respect to the
aforementioned claims or lawsuits for collection of the Receivables brought by the Issuer); 

    (b)    the election by the Issuer to file an amendment to the Certificate of Trust (unless such amendment
is required to be filed under the Business Trust Statute); 

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

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

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

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

provided,
however, that the Owner Trustee shall not take action with respect to any of the foregoing matters if such action would reasonably be expected to materially adversely affect the interests of
the Insurer. 

    Section 4.02.  Action by Certificateholders with Respect to Certain Matters.  The Owner Trustee
may not, except upon the occurrence of a Servicer Termination Event, 

19

 

subsequent to the payment in full of the Notes and in accordance with, so long as no Insurer Default shall have occurred and be continuing, the written direction of the Insurer, or, if an Insurer
Default shall have occurred and be continuing, in accordance with the written direction of the Holders of Certificates evidencing not less than 51% of the Certificate Balance, (i) remove the
Servicer pursuant to Article Seven of the
Sale and Servicing Agreement, (ii) appoint a Successor Servicer pursuant to Article Seven of the Sale and Servicing Agreement, (iii) remove the Administrator pursuant to
Section 1.09 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 1.09 of the Administration Agreement or (v) sell the Receivables
after the termination of the Indenture, except as expressly provided in the Basic Documents. 

    Section 4.03.  Action by Certificateholders with Respect to Bankruptcy.  The Owner Trustee shall
not have the power to commence a voluntary proceeding in bankruptcy relating to the Issuer at the direction of Certificateholders unless (i) the Notes have been paid in full and (ii) so
long as no Insurer Default shall have occurred and be continuing, the Insurer, or, if an Insurer Default shall have occurred and be continuing, each Certificateholder approves of such commencement in
writing in advance and delivers to the Owner Trustee a certificate certifying that such Person reasonably believes that the Issuer is insolvent. 

    Section 4.04.  Restrictions on Certificateholders' Power.  Neither the Certificateholders nor the
Insurer shall direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this
Agreement or any of the other Basic Documents or would be contrary to the purpose of the Issuer as set forth in Section 2.03, nor shall the Owner Trustee be obligated to follow any such
direction, if given. 

    Section 4.05.  Majority Control.  Except as expressly provided herein, any action that may be
taken by the Certificateholders under this Agreement may be taken by the Holders of Certificates evidencing not less than 51% of the Certificate Balance. Except as expressly provided herein, any
written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of Certificates evidencing not less than 51% of the Certificate Balance at the
time of the delivery of such notice. 

    Section 4.06.  Certain Litigation Matters.  The Owner Trustee shall provide prompt written notice
to the Depositor, the Seller, the Servicer and the Insurer of any action, proceeding or investigation known to the Owner Trustee that could reasonably be expected to adversely affect the Issuer or the
Owner Trust Estate or the rights or obligations of the Insurer under any of the Basic Documents. So long as no Insurer Default shall have occurred and be continuing, and neither the Depositor nor the
Seller shall be actively defending any such action, proceeding or investigation, the
Owner Trustee shall, upon written notice from the Insurer, allow the Insurer to institute, assume or control the defense of such action, proceeding or investigation. 

20

 
 
 

ARTICLE FIVE    
  

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES  

    Section 5.01.  Establishment of Trust Account.  The Owner Trustee, for the benefit of the
Certificateholders, shall establish and maintain in the name of the Issuer an Eligible Account (the "Certificate Distribution Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Certificateholders. 

    The
Owner Trustee shall possess all right, title and interest in funds on deposit from time to time in the Certificate Distribution Account and in the proceeds thereof. Except as
otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time,
the Certificate Distribution Account ceases to be an Eligible Account, the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by
the Owner Trustee or an Affiliate thereof) shall within ten Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency and, so long as no Insurer Default
shall have occurred and be continuing, the Insurer must consent) establish a new Certificate Distribution Account as an Eligible Account and shall transfer any cash and/or any investments to such new
Certificate Distribution Account. Monies on deposit in the Certificate Distribution Account may be invested in Permitted
Investments upon the terms set forth in Section 4.01 of the Sale and Servicing Agreement, as if the Certificate Distribution Account were an "Account". 

    Section 5.02.  Application of Trust Funds.  

    (a)    On each Distribution Date, upon receipt of written instructions from the Servicer pursuant to
Section 4.06 of the Sale and Servicing Agreement, the Owner Trustee shall, or, if the Owner Trustee is not the Paying Agent, shall direct the Paying Agent to, apply the amount on deposit in the
Certificate Distribution Account on such Distribution Date to make the following distributions to the Certificateholders in the following order of priority: 

    (i)    the Certificate Interest Distributable Amount for such Distribution Date and 

    (ii)    the Certificate Principal Distributable Amount for that Distribution Date. 

    If
the amount on deposit in the Certificate Distribution Account on any Distribution Date is less than the amount described in clause (i) or (ii) above for such
Distribution Date, the Owner Trustee shall, or, if the Owner Trustee is not the Paying Agent, shall direct the Paying Agent to, pay the available amount to the Holders of each Certificate pro rata
based on the outstanding principal amount of such Certificate as of such Distribution Date. 

21

 

    (b)    On each Distribution Date, the Owner Trustee shall, or if the Owner Trustee is not the Paying
Agent, shall direct the Paying Agent to, send to each Certificateholder the statement or statements provided to the Owner Trustee by the Servicer pursuant to Section 4.08 of the Sale and
Servicing Agreement with respect to such Distribution Date. 

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

    Section 5.03.  Method of Payment.  Subject to Section 9.01(c) respecting the final payment
upon retirement of the Certificates, distributions required to be made to Certificateholders on any Distribution Date shall be made to each Certificateholder of record on the related Record Date by
wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefor, if (i) such Certificateholder shall have provided
to the Certificate Registrar and the Paying Agent appropriate written instructions at least five Business Days prior to such Distribution Date and such Certificateholder is a Clearing Agency (or its
nominee) or (ii) such Certificateholder is the Depositor or, if not, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register.
Notwithstanding the foregoing, the final distribution in respect of any Certificate (whether on the Certificate Final Distribution Date or otherwise) will be payable only upon presentation and
surrender of such Certificate at the office or agency maintained for that purpose by the Certificate Registrar pursuant to Section 3.08. 

    Section 5.04.  No Segregation of Monies; No Interest.  Subject to Sections 5.01 and 5.02,
monies received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by law, the Indenture or the Sale and 

22

 

Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. 

    Section 5.05.  Accounting and Reports to Securityholders, Internal Revenue Service and
Others.  The Administrator shall, based on information provided by the Seller, (i) maintain (or cause to be maintained) the books of the Issuer on the
basis of a fiscal year ending December 31, as applicable, and based on the accrual method of accounting, (ii) deliver to each Certificateholder, as may be required by the Code and
applicable Treasury Regulations, such information as may be required (including Schedule K-1) to enable such Certificateholder to prepare its federal and state income tax returns,
(iii) file such tax returns relating to the Issuer (including a partnership information return, IRS Form 1065 if required) and make such elections as may from time to time be required or
appropriate under any applicable state or federal statute or rule or regulation thereunder so as to maintain the Issuer's characterization as a partnership for federal income tax purposes,
(iv) cause such tax returns to be signed in the manner required by law and (v) advise the Owner Trustee to collect or cause to be collected any withholding tax as described in and in
accordance with Section 5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall elect under Section 1278 of the Code to include in income currently
any market discount that accrues with respect to the Receivables. The Owner Trustee shall not make the election provided under Section 754 of the Code. 

    The
Administrator may satisfy its obligations with respect to this Section by retaining, at the expense of the Seller, a firm of independent public accountants (the "Accountants")
selected by the Seller. The Administrator may require the Accountants to provide to the Administrator, on or before              , 200 , a letter in form and substance
satisfactory
to the Administrator as to whether any federal tax withholding on Certificates is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements of
the Code. The Accountants shall be required to update such letter in each instance that any additional tax withholding is subsequently required or any previously required tax withholding shall no
longer be required. The Administrator shall be deemed to have discharged its obligations pursuant to this Section upon its retention of the Accountants, and the Administrator shall not have any
liability with respect to the default or misconduct of the Accountants. 

    Section 5.06.  Signature on Returns; Tax Matters Partner.  

    (a)    The Owner Trustee shall sign, on behalf of the Issuer, the tax returns of the Issuer. 

    (b)    In the event that the Issuer is required to be treated as a partnership for federal income tax
purposes, the Seller, as holder of the Residual Interest, shall be designated the "tax matters partner" of the Issuer pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury
Regulations. 

23

 

    Section 5.07.  Insurance Policy Matters.  

    (a)    The Owner Trustee hereby agrees on behalf of the Certificateholders (and each Certificateholder,
by its acceptance of its Certificates or a beneficial interest therein, hereby agrees) for the benefit of the Insurer that the Indenture Trustee shall recognize that to the extent the Insurer makes a
payment under the Insurance Policy, either directly or indirectly (by paying through the Indenture Trustee) to the Certificateholders, the Insurer will be entitled to be subrogated to the rights of
the Certificateholders to the extent of such payment made under the Insurance Policy. Any rights of subrogation acquired by the Insurer as a result of any payment made under the Insurance Policy
shall, in all respects, be subordinate and junior in right of payment to the prior indefeasible payment in full of all amounts due under the Certificates. 

    (b)    The Indenture Trustee, for itself and on behalf of the Noteholders, and the Insurer, for itself
and on behalf of the Certificateholders, hereby agree that the Insurer may at any time during the continuation of any proceeding relating to a Final Order direct all matters relating to such Final
Order, including the direction of any appeal of any order relating to such Final Order and the posting of any surety, supersedeas or performance bond pending any such appeal. In addition and without
limitation of the foregoing, the Insurer shall be subrogated, to the extent of any payments made under the Insurance Policy, to the rights of the Depositor, the Servicer, the Issuer, the Indenture
Trustee and the Securityholders in the conduct of any preference claim, including all rights of any party to any adversarial proceeding or
action with respect to any court order issued in connection with any such preference claim. 

    (c)    The Insurer will at any time, and from time to time, have the opinion (but not be required, except
in accordance with the terms of the Insurance Policy) to make payments of fees or expenses of any provider of services to the Issuer, including the Indenture Trustee or the Owner Trustee with respect
to such Distribution Date. Any such payments made by the Insurer will be reimbursed to the Insurer pursuant to Section 4.05(d)(viii). 

24

  

  
 

    ARTICLE SIX    
  

AUTHORITY AND DUTIES OF OWNER TRUSTEE  

    Section 6.01.  General Authority.  Subject to the provisions and limitations of Sections 2.03 and
2.06, the Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Issuer is to be a party and each certificate or other document attached as an exhibit to or
contemplated by such Basic Documents, in each case in such form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee's execution thereof and the Depositor's execution of this
Agreement, and to direct the Indenture Trustee to authenticate and deliver Notes in the aggregate principal amount of $              (comprised of
$              aggregate principal amount of
Class A-1 Notes, $              aggregate principal amount of Class A-2 Notes,
$              aggregate principal amount of Class A-3
Notes and $              aggregate principal amount of Class A-4 Notes). In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all
actions required of the Issuer pursuant to the Basic Documents. Subject to Section 2.03, the Owner Trustee is further authorized from time to time to take such action on behalf of the Issuer as
is permitted by the Basic Documents and which the Servicer or the Administrator recommends in writing with respect to the Basic Documents, except to the extent that this Agreement expressly requires
the consent of the Certificateholders or the Insurer for such action. 

    Section 6.02.  General Duties.  Subject to the provisions and limitations of Sections 2.03 and
2.06, it shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to this Agreement and the other Basic
Documents to which it is a party and to administer the Issuer in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Agreement.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged (or caused to be discharged) its duties and responsibilities hereunder and under the other Basic Documents to the
extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or the Issuer hereunder or under any Basic Document, and the Owner
Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. 

    Section 6.03.  Action Upon Instruction.  

    (a)    Subject to Article Four, and in accordance with the terms of the Basic Documents, the
Certificateholders may, by written instruction, direct the Owner Trustee in the management of the Issuer. 

    (b)    The Owner Trustee shall not be required to take any action under this Agreement or any other Basic
Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary
to the 

25

 

terms of this Agreement or any other Basic Document or is otherwise contrary to law. 

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

    (d)    Subject to Article Four, in the event the Owner Trustee is unsure as to the application of any
provision of this Agreement or any other Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the
event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a
particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Insurer or the Certificateholders, as applicable, requesting
instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account of
such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate written instruction within ten days of such notice (or within such shorter period of time as reasonably
may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the
other Basic Documents, as it shall deem to be in the best interests of the Certificateholders and shall have no liability to any Person for such action or inaction. 

    Section 6.04.  No Duties Except as Specified in this Agreement or in Instructions.  The Owner
Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain
from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a 

26

 

party, except as expressly provided by this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.03; and no implied duties or obligations
shall be read into this Agreement or any other Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public
office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any Commission filing for the Issuer or to record
this Agreement or any other Basic Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary
to discharge any Liens (other than the Lien of the Indenture or the Lien of the Insurance Agreement) on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee
in its individual capacity that are not related to the ownership or the administration of the Trust Estate. 

    Section 6.05.  No Action Except Under Specified Documents or Instructions.  The Owner Trustee
shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except in accordance with (i) the powers granted to and the authority conferred upon the
Owner Trustee pursuant to this Agreement, (ii) the other Basic Documents to which the Issuer is a party and (iii) any document or written instruction delivered to the Owner Trustee
pursuant to Section 6.03. 

    Section 6.06.  Restrictions.  The Owner Trustee shall not take any action (i) that is
inconsistent with the purposes of the Issuer set forth in Section 2.03 or (ii) that, to the actual knowledge of the Owner Trustee, would (a) affect the treatment of the Notes as
indebtedness for federal income or              income or franchise tax purposes, (b) be deemed to cause a taxable exchange of the Notes for federal income
or              income or
franchise tax purposes or (c) cause the Issuer or any portion thereof to be taxable as an association or publicly traded partnership taxable as an association for federal income or
              income or franchise tax purposes. The Certificateholders and the Insurer shall not direct the Owner Trustee to take action that would violate the provisions of this
Section. 

27

 
 
 

ARTICLE SEVEN    
  

CONCERNING THE OWNER TRUSTEE  

    Section 7.01.  Acceptance of Trusts and Duties.  The Owner Trustee accepts the trusts hereby
created and agrees to perform its duties hereunder with respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it
constituting part of the Trust Estate upon the terms of this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any other Basic Document under any circumstances,
except (i) for its own willful misconduct, bad faith or negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made
by the Owner Trustee, in its individual capacity. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

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

    (b)    the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken in
good faith by it in accordance with the instructions of the Administrator, the Depositor, the Indenture Trustee, the Servicer, the Insurer or the Certificateholders; 

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

    (d)    under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising
under any Basic Document, including the principal of and interest on the Notes or the Certificates or payments of excess collections to the Seller, as holder of the Residual Interest; 

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

28

 

    (f)    the Owner Trustee shall not be liable for the default or misconduct of the Administrator, the
Depositor, the Insurer, the Indenture Trustee, the Servicer or the Seller under any Basic Document or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations
of the Issuer under this Agreement or the other Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture,
the Seller under the Receivables Purchase Agreement or the Servicer or the Depositor under the Sale and Servicing Agreement; 

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

    (h)    the Owner Trustee shall not be deemed to owe any fiduciary duty to the Insurer, and no implied
duties or obligations with respect to the Insurer shall be read into this Agreement or any other Basic Document against the Owner Trustee. 

    Section 7.02.  Furnishing of Documents.  The Owner Trustee shall furnish to the
Certificateholders, promptly upon receipt of a written request therefor, duplicates or
copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents. 

    Section 7.03.  Representations and Warranties.  The Owner Trustee, in its individual capacity,
hereby represents and warrants to the Depositor for the benefit of the Certificateholders, that: 

    (a)    it is a Delaware banking corporation duly organized and validly existing in good standing under
the laws of the State of Delaware and has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement; 

    (b)    it has taken all corporate action necessary to authorize the execution and delivery by it of this
Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf; and 

    (c)    neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the
transactions contemplated hereby, nor compliance 

29

 

by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment
or order binding on it, or constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its
properties may be bound. 

    Section 7.04.  Reliance; Advice of Counsel.  

    (a)    The Owner Trustee may rely upon, shall be protected in relying upon and shall incur no liability
to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed
by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive
evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of determination of which is not specifically
prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any Vice President or by the treasurer or other authorized officers of the relevant
party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

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

    Section 7.05.  Not Acting in Individual Capacity.  Except as otherwise provided in this Article,
in accepting the trusts hereby created,              acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner
Trustee by
reason of the transactions contemplated by this Agreement or any other Basic Document shall look only to the Trust Estate for payment or satisfaction thereof. 

    Section 7.06.  Owner Trustee Not Liable for Certificates or Receivables.  The recitals contained
herein and in the Certificates (other than the signature and 

30

 

countersignature of the Owner Trustee and the certificate of authentication on the Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for
the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, any other Basic Document, the Certificates (other than the signature and the
countersignature of the Owner Trustee on the Certificates and the certificate of authentication on the Certificates and the representations and warranties in Section 7.03), the Notes, any
Receivable or of any related document. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or
the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency
of the Trust Estate or its ability to generate the payments to be distributed to Certificateholders or the Seller, as holder of the Residual Interest, under this Agreement or the Noteholders under the
Indenture, including the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any
computer or other record thereof; the validity of the assignment of any Receivable to the Issuer or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of
any Receivable; the compliance by the Depositor, the Insurer, the Seller or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of
any such warranty or representation, or any action of the Administrator, the Indenture Trustee or the Servicer taken in the name of the Owner Trustee. 

    Section 7.07.  Owner Trustee May Own Securities.  The Owner Trustee in its individual or any other
capacity may become the Holder or pledgee of Securities and may deal with the Depositor, the Administrator, the Insurer, the Indenture Trustee, the Seller and the Servicer in banking transactions with
the same rights as it would have if it were not Owner Trustee. 

31

  

  
 

    ARTICLE EIGHT    
  

COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE  

    Section 8.01.  Owner Trustee's Fees and Expenses.  The Owner Trustee shall receive as compensation
for its services hereunder such fees as have been separately agreed upon before the date hereof between the Servicer and the Owner Trustee, and upon the formation of the Issuer, the Owner Trustee
shall be entitled to be reimbursed by the Servicer for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. 

    Section 8.02.  Indemnification.  The initial Servicer shall be liable as prime obligor for, and
shall indemnify the Owner Trustee and its successors, assigns, agents and servants (collectively, the "Indemnified Parties") from and against, any and all liabilities, obligations, losses, damages,
taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively,
"Expenses") which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any other Indemnified Party in any way relating to or arising out of this Agreement, the other
Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder; provided, however, that the initial Servicer shall not
be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of the
matters described in the third sentence of Section 7.01. In no event will the initial Servicer or the Owner Trustee be entitled to make any claim upon the Owner Trust Estate for the payment or
reimbursement of any Expenses. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In the event of any
claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Owner Trustee's choice of legal counsel shall be subject to the approval of the initial Servicer, which
approval shall not be unreasonably withheld. 

32

 
 
 

ARTICLE NINE    
  

TERMINATION OF TRUST AGREEMENT  

    Section 9.01.  Termination of Trust Agreement.  

    (a)    This Agreement (other than the provisions of Article Eight) shall terminate and be of no further
force or effect and the Issuer shall dissolve upon the earlier of (i) the payment to the Servicer, the Securityholders and the Insurer of all amounts required to be paid to them pursuant to
Securities, the Indenture, the Sale and Servicing Agreement, the Insurance Agreement and Article Five, (ii) the Distribution Date next succeeding the month which is one year after the maturity
or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any property remaining in the Issuer or (iii) upon the purchase of the Receivables by
the Servicer in connection with an Optional Termination; provided, however, in each case, that the Insurance Policy shall have been terminated in accordance with its terms and returned to the Insurer
for cancellation. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (i) operate to terminate this
Agreement or the Issuer, (ii) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding
up of all or any part of the Issuer or the Trust Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto. 

    (b)    Except as provided in Section 9.01(a), neither the Depositor nor any Certificateholder
shall be entitled to revoke or terminate the Issuer. 

    (c)    Notice of any termination of the Issuer, specifying the Distribution Date upon which
Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to Certificateholders
mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 8.01(b) of the Sale and Servicing Agreement, stating (i) the
Distribution Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein
designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner
Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Paying Agent shall cause to be distributed to
Certificateholders, subject to Section 3808 of the Business Trust Statute, amounts distributable on such Distribution Date pursuant to Section 5.02. The Servicer shall promptly notify
each Rating Agency upon the final payment of the Certificates. 

33

 

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

    (e)    Upon the winding up of the Issuer, in accordance with Section 3808 of the Business Trust
Statute, and its termination, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State. 

    Section 9.02.  Purchase of the Trust Estate; Prepayment of the Certificates.  

    (a)    The Certificates are subject to prepayment in whole, but not in part, at the direction of the
Servicer pursuant to Section 8.01(a) of the Sale and Servicing Agreement, on any Distribution Date on which the Servicer exercises its option to purchase the assets of the Issuer pursuant to
such Section 8.01(a), and the amount paid by the Servicer shall be treated as collections of payments on the Receivables and applied to pay the unpaid principal amount of the Notes plus accrued
but unpaid interest thereon plus the Certificate Balance plus accrued but unpaid interest thereon plus all amounts due to the Insurer under the Basic Documents or the Insurance Policy. The Owner
Trustee shall furnish notice of such prepayment to each Certificateholder. If the Certificates are to be prepaid pursuant to this Section, the Prepayment Price shall be due and payable on the
Prepayment Date. 

    (b)    Notice of prepayment of the Certificates under Section 9.02(a) shall be given by the Owner
Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted promptly following receipt by the Owner Trustee of notice from the Servicer pursuant to Section 8.01(a) of
the Sale and Servicing Agreement, but not later than ten days prior to the applicable Prepayment Date, to each Holder of the Certificates as of the close of business on the Record Date preceding the
applicable Prepayment Date, at such Holder's address or facsimile number appearing in the Certificate Register. 

    All
notices of prepayment shall state: 

    (i)    the Prepayment Date; 

    (ii)    the Prepayment Price; and 

34

 

    (iii)    the place where the Certificates are to be surrendered for payment of the Prepayment Price
(which shall be the office or agency of the Certificate Registrar to be maintained as provided in Section 3.08). 

    Notice
of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Servicer. Failure to give notice of prepayment, or any defect
therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any Certificate. 

    (c)    The Certificates to be prepaid shall, following notice of prepayment as required by
Section 9.02(b), become due and payable on the Prepayment Date at the Prepayment Price and (unless the Issuer shall default in the payment of the Prepayment Price) no interest shall accrue on
the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price. Following payment in full of the Prepayment Price, this
Agreement (other than the provisions of Article Eight) and the Issuer shall terminate in accordance with Section 9.01(a). 

35

  

  
 

    ARTICLE TEN    
  

SUCCESSOR AND ADDITIONAL OWNER TRUSTEES  

    Section 10.01.  Eligibility Requirements for Owner Trustee.  The Owner Trustee shall at all times
(i) be a corporation satisfying the provisions of Section 3807(a) of the Business Trust Statute, (ii) be authorized to exercise corporate trust powers, (iii) have a
combined capital and surplus of at least $50,000,000, (iv) be subject to supervision or examination by federal or state authorities, (v) have (or have a parent that has) a
long-term debt rating of investment grade by each Rating Agency or otherwise be acceptable to each Rating Agency and the Insurer and (vi) have the Required Rating or otherwise be
acceptable to each Rating Agency and the Insurer. If such corporation or banking association shall publish reports of condition at least annually pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation or banking association shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02. 

    Section 10.02.  Resignation or Removal of Owner Trustee.  The Owner Trustee may at any time resign
and be discharged from the trusts hereby created by giving written notice thereof to the Administrator, the Depositor and the Insurer. Upon receiving such notice of resignation, the Administrator
shall promptly appoint a successor Owner
Trustee (acceptable to the Depositor and, so long as no Insurer Default shall have occurred and be continuing, the Insurer), by written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days
after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 

    If
at any time the Owner Trustee shall cease to be eligible in accordance with Section 10.01 and shall fail to resign after written request therefor by the Administrator or the
Insurer, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or
any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or the Owner Trustee shall otherwise
become incapable of acting, then the Administrator or, so long as no Insurer Default has occurred and is continuing, the Insurer, may remove the Owner Trustee. If the Administrator or the Insurer
shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee (acceptable to the Depositor and, so long
as an Insurer 

36

 

Default shall not have occurred and be continuing, the Insurer) by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one
copy to the successor Owner Trustee, and shall pay all fees and expenses owed to the outgoing Owner Trustee. 

    Any
resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until
acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Administrator shall provide
notice of such resignation or removal of the Owner Trustee to each Rating Agency, the Insurer, the Depositor, the Certificateholders and the Indenture Trustee. 

    Section 10.03.  Successor Owner Trustee.  Any successor Owner Trustee appointed pursuant to
Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its
predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon, subject to the payment of all fees and expenses owed to the predecessor Owner Trustee, the
resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees
and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement and the Administrator and the predecessor Owner Trustee shall execute and
deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and
obligations. 

    No
successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to
Section 10.01. 

    Any
successor Owner Trustee appointed pursuant to this Section shall file an amendment to the Certificate of Trust with the Secretary of State reflecting the name and principal place
of business of such successor in the State of Delaware. 

    Upon
acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to all Certificateholders, the Indenture Trustee, the
Insurer, the Noteholders and each Rating Agency. If the Administrator shall fail to mail such notice within ten days after acceptance of such appointment by the successor Owner Trustee, the successor
Owner Trustee shall cause such notice to be mailed at the expense of the Administrator. 

    Section 10.04.  Merger or Consolidation of Owner Trustee.  

    (a)    If the Owner Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another 

37

 

corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act, except the filing of an amendment to the Certificate of Trust, if
required under the Business Trust Statute, shall be the successor Owner Trustee; provided, however, that such corporation or banking association must be otherwise qualified and eligible under
Section 10.01. The Owner Trustee shall provide the Rating Agencies and the Insurer with prior written notice of any such transaction. 

    (b)    If at the time such successor or successors by consolidation, merger or conversion to the Owner
Trustee shall succeed to the trusts created by this Agreement, in case at that time any of the Certificates shall have been authenticated but not delivered, any such successor to the Owner Trustee may
adopt the certificate of authentication of any predecessor trustee and deliver such Certificates so authenticated, and in case at that time any of the Certificates shall not have been authenticated,
any such successor to the Owner Trustee may authenticate such Certificates either in the name of any predecessor trustee or in the name of the successor to the Owner Trustee. In all such cases such
certificates shall have the full force which the Certificates or this Agreement provide that the certificate of the Owner Trustee shall have. 

    Section 10.05.  Appointment of Co-Trustee or Separate Trustee.  Notwithstanding any
other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate or any Financed Vehicle may at the time be
located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Administrator and
Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such
capacity and for the benefit of the Certificateholders, such title to the Issuer or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a
request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor Owner Trustee pursuant to Section 10.01, except that such co-trustee or successor trustee shall have the Required Rating or otherwise be acceptable to
each Rating Agency, and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03. 

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

    (a)    all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be
conferred or imposed upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly 

38

 

(it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of
any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties
and obligations (including the holding of title to the Trust 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 Owner Trustee; 

    (b)    no trustee under this Agreement shall be personally liable by reason of any act or omission of any
other trustee under this Agreement; and 

    (c)    the Administrator and the Owner Trustee acting jointly may at any time accept the resignation of
or remove any separate trustee or co-trustee. 

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

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

    Section 10.06.  Actions Outside of Delaware.  Notwithstanding any other provisions of this
Agreement to the contrary, neither              nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of
such action
will (i) require the consent, approval, authorization or order of, or the giving of notice to, or the registration with or the taking of any other action in respect of, any state or other
governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction other than the
State of Delaware, or under the laws of any political subdivision of any such jurisdiction, becoming payable by              or (iii)
 subject              to personal jurisdiction
in any jurisdiction other than the State of Delaware for causes of action 

39

 

arising from acts unrelated to the consummation of the transactions by              or the Owner Trustee, as the case may be, contemplated by this Agreement and the other Basic
Documents. The
Owner Trustee shall be entitled to obtain advice of counsel (which advice shall be an expense of the Servicer) to determine whether any action required to be taken pursuant to this Agreement results
in the consequences described in the preceding sentence. In the event that such counsel advises the Owner Trustee that such action will result in such consequences, the Owner Trustee will appoint an
additional trustee pursuant to Section 10.05 to proceed with such action. 

40

 
 
 

ARTICLE ELEVEN    
  

MISCELLANEOUS  

    Section 11.01.  Supplements and Amendments.  

    (a)    This Agreement may be amended from time to time by the Depositor and the Owner Trustee with prior
written notice to the Rating Agencies and the Insurer, without the consent of any Securityholders but, so long as no Insurer Default shall have occurred and be continuing, with the consent of the
Insurer, to cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein or in any offering document used in connection with the initial
offer and sale of the Notes or the Certificates or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement which will not be
inconsistent with other provisions of this Agreement; provided, however, that (i) no such amendment may materially adversely affect the interests of any Securityholder, (ii) no such
amendment will be permitted unless an Opinion of Counsel is delivered to the Owner Trustee and the Insurer to the effect that such amendment will not cause the Issuer to be characterized for federal
income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal income taxation of any Outstanding Notes or outstanding Certificates or any
Securityholder and (iii) no such amendment will be permitted without the consent of the Insurer if such amendment would reasonably be expected to materially adversely affect the interests of
the Insurer. 

    (b)    This Agreement may be amended from time to time by the Depositor and the Owner Trustee with prior
written notice to the Rating Agencies and, with the consent of the Holders (as defined in the Indenture) of Notes evidencing not less than 51% of the Note Balance or, if the Notes have been paid in
full, the Holders of Certificates evidencing not less than 51% of the Certificate Balance, and so long as no Insurer Default shall have occurred and be continuing, with the consent of the Insurer, for
the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Agreement or modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that (i) no such amendment will be permitted unless an Opinion of Counsel is delivered to the Owner Trustee and the Insurer to the effect that such
amendment will not cause the Issuer to be characterized for federal income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal income
taxation of any Outstanding Notes or outstanding Certificates or any Securityholder and (ii) no such amendment will be permitted without the consent of the Insurer if such amendment would
reasonably be expected to materially adversely affect the 

41

 

interests of the Insurer; provided further, that, subject to the express rights of the Insurer under the Basic Documents, no such amendment may: 

    (i)    increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change
the allocation or priority of, collections of payments on or in respect of the Receivables or distributions that are required to be made for the benefit of the Noteholders or the Certificateholders,
or change any Interest Rate or the Certificate Rate, without the consent of all Noteholders and Certificateholders adversely affected by such amendment; 

    (ii)    reduce the percentage of the Note Balance or the percentage of the Certificate Balance the
consent of the Holders of which is required for any amendment to this Agreement without the consent of all the Securityholders adversely affected by the amendment; or 

    (iii)    adversely affect the rating assigned by either Rating Agency to any Class of Notes or the
Certificates without the consent of the Holders (as defined in the Indenture) of Notes evidencing not less than 662/3% of the Note Balance of such Class or the consent of the Holders of
Certificates evidencing not less than 662/3% of the Certificate Balance. 

    (c)    An amendment to this Agreement shall be deemed not to materially adversely affect the interests of
any Noteholder or Certificateholder if (i) the Person requesting
such amendment obtains and delivers to the Owner Trustee an Opinion of Counsel to that effect or (ii) the Rating Agency Condition is satisfied. 

    (d)    Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish
written notification of the substance of such amendment or consent to each Certificateholder and the Depositor shall furnish written notice of the substance of such amendment or consent to the
Indenture Trustee, the Insurer and the Rating Agencies. 

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

    (f)    Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall
file such amendment or cause such amendment to be filed with the Secretary of State. 

42

 

    (g)    The Owner Trustee may, but shall not be obligated to, enter into any such amendment that affects
the Owner Trustee's own rights, duties, liabilities or immunities under this Agreement or otherwise. 

    (h)    Prior to the execution of any amendment to this Agreement or any amendment to any other agreement
to which the Issuer is a party, the Owner Trustee shall be entitled to receive and shall be fully protected in relying upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement and that all conditions precedent in this Agreement to the execution and delivery of such amendment have been satisfied. 

    Section 11.02.  Limitations on Rights of Others.  The provisions of this Agreement are solely for
the benefit of the Owner Trustee, the Indemnified Parties, the Depositor, the Certificateholders, the Insurer, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and
the Noteholders, and nothing in this Agreement or in the Certificates, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the
Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

    Section 11.03.  Notices.  All demands, notices and other communications under this Agreement shall
be in writing, personally delivered, sent by telecopier, overnight courier or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt in the case
of (i) the Owner Trustee, at the Corporate Trust Office (telecopier no.              ), (ii) the Depositor, in care of First Union Corporation at 3301 C Street,
Sacramento,
California 95816, Attention: General Counsel (telecopier no.              ), (iii) the Indenture Trustee, at the Corporate Trust Office (as defined in the Indenture)
(telecopier no.
              ), (iv) Moody's, to Moody's Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007 (telecopier no.
(212) 553-4773), (v) Standard & Poor's, to Standard & Poor's, a Division of The McGraw-Hill Companies, Inc., 55 Water Street, 43rd Floor, New
York, New York 10041, Attention: Asset Backed Surveillance Department (telecopier no. (212) 438-2649), (vi) the Insurer, to              ,
              , Attention:
              (telecopier no.              ) or (vii) as to each of the foregoing, at such other address
as shall be designated by written notice to the parties hereto. Any notice
required or permitted to be mailed to a Certificateholder shall be given by first class mail, postage prepaid, at the address of such Holder as shown in the Certificate Register. Any notice so mailed
within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder shall receive such notice. 

    Section 11.04.  Severability.  If any one or more of the covenants, agreements, provisions or
terms of this Agreement or the Certificates shall be for any reason whatsoever held invalid, illegal or unenforceable then such covenants, agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions or terms of this Agreement and the Certificates and shall in no 

43

 

way affect or impair the validity or enforceability of the other covenants, agreements, provisions or terms of this Agreement or of the Certificates or the rights of the Holders thereof. 

    Section 11.05.  Counterparts.  This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

    Section 11.06.  Successors and Assigns.  All covenants and agreements contained herein and in the
Certificates shall be binding upon, and inure to the benefit of, each of the Depositor and its permitted assigns, the Owner Trustee and its successors and each Certificateholder and its successors and
permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such
Certificateholder. 

    Section 11.07.  Covenants of the Depositor.  The Depositor shall not at any time institute against
the Issuer, or join in any institution against 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 Certificates, the Notes, this Agreement or any of the other Basic Documents. 

    Section 11.08.  No Petition.  The Owner Trustee (not in its individual capacity but solely as
Owner Trustee), by entering into this Agreement, each Certificateholder, by accepting a Certificate or a beneficial interest therein, and the Indenture Trustee and each Noteholder, by accepting the
benefits of this Agreement, hereby covenant and agree that they will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor 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 Certificates, the Notes, this Agreement or any other Basic Document. 

    Section 11.09.  Headings.  The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

    Section 11.10.  Governing Law.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

    Section 11.11.  Servicer Payment Obligation.  The Servicer shall be responsible for the payment of
all fees and expenses of the Issuer and the Trustees paid by any of them in connection with any of their obligations under the Basic Documents to obtain 

44

 

or maintain any required license under the Pennsylvania Motor Vehicle Sales Finance Act. 

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

	 	 	POOLED AUTO SECURITIES SHELF LLC, as Depositor
	

 	
 	

By:	
 	

 
	 	 	 	 	
 as Owner Trustee
	

 	
 	

By:	
 	

 
	 	 	 	 	

45

  

  
 

    EXHIBIT A    
  

FORM OF CERTIFICATE  

    UNLESS THIS CERTIFICATE 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 CERTIFICATE 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 CERTIFICATE IS PAYABLE AS SET FORTH IN THE TRUST AGREEMENT (AS DEFINED HEREIN). THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

	 
	 	 

	REGISTERED

NO. R-	 	$

CUSIP NO.

              AUTO OWNER TRUST 2001-       

   % ASSET-BACKED CERTIFICATE 

evidencing
a beneficial interest in the property of              Auto Owner Trust 2001-       , a Delaware business trust (the "Issuer"), which property
includes a pool of
retail installment sale contracts secured by new and used motor vehicles sold by              ,
a              corporation, to Pooled Auto Securities Shelf LLC, a Delaware limited liability
company (the "Depositor"), and sold by the Depositor to the Issuer; the property of the Issuer (other than the Certificate Distribution Account and the proceeds thereof) has been pledged by the Issuer
to              , a              corporation, as indenture trustee (the "Indenture Trustee"), pursuant to the
indenture dated as of              1, 2001 (the "Indenture") between the
Issuer and the Indenture Trustee to secure the payment of the Notes issued thereunder. 

    This
certifies that Cede & Co. is the registered owner of a $              nonassessable, fully-paid, beneficial interest in the Issuer. The Issuer was created
pursuant to the trust agreement, dated              1, 2001, as amended and restated as of              1,
2001 (the "Trust Agreement"), in each case between the Depositor and
              , not in its individual capacity but solely as Owner 

A–1

 

Trustee (the "Owner Trustee"), a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used but not defined herein have the meanings assigned to them in the
Trust Agreement or in the sale and servicing agreement, dated as of              1, 2001 (the "Sale and Servicing Agreement"), among the Issuer, the Depositor
and              , as seller
(in such capacity, the "Seller") and servicer (in such capacity, the "Servicer"). 

    This
Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Holder of this Certificate by virtue of
the acceptance hereof assents and by which such Holder is bound. The property of the Issuer includes: (i) a pool of retail installment sale contracts originated in connection with the sale of
new or used motor vehicles (the "Receivables"); (ii) all monies due and paid under or in respect of the Receivables after the Cutoff Date (including proceeds of the repurchase by the Seller
pursuant to Section 2.04 of the Sale and Servicing Agreement or the purchase by the Servicer pursuant to Section 3.08 or 8.01 of the Sale and Servicing Agreement); (iii) the
security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables; (iv) any proceeds of physical damage insurance policies and extended warranties relating to the
Financed Vehicles and any proceeds of any credit life or credit disability insurance policies relating to the Receivables or the Obligors; (v) the Receivable Files; (vi) any proceeds of
Dealer Recourse; (vii) the right to realize upon any property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable and have been repossessed by or
on behalf of the Issuer; (viii) all funds on deposit from time to time in the Accounts (including the Reserve Fund Initial Deposit) and the Certificate Distribution Account and in all
investment income and proceeds thereof; (ix) the rights of the Depositor under the Receivables Purchase Agreement, including the right to require the Seller to repurchase Receivables from the
Depositor, and the rights of the Issuer under the Sale and Servicing Agreement; (x) any Servicer Letter of Credit; and (xi) the proceeds of any and all of the foregoing. 

    THE
RIGHTS OF THE ISSUER IN THE FOREGOING PROPERTY OF THE ISSUER (OTHER THAN THE CERTIFICATE DISTRIBUTION ACCOUNT AND THE PROCEEDS THEREOF) HAVE BEEN PLEDGED TO THE INDENTURE TRUSTEE
TO SECURE THE PAYMENT OF THE NOTES. 

    This
Certificate represents the right to receive principal on each Distribution Date in an amount equal to the aggregate amount, if any, payable from the Certificate Distribution
Account in respect of principal on the Certificates pursuant to
Section 5.02 of the Trust Agreement; provided, however, that this Certificate will not be entitled to receive principal until the Notes have been paid in full; and, provided further, that, if
not paid prior to such date, the unpaid principal amount of this Certificate shall be due and payable on the earlier of the              ,
200       Distribution Date and the date, if
any, on which the Servicer exercises its option to purchase the Receivables as described in the Sale and Servicing Agreement. 

A–2

 

    This Certificate represents the right to receive interest in respect of the related Interest Period on each Distribution Date in an amount equal to one-twelfth of the
product of (i) the rate per annum shown above and (ii) the principal amount of this Certificate outstanding on the preceding Distribution Date (after giving effect to all payments of
principal made on such preceding Distribution Date) or, the principal amount of this Certificate on the Closing Date, in the case of the first Distribution Date. 

    THE
HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS
DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE. 

    It
is the intent of the Depositor, the Seller, the Servicer and the Certificateholders that, for purposes of federal income taxes, state and local income taxes and any other income
taxes, the Certificates will be treated as indebtedness of the Issuer. The Depositor and each Certificateholder, by acceptance of a Certificate or a beneficial interest therein, agrees to treat, and
to take no action inconsistent with the treatment of, the Certificates for such tax purposes as partnership interests in the Issuer. 

    Each
Certificateholder, by its acceptance of a Certificates, covenants and agrees that such Certificateholder will not at any time institute against the Depositor or the Issuer, or
join in any institution against the Depositor 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 Certificates, the Trust Agreement or any of the other Basic Documents. 

    Distributions
on this Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder of record in the
Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above,
the final distribution on this Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the
office or agency of the Certificate Registrar maintained for that purpose. 

    The
Certificates are entitled to the benefits of a financial guaranty insurance policy (the "Insurance Policy") issued by              (the "Insurer"), pursuant to which the
Insurer has unconditionally guaranteed the timely payment of the Certificate Distributable Amount on each Distribution Date, all as more fully set forth in the Trust Agreement. 

A–3

 

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

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

    IN
WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual capacity, has caused this Certificate to be duly executed as of the date set forth below. 

	 
	 	 
	 	 
	 	 
	 	 
	 
	 

	Dated:	 	 	 	, 2001	 	 	 	AUTO OWNER TRUST 2001-	 	,
	 	 	
	 	 	 	
	 	 	
	 

	 
	 	 
	 	 
	 	 
	 	 

	

 	
 	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	 	 	
 not in its individual capacity but solely as Owner Trustee
	

 	
 	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	 	 	

OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

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

	 
	 	 
	 	 
	 	 
	 	 

	Dated:	 	 	 	, 2001	 	 	 	 
	 	 	
	 	 	 	
 not in its individual capacity but solely as Owner Trustee
	

 	
 	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	 	 	

A–4

   [REVERSE OF CERTIFICATE]  

    This Certificate does not represent an obligation of, or an interest in, the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee or any
of their respective Affiliates, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein, in the Trust Agreement or in the other
Basic Documents. In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables
(and certain other amounts), all as more specifically set forth herein and in the Sale and Servicing Agreement. 

    The
Trust Agreement permits the Depositor and the Owner Trustee, on behalf of the Issuer, with certain exceptions therein provided, to amend or waive from time to time certain terms
and conditions set forth in the Trust Agreement without the consent of the Holders of the Certificates but with the consent of the Insurer (so long as an Insurer Default shall not have occurred and be
continuing). The Trust Agreement also permits the Depositor and the Owner Trustee, on behalf of the Issuer, with certain exceptions as therein provided, to amend or waive certain terms and conditions
set forth in the Trust Agreement with the consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) and the Holders (as defined in the Indenture) of Notes
evidencing not less than 51% of the Note Balance or, if the Notes have been paid in full, the Holders of Certificates evidencing not less than 51% of the Certificate Balance. Any such consent or
waiver by the Insurer or the Holder of this Certificate shall be conclusive and binding on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. 

    As
provided in the Trust Agreement, the Transfer of this Certificate may be registered in the Certificate Register upon surrender of this Certificate for registration of Transfer at
the office or agency of the Certificate Registrar maintained for that
purpose in the Borough of Manhattan, The City of New York and a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates in any authorized denomination and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge shall be made for any registration of Transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection therewith. The initial Certificate Registrar appointed under the Trust Agreement is the Owner Trustee. 

    Each
Certificateholder, by its acceptance of a Certificate, and each Certificate Owner, by its acceptance of a beneficial interest in the related Certificates, shall be deemed to have
represented and warranted that such Certificateholder is not a 

A–5

 

Benefit Plan nor a person acting on behalf of a Benefit Plan nor using the assets of a Benefit Plan to effect the transfer of such Certificate, and is not an insurance company purchasing a Certificate
with funds contained in an "insurance company general account" (as defined in Section V(e) of Prohibited Transaction Class Exemption 95-60) that includes the assets of a Benefit
Plan for purposes of the Plan Asset Regulation. 

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

    The
Owner Trustee, the Certificate Registrar and any Paying Agent may treat the Person in whose name this Certificate is registered in the Certificate Register (as of the day of
determination) as the owner of this Certificate for the purpose of receiving distributions pursuant to the Trust Agreement and for all other purposes whatsoever, and none of the Owner Trustee, the
Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary. 

    The
Trust Agreement, with certain exceptions therein provided, and the Issuer shall terminate and be of no further force or effect upon the earlier of (i) the payment to
the Servicer, the Noteholders, the Certificateholders and the Insurer of all amounts required to be paid to them pursuant to the terms of the Indenture, the Sale and Servicing Agreement, the Insurance
Agreement and the Trust Agreement and (ii) the Distribution Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition
of any amounts received upon liquidation of any property remaining in the Issuer; provided, however, in each case, that the Insurance Policy shall have been terminated in accordance with its terms and
returned to the Insurer for cancellation. 

    This
Certificate shall be governed by, and construed in accordance with, the laws of the State of Delaware, and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws. 

A–6

 
ASSIGNMENT  

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

PLEASE
INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE 

	 

	

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

the within Certificate, and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Certificate on the books of the
Certificate Registrar, with full power of substitution in the premises. 

	 
	 	 

	Dated:	 	 
	

 	
 	

*
	 	 	
 Signature Guaranteed:
	

 	
 	

*
	 	 	

	*
	NOTICE:
The signature to this assignment must correspond with the name of the registered Holder as it appears on the face of the within Certificate 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 Certificate Registrar. 

A–7

QuickLinks

Exhibit 4.1.2

ARTICLE ONE

DEFINITIONS

ARTICLE TWO

ORGANIZATION

ARTICLE THREE

CERTIFICATES AND TRANSFER OF INTERESTS

ARTICLE FOUR

ARTICLE FIVE

ARTICLE SIX

ARTICLE SEVEN

ARTICLE EIGHT

ARTICLE NINE

ARTICLE TEN

ARTICLE ELEVEN

EXHIBIT APrepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document

  
 

    Exhibit 4.3.2    
  

            AUTO OWNER TRUST 2001-   ,
  as Issuer, 

and

                                        
            ,

as Indenture Trustee 

                                        
            
 

INDENTURE  

Dated as of               1, 2001 

                                        
            

CROSS REFERENCE TABLE*  

	TIA

Section
 
	 
	 	Indenture

Section

	310	(a)(1)	 	6.11
	 	(a)(2)	 	6.11
	 	(a)(3)	 	6.10; 6.11
	 	(a)(4)	 	  N.A.**
	 	(a)(5)	 	6.11
	 	(b)	 	6.08; 6.11
	 	(c)	 	N.A.
	311	(a)	 	6.12
	 	(b)	 	6.12
	 	(c)	 	N.A.
	312	(a)	 	7.01
	 	(b)	 	7.02
	 	(c)	 	7.02
	313	(a)	 	7.04
	 	(b)(1)	 	7.04
	 	(b)(2)	 	7.04
	 	(c)	 	7.04; 11.05
	 	(d)	 	7.04
	314	(a)	 	7.03
	 	(b)	 	11.15
	 	(c)(1)	 	11.01
	 	(c)(2)	 	11.01
	 	(c)(3)	 	11.01
	 	(d)	 	11.01
	 	(e)	 	11.01
	 	(f)	 	11.01
	315	(a)	 	6.01
	 	(b)	 	6.05; 11.01
	 	(c)	 	6.01
	 	(d)	 	6.01
	 	(e)	 	5.13
	316	(a)	 	1.01
	 	(a)(1)(A)	 	5.11
	 	(a)(1)(B)	 	5.12
	 	(a)(2)	 	N.A.
	 	(b)	 	5.07
	 	(c)	 	N.A.

 

	317	(a)(1)	 	5.03
	 	(a)(2)	 	5.03
	 	(b)	 	3.03
	318	(a)	 	11.07

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

	**
	N.A.
means Not Applicable. 

3

   TABLE OF CONTENTS  

	 
	 	 
	 	Page

	
ARTICLE ONE

DEFINITIONS AND INCORPORATION BY REFERENCE
	

Section 1.01.	
 	

Definitions.	
 	

2
	Section 1.02.	 	Incorporation by Reference of Trust Indenture Act.	 	10
	Section 1.03.	 	Interpretive Provisions.	 	11
	
 ARTICLE TWO

THE NOTES
	

Section 2.01.	
 	

Form.	
 	

12
	Section 2.02.	 	Execution, Authentication and Delivery.	 	12
	Section 2.03.	 	Temporary Notes.	 	13
	Section 2.04.	 	Registration; Registration of Transfer and Exchange.	 	13
	Section 2.05.	 	Mutilated, Destroyed, Lost or Stolen Notes.	 	14
	Section 2.06.	 	Persons Deemed Owner.	 	15
	Section 2.07.	 	Payment of Principal and Interest; Defaulted Interest.	 	16
	Section 2.08.	 	Cancellation.	 	19
	Section 2.09.	 	Book-Entry Notes.	 	19
	Section 2.10.	 	Notices to Clearing Agency.	 	20
	Section 2.11.	 	Definitive Notes.	 	20
	Section 2.12.	 	Release of Collateral.	 	20
	Section 2.13.	 	Tax Treatment.	 	21
	Section 2.14.	 	Employee Benefit Plans.	 	21
	Section 2.15.	 	Authenticating Agents.	 	21
	
 ARTICLE THREE

COVENANTS
	

Section 3.01.	
 	

Payment of Principal and Interest.	
 	

23
	Section 3.02.	 	Maintenance of Office or Agency.	 	23
	Section 3.03.	 	Money for Payments to be Held in Trust.	 	23
	Section 3.04.	 	Existence.	 	25
	Section 3.05.	 	Protection of Trust Estate.	 	25
	Section 3.06.	 	Opinions as to Trust Estate.	 	27
	Section 3.07.	 	Performance of Obligations; Servicing of Receivables.	 	27
	Section 3.08.	 	Negative Covenants.	 	29
	Section 3.09.	 	Annual Statement as to Compliance.	 	30
	Section 3.10.	 	Issuer May Consolidate, etc.	 	31
	Section 3.11.	 	Successor or Transferee.	 	33
	Section 3.12.	 	No Other Business.	 	33
	Section 3.13.	 	No Borrowing.	 	33

i

 

	Section 3.14.	 	Servicer's Obligations.	 	33
	Section 3.15.	 	Guarantees, Loans, Advances and Other Liabilities.	 	33
	Section 3.16.	 	Capital Expenditures.	 	34
	Section 3.17.	 	Removal of Administrator.	 	34
	Section 3.18.	 	Restricted Payments.	 	34
	Section 3.19.	 	Notice of Events of Default.	 	34
	Section 3.20.	 	Further Instruments and Acts.	 	34
	Section 3.21.	 	Compliance with Laws.	 	34
	Section 3.22.	 	Amendments of Sale and Servicing Agreement and Trust Agreement.	 	35
	
 ARTICLE FOUR

SATISFACTION AND DISCHARGE
	

Section 4.01.	
 	

Satisfaction and Discharge of Indenture.	
 	

36
	Section 4.02.	 	Satisfaction, Discharge and Defeasance of the Notes.	 	37
	Section 4.03.	 	Application of Trust Money.	 	38
	Section 4.04.	 	Repayment of Monies Held by Paying Agent.	 	38
	
 ARTICLE FIVE

REMEDIES
	

Section 5.01.	
 	

Events of Default.	
 	

40
	Section 5.02.	 	Acceleration of Maturity; Rescission and Annulment.	 	41
	Section 5.03.	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.	 	43
	Section 5.04.	 	Remedies; Priorities.	 	45
	Section 5.05.	 	Optional Preservation of the Receivables.	 	47
	Section 5.06.	 	Limitation of Suits.	 	47
	Section 5.07.	 	Unconditional Rights of Noteholders to Receive Principal and Interest.	 	48
	Section 5.08.	 	Restoration of Rights and Remedies.	 	48
	Section 5.09.	 	Rights and Remedies Cumulative.	 	49
	Section 5.10.	 	Delay or Omission Not a Waiver.	 	49
	Section 5.11.	 	Control by Noteholders.	 	49
	Section 5.12.	 	Waiver of Past Defaults.	 	50
	Section 5.13.	 	Undertaking for Costs.	 	50
	Section 5.14.	 	Waiver of Stay or Extension Laws.	 	50
	Section 5.15.	 	Action on Notes.	 	51
	Section 5.16.	 	Performance and Enforcement of Certain Obligations.	 	51
	
 ARTICLE SIX

THE INDENTURE TRUSTEE
	

Section 6.01.	
 	

Duties of Indenture Trustee.	
 	

53
	Section 6.02.	 	Rights of Indenture Trustee.	 	54

ii

 

	Section 6.03.	 	Individual Rights of Indenture Trustee.	 	55
	Section 6.04.	 	Indenture Trustee's Disclaimer.	 	55
	Section 6.05.	 	Notice of Defaults.	 	55
	Section 6.06.	 	Reports by Indenture Trustee to Holders.	 	56
	Section 6.07.	 	Compensation and Indemnity.	 	56
	Section 6.08.	 	Replacement of Indenture Trustee.	 	57
	Section 6.09.	 	Successor Indenture Trustee by Merger.	 	58
	Section 6.10.	 	Appointment of Co-Trustee or Separate Trustee.	 	59
	Section 6.11.	 	Eligibility; Disqualification.	 	60
	Section 6.12.	 	Preferential Collection of Claims Against Issuer.	 	60
	Section 6.13.	 	Representations and Warranties of Indenture Trustee.	 	60
	
 ARTICLE SEVEN

NOTEHOLDERS' LISTS AND REPORTS
	

Section 7.01.	
 	

Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders.	
 	

61
	Section 7.02.	 	Preservation of Information; Communications, Reports and Certain Documents to Noteholders.	 	61
	Section 7.03.	 	Reports by Issuer.	 	61
	Section 7.04.	 	Reports by Indenture Trustee.	 	62
	
 ARTICLE EIGHT

ACCOUNTS, DISBURSEMENTS AND RELEASES
	

Section 8.01.	
 	

Collection of Money.	
 	

63
	Section 8.02.	 	Accounts.	 	64
	Section 8.03.	 	General Provisions Regarding Accounts.	 	65
	Section 8.04.	 	Release of Trust Estate.	 	65
	Section 8.05.	 	Opinion of Counsel.	 	66
	
 ARTICLE NINE

SUPPLEMENTAL INDENTURES
	

Section 9.01.	
 	

Supplemental Indentures Without Consent of Noteholders.	
 	

67
	Section 9.02.	 	Supplemental Indentures With Consent of Noteholders.	 	68
	Section 9.03.	 	Execution of Supplemental Indentures.	 	70
	Section 9.04.	 	Effect of Supplemental Indenture.	 	70
	Section 9.05.	 	Conformity with Trust Indenture Act.	 	70
	Section 9.06.	 	Reference in Notes to Supplemental Indentures.	 	70
	
 ARTICLE TEN

REDEMPTION OF NOTES
	

Section 10.01.	
 	

Redemption.	
 	

72
	Section 10.02.	 	Form of Redemption Notice.	 	72
	Section 10.03.	 	Notes Payable on Redemption Date.	 	73

iii

 

	
 ARTICLE ELEVEN

MISCELLANEOUS
	

Section 11.01.	
 	

Compliance Certificates and Opinions, etc.	
 	

74
	Section 11.02.	 	Form of Documents Delivered to Indenture Trustee.	 	75
	Section 11.03.	 	Acts of Noteholders.	 	76
	Section 11.04.	 	Notices, etc., to Indenture Trustee, Issuer, Depositor, Insurer and Rating Agencies.	 	77
	Section 11.05.	 	Notices to Noteholders; Waiver.	 	78
	Section 11.06.	 	Alternate Payment and Notice Provisions.	 	79
	Section 11.07.	 	Conflict with Trust Indenture Act.	 	79
	Section 11.08.	 	Effect of Headings and Table of Contents.	 	79
	Section 11.09.	 	Successors and Assigns.	 	79
	Section 11.10.	 	Severability.	 	79
	Section 11.11.	 	Benefits of Indenture.	 	79
	Section 11.12.	 	Legal Holidays.	 	79
	Section 11.13.	 	Governing Law.	 	80
	Section 11.14.	 	Counterparts.	 	80
	Section 11.15.	 	Recording of Indenture.	 	80
	Section 11.16.	 	Trust Obligation.	 	80
	Section 11.17.	 	No Petition.	 	80
	Section 11.18.	 	Inspection.	 	81
	Section 11.19.	 	Certain Matters Regarding the Insurer.	 	81
	Section 11.20.	 	Third Party Beneficiaries.	 	81
	SCHEDULES
	

Schedule A–	
 	

Receivables Schedule.	
 	

SA-1
	EXHIBITS
	

Exhibit A-1–	
 	

Form of Note.	
 	

A-1

iv

  
 

    INDENTURE    
  

    This Indenture, dated as of              1, 2001, is
between              Auto Owner Trust 2001-       , a Delaware business
trust (the "Issuer"), and              , a              , as indenture trustee (the "Indenture Trustee").

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

 
 

GRANTING CLAUSE    
  

    The Issuer hereby Grants to the Indenture Trustee on the Closing Date, on behalf of and for the benefit of the Holders of the Notes and the Insurer, without
recourse, all of the Issuer's right, title and interest in, to and under, whether now owned or existing or hereafter acquired or arising, (i) the Receivables listed in the Receivables Schedule
and all monies due thereon and received thereon (including proceeds of the repurchase of Receivables by the Seller or purchase of the Receivables by the Servicer pursuant to the Sale and Servicing
Agreement) after              , 2001; (ii) the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables; (iii) any proceeds of any
physical
damage insurance policies and extended warranties covering the Financed Vehicles and in any proceeds of any credit life or credit disability insurance policies relating to the Receivables or the
Obligors; (iv) the Receivable Files; (v) any proceeds of Dealer Recourse; (vi) the right to realize upon any property (including the right to receive future Liquidation Proceeds)
that shall have secured a Receivable and have been repossessed by or on behalf of the Issuer; (vii) all funds on deposit from time to time in the Accounts (other than the Certificate
Distribution Account), including the Reserve Fund Initial Deposit, and in all investment income
and proceeds thereof; (viii) the rights of the Depositor under the Receivables Purchase Agreement, including the right to require the Seller to repurchase Receivables from the Depositor, and
the rights of the Issuer under the Sale and Servicing Agreement; (ix) any Servicer Letter of Credit; and (x) the proceeds of any and all of the foregoing as each such term is defined in
Section 1.01 (collectively, the "Collateral"). 

    The
foregoing Grant is made in trust to secure the payment of principal and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice,
priority or distinction and to secure the payment of all amounts owing to the Insurer, all as provided in this Indenture. 

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

 
 
 

ARTICLE ONE    
  

DEFINITIONS AND INCORPORATION BY REFERENCE  

    Section 1.01.  Definitions.  

    (a)    Except as otherwise specified herein or as the context may otherwise require, the following terms
have the respective meanings set forth below for all purposes of this Indenture. 

    "Accounts" has the meaning set forth in the Sale and Servicing Agreement. 

    "Act" has the meaning set forth in Section 11.03(a). 

    "Administration Agreement" means the administration agreement, dated as of              1, 2001, among the Administrator, the
Issuer, the Depositor and the Indenture Trustee, as amended, supplemented or modified from time to time. 

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

    "Authenticating Agent" has the meaning set forth in Section 2.15. 

    "Authorized Officer" means, with respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee
in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter) and, so long as the Administration Agreement is in effect, any Vice President or more senior officer of the Administrator who is authorized to act for the
Administrator in matters relating to the Issuer and to be acted upon by the Administrator pursuant to the Administration Agreement and who is identified on the list of Authorized Officers delivered by
the Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 

    "Basic Documents" has the meaning set forth in the Sale and Servicing Agreement. 

    "Book-Entry Notes" means a beneficial interest in the Notes, ownership and transfers of which shall be made through book
entries by a Clearing Agency as described in Section 2.09. 

    "Business Day" means any day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in Charlotte,
North Carolina, Wilmington, Delaware, New York, New York, or              ,              are authorized or
obligated by law, regulation, executive order or governmental decree to remain
closed. 

    "Benefit Plan" means (i) employee benefit plans (as defined in Section 3(3) of ERISA that are subject to Title I of
ERISA, (ii) plans described in Section 4975(e)(1) of the Code, including individual retirement accounts or Keogh Plans, and (iii) any 

2

 

entities whose underlying assets include plan assets by reason of a plan's investment in such entities. 

    "Class" means all Notes whose forms are identical except for variation in denomination, principal amount or owner. 

    "Class A-1 Final Distribution Date" means the              ,       Distribution Date. 

    "Class A-1 Interest Rate" means       % per annum (computed on the basis of the actual number of days in
the related Interest Period divided by 360). 

    "Class A-1 Notes" means the       % Class A-1 Asset Backed Notes, substantially in the
form of Exhibit A. 

    "Class A-2 Final Distribution Date" means the              ,       Distribution Date. 

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

    "Class A-2 Notes" means the       % Class A-2 Asset Backed Notes, substantially in the
form of Exhibit A. 

    "Class A-3 Final Distribution Date" means the              ,       Distribution Date. 

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

    "Class A-3 Notes" means the       % Class A-3 Asset Backed Notes, substantially in the
form of Exhibit A. 

    "Class A-4 Final Distribution Date" means the              ,       Distribution Date. 

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

    "Class A-4 Notes" means the       % Class A-4 Asset Backed Notes, substantially in the
form of Exhibit A. 

    "Clearing Agency" means an organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act, which
initially shall be The Depository Trust Company. 

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

    "Closing Date" means              , 2001. 

3

 

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

    "Collateral" has the meaning specified in the Granting Clause of this Indenture. 

    "Collection Period" means, with respect to any Distribution Date, the immediately preceding month (or, in the case of the first
Collection Period, the period of time since the Cutoff Date through the last day of the month immediately preceding the month in which the first Distribution Date occurs). 

    "Corporate Trust Office" means the principal office of the Indenture Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date of execution of this Indenture is located at              ,
Attention:              Auto Owner Trust
2001-       , or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Insurer and the Issuer, or the principal
corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders, the Insurer and the Issuer. 

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

    "Definitive Notes" has the meaning set forth in Section 2.09. 

    "Depositor" means PASS, in its capacity as depositor under the Sale and Servicing Agreement, and its successors. 

    "Eligible Account" has the meaning set forth in the Sale and Servicing Agreement. 

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

    "Event of Default" shall have the meaning specified in Section 5.01. 

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

    "Grant" means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create and grant a lien
upon and a security interest in and a right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other agreement or instrument
shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give
receipt for principal and interest payments in respect of the Collateral and all other monies payable thereunder, to give and receive notices and other communications, to make waivers or other
agreements, to exercise all rights and 

4

 

options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with
respect thereto. 

    "Indenture" means this Indenture, as amended or supplemented from time to time. 

    "Indenture Trustee" means              , a              , as Indenture
Trustee under this Indenture, or any successor
Indenture Trustee under this Indenture. 

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

    "Independent Certificate" means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 11.01, made by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Indenture Trustee
in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of "Independent" in this Indenture and that the signer is Independent within the
meaning thereof. 

    "Insolvency Event" has the meaning set forth in the Sale and Servicing Agreement. 

    "Insurance Agreement" has the meaning set forth in the Sale and Servicing Agreement. 

    "Insurance Policy" means the irrevocable financial guaranty insurance policy, dated the Closing Date, issued by the Insurer for the
benefit of the Indenture Trustee, on behalf of the Securityholders, as amended, modified or supplemented from time to time. 

    "Insurance Premium" has the meaning set forth in the Premium Side Letter Agreement. 

    "Insurer" means              , and its successors. 

    "Insurer Default" means a default by the Insurer under the Insurance Policy (after giving effect to any applicable cure period) or the
occurrence of an Insolvency Event with respect to the Insurer. 

    "Interest Period" means, with respect to any Distribution Date and (i) the Class A-1 Notes, the period from
and including the immediately preceding 

5

 

Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding the current Distribution Date and (ii) the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes and the Certificates, the monthly period (based on the assumption of 30 days in each month) from and
including the       day of the prior calendar month (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding the       day of the
month in which the current Distribution Date occurs. 

    "Interest Rate" means the Class A-1 Interest Rate, the Class A-2 Interest Rate, the
Class A-3 Interest Rate or the Class A-4 Interest Rate, as applicable. 

    "Issuer" means              Auto Owner Trust 2001-       until a successor replaces it and, thereafter,
means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes. 

    "Issuer Order" or "Issuer Request" means a written order or request signed in the name
of the Issuer by any Authorized Officer of the Issuer and delivered to the Indenture Trustee by the Administrator, if signed by an officer of the Administrator,
or at the written direction of the Depositor, if signed by an officer of the Owner Trustee. 

    "Note Balance" means, at any time, as the context may require, with respect to (i) all of the Notes, an amount equal to,
initially, the Initial Note Balance and, thereafter, an amount equal to the Initial Note Balance as reduced from time to time by all amounts allocable to principal previously distributed to the
Noteholders or (ii) any Note, an amount equal to, initially, the initial denomination of such Note and, thereafter, an amount equal to such initial denomination as reduced from time to time by
all amounts allocable to principal previously distributed in respect of such Note; provided, however, that (a) except as otherwise indicated by the context, references to the Note Balance as of
a particular Distribution Date shall take into account all distributions of principal made on such Distribution Date, (b) in determining whether the Holders of Notes evidencing the requisite
percentage of the Note Balance have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any other Basic Document, Notes owned by the Issuer, any other
obligor upon the Notes, the Depositor, the Seller, the Servicer or any of their respective Affiliates shall be disregarded and deemed to be excluded from the Note Balance (unless such Persons own 100%
of the Note Balance), except that, in determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only
Notes that a Responsible Officer of the Indenture Trustee knows to be so owned shall be so disregarded and (c) Notes that have been pledged in good faith may be regarded as included in the Note
Balance if the pledgee establishes to the satisfaction of the Indenture Trustee, the pledgee's right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon
the Notes, the Depositor, the Seller, the Servicer or any of their respective Affiliates. 

6

 

    "Note Depository Agreement" means the agreement, dated the Closing Date, among the Issuer, the Indenture Trustee and The Depository
Trust Company, as the initial Clearing Agency, relating to the Notes. 

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

    "Note Register" and "Note Registrar" shall have the respective meanings specified in
Section 2.04. 

    "Noteholder" or "Holder" means the Person in whose name a Note is registered on the
Note Register. 

    "Notes" means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes
and the Class A-4 Notes. 

    "Officer's Certificate" means a certificate signed by any Authorized Officer of the Issuer, under the circumstances described in, and
otherwise complying with, the applicable requirements of 11.01, and delivered to the Indenture Trustee. Unless otherwise specified, any reference in this Indenture to an Officer's Certificate shall be
to an Officer's Certificate of the Issuer. 

    "Opinion of Counsel" means one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture,
be an employee of or counsel to the Issuer, the Depositor or the Seller and who shall be satisfactory to the Indenture Trustee and, if addressed to the Insurer, satisfactory to the Insurer, and which
opinion or opinions shall be addressed to the Indenture Trustee, shall comply with any applicable requirements of Section 11.01 and shall be in form and substance satisfactory to the Indenture
Trustee and, if addressed to the Insurer, satisfactory to the Insurer. 

    "Outstanding" means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except: 

    (i)    Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for
cancellation; 

    (ii)    Notes or portions thereof the payment for which money in the necessary amount has been
theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; provided, however, that if such Notes are to be redeemed, notice of such redemption must
have been duly given pursuant to this Indenture or provision for such notice must have been made in a manner satisfactory to the Indenture Trustee; and 

7

 

    (iii)    Notes in exchange for or in lieu of which other Notes have been authenticated and delivered
pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a Protected Purchaser; 

provided,
however, that in determining whether the Holders of the requisite principal amount of the Notes Outstanding have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Depositor, the Seller, the Servicer or any of their respective Affiliates shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, notice,
consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee's right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor
upon the Notes, the Depositor, the Seller, the Servicer or any of their respective Affiliates. 

    "Owner Trustee" means              , not in its individual capacity but solely as Owner Trustee under the Trust Agreement, or any
successor Owner Trustee under the Trust Agreement. 

    "PASS" means Pooled Auto Securities Shelf LLC, and its successors. 

    "Paying Agent" means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified
in Section 6.11 and, so long as no Insurer Default shall have occurred and be continuing, is consented to by the Insurer and is authorized by the Issuer to make payments to and distributions
from the Collection Account and the Note Distribution Account, including payments of principal or interest on the Notes on behalf of the Issuer. 

    "Predecessor Note" means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.05 in lieu of a mutilated, lost, destroyed or stolen Note shall
be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 

    "Premium Side Letter Agreement" has the meaning set forth in the Insurance Agreement. 

    "Principal Distributable Amount" means, with respect to any Distribution Date, the sum of (i) the principal portion of all
Monthly Payments actually received during the related Collection Period, computed in accordance with the simple interest method, (ii) the principal portion of all Prepayments received during
such Collection Period (to the extent such amounts are not included in clause (i) above) and (iii) the Principal Balance of each Receivable that became a Defaulted Receivable or a 

8

 

Repurchased Receivable during such Collection Period (to the extent that such amounts are not included in clauses (i) or (ii) above). 

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

    "Protected Purchaser" shall have the meaning set forth in Article 8 of the UCC. 

    "Rating Agency" means Moody's or Standard & Poor's; provided, however, that if Moody's and Standard & Poor's cease to
exist, Rating Agency shall mean any nationally recognized statistical rating organization or other comparable Person designated by the Issuer, written notice of which designation shall have been given
to the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee and the Insurer. 

    "Rating Agency Condition" means, with respect to any action, that each Rating Agency shall have been given ten days (or such shorter
period as is acceptable to each Rating Agency) prior notice thereof and that each Rating Agency shall have notified the Depositor, the Servicer, the Insurer, the Indenture Trustee and the Owner
Trustee in writing that such action will not result in a qualification, reduction or withdrawal of the then-current rating of any Class of Notes or the Certificates. 

    "Receivables Schedule" means the schedule of Receivables attached as Schedule A hereto, as it may be amended from time to time. 

    "Record Date" means, with respect to a Distribution Date, the close of business on the day immediately preceding such Distribution Date
or, if Definitive Notes have been issued, the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs. 

    "Redemption Date" means, in the case of a redemption of the Notes pursuant to Section 10.01, the Distribution Date specified by
the Servicer or the Issuer pursuant to Section 10.01. 

    "Redemption Price" means, in the case of a redemption of the Notes pursuant to Section 10.01, an amount equal to the sum of
(i) the unpaid principal amount of the Notes redeemed plus accrued and unpaid interest thereon at the related Interest Rate for each Class of Notes being so redeemed for the related Interest
Period and (ii) all amounts due to the Insurer under the Basic Documents. 

    "Responsible Officer" has the meaning set forth in the Sale and Servicing Agreement. 

    "Sale and Servicing Agreement" means the sale and servicing agreement, dated as of              1, 2001, among the Issuer, the
Depositor, the Seller and the Servicer, as amended, modified or supplemented from time to time. 

    "Securities Act" means the Securities Act of 1933, as amended. 

    "Seller" means              , and its successors. 

9

 

    "Servicer" means              , in its capacity as Servicer under the Sale and Servicing Agreement, and any
Successor Servicer. 

    "State" means any one of the 50 states of the United States or the District of Columbia. 

    "Trust Estate" means all money, instruments, rights, and other property that are subject or intended to be subject to the lien and
security interest of this Indenture for the benefit of the Insurer and the Noteholders (including all property and interests Granted to the Indenture Trustee), including all proceeds thereof. 

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

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

    "United States" means the United States of America. 

    "Unreimbursed Insurance Payments" has the meaning set forth in the Sale and Servicing Agreement. 

    (b)    Except as otherwise specified herein or as the context may otherwise require, for all purposes of
this Indenture, capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Sale and Servicing Agreement or the Trust Agreement, as the case may be. 

    Section 1.02.  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: 

    "Commission" means the Securities and Exchange Commission. 

    "indenture securities" means the Notes. 

    "indenture security holder" means a Noteholder. 

    "indenture to be qualified" means this Indenture. 

    "indenture trustee" or "institutional trustee" means the Indenture Trustee. 

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

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

10

 

    Section 1.03.  Interpretive Provisions.  

    (a)    For all purposes of this Indenture, except as otherwise expressly provided or unless the context
otherwise requires, (i) terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to this Agreement include all Schedules and
Exhibits hereto, (iii) references to words such as "herein", "hereof" and the like shall refer to this Indenture as a whole and not to any particular part, article or section within this
Indenture, (iv) references to a section such as "Section 1.01", an article such as "Article One" and the like shall refer to the applicable Section or Article of this Indenture, as the
case may be, (v) the term "include" and all variations thereof shall mean "include without limitation", (vi) the term "or" shall include "and/or" and (vii) the term "proceeds"
shall have the meaning set forth in the applicable UCC. 

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

11

 
 
 

ARTICLE TWO    
  

THE NOTES  

    Section 2.01.  Form.  The Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes, in each case together with the Indenture Trustee's certificate of authentication, shall be in substantially
the form set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their
execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

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

    Each
Note shall be dated the date of its authentication. The terms of the Notes are part of the terms of this Indenture. 

    Section 2.02.  Execution, Authentication and Delivery.  The Notes shall be executed on behalf of
the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who
were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Notes or did not hold such offices at the date of such Notes. 

    The
Indenture Trustee shall, upon Issuer Order, authenticate and deliver for original issue the following aggregate principal amounts of Notes: (i) $              of
Class A-1 Notes, (ii) $              of Class A-2 Notes, (iii) $              of
Class A-3 Notes and
(iv) $              of Class A-4 Notes. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes and Class A-4 Notes Outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. 

    Each
Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in minimum denominations of $1,000 and in integral multiples of $1,000 in
excess thereof. 

    No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication
substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such 

12

 

certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

    Section 2.03.  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, of
the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as
evidenced by their execution of such Notes. 

    If
temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall
be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in
Section 3.02, without charge to the related Holder. 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 tenor and 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 2.04.  Registration; Registration of Transfer and Exchange.  The Issuer shall cause to be
kept a register (the "Note Register") in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of
Notes. The Indenture Trustee initially shall be the registrar (the "Note Registrar") for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 

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

    Upon
surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02, provided that the requirements of
Section 8-401 of the UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver to the Noteholder making such surrender and the Noteholder shall
obtain from the Indenture Trustee, in the name of 

13

 

the designated transferee or transferees, one or more new Notes of the same Class in any authorized denomination and a like aggregate principal amount. 

    At
the option of the related Holder, 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, provided that the requirements of Section 8-401 of the UCC are met (as
determined by the Issuer), the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the
exchange is entitled to receive. 

    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. 

    Every
Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to
the Indenture Trustee duly executed by, the Holder thereof or such Holder's attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar. 

    No
service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Issuer or the Indenture Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.03 or 9.06 not
involving any transfer. 

    The
preceding provisions of this Section notwithstanding, the Issuer shall not be required to make, and the Note Registrar need not register, transfers or exchanges of Notes selected
for redemption or of any Note for a period of 15 days preceding the date any payment is due with respect to the Note. 

    Each
Person to whom a Note is transferred will be required to represent, in the case of a Definitive Note, or deemed to represent, in the case of a Book-Entry Note, that
(i) such Person is not an employee benefit plan, as described in Section 3(3) of ERISA, or a plan, as defined in Section 4975(E)(1) of the Code, that is subject to Title I of
ERISA or to Section 4975 of the Code, a government plan subject to any state or local law similar to Title I of ERISA or Section 4975 of the Code, or a Person investing on
behalf of or with "plan assets" of such a plan, or (ii) the Person's acquisition, holding and disposition of the Note are and will be eligible for relief under a prohibited transaction
exemption. 

    Section 2.05.  Mutilated, Destroyed, Lost or Stolen Notes.  If (i) any mutilated Note is
surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, (ii) there is delivered to the Indenture
Trustee and, so long as no Insurer Default shall have 

14

 

occurred and be continuing, the Insurer such security or indemnity as may be required by it to hold the Issuer, the Insurer and the Indenture Trustee harmless and (iii) the requirements of
Section 8-405 of the UCC are met, 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, the Issuer shall execute, and upon its 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 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 Insurer, 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, the Insurer
or the Indenture Trustee in connection therewith. 

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

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

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

    Section 2.06.  Persons Deemed Owner.  Prior to due presentment for registration of transfer of any
Note, the Issuer, the Insurer, the Indenture Trustee and any of their respective agents 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 

15

 

Insurer, the Indenture Trustee or any of their respective agents shall be affected by notice to the contrary. 

    Section 2.07.  Payment of Principal and Interest; Defaulted Interest.  

    (a)    On each Distribution Date, upon receipt of written instructions from the Servicer pursuant to
Section 4.05(d) of the Sale and Servicing Agreement, the Indenture Trustee shall apply the Available Funds for such Distribution Date to make the following payments and deposits in the
following order of priority: 

    (i)    to the Servicer, the Servicing Fee for the related Collection Period plus any unpaid Servicing Fee
with respect to one or more prior Collection Periods; 

    (ii)    to the Note Distribution Account, the Note Interest Distributable Amount to be distributed to the
Noteholders at their respective Interest Rates; 

    (iii)    to the Certificate Distribution Account, so long as the maturity of the Notes has not been
accelerated pursuant to Section 5.02, the Certificate Interest Distributable Amount; provided, however, if an Event of Default has occurred and the Notes have been accelerated, amounts in this
clause will instead be paid under clause (v); 

    (iv)    to the Note Distribution Account, the Note Principal Distributable Amount; 

    (v)    if the maturity of the Notes has been accelerated after an Event of Default pursuant to
Section 5.02, to the Certificate Distribution Account, the Certificate Interest Distributable Amount; 

    (vi)    to the Certificate Distribution Account, the Certificate Monthly Principal Distributable Amount; 

    (vii)    to the Insurer, the Insurance Premium for such Distribution Date plus any overdue Insurance
Premiums for previous Distribution Dates; 

    (viii)    to the Insurer, the Unreimbursed Insurance Payments; 

    (ix)    if the Notes have been declared immediately due and payable following an Event of Default
pursuant to Section 5.02, to the Note Distribution Account, an amount equal to the Note Balance as of such Distribution Date (before giving effect to the application of Available Funds on such
Distribution Date) minus the Note Principal Distributable Amount for such Distribution Date, paid pro rata on all classes of Notes until they have been paid in full; 

    (x)    to the Reserve Fund, the amount, if any, necessary to reinstate the balance in the Reserve Fund to
the Required Reserve Fund Balance; and 

16

 

    (xi)    to the Seller, as holder of the Residual Interest, any remaining Available Funds. 

    (b)    The principal of each Note shall be payable in installments on each Distribution Date in an
aggregate amount (unless the Notes have been declared immediately due and payable following an Event of Default) for all Classes of Notes equal to the Note Principal Distributable Amount for such
Distribution Date. On each Distribution Date (unless the Notes have been declared immediately due and payable following an Event of Default), upon receipt of instructions from the Servicer pursuant to
Section 4.05(d) of the Sale and Servicing Agreement, the Indenture Trustee shall apply or cause to be applied the amount on deposit in the Note Distribution Account on such Distribution Date to
make the following payments in the following order of priority: 

    (i)    to the Holders of each Class of Notes, the portion of the Note Interest Distributable Amount
payable to such Class for such Distribution Date; 

    (ii)    to the Class A-1 Noteholders, the Note Principal Distributable Amount for that
Distribution Date until the principal amount of the Class A-1 Notes has been paid in full; 

    (iii)    following payment in full of the Class A-1 Notes, to the
Class A-2 Noteholders, the Note Principal Distributable Amount for that Distribution Date until the principal amount of the Class A-2 Notes has been paid in full; 

    (iv)    following payment in full of the Class A-2 Notes, to the
Class A-3 Noteholders, the Note Principal Distributable Amount for that Distribution Date until the principal amount of the Class A-3 Notes has been paid in full;
and 

    (v)    following payment in full of the Class A-3 Notes, to the
Class A-4 Noteholders, the Note Principal Distributable Amount for that Distribution Date until the principal amount of the Class A-4 Notes has been paid in full. 

    If
the amount on deposit in the Note Distribution Account (including any portion of the Reserve Fund Draw Amount or the Policy Claim Amount included in such amount) on any
Distribution Date is less than the amount described in clause (i) above for such Distribution Date, the Indenture Trustee shall pay the available amount to the Holders of each Class of Notes
pro rata based on the Note Interest Distributable Amount payable to such Class on such Distribution Date. 

    (c)    The unpaid principal amount, to the extent not previously paid of the
(i) Class A-1 Notes shall be due and payable on the Class A-1 Final Distribution Date, (ii) the Class A-2 Notes shall be due and
payable on the Class A-2 Final Distribution Date, (iii) the Class A-3 Notes shall be due and payable on the 

17

 

Class A-3 Final Distribution Date and (iv) the Class A-4 shall be due and payable on the Class A-4 Final Distribution Date. 

    (d)    Each Class of Notes shall accrue interest during each Interest Period at the related Interest
Rate, and such interest shall be due and payable on each Distribution Date. Interest on the Class A-1 Notes shall be calculated on the basis of the actual number of days elapsed and
a 360-day year. Interest on the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall be calculated on the basis of a
360-day year of twelve 30-day months. Subject to Section 3.01, any installment of interest or principal, if any, payable on any Note that is punctually paid or duly
provided for on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the related Record Date by check mailed
first-class postage prepaid to such Person's address as it appears on the Note Register on such Record Date; provided, however, that, unless Definitive Notes have been issued pursuant to
Section 2.11, 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 Distribution Date or on the related Final Distribution Date (and except for the Redemption Price for any Note called for redemption in whole pursuant
to Section 10.01(a) or (b)), which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. The
Indenture Trustee shall pay all Note Interest Distributable Amount for any Distribution Date to the Holders of the Notes on the related Record Date even if a portion of such Note Interest
Distributable Amount relates to an earlier Distribution Date. 

    (e)    All principal and interest payments on a Class of Notes shall be made pro rata to the Holders of
such Class. Except as otherwise provided herein, the Indenture Trustee shall, before the Distribution Date on which the Issuer expects to pay the final installment of principal of and interest on any
Note, notify the Holder of such Note as of the related Record Date of such final installment. Such notice shall be mailed or transmitted by facsimile 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 10.02. 

    (f)    Notwithstanding the foregoing, the unpaid principal amount of the Notes shall be due and payable,
to the extent not previously paid, on the date on which the Notes have been declared immediately due and payable following an Event of Default. On each Distribution Date following acceleration of the
Notes, upon receipt of instructions from the Servicer pursuant to Section 4.05(d) of the 

18

 

Sale and Servicing Agreement, the Indenture Trustee shall apply or cause to be applied the amount on deposit in the Note Distribution Account on such Distribution Date to make the following payments
to the Holders of each Class of Notes in the following order of priority: 

    (i)    the portion of the Note Interest Distributable Amount payable to such Class for such Distribution
Date and 

    (ii)    the amount remaining on deposit in the Note Distribution Account on such Distribution Date pro
rata based on the outstanding principal amount of such Class as of such Distribution Date. 

    (g)    If the amount on deposit in the Note Distribution Account (including any portion of the Reserve
Fund Draw Amount or the Policy Claim Amount) on any Distribution Date following acceleration of the Notes is less than the amount described in Section 2.07(f)(i) for such Distribution
Date, the Indenture Trustee shall pay the available amount to the Holders of each Class of Notes pro rata based on the Note Interest Distributable Amount payable to such Class on such Distribution
Date. 

    (h)    The Indenture Trustee shall transfer amounts from the Reserve Fund, deposit amounts transferred
from the Reserve Fund, submit claims under the Insurance Policy and deposit amounts drawn under the Insurance Policy, in each case at the written direction of the Servicer and on behalf of the
Securityholders, in accordance with the Sale and Servicing Agreement. 

    Section 2.08.  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, 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; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee. 

    Section 2.09.  Book-Entry Notes.  The Notes, upon original issuance, will be issued in
the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to DTC, 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 will receive a definitive Note representing
such Note Owner's interest in such Note, except 

19

 

as provided in Section 2.11. Unless and until definitive, fully registered Notes (the "Definitive Notes") have been issued to such Note Owners pursuant to Section 2.11: 

    (i)    the provisions of this Section 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 Notes and the giving of instructions or directions hereunder) as the sole holder of the Notes, and shall
have no obligation to the Note Owners; 

    (iii)    to the extent that the provisions of this Section conflict with any other provisions of this
Indenture, the provisions of this Section 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, the Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the
Notes to such Clearing Agency Participants; and 

20

  

    (v)    whenever this Indenture requires or permits actions to be taken based upon instructions or
directions of Holders of Notes evidencing a specified percentage of the Note Balance, 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 in the Notes and has
delivered such instructions to the Indenture Trustee. 

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

    Section 2.11.  Definitive Notes.  If (i)(a) the Administrator advises the Indenture Trustee in
writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and (b) neither the Indenture Trustee
nor the Administrator is able to locate a qualified successor, (ii) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default or a Servicer Termination Event, Note Owners of Book-Entry Notes
representing beneficial interests aggregating not less than 51% of the principal amount of the Note Balance advise the Indenture Trustee and the Clearing Agency Participants through the Clearing
Agency, in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Note Owners, then, in each case, the Indenture
Trustee shall notify all Note Owners of the related Class of Notes through the Clearing Agency of the occurrence of any such event and of the availability of Definitive Notes of the related Class of
Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with
the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on,
and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes of a Class, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders
hereunder. 

    Section 2.12.  Release of Collateral.  Subject to Section 11.01 and the terms of the other
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 Sections 314(c) and 314(d)(1) of the TIA or an Opinion of Counsel in lieu of such 

20

 

Independent Certificates to the effect that the TIA does not require any such Independent Certificates. 

    Section 2.13.  Tax Treatment.  The Issuer has entered into this Indenture, and the Notes will be
issued, with the intention that, for all purposes including federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by
the 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 all purposes including federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

    Section 2.14.  Employee Benefit Plans.  A fiduciary of a Benefit Plan purchasing the Notes with
the assets of a Benefit Plan is deemed to represent that the purchase of one or more Notes is consistent with its fiduciary duties under ERISA and does not result in a nonexempt prohibited transaction
as defined in Section 406 of ERISA or Section 4975 of the Code. If the Depositor, the Seller, the Servicer, the Indenture Trustee, the Owner Trustee or any of their respective Affiliates
(i) has investment or administrative discretion with respect to the assets of a Benefit Plan; (ii) has authority or responsibility to give, or regularly gives, investment advice with
respect to such Benefit Plan assets, for a fee and pursuant to an agreement or understanding that such advice (a) will serve as a primary basis for investment decisions with respect to such
Benefit Plan assets and (b) will be based on the particular investment needs for such Benefit Plan; or (iii) is an employer maintaining or contributing to such Benefit
Plan, then a purchase of the Notes by such a Benefit Plan may represent a conflict of interest or act of self-dealing by the fiduciary. 

    Section 2.15.  Authenticating Agents.  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 2.02,
2.03, 2.04 and 2.05, 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 shall be deemed to be the authentication of Notes "by the Indenture Trustee". 

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

21

 

    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. 

    The
Administrator agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services. The provisions of Sections 2.08 and 6.04 shall be applicable
to any Authenticating Agent. 

22

 
 
 

ARTICLE THREE    
  

 
  COVENANTS    
  

    Section 3.01.  Payment of Principal and Interest.  The Issuer will 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. Without limiting the foregoing, subject to Section 8.02(b), the Issuer will cause
to be distributed all amounts on deposit in the Note Distribution Account on a Distribution Date deposited therein in accordance with Section 8.02(c). 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 3.02.  Maintenance of Office or Agency.  The Issuer will 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 will give prompt written notice to the
Depositor and 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 on behalf of the Issuer. 

    Section 3.03.  Money for Payments to be Held in Trust.  As provided in Sections 5.04 and 8.02, all
payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account and the Note Distribution Account pursuant to
Section 8.02(c) shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Collection Account and the Note Distribution
Account for payments of Notes shall be paid over to the Issuer except as provided in this Section. 

    On
or before each Distribution Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Note Distribution Account an aggregate sum sufficient to pay the
amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the Paying Agent is the Indenture Trustee) shall promptly notify
the Indenture Trustee in writing of its action or failure so to act. 

    The
Issuer will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee and to the Insurer an instrument in which such Paying Agent
shall agree with the Indenture Trustee (and if the Indenture 

23

 

Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will: 

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

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

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

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

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

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

    Subject
to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any
Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request with, so long as no Insurer
Default shall have occurred and be continuing, the consent of the Insurer; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof
(but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided,
however, that if such money or any portion thereof had been previously deposited by the Insurer with the Indenture Trustee for the payment of principal or interest on the Notes, to the extent any
amounts are owing to the Insurer, such amounts shall be paid promptly to the Insurer upon receipt of a written request by the Insurer to such effect; and provided, further, that the Indenture 

24

 

Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and written direction of the Issuer cause to be published once, in a newspaper published in the
English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to or for the account of the Issuer. The Indenture
Trustee shall also adopt and employ, at the expense and written direction of the Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 

    Section 3.04.  Existence.  The Issuer will 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, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business
in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement
included in the Trust Estate, including all licenses required under the Pennsylvania Motor Vehicle Sales Finance Act in connection with this Indenture and the other Basic Documents and the
transactions contemplated hereby and thereby until such time as the Issuer shall terminate in accordance with the terms hereof. 

    Section 3.05.  Protection of Trust Estate.  The Issuer intends the security interest Granted
pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Insurer and the Noteholders to be prior to all other liens in respect of the Trust Estate, and the Issuer shall take all
actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Insurer and the Noteholders, a first lien on and a first priority, perfected security interest in
the Trust Estate, subject to the rights of the Insurer under the Insurance Agreement. The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Administrator and delivered to the Issuer, and will take such other action
necessary or advisable to: 

    (i)    Grant more effectively any portion of the Trust Estate; 

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

25

 

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

    (iv)    enforce any of the Collateral; 

    (v)    preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the
Noteholders in such Trust Estate against the claims of all persons and parties; or 

    (vi)    pay all taxes or assessments levied or assessed upon the Trust Estate when due. 

26

 

    Section 3.06.  Opinions as to Trust Estate.  

    (a)    Promptly after the execution and delivery of this Indenture, the Issuer shall furnish to the
Indenture Trustee and the Insurer an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) all financing statements and continuation statements have been executed
and filed that are necessary to create and continue the Indenture Trustee's first priority perfected security interest in the Collateral (subject
to the rights of the Insurer under the Insurance Agreement) for the benefit of the Insurer and the Noteholders, and reciting the details of such filings or referring to prior Opinions of Counsel in
which such details are given, or (ii) no such action shall be necessary to perfect such security interest. 

    (b)    Within 90 days after the beginning of each fiscal year of the Issuer beginning with the
first fiscal year beginning more than three months after the Cutoff Date, the Issuer shall furnish to the Depositor and the Indenture Trustee and the Insurer an Opinion of Counsel, dated as of a date
during such 90-day period, to the effect that, in the opinion of such counsel, either (i) all financing statements and continuation statements have been executed and filed that are
necessary to create and continue the Indenture Trustee's first priority perfected security interest in the Collateral (subject to the rights of the Insurer under the Insurance Agreement) for the
benefit of the Insurer and the Noteholders, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (ii) no such action shall be
necessary to perfect such security interest. 

    Section 3.07.  Performance of Obligations; Servicing of Receivables.  

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

    (b)    The Issuer may contract with other Persons to assist it in performing its duties under this
Indenture, and any performance of such duties by a Person identified to the Indenture Trustee and to the Insurer 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 will and will cause the Administrator to, punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Basic Documents and in the instruments and agreements 

27

 

included in the Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Basic
Documents in accordance with and within the time periods provided for herein and therein. 

    (d)    If the Issuer shall have knowledge of the occurrence of a Trigger Event or a Servicer Termination
Event, the Issuer shall promptly provide written notice to an Executive Officer of the Depositor and the Insurer and a Responsible Officer of the Indenture Trustee, and to each Rating Agency thereof,
and shall specify in such notice the action, if any, the Issuer is taking with respect of such default. If a Trigger Event or a Servicer Termination Event shall arise from the failure of the Servicer
to perform any of its respective 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 giving the Servicer a Servicer Termination Notice pursuant to
Section 7.01 of the Sale and Servicing Agreement, the Issuer shall (subject to the rights of the Insurer and the Indenture Trustee to direct such appointment pursuant to Section 7.03 of
the Sale and Servicing Agreement) appoint a Successor Servicer, which Successor Servicer shall, so long as no Insurer Default shall have occurred and be continuing, be acceptable to the Insurer and
such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee and the Insurer. In the event that a Successor Servicer has not been
appointed and accepted its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee without further action shall automatically be appointed the Successor Servicer.
The Indenture Trustee may resign as the Successor Servicer by giving written notice of such resignation to the Issuer and the Insurer and in such event will be released from such duties and
obligations, such release not to be effective until the date a new Servicer enters into an administrative agreement or servicing agreement as provided below. Upon delivery of any such notice to the
Issuer, the Issuer shall obtain a new Servicer as the Successor Servicer, in each case which successor shall, so long as no Insurer Default shall have occurred and be continuing, be acceptable to the
Insurer. Any Successor Servicer other than the Indenture Trustee shall (i) be an established financial institution having a net worth of not less than $50,000,000 and whose regular business
includes the servicing of motor vehicle receivables and (ii) enter into an administrative agreement or servicing agreement with the Issuer and the Depositor having substantially the same
provisions
as the provisions of the Sale and Servicing Agreement applicable to the Servicer. If within 30 days after the delivery of the notice referred to above, the Issuer shall not have obtained such a
new Servicer, the Issuer may appoint, or may petition a court of competent jurisdiction to appoint, a Successor Servicer. In connection with any such appointment, the Issuer may make such arrangements
for the compensation of 

28

 

such successor as it and such successor shall agree with, so long as no Insurer Default shall have occurred and be continuing, the prior written consent of the Insurer, subject to the limitations set
forth below and in the Sale and Servicing Agreement, and in accordance with Section 7.03 of the Sale and Servicing Agreement, the Issuer shall enter into an agreement with such successor for
the administration or servicing, as the case may be, of the Receivables (such agreement to be in form and substance satisfactory to the Indenture Trustee and, so long as no Insurer Default shall have
occurred and be continuing, the Insurer). If the Indenture Trustee shall succeed to the duties of the Servicer as provided herein, it shall do so in its individual capacity and not in its capacity as
Indenture Trustee and, accordingly, except as otherwise provided in the proviso to Section 6.01(a), the provisions of Article Six shall be inapplicable to the Indenture Trustee in its duties as
the successor to the Servicer and the administration and 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 or agents, so long as no Insurer Default shall have occurred and be continuing, with the prior written consent of
the Insurer, provided that it shall be fully liable for the actions and omissions of such Affiliate or agent in such capacity as Successor Servicer. 

    (f)    The Issuer shall promptly notify the Depositor, the Trustees, the Insurer and the Rating Agencies
in writing of (i) any termination of the Servicer pursuant to the Sale and Servicing Agreement and (ii) the appointment of each Successor Servicer, including the name and address
thereof. 

    (g)    The Issuer agrees that it will not waive timely performance or observance by the Depositor, the
Servicer or the Seller of their respective duties under the Basic Documents (i) if the effect thereof would adversely affect the Insurer or the Holders of the Notes or (ii) so long as no
Insurer Default shall have occurred and be continuing, without the prior written consent of the Insurer. 

    Section 3.08.  Negative Covenants.  So long as any Notes are Outstanding, the Issuer shall not: 

    (i)    except as expressly permitted by Section 3.10(b) and the Basic Documents, sell, transfer,
exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Indenture Trustee with, so long as no
Insurer Default shall have occurred and be continuing, the prior written consent of the Insurer; 

    (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 applicable state law) or 

29

 

assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 

    (iii)    (a) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien
created by 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 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 created
by 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 Trust Estate; 

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

    (v)    engage in any activities other than those permitted by Section 2.03 of the Trust Agreement,
and financing, acquiring, owning, pledging and managing the Receivables as contemplated by the Basic Documents and activities incidental to such activities; or 

    (vi)    incur, assume or guarantee any indebtedness other than the indebtedness evidenced by the Notes or
indebtedness otherwise permitted by the Basic Documents. 

    Section 3.09.  Annual Statement as to Compliance.  The Issuer will deliver to the Depositor, the
Indenture Trustee and to the Insurer, on or before May 31 of each year (commencing with 2002), an Officer's Certificate stating, as to the Authorized Officer signing such Officer's Certificate,
that: 

    (i)    a review of the activities of the Issuer during the preceding year (or such shorter period in the
case of the first such Officer's Certificate) 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 the preceding year (or such shorter period in the case of the first such Officer's Certificate) 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. 

30

 

    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 or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in
form satisfactory to the Depositor and the Indenture Trustee and, so long as no Insurer Default shall have occurred and be continuing, to the Insurer, the due and punctual payment of the principal of
and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture, and each other Basic Document, on the part of the Issuer to be performed or observed; 

    (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 and the Insurer) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, the Insurer, 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; 

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

    (vii)    so long as no Insurer Default shall have occurred and be continuing, the Issuer shall have given
the Insurer written notice of such consolidation or merger at least 20 Business Days prior to the consummation of such action and shall have received the prior written approval of the Insurer of such
consolidation or merger and the Issuer or the Person (if other than the Issuer) formed by or surviving such consolidation or
merger has a net worth, immediately after such consolidation or merger, that is (A) greater than zero and (B) not less than the net worth of the Issuer immediately prior to giving effect
to such consolidation or merger. 

31

 

    (b)    The Issuer shall not convey or transfer all or substantially all of its properties or assets,
including those included in the Trust Estate, to any Person (except as expressly permitted by the Basic Documents), unless: 

    (i)    the Person that acquires by conveyance or transfer the properties or assets of the Issuer shall
(A) be a United States citizen or a Person organized and existing under the laws of the United States or any State, (B) expressly assume, by an indenture supplemental hereto, executed
and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee and, so long as no Insurer Default shall have occurred and be continuing, the Insurer the due and punctual payment
of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and each other Basic Document on the part of the Issuer to be
performed or observed, all as provided herein, (C) expressly agree 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 Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree 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 agree 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 and to the Insurer) to the effect that such transaction will not have any material adverse federal tax consequence to the Issuer, the Insurer or any Securityholder; 

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

    (vi)    the Issuer shall have delivered to the Indenture Trustee and the Insurer an Officer's Certificate
and an Opinion of Counsel (which shall describe the actions taken as required by clause (v) above or that no actions will be taken) each stating that such conveyance or transfer and such
supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the
Exchange Act); and 

32

 

    (vii)    so long as no Insurer Default shall have occurred and be continuing, the Issuer shall have given
the Insurer written notice of such conveyance or transfer of properties or assets at least 20 Business Days prior to the consummation of such action and shall have received the prior written approval
of the Insurer of such conveyance or transfer and the Person acquiring by conveyance or transference the properties or assets of the Issuer has a net worth, immediately after such conveyance or
transfer, that is (A) greater than zero and (B) not less than the net worth of the Issuer immediately prior to giving effect to such conveyance or transfer. 

    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 of the properties or assets of the Issuer pursuant to
Section 3.10(b), the Issuer will 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 and the Insurer 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 other 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 (i) the Notes, (ii) obligations or indebtedness owing from time to time to the Insurer under the Insurance
Agreement or the other Basic Documents and (iii) any other indebtedness permitted by or arising under the other Basic Documents. 

    Section 3.14.  Servicer's Obligations.  The Issuer shall cause the Servicer to comply with
Sections 3.11, 3.12, 3.13, 4.08 and Section 8.01 of the Sale and Servicing Agreement. 

    Section 3.15.  Guarantees, Loans, Advances and Other Liabilities.  Except as contemplated by the
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 

33

 

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.  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 with respect to such removal and, so long as no Insurer Default shall have occurred and be
continuing, the Insurer shall have consented to such removal. 

    Section 3.18.  Restricted Payments.  Except as expressly permitted by the Basic Documents, the
Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof,
to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer,
(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, (a) distributions as contemplated by, and to the extent funds are available for such purpose under, the Sale and Servicing
Agreement or the Trust Agreement and (b) payments to the Indenture Trustee pursuant to Section 1.02(b)(ii) of the Administration Agreement. The Issuer will not, directly or
indirectly, make payments to or distributions from the Collection Account, the Note Distribution Account, the Certificate Distribution Account or the Reserve Fund except in accordance with this
Indenture and the Basic Documents. 

    Section 3.19.  Notice of Events of Default.  The Issuer shall give a Responsible Officer of the
Indenture Trustee, and an Executive Officer of the Insurer and each Rating Agency prompt written notice of each Event of Default hereunder and each default on the part of the Seller, the Servicer or
the Depositor of its obligations under the Sale and Servicing Agreement and each default on the part of the Seller or the Depositor of its obligations under the Receivables Purchase Agreement. 

    Section 3.20.  Further Instruments and Acts.  Upon request of the Indenture Trustee or, so long as
no Insurer Default shall have occurred and be continuing, the Insurer, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to
carry out more effectively the purpose of this Indenture. 

    Section 3.21.  Compliance with Laws.  The Issuer shall comply with the requirements of all
applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the
Notes, this Indenture or any Basic Document. 

34

 

    Section 3.22.  Amendments of Sale and Servicing Agreement and Trust Agreement.  The Issuer shall
not agree to any amendment to Section 9.01 of the Sale and Servicing Agreement or Section 11.01 of the Trust Agreement to eliminate the requirements thereunder that the Indenture Trustee
or the Holders of the Notes consent to amendments thereto as provided therein. 

35

  

  
 

    ARTICLE FOUR    
  

SATISFACTION AND DISCHARGE  

    Section 4.01.  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 3.03, 3.04, 3.05, 3.08, 3.10, 3.12, 3.13, 3.18, 3.20 and 3.22, (v) the
rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under
Section 4.02) 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 

    (i)    the Insurance Policy has been terminated in accordance with its terms and returned to the Insurer
for cancellation; 

    (ii)    either 

    (a) all
Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as
provided in Section 2.05 and (2) 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 3.03) have been delivered to the Indenture Trustee for cancellation and the Insurance Policy has expired and been returned to the Insurer
for cancellation; or 

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

    (1) have
become due and payable, 

    (2) will
become due and payable at the Class A-4 Final Distribution Date within one year or 

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

and
the Issuer, in the case of clauses (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or
obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire 

36

 

indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the related Final Distribution Date or Redemption Date (if Notes shall have been called for
redemption pursuant to Section 10.01), as the case may be; 

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

    (iv)    the Issuer has delivered to the Depositor, the Indenture Trustee and the Insurer an Officer's
Certificate, an Opinion of Counsel and (if required by the TIA, the Insurer or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the
applicable requirements of Section 11.01(a) and, subject to Section 11.02, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of
this Indenture have been complied with; and 

    (v)    the Issuer has delivered to the Depositor, the Indenture Trustee and the Insurer an Opinion of
Counsel to the effect that the satisfaction and discharge of this Indenture pursuant to this Section 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. 

    Section 4.02.  Satisfaction, Discharge and Defeasance of the Notes.  

    (a)    Upon satisfaction of the conditions set forth in Section 4.02(b), the Issuer shall be
deemed to have paid and discharged the entire indebtedness on all the Notes Outstanding, 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)    the rights of the Noteholders to receive, from the trust funds described in
Section 4.02(b)(i), payment of the principal of and interest on the Notes Outstanding at maturity of such principal or interest; 

    (ii)    the obligations of the Issuer with respect to the Notes under Sections 2.04, 2.05, 3.02 and 3.03; 

    (iii)    the obligations of the Issuer to the Indenture Trustee under Section 6.07; and 

    (iv)    the rights, powers, trusts and immunities of the Indenture Trustee hereunder and the duties of
the Indenture Trustee hereunder. 

37

 

    (b)    The satisfaction, discharge and defeasance of the Notes pursuant to Section 4.02(a) is
subject to the satisfaction of all of the following conditions: 

    (i)    the Issuer or the Insurer has deposited or caused to be deposited irrevocably (except as provided
in Section 4.04) with the Indenture Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Notes, 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 Notes Outstanding, 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; 

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

    (iii)    no Event of Default has occurred and is continuing on the date of such deposit or on the 91st
day after such date; 

    (iv)    the Issuer has delivered to the Depositor, the Indenture Trustee and the Insurer an Opinion of
Counsel to the effect that the satisfaction, discharge and defeasance of the Notes pursuant to this Section 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 Depositor, the Indenture Trustee and the Insurer an Officer's
Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to the defeasance contemplated by this Section have been complied with. 

    Section 4.03.  Application of Trust Money.  All monies deposited with the Indenture Trustee
pursuant to Sections 4.01 and 4.02 shall be held in trust in a segregated non-interest bearing account and applied by it, in accordance with the provisions of the Notes and this Indenture,
to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such monies have been
deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds of the Issuer except to the extent
required herein or in the Sale and Servicing Agreement or required by law. 

    Section 4.04.  Repayment of Monies Held by Paying Agent.  In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all monies 

38

 

then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to
be held and applied according to Section 3.03 and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

39

 
 
 

ARTICLE FIVE    
  

REMEDIES  

    Section 5.01.  Events of Default.  Wherever used herein, "Event of Default" means 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 by the Issuer in the payment of any interest on any Note when the same becomes due and
payable, and such default shall continue for a period of five days; 

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

    (iii)    default in the observance or performance of any covenant or agreement of the Issuer made in this
Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with) and such default shall continue or not be cured
for a period of 60 days after there shall have been given, by registered or certified mail, (A) to the Issuer and to the Indenture Trustee, so long as an Insurer Default shall not have
occurred and be continuing, by the Insurer, or (B) if an Insurer Default shall have occurred and be continuing, to the Issuer by the Indenture Trustee or to the Issuer, the Depositor and the
Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Note Balance, a written notice specifying such default and requiring it to be remedied and stating that such notice is a
"Notice of Default" hereunder; 

    (iv)    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 the circumstance or
condition in respect of which such representation or warranty was incorrect shall not have been eliminated or otherwise cured for a period of 30 days after there shall have been given, by
registered or certified mail, to the Issuer by the Depositor, the Indenture Trustee or the Insurer or to the Issuer, the Depositor, the Indenture Trustee and the Insurer by the Holders of Notes
evidencing not less than 25% of the Note Balance, a written notice specifying such incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of
Default hereunder; 

40

 

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

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

    (vii)    the submission of a claim under the Insurance Policy; 

provided,
however, that unless an Insurer Default shall have occurred and be continuing, neither the Depositor, the Indenture Trustee nor the Noteholders may declare an Event of Default. If an Insurer
Default shall not have occurred and be continuing, an Event of Default shall occur only upon delivery by the Insurer to the Depositor and the Indenture Trustee of notice of the occurrence of such
Event of Default. 

    The
Issuer shall deliver to the Depositor and a Responsible Officer of the Indenture Trustee and the Insurer within five 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 or both would become an Event of Default under clause (iii) or (iv) above, its status and
what action the Issuer is taking or proposes to take with respect thereto. 

    Section 5.02.  Acceleration of Maturity; Rescission and Annulment.  

    (a)    If an Event of Default shall have occurred and be continuing, so long as no Insurer Default shall
have occurred and be continuing, the Insurer shall have the right, but not the obligation, upon prior written notice to each Rating Agency, to declare all the Notes to be immediately due and payable,
by a notice in writing to the Issuer, the Indenture Trustee, the Depositor and each Rating Agency, and upon any such declaration the unpaid principal amount of the Notes, together with accrued and
unpaid interest thereon through the date of acceleration, shall become immediately due and payable. The Indenture Trustee 

41

 

shall have no discretion with respect to the acceleration of the Notes under the foregoing circumstances. In the event of any such acceleration of the Notes, the Indenture Trustee shall continue to
submit claims under the Insurance Policy with respect to the Securities. 

    (b)    If an Event of Default shall have occurred and be continuing and an Insurer Default shall have
occurred and be continuing, then the Indenture Trustee or the Holders of Notes evidencing not less than 662/3% of the Note Balance may, upon prior written notice to each Rating Agency,
declare the Notes to be immediately due and
payable by written notice to the Issuer (and to the Indenture Trustee if given by Noteholders) and the Servicer, and upon any such declaration the unpaid principal amount of the Notes, together with
accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

    (c)    At any time after such declaration of acceleration of maturity has been made and before a judgment
or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article, the Holders of Notes evidencing not less than 662/3% of the Note
Balance, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration of acceleration 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 if the Event of Default giving rise
to such acceleration had not occurred plus all amounts owing to the Insurer under the Insurance Agreement and the other Basic Documents; 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. 

    (d)    If an Event of Default shall have occurred and be continuing and an Insurer Default shall not have
occurred and be continuing, the Insurer may elect to prepay all or any portion of the Note Balance on any Distribution Date by depositing the
principal amount to be prepaid, plus accrued but unpaid interest thereon to such Distribution Date, in the Collection Account in immediately available funds no later than 5:00 P.M., New York
City time, on the related 

42

 

Deposit Date; provided, however, that the Insurer shall fulfill its obligations under the Insurance Policy. 

    (e)    If an Event of Default shall have occurred and be continuing, no Insurer Default shall have
occurred and be continuing and the Note Balance shall have been paid in full, the Insurer may elect to prepay all or any portion of the Certificate Balance on any Distribution Date by depositing the
principal amount to be prepaid, plus accrued but unpaid interest thereon to such Distribution Date, in the Collection Account in immediately available funds no later than 5:00 P.M., New York
City time, on the related Deposit Date; provided, however, that the Insurer shall fulfill its obligations under the Insurance Policy. 

    Section 5.03.  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.  

    (a)    The Issuer covenants that if the Notes are accelerated following the occurrence of an Event of
Default, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest,
with interest on the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, on overdue installments of interest at the related Interest Rate and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to Section 6.07. 

    (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 may, as more particularly
provided in Section 5.04, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders and the Insurer 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. 

43

 

    (d)    In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any
Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, or 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, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

    (i)    to file and prove a claim or claims for the entire 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 made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings; 

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

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

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

and
any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the
event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and 

44

 

counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith. 

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

    (f)    All rights of action and of asserting claims under this Indenture, or under any of the Notes, may
be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such 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 and attorneys, shall be for the ratable benefit of the Holders of the Notes. 

    (g)    In any Proceedings brought by the Indenture Trustee (including 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 Holders of the Notes, and it shall not be
necessary to make any Noteholder a party to any such Proceedings. 

    Section 5.04.  Remedies; Priorities.  

    (a)    If an Event of Default shall have occurred and be continuing, the Indenture Trustee shall, so long
as no Insurer Default shall have occurred and be continuing, at the written direction of the Insurer, or, if an Insurer Default shall have occurred and be continuing, at the written direction of the
Holders of Notes evidencing not less than 662/3% of the Note Balance, do one or more of the following actions as so directed (subject to Sections 5.02 and 5.05): 

    (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 to the Insurer or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer and any
other obligor upon such Notes monies adjudged due; 

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

    (iii)    exercise any remedies of a secured party under the UCC and any other remedy available to the
Indenture Trustee and take any other 

45

 

appropriate action to protect and enforce the rights and remedies of the Indenture Trustee on behalf of the Noteholders and the Insurer under this Indenture; and 

    (iv)    sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public
or private sales called and conducted in any manner permitted by law; 

provided,
however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate at the direction of the Insurer following an Event of Default, other than an Event of Default
described in Section 5.01(i) or (ii), unless the proceeds of such sale or liquidation will be sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal
and interest; provided, further, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate at the direction of the Holders following an Event of Default, other than an Event of
Default described in Section 5.01(i) or (ii), unless (A) the Holders of 100% of the Note Balance consent thereto, (B) the proceeds of such sale or liquidation distributable
to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Securities for principal and interest and all amounts due to the Insurer under the Insurance Agreement
or (C) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as would have become due if
the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of Holders of Notes evidencing not less than 662/3% of the Note Balance. In determining
such sufficiency or insufficiency with respect to clause (B) and (C) 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 Trust Estate for such purpose. 

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

    (i)    to the Indenture Trustee and the Owner Trustee, any amounts due under the Trust Agreement or
Section 6.07 hereof; 

    (ii)    to the Servicer, all accrued but unpaid Servicing Fees under the Sale and Servicing Agreement; 

    (iii)    to the Holders of the Notes of each Class, the Note Interest Distributable Amount ratably in
proportion to the Note Interest Distributable Amount for each Class at their respective Interest Rates; 

    (iv)    to the Holders of Notes of all Classes, the outstanding principal amount of the Notes, pro rata
in proportion to the outstanding principal amount of each Class; 

46

 

    (v)    to the Holders of Certificates, all accrued but unpaid interest on the Certificates; 

    (vi)    to the Holders of Certificates, the outstanding principal balance of the Certificates; 

    (vii)    to the Insurer, all overdue Insurance Premiums; 

    (viii)    to the Insurer, the aggregate amount of any unreimbursed payments under the Insurance Policy,
including any amount deposited by the Insurer pursuant to Section 5.02(d) or (e), plus accrued interest on any unreimbursed payments under the Insurance Policy, including any amount deposited
by the Insurer pursuant to Section 5.02(d) or (e), at the rate provided in the Insurance Agreement plus any other amounts due the Insurer under the Insurance Agreement and any other Basic
Document plus any unreimbursed Insurer Defense Costs; and 

    (ix)    to the Seller, as holder of the Residual Interest, any remaining money or property. 

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

    Section 5.05.  Optional Preservation of the Receivables.  If the Notes have been declared to be
due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, so long as no Insurer
Default shall have occurred and be continuing, at the direction of the Insurer, elect to maintain possession of the Trust Estate and apply proceeds as if there had been no declaration of acceleration;
provided however, that the Available Funds shall be applied in accordance with such declaration of acceleration in the manner specified in Section 4.05(d) 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 the Indenture Trustee shall take
such desire into account when determining whether or not to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but
need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Trust Estate for such purpose. 

    Section 5.06.  Limitation of Suits.  No Holder of any Note shall have any right to institute any
Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

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

47

 

    (ii)    the Holders of Notes evidencing not less than 25% of the Note Balance have made written request
to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

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

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

    (v)    no direction inconsistent with such written request has been given to the Indenture Trustee during
such 60-day period by the Holders evidencing not less than 51% of the Note Balance; and 

    (vi)    an Insurer Default shall have occurred and be continuing. 

    It
is understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders 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 Holders of Notes, each representing less than 51% of the
Note Balance, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. The Indenture Trustee shall not be
liable for any such determination made in good faith. 

    Section 5.07.  Unconditional Rights of Noteholders to Receive Principal and Interest.
  Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and
interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to
institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 

    Section 5.08.  Restoration of Rights and Remedies.  If the Indenture Trustee, the Insurer 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, the Insurer or to such Noteholder, then and in every such case the Issuer, the Insurer, 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. 

48

 

    Section 5.09.  Rights and Remedies Cumulative.  No right or remedy herein conferred upon or
reserved to the Indenture Trustee, the Insurer 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, the
Insurer or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Indenture Trustee, the Insurer or the Noteholders may be exercised from time to time, and as
often as may be deemed expedient, by the Indenture Trustee, the Insurer or the Noteholders, as the case may be. 

    Section 5.11.  Control by Noteholders.  The Holders of Notes evidencing not less than 51% of the
Note Balance 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: 

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

    (ii)    subject to the terms of Section 5.04, any direction to the Indenture Trustee to sell or
liquidate the Trust Estate shall be by the Insurer or the Holders of Notes representing not less than 100% of the Note Balance; 

    (iii)    if the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee
elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by the Holders of Notes representing less than 100% of the Note Balance to sell or liquidate the
Trust Estate shall be of no force and effect; and 

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

Notwithstanding
the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any action that it reasonably believes might involve it in
costs, expenses and liabilities for which it will not be adequately indemnified or might materially adversely affect the rights of any Noteholders not consenting to such action. 

49

 

    Section 5.12.  Waiver of Past Defaults.  Prior to the declaration of the acceleration of the
maturity of the Notes as provided in Section 5.02, so long as no Insurer Default shall have occurred and be continuing, the Insurer or the Holders of Notes evidencing not less than 51% of the
Note Balance, with the consent of the Insurer, so long as no Insurer Default shall have occurred and be continuing, may, on behalf of all Noteholders, waive any past Default or Event of Default and
its consequences except a Default or Event of Default (i) in payment of principal of or interest on any of the
Notes or (ii) in respect of a covenant or provision hereof which cannot be modified, supplemented or amended without the consent of the Holder of each Note. In the case of any such waiver, the
Issuer, the Insurer, the Indenture Trustee and the Holders of the Notes shall respectively be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent
or other Default or Event of Default or impair any right consequent thereto. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to
have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture, but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent thereto. 

    Section 5.13.  Undertaking for Costs.  All parties to this Indenture agree, and each Holder of any
Note by such Holder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any 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 shall not apply to (i) any suit instituted by the Indenture Trustee, (ii) any suit instituted by
any Noteholder, or group of Noteholders, in each case holding Notes evidencing in the aggregate more than 10% of the Note Balance or (iii) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after the 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 will not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of
any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted. 

50

 

    Section 5.15.  Action on Notes.  The Indenture Trustee's right to seek and recover judgment on the
Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any
rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with
Section 5.04(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 Depositor, the Seller or the Servicer, as
applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Depositor, the Seller or the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure
performance by the Depositor, the Seller or the Servicer of each of their obligations under the Sale and Servicing Agreement. 

    (b)    If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the
direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing not less than 662/3% of the Note Balance
shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Depositor, the Seller or the Servicer under or in connection with the Sale and Servicing Agreement or
against the Seller under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor or the
Servicer, of each of their respective 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 Receivables Purchase Agreement, and any right of the Issuer to take such action shall be suspended. 

    (c)    Promptly following a request from the Indenture Trustee to do so and at the Administrator's
expense, the Issuer agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller of each of its obligations to the
Depositor under or in connection with the Receivables Purchase Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges 

51

 

lawfully available to the Depositor or the Issuer under or in connection with the Receivables Purchase Agreement to the extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Seller thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller of each of
its obligations under the Receivables Purchase Agreement. 

    (d)    If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, and at
the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing not less than 662/3% of the Note
Balance shall, exercise all rights, remedies, powers, privileges and claims of the Depositor against the Seller under or in connection with the Receivables Purchase Agreement, including the right or
power to take any action to compel or secure performance or observance by the Seller of each of its obligations to the Depositor thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Receivables Purchase Agreement, and any right of the Depositor to take such action shall be suspended. 

52

  

  
 

    ARTICLE SIX    
  

THE INDENTURE TRUSTEE  

    Section 6.01.  Duties of Indenture Trustee.  

    (a)    If an Event of Default has occurred and is continuing of which a Responsible Officer of the
Indenture Trustee has actual knowledge, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a
prudent person would exercise or use under the circumstances in the conduct of such person's own affairs; provided, however, that if the Indenture Trustee shall assume the duties of the Servicer,
pursuant to Section 3.07(e), the Indenture Trustee in performing such duties shall use the degree of care and skill customarily exercised by a prudent institutional Servicer, with respect to
retail motor vehicle installment sale contracts that it administers or services, as the case may be, for itself or others. 

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

    (i)    the Indenture Trustee shall undertake 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 conforming to the requirements of this Indenture;
provided, however, 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 Section 6.01(b); 

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

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

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

53

 

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

    (f)    The Indenture Trustee acknowledges that it has reviewed the Sale and Servicing Agreement and
agrees to perform all acts required to be performed by it thereunder. The Indenture Trustee shall be entitled to the benefits of this Section and references herein to the Indenture shall be read as
references to the Indenture and the Sale and Servicing Agreement. 

    (g)    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. 

    (h)    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 hereunder, 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. 

    (i)    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 and to the provisions of the TIA. 

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

    Section 6.02.  Rights of Indenture Trustee.  

    (a)    Except as otherwise provided in the second succeeding sentence, the Indenture Trustee may rely on
any 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, calculation or matter stated in the document. Notwithstanding the foregoing, the Indenture Trustee, upon
receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished
pursuant to any provision of this Indenture, shall examine them to determine whether they comply as to form to the requirements of this Indenture. 

    (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 

54

 

on an Officer's Certificate or Opinion of Counsel unless it is proved that the Indenture Trustee was negligent in such reliance. 

    (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 at the request or direction of the Insurer or any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or
indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

    Section 6.03.  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 Paying
Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12. 

    Section 6.04.  Indenture Trustee's Disclaimer.  The Indenture Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture, the Trust Estate or the Notes, it shall not be accountable for the Issuer's use of the proceeds from the Notes, and it
shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee's
certificate of authentication. 

    Section 6.05.  Notice of Defaults.  If a Default occurs and is continuing and if it is known to a
Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to the Insurer and each Noteholder notice of the Default within 30 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 

55

 

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

    Section 6.06.  Reports by Indenture Trustee to Holders.  The Indenture Trustee shall deliver,
within a reasonable period of time after the end of each calendar year, to each Person
who at any time during such calendar year was a Noteholder, such information furnished to the Indenture Trustee as may be required to enable such Person to prepare its federal and state income tax
returns. 

    Section 6.07.  Compensation and Indemnity.  

    (a)    The Servicer shall (i) pay to the Indenture Trustee from time to time reasonable
compensation for its services, which compensation shall not be limited by any law on compensation of a trustee of an express trust and (ii) 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, which expenses shall include the reasonable
compensation and expenses, disbursements and advances of the (a) Indenture Trustee as Administrator and (b) Indenture Trustee's agents, counsel, accountants and experts; provided,
however, that the Servicer need not reimburse the Indenture Trustee for any expense incurred through the Indenture Trustee's willful misconduct, negligence or bad faith. 

    The
Servicer's payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation or discharge of the
Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(v) or (vi) 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. 

    (b)    The Servicer shall indemnify the Indenture Trustee and its officers, directors, employees and
agents against any and all loss, liability or expense (including reasonable attorneys' fees and expenses) incurred by it in connection with the administration of this trust and the performance of its
duties hereunder not resulting from its own willful misconduct, negligence or bad faith. The Indenture Trustee shall notify the Servicer and the Administrator promptly of any claim for which it may
seek indemnity. Failure by the Indenture Trustee to so notify the Servicer and the Administrator shall not relieve the Servicer or the Administrator of its obligations hereunder. The Servicer shall,
or shall cause the Administrator to, defend any such claim, and the Indenture Trustee may have separate counsel and the Servicer 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 indemnify against any loss, liability or expense 

56

 

incurred by the Indenture Trustee through the Indenture Trustee's own willful misconduct, negligence or bad faith. 

    Section 6.08.  Replacement of Indenture Trustee.  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. The Indenture
Trustee may resign at any time by so notifying the Issuer, the Insurer, the Depositor and the Noteholders. So long as no Insurer Default shall have occurred and be continuing, the Insurer, or the
Noteholders evidencing not less than 51% of the Note Balance, with, so long as no Insurer Default shall have occurred and be continuing, the consent of the Insurer, may remove the Indenture Trustee
(with a copy to the Issuer, the Depositor, the Insurer and the Rating Agencies) at any time and appoint a successor Indenture Trustee by so notifying the Indenture Trustee and the Insurer. The Issuer
shall remove the Indenture Trustee if: 

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

    (ii)    a court having jurisdiction in the premises in respect of the Indenture Trustee in an involuntary
case or proceeding under federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, shall have
entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Indenture Trustee or for any
substantial part of the Indenture Trustee's property, or ordering the winding-up or liquidation of the Indenture Trustee's affairs, provided any such decree or order shall have continued
unstayed and in effect for a period of 30 consecutive days; 

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

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

    If
the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to
herein as the retiring Indenture Trustee), the Issuer, with, so long as no Insurer Default shall have occurred and be continuing, the consent of the Insurer, shall promptly appoint a successor
Indenture Trustee. 

57

 

    Each successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Insurer, the Issuer and the Depositor. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this
Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee
to the successor Indenture Trustee. 

    If
a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or
the Holders of Notes evidencing not less than 51% of the Note Balance 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 may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the
appointment of a successor Indenture Trustee. 

    Any
resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to the provisions of this Section shall not become effective until
acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement of
the Indenture Trustee pursuant to this Section, the obligations of the Issuer and the Administrator under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee. 

    Section 6.09.  Successor Indenture Trustee by Merger.  If the Indenture Trustee consolidates or
merges with, converts 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 shall, without any further act, 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 Insurer and each Rating Agency prior written notice of any such transaction. 

    In
case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture 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 Indenture 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; and in all such cases such certificates shall have the full force as is provided anywhere in the Notes or in this Indenture that the
certificate of the Indenture Trustee shall have. 

58

 

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

    (a)    Notwithstanding any other provision of this Indenture, at any time, for the purpose of meeting any
legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee and the Administrator, acting jointly, shall have the power and may
execute and deliver an instrument to
appoint one or more Persons to act as a co-trustee or co-trustees, jointly with the Indenture Trustee, or separate trustee or separate trustees, of all or any part of the Trust
Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Insurer and the Noteholders, such title to the Trust Estate or any part thereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. If the Administrator shall not have joined in such
appointment within 15 days after its receipt of a request to do so, the Indenture Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate
trustee shall be required under Section 6.08. 

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

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

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

    (c)    Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate
trustee or co-trustee shall refer to this Indenture and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the 

59

 

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 and a copy thereof given to the Administrator. 

    (d)    Any separate trustee or co-trustee may at any time constitute the Indenture Trustee,
its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and
in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, 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.  The Indenture Trustee shall at all times satisfy
the requirements of TIA Section 310(a). The Indenture Trustee 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 Rating Agency, and the time deposits of the Indenture
Trustee shall be rated at least A-1 by Standard & Poor's and Prime-1 by Moody's. The Indenture Trustee shall comply with TIA Section 310(b); provided, however,
that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such
exclusion set forth in TIA Section 310(b)(1) are met. 

    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.  Representations and Warranties of Indenture Trustee.  The Indenture Trustee hereby
makes the following representations and warranties on which the Issuer, the Insurer and Noteholders shall rely: 

    (i)    it is a national banking association duly organized, validly existing and in good standing under
the laws of the United States; 

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

    (iii)    the Indenture is an enforceable obligation of the Indenture Trustee. 

60

 

 
 

ARTICLE SEVEN    
  

NOTEHOLDERS' LISTS AND REPORTS  

    Section 7.01.  Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders.  If
Definitive Notes are issued, the Issuer will furnish or cause to be furnished to the Indenture Trustee (i) not more than five days after the earlier of (a) each Record Date and
(b) three months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of such Record Date, and
(ii) at such other times as the Indenture Trustee may
request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is
furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished. 

    Section 7.02.  Preservation of Information; Communications, Reports and Certain Documents to
Noteholders.  

    (a)    The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names
and addresses of the Holders of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes received
by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 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. 

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

    (d)    The Indenture Trustee will provide to Securityholders the reports, certificates, opinions and
documents specified in Section 3.15 of the Sale and Servicing Agreement, upon written request to the Indenture Trustee. 

    Section 7.03.  Reports by Issuer.  

    (a)    The Issuer shall: 

    (i)    file with the Indenture Trustee, within 15 days after the Issuer is required to file the
same with the Commission, copies of the annual reports and 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; 

61

 

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

    (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) 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 end on
December 31 of each year. 

    Section 7.04.  Reports by Indenture Trustee.  If required by TIA Section 313(a), within
60 days after each December 15 beginning with December 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). 

    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. 

62

 
 
 

ARTICLE EIGHT    
  

ACCOUNTS, DISBURSEMENTS AND RELEASES  

    Section 8.01.  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 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
Five. 

63

 

    Section 8.02.  Accounts.  

    (a)    On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in
the name of the Indenture Trustee, for the benefit of (i) the Securityholders and the Insurer, the Collection Account and the Reserve Fund and (ii) the Noteholders, the Note Distribution
Account as provided in Section 4.01 of the Sale and Servicing Agreement. The Collection Account, Note Distribution Account and the Reserve Fund shall be Eligible Accounts. 

    (b)    On or before each Distribution Date, all amounts required to be deposited in the Collection
Account will be deposited as provided in Sections 4.02 and 4.04 of the Sale and Servicing Agreement. On or before each Distribution Date, all amounts required to be deposited in the Note Distribution
Account with respect to the related Collection Period pursuant to Sections 4.04 and 4.05 of the Sale and Servicing Agreement will be transferred from the Collection Account and/or the Reserve Fund to
the Note Distribution Account. 

    (c)    On each Distribution Date and Redemption Date, the Indenture Trustee shall distribute all amounts
on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the
following order of priority (except as otherwise provided in Section 5.04(b)): 

    (i)    the Note Interest Distributable Amount; provided, that if there are not sufficient funds in the
Note Distribution Account to pay the allocable portion of the Note Interest Distribution Amount with respect to each Class of Notes, the amount in the Note Distribution Account shall be applied to the
payment of such amount pro rata on the basis of the total Note Interest Distributable Amount due on the Notes; 

    (ii)    the Note Principal Distributable Amount (first to the Class A-1 Notes until
the Class A-1 Notes have been paid in full, second to the Class A-2 Notes until the Class A-2 Notes have been paid in full, third to the
Class A-3 Notes until the Class A-3 Notes have been paid in full, and fourth to the Class A-4 Notes until the Class A-4
Notes have been paid in full); 

    (iii)    notwithstanding the foregoing, on each Distribution Date after the Notes have been accelerated
as provided in Section 5.02(a) following the occurrence of an Event of Default, until such time as the Notes have been paid in full and this Indenture has been discharged with respect to the
Notes, the Certificates will not receive any of the
Principal Distributable Amount, and the Notes will receive 100% of the Principal Distributable Amount on a pro rata basis based on the Note Balance of each Class of Notes; and 

    (iv)    in the event that there are insufficient funds in the Note Distribution Account to make the
foregoing distributions, an amount equal 

64

 

to the Reserve Fund Draw Amount will be withdrawn from the Reserve Fund pursuant to Section 4.06(b) of the Sale and Servicing Agreement. 

    Section 8.03.  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 Accounts shall be maintained in cash or invested in Permitted Investments and reinvested by the Indenture Trustee upon the written direction of the Servicer, subject to the
provisions of Section 4.01(b) of the Sale and Servicing Agreement. Except as otherwise provided in Section 4.01(b) of the Sale and Servicing Agreement, all income or other gain from
investment of monies deposited in the Accounts (other than the Reserve Fund) shall be part of Available Interest and any loss resulting from such investments shall be charged to the related Account. 

    (b)    Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in any of the Accounts resulting from any loss on any 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. 

    (c)    If (i) the Servicer shall have failed to give investment directions for any funds on
deposit in the Accounts to the Indenture Trustee by 8:00 A.M., Los Angeles time (or such other time as may be agreed by the Issuer and the Indenture Trustee) on any Business Day or
(ii) to the knowledge of a Responsible 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 5.02 or
(iii) if the Notes shall have been declared due and payable following an Event of Default but amounts collected or receivable from the Trust Estate are being applied in accordance with
Section 5.05 as if there had not been such a declaration, then the Indenture Trustee upon actual knowledge by a Responsible Officer of the Indenture Trustee of such event shall, to the fullest
extent practicable, invest and reinvest funds in the Accounts in the Permitted Investment listed in clause (vi) of the definition thereof. 

    Section 8.04.  Release of Trust Estate.  

    (a)    Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the
same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this
Article shall be bound to ascertain the Indenture 

65

 

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, the Insurance Policy
has been terminated in accordance with its terms and has been returned to the Insurer for cancellation and all sums due the Insurer have been paid in full and all sums due the Indenture Trustee
pursuant to Section 6.07 have been paid in full, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section only upon receipt of an Issuer
Request accompanied by an Officer's Certificate, 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 11.01. 

    Section 8.05.  Opinion of Counsel.  The Indenture Trustee shall receive at least seven days notice
when requested by the Issuer to take any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require, except in
connection with any action contemplated by Section 8.04(b), 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 in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall
not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any
certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

66

  

  
 

    ARTICLE NINE    
  

SUPPLEMENTAL INDENTURES  

    Section 9.01.  Supplemental Indentures Without Consent of Noteholders.  

    (a)    The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, without the consent
of the Holders of any Notes but with the consent of the Rating Agencies and, so long as no Insurer Default shall have occurred and be continuing, the consent of the Insurer, with prior written notice
to the Insurer and the Rating Agencies at any time and from time to time, enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following
purposes: 

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

    (ii)    to evidence the succession, in compliance with 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 Holders of the Notes, 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 the other Basic Documents or to make any other provisions with respect to matters or questions
arising under this Indenture or in any supplemental indenture, provided, that such action shall not adversely affect the interests of the Holders of the Notes; 

    (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 Six; or 

    (vii)    to modify, eliminate or add to the provisions of this Indenture to such extent as shall be
necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter 

67

 

enacted and to add to this Indenture such other provisions as may be expressly required by the TIA; 

provided,
however, that (i) no such supplemental indenture may materially adversely affect the interests of any Securityholder, (ii) no such supplemental indenture will be permitted
unless an Opinion of Counsel is delivered to the Insurer and the Indenture Trustee to the effect that such supplemental indenture will not cause the Issuer to be characterized for federal income tax
purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal income taxation of any Notes Outstanding or outstanding Certificates or any
Securityholder and (iii) no such supplemental indenture will be permitted without the consent of the Insurer if such supplemental indenture would reasonably be expected to materially adversely
affect the interests of the Insurer. A supplemental indenture shall be deemed not to materially adversely affect the interests of any Securityholder if (i) the Person requesting such
supplemental indenture obtains and delivers to the Indenture Trustee an Opinion of Counsel to that effect or (ii) the Rating Agency Condition is satisfied. 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. 

    Section 9.02.  Supplemental Indentures With Consent of Noteholders.  The Issuer and the Indenture
Trustee, when authorized by an Issuer Order, also may, with prior notice to each Rating Agency and the Insurer and with the consent of the Holders of Notes evidencing not less than 51% of the Note
Balance and, so long as no Insurer Default has occurred and is continuing, the consent of the Insurer, by Act of such Holders delivered to the Issuer and the Indenture Trustee, at any time and from
time to time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or
of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that no such supplemental indenture (i) consented to by the Insurer on behalf of the
Noteholders pursuant to Section 11.19 may materially adversely affect the interests of any Securityholder, (ii) will be permitted unless an Opinion of Counsel is delivered to the
Indenture Trustee and the Insurer to the effect that such supplemental indenture will not cause the Issuer to be characterized for federal income tax purposes as an association taxable as a
corporation or otherwise have any material adverse impact on the federal income taxation of any Notes Outstanding or outstanding Certificates or any Securityholder and (iii) will be permitted
without the consent of the Insurer if such supplemental indenture would reasonably be expected to materially adversely affect the interests of the Insurer; and, provided further, that no such
supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

    (i)    change the date of payment of any installment of principal of or interest on any Note, or reduce
the principal amount thereof, the Interest 

68

 

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 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 Five, to the payment of any such amount due on the Notes on
or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 

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

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

    (iv)    reduce the percentage of the Note Balance required to direct the Indenture Trustee to direct the
Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04 if the proceeds of such sale would be insufficient to pay in full the principal amount of and accrued but unpaid interest
on the Notes or amend the provisions of this Article which specify the percentage of the Note Balance required to amend this Indenture or the other Basic Documents; 

    (v)    modify any provision of this Section except to increase any percentage specified herein or provide
that certain additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 

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

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

    The
Administrator shall certify to the Indenture Trustee whether or not any Notes would be affected by any supplemental indenture and any such certification 

69

 

shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. 

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

    Promptly
after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders 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 9.03.  Execution of Supplemental Indentures.  In executing, or permitting the additional
trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.01 and 6.02, shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects the Indenture Trustee's own rights, duties, liabilities or immunities under this Indenture or otherwise. 

    Section 9.04.  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 Holders of the Notes 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 9.05.  Conformity with Trust Indenture Act.  Every amendment of this Indenture and every
supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect so long as this Indenture shall then be qualified under the TIA. 

    Section 9.06.  Reference in Notes to Supplemental Indentures.  Notes authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any
matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture 

70

 

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. 

71

 
 
 

ARTICLE TEN    
  

REDEMPTION OF NOTES  

    Section 10.01.  Redemption.  

    (a)    The Outstanding Notes are subject to redemption in whole, but not in part, pursuant to
Section 8.01 of the Sale and Servicing Agreement, on any Distribution Date on which the Servicer exercises its option to purchase the Trust Estate pursuant to said Section, for a purchase price
equal to the Redemption Price; provided that the Issuer has available funds sufficient to pay the Redemption Price. The amount paid by the Servicer shall be treated as collections in respect of the
Receivables and applied to pay the unpaid principal amount of the Notes plus accrued and unpaid interest thereon, the Certificate Balance plus accrued and unpaid interest thereon and all amounts due
the Insurer under the Insurance Agreement. The Servicer or the Issuer shall furnish each Rating Agency and the Insurer notice of such redemption. If the Outstanding Notes are to be redeemed pursuant
to this Section, the Servicer or the Issuer shall furnish notice of such election to the Indenture Trustee, the Depositor, the Insurer and the Rating Agencies not later than 20 days prior to
the Redemption Date and the Issuer shall deposit by 8:00 A.M.,              time, on the Redemption Date with the Indenture Trustee in the Note Distribution Account the
Redemption Price
of the Notes to be redeemed, whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with Section 10.02 to each Holder of the Notes. 

    (b)    In the event that the assets of the Issuer are purchased by the Servicer pursuant to
Section 8.01(a) of the Sale and Servicing Agreement, all amounts on deposit in the
Note Distribution Account shall be paid to the Noteholders up to the unpaid principal amount of the Notes and all accrued and unpaid interest thereon. If such amounts are to be paid to Noteholders
pursuant to this Section, the Issuer shall, to the extent practicable, furnish or cause the Servicer to furnish notice of such event to the Depositor, the Indenture Trustee, the Insurer and the Rating
Agencies not later than 20 days prior to the Redemption Date, whereupon all such amounts shall be payable on the Redemption Date. 

    Section 10.02.  Form of Redemption Notice.  Notice of redemption under Section 10.01 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 the Servicer pursuant to
Section 10.01(a), but not later than ten days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption
Date, at such Holder's address or facsimile number appearing in the Note Register. 

72

 

    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 3.02); and 

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

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

    Section 10.03.  Notes Payable on Redemption Date.  The Notes or portions thereof to be redeemed
shall, following notice of redemption as required by Section 10.02, 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. 

73

 
 
 

ARTICLE ELEVEN    
  

MISCELLANEOUS  

    Section 11.01.  Compliance Certificates and Opinions, etc.  

	(a)
	Upon
any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee
(i) an Officer's Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of
Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with and (iii) if required by the TIA, an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this
Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate
or opinion need be furnished. 

    Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

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

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

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

    (iv)    a statement as to whether, in the opinion of each 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 11.01(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 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 

74

 

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 property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal
year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Note Balance, but such a certificate need not be
furnished with respect to any property or securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer's Certificate is less than $25,000 or less than 1% of the
Note Balance. 

    (iii)    Other than with respect to any release described in clause (A) or (B) of
Section 11.01(b)(v), whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer's Certificate
certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating
that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

    (iv)    Whenever the Issuer is required to furnish to the Indenture Trustee an Officer's Certificate
certifying or stating the opinion of any 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 described in clauses (A) or (B) of Section 11.01(b)(v)) 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 10% or more of the Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in
the related Officer's Certificate is less than $25,000 or less than one percent of the then Note Balance. 

    (v)    Notwithstanding Section 2.12 or any other provision of this Section, the Issuer may,
without compliance with the requirements of the other provisions of this Section, (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 Accounts as and to the extent permitted or required by the Basic Documents. 

    Section 11.02.  Form of Documents Delivered to Indenture Trustee.  In any case where several
matters are required to be certified by, or covered by an opinion of, any 

75

 

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

    Any
certificate or opinion of an Authorized Officer 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 Seller, the Servicer, the Depositor, the Issuer or the Administrator, stating that the information with respect to such factual matters is in
the possession of the Seller, the Servicer, the Depositor, the Issuer or the Administrator, unless such Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are erroneous. 

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

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

    Section 11.03.  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 

76

 

therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner
provided in this Section. 

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

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

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

    Section 11.04.  Notices, etc., to Indenture Trustee, Issuer, Depositor, Insurer 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 Issuer or the Insurer shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing and mailed first-class, postage prepaid, overnight courier or facsimile (followed by original) to or with the Indenture Trustee at its
Corporate Trust Office (telecopier no.              ); 

    (ii)    the Issuer by the Indenture Trustee, any Noteholder or the Insurer shall be sufficient for every
purpose hereunder if in writing and mailed first-class, postage prepaid, overnight courier or facsimile (followed by original) to the Issuer addressed to:              Auto Owner
Trust
2001-       ,              , Attention: Corporate Trust Administration (with a copy to the Administrator,
              ,              , Attention:
              ) (telecopier no.              ), 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; 

    (iii)    the Depositor by the Indenture Trustee, the Insurer, the Seller, the Servicer or any Noteholder,
shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid to the Depositor addressed to Pooled Auto Securities Shelf LLC, in care of First 

77

 

Union Corporation, 3301 C Street, Sacramento, California 95816, Attention: General Counsel (telecopier no.              ), or at any other address previously furnished in writing
to the Indenture
Trustee by the Depositor; or 

    (iv)    the Insurer by the Indenture Trustee, the Servicer, the Issuer or by any Noteholder shall be
sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid, overnight courier or facsimile (followed by original) to the Insurer addressed
to:              ,
Attention:              (telecopier no.              ), or at any other address previously furnished in
writing to the Indenture Trustee by the Insurer. 

    Notices
required to be given to each Rating Agency by the Issuer, the Indenture Trustee or the Owner Trustee shall be in writing, personally delivered, couriered or mailed by
certified mail, return receipt requested, in the case of (i) Moody's, at Moody's Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007
(telecopier no. (212) 553-4773) or (ii) Standard & Poor's, at Standard & Poor's Ratings Services, a Division of The McGraw-Hill
Companies, Inc., 55 Water Street, 43rd Floor, New York, New York 10041, Attention of Asset Backed Surveillance Department (telecopier no. (212) 438-2649); or at such other
address as shall be designated by written notice to the other parties. 

    Section 11.05.  Notices to Noteholders; Waiver.  Where this Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by
such event, at such Holder's address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case
where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice
with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

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

    In
case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event 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. 

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

78

 

    Section 11.06.  Alternate Payment and Notice Provisions.  Notwithstanding any provision of this
Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying
Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and
the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 

    Section 11.07.  Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or
conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required 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 11.08.  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 11.09.  Successors and Assigns.  All covenants and agreements in this Indenture and the
Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and
agents. 

    Section 11.10.  Severability.  If any one or more of the provisions or terms of this Agreement or
the Notes shall be for any reason whatsoever held invalid, illegal or unenforceable then such provisions or terms shall be deemed severable from the remaining provisions or terms of this Agreement and
the Notes and shall in no way affect or impair the validity or enforceability of the other provisions or terms of this Agreement or of the Notes or the rights of the Securityholders thereof. 

    Section 11.11.  Benefits of Indenture.  Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Insurer and the Noteholders, and any other party secured hereunder, and any other Person with an
ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

    Section 11.12.  Legal Holidays.  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. 

79

 

    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 (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

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

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

    Section 11.16.  Trust Obligation.  Except as otherwise provided in Section 3.07(e), no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed (it being understood that the Indenture Trustee, except as otherwise provided in Section 3.07(e), and the Owner Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight of the Trust Agreement. 

    Section 11.17.  No Petition.  The Indenture Trustee, by entering into this Indenture, and each
Noteholder, by accepting a Note or a beneficial interest therein, hereby covenant and agree that they will not at any time institute against the Issuer or the Depositor, or join in any institution
against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or 

80

 

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

    Section 11.19.  Certain Matters Regarding the Insurer.  Except as otherwise provided herein, so
long as no Insurer Default shall have occurred and be continuing, the Insurer shall have the right to exercise all rights, including voting rights, which the Noteholders or the Certificateholders are
entitled to exercise pursuant to the Basic Documents, without any consent of such Securityholders and the Securityholders may only exercise such voting rights with the prior written consent of the
Insurer; provided, however, that, without the consent of each Securityholder affected thereby, the Insurer shall not exercise such rights to amend this Indenture in any manner that requires the
consent of the Holder of each Outstanding Note adversely affected by such amendment. 

    Notwithstanding
any other provisions of this Indenture to the contrary, if an Insurer Default shall have occurred and be continuing, the Insurer shall not have the right to take any
action under this Indenture or to control or direct the actions of the Issuer, the Depositor, the Indenture Trustee or the Owner Trustee pursuant to the terms of this Indenture, nor shall the consent
of the Insurer be required with respect to any action (or waiver of a right to take action) to be taken by the Issuer, the Indenture Trustee, the Owner Trustee, the Noteholders or the
Certificateholders; provided, however, that no supplemental indenture pursuant to Section 9.01 or 9.02 of this Indenture will be permitted without the consent of the Insurer if such
supplemental
indenture would reasonably be expected to materially adversely affect the interests of the Insurer. 

    Section 11.20.  Third Party Beneficiaries.  This Indenture shall inure to the benefit of and be
binding upon the parties hereto, and the Owner Trustee, the Noteholders, the Certificateholders, the Insurer and their respective successors and permitted assigns shall be third party beneficiaries.
Except as otherwise provided in this Article, no other Person shall have any right or obligation hereunder. 

81

 

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

	 	 	       AUTO OWNER TRUST

2001-       ,
	

 	
 	

By:	
 	

 
	 	 	 	 	                                        
        ,

not in its individual capacity but solely as Owner Trustee,
	

 	
 	

By:	
 	

 
	 	 	 	 	                                        
        ,

not in its individual capacity but solely as Indenture Trustee,
	

 	
 	

By:	
 	

 
	 	 	 	 	                                        
        

82

  

  
 

    SCHEDULE A    
  

 
 

RECEIVABLES SCHEDULE    
  

    Delivered to the Insurer, the Owner Trustee and Indenture Trustee on the Closing Date. 

SA–1

  

  
 

    EXHIBIT A    
  

FORM OF CLASS A 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 IN INSTALLMENTS 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

No. R-  	 	$                        

CUSIP NO.                         
	 	 	 
	 	 	 
	        AUTO OWNER TRUST 2001-       
	   % ASSET BACKED NOTES, CLASS [A-1] [A-2] [A-3] [A-4]

                  Auto
Owner Trust 2001-       , a business trust organized and existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of              Dollars
($              ), payable to the extent described in the Indenture
referred to on the reverse hereof on each Distribution Date; provided, however, that the entire unpaid principal amount of this Note shall be payable on the earlier
of              ,
200  (the "Class [A-1] [A-2] [A-3]
[A-4]Final Distribution Date") and the Redemption Date, if any, selected pursuant to the Indenture. 

    The
Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), or on the Closing Date in the
case of the first Distribution Date or if no interest has yet been paid, subject to certain limitations contained in the Indenture. Interest on this Note will accrue for each Distribution Date
[from and including the most recent Distribution Date on which interest has 

SA–1

 

been paid (or, in the case of the first Distribution Date or if no interest has yet been paid, from the Closing Date), to but excluding such current Distribution Date] [from
and including the       day of the prior calendar month (based on the assumption of 30 days in each month) (or, in the case of the first Distribution Date, from and including the
Closing Date) to but excluding the       day of the month in which the current Distribution Date occurs]. Interest will be computed on the basis of [the actual
number of days in the Interest Period divided by 360] [a 360-day year consisting of twelve 30-day months]. Such principal and interest on
this Note shall be paid in the manner specified on the reverse hereof. 

    The
principal 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. 

    The
Notes are entitled to the benefits of a financial guaranty insurance policy (the "Insurance Policy") issued by              (the "Insurer"), pursuant to which the Insurer
has unconditionally guaranteed the timely payment of the Note Distributable Amount on each Distribution Date, all as more fully set forth in the Indenture. 

    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, or be valid or obligatory for any purpose. 

    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:	 	            AUTO OWNER TRUST 2001-       ,
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	                                        
     ,

not in its individual capacity but solely as

Owner Trustee under the Trust Agreement,
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	                                        
     

       Authorized Signatory

SA–2

 
INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

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

	Date:	 	                                        
     ,

not in its individual capacity but solely as Indenture

Trustee,
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	                                        
     

       Authorized Signatory

SA–3

 

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its       % Asset Backed Notes, Class
[A-1][A-2] [A-3] [A-4] (the "Class
[A-1] [A-2][A-3] [A-4] Notes"), all 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 Insurer, the
Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed
thereto in the Indenture. 

    The
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes (collectively, the
"Notes") are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

    Principal
payable on the Notes will be paid on each Distribution Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the entire
unpaid principal amount of this Note will be payable on the earlier of the Class [A-1][A-2]
[A-3] [A-4] Final Distribution Date and the Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the
foregoing, under certain circumstances, the entire unpaid principal amount of the Class [A-1][A-2]
[A-3] [A-4] Notes
shall be due and payable following the occurrence and continuance of an Event of Default, if (i) the Insurer (if an Insurer Default shall not have occurred and be continuing) or (ii) the
Indenture Trustee or the Holders of Notes evidencing not less than 662/3% of the Note Balance (if an Insurer Default shall have occurred and be continuing) have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class
[A-1][A-2] [A-3] [A-4] Notes shall be made pro rata to
the Class [A-1][A-2] [A-3] [A-4] Noteholders entitled
thereto. 

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

SA–4

 

Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the Record Date preceding such Distribution Date or Redemption Date by notice
mailed within five days of such Distribution Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust
Office of the Indenture Trustee or at the office of the Indenture Trustee's agent appointed for such purposes located in The City of New York. 

    As
provided in the Indenture and subject to the limitations set forth therein and on the face hereof, 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 Holder
hereof or such Holder's attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of 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 acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity. 

    Each
Noteholder or Note Owner, by 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 Depositor, the Purchaser or the Issuer, or join in any institution against the Depositor or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state 

SA–5

 

bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Indenture or the other Basic Documents. 

    A
fiduciary of a Benefit Plan purchasing the Notes with the assets of a Benefit Plan is deemed to represent that the purchase of one or more Notes is consistent with its fiduciary
duties under ERISA and does not result in a nonexempt prohibited transaction as defined in Section 406 of ERISA or Section 4975 of the Code. 

    The
Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes
will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees 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 Insurer, the Indenture Trustee and any agent of the Issuer, the Insurer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note shall be overdue, and 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 as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Holders of the Notes under the Indenture at any time by the Owner Trustee, on behalf of the Issuer, without the consent of the Holders of Notes but with, so long as no Insurer Default shall have
occurred and be continuing, the consent of the Insurer. The Indenture also contains provisions permitting the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee, with certain exceptions
as therein provided, to amend or waive from time to time certain terms and conditions set forth in the Indenture with, so long as no Insurer Default shall have occurred and be continuing, the consent
of the Insurer and the Holders of Notes evidencing not less than 51% of the Note Balance. The Indenture also permits, so long as no Insurer Default shall have occurred and be continuing, the Insurer
or the Holders of Notes evidencing not less than 51% of the Note Balance, with, so long as no Insurer Default shall have occurred and be continuing, the consent of the Insurer, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Insurer, Holders of not less than 51% of the Note Balance or Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

SA–6

 

    The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of the Indenture Trustee and the Holders of
Notes under the Indenture. 

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

    This
Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions (other than
Section 5-1401 of the General Obligations Law), and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

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

 
 

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 whatsoever. Such signature must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar. 

SA–7

QuickLinks

Exhibit 4.3.2

INDENTURE

GRANTING CLAUSE

ARTICLE ONE

ARTICLE TWO

ARTICLE THREE

COVENANTS

ARTICLE FOUR

ARTICLE FIVE

ARTICLE SIX

ARTICLE SEVEN

ARTICLE EIGHT

ARTICLE NINE

ARTICLE TEN

ARTICLE ELEVEN

SCHEDULE A

RECEIVABLES SCHEDULE

EXHIBIT A

ASSIGNMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}]]