Document:

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                                                                   EXHIBIT 4.1.1

                    VOLKSWAGEN CREDIT AUTO MASTER OWNER TRUST

                               ASSET-BACKED NOTES

                              AMENDED AND RESTATED

                                    INDENTURE

                           DATED AS OF ______ , 200 _

                            JPMORGAN CHASE BANK, N.A.

                                INDENTURE TRUSTEE

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                              CROSS-REFERENCE TABLE

<TABLE>
<CAPTION>
 TIA SECTION                                                        INDENTURE SECTION
--------------                                                    ----------------------
<S>                                                               <C>
310  (a)(1)      ...............................................  6.8, 6.11
     (a)(2)      ...............................................  6.8, 6.11
     (a)(3)      ...............................................  6.10
     (a)(4)      ...............................................  6.14
     (b)         ...............................................  6.11
     (c)         ...............................................  N.A.
311  (a)         ...............................................  6.12
     (b)         ...............................................  6.12
     (c)         ...............................................  N.A.
312  (a)         ...............................................  7.1, 7.2
     (b)         ...............................................  7.2
     (c)         ...............................................  7.2
313  (a)         ...............................................  7.4(a), 7.4(b)
     (b)(1)      ...............................................  7.4(a)
     (b)(2)      ...............................................  7.4(a)
     (c)         ...............................................  7.4(a)
     (d)         ...............................................  7.4(a)
314  (a)         ...............................................  3.9, 7.3(a)
     (b)         ...............................................  3.6
     (c)(1)      ...............................................  2.1, 2.9, 4.1, 11.1(a)
     (c)(2)      ...............................................  2.1, 2.9, 4.1, 11.1(a)
     (c)(3)      ...............................................  2.9, 4.1, 11.1(a)
     (d)         ...............................................  2.9, 11.1(b)
     (e)         ...............................................  11.1(a)
     (f)         ...............................................  11.1(a)
315  (a)         ...............................................  6.1(b)
     (b)         ...............................................  6.5
     (c)         ...............................................  6.1(a)
     (d)         ...............................................  6.2, 6.1(c)
     (e)         ...............................................  5.13
316  (a) last
     sentence    ...............................................  1.1
     (a)(1)(A)   ...............................................  5.11
     (a)(1)(B)   ...............................................  5.12
     (a)(2)      ...............................................  Omitted
316  (b), (c)    ...............................................  5.7
317  (a)(1)      ...............................................  5.3(b)
     (a)(2)      ...............................................  5.3(d)
     (b)         ...............................................  3.3
318  (a)         ...............................................  11.7
</TABLE>

N.A. means Not Applicable.

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

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                                TABLE OF CONTENTS

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

         SECTION 1.1     Definitions......................................................................           2

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

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

         SECTION 2.1     Issuance of Notes; Execution, Authentication and Delivery........................           3

         SECTION 2.2     Form of Notes and Indenture Trustee's Certificate of Authentication..............           5

         SECTION 2.3     Temporary Notes..................................................................           5

         SECTION 2.4     Registration; Registration of Transfer and Exchange of Notes.....................           6

         SECTION 2.5     Mutilated, Destroyed, Lost or Stolen Notes.......................................           7

         SECTION 2.6     Persons Deemed Noteholders.......................................................           8

         SECTION 2.7     Payment of Principal and Interest................................................           9

         SECTION 2.8     Cancellation of Notes............................................................          10

         SECTION 2.9     Release of Collateral............................................................          10

         SECTION 2.10    Book-Entry Notes.................................................................          10

         SECTION 2.11    Notices to Clearing Agency.......................................................          11

         SECTION 2.12    Definitive Notes.................................................................          11

         SECTION 2.13    Transferor as Noteholder.........................................................          12

         SECTION 2.14    Tax Treatment....................................................................          12

         SECTION 2.15    Special Terms Applicable to Subsequent Transfers of Certain Notes................          12

ARTICLE III.    COVENANTS.................................................................................          13

         SECTION 3.1     Payment of Principal and Interest................................................          13

         SECTION 3.2     Maintenance of Agency Office.....................................................          13

         SECTION 3.3     Money for Payments To Be Held in Trust...........................................          13

         SECTION 3.4     Existence........................................................................          15

         SECTION 3.5     Protection of Trust Estate; Acknowledgment of Pledge.............................          15

         SECTION 3.6     Opinions as to Trust Estate......................................................          15

         SECTION 3.7     Performance of Obligations; Servicing of Receivables.............................          16

         SECTION 3.8     Negative Covenants...............................................................          17

         SECTION 3.9     Annual Statement as to Compliance................................................          18
</TABLE>

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                                TABLE OF CONTENTS
                                   (continued)
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<S>                                                                                                                <C>
         SECTION 3.10    Consolidation, Merger, etc., of Issuer; Disposition of Trust Assets..............          18

         SECTION 3.11    Successor or Transferee..........................................................          20

         SECTION 3.12    No Other Business................................................................          20

         SECTION 3.13    No Borrowing.....................................................................          20

         SECTION 3.14    Guarantees, Loans, Advances and Other Liabilities................................          20

         SECTION 3.15    Servicer's Obligations...........................................................          21

         SECTION 3.16    Capital Expenditures.............................................................          21

         SECTION 3.17    Removal of Administrator.........................................................          21

         SECTION 3.18    Restricted Payments..............................................................          21

         SECTION 3.19    Notice of Events of Default......................................................          21

         SECTION 3.20    Further Instruments and Acts.....................................................          21

         SECTION 3.21    Indenture Trustee's Assignment of Interests in Certain Receivables...............          22

         SECTION 3.22    Representations and Warranties by the Issuer to the Indenture Trustee............          22

ARTICLE IV.     SATISFACTION AND DISCHARGE................................................................          22

         SECTION 4.1     Satisfaction and Discharge of Indenture..........................................          22

         SECTION 4.2     Application of Trust Money.......................................................          23

         SECTION 4.3     Repayment of Monies Held by Paying Agent.........................................          24

         SECTION 4.4     Duration of Position of Indenture Trustee........................................          24

ARTICLE V.      DEFAULT AND REMEDIES......................................................................          24

         SECTION 5.1     Events of Default................................................................          24

         SECTION 5.2     Acceleration of Maturity; Rescission and Annulment...............................          25

         SECTION 5.3     Collection of Indebtedness and Suits for Enforcement by Indenture
                         Trustee..........................................................................          26

         SECTION 5.4     Remedies; Priorities.............................................................          28

         SECTION 5.5     Optional Preservation of the Trust Estate........................................          29

         SECTION 5.6     Limitation of Suits..............................................................          30

         SECTION 5.7     Unconditional Rights of Noteholders To Receive Principal and Interest............          31

         SECTION 5.8     Restoration of Rights and Remedies...............................................          31
</TABLE>

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                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
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<S>                                                                                                                <C>
         SECTION 5.9     Rights and Remedies Cumulative...................................................          31

         SECTION 5.10    Delay or Omission Not a Waiver...................................................          31

         SECTION 5.11    Control by Noteholders...........................................................          31

         SECTION 5.12    Waiver of Past Defaults..........................................................          32

         SECTION 5.13    Undertaking for Costs............................................................          32

         SECTION 5.14    Waiver of Stay or Extension Laws.................................................          33

         SECTION 5.15    Action on Notes..................................................................          33

         SECTION 5.16    Performance and Enforcement of Certain Obligations...............................          33

         SECTION 5.17    Early Amortization Events........................................................          34

ARTICLE VI.     THE INDENTURE TRUSTEE.....................................................................          35

         SECTION 6.1     Duties of Indenture Trustee......................................................          35

         SECTION 6.2     Rights of Indenture Trustee......................................................          37

         SECTION 6.3     Indenture Trustee May Own Notes..................................................          38

         SECTION 6.4     Indenture Trustee's Disclaimer...................................................          38

         SECTION 6.5     Notice of Defaults...............................................................          38

         SECTION 6.6     Reports by Indenture Trustee to Holders..........................................          38

         SECTION 6.7     Compensation; Indemnity..........................................................          38

         SECTION 6.8     Replacement of Indenture Trustee.................................................          39

         SECTION 6.9     Merger or Consolidation of Indenture Trustee.....................................          40

         SECTION 6.10    Appointment of Co-Indenture Trustee or Separate Indenture Trustee................          41

         SECTION 6.11    Eligibility; Disqualification....................................................          42

         SECTION 6.12    Preferential Collection of Claims Against Issuer.................................          43

         SECTION 6.13    Representations and Warranties of Indenture Trustee..............................          43

         SECTION 6.14    Indenture Trustee May Enforce Claims Without Possession of Notes.................          43

         SECTION 6.15    Suit for Enforcement.............................................................          44

         SECTION 6.16    Rights of Noteholders to Direct Indenture Trustee................................          44

ARTICLE VII.    NOTEHOLDERS' LISTS AND REPORTS............................................................          44

         SECTION 7.1     Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders...........          44
</TABLE>

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                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
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<S>                                                                                                                <C>
         SECTION 7.2     Preservation of Information, Communications to Noteholders.......................          44

         SECTION 7.3     Reports by Issuer................................................................          45

         SECTION 7.4     Reports by Indenture Trustee.....................................................          45

ARTICLE VIII.   ACCOUNTS, DISBURSEMENTS AND RELEASES......................................................          46

         SECTION 8.1     Collection of Money..............................................................          46

         SECTION 8.2     Trust Accounts; Allocations; Payments............................................          46

         SECTION 8.3     General Provisions Regarding Trust Accounts......................................          48

         SECTION 8.4     Release of Trust Estate..........................................................          48

         SECTION 8.5     Opinion of Counsel...............................................................          49

ARTICLE IX.     SUPPLEMENTAL INDENTURES...................................................................          49

         SECTION 9.1     Supplemental Indentures Without Consent of Noteholders...........................          49

         SECTION 9.2     Supplemental Indentures With Consent of Noteholders..............................          50

         SECTION 9.3     Execution of Supplemental Indentures.............................................          51

         SECTION 9.4     Effect of Supplemental Indenture.................................................          51

         SECTION 9.5     Conformity with Trust Indenture Act..............................................          52

         SECTION 9.6     Reference in Notes to Supplemental Indentures....................................          52

ARTICLE X.      REDEMPTION OF NOTES.......................................................................          52

         SECTION 10.1    Redemption.......................................................................          52

         SECTION 10.2    Form of Redemption Notice........................................................          53

         SECTION 10.3    Notes Payable on Redemption Date.................................................          53

ARTICLE XI.     MISCELLANEOUS.............................................................................          53

         SECTION 11.1    Compliance Certificates and Opinions, etc........................................          53

         SECTION 11.2    Form of Documents Delivered to Indenture Trustee.................................          55

         SECTION 11.3    Acts of Noteholders..............................................................          56

         SECTION 11.4    Notices, etc., to Indenture Trustee, Issuer and Rating Agencies..................          57

         SECTION 11.5    Notices to Noteholders; Waiver...................................................          57

         SECTION 11.6    Alternate Payment and Notice Provisions..........................................          58

         SECTION 11.7    Conflict with Trust Indenture Act................................................          58

         SECTION 11.8    Effect of Headings and Table of Contents.........................................          58

         SECTION 11.9    Successors and Assigns...........................................................          58
</TABLE>

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                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
                                                                                                          PAGE
<S>                                                                                                       <C>
SECTION 11.10   Separability.....................................................................          58

SECTION 11.11   Benefits of Indenture............................................................          59

SECTION 11.12   Legal Holidays...................................................................          59

SECTION 11.13   GOVERNING LAW....................................................................          59

SECTION 11.14   Counterparts.....................................................................          59

SECTION 11.15   Recording of Indenture...........................................................          59

SECTION 11.16   No Recourse......................................................................          59

SECTION 11.17   No Petition......................................................................          60

SECTION 11.18   Inspection.......................................................................          61

SECTION 11.19   No Substantive Review of Compliance Documents....................................          61

SECTION 11.20   Amendment of Basic Documents.....................................................          61

SECTION 11.21   Submission to Jurisdiction.......................................................          61
</TABLE>

EXHIBIT A  Form of Transfer Certificate
EXHIBIT B  Form of Undertaking Letter

                                      -v-

<PAGE>

      AMENDED AND RESTATED INDENTURE, dated as of _____ , 200 _ (as the same may
be amended, supplemented, amended and restated or otherwise modified from time
to time, this "Indenture"), between VOLKSWAGEN CREDIT AUTO MASTER OWNER TRUST, a
Delaware statutory trust (formerly known as Volkswagen Credit Auto Master Owner
Trust, a New York common law trust) (the "Issuer" or the "Trust"), and JPMORGAN
CHASE BANK, N.A., a national banking association (as successor in interest to
Bank One, National Association) (as indenture trustee and not in its individual
capacity the "Indenture Trustee").

                                    RECITALS

      WHEREAS, the Issuer and the Indenture Trustee entered into an Indenture,
dated as of August 10, 2000 (as amended, supplemented, amended and restated or
otherwise modified from time to time prior to the date hereof, the "Existing
Agreement");

      WHEREAS, this Indenture amends and restates as of the date hereof in its
entirety the Existing Agreement, and upon the effectiveness of this Indenture,
the terms and provisions of the Existing Agreement shall be superseded hereby.

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

                                 GRANTING CLAUSE

      The Issuer hereby confirms its grant of a security interest in, transfer,
assignment and conveyance to the Indenture Trustee on the Initial Closing Date,
as trustee for the benefit of the Noteholders and (only to the extent expressly
provided herein) the Residual Interestholder, all of the Issuer's right, title
and interest in, to and under (a) all Receivables, all Collateral Security with
respect thereto, all monies due or to become due thereon (including all interest
thereon accruing after June 30, 2000, whether paid or payable) and all amounts
received with respect thereto and all proceeds thereof (including "proceeds" as
defined in Section 9-102 of the UCC) and Recoveries, existing in Accounts on the
Initial Cut-Off Date, generated in the Accounts after the Initial Cut-Off Date
and Receivables existing in or generated in any Accounts designated to the Trust
on any Addition Date; (b) the Trust Sale and Servicing Agreement (including the
rights of Volkswagen Dealer Finance, LLC) (the "Transferor") under the
Receivables Purchase Agreement assigned to the Issuer pursuant to the Trust Sale
and Servicing Agreement); (c) all Collections; (d) all funds on deposit in the
Trust Accounts; (e) any Enhancement issued for a Series or class of Notes; (f) a
security interest in the Vehicles; and (g) any proceeds of the foregoing
(collectively, the "Collateral").

      The foregoing grant has been made and will continue to be made in trust to
secure the payment of principal of and interest on, and any other amounts owing
in respect of, the Notes, equally and ratably without prejudice, priority or
distinction (except as otherwise provided in any Series Supplement or supplement
hereto), to secure (only to the extent expressly provided herein) distributions
with respect to the Residual Interest, and to secure compliance with the

<PAGE>

provisions of this Indenture, all as provided in this Indenture. This Indenture
constitutes a security agreement under the UCC.

      The foregoing grant included and will continue to include all rights,
powers and options (but none of the obligations, if any) of the Issuer under any
agreement or instrument included in the Collateral, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Receivables included in the Collateral
and all other monies payable under the Collateral, to give and receive notices
and other communications, to make waivers or other agreements, to exercise all
rights and options, to bring Proceedings in the name of the Issuer or otherwise
and generally to do and receive anything that the Issuer is or may be entitled
to do or receive under or with respect to the Collateral.

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

                                   ARTICLE I.
                   DEFINITIONS AND INCORPORATION BY REFERENCE

      SECTION 1.1 Definitions. Certain capitalized terms used in this Indenture
shall have the respective meanings assigned them in Part I of Appendix A to the
Amended and Restated Trust Sale and Servicing Agreement, dated as of _______ ,
200 _ (as amended, modified or supplemented from time to time, the "Trust Sale
and Servicing Agreement") among VW Credit, Inc. ("VCI"), Transferor and The Bank
of New York, a New York banking corporation (the "Owner Trustee"). All
references herein to "this Indenture" are to this Indenture as it may be
amended, supplemented or modified from time to time, and all references herein
to Articles, Sections, subsections and exhibits are to Articles, Sections,
subsections and exhibits of this Indenture unless otherwise specified. All terms
defined in this Indenture shall have the defined meanings when used in any
certificate, notice, Note or other document made or delivered pursuant hereto
unless otherwise defined therein. The rules of construction set forth in Part II
of Appendix A to the Trust Sale and Servicing Agreement shall be applicable to
this Indenture.

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

      "Commission" means the Securities and Exchange Commission.

      "indenture securities" means the Notes.

      "indenture trustee" means the Indenture Trustee.

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

                                      -2-

<PAGE>

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

                                  ARTICLE II.
                                   THE NOTES

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

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

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

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

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

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

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

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

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

                                      -3-

<PAGE>

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

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

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

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

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

            (J) any other terms permitted by this Indenture.

            (ii) The obligation of the Indenture Trustee to authenticate the
Notes of such new Series and to execute and deliver the related Series
Supplement is subject to the delivery to the Indenture Trustee of the following:

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

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

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

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

            (E) confirmation from the Rating Agencies that the issuance will not
result in a reduction or withdrawal of the rating of any outstanding Series or
class of Notes.

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

      (e)   Upon execution and delivery of a Series Supplement and Opinion of
            Counsel to the Indenture Trustee, the Indenture Trustee shall
            thereupon authenticate and

                                      -4-

<PAGE>

            deliver the related Notes to or upon the written order of the
            Issuer, signed by any Authorized Officer.

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

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

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

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                               JPMORGAN CHASE BANK, N.A., not in
                               its individual capacity but solely as
                               Indenture Trustee

                               By: ______________________________
                               Name:
                               Title:

                               Dated: ______________________________

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

      SECTION 2.3 Temporary Notes.

      (a)   Pending the preparation of Definitive Notes, if any, to be issued in
            exchange for Book-Entry Notes the Issuer may execute, and upon
            receipt of an Issuer Order the Indenture Trustee shall authenticate
            and deliver, such Temporary Notes which are printed, lithographed,
            typewritten, mimeographed or otherwise produced, of the

                                      -5-

<PAGE>

            tenor of the Definitive Notes in lieu of which they are issued and
            with such variations as are consistent with the terms of this
            Indenture as the officers executing such Notes may determine, as
            evidenced by their execution of such Notes.

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

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

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

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

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

                                      -6-

<PAGE>

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

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

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

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

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

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

      SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes.

      (a)   If (i) any mutilated Note is surrendered to the Indenture Trustee,
            or the Indenture Trustee receives evidence to its satisfaction of
            the destruction, loss or theft of any Note, and (ii) there is
            delivered to the Indenture Trustee such security or indemnity as may
            be required by it to hold the Issuer and the Indenture Trustee
            harmless, then, in the absence of notice to the Issuer, the Note
            Registrar or the Indenture Trustee that such Note has been acquired
            by a bona fide purchaser, the Issuer shall execute and upon the
            Issuer's written request the Indenture Trustee

                                      -7-

<PAGE>

            shall authenticate and deliver, in exchange for or in lieu of any
            such mutilated, destroyed, lost or stolen Note, a replacement Note
            of a like Series and class and aggregate principal amount; provided,
            however, that if any such destroyed, lost or stolen Note, but not a
            mutilated Note, shall have become or within seven days shall be due
            and payable, or shall have been called for redemption, instead of
            issuing a replacement Note, the Issuer may make payment to the
            Holder of such destroyed, lost or stolen Note when so due or payable
            or upon the Redemption Date, if applicable, without surrender
            thereof.

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

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

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

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

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

                                      -8-

<PAGE>

      SECTION 2.7 Payment of Principal and Interest.

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

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

      (c)   With respect to any Payment Date on which the final installment of
            principal and interest on a Series of Notes is to be paid, the
            Indenture Trustee shall notify each Noteholder of such Series of
            Notes as of the Record Date for such Payment Date of the fact that
            the final installment of principal of and interest on such Note is
            to be paid on such Payment Date. With respect to Book-Entry Notes
            for which Definitive Notes have not been issued, such notice shall
            be sent on the Business Day prior to such Payment Date by facsimile,
            and with respect to Definitive Notes, such notice shall be sent not
            later than three Business Days after such Record Date in accordance
            with Section 11.5(a), and, in each case, shall specify that such
            final installment shall be payable only upon presentation and
            surrender of such Note and shall specify the place where such Note
            may be presented and

                                      -9-

<PAGE>

            surrendered for payment of such installment. The Indenture Trustee
            shall not be liable for any failure to provide notice to the
            Noteholders as required pursuant to this Section 2.7(c) to the
            extent it has not received notice of such expected final Payment
            Date from the Issuer not later than two Business Days after the
            Record Date. Notices in connection with redemptions of Notes shall
            be mailed to Noteholders as provided in Section 10.2.

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

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

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

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

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

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

                                      -10-

<PAGE>

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

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

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

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

                                      -11-

<PAGE>

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

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

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

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

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

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

                                      -12-

<PAGE>

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

                                  ARTICLE III.
                                   COVENANTS

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

      SECTION 3.2 Maintenance of Agency Office. As long as any of the Notes
remains outstanding, the Issuer shall maintain in the Borough of Manhattan, the
City of New York, an office (the "Agency Office"), being an office or agency
where Notes may be surrendered to the Issuer for registration of transfer or
exchange, and where notices and demands to or upon the Issuer in respect of the
Notes and this Indenture may be served. The Issuer hereby initially appoints the
Indenture Trustee to serve as its agent for the foregoing purposes, which
address is JPMorgan Chase Bank, N.A., 4 New York Plaza, 6th Floor, New York, New
York 10004, (telecopier no. (212) 623-5932), Attention: Global Debt-Structured
Finance Admin. If the Indenture Trustee is not the agent, the Issuer shall give
prompt written notice to the Indenture Trustee of the location, and of any
change in the location, of any such office or agency. If at any time the Issuer
shall fail to maintain any such office or agency or shall fail to furnish the
Indenture Trustee with the address thereof, such surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Indenture Trustee,
and the Issuer hereby appoints the Indenture Trustee as its agent to receive all
such surrenders, notices and demands.

      SECTION 3.3 Money for Payments To Be Held in Trust.

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

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

                                      -13-

<PAGE>

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

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

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

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

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

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

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

      (e)   Subject to applicable laws with respect to escheat of funds, any
            money held by the Indenture Trustee or any Paying Agent in trust for
            the payment of any amount due with respect to any Note and remaining
            unclaimed for one year after such amount has become due and payable
            shall be discharged from such trust and be paid by the Indenture
            Trustee to the Issuer upon receipt of an Issuer Request; and the
            Holder of such Note shall thereafter, as an unsecured general
            creditor, look only to the Issuer for payment thereof (but only to
            the extent of the amounts so paid to the Issuer), and all liability
            of the Indenture Trustee or such Paying Agent with respect to such
            trust money shall thereupon cease; provided, however, that the
            Indenture Trustee or such Paying Agent, before being required to
            make any such payment, may at the expense of the Issuer cause to be
            published once, in a newspaper published in the English language,
            customarily published on each

                                      -14-

<PAGE>

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

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

      SECTION 3.5 Protection of Trust Estate; Acknowledgment of Pledge.

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

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

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

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

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

      SECTION 3.6 Opinions as to Trust Estate.

                                      -15-

<PAGE>

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

      (b)   On or before April 30 in each calendar year, beginning April 30,
            2001, the Issuer shall furnish to the Indenture Trustee an Opinion
            of Counsel either stating that, in the opinion of such counsel, such
            action has been taken with respect to the recording, filing,
            re-recording and refiling of this Indenture, any indentures
            supplemental hereto and any other requisite documents and with
            respect to the execution and filing of any financing statements and
            continuation statements as is necessary to maintain the lien and
            security interest created by this Indenture and reciting the details
            of such action or stating that in the opinion of such counsel no
            such action is necessary to maintain the lien and security interest
            created by this Indenture.

      SECTION 3.7 Performance of Obligations; Servicing of Receivables.

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

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

      (c)   The Issuer shall punctually perform and observe all of its
            obligations and agreements contained in this Indenture, the Basic
            Documents and in the instruments and agreements included in the
            Trust Estate, including but not limited to filing or causing to be
            filed all Uniform Commercial Code financing statements and
            continuation statements required to be filed under the terms of this
            Indenture, the Trust Sale and Servicing Agreement and the
            Receivables Purchase Agreement

                                      -16-

<PAGE>

            in accordance with and within the time periods provided for herein
            and therein. Except as otherwise expressly provided therein, the
            Issuer shall not waive, amend, modify, supplement or terminate any
            Basic Document or any provision thereof without the consent of the
            Indenture Trustee.

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

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

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

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

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

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

                                      -17-

<PAGE>

            (other than with respect to any such tax, mechanics' or other lien);
            provided, however, that nothing in this Section 3.8(d) shall
            prohibit a Lien in favor of VCI subject to the provisions of Article
            VII of the Receivables Purchase Agreement.

      SECTION 3.9 Annual Statement as to Compliance. The Issuer shall deliver to
the Indenture Trustee, on or before April 30 of each year, beginning April 30,
2001, an Officer's Certificate signed by an Authorized Officer of the Issuer,
dated as of December 31 of such year, stating that:

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

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

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

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

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

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

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

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

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

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

                                      -18-

<PAGE>

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

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

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

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

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

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

                  (3) unless otherwise provided in such supplemental indenture,
            expressly agrees to indemnify, defend and hold harmless the Issuer
            against and from any loss, liability or expense arising under or
            related to this Indenture and the Notes; and (4) expressly agrees
            that such Person (or if a group of Persons, then one specified
            Person) shall make all filings with the Commission (and any other
            appropriate Person) required by the Exchange Act in connection with
            the Notes;

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

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

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

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

                                      -19-

<PAGE>

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

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

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

      SECTION 3.11 Successor or Transferee.

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

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

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

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

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

                                      -20-

<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      -21-

<PAGE>

      SECTION 3.21 Indenture Trustee's Assignment of Interests in Certain
Receivables. The Indenture Trustee shall assign, without recourse,
representation or warranty, to the Servicer or the Transferor, as the case may
be, all of the Indenture Trustee's right, title and interest in and to any
Receivable assigned by the Issuer to the Servicer or the Transferor, as
applicable, pursuant to the Receivables Purchase Agreement or the Trust Sale and
Servicing Agreement (in each case, to the extent so assigned and upon the
receipt of any related payment, if applicable), such assignment being an
assignment outright and not for security; and the Servicer or the Transferor, as
applicable, shall thereupon own the interest purchased in such Receivable, free
of any further obligation to the Indenture Trustee, the Noteholders or the
Residual Interestholder with respect thereto. If in any enforcement suit or
legal proceeding it is held that the Servicer may not enforce a Receivable on
the ground that it is not a real party in interest or a holder entitled to
enforce such Receivable, the Indenture Trustee shall, at the Servicer's expense,
take such steps as the Servicer deems necessary to enforce the Receivable,
including bringing suit in the Indenture Trustee's name, the names of the
Noteholders or the name of the Residual Interestholder.

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

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

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

                                  ARTICLE IV.
                           SATISFACTION AND DISCHARGE

      SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall
cease to be of further effect with respect to the Notes except as to: (i) rights
of registration of transfer and exchange; (ii) substitution of mutilated,
destroyed, lost or stolen Notes; (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon; (iv) Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.12, 3.13, 3.14, 3.19 and 3.20; (v) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee
under Sections 4.2 and 4.4); and (vi) the rights of Noteholders as beneficiaries
hereof with respect to the property so deposited with the Indenture Trustee
payable to all or any of them, and the Indenture Trustee, on demand of and at
the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, if:

                                      -22-

<PAGE>

      (a) either:

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

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

            (A) have become due and payable,

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

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

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

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

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

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

                                      -23-

<PAGE>

from other funds except to the extent required herein or in the Trust Sale and
Servicing Agreement or by applicable law.

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

      SECTION 4.4 Duration of Position of Indenture Trustee. Notwithstanding the
earlier payment in full of all principal and interest due to all Noteholders
under the terms of the Notes of each Series and the cancellation of such Notes
pursuant to Section 2.8, the Indenture Trustee shall continue to act in the
capacity as Indenture Trustee hereunder to the benefit of the Residual
Interestholder and the Indenture Trustee, for the benefit of the Residual
Interestholder, shall comply with its obligations under the Trust Sale and
Servicing Agreement, as appropriate, until such time as all distributions due to
the Residual Interestholder have been paid in full.

                                   ARTICLE V.
                              DEFAULT AND REMEDIES

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

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

      (b)   except as set forth in Section 5.1(c), failure to pay any
            installment of the principal of any Note as and when the same
            becomes due and payable, and such default continues unremedied for a
            period of 5 days; or

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

      (d)   default in the observance or performance in any material respect of
            any covenant or agreement of the Issuer made in this Indenture
            (other than a covenant or agreement, a default in the observance or
            performance of which is specifically dealt with elsewhere in this
            Section 5.1) which failure materially and adversely affects the
            rights of the Noteholders of any Series, and such default shall
            continue or not be cured for a period of 60 days after there shall
            have been given, by registered, certified or overnight mail or by
            hand delivery, to the Issuer and the Transferor (or the Servicer, as
            applicable) by the Indenture Trustee or to the Issuer and the
            Transferor (or the Servicer, as applicable) and the Indenture
            Trustee by the Holders of at least 25% of the principal amount of
            the Notes of such Series, a written notice specifying such default
            and requiring it to be remedied and stating that such notice is a
            "Notice of Default" hereunder; or

                                      -24-

<PAGE>

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

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

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

      SECTION 5.2 Acceleration of Maturity; Rescission and Annulment.

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

                                      -25-

<PAGE>

      (b)   At any time after such declaration of acceleration of maturity has
            been made and before a judgment or decree for payment of the money
            due has been obtained by the Indenture Trustee as hereinafter
            provided in this Article V, the Holders of Notes representing a
            majority of the principal amount of the Notes of the Controlling
            Class, by written notice to the Issuer and the Indenture Trustee,
            may rescind and annul such declaration and its consequences;
            provided, however, that no such rescission and annulment shall
            extend to or affect any subsequent Event of Default or impair any
            right consequent thereto; and provided, further, that if the
            Indenture Trustee shall have proceeded to enforce any right under
            this Indenture and such proceedings shall have been discontinued or
            abandoned because of such rescission and annulment or for any other
            reason, or shall have been determined adversely to the Indenture
            Trustee, then and in every such case, the Indenture Trustee, the
            Issuer and the Noteholders, as the case may be, shall be restored to
            their respective former positions and rights hereunder, and all
            rights, remedies and powers of the Indenture Trustee, the Issuer and
            the Noteholders, as the case may be, shall continue as though no
            such proceedings had been commenced.

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

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

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

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

      (d)   If an Event of Default occurs and is continuing, the Indenture
            Trustee may, as more particularly provided in Section 5.4, in its
            discretion, proceed to protect and

                                      -26-

<PAGE>

            enforce its rights and the rights of the Noteholders, by such
            appropriate Proceedings as the Indenture Trustee shall deem most
            effective to protect and enforce any such rights, whether for the
            specific enforcement of any covenant or agreement in this Indenture
            or in aid of the exercise of any power granted herein, or to enforce
            any other proper remedy or legal or equitable right vested in the
            Indenture Trustee by this Indenture or by applicable law.

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

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

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

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

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

                                      -27-
<PAGE>

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

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

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

      SECTION 5.4 Remedies; Priorities.

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

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

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

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

            (iv) sell the portions of the related Trust Estate allocated to that
Series, or any portion thereof or rights or interest therein, at one or more
public or private sales called and conducted in any manner permitted by law or
elect to have the Issuer maintain possession of the Trust Estate, including the
Receivables included therein, and continue to apply Collections on such
Receivables as if there had been no declaration of acceleration (although the
Early Amortization Period commenced by that declaration shall continue unless
the declaration is rescinded); provided, however, that the Indenture Trustee may
not sell or otherwise liquidate an interest in the Trust Estate following an
Event of Default and acceleration of the Notes, unless

                                     -28-
<PAGE>

(A) the Holders of a majority of aggregate outstanding principal amount of the
Controlling Class of the Notes of the affected Series consent thereto, (B) the
proceeds of such sale or liquidation distributable to the Noteholders and the
Residual Interestholder are sufficient to discharge in full the principal of and
the accrued interest on the Notes of the affected Series as of the date of such
sale or liquidation or (C) (i) there has been an Event of Default under Section
5.1(a), (b) or (c) or otherwise arising from a failure to make a required
payment of principal on any Notes, (ii) the Indenture Trustee determines that
the Trust Estate is reasonably unlikely to provide sufficient funds for the
payment of principal of and interest on the Notes as and when they would have
become due if the Notes had not been declared due and payable and (iii) the
Indenture Trustee obtains the consent of Holders of a majority of the aggregate
outstanding principal amount of the Controlling Class of such Series of Notes.
In determining such sufficiency or insufficiency with respect to clauses (B) and
(C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of
an Independent investment banking or accounting firm of national reputation as
to the feasibility of such proposed action and as to the sufficiency of the
Trust Estate for such purpose.

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

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

            SECOND: to the Collection Account for distribution pursuant to
      Section 4.2(d) of the Trust Sale and Servicing Agreement, with such
      amounts being deemed to be Principal Collections and Non-Principal
      Collections in the same proportion as (x) the outstanding principal
      balance of the Notes bears to (y) the sum of the accrued and unpaid
      interest on the Notes and other fees and expenses payable in connection
      therewith under the applicable Series Supplement (and, if any Series of
      Notes has Enhancements, the amount unpaid under such Enhancements).
      Repayment in full of the accrued interest on and unpaid principal balance
      of the Notes of that Series will be made prior to any further distribution
      on the subordinated portion of the Residual Interest.

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

      SECTION 5.5 Optional Preservation of the Trust Estate. If the Notes have
been declared to be due and payable under Section 5.2 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, but need not, elect to take and maintain
possession of the Trust Estate. It is the desire of the parties hereto and

                                     -29-
<PAGE>

the Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes, and the Indenture Trustee shall take
such desire into account when determining whether or not to take and maintain
possession of the Trust Estate. In determining whether to take and maintain
possession of the Trust Estate, the Indenture Trustee may, but need not, obtain
and rely upon an opinion of an Independent investment banking or accounting firm
of national reputation as to the feasibility of such proposed action and as to
the sufficiency of the Trust Estate for such purpose.

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

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

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

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

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

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

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

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

                                     -30-
<PAGE>

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

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

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

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

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

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

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

                                     -31-
<PAGE>

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

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

      SECTION 5.12 Waiver of Past Defaults.

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

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

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

      (a)   any Proceeding instituted by the Indenture Trustee;

                                     -32-
<PAGE>

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

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

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

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

      SECTION 5.16 Performance and Enforcement of Certain Obligations.

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

      (b)   If an Event of Default has occurred and is continuing, the Indenture
            Trustee may, and, at the direction (which direction shall be in
            writing or by telephone

                                     -33-
<PAGE>

            (confirmed in writing promptly thereafter)) of the Holders of
            66-2/3% of the outstanding Notes of any outstanding Series shall,
            exercise all rights, remedies, powers, privileges and claims of the
            Issuer against the Transferor or the Servicer under or in connection
            with the Trust Sale and Servicing Agreement, including the right or
            power to take any action to compel or secure performance or
            observance by the Transferor or the Servicer of each of their
            obligations to the Issuer thereunder and to give any consent,
            request, notice, direction, approval, extension or waiver under the
            Trust Sale and Servicing Agreement, and any right of the Issuer to
            take such action shall be suspended.

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

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

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

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

      (b)   VWOA, the Transferor, the Servicer or the Trust shall file a
            petition commencing a voluntary case under any chapter of the
            federal bankruptcy laws; or VWOA, the Transferor, the Servicer or
            the Trust shall file a petition or answer or consent seeking
            reorganization, arrangement, adjustment, or composition under any
            other

                                     -34-
<PAGE>

            similar applicable federal law, or shall consent to the filing of
            any such petition, answer, or consent; or VWOA, the Transferor, the
            Servicer or the Trust shall appoint, or consent to the appointment
            of, a custodian, receiver, liquidator, trustee, assignee,
            sequestrator or other similar official in bankruptcy or insolvency
            of it or of any substantial part of its property; or VWOA, the
            Transferor, the Servicer or the Trust shall make an assignment for
            the benefit of creditors, or shall admit in writing its inability to
            pay its debts generally as they become due;

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

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

      (e)   on any Determination Date, as of the last day of each of the two
            preceding Collection Periods, the aggregate balance of Receivables
            relating to Used Vehicles exceeds % of the Pool Balance (excluding
            the amount on deposit in the Excess Funding Account, if any) on each
            of such last days.

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

                                  ARTICLE VI.
                              THE INDENTURE TRUSTEE

      SECTION 6.1 Duties of Indenture Trustee.

      (a)   If an Event of Default has occurred and is continuing of which a
            Responsible Officer of the Indenture Trustee has actual knowledge,
            the Indenture Trustee shall exercise the rights and powers vested in
            it by this Indenture and use the same

                                     -35-
<PAGE>

            degree of care and skill in their exercise as a prudent person would
            exercise or use under the circumstances in the conduct of such
            person's own affairs, including without limitation, continuing to
            hold the Trust Estate and receive collections on the Receivables
            included therein as provided in the Trust Sale and Servicing
            Agreement.

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

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

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

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

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

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

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

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

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

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

                                     -36-
<PAGE>

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

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

      SECTION 6.2 Rights of Indenture Trustee.

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

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

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

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

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

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

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

                                     -37-
<PAGE>

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

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

      SECTION 6.3 Indenture Trustee May Own Notes. The Indenture Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and
may otherwise deal with the Issuer, the Servicer or any of their respective
Affiliates with the same rights it would have if it were not Indenture Trustee;
provided, however, that the Indenture Trustee shall comply with Sections 6.11
and 6.12. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may
do the same with like rights.

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

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

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

      SECTION 6.7 Compensation; Indemnity.

                                     -38-
<PAGE>

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

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

      SECTION 6.8 Replacement of Indenture Trustee.

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

                                     -39-
<PAGE>

            become effective in accordance with Section 6.8(c). The Issuer shall
            remove the Indenture Trustee if:

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

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

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

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

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

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

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

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

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

      SECTION 6.9 Merger or Consolidation of Indenture Trustee.

      (a)   Any corporation into which the Indenture Trustee may be merged or
            converted or with which it may be consolidated, or any corporation
            resulting from any merger, conversion or consolidation to which the
            Indenture Trustee shall be a party, or any

                                     -40-
<PAGE>

            corporation succeeding to all or substantially all of the corporate
            trust business of the Indenture Trustee, shall be the successor of
            the Indenture Trustee under this Indenture; provided, however, that
            such corporation shall be eligible under the provisions of Section
            6.11, without the execution or filing of any instrument or any
            further act on the part of any of the parties to this Indenture
            except where an instrument of transfer or assignment is required by
            law to effect such succession, anything in this Indenture to the
            contrary notwithstanding.

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

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

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

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

            (i) all rights, powers, duties and obligations conferred or imposed
upon the Indenture Trustee shall be conferred or imposed upon and exercised or
performed by the Indenture Trustee and such separate trustee or co-trustee
jointly (it being understood that such separate indenture trustee or
co-indenture trustee is not authorized to act separately without the Indenture
Trustee joining in such act), except to the extent that under any law of any
jurisdiction

                                     -41-
<PAGE>

in which any particular act or acts are to be performed the Indenture Trustee
shall be incompetent or unqualified to perform such act or acts, in which event
such rights, powers, duties and obligations (including the holding of title to
the Issuer or any portion thereof in any such jurisdiction) shall be exercised
and performed singly by such separate trustee or co-trustee, but solely at the
direction of the Indenture Trustee;

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

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

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

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

            SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA Section 310(a) and Section
26(a) of the Investment Company Act. The Indenture Trustee shall have a combined
capital and surplus, and an aggregate capital, surplus and undivided profits, of
at least $50,000,000 as set forth in its most recent published annual report of
condition and (unless waived by Moody's and Standard and Poor's) it shall have a
long term unsecured debt rating of Baa3 or better 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.
Without limiting the foregoing, the Indenture Trustee shall comply at all times
with subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act.

                                     -42-
<PAGE>

            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). A 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 represents and warrants as of the Closing Date that:

            (a)   the Indenture Trustee is a national banking association and
                  satisfies the eligibility requirements set forth in Section
                  6.11;

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

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

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

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

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

                                     -43-
<PAGE>

Noteholders and (only to the extent expressly provided herein) the Residual
Interestholder in respect of which such judgment has been obtained.

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

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

                                  ARTICLE VII.
                         NOTEHOLDERS' LISTS AND REPORTS

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

      SECTION 7.2 Preservation of Information, Communications to Noteholders.

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

                                     -44-
<PAGE>

      (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).

      SECTION 7.3 Reports by Issuer.

      (a)   The Issuer shall:

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

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

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

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

      SECTION 7.4 Reports by Indenture Trustee.

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

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

                                     -45-
<PAGE>

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

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

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

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

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

                                 ARTICLE VIII.
                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

      SECTION 8.2 Trust Accounts; Allocations; Payments.

      (a)   On or prior to the Closing Date, the Issuer shall cause the Servicer
            to establish and maintain, in the name of the Indenture Trustee, for
            the benefit of the Noteholders, the Trust Accounts as provided in
            any Series Supplement and Section 4.1 of the Trust Sale and
            Servicing Agreement (or with respect to any Trust Account for any
            Series of Notes issued after the Closing Date, on or prior to the
            closing date with respect to such Series of Notes).

      (b)   Subject to and in accordance with Section 8.2(c), collections of
            Non-Principal Receivables and Principal Receivables, Defaulted
            Receivables and Miscellaneous Payments will be allocated to each
            Series from and after the related Series Cut-Off Date as specified
            in the related Series Supplement, and amounts so allocated to any
            Series will not, except as specified in the related Series
            Supplement, be available to the Noteholders of any other Series.
            Allocations thereof among the

                                     -46-
<PAGE>

            Series in any group and among the Classes in any Series and between
            the Noteholders and the Residual Interestholders shall be set forth
            in the related Series Supplement or Series Supplements; provided,
            however, Collections of Non-Principal Receivables and Principal
            Receivables, Defaulted Receivables and Miscellaneous Payments shall
            not be allocated to any Excluded Series until the Invested Amount of
            the Series relating to such Excluded Series is reduced to $0.

      (c)   unless the related Series Supplement shall provide otherwise, each
            Series upon issuance, shall be deemed to have been created and in
            existence as of the first day of the Collection Period in which the
            related Series Cut-Off Date falls and, as a result, shall be
            allocated (as required in the related Series Supplement) its
            allocable portion of Non-Principal Receivables and Principal
            Receivables, Defaulted Receivables and Miscellaneous Payments for
            such Collection Period; and

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

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

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

      (f)   Notwithstanding anything to the contrary herein, all investment
            earnings on funds on deposit in the Principal Funding Account, net
            of losses and investment

                                     -47-
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            expenses, shall constitute Investment Proceeds and be applied as
            described in the related Series Supplement.

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

      SECTION 8.3 General Provisions Regarding Trust Accounts.

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

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

      SECTION 8.4 Release of Trust Estate.

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

      (b)   The Indenture Trustee shall, at such time as there are no Notes
            Outstanding and all sums due to the Indenture Trustee pursuant to
            Section 6.7 have been paid, notify the Issuer thereof in writing and
            upon receipt of an Issuer Request, release any remaining portion of
            the Trust Estate that secured the Notes from the lien of

                                     -48-
<PAGE>

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

      SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at
least seven days' notice when requested by the Issuer to take any action
pursuant to this Section 8.4, accompanied by copies of any instruments involved,
and the Indenture Trustee shall also require as a condition to such action, an
Opinion of Counsel and an Officer's Certificate, in form and substance
satisfactory to the Indenture Trustee, stating the legal effect of any such
action, outlining the steps required to complete the same, and concluding that
all conditions precedent to the taking of such action have been complied with
and such action shall not materially and adversely impair the security for the
Notes or the rights of the Noteholders in contravention of the provisions of
this Indenture; provided, however, that such Opinion of Counsel shall not be
required to express an opinion as to the fair value of the Trust Estate. Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the
Indenture Trustee pursuant to the provisions of this Indenture in connection
with any such action.

                                  ARTICLE IX.
                             SUPPLEMENTAL INDENTURES

      SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.

(a) Except as provided in Section 9.2, without the consent of the Noteholders or
any other Person, the Issuer and the Indenture Trustee (when so directed by an
Issuer Order), may enter into one or more supplemental indentures hereto for the
purpose of adding any provisions to, or changing in any manner or eliminating
any of the provisions of, this Indenture or for the purpose of modifying in any
manner the rights of the Noteholders under this Indenture; provided that (i) any
supplement that materially and adversely affects the interests of any
Noteholders shall require the consent of Noteholders evidencing not less than a
majority of the aggregate outstanding principal amount of the related
Outstanding Notes, voting as a single class, and (ii) any supplement that
materially and adversely affects the interests of the Indenture Trustee, the
Owner Trustee, the Servicer, any Enhancement Provider, the Residual
Interestholder or the Administrator shall require the prior written consent of
the Persons whose interests are materially and adversely affected; provided
further, that such action shall not, as evidenced by an Opinion of Counsel
delivered to the Indenture Trustee, (A) affect the treatment of the Notes as
debt for federal income tax purposes, (B) be deemed to cause a taxable exchange
of the Notes for federal income tax purposes or (C) cause the Issuer or the
Transferor to be classified as an association (or a publicly traded partnership)
taxable as a corporation for federal income tax purposes. A supplemental
indenture shall be deemed not to materially and adversely affect the interests
of the Noteholders if the Rating Agency Condition is satisfied with respect to
such

                                     -49-
<PAGE>

supplemental indenture. The consent of the Indenture Trustee, Owner Trustee,
Servicer, any Enhancement Provider, the Residual Interestholder or the
Administrator shall be deemed to have been given if the Servicer does not
receive a written objection from such Person within 10 Business Days after a
written request for such consent shall have been given.

            (b) It shall not be necessary for the consent of any Person pursuant
to this Section for such Person to approve the particular form of any proposed
supplement, but it shall be sufficient if such Person consents to the substance
thereof.

            (c) Notwithstanding anything herein to the contrary, any term or
provision of this Indenture may be amended by the Issuer and the Indenture
Trustee (when so directed by an Issuer Request) without the consent of any of
the Noteholders or any other Person to add, modify or eliminate any provisions
as may be necessary or advisable in order to comply with or obtain more
favorable treatment under or with respect to any law or regulation or any
accounting rule or principle (whether now or in the future in effect); it being
a condition to any such amendment that the Rating Agency Condition shall have
been satisfied.

            (d) Prior to the execution of any supplemental indenture, the Issuer
shall provide each Rating Agency with written notice of the substance of such
supplement. No later than 10 Business Days after the execution of any
supplemental indenture, the Issuer shall furnish a copy of such supplemental
indenture to each Rating Agency, the Servicer, the Administrator, each
Enhancement Provider, the Owner Trustee and the Indenture Trustee.

            (e) 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 as may be therein contained.

            (f) Promptly after the execution by the Issuer and the Indenture
Trustee of any supplemental indenture pursuant to this Section or Section 9.2,
the Indenture Trustee shall mail to the Noteholders to which such amendment or
supplemental indenture relates a notice (to be provided by the Issuer) 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 9.2 Supplemental Indentures With Consent of Noteholders.

      With the consent of Noteholders holding not less than a majority of the
Outstanding Amount of each Series of Notes affected thereby, the Issuer and the
Indenture Trustee, when directed by an Issuer Request, may enter into one or
more supplemental indentures hereto for the purpose of adding any provisions to,
or changing in any manner or eliminating any of the provisions of, this
Indenture or for the purpose of modifying in any manner the rights of the
Noteholders under this Indenture; provided, that no supplemental indenture
entered into under Section 9.1 or this Section shall, without the consent of the
Noteholder of each Outstanding Note affected thereby and prior notice to the
Rating Agencies:

            (a) reduce the interest rate or principal amount of any Note, or
delay the expected principal payment date of any Note without the consent of the
Holder of such Note;

                                     -50-
<PAGE>

            (b) reduce the percentage of the Outstanding Amount, the consent of
the Noteholders of which is required for any such supplemental indenture or the
consent of the Noteholders of which is required for any waiver of compliance
with provisions of this Indenture or Events of Default hereunder and the
consequences provided for in this Indenture;

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

            (d) reduce the percentage of the Outstanding Amount required to
direct the Indenture Trustee to direct the Issuer to sell the Trust Estate
pursuant to Section 5.4, if the proceeds of such sale would be insufficient to
pay the Outstanding Amount plus accrued but unpaid interest on the Notes;

            (e) 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 any Noteholder
of the security provided by the lien of this Indenture; or

            (f) impair the right to institute suit for the enforcement of
payment as provided in Section 5.7.

      Any such supplemental indenture shall be executed only upon delivery of an
Opinion of Counsel delivered to the Indenture Trustee to the effect that such
action shall not (A) affect the treatment of the Notes as debt for federal
income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for
federal income tax purposes or (C) cause the Issuer or the Transferor to be
classified as an association (or a publicly traded partnership) taxable as a
corporation for federal income tax purposes.

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

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

                                     -51-
<PAGE>

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

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

                                   ARTICLE X.
                               REDEMPTION OF NOTES

      SECTION 10.1 Redemption.

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

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

      (c)   The redemption price for any Notes shall be equal to the applicable
            Redemption Price set forth in the related Series Supplement. The
            Issuer shall only be required to redeem Notes if it has available
            funds sufficient to pay such amount. The Issuer shall furnish the
            Rating Agencies notice of any such redemption. If any Notes are to
            be redeemed pursuant to this Section 10.1(a), the Issuer shall
            furnish notice thereof to the Indenture Trustee not later than 10
            days prior to the applicable Redemption Date and the Issuer shall
            deposit into the applicable Principal Funding Account, on or before
            the applicable Redemption Date, the

                                     -52-
<PAGE>

            aggregate Redemption Price of the Notes to be redeemed, whereupon
            all such Notes shall be due and payable on the Redemption Date.

      SECTION 10.2 Form of Redemption Notice.

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

      (b)   All notices of redemption shall state:

            (i) the applicable Redemption Date;

            (ii) the applicable Redemption Price;

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

            (iv) the CUSIP number, if applicable; and

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

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

      SECTION 10.3 Notes Payable on Redemption Date.

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

                                  ARTICLE XI.
                                 MISCELLANEOUS

      SECTION 11.1 Compliance Certificates and Opinions, etc.

      (a)   Upon any application or request by the Issuer to the Indenture
            Trustee to take any action under any provision of this Indenture,
            the Issuer shall furnish to the Indenture Trustee upon request: (i)
            an Officer's Certificate stating that all

                                     -53-
<PAGE>

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

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

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

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

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

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

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

                                     -54-
<PAGE>

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

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

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

      SECTION 11.2 Form of Documents Delivered to Indenture Trustee.

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

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

                                     -55-
<PAGE>

            care should know, that the certificate or opinion or representations
            with respect to such matters are erroneous.

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

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

      SECTION 11.3 Acts of Noteholders.

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

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

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

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

                                     -56-
<PAGE>

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

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

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

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

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

      SECTION 11.5 Notices to Noteholders; Waiver.

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

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

      (c)   In case, by reason of the suspension of regular mail service as a
            result of a strike, work stoppage or similar activity, it shall be
            impractical to mail notice of any event of Noteholders when such
            notice is required to be given pursuant to any

                                     -57-
<PAGE>

            provision of this Indenture, then any manner of giving such notice
            as shall be satisfactory to the Indenture Trustee shall be deemed to
            be a sufficient giving of such notice.

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

      SECTION 11.6 Alternate Payment and Notice Provisions.

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

      SECTION 11.7 Conflict with Trust Indenture Act.

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

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

      SECTION 11.8 Effect of Headings and Table of Contents.

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

      SECTION 11.9 Successors and Assigns.

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

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

      SECTION 11.10 Separability.

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

                                     -58-
<PAGE>

      SECTION 11.11 Benefits of Indenture.

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

      SECTION 11.12 Legal Holidays.

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

      SECTION 11.13 GOVERNING LAW.

      THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REFERENCE TO ITS OR ANY OTHER JURISDICTION'S CONFLICT OF
LAW PROVISIONS, OTHER THAN SECTION 5-1401 OF THE NEW YORK 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 No Recourse.

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

                                     -59-
<PAGE>

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

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

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

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

      SECTION 11.17 No Petition.

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

                                     -60-
<PAGE>

      SECTION 11.18 Inspection.

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

      SECTION 11.19 No Substantive Review of Compliance Documents.

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

      SECTION 11.20 Amendment of Basic Documents.

      The Issuer shall not amend, modify or grant any consent or waiver with
respect to the provisions of any Basic Document, except in accordance with the
amendment provisions of such Basic Document.

      SECTION 11.21 Submission to Jurisdiction.

      Each of the parties hereto hereby irrevocably and unconditionally:

      (a)   submits for itself and its property in any legal action or
            proceeding relating to this Indenture, any documents executed and
            delivered in connection herewith or for recognition and enforcement
            of any judgment in respect thereof, to the non-exclusive general
            jurisdiction of the courts of the State of New York, the courts of
            the United States of America for the Southern District of New York,
            and appellate courts from any thereof;

      (b)   consents that any such action or proceeding may be brought in such
            courts and waives any objection that it may now or hereafter have to
            the venue of such action or proceeding in any such court or that
            such action or proceeding was brought in an inconvenient court and
            agrees not to plead or claim the same;

                                     -61-
<PAGE>

      (c)   agrees that service of process in any such action or proceeding may
            be effected by mailing a copy thereof by registered or certified
            mail (or any substantially similar form of mail), postage prepaid,
            to such Person at its address determined in accordance with Appendix
            B to the Trust Sale and Servicing Agreement; and

      (d)   agrees that nothing herein shall affect the right to effect service
            of process in any other manner permitted by law or shall limit the
            right to sue in any other jurisdiction.

                            [signature page follows]

                                     -62-
<PAGE>

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

                             VOLKSWAGEN CREDIT AUTO MASTER OWNER TRUST

                             By: The Bank of New York, not in its individual
                                 capacity but solely as Owner Trustee

                             By: ___________________________________________
                                   Name:
                                   Title:

                             JPMORGAN CHASE BANK, N.A.,
                             as Indenture Trustee

                             By: ___________________________________________
                                   Name:
                                   Title:

Acknowledged and Accepted:

VW CREDIT, INC., as
Servicer

By: ______________________
Name:
Title:

By: ______________________
Name:
Title:

<PAGE>

                                                                       EXHIBIT A

                          FORM OF TRANSFER CERTIFICATE

VOLKSWAGEN DEALER FINANCE, LLC
3800 Hamlin Road
Auburn Hills, Michigan 48326

JPMorgan Chase Bank, N.A.
4 New York Plaza, 6th Floor
New York, New York 10004
Attention: Global Debt-Structured Finance Admin.
         as Indenture Trustee for
         Volkswagen Credit Auto Master Owner Trust

Ladies and Gentlemen:

      In connection with the purchase of a Note subject to Section 2.15 of the
Amended and Restated Indenture, dated as of ______ , 200 _ (the "Unregistered
Note") of the Volkswagen Credit Auto Master Owner Trust, the undersigned buyer
("Buyer") hereby acknowledges, represents and agrees that:

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

      (b)   The Buyer understands that the Unregistered Note has not been
            registered under the Securities Act of 1933, as amended (the
            "Securities Act"), and may not be sold except as permitted in the
            following sentence. The Buyer agrees, on its own behalf and on
            behalf of any accounts for which it is acting as hereinafter stated,
            that such Unregistered Note may be resold, pledged or transferred
            only (i) to an [INSTITUTIONAL] investor that is an "Accredited
            Investor" as defined in Rule 501(a)(1),(2),(3) or (7) (an
            "Institutional Accredited Investor") under the Securities Act acting
            for its own account (and not for the account of others) or as a
            fiduciary or agent for others (which others also are Institutional
            Accredited Investors unless the holder is a bank acting in its
            fiduciary capacity) that, if so requested by the Transferor or the
            Indenture Trustee, executes a certificate in the form hereof, (ii)
            [SO LONG AS SUCH UNREGISTERED NOTE IS ELIGIBLE FOR RESALE PURSUANT
            TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON
            WHOM THE BUYER REASONABLY BELIEVES AFTER DUE INQUIRY TO BE A
            "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A) ACTING FOR
            ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A
            FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE "QUALIFIED
            INSTITUTIONAL BUYERS") THAT, IF SO REQUESTED BY THE TRANSFEROR OR
            THE INDENTURE TRUSTEE, EXECUTES A CERTIFICATE IN THE FORM HEREOF OR
            (iii)] in a sale, pledge or other transfer made in a transaction
            otherwise exempt from the registration requirements of the
            Securities Act, in which case (A) the Indenture Trustee shall
            require that both the prospective transferor and the

                                       1
<PAGE>

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

                                   CHECK [ONE]

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

      (2) THE BUYER IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED UNDER RULE
      144A UNDER THE SECURITIES ACT AND IS ACQUIRING THE UNREGISTERED NOTE FOR
      ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR
      AGENT FOR OTHERS (WHICH OTHERS ALSO ARE "QUALIFIED INSTITUTIONAL BUYERS").
      THE BUYER IS ARE FAMILIAR WITH RULE 144A UNDER THE SECURITIES ACT AND IS
      AWARE THAT THE TRANSFEROR OF THE UNREGISTERED NOTE AND OTHER PARTIES
      INTEND TO RELY ON THE STATEMENTS MADE HEREIN AND THE EXEMPTION FROM THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 144A.]

                                       2
<PAGE>

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

                                                     Print Name of Buyer

                                                     By: _______________________

                                                     Name: _____________________

                                                     Title: ____________________

                                                     Date: _____________________

                                       3
<PAGE>

                                                                       EXHIBIT B

                           FORM OF UNDERTAKING LETTER

VOLKSWAGEN DEALER FINANCE, LLC
3800 Hamlin Road
Auburn Hills, Michigan 48326

JPMorgan Chase Bank, N.A.
4 New York Plaza, 6th Floor
New York, New York 10004
Attention: Global Debt-Structured Finance Admin.
         as Indenture Trustee for
         Volkswagen Credit Auto Master Owner Trust

Ladies and Gentlemen:

      In connection with our purchase of record or beneficial ownership of a
Note subject to the provisions of Section 2.15 of the Amended and Restated
Indenture, dated as of _____ , 200 _ (the "Unregistered Note") of the Volkswagen
Credit Auto Master Owner Trust, the undersigned purchaser, record owner or
beneficial owner hereby acknowledges, represents and warrants that such
purchaser, record owner or beneficial owner:

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

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

                                                     Name of Note Owner

                                                     By:________________________

                                                     Name:______________________

                                                     Title:_____________________

                                                     Date:______________________

                                       1<PAGE>

                                                                    EXHIBIT 10.2

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

                           SERIES 200 _ - _ SUPPLEMENT

                            Dated as of _____, 200 _

                                       to

                                    INDENTURE

                    VOLKSWAGEN CREDIT AUTO MASTER OWNER TRUST

                                   as Issuer,

                                 VW CREDIT, INC.

                                  as Servicer,

                                       and

                            JPMORGAN CHASE BANK, N.A.

                              as Indenture Trustee

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

                    VOLKSWAGEN CREDIT AUTO MASTER OWNER TRUST
                             SERIES 200 _ - _ NOTES

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

<PAGE>

      THIS SERIES SUPPLEMENT, dated as of ________, 200 _ (as amended,
supplemented or otherwise modified, this "Series Supplement") to the Amended and
Restated Indenture dated as of ________, 200 _ (as amended, supplemented or
otherwise modified, the "Indenture"), among Volkswagen Credit Auto Master Owner
Trust, a Delaware statutory trust (the "Issuer" or the "Trust"), VW Credit,
Inc., a Delaware corporation (the "Servicer"), and JPMorgan Chase Bank, N.A., a
national banking association, as Indenture Trustee (as indenture trustee and not
in its individual capacity, the "Indenture Trustee").

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

                                   ARTICLE I

                     Creation of the Series 200 _ - _ Notes

      Section 1.01 Designation.

      (a) There is hereby created a Series of Notes to be issued pursuant to the
Indenture and this Series Supplement to be known as the "Floating Rate Auto
Dealer Loan Backed Notes, Series 200 _ - _ " (the "Series 200 _ - _ Notes"). The
Series 200 _ - _ Notes shall be substantially in the form of Exhibit A hereto.

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

      (c) The Issuer shall issue and the Indenture Trustee shall authenticate
and deliver to the Issuer the Series 200 _ - _ Notes in the initial aggregate
principal amount of $ .

                                   ARTICLE II

                                   Definitions

      Section 2.01 Definitions. (a) Whenever used in this Series Supplement the
following words and phrases shall have the following meanings.

      "Accumulation Period" means a period beginning at the close of business on
the Accumulation Period Commencement Date and ending on the close of business of
the earliest of (a) the date immediately preceding the date on which the Early
Amortization Period commences and (b) the end of the Collection Period preceding
the Payment Date on which the Invested Amount will be paid in full.

      "Accumulation Period Commencement Date" shall mean the first day of the
Collection Period, but may be postponed pursuant to Section 4.12.

<PAGE>

      "Additional Interest" shall have the meaning specified in Section 4.02.

      "Additional Noteholder Collections" shall mean, with respect to any
Deposit Date, the sum of (a) the Additional Noteholder Non-Principal Collections
for such Deposit Date and (b) the Additional Noteholder Principal Collections
for such Deposit Date; provided, however, that the Additional Noteholder
Collections shall be zero for any Collection Period with respect to which the
Series 200 _ - _ Available Subordinated Amount is zero on the Determination Date
immediately following the end of such Collection Period.

      "Additional Noteholder Non-Principal Collections" shall mean, for any
Deposit Date an amount equal to the product of (x) the Residual Interestholder's
Percentage for the related Collection Period, and (y) the Non-Principal
Collections for such Deposit Date.

      "Additional Noteholder Principal Collections" shall mean, for any Deposit
Date an amount equal to the product of (x) the Residual Interestholder's
Percentage for the related Collection Period, and (y) the Principal Collections
for such Deposit Date.

      "Adjustment Date" shall mean the second LIBOR Business Day preceding the
first day of each Interest Period.

      "Agreement" shall mean the Amended and Restated Trust Sale and Servicing
Agreement dated as of       , 200 _ among VW Credit, Inc., as Servicer,
Volkswagen Dealer Finance, LLC, as Transferor, and Volkswagen Credit Auto Master
Owner Trust, as the same may be amended, amended and restated, supplemented or
otherwise modified from time to time.

      "Available Noteholder Principal Collections" shall mean, with respect to
any Payment Date, the sum of (a) the product of (i) the Floating Allocation
Percentage, with respect to the Revolving Period, or the Principal Allocation
Percentage, with respect to the Series 200 _ - _ Accumulation Period or any
Early Amortization Period, for the related Collection Period, and (ii) Principal
Collections deposited into the Collection Account for the related Collection
Period, (b) the amount, if any, of Non-Principal Collections, Investment
Proceeds, funds in the Reserve Account, and Additional Noteholder Collections
allocated to cover the Series 200 _ - _ Noteholder Default Amount or to reverse
Series 200 _ - _ Noteholder Charge-Offs, (c) Series 200 _ - _ Miscellaneous
Payments on deposit in the Collection Account for the Payment Date, and (d)
Excess Principal Collections, if any, allocated from other Series to the Series
200 _ - _ Notes to cover any Series 200 _ - _ Principal Shortfall for the
Payment Date.

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

      "Closing Date" shall mean      , 200 _ .

      "Controlled Accumulation Amount" shall mean an amount equal to (a) the
aggregate outstanding balance of the Series 200 _ - _ Notes as of the Payment
Date immediately preceding the first day of the Series 200 _ - _ Accumulation
Period (after giving effect to any changes therein on such Payment Date),
divided by (b) four, or if the Accumulation Period has been postponed pursuant
to Section 4.12, the number of full Collection Periods that would fall within
the Accumulation Period.

                                      -2-

<PAGE>

      "Controlled Deposit Amount" shall mean, with respect to any Payment Date,
the excess, if any, of (a) the product of the Controlled Accumulation Amount and
the number of Payment Dates from and including the first Payment Date that
follows the first Collection Period in the Series 200 _ - _ Accumulation Period
through and including such Payment Date (but not in excess of the applicable
number in clause (b) of the definition of Controlled Accumulation Amount)), over
(b) the amounts on deposit in the Principal Funding Account, before giving
effect to any withdrawals from or deposits to the Principal Funding Account on
such Payment Date.

      "Deficiency Amount" shall have the meaning specified in Section 4.05.

      "Early Amortization Event" shall mean any Early Amortization Event
specified in Section 5.17 of the Indenture, together with any additional Early
Amortization Event specified in Section 6.01 of this Series Supplement.

      "Early Amortization Period" shall mean a period beginning on the day on
which an Early Amortization Event specified in Section 5.17 of the Indenture or
Section 6.01 of this Series Supplement shall have occurred with respect to
Series 200 _ - _ and terminating on the earliest of (a) the payment in full of
the Invested Amount of and all accrued and unpaid interest on the Series 200 _ -
_ Notes; (b) the Series 200 _ - _ Stated Maturity Date; and (c) the termination
of the Early Amortization Period (and recommencement of the Revolving Period)
for the Series 200 _ - _ Notes.

      "Excess Funding Account" shall have the meaning specified in the
Agreement.

      "Expected Principal Payment Date" shall mean the        200_ Payment Date.

      "Final Payment Date" shall mean the earlier of (i) the Series 200 _ - _
Stated Maturity Date and (ii) the first Payment Date on which, after giving
effect to all payments to be made on that Payment Date, the Invested Amount will
be paid in full.

      "Floating Allocation Percentage" shall mean, with respect to any
Collection Period, the percentage equivalent (which percentage shall never
exceed 100% ) of a fraction, the numerator of which is the Invested Amount as of
the last day of the immediately preceding Collection Period (after giving effect
to the reinvestment to occur on the next Payment Date) and the denominator of
which is the Pool Balance (excluding the amount on deposit in the Excess Funding
Account, if any) as of such last day.

      "Incremental Subordinated Amount" shall mean, with respect to any
Determination Date, the result obtained by multiplying (a) a fraction, the
numerator of which is the sum of (i) (A) the Invested Amount on the last day of
the immediately preceding Collection Period or (B) with respect to the first
Determination Date, the Invested Amount on the Closing Date and (ii) (A) the
Series 200 _ - _ Available Subordinated Amount for such Determination Date
(calculated without adding the Incremental Subordinated Amount for such Payment
Date as described in clause (c) of the definition thereof) or (B) with respect
to the first Determination Date, the product of the Invested Amount on the
Closing Date and the Subordinated Percentage, and the denominator of which is
the Pool Balance (excluding the amount on deposit in the Excess Funding Account,
if any) on such last day, by (b) the excess, if any, of (x) the
Overconcentration

                                      -3-

<PAGE>

Amount and the aggregate amount of Ineligible Receivables on the Determination
Date, over (y) the aggregate amount of Ineligible Receivables and Receivables in
Accounts containing Dealer Overconcentrations (to the extent of the Dealer
Overconcentrations) in each case that became Defaulted Receivables during the
preceding Collection Period and that are subject to reassignment from the Trust,
unless specified events of bankruptcy, insolvency or receivership relating to
the Transferor or VCI have occurred.

      "Indenture" shall have the meaning set forth in the preamble to this
Series Supplement.

      "Indenture Trustee" shall have the meaning set forth in the preamble to
this Series Supplement.

      "Initial Payment Date" shall mean      , 200_.

      "Initial Invested Amount" shall mean $           .

      "Initial Reserve Account Deposit Amount" shall mean $       .

      "Interest Period" shall mean, for any Payment Date, the period from and
including the preceding Payment Date to but excluding such Payment Date (or in
the case of the Initial Payment Date, the period from and including the Initial
Closing Date to but excluding the Initial Payment Date).

      "Interest Shortfall" shall have the meaning specified in Section 4.02.

      "Invested Amount" shall mean, when used with respect to any date, an
amount equal to (a) the Initial Invested Amount, minus (b) the amount, without
duplication, of principal payments (except principal payments made from the
Excess Funding Account and any transfers from the Excess Funding Account to the
Principal Funding Account) made to Series 200 _ - _ Noteholders or deposited to
the Principal Funding Account prior to such date, minus (c) the excess, if any,
of the aggregate amount of Noteholder Charge-Offs prior to such date over
Noteholder Charge-Offs reimbursed pursuant to Section 4.09 prior to such date.

      "Investment Proceeds" shall mean, with respect to any Determination Date
and any Payment Date, all interest and other investment earnings (net of losses
and investment expenses) on funds on deposit in the Series 200 _ - _ Accounts,
together with an amount equal to the Series 200 _ - _ Excess Funding Account
Allocation Percentage of funds held in the Excess Funding Account.

      "Issuer" shall have the meaning set forth in the preamble to this Series
Supplement.

      "LIBOR" shall mean, with respect to any Interest Period, the offered rates
for deposits in United States dollars having a maturity of one month (the "Index
Maturity") which appear on the Telerate Page 3750 as of approximately 11:00
a.m., London time, on the related Adjustment Date. If at least two such offered
rates appear on the Telerate Page 3750, LIBOR will be the arithmetic mean
(rounded, if necessary, to the nearest one-hundred thousandth of a percent
(.0000001), with five one-millionths of a percentage point rounded upward) of
such offered rates. If fewer than two such quotations appear, LIBOR with respect
to such Interest Period will

                                      -4-

<PAGE>

be determined at approximately 11:00 a.m., London time, on such Adjustment Date
on the basis of the rate at which deposits in United States dollars having the
Index Maturity are offered to prime banks in the London interbank market by four
major banks in the London interbank market selected by the Calculation Agent and
in a principal amount equal to an amount of not less than U.S. $1,000,000 and
that is representative for a single transaction in such market at such time. The
Calculation Agent will request the principal London office of each of such banks
to provide a quotation of its rate. If at least two such quotations are
provided, LIBOR will be the arithmetic mean (rounded as aforesaid) of such
quotations. If fewer than two quotations are provided, LIBOR with respect to
such Interest Period will be the arithmetic mean (rounded as aforesaid) of the
rates quoted at approximately 11:00 a.m., New York City time, on such Adjustment
Date by one or more leading banks in New York, New York, selected by the
Calculation Agent for loans in United States dollars to leading European banks
having the Index Maturity and in a principal amount equal to an amount of not
less than U.S. $1,000,000 and that is representative for a single transaction in
such market at such time; provided, however, that if the banks selected as
aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the
applicable Interest Period will be LIBOR in effect for the previous Interest
Period. For purposes of the foregoing definition, "Telerate Page 3750" means the
display page so designated on The Dow Jones Telerate Service (or such other page
as may replace that page on that service or such other service or services that
may be nominated by the British Banker's Association for the purpose of
displaying London interbank offered rates for U.S. dollars deposits).

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

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

      "Monthly Payment Rate" shall mean, for any Collection Period, the
percentage derived from dividing the Principal Collections for such Collection
Period by the average daily Pool Balance (excluding the amount on deposit in the
Excess Funding Account, if any) for such Collection Period.

      "Monthly Principal" shall have the meaning specified in Section 4.03.

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

      "Noteholder Charge-Offs" shall have the meaning specified in Section 4.09.

      "Noteholder Default Amount" shall mean, with respect to any Payment Date,
an amount equal to the product of (a) the Defaulted Amount for the related
Collection Period and (b) the Floating Allocation Percentage for the related
Collection Period.

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

      "Noteholder Non-Principal Collections" shall mean, with respect to any
Payment Date, an amount equal to the product of (a) the Floating Percentage for
the related Collection Period and (b) the aggregate amount of Non-Principal
Collections for the related Collection Period.

                                      -5-

<PAGE>

      "Noteholder Principal Collections" shall mean, with respect to any Payment
Date, the sum of (a) the product of (i) the Floating Allocation Percentage, with
respect to the Revolving Period, or the Principal Allocation Percentage, with
respect to the Accumulation Period or an Early Amortization Period, for the
related Collection Period (or any partial Collection Period which occurs as the
first Collection Period during an Early Amortization Period) and (ii) Principal
Collections for the related Collection Period and (b) the amount, if any, of
Non-Principal Collections, Investment Proceeds and Additional Noteholder
Collections to be distributed pursuant to Section 4.06(a)(v), 4.06(a)(vi) or
4.08(b) on such Payment Date.

      "Note Rate" shall mean, with respect to any Interest Period, LIBOR for
such Interest Period plus      basis points (      %).

      "Payment Date Statement" shall have the meaning specified in Section
5.02(a).

      "Principal Allocation Percentage" shall mean, with respect to any
Collection Period, the percentage equivalent (which shall never exceed 100%) of
a fraction, the numerator of which is the Invested Amount as of the last day of
the Revolving Period, if such last day has occurred, or, if such last day has
not occurred, as of the most recent Reset Date and the denominator of which is
the Pool Balance (excluding the amount on deposit in the Excess Funding Account,
if any) as of such last day of the Revolving Period; provided, however, that,
with respect to that portion of the Collection Period that falls after the date
on which any Early Amortization Event occurs (other than an Early Amortization
Event that has resulted in an Early Amortization Period that has ended as
described in clause (c) of the definition thereof in this Series Supplement),
the Principal Allocation Percentage shall be reset using the Pool Balance
(excluding the amount on deposit in the Excess Funding Account, if any) as of
the close of business on the date on which such Early Amortization Event shall
have occurred and Principal Collections shall be allocated for such portion of
such Collection Period using such reset Principal Allocation Percentage.

      "Principal Funding Account" shall have the meaning specified in Section
4.04(b)(i).

      "Record Date" shall mean, with respect to any Payment Date, the close of
business on the day preceding such Payment Date.

      "Redemption Price" shall mean, with respect to any Payment Date, the sum
of (a) the Invested Amount of the Series 200 _ - _ Notes to be redeemed on the
Determination Date preceding the Payment Date on which such redemption is to be
made, (b) accrued and unpaid interest on the unpaid balance of the Series 200 _
- _ Notes (calculated on the basis of the outstanding principal balance of the
Series 200 _ - _ Notes at the Note Rate as in effect during the applicable
Interest Periods through the day preceding such Payment Date, and (c) without
duplication with respect to any amounts due under clause (b) of this definition,
any outstanding Additional Interest with respect to the Series 200 _ - _ Notes
to be repurchased.

      "Required Participation Percentage" shall mean, with respect to Series 200
_ - _ , %; provided, however, that if at the close of business on the last day
of any Collection Period the aggregate amount of Principal Receivables due from
each Dealer and each group of affiliated dealers is equal to or less than      %
of the Pool Balance (excluding the amount on deposit in the Excess Funding
Account, if any) on that last day, the Required Participation Percentage shall

                                      -6-

<PAGE>

mean, for Series 200 _ - _ on that last day and for that Collection Period only,
     %; provided, further, that the Transferor may, reduce the Required
Participation Percentage for Series 200 _ - _ to not less than %.

      "Required Subordinated Amount" shall mean, as of any date of
determination, the sum of (a) the product of (i) the Subordinated Percentage and
(ii) the Invested Amount as of the opening of business on the date of
determination and (b) the Incremental Subordinated Amount.

      "Required Subordination Draw Amount" shall have the meaning specified in
Section 4.05.

      "Reserve Account" shall have the meaning specified in Section 4.04(a)(i).

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

      "Reserve Account Required Amount" shall mean, with respect to any Payment
Date, an amount equal to the product of (a)      % and (b) the outstanding
principal balance of the Series 200 _ - _ Notes on such Payment Date (after
giving effect to any changes therein on such Payment Date).

      "Reset Date" shall mean the last day of a Collection Period.

      "Residual Interestholder" shall mean the holder of the Residual Interest.

      "Residual Interestholder's Collections" shall mean, with respect to any
Collection Period, the sum of (a) the Residual Interestholder's Percentage of
Non-Principal Collections for the related Collection Period, plus (b) the
Residual Interestholder's Percentage of Principal Collections for the related
Collection Period.

      "Residual Interestholder's Percentage" shall mean 100% minus (a) the
aggregate Series' floating allocation percentages (including the Floating
Allocation Percentage), when used with respect to Non-Principal Collections and
Defaulted Receivables at all times and with respect to Principal Collections
during the Revolving Period, and (b) the aggregate Series' principal allocation
percentages (including the Principal Allocation Percentage), when used with
respect to Principal Collections during the Accumulation Period and an Early
Amortization Period (or any other Series' accumulation period or amortization
period).

      "Revolving Period" shall mean the period beginning at the close of
business on the Closing Date and terminating on the earliest of (a) the close of
business on the day immediately preceding the Accumulation Period Commencement
Date and (b) the close of business on the day an Early Amortization Period
commences; provided, however, that, if any Early Amortization Period ends as
described in clause (c) of the definition thereof in this Series Supplement, the
Revolving Period will recommence as of the close of business on the day such
Early Amortization Period ends.

                                      -7-

<PAGE>

      "Series Cut-Off Date" means       , 200_.

      "Series 200 _ - _ " shall mean the Series of Notes, the Principal Terms of
which are specified in this Series Supplement.

      "Series 200 _ - _ Accounts" shall have the meaning specified in Section
4.04(d)(i).

      "Series 200 _ - _ Available Subordinated Amount" shall mean, for the first
Determination Date, an amount equal to the Required Subordinated Amount. The
Series 200 _ - _ Available Subordinated Amount for any subsequent Determination
Date shall mean an amount equal to: (a) the lesser of (i) the Series 200 _ - _
Available Subordinated Amount for the preceding Determination Date, minus (A)
the portion of Additional Noteholder Collections for the preceding Collection
Period applied as the Required Subordination Draw Amount with respect to the
preceding Payment Date to the extent provided in Section 4.08, plus, (B) the
portion of Non-Principal Collections and Investment Proceeds for such preceding
Payment Date treated as Available Noteholder Principal Collections pursuant to
Section 4.06(a)(vi)(B) and (ii) the product of the fractional equivalent of the
Subordinated Percentage and the Invested Amount on such Determination Date;
minus (b) in the case of clause (a)(i) (if the lesser of clause (a)(1) and (2)
above is the amount in clause (a)(1) above) the Incremental Subordinated Amount
for the preceding Determination Date; plus (c) the Incremental Subordinated
Amount for the Determination Date; plus (d) the Subordinated Percentage of funds
that are to be withdrawn from the Excess Funding Account on the succeeding
Payment Date and paid to the Residual Interestholder or allocated to one or more
Series; provided, however, that the Series 200 _ - _ Available Subordinated
Amount may be increased on any Determination Date by the Residual
Interestholder, in its sole discretion, by notice to the Indenture Trustee and
the Owner Trustee on or before such Determination Date, provided, further, that
once the Accumulation Period or any Early Amortization Period (other than an
Early Amortization Period that has ended as described in clause (c) of the
definition thereof in this Series Supplement), the Series 200 _ - _ Available
Subordinated Amount shall be calculated based on the Invested Amount as of the
close of business on the last day of the Revolving Period).

      "Series 200 _ - _ Excess Funding Amount" shall mean, with respect to the
Series 200 _ - _ Notes, for any day, the product of (a) the Series 200 _ - _
Allocation Percentage on such day and (b) the amount on deposit in the Excess
Funding Account on such day.

      "Series 200 _ - _ Excess Funding Account Allocation Percentage" shall mean
a number, represented as a percentage, equal to the Series 200 _ - _ Required
Participation Amount divided by the Trust Required Participation Amount.

      "Series 200 _ - _ Excess Principal Collections" shall mean that portion of
Excess Principal Collections allocated to Series 200 _ - _ pursuant to Section
4.10.

      "Series 200 _ - _ Miscellaneous Payments" shall mean, with respect to any
Payment Date, the product of (a) the Floating Percentage for such Collection
Period and (b) Miscellaneous Payments with respect to the related Collection
Period.

      "Series 200 _ - _ Noteholders" shall mean the Holders of Series 200 _ - _
Notes.

                                      -8-

<PAGE>

      "Series 200 _ - _ Notes" shall mean any one of the Notes executed by the
Issuer and authenticated by the Indenture Trustee.

      "Series 200 _ - _ Principal Shortfall" shall mean, with respect to any
Payment Date, an amount equal to the excess of (i) (x) for any Payment Date
following the first full Collection Period of the Accumulation Period, the
Controlled Deposit Amount, or (y) for any Payment Date with respect to an Early
Amortization Period, the Invested Amount, over (ii) the Available Noteholder
Principal Collections for such Payment Date (excluding any portion thereof
attributable to Excess Principal Collections).

      "Series 200 _ - _ Stated Maturity Date" shall mean the       200_ Payment
Date, which shall be the Termination Date for Series 200 _ - _ .

      "Series Supplement" shall have the meaning set forth in the preamble to
this Series Supplement.

      "Servicer Advances" shall have the meaning specified in Section 3.02 of
this Series Supplement.

      "Servicing Fee Rate" shall mean, with respect to Series 200 _ - _ , 1% or,
for any Payment Date in respect of which the Monthly Servicing Fee has been
waived, 0%.

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

      "Subordination Factor" shall mean, initially,      %, except that if at
any time the rating of VWAG's or VCI's long-term unsecured debt is lowered below
BBB - by Standard & Poor's or withdrawn by Standard & Poor's, the Subordination
Factor will thereafter be increased to      %, unless the Trust receives written
confirmation from Standard & Poor's that the failure to increase the
Subordination Factor will not result in Standard & Poor's lowering or
withdrawing its rating on the Series 200 _ - _ Notes.

      "Trust" shall have the meaning set forth in the preamble to this Series
Supplement.

      "Trust Available Subordinated Amount" means the sum of the Series 200 _ -
_ Available Subordinated Amount and the sum of the aggregate Available
Subordinated Amounts for all other outstanding Series.

      (b) Notwithstanding anything to the contrary in this Series Supplement or
the other Documents, the term "Rating Agency" shall mean, whenever used in this
Series Supplement or such other Basic Documents with respect to Series 200 _ - _
, Moody's and Standard & Poor's. As used in this Series Supplement and the other
Basic Documents with respect to Series 200 _ - _ , "highest investment category"
shall mean (i) in the case of Standard & Poor's, A-l+, AAA, AAAm or AAAmG, as
applicable, and (ii) in the case of Moody's, P-1 or Aaa, as applicable.

      (c) All capitalized terms used herein and not otherwise defined herein
have the meanings ascribed to them in Appendix A to the Agreement. The
definitions in Section 2.01 are

                                      -9-

<PAGE>

applicable to the singular as well as to the plural forms of such terms and to
the masculine as well as to the feminine and neuter genders of such terms.

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

                                  ARTICLE III

                                  Servicing Fee

      Section 3.01 Servicing Compensation. The monthly servicing fee with
respect to Series 200 _ - _ (the "Monthly Servicing Fee") shall be payable to
the Servicer, in arrears, on each Payment Date in respect of any Collection
Period (or portion thereof) occurring prior to the earlier of the first Payment
Date following the Series 200 _ - _ Stated Maturity Date and the first Payment
Date on which the Invested Amount is zero, in an amount equal to one-twelfth of
the product of (a) the Servicing Fee Rate, and (b) the Floating Allocation
Percentage of the Pool Balance (excluding the amount on deposit in the Excess
Funding Account, if any) as of the second preceding Reset Date; provided,
however, that with respect to the first Payment Date and the second Payment
Date, for purposes of clause (b) the Pool Balance shall be determined as of the
Closing Date. The share of the Monthly Servicing Fee allocable to the Series 200
_ - _ Noteholders with respect to any Payment Date (the "Noteholders Monthly
Servicing Fee") shall be equal to one-twelfth of the product of (a) the
Servicing Fee Rate and (b) the Invested Amount as of the second preceding Reset
Date; provided, however, that with respect to the first Payment Date and the
second Payment Date clause (b) shall be based on the Invested Amount on the
Closing Date. The remainder of the Monthly Servicing Fee shall be paid by the
Residual Interestholder and in no event shall the Trust, the Indenture Trustee
or the Series 200 _ - _ Noteholders be liable for the share of the Monthly
Servicing Fee to be paid by the Residual Interestholder; and the remainder of
the Servicing Fee shall be paid by the Residual Interestholder and the
Noteholders of other Series and the Series 200 _ - _ Noteholders, the Trust, the
Indenture and the Owner Trustee shall in no event be liable for the share of the
Servicing Fee to be paid by the Residual Interestholder or the Noteholders of
other Series. The Noteholders Monthly Servicing Fee shall be payable to the
Servicer solely to the extent amounts are available for distribution therefor in
accordance with the terms of this Series Supplement.

            The Servicer shall be permitted, in its sole discretion, to waive
the Monthly Servicing Fee for any Payment Date by notice to the Indenture
Trustee on or before the related Determination Date; provided that the Servicer
believes that sufficient Non-Principal Collections will be available on any
future Payment Date to pay the Noteholders Monthly Servicing Fee relating to the
waived Monthly Servicing Fee. If the Servicer so waives the Monthly Servicing
Fee for any Payment Date, the Monthly Servicing Fee and the Noteholders Monthly
Servicing Fee for such Payment Date shall be deemed to be zero for all purposes
of this Series Supplement, the Indenture and the Agreement; provided, however,
that such Noteholders Monthly Servicing Fee shall be paid on a future Payment
Date solely to the extent amounts are available therefor pursuant to Section
4.06(a)(vii); and provided, further, that, to the extent any such waived

                                      -10-

<PAGE>

Noteholders Monthly Servicing Fee is so paid, the related portion of the Monthly
Servicing Fee to be paid by the Residual Interestholder shall be paid by the
Residual Interestholder to the Servicer.

      Section 3.02 Servicer Advances. On each Payment Date, the Servicer shall
deposit into the Collection Account an advance in an amount equal to the lesser
of (a) any shortfall in the amounts available to make the payments described in
Section 4.06(a)(ii), (iii) and (v) and (b) the aggregate scheduled monthly
payments due on the Receivables but not received (or not received in full)
during and prior to the related Collection Period (a "Servicer Advance").
However, the Servicer will not be obligated to make a Servicer Advance if the
Servicer determines in its sole discretion that a Servicer Advance is not likely
to be repaid from future cash flows from the Receivables. No Servicer Advances
will be made with respect to Defaulted Receivables.

                                   ARTICLE IV

                   Rights of Series 200 _ - _ Noteholders and
                    Allocation and Application of Collections

      Section 4.01 Allocations; Payments to Residual Interestholder; Excess
Principal Collections and Unallocated Principal Collections. (a) Non-Principal
Collections, Principal Collections, Miscellaneous Payments and Defaulted Amounts
allocated to Series 200 _ - _ pursuant to Article IV of the Agreement shall be
allocated and distributed as set forth in this Article.

      (b) Subject to Section 4.01(d) below, the Servicer shall instruct the
Indenture Trustee in writing to withdraw from the Collection Account and pay to
the Residual Interestholder on the dates set forth below the following amounts:

            (i) on each Deposit Date:

                  (A) an amount equal to the Residual Interestholder's
            Percentage then in effect for the related Collection Period of
            Non-Principal Collections deposited in the Collection Account for
            such Deposit Date; and

                  (B) an amount equal to the Residual Interestholder's
            Percentage then in effect for the related Collection Period of
            Principal Collections deposited in the Collection Account for such
            Deposit Date,

if the Residual Participation Amount (determined after giving effect to any
Principal Receivables transferred to the Trust on such Deposit Date) exceeds the
Trust Available Subordinated Amount for the immediately preceding Determination
Date (after giving effect to the allocations, distributions, withdrawals and
deposits to be made on the Payment Date immediately following such Determination
Date); and

            (ii) on each Deposit Date with respect to the Revolving Period, an
      amount equal to the Additional Noteholder Principal Collections for such
      Deposit Date, if the Residual Participation Amount (determined after
      giving effect to any Principal Receivables transferred to the Trust on
      such Deposit Date) exceeds the Trust Available

                                      -11-

<PAGE>

      Subordinated Amount for the immediately preceding Determination Date
      (after giving effect to the allocations, distributions, withdrawals and
      deposits to be made on the Payment Date immediately following such
      Determination Date); provided, however, that Additional Noteholder
      Principal Collections shall be paid to the Residual Interestholder with
      respect to any Collection Period only after an amount equal to the sum of
      (A) the Deficiency Amount, if any, relating to the immediately preceding
      Collection Period, and (B) the excess, if any, of the Reserve Account
      Required Amount over the amount in the Reserve Account on the immediately
      preceding Payment Date (after giving effect to the allocations of,
      distributions from, and deposits in, the Reserve Account on such Payment
      Date), has been deposited in the Collection Account from such Additional
      Noteholder Principal Collections.

            The withdrawals to be made from the Collection Account pursuant to
this Section 4.01(b) do not apply to deposits into the Collection Account that
do not represent Collections, including Miscellaneous Payments, payment of the
Redemption Price for the Series 200 _ - _ Notes pursuant to Section 10.1(b) of
the Indenture, payment of the Redemption Price for the Series 200 _ - _ Notes
pursuant to Section 7.01 of this Series Supplement and proceeds from the sale,
disposition or liquidation of Receivables pursuant to Section 5.4 of the
Indenture.

      (b) The Servicer shall instruct the Indenture Trustee to withdraw from the
Collection Account and deposit into the Reserve Account on Deposit Dates with
respect to the Revolving Period, Additional Noteholder Principal Collections for
such Deposit Date, up to the amount of the excess, if any, determined pursuant
to Section 4.01(b)(ii)(B).

      Section 4.02 Monthly Interest. The amount of monthly interest ("Monthly
Interest") with respect to the Series 200 _ - _ Notes on any Payment Date, shall
be an amount equal to the product of (i) the Note Rate, (ii) the outstanding
principal balance of the Series 200 _ - _ Notes as of the close of business on
the preceding Payment Date (after giving effect to all repayments of principal
made to Series 200 _ - _ Noteholders on such preceding Payment Date, if any) and
(iii) a fraction, the numerator of which is the actual number of days elapsed in
the related Interest Period and the denominator of which is 360; provided,
however, that with respect to the first such Payment Date, Monthly Interest
shall be calculated based on the outstanding principal balance of the Series 200
_ - _ Notes on the Closing Date.

      On the Determination Date preceding each Payment Date, the Servicer shall
determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate
Monthly Interest for the Interest Period applicable to such Payment Date over
(y) the amount which will be available to be distributed to Series 200 _ - _
Noteholders on such Payment Date in respect thereof pursuant to this Series
Supplement. If the Interest Shortfall with respect to any Payment Date is
greater than zero, an additional amount ("Additional Interest") equal to the
product of (i) the Note Rate for the Interest Period commencing on the related
Payment Date (or, for subsequent Interest Periods, the Note Rate for such
subsequent Interest Period), (ii) such Interest Shortfall (or the portion
thereof which has not been paid to Series 200 _ - _ Noteholders) and (iii) a
fraction, the numerator of which is the amount of days elapsed in such Interest
Period (or in a subsequent Interest Period) and the denominator of which is 360,
shall be payable as provided herein with respect to the Series 200 _ - _ Notes
on each Payment Date following such Payment Date to and including the Payment
Date on which such Interest Shortfall is paid to Series 200 _ - _

                                      -12-

<PAGE>

Noteholders. Notwithstanding anything to the contrary herein, Additional
Interest shall be payable or distributed to Series 200 _ - _ Noteholders only to
the extent permitted by applicable law.

      Section 4.03 Determination of Monthly Principal. During an Early
Amortization Period and on each Payment Date following the first Collection
Period of the Accumulation Period, the amount of monthly principal (the "Monthly
Principal") to be deposited by the Servicer into the Principal Funding Account
shall be equal to the Available Noteholder Principal Collections; provided,
however, that for each Payment Date (a) following the first Collection Period of
the Accumulation Period, Monthly Principal shall equal the lesser of: (i) the
Controlled Deposit Amount for such Payment Date (after giving effect to any
deposits made from the Excess Funding Account) and (ii) the Invested Amount and
(b) during an Early Amortization Period, Monthly Principal shall not exceed the
Invested Amount.

      Section 4.04 Establishment of Reserve Account and Funding Accounts.

            (a) (i) The Servicer, for the benefit of the Series 200 _ - _
      Noteholders, shall cause to be established and maintained in the name of
      the Indenture Trustee, on behalf of the Trust, an Eligible Deposit Account
      (the "Reserve Account") that shall be identified as the "Reserve Account
      for the Volkswagen Credit Auto Master Owner Trust, Series 200 _ - _ " and
      shall bear a designation clearly indicating that the funds deposited
      therein are held for the benefit of the Series 200 _ - _ Noteholders. On
      the Closing Date, the Residual Interestholder shall cause to be deposited
      in the Reserve Account the Initial Reserve Account Deposit Amount.

            (ii) At the written direction of the Servicer, funds on deposit in
      the Reserve Account shall be invested by the Indenture Trustee in Eligible
      Investments selected by the Servicer that will mature so that such funds
      will be available at the close of business on or before the Business Day
      preceding the following Payment Date. All Eligible Investments shall be
      held by the Indenture Trustee for the benefit of the Series 200 _ - _
      Noteholders. On each Payment Date, all interest and other investment
      earnings (net of losses and investment expenses) on funds on deposit in
      the Reserve Account received prior to such Payment Date shall be applied
      as set forth in Section 4.06(a) of this Series Supplement. Funds deposited
      in the Reserve Account on a Business Day (which immediately precedes a
      Payment Date) upon the maturity of any Eligible Investments are not
      required to be invested overnight.

            (b) (i) The Servicer, for the benefit of the Series 200 _ - _
      Noteholders, shall establish and maintain in the name of the Indenture
      Trustee, on behalf of the Trust, an Eligible Deposit Account (the
      "Principal Funding Account"), which shall be identified as the "Principal
      Funding Account for Volkswagen Credit Auto Master Owner Trust, Series 200
      _ - _ " and shall bear a designation clearly indicating that the funds
      deposited therein are held for the benefit of the Series 200 _ - _
      Noteholders.

            (ii) At the written direction of the Servicer, funds on deposit in
      the Principal Funding Account shall be invested by the Indenture Trustee
      in Eligible Investments selected by the Servicer. All such Eligible
      Investments shall be held by the Indenture

                                      -13-

<PAGE>

      Trustee for the benefit of the Series 200 _ - _ Noteholders. On each
      Payment Date all interest and other investment earnings (net of losses and
      investment expenses) on funds on deposit therein shall be applied as set
      forth in Section 4.06(a) of this Series Supplement. Funds on deposit in
      the Principal Funding Account shall be invested at the direction of the
      Servicer in Eligible Investments that will mature so that such funds will
      be available on or before the close of business on the Business Day
      preceding the Payment Date. Funds deposited in the Principal Funding
      Account on a Business Day which immediately precedes the Expected
      Principal Payment Date or a Payment Date, as applicable, or funds
      deposited in respect of the maturity of any Eligible Investments on such
      Business Day, are not required to be invested overnight.

            (c) The Excess Funding Account shall be established and maintained
      in accordance with Section 4.1 of the Trust Sale and Servicing Agreement.

            (d) (i) The Indenture Trustee shall possess all right, title and
      interest in and to all funds on deposit from time to time in, and all
      Eligible Investments credited to, the Reserve Account and the Principal
      Funding Account (collectively the "Series 200 _ - _ Accounts") and in all
      proceeds thereof. The Series 200 _ - _ Accounts shall be under the sole
      dominion and control of the Indenture Trustee for the benefit of the
      Series 200 _ - _ Noteholders. If, at any time, any of the Series 200 _ - _
      Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee
      (or the Servicer on its behalf) shall within 10 Business Days (or such
      longer period, not to exceed 30 calendar days, as to which each Rating
      Agency may consent) establish a new Series 200 _ - _ Account meeting the
      conditions specified in paragraph (a)(i) or (b)(i) above, as applicable,
      as an Eligible Deposit Account and shall transfer any cash and/or any
      investments to such new Series 200 _ - _ Account. Neither the Residual
      Interestholder, the Servicer nor any Person claiming by, through or under
      the Residual Interestholder, the Servicer or any such Person shall have
      any right, title or interest in, or any right to withdraw any amount from,
      any Series 200 _ - _ Account, except as expressly provided herein.
      Schedule 1, which is hereby incorporated into and made part of this Series
      Supplement, identifies each Series 200 _ - _ Account by setting forth the
      account number of each such account, the account designation of each such
      account and the name of the institution with which such account has been
      established. If a substitute Series 200 _ - _ Account is established
      pursuant to this Section, the Servicer shall provide to the Indenture
      Trustee an amended Schedule 1, setting forth the relevant information for
      such substitute Series 200 _ - _ Account.

            (ii) Pursuant to the authority granted to the Servicer in Section
      8.2 of the Indenture and 3.1(a) of the Agreement, the Servicer shall have
      the power, revocable by the Indenture Trustee, to make withdrawals and
      payments or to instruct the Indenture Trustee to make withdrawals and
      payments from the Series 200 _ - _ Accounts for the purposes of carrying
      out the Servicer's or Indenture Trustee's duties hereunder.

      Section 4.05 Deficiency Amount. With respect to each Payment Date, on the
related Determination Date, the Servicer shall determine the amount (the
"Deficiency Amount"), if any, by which (a) the sum of (i) Monthly Interest for
such Payment Date, (ii) any Monthly Interest previously due but not distributed
to the Series 200 _ - _ Noteholders on a prior Payment Date

                                      -14-

<PAGE>

(and interest thereon at the applicable rate), (iii) the Noteholders Monthly
Servicing Fee for such Payment Date, and (iv) the Series 200 _ - _ Noteholder
Default Amount, if any, for such Payment Date, exceeds (b) the sum of (i)
Noteholder Non-Principal Collections for such Payment Date plus any Investment
Proceeds with respect to such Payment Date and (ii) the amount of funds in the
Reserve Account which are available pursuant to Section 4.08(a) to cover any
portion of the Deficiency Amount. With respect to a Payment Date and the
preceding Determination Date, the lesser of the Deficiency Amount as determined
by the Servicer on such Determination Date and the Series 200 _ - _ Available
Subordinated Amount for such Determination Date shall be the "Required
Subordination Draw Amount".

      Section 4.06 Application of Noteholder Non-Principal Collections and
Investment Proceeds. The Servicer shall cause the Indenture Trustee to apply, on
each Payment Date, Noteholder Non-Principal Collections, Investment Proceeds and
Available Noteholder Principal Collections to make the following distributions:

      (a) On each Payment Date, an amount equal to the sum of Noteholder
Non-Principal Collections and any Investment Proceeds deposited in the
Collection Account for the related Collection Period will be distributed in the
following priority:

            (i) first, to the Servicer, for reimbursement of outstanding
      Servicer Advances;

            (ii) second, an amount equal to Monthly Interest for such Payment
      Date, plus the amount of any Monthly Interest previously due but not
      distributed to the Series 200 _ - _ Noteholders on a prior Payment Date
      (plus, but only to the extent permitted under applicable law, the amount
      of any Additional Interest for such Payment Date and any Additional
      Interest previously due but not distributed to the Series 200 _ - _
      Noteholders on a prior Payment Date) shall be paid to the Series 200 _ - _
      Noteholders;

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

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

            (v) fifth, an amount equal to the Noteholder Default Amount, if any,
      for such Payment Date shall be treated as a portion of Available
      Noteholder Principal Collections for such Payment Date;

            (vi) sixth, in the following order of priority: (A) an amount equal
      to the aggregate amount of Noteholder Charge-Offs that have not been
      previously reimbursed as provided in Section 4.09 (after giving effect to
      the allocation on such Payment Date of any amount for that purpose
      pursuant to Section 4.09) shall be treated as a portion of the Available
      Noteholder Principal Collections with respect to such Payment Date and
      will increase the Invested Amount, and then (B) an amount equal to any
      reduction in the Series 200 _ - _ Available Subordinated Amount pursuant
      to clause (a)(1) of the definition of Series 200 _ - _ Available
      Subordinated Amount, and that has not been reversed pursuant to this
      Section 4.06(a)(vi)(B), will be treated as Available Noteholder

                                      -15-

<PAGE>

      Principal Collections with respect to such Payment Date and will increase
      the Series 200 _ - _ Available Subordinated Amount;

            (vii) seventh, an amount equal to the aggregate outstanding amounts
      of the Monthly Servicing Fee which have been previously waived pursuant to
      Section 3.01 shall be distributed to the Servicer; and

            (viii) eighth, the balance, if any, shall be distributed to the
      Residual Interestholder.

      (b) On each Payment Date with respect to the Revolving Period, an amount
equal to Available Noteholder Principal Collections for the related Collection
Period shall be allocated first to make a deposit in the Excess Funding Account
(A) if the sum of (i) the Invested Amount and (ii) the amount on deposit in the
Excess Funding Account (other than Investment Proceeds) prior to the allocation
on such Payment Date is less than the outstanding principal balance of the
Series 200 _ - _ Notes and (B) to the extent that the Pool Balance is less than
the Required Participation Amount and second treated as Excess Principal
Collections and applied in accordance with Section 4.3 of the Agreement.

      (c) On each Payment Date following the first Collection Period of the
Accumulation Period or with respect to any Early Amortization Period, an amount
equal to the Available Noteholder Principal Collections shall be distributed in
the following priority:

            (i) first, an amount equal to Monthly Principal for such Payment
      Date shall be deposited by the Servicer or Indenture Trustee into the
      Principal Funding Account, in the case of each Payment Date following the
      first Collection Period of the Accumulation Period, or distributed to the
      Series 200 _ - _ Noteholders in accordance with Section 4.07(ii), in the
      case of any Early Amortization Period; and

            (ii) second, for each Payment Date following the first Collection
      Period of the Accumulation Period, unless an Early Amortization Event
      (other than an Early Amortization Event that has resulted in an Early
      Amortization Period that has ended as described in clause (c) of the
      definition thereof in this Series Supplement) has occurred, after giving
      effect to the transactions described in clause (i) above, an amount equal
      to the balance, if any, of such Available Noteholder Principal Collections
      shall be treated as Excess Principal Collections and applied in accordance
      with Section 4.3 of the Agreement and Section 4.10.

      Section 4.07 Distributions to Series 200 _ - _ Noteholders. The Servicer
shall cause the Indenture Trustee to make the following distributions at the
following times from the Collection Account, the Reserve Account, the Principal
Funding Account and the Excess Funding Account:

            (i) on each Payment Date, all amounts on deposit in the Collection
      Account and the Reserve Account, that are payable to the Series 200 _ - _
      Noteholders with respect to accrued interest shall be distributed to the
      Series 200 _ - _ Noteholders; and

            (ii) on the earlier of (i) the Expected Principal Payment Date and
      on each Payment Date thereafter, and (ii) on the first Payment Date
      following an Early

                                      -16-

<PAGE>

      Amortization Event (other than an Early Amortization Event that has
      resulted in an Early Amortization Period that has ended as described in
      clause (c) of the definition thereof in this Series Supplement) and on
      each Payment Date thereafter, as applicable, all amounts on deposit in the
      Principal Funding Account and the Excess Funding Account (with respect to
      any Payment Date following an Early Amortization Event) and all amounts on
      deposit in the Collection Account that are payable to the Series 200 _ - _
      Noteholders with respect to principal, up to a maximum amount on any such
      day equal to the Invested Amount of the Series 200 _ - _ Notes, shall be
      distributed to the Series 200 _ - _ Noteholders. If on the Expected
      Principal Payment Date the sum of the amount on deposit in the Principal
      Funding Account and the Series 200 _ - _ share of amounts in the Excess
      Funding Account is less than the Invested Amount, then the Early
      Amortization Period for Series 200 _ - _ shall commence.

      Section 4.08 Application of Reserve Account and Series 200 _ - _ Available
Subordinated Amount.

      (a) If Noteholder Non-Principal Collections and Investment Proceeds and
Servicer Advances for any Payment Date are not sufficient to make the entire
distributions required by Section 4.06(a)(ii), (iii) and (v), the Servicer shall
cause the Indenture Trustee to withdraw funds from the Reserve Account and apply
the withdrawn funds to complete the distributions as described in Section
4.06(a)(ii), (iii) and (v). However, during any Early Amortization Period funds
will not be withdrawn from the Reserve Account to make distributions required by
Section 4.06(a)(v) to the extent that, after giving effect to the withdrawals,
the amount in the Reserve Account will be less than $      .

      (b) If, on any Payment Date, there is a Required Subordination Draw Amount
for such Payment Date and such Payment Date is not the Final Payment Date, the
Servicer shall apply or cause the Indenture Trustee to apply the Additional
Noteholder Collections on deposit in the Collection Account on such Payment
Date, but only up to the amount of the Required Subordinated Draw Amount, to
make the distributions required by Sections 4.06(a)(ii), (iii) and (v) that have
not been made through the application of funds from the Reserve Account in
accordance with Section 4.08(a). If there is a Required Subordination Draw
Amount for such Payment Date and such Payment Date is the Final Payment Date,
the Servicer shall apply or cause the Indenture Trustee to apply the Additional
Noteholder Collections on deposit in the Collection Account on such Payment Date
but only up to the amount of the Required Subordinated Draw Amount, to make the
distributions required by Sections 4.06(a)(ii), (iii) and (v) that have not been
made through application of funds from the Reserve Account pursuant to Section
4.08(d). Any Additional Noteholder Collections remaining after application
thereof pursuant to the first or second preceding sentence, as applicable, shall
be treated as a portion of Noteholder Principal Collections for such Payment
Date, but only up to the amount of unpaid Adjustment Payments allocated to
Series 200 _ - _ . The amount of Additional Noteholder Collections applied in
accordance with the first two sentences of this clause (b) shall reduce the
Series 200 _ - _ Available Subordinated Amount in all other cases as described
in clause (a)(i)(A) of the definition thereof. If the Required Subordination
Draw Amount exceeds the Additional Noteholder Collections for such Payment Date,
the Series 200 _ - _ Available Subordinated Amount shall be further reduced by
the amount of such excess, but not by more

                                      -17-

<PAGE>

than the sum of (x) the Noteholder Default Amount and (y) the amount of unpaid
Adjustment Payments allocated to Series 200 _ - _ and not paid by the
Transferor.

      (c) If, after giving effect to the allocations of, distributions from, and
deposits in, the Reserve Account made pursuant to Sections 4.01(c), 4.04(a),
4.06(a)(iv) and 4.08(a), (i) the amount in the Reserve Account is greater than
the Reserve Account Required Amount for such Payment Date , the Servicer shall
cause the Indenture Trustee to distribute such excess amount to the Residual
Interestholder, subject to the proviso contained in Section 4.08(e) or (ii) the
amount in the Reserve Account is less than such Reserve Account Required Amount,
then the Indenture Trustee shall deposit any remaining Additional Noteholder
Collections on deposit in the Collection Account for such Payment Date after
giving effect to Section 4.08(b) into the Reserve Account until the amount in
the Reserve Account is equal to such Reserve Account Required Amount.

      (d) In the event that the Invested Amount is greater than zero on the
Series 200 _ - _ Stated Maturity Date, any funds remaining in the Reserve
Account after the application of funds as described herein will be treated as a
portion of Available Noteholder Principal Collections for the Payment Date
occurring on the Series 200 _ - _ Stated Maturity Date. After making such
payments to the Series 200 _ - _ Noteholders, any funds remaining on deposit in
the Reserve Account after the Final Payment Date shall be paid to the Residual
Interestholder.

      (e) The balance of Additional Noteholder Collections on any Payment Date,
after giving effect to any distributions thereof pursuant to Section 4.08(a),
(b), (c) or (d), shall be distributed to the Residual Interestholder on such
Payment Date; provided, however, that, in the case of any remaining Additional
Noteholder Principal Collections, if the Trust Available Subordinated Amount for
the immediately preceding Determination Date exceeds the Residual Participation
Amount on such date (determined after giving effect to any Principal Receivables
transferred to the Trust on such Payment Date), Section 4.08(c)(i) shall not
apply and the amount of such excess shall be deposited into the Reserve Account,
with any remaining Additional Noteholder Principal Collections paid to the
Residual Interestholder.

      Section 4.09 Noteholder Charge-Offs. If, on any Payment Date on which the
Series 200 _ - _ Available Subordinated Amount on the preceding Determination
Date (after giving effect to the allocations, distributions, withdrawals and
deposits to be made on such Payment Date) is zero and the Deficiency Amount for
such Payment Date is greater than zero, the Invested Amount shall be reduced by
the amount of the Deficiency Amount, but not by more than the Noteholder Default
Amount for the Payment Date (a "Noteholder Charge-Off"). Noteholder Charge-Offs
shall thereafter be reimbursed and the Invested Amount increased (but not by an
amount in excess of the aggregate unreimbursed Noteholder Charge-Offs) by the
sum of (a) Series 200 _ - _ Miscellaneous Payments with respect to such Payment
Date and (b) the amount of Non-Principal Collections and Investment Proceeds
allocated and available for that purpose pursuant to Section 4.06(a)(vi).

      Section 4.10 Excess Principal Collections.

                                      -18-

<PAGE>

      (a) That portion of Excess Principal Collections for any Payment Date
equal to the amount of the Series 200 _ - _ Excess Principal Collections for
such Payment Date shall be allocated to Series 200 _ - _ and shall be
distributed as set forth in this Series Supplement.

      (b) Series 200 _ - _ Excess Principal Collections, with respect to any
Payment Date, shall mean an amount equal to the Series 200 _ - _ Principal
Shortfall for such Payment Date; provided, however, that, if the aggregate
amount of Excess Principal Collections for all Series for such Payment Date is
less than the aggregate amount of Principal Shortfalls for all Series for such
Payment Date, then the Series 200 _ - _ Excess Principal Collections for such
Payment Date shall equal the product of (x) Excess Principal Collections for all
Series for such Payment Date and (y) a fraction, the numerator of which is the
Series 200 _ - _ Principal Shortfall for such Distribution Date and the
denominator of which is the aggregate amount of Principal Shortfalls for all
Series for such Payment Date.

      Section 4.11 Excess Funding Account.

      (a) On the first Business Day of the Accumulation Period, the Series 200 _
- _ Excess Funding Amount shall be deposited in the Principal Funding Account;
provided however, that such deposit shall not exceed the Outstanding Balance of
the Series 200 _ - _ Notes. Thereafter, the Series 200 _ - _ Noteholders will
not be entitled to any funds on deposit in the Excess Funding Account.

      (b) If any other Series is in an amortization, early amortization or
accumulation period, the amounts of any withdrawals from the Excess Funding
Account and allocable to such other Series shall be applied first to satisfy in
full any then applicable funding or payment requirements of such Series and
second to make a payment to the Residual Interestholder. If more than one other
Series is in an amortization, early amortization or accumulation, the amounts of
any withdrawals from the Excess Funding Account shall be allocated (and, if
necessary, reallocated) among such Series as specified in the related Series
Supplement to meet the funding or payment requirements of each such Series first
to satisfy in full all then applicable funding or payment requirements of each
such Series and second to make a payment to the Residual Interestholder.

      Section 4.12 Postponement of the Accumulation Period. The Servicer may
elect to extend the Revolving Period and postpone the Accumulation Period by
providing a written notice to the Indenture Trustee. Immediately upon receipt of
such notice, the Indenture Trustee shall notify the Residual Interestholder, the
Series 200 _ - _ Noteholders and each Rating Agency of the new Accumulation
Period Commencement Date. The Servicer can make this election only if the number
of months needed to fund the Principal Funding Account based on expected
Principal Collections needed to pay the Outstanding Amount of the Series 200 _ -
_ Notes in full on the Expected Principal Payment Date is less than months. On
or before each Determination Date beginning with the Collection Period and
ending when the Accumulation Period begins, the Servicer will review the amount
of expected Principal Collections and determine the number of months expected to
be required to fund the Principal Funding Account with an amount equal to the
Outstanding Amount of the Series 200 _ - _ Notes in full on the Expected
Principal Payment Date. Based on such review and determination, the Servicer may
elect to postpone the Accumulation Period Commencement Date. In making its
decision, the

                                      -19-

<PAGE>

Servicer must assume that the Monthly Payment Rate will be no greater than the
lowest Monthly Payment Rate for the preceding twelve months; provided however,
that the method for determining the number of months required to fully fund the
Principal Funding Account may be changed upon receipt by the Indenture Trustee
of written confirmation from the Servicer that the change will not result in a
materially adverse effect on the Series 200 _ - _ Noteholders. In no case will
the Accumulation Period be reduced to less than one month.

                                    ARTICLE V

                            Distributions and Reports
                         to Series 200 _ - _ Noteholders

      Section 5.01 Distributions. (a) On each Payment Date, the Indenture
Trustee shall distribute to each Series 200 _ - _ Noteholder of record on the
preceding Record Date (other than as provided in Section 2.7(c) of the Indenture
respecting a final distribution) such Noteholder's pro rata share (based on the
aggregate outstanding principal balance of the Series 200 _ - _ Notes held by
such Noteholder) of the amounts on deposit in the Series 200 _ - _ Accounts or
the Collection Account as is payable to the Series 200 _ - _ Noteholders on such
Payment Date pursuant to Section 4.06 and 4.07.

      (b) Except as provided in Section 2.7(c) of the Indenture with respect to
a final distribution, distributions to Series 200 _ - _ Noteholders hereunder
shall be made by check mailed to each Series 200 _ - _ Noteholder at such
Noteholder's address appearing in the Note Register without presentation or
surrender of any Series 200 _ - _ Notes or the making of any notation thereon;
provided, however, that, with respect to Series 200 _ - _ Notes registered in
the name of a Depository, such distributions shall be made to such Depository in
immediately available funds.

      Section 5.02 Reports and Statements to Series 200 _ - _ Noteholders. (a)
At least two Business Days prior to each Payment Date, the Servicer will provide
to the Indenture Trustee and to each Rating Agency, and on each such Payment
Date, the Indenture Trustee shall forward to each Series 200 _ - _ Noteholder of
record (the "Payment Date Statement"), a statement prepared by the Servicer
setting forth certain information relating to the Trust and the Series 200 _ - _
Notes, including the information contemplated by Section 3.4 of the Trust Sale
and Servicing Agreement as well as:

            (i) the Floating Allocation Percentage and the Principal Allocation
      Percentage for the preceding Collection Period;

            (ii) the Required Subordinated Draw Amount, if any, for the related
      Collection Period;

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

            (iv) the Controlled Deposit Amount for the following Payment Date,
      if any;

                                      -20-

<PAGE>

            (v) the Series 200 _ - _ Available Subordinated Amount as of the
      last day of the preceding Collection Period;

            (vi) the Reserve Account balance for the Payment Date (after giving
      effect to all deposits and withdrawals to occur on the Payment Date); and

            (vii) the Principal Funding Account balance for the Payment Date
      (after giving effect to all deposits and withdrawals to occur on the
      Payment Date).

      (b) A copy of each statement provided pursuant to paragraph (a) will be
made available for inspection at the Corporate Trust Office. The Indenture
Trustee shall make each Payment Date Statement available each month to the
Series 200 _ - _ Noteholders and any other parties to the Basic Documents via
the Indenture Trustee's internet website. The Indenture Trustee shall also
supply a paper copy of any Payment Date Statement to any Person that requests
it. The Indenture Trustee shall be permitted to change the method by which
Payment Date Statements are distributed in order to make such distribution more
convenient and/or more accessible to the parties to the Basic Documents and the
Series 200 _ - _ Noteholders. The Indenture Trustee shall provide timely and
adequate notification to the Series 200 _ - _ Noteholders and the parties to the
Basic Documents of any such change.

      (c) On or before January 31 of each calendar year, beginning with calendar
year 2006, the Indenture Trustee shall furnish or cause to be furnished to each
Person who at any time during the preceding calendar year was a Series 200 _ - _
Noteholder (or Note Owner), a statement prepared by the Servicer containing the
information which is required to be contained in the statement to Series 200 _ -
_ Noteholders as set forth in paragraph (a) above, aggregated for such calendar
year or the applicable portion thereof during which such Person (or any related
Note Owner) was a Series 200 _ - _ Noteholder, together with other information
for such period as is required to be provided by an issuer of indebtedness under
the Internal Revenue Code and such other customary information as is necessary
to enable the Series 200 _ - _ Noteholders (or Residual Interestholder) to
prepare their tax returns. Such obligation of the Indenture Trustee shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Indenture Trustee pursuant to any
requirements of the Internal Revenue Code as from time to time in effect.

                                   ARTICLE VI

                            Early Amortization Events

      Section 6.01 Additional Amortization Events.

      (a) Except as provided in Section 6.01(b), the occurrence of any of the
following events shall, immediately upon the occurrence thereof without notice
or other action on the part of the Indenture Trustee or the Series 200 _ - _
Noteholders, be deemed to be an Early Amortization Event solely with respect to
Series 200 _ - _ :

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

                                      -21-

<PAGE>

            (ii) on any Determination Date, the Series 200 _ - _ Available
      Subordinated Amount for the next Payment Date will be reduced to an amount
      less than the Required Subordinated Amount on such Determination Date,
      after giving effect to the distributions to be made on the next Payment
      Date;

            (iii) any Servicing Default occurs;

            (iv) failure on the part of the Transferor, the Servicer or VCI, as
      applicable, (a) to make any payment or deposit required by the Trust Sale
      and Servicing Agreement or the Receivables Purchase Agreement, including
      but not limited to any Transfer Deposit Amount or Adjustment Payment, on
      or before the date occurring five Business Days after the date such
      payment or deposit is required to be made therein; or (b) to deliver a
      Payment Date Statement on the date required under the Trust Sale and
      Servicing Agreement (or within the applicable grace period which will not
      exceed five Business Days); (c) to comply with its covenant not to create
      any lien on a Receivable; or (d) to observe or perform in any material
      respect any other covenants or agreements set forth in the Trust Sale and
      Servicing Agreement or the Receivables Purchase Agreement, which failure
      continues unremedied for a period of 60 days after written notice of such
      failure;

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

            (vi) the occurrence of an Event of Default with respect to the
      Series 200 _ - _ Notes and the declaration that the Series 200 _ - _ Notes
      are due and payable pursuant to Section 5.2 of the Indenture.

      (b) In the case of any event described in Section 6.01(a)(iii), (iv), (v)
and (vi) above, an Early Amortization Event with respect to Series 200 _ - _
will be deemed to have occurred only if, after the applicable grace period
described in such clauses, either (i) the Indenture Trustee or (ii) Series 200 _
- _ Noteholders holding Series 200 _ - _ Notes evidencing more than 50% of the
aggregate unpaid principal amount of the Series 200 _ - _ Notes, by written
notice to the Trust, the Transferor and the Servicer (and the Indenture Trustee,
if such notice is given by Series 200 _ - _ Noteholders) declare that an Early
Amortization Event has occurred as of the date of such notice.

      Section 6.02 Recommencement of the Revolving Period. If any Early
Amortization Event (other than an Early Amortization Event described in Section
5.17 of the Indenture) occurs, the Revolving Period will recommence following
receipt of (i) written confirmation by each Rating Agency (other than Moody's)
that its rating of the Series 200 _ - _ Notes will not be

                                      -22-

<PAGE>

withdrawn or lowered as a result of such recommencement and (ii) the consent of
Noteholders evidencing more than 50% of the aggregate unpaid principal amount of
the Series 200 _ - _ Notes to such recommencement, provided that no other Early
Amortization Event that has not been cured or waived as described herein has
occurred and the scheduled termination of the Revolving Period has not occurred.

                                   ARTICLE VII

                               Optional Repurchase

      Section 7.01 Optional Repurchase.

      (a) On any Payment Date occurring after the date on which the Invested
Amount of Series 200 _ - _ is reduced to $ or less (which amount shall equal 10%
of the initial outstanding principal balance of the Series 200 _ - _ Notes), if
VCI is the Servicer, then the Servicer shall have the option to redeem the
Series 200 _ - _ Notes in whole but not in part at a purchase price equal to the
Redemption Price for such Payment Date.

      (b) The Servicer shall give the Indenture Trustee at least 10 days' prior
written notice of the Payment Date on which the Servicer intends to exercise
such purchase option. Not later than 12:00 noon, New York City time, on such
Payment Date, the Servicer shall deposit an amount equal to the sum of (i) the
Series 200 _ - _ Excess Funding Amount (in a maximum amount not exceeding the
Redemption Price) and (ii) the excess, if any, of the Redemption Price over the
amount calculated in clause (i) into the Collection Account in immediately
available funds. Such purchase option is subject to payment in full of the
Redemption Price. The Redemption Price shall be distributed as set forth in
Section 8.01.

                                  ARTICLE VIII

                               Final Distributions

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

      (a) The amount to be paid by the Transferor to the Principal Distribution
Account with respect to Series 200 _ - _ Notes in connection with a purchase of
the Notes pursuant to Section 10.1 of the Indenture shall equal the Redemption
Price for the Payment Date on which such repurchase occurs.

      (b) With respect to the Redemption Price deposited into the Collection
Account pursuant to Sections 7.01 or 8.01 of this Series Supplement or Section
10.1(b) of the Indenture, the Indenture Trustee shall, not later than 12:00 noon
(New York City time), on the Payment Date on which such amounts are deposited
(or, if such date is not a Payment Date, on the immediately following Payment
Date): (x) deposit an amount equal to the Invested Amount on such date into the
Principal Funding Account and (y) deposit an amount equal to the sum of (i)
Monthly Interest for such Payment Date, (ii) any Monthly Interest previously due
but not distributed on a prior Payment Date, and (iii) the amount of Additional
Interest, if any, for such Payment Date and any Additional Interest previously
due but not distributed on a prior Payment

                                      -23-

<PAGE>

Date, in the Collection Account with such funds designated by the Indenture
Trustee as being held for the benefit of the Series 200 _ - _ Noteholders.

      (c) Notwithstanding anything to the contrary in this Series Supplement or
the Indenture, the entire amount deposited in the Principal Funding Account and
the Collection Account pursuant to Section 7.01 or 8.01 hereof and all other
amounts on deposit therein shall be distributed in full to the Series 200 _ - _
Noteholders on such date and any distribution made pursuant to paragraph (b)
above shall be deemed to be a final distribution pursuant to Section 8.4 of the
Indenture with respect to the Series 200 _ - _ Notes.

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

      (a) In accordance with Section 5.4 of the Indenture, in the event that the
aggregate outstanding principal amount of the Series 200 _ - _ Notes is greater
than zero on the Series 200 _ - _ Stated Maturity Date (after giving effect to
deposits and distributions otherwise to be made on such Series 200 _ - _ Stated
Maturity Date), upon receipt of an Opinion of Counsel to the effect that its
action will not result in the Trust being characterized as an association (or a
publicly traded partnership) taxable as a corporation, the Indenture Trustee
will sell or cause to be sold Principal Receivables (or interests therein) in an
amount such that the proceeds of such sale equal the Invested Amount of, and
accrued and unpaid interest on, the Series 200 _ - _ Notes on such Series 200 _
- _ Stated Maturity Date (after giving effect to such deposits and
distributions); provided, however, in no event shall such amount exceed the sum
of the Invested Amount and the Series 200 _ - _ Available Subordinated Amount on
the preceding Determination Date (after giving effect to the allocations,
distributions, withdrawals and deposits to be made on the Payment Date following
such Determination Date). The net proceeds of such sale and any Collections on
the Principal Receivables shall be paid pro rata to the Series 200 _ - _
Noteholders on the Series 200 _ - _ Stated Maturity Date as the final payment of
the Series 200 _ - _ Notes (in an amount, with respect to principal, not to
exceed the Invested Amount), and the Series 200 _ - _ Noteholders shall not
receive any additional payments with respect to the Series 200 _ - _ Notes.

      (b) In accordance with Section 5.4 of the Indenture, in the event that an
Event of Default relating to the failure to make any required payment of
interest or principal on the Series 200 _ - _ Notes has occurred and the Series
200 _ - _ Notes have been declared due and payable, on the direction of the
holders of a majority of the aggregate outstanding principal amount of the
Controlling Class of the Series 200 _ - _ Notes, upon receipt of an Opinion of
Counsel to the effect that its action will not result in the Trust being
characterized as an association (or publicly traded partnership) taxable as a
corporation, the Indenture Trustee will sell or cause to be sold an interest in
the Receivables or certain Receivables in an amount such that the net proceeds
of such sale equal the Invested Amount of, and accrued and unpaid interest on,
the Series 200 _ - _ Notes then outstanding on such date; provided, however, in
no event shall such amount exceed the sum of the Invested Amount and the Series
200 _ - _ Available Subordinated Amount on the preceding Determination Date
(after giving effect to the allocations, distributions, withdrawals and deposits
to be made prior to such date). The net proceeds of such sale will be paid pro
rata to the Series 200 _ - _ Noteholders in an amount up to the Invested Amount
of and accrued and unpaid interest on the Series 200 _ - _ Notes and the

                                      -24-

<PAGE>

Series 200 _ - _ Noteholders shall not receive any additional payments with
respect to the Series 200 _ - _ Notes.

                                   ARTICLE IX

                             Other Series Provisions

      Section 9.01 Additional Covenants. Except for the conveyance hereunder to
the Indenture Trustee, the Issuer shall not sell, pledge, assign or transfer to
any other Person any rights it might have to funds on deposit in the Reserve
Account, the Principal Funding Account, the Excess Funding Account or Investment
Proceeds with respect thereto.

      Section 9.02 Tax Treatment. The Issuer has entered into the Agreement and
this Series Supplement and the Series 200 _ - _ Notes have been issued with the
intention that the Series 200 _ - _ Notes will qualify under applicable tax law
as indebtedness of the Issuer secured by the Trust assets attributable to the
Series 200 _ - _ Notes. The Issuer, each Beneficiary and each Series 200 _ - _
Noteholder and Note Owner, by the acceptance of its Series 200 _ - _ Note or
Book-Entry Note, as applicable, agrees to treat the Series 200 _ - _ Notes as
indebtedness of the Issuer secured by the Trust assets attributable to the
Series 200 _ - _ Notes, for Federal income taxes, state and local income,
franchise and/or value added taxes and any other taxes imposed on or measured by
income in whole or in part.

                                   ARTICLE X

                            Miscellaneous Provisions

      Section 10.01 Ratification of Agreement. As supplemented by this Series
Supplement, the Agreement is in all respects ratified and confirmed and the
Agreement as so supplemented by this Series Supplement shall be read, taken and
construed as one and the same instrument.

      Section 10.02 Counterparts. This Series Supplement may be executed in two
or more counterparts (and by different parties on separate counterparts) each of
which shall be an original, but all of which together shall constitute one and
the same instrument.

      Section 10.03 Dealer Concentrations. So long as this Series 200 _ - _
shall be outstanding, on the last day of each Collection Period, the Servicer
shall determine if the aggregate amount of Principal Receivables due from each
Dealer and each group of affiliated Dealers on such date is less than or equal
to % of the Pool Balance (excluding the amount on deposit in the Excess Funding
Account, if any) on such date. The Servicer shall promptly provide the Indenture
Trustee a report setting forth the basis for such determination. The Indenture
Trustee upon request from any Rating Agency will make such report available to
such Rating Agency.

      Section 10.04 CHOICE OF LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE
PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS,
RIGHTS AND

                                      -25-

<PAGE>

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

      Section 10.05 Submission to Jurisdiction. Each of the parties hereto
hereby irrevocably and unconditionally:

            (a) submits for itself and its property in any legal action or
      proceeding relating to this Series Supplement, any documents executed and
      delivered in connection herewith or for recognition and enforcement of any
      judgment in respect thereof, to the non-exclusive general jurisdiction of
      the courts of the State of New York, the courts of the United States of
      America for the Southern District of New York, and appellate courts from
      any thereof;

            (b) consents that any such action or proceeding may be brought in
      such courts and waives any objection that it may now or hereafter have to
      the venue of such action or proceeding in any such court or that such
      action or proceeding was brought in an inconvenient court and agrees not
      to plead or claim the same;

            (c) agrees that service of process in any such action or proceeding
      may be effected by mailing a copy thereof by registered or certified mail
      (or any substantially similar form of mail), postage prepaid, to such
      Person at its address determined in accordance with Appendix B to the
      Trust Sale and Servicing Agreement; and

            (d) agrees that nothing herein shall affect the right to effect
      service of process in any other manner permitted by law or shall limit the
      right to sue in any other jurisdiction.

                                      -26-

<PAGE>

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

                                VOLKSWAGEN CREDIT AUTO MASTER
                                OWNER TRUST

                                By: The Bank of New York, not in its individual
                                capacity, but solely as Owner Trustee

                                By:____________________________________________
                                   Name:
                                   Title:

                                VW CREDIT, INC., as Servicer,

                                By:____________________________________________
                                   Name:
                                   Title:

                                By:____________________________________________
                                   Name:
                                   Title:

                                JPMORGAN CHASE BANK, N.A.,
                                as Indenture Trustee

                                By:____________________________________________
                                   Name:
                                   Title:

                                      -27-

<PAGE>

                                    EXHIBIT A

                          FORM OF SERIES 200 _ - _ 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 MAY BE 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.

                                      A-1

<PAGE>

REGISTERED                                                               Initial
                                                           Principal Balance:(1)
                                                                               $

Note No. R-
                                                                       CUSIP NO.

                    VOLKSWAGEN CREDIT AUTO MASTER OWNER TRUST

                         FLOATING RATE AUTO DEALER LOAN
                         BACKED NOTES, SERIES 200 _ - _

      Volkswagen Credit Auto Master Owner Trust, a Delaware statutory trust
(herein referred to as the "Issuer"), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of MILLION DOLLARS, on
the earlier of the 200_ Payment Date (the "Series 200 _ - _ Stated Maturity
Date") and the Redemption Date, if any, pursuant to Section 10 of the Indenture
(referred to on the reverse side hereof), unless principal on the Notes is
partially payable on a Payment Date earlier than the Series 200 _ - _ Stated
Maturity Date and the Redemption Date on such payment date pursuant to Section
4.06 of the Series 200 _ - _ Supplement, dated as of , 200 _ (the "Series
Supplement"), among the Issuer, VW Credit, Inc., as Servicer (the "Servicer" or
"VCI"), and JPMorgan Chase Bank, N.A., a national banking association, as
Indenture Trustee (the "Indenture Trustee"). The Issuer will pay interest on
this Note at the Note Rate, on each Payment Date until the principal of this
Note is paid or made available for payment, on the principal amount of this Note
outstanding on the close of business on the day preceding such Payment Date,
subject to certain limitations contained in Section 4.02 of the Series
Supplement and Article 4 of the Trust Sale and Servicing Agreement (referred to
on the reverse side hereof). Interest on this Note will accrue for each Payment
Date from the most recent Payment Date on which interest has been paid to but
excluding the then current Payment Date or, if no interest has yet been paid,
from the 200_ Payment Date. Interest will be computed on the basis of a 360-day
year of twelve 30-day months. Such principal of and interest on this Note shall
be paid in the manner specified in the Series Supplement and the Trust Sale and
Servicing Agreement.

      Capitalized terms used but not defined herein are defined in Appendix A of
the Trust Sale and Servicing Agreement or the Series Supplement.

      The Notes are secured by certain assets of the Issuer consisting primarily
of wholesale (i.e., dealer floorplan) receivables (the "Receivables") generated
from time to time in the ordinary course of business in a portfolio of revolving
financing arrangements (the "Accounts") of VCI meeting certain eligibility
criteria. This note (the "Note") does not represent an interest in, or
obligation of, Volkswagen Dealer Finance, LLC (the "Transferor" or "VDF"), VCI,
Volkswagen AG, Volkswagen of America, Inc. or any affiliate thereof.

----------
(1) Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                      A-2

<PAGE>

      Unless the certificate of authentication hereon has been executed by or on
behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture, the Series 200 _ - _ Supplement or
the Trust Sale and Servicing Agreement or be valid for any purpose.

      THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE
RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

                                      A-3

<PAGE>

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

                                  VOLKSWAGEN CREDIT AUTO MASTER
                                  OWNER TRUST,

                                  By The Bank of New York, not in its individual
                                  capacity but solely as the Owner Trustee

                                  By:___________________________________________
                                      Name:
                                      Title:

Dated:_______________

                                      A-4

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes described in the within-mentioned the Indenture.

JPMORGAN CHASE BANK, N.A.,
as Indenture Trustee

by_______________________________
   Authorized Officer

                                      A-5

<PAGE>

                                 REVERSE OF NOTE

      This certifies that Cede & Co. (the "Series 200 _ - _ Noteholder"), is the
registered owner of the Note which is secured by certain assets of the
VOLKSWAGEN CREDIT AUTO MASTER OWNER TRUST (the "Trust") created by an Amended
and Restated Trust Agreement, dated as of , 200 _ , between VDF and The Bank of
New York, as Owner Trustee (the "Owner Trustee"). The Notes are issued pursuant
to an Amended and Restated Indenture, dated as of , 200 _ (the "Indenture"),
between the Trust and JPMorgan Chase Bank, N.A., as Indenture Trustee (the
"Indenture Trustee") and are subject to the terms of the Indenture, the Amended
and Restated Trust Sale and Servicing Agreement, dated as of , 200 _ (the "Trust
Sale and Servicing Agreement"), among VCI, VDF and the Issuer and the Series 200
_ - _ Supplement, dated as of , 200 _ (the "Series Supplement"), among the
Issuer, VCI and the Indenture Trustee.

      The corpus of the Trust includes the Issuer's right, title and interest
in, to and under (a) all Receivables, all Collateral Security with respect
thereto, all monies due or to become due thereon (including all interest thereon
accruing after the Initial Cut-Off Date, whether paid or payable) and all
amounts received with respect thereto and all proceeds thereof (including
"proceeds" as defined in Section 9-102 of the UCC) and Recoveries, existing in
Accounts on the Initial Cut-Off Date, generated in the Accounts after the
Initial Cut-Off Date and Receivables existing in or generated in any Accounts
designated to the Trust on any Addition Date; (b) the Trust Sale and Servicing
Agreement (including the rights of VDF under the Receivables Purchase Agreement
assigned to the Issuer pursuant to the Trust Sale and Servicing Agreement); (c)
all Collections; (d) all funds on deposit in the Trust Accounts; (e) any
Enhancement issued for a Series or class of Notes; (f) a security interest in
the Vehicles; and (g) any proceeds of the foregoing (collectively, the
"Collateral").

      The Receivables consist of advances made directly or indirectly by VCI to
domestic automobile and/or light duty truck dealers franchised by Volkswagen of
America, Inc. or other automobile and/or light duty truck manufacturers.

      The Issuer may issue one or more additional series of Notes in accordance
with the terms and conditions authorized by or pursuant to a Series Supplement.
The additional series of Notes will be secured by certain of the Trust Assets.

      This Note is issued under and is subject to the terms, provisions and
conditions of the Trust Sale and Servicing Agreement, Indenture and the Series
Supplement to which, as each may be amended and supplemented from time to time,
the Noteholder by virtue of the acceptance hereof assents and is bound. Although
a summary of certain provisions of the Trust Sale and Servicing Agreement,
Indenture and Series Supplement are set forth below, this Note does not purport
to summarize the Trust Sale and Servicing Agreement, Indenture or Series
Supplement and reference is made to the Trust Sale and Servicing Agreement,
Indenture and Series Supplement for information with respect to the interests,
rights, benefits, obligations, proceeds and duties evidenced hereby and the
rights, duties and obligations of the Indenture Trustee. A copy of the Trust
Sale and Servicing Agreement, Indenture and Series Supplement (without schedules
and exhibits) may be requested from the Indenture Trustee by writing to the
Indenture

                                      A-6

<PAGE>

Trustee at JPMorgan Chase Bank, N.A., 4 New York Plaza, 6th Floor, New York, New
York 10004, Attention: [Global Corporate Trust Services]. To the extent not
defined herein, the capitalized terms used herein have the meanings ascribed to
them in the Trust Sale and Servicing Agreement or the Series Supplement. In the
event of any conflict between this Note, on the one hand, and the Indenture, the
Trust Sale and Servicing Agreement or the Series Supplement on the other hand,
the Indenture, the Trust Sale and Servicing Agreement or such Series Supplement
shall control.

      The Transferor has entered into the Trust Sale and Servicing Agreement and
the Series Supplement and the Notes have been (or will be) issued with the
intention that the Notes will qualify under applicable law as indebtedness of
the Transferor secured by the Receivables. The Transferor, each Beneficiary and
each Noteholder and Note Owner, by the acceptance of its Note or Book-Entry
Note, as applicable, agrees to treat the Notes as indebtedness of Transferor
secured by the Receivables for Federal income taxes, state and local income,
franchise and/or value added taxes and any other taxes imposed on or measured by
income in whole or in part.

      On each Payment Date, the Indenture Trustee shall distribute to each
Noteholder at the close of business on the day preceding such Payment Date (each
a "Record Date") such Noteholder's pro rata share of such amounts on deposit in
the Collection Account and any Series Account are payable in respect of Notes
pursuant to the Trust Sale and Servicing Agreement and Series Supplement.
Distributions with respect to this Note will be made by the Indenture Trustee by
check mailed to the address of the Noteholder of record appearing on the Note
Register without the presentation or surrender of this Note or the making of any
notation thereon (except for the final distribution in respect of this Note)
except that with respect to Notes registered in the name of a Depository,
including Cede & Co., the nominee for DTC, distributions will be made in
immediately available funds. Final payment of this Note will be made only upon
presentation and surrender of this Note at the office or agency specified in the
notice of final distribution delivered by the Indenture Trustee to the
Noteholder in accordance with the Indenture.

      On the Payment Date occurring after the date on which the Invested Amount
of Series 200 _ - _ is reduced to $ or less (which amount shall equal 10% of the
initial outstanding principal balance of the Series 200 _ - _ Notes), if VCI is
the Servicer, then the Servicer has the option, subject to the condition set
forth in Section 7.01 of the Series Supplement, to redeem the Series 200 _ - _
Notes. The purchase price will be equal to the Redemption Price for such Payment
Date (as defined in the Series Supplement).

      This Note does not represent an obligation of, or an interest in
Volkswagen AG, Volkswagen of America, Inc., the Transferor, the Servicer, or any
affiliate of any of them and is not insured or guaranteed by any governmental
agency or instrumentality. This Note 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 Trust Sale and Servicing Agreement
and Series Supplement.

      The Trust Sale and Servicing Agreement may be amended from time to time
(including in connection with the issuance of a Supplemental Note) by the
Servicer, the Transferor and the Trust, without the consent of any of the
Noteholders, so long as any such action shall not, as

                                      A-7

<PAGE>

evidenced by an Officer's Certificate delivered by the Transferor, adversely
affect in any material respect the interests of any Noteholder. The Indenture
Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Indenture Trustee's rights, duties or immunities under the Trust
Sale and Servicing Agreement or otherwise. Notwithstanding anything contained
therein to the contrary, the Owner Trustee may at any time and from time to
amend, modify or supplement the form of Payment Date Statement.

      The Trust Sale and Servicing Agreement may also be amended from time to
time (including in connection with issuance of a Supplemental Note) by the
Servicer, Transferor and the Trust with the consent of the Holders of Notes
evidencing not less than 66-2/3% of the aggregate unpaid principal amount of the
Notes of the Series adversely affected in any material respect, for the purpose
of adding any provisions to or changing any manner or eliminating any of the
provisions of the Trust Sale and Servicing Agreement or of modifying in any
manner the rights of the Noteholders; provided, however, that no such amendment
to the Trust Sale and Servicing Agreement shall (i) reduce in any manner the
amount of or delay the timing of distributions to be made the Noteholders or
deposits of amounts to be so distributed without the consent of each affected
Noteholder; (ii) change the definition or the manner of calculating any
Noteholders' interest without the consent of each affected Noteholder; (iii)
reduce the aforesaid percentage required to consent to any such amendment
without the consent of the Noteholders; or (iv) adversely affect the rating of
any Series or class of Notes by any Rating Agency without the consent of the
holders of notes of such Series or class of Notes evidencing not less than
66-2/3% of the aggregate unpaid principal amount of the Notes of Series or Class
of Notes.

      The Issuer and Indenture Trustee may enter into one or more indenture
supplements from time to time, without the consent of any Noteholders, for any
of the following purposes: (i) to correct or amplify the description of any
property at any time subject to the lien of the Indenture; (ii) to evidence the
succession of another Person to the Issuer, and the assumption by any other
successor of the covenants of the Issuer contained in the Indenture and in this
Note; (iii) to add to the covenants of the Issuer for the benefit of the
Noteholders; (iv) to convey, transfer, assign, mortgage or pledge any property
to or with the Indenture Trustee; (v) to cure any ambiguity or to correct any
provision of the Indenture which may be inconsistent with any other provision of
the Indenture; (vi) to evidence or provide for the acceptance of the appointment
by a successor trustee with respect to the Notes; and (viii) to modify,
eliminate or add to the provisions of the Indenture to such extent as shall be
necessary to effect the qualification of the Indenture with the Trust Indenture
Act. In addition the Issuer and Indenture Trustee may enter into one or more
indenture supplements, without the consent of any Noteholders, from time to
time, so long as such supplement shall not, as evidenced by an Officer's
Certificate, adversely affect in any material respect the interests of any
Noteholder unless such Noteholders' consent is obtained.

      The Issuer and Indenture Trustee may enter into one or more indenture
supplements from time to time with the written consent of the Holders of not
less than a majority of the principal amount of the Controlling Class of each
Series of Notes affected thereby, for the purpose of adding any provisions to or
changing any manner or eliminating any of the provisions of the Indenture or of
modifying in any manner the rights of the Noteholders; provided, however, that
no such indenture supplement shall (i) reduce in any manner the amount of or
delay the timing of distributions to be made the Noteholders or deposits of
amounts to be so distributed without the consent of each affected Noteholder;
(ii) reduce the percentage of the aggregate outstanding

                                      A-8

<PAGE>

principal amount of the Notes, the consent of the Holders of which is required
for any such supplemental indenture; (iii) impair the right to institute suit
for the enforcement of specified provision of the Indenture regarding payment;
(iv) reduce the percentage of the aggregate outstanding principal amount of the
Notes required to direct the Indenture Trustee to sell liquidate the Trust
Estate, if the proceeds of such sale would be insufficient to pay the principal
amount of and accrued but unpaid interest on the outstanding Notes; (v) modify
any provision of Section 9.2 of the Indenture to decrease the required minimum
percentage necessary to approve any amendment to any provisions of this
Indenture; (vi) modify the provisions of the Indenture regarding the voting of
Notes held by the Issuer or the Transferor; or (vii) permit the creation of any
Lien ranking prior to or on a parity with the Lien of the Indenture with respect
to any part of the Trust Estate.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Note Register of the
Note Registrar upon surrender of this Note for registration of transfer at the
office or agency maintained by the Note Registrar in New York, New York,
accompanied by a written instrument of transfer in form satisfactory to the Note
Registrar duly executed by the Holder hereof or such Holder's attorney duly
authorized, and thereupon one or more new Notes of authorized denominations
evidencing the same aggregate fractional undivided interest will be issued to
the designated transferee or transferees.

      The Notes are issuable only as registered Notes without coupons in
denominations specified in the Indenture.

      As provided in the Indenture and subject to certain limitations therein
set forth, Notes are exchangeable for new Notes of a like Series and class and
aggregate principal amount as requested by the Noteholder surrendering such
Notes. No service charge may be imposed for any such exchange but Indenture
Trustee may require payment of sums sufficient to cover a tax or other
governmental charge that may be imposed in connection therewith.

      The Servicer, the Indenture Trustee, the Transferor and the Note Registrar
and any agent of any of them, may treat the person in whose name this Note is
registered as the owner hereof for all purposes, and neither the Servicer nor
the Indenture Trustee, the Transferor and Note Registrar, nor any agent any of
them, shall be affected by notice to the contrary except in certain
circumstances described in the Indenture.

                                      A-9

<PAGE>

                                   ASSIGNMENT

Social Security 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:

                                                 _______________________________

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

                                      A-10

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