Document:

Exhibit 4.2

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                             AMENDED AND RESTATED

                                TRUST AGREEMENT

                                     among

               DAIMLERCHRYSLER FINANCIAL SERVICES AMERICAS LLC,
                                 as Depositor,

                    DAIMLERCHRYSLER RETAIL RECEIVABLES LLC

                                      and

                                [___________],
                               as Owner Trustee

                          Dated as of ________, 200__

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

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                               Table of Contents

                                                                         Page
                                                                         ----

                                   ARTICLE I

                                  Definitions

SECTION 1.01. Capitalized Terms..............................................1
SECTION 1.02. Other Definitional Provisions..................................4

                                  ARTICLE II

                                 Organization

SECTION 2.01. Name...........................................................4
SECTION 2.02. Office.........................................................4
SECTION 2.03. Purposes and Powers............................................4
SECTION 2.04. Appointment of Owner Trustee...................................5
SECTION 2.05. Initial Capital Contribution of Owner Trust Estate.............5
SECTION 2.06. Declaration of Trust...........................................5
SECTION 2.07. Liability of Owners............................................6
SECTION 2.08. Title to Trust Property........................................6
SECTION 2.09. Situs of Trust.................................................6
SECTION 2.10. Representations and Warranties of Depositor and Company........6

                                  ARTICLE III

                    Certificates and Transfer of Interests

SECTION 3.01. Initial Ownership..............................................8
SECTION 3.02. The Certificates...............................................8
SECTION 3.03. Authentication of Certificates.................................8
SECTION 3.04. Registration of Transfer and Exchange of Certificates;
              Limitations on Transfer........................................9
SECTION 3.05. Mutilated, Destroyed, Lost or Stolen Certificates.............10
SECTION 3.06. Persons Deemed Owners.........................................10
SECTION 3.07. Access to List of Certificateholders' Names and Addresses.....10
SECTION 3.08. Maintenance of Office or Agency...............................11
SECTION 3.09. Appointment of Paying Agent...................................11
SECTION 3.10. Definitive Certificates.......................................11

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                                  ARTICLE IV

                           Actions by Owner Trustee

SECTION 4.01. Prior Notice to Owners with Respect to Certain Matters........12
SECTION 4.02. Action by Owners with Respect to Certain Matters..............12
SECTION 4.03. Action by Owners with Respect to Bankruptcy...................12
SECTION 4.04. Restrictions on Owners' Power.................................12
SECTION 4.05. Majority Control..............................................13

                                   ARTICLE V

                  Application of Trust Funds; Certain Duties

SECTION 5.01. Establishment of Deposit Account..............................13
SECTION 5.02. Application of Trust Funds....................................13
SECTION 5.03. Method of Payment.............................................14
SECTION 5.04. Accounting and Reports to Owners, Internal Revenue
              Service and Others............................................14

                                  ARTICLE VI

                     Authority and Duties of Owner Trustee

SECTION 6.01. General Authority.............................................14
SECTION 6.02. General Duties................................................15
SECTION 6.03. Action upon Instruction.......................................15
SECTION 6.04. No Duties Except as Specified in this Agreement or
              in Instructions...............................................16
SECTION 6.05. No Action Except Under Specified Documents or Instructions....16
SECTION 6.06. Restrictions..................................................16

                                  ARTICLE VII

                           Concerning Owner Trustee

SECTION 7.01. Acceptance of Trusts and Duties...............................16
SECTION 7.02. Furnishing of Documents.......................................18
SECTION 7.03. Representations and Warranties................................18
SECTION 7.04. Reliance; Advice of Counsel...................................18
SECTION 7.05. Not Acting in Individual Capacity.............................19
SECTION 7.06. Owner Trustee Not Liable for Certificates or Receivables......19
SECTION 7.07. Owner Trustee May Own Certificates and Notes..................19
SECTION 7.08. Sales Finance Licenses........................................19

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                                 ARTICLE VIII

                         Compensation of Owner Trustee

SECTION 8.01.  Owner Trustee's Fees and Expenses............................20
SECTION 8.02.  Indemnification..............................................20
SECTION 8.03.  Payments to Owner Trustee....................................20

                                  ARTICLE IX

                        Termination of Trust Agreement

SECTION 9.01.  Termination of Trust Agreement...............................20

                                   ARTICLE X

            Successor Owner Trustees and Additional Owner Trustees

SECTION 10.01. Eligibility Requirements for Owner Trustee...................21
SECTION 10.02. Resignation or Removal of Owner Trustee......................22
SECTION 10.03. Successor Owner Trustee......................................22
SECTION 10.04. Merger or Consolidation of Owner Trustee.....................23
SECTION 10.05. Appointment of Co-Trustee or Separate Trustee................23

                                  ARTICLE XI

                                 Miscellaneous

SECTION 11.01. Supplements and Amendments...................................24
SECTION 11.02. No Legal Title to Owner Trust Estate in Owners...............25
SECTION 11.03. Limitations on Rights of Others..............................26
SECTION 11.04. Notices......................................................26
SECTION 11.05. Severability.................................................26
SECTION 11.06. Separate Counterparts........................................26
SECTION 11.07. Successors and Assigns.......................................26
SECTION 11.08. Covenants of Company.........................................26
SECTION 11.09. No Petition..................................................27
SECTION 11.10. No Recourse..................................................27
SECTION 11.11. Headings.....................................................27
SECTION 11.12. GOVERNING LAW................................................27
SECTION 11.13. Certificate Transfer Restrictions............................27
SECTION 11.14. Depositor Payment Obligation.................................27

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                                   EXHIBITS

EXHIBIT A    Form of Certificate...........................................A-1
EXHIBIT B    Restated Certificate of Trust of DaimlerChrysler
             Auto Trust 200__-__...........................................B-1
EXHIBIT C    Form of Transferor Certificate................................C-1
EXHIBIT D    Form of Investment Letter.....................................D-1
EXHIBIT E    Form of Rule 144A Letter......................................E-1

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     AMENDED AND RESTATED TRUST AGREEMENT dated as of ________, 200__, among
     DAIMLERCHRYSLER FINANCIAL SERVICES AMERICAS LLC, a Michigan limited
     liability company, as depositor (the "Depositor"), DAIMLERCHRYSLER RETAIL
     RECEIVABLES LLC (the "Company"), a Michigan limited liability company,
     and [___________], as owner trustee.

     WHEREAS, the Owner Trustee and the Company entered into a Trust Agreement
dated ________, 200__ (the "Trust Agreement");

     WHEREAS, the Trust Agreement is being amended and restated as of
________, 200__;

     WHEREAS, the Depositor and the Company have entered into a Purchase
Agreement dated as of ________, 200__ (the "Purchase Agreement"), pursuant to
which the Depositor will assign to the Company any and all of the Depositor's
rights and interests with respect to the receipt of amounts from the Reserve
Account; and

     WHEREAS, in connection therewith, the Company is willing to assume
certain obligations pursuant hereto;

     NOW, THEREFORE, the Depositor, the Company and the Owner Trustee hereby
agree as follows:

                                   ARTICLE I

                                  Definitions
                                  -----------

     SECTION 1.01. Capitalized Terms. For all purposes of this Agreement, the
following terms shall have the meanings set forth below:

     "Administration Agreement" shall mean the Administration Agreement dated
as of ________, 200__, among the Trust, the Indenture Trustee and DCFS, as
Administrator.

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

     "Basic Documents" shall mean the Purchase Agreement, the Sale and
Servicing Agreement, the Indenture, the Administration Agreement, the Note
Depository Agreement and the other documents and certificates delivered in
connection therewith.

     "Benefit Plan" shall have the meaning assigned to such term in Section
11.13.

     "Certificate" shall mean a certificate evidencing the beneficial interest
of an Owner in the Trust, substantially in the form attached hereto as Exhibit
A.

     ["Certificate Balance" shall initially equal $[___________], reduced (but
not below zero) by all amounts previously distributed pursuant to Section
5.05(a)(ii)(F) of the Sale and Servicing Agreement to Certificateholders.]

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     "Certificate of Trust" shall mean the Certificate of Trust set forth in
Exhibit B filed for the Trust on ________, 200__ pursuant to Section 3810(a)
of the Statutory Trust Statute.

     "Certificate Register" and "Certificate Registrar" shall mean the
register mentioned in and the registrar appointed pursuant to Section 3.04.

     "Certificateholder" or "Holder" shall mean a Person in whose name a
Certificate is registered.

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

     "Company" shall mean DaimlerChrysler Retail Receivables LLC, a Michigan
limited liability company, and any successor in interest.

     "Corporate Trust Office" shall mean, with respect to the Owner Trustee,
the principal corporate trust office of the Owner Trustee located at c/o
[___________], [ADDRESS], Attention: [___________], or at such other address
as the Owner Trustee may designate by notice to the Owners, the Depositor and
the Company, or the principal corporate trust office of any successor Owner
Trustee at the address designated by such successor Owner Trustee by notice to
the Owners, the Depositor and the Company.

     "DCFS" shall mean DaimlerChrysler Financial Services Americas LLC, a
Michigan limited liability company, and any successor in interest.

     "Depositor" shall mean DCFS in its capacity as depositor hereunder.

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

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

     "Expenses" shall have the meaning assigned to such term in Section 8.02.

     "Indemnified Parties" shall have the meaning assigned to such term in
Section 8.02.

     "Indenture" shall mean the Indenture dated as of ________, 200__ between
the Trust and [___________], as Indenture Trustee.

     "Note Depository Agreement" shall mean the agreement dated ________,
200__ between the Trust and The Depository Trust Company, as the initial
Clearing Agency, relating to the [Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes[,][ and] the Class A-4 Notes[ and the Class B Notes]], as the
same may be amended and supplemented from time to time.

     "Opinion of Counsel" means one or more written opinions of counsel, who
may be an employee of or counsel to the Seller, the Company or the Servicer,
which counsel shall be acceptable to the Indenture Trustee, the Owner Trustee
or the Rating Agencies, as applicable.

     "Owner" shall mean each Holder of a Certificate.

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     "Owner Trust Estate" shall mean all right, title and interest of the
Trust in and to the property and rights assigned to the Trust pursuant to
Article II of the Sale and Servicing Agreement, all funds on deposit from time
to time in the Deposit Account and all other property of the Trust from time
to time, including any rights of the Owner Trustee and the Trust pursuant to
the Sale and Servicing Agreement and the Administration Agreement.

     "Owner Trustee" shall mean [___________] not in its individual capacity
but solely as owner trustee under this Agreement, and any successor Owner
Trustee hereunder.

     "Paying Agent" shall mean any paying agent or co-paying agent appointed
pursuant to Section 3.09 and shall initially be the Indenture Trustee.

     "Percentage Interest" means, as to any Certificate, the percentage
interest, specified on the face thereof, in the distributions on the
Certificates pursuant to this Agreement.

     "Record Date" shall mean, with respect to any Payment Date, the 15th day
of the month preceding such Payment Date.

     "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement dated as of ________, 200__, between the Trust, as issuer, and the
Depositor, as seller and servicer, as the same may be amended or supplemented
from time to time.

     "Secretary of State" shall mean the Secretary of State of the State of
Delaware.

     "Statutory Trust Statute" shall mean Chapter 38 of Title 12 of the
Delaware Code, 12 Del. Code ss. 3801 et seq., as the same may be amended from
time to time.

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

     "Trust" shall mean the trust continued pursuant to this Agreement.

     SECTION 1.02. Other Definitional Provisions. (a) Capitalized terms used
and not otherwise defined herein have the meanings assigned to them in the
Sale and Servicing Agreement or, if not defined therein, in the Indenture.

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

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

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inconsistent with the meanings of such terms under generally accepted
accounting principles, the definitions contained in this Agreement or in any
such certificate or other document shall control.

     (d) The words "hereof," "herein," "hereunder" and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement; Section and Exhibit references
contained in this Agreement are references to Sections and Exhibits in or to
this Agreement unless otherwise specified; and the term "including" and its
variations shall be deemed to be followed by "without limitation".

     (e) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms.

     (f) Any agreement, instrument or statute defined or referred to herein or
in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns.

                                  ARTICLE II

                                 Organization
                                 ------------

     SECTION 2.01. Name. The Trust created hereby shall be known as
"DaimlerChrysler Auto Trust 200__-__," in which name the Owner Trustee may
conduct the business of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

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

     SECTION 2.03. Purposes and Powers. The purpose of the Trust is to engage
in the following activities:

          (i) to issue the Notes pursuant to the Indenture and the
     Certificates pursuant to this Agreement and to sell the Notes and the
     Certificates;

          (ii) with the proceeds of the sale of the Notes and the
     Certificates, to purchase the Receivables, to fund the Reserve Account,
     to pay the organizational, start-up and transactional expenses of the
     Trust and to pay the balance to the Depositor pursuant to the Sale and
     Servicing Agreement;

          (iii) to assign, grant, transfer, pledge, mortgage and convey the
     Trust Estate pursuant to the Indenture and to hold, manage and distribute
     to the Owners pursuant to the terms of the Sale and Servicing Agreement
     any portion of the Trust Estate released from the Lien of, and remitted
     to the Trust pursuant to, the Indenture;

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

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

The Trust is hereby authorized to engage in the foregoing activities. The
Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this
Agreement or the Basic Documents.

     SECTION 2.04. Appointment of Owner Trustee. The Depositor hereby appoints
the Owner Trustee as trustee of the Trust effective as of the date hereof, to
have all the rights, powers and duties set forth herein.

     SECTION 2.05. Initial Capital Contribution of Owner Trust Estate. The
Depositor has previously sold, assigned, transferred, conveyed and set over to
the Owner Trustee, as of the date of the original Trust Agreement, the sum of
$1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor,
as of the date hereof, of the foregoing contribution, which shall constitute
the initial Owner Trust Estate and shall be deposited in the Deposit Account.
The Depositor shall pay organizational expenses of the Trust as they may arise
or shall, upon the request of the Owner Trustee, promptly reimburse the Owner
Trustee for any such expenses paid by the Owner Trustee.

     SECTION 2.06. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Owners, subject to
the obligations of the Trust under the Basic Documents. It is the intention of
the parties hereto that the Trust constitute a statutory trust under the
Statutory Trust Statute and that this Agreement constitute the governing
instrument of such statutory trust. It is the intention of the parties hereto
that, solely for income and franchise tax purposes, (i) so long as there is a
sole Owner, the Trust shall be treated as a security arrangement, with the
assets of the Trust being the Receivables and other assets held by the Trust,
the owner of the Receivables being the sole Owner and the Notes being
non-recourse debt of the sole Owner and (ii) if there is more than one Owner,
the Trust shall be treated as a partnership for income and franchise tax
purposes, with the assets of the partnership being the Receivables and other
assets held by the Trust, the partners of the partnership being the Owners
(including the Company as assignee of the Depositor pursuant to the Purchase
Agreement, in its capacity as recipient of distributions from the Reserve
Account) and the Notes being debt of the partnership. The parties agree that,
unless otherwise required by appropriate tax authorities, the Trust will file
or cause to be filed annual or other necessary returns, reports and other
forms consistent with the characterization of the Trust as provided in the
preceding sentence for such tax purposes. Effective as of the date hereof, the
Owner Trustee shall have all rights, powers and duties set forth herein and in
the Statutory Trust Statute with respect to accomplishing the purposes of the
Trust.

     SECTION 2.07. Liability of Owners. The Owners (including the Company)
shall be entitled to the same limitation of personal liability extended to
stockholders of private corporations for profit organized under the general
corporation law of the State of Delaware.

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     SECTION 2.08. Title to Trust Property. Legal title to all the Owner Trust
Estate shall be vested at all times in the Trust as a separate legal entity
except where applicable law in any jurisdiction requires title to any part of
the Owner Trust Estate to be vested in a trustee or trustees, in which case
title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be.

     SECTION 2.09. Situs of Trust. The Trust will be located and administered
in the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware or the State of
New York. The Trust shall not have any employees in any state other than
Delaware; provided, however, that nothing herein shall restrict or prohibit
the Owner Trustee from having employees within or outside of the State of
Delaware. Payments will be received by the Trust only in Delaware or New York,
and payments will be made by the Trust only from Delaware or New York. The
only office of the Trust will be at the Corporate Trust Office in Delaware.

     SECTION 2.10. Representations and Warranties of Depositor and Company.
(a) The Depositor hereby represents and warrants to the Owner Trustee that:

          (i) The Depositor is duly organized and validly existing as a
     limited liability company in good standing under the laws of the State of
     Michigan, with power and authority to own its properties and to conduct
     its business as such properties are currently owned and such business is
     presently conducted.

          (ii) The Depositor is duly qualified to do business as a foreign
     limited liability company in good standing and has obtained all necessary
     licenses and approvals in all jurisdictions in which the ownership or
     lease of its property or the conduct of its business shall require such
     qualifications.

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

          (iv) The consummation of the transactions contemplated by this
     Agreement and the fulfillment of the terms hereof do not conflict with,
     result in any breach of any of the terms and provisions of, or constitute
     (with or without notice or lapse of time) a default under, the articles
     of organization or operating agreement of the Depositor, or any
     indenture, agreement or other instrument to which the Depositor is a
     party or by which it is bound; nor result in the creation or imposition
     of any Lien upon any of its properties pursuant to the terms of any such
     indenture, agreement or other instrument (other than pursuant to the
     Basic Documents); nor violate any law or, to the best of the Depositor's
     knowledge, any order, rule or regulation applicable to the Depositor of
     any court or of any federal or state regulatory body, administrative
     agency or other governmental instrumentality having jurisdiction over the
     Depositor or its properties.

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          (v) To the Depositor's best knowledge, there are no proceedings or
     investigations pending or threatened before any court, regulatory body,
     administrative agency or other governmental instrumentality having
     jurisdiction over the Depositor or its properties: (A) asserting the
     invalidity of this Agreement, (B) seeking to prevent the consummation of
     any of the transactions contemplated by this Agreement or (C) seeking any
     determination or ruling that might materially and adversely affect the
     performance by the Depositor of its obligations under, or the validity or
     enforceability of, this Agreement.

          (vi) The representations and warranties of the Company and the
     Depositor in Sections 3.01 and 3.02 of the Purchase Agreement are true
     and correct.

     (b) The Company hereby represents and warrants to the Owner Trustee that:

          (i) The Company has been duly organized and is validly existing as a
     limited liability company in good standing under the laws of the
     jurisdiction of its organization, with the power and authority to own its
     properties and to conduct its business as such properties are currently
     owned and such business is presently conducted.

          (ii) The Company is duly qualified to do business as a foreign
     limited liability company in good standing and has obtained all necessary
     licenses and approvals in all jurisdictions in which the ownership or
     lease of its property or the conduct of its business shall require such
     qualifications.

          (iii) The Company has the power and authority to execute and deliver
     this Agreement and to carry out its terms; the Company has full power and
     authority to purchase the Certificates; and the execution, delivery and
     performance of this Agreement has been duly authorized by the Company by
     all necessary action.

          (iv) The consummation of the transactions contemplated by this
     Agreement and the fulfillment of the terms hereof do not conflict with,
     result in any breach of any of the terms and provisions of, or constitute
     (with or without notice or lapse of time) a default under, the articles
     of organization or operating agreement of the Company, or any indenture,
     agreement or other instrument to which the Company is a party or by which
     it is bound; nor result in the creation or imposition of any Lien upon
     any of its properties pursuant to the terms of any such indenture,
     agreement or other instrument (other than pursuant to the Basic
     Documents); nor violate any law or, to the best of the Company's
     knowledge, any order, rule or regulation applicable to the Company of any
     court or of any federal or state regulatory body, administrative agency
     or other governmental instrumentality having jurisdiction over the
     Company or its properties.

          (v) There are no proceedings or investigations pending or, to the
     Company's best knowledge, threatened before any court, regulatory body,
     administrative agency or other governmental instrumentality having
     jurisdiction over the Company or its properties: (A) asserting the
     invalidity of this Agreement, (B) seeking to prevent the consummation of
     any of the transactions contemplated by this Agreement or (C) seeking any
     determination or ruling that might materially and adversely affect the
     performance by the Company of its obligations under, or the validity or
     enforceability of, this Agreement.

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                                 ARTICLE III

                    Certificates and Transfer of Interests
                    --------------------------------------

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

     SECTION 3.02. The Certificates. The Certificates shall be issued in
minimum denominations of a one percent Percentage Interest in the Trust. The
Certificates shall be executed on behalf of the Trust by manual or facsimile
signature of an authorized officer of the Owner Trustee. Certificates bearing
the manual or facsimile signatures of individuals who were, at the time when
such signatures shall have been affixed, authorized to sign on behalf of the
Trust, shall be validly issued and entitled to the benefit of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be
so authorized prior to the authentication and delivery of such Certificates or
did not hold such offices at the date of authentication and delivery of such
Certificates.

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

     SECTION 3.03. Authentication of Certificates. On the Closing Date, the
Owner Trustee shall cause the Certificates in an aggregate Percentage Interest
equal to 100% to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Depositor, signed by its
chairman of the board, its president, any vice president, secretary or any
assistant treasurer, without further corporate action by the Depositor, in the
authorized denominations. No Certificate shall entitle its Holder to any
benefit under this Agreement or be valid for any purpose unless there shall
appear on such Certificate a certificate of authentication substantially in
the form set forth in Exhibit A, executed by the Owner Trustee or
[___________], as the Owner Trustee's authenticating agent, by manual
signature; such authentication shall constitute conclusive evidence that such
Certificate shall have been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

     SECTION 3.04. Registration of Transfer and Exchange of Certificates;
Limitations on Transfer. The Certificate Registrar shall keep or cause to be
kept, at the office or agency maintained pursuant to Section 3.08, a
Certificate Register in which, subject to such reasonable regulations as it
may prescribe, the Owner Trustee shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein
provided. [___________] shall be the initial Certificate Registrar.

     The Certificates have not been and will not be registered under the
Securities Act and will not be listed on any exchange. No transfer of a
Certificate shall be made unless such transfer is made pursuant to an
effective registration statement under the Securities Act and any applicable
state securities laws or is exempt from the registration requirements under
the Securities Act and such state securities laws. In the event that a
transfer is to be made in reliance upon an exemption from the Securities Act
and state securities laws, in order to assure compliance with the Securities

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<PAGE>

Act and such laws, the Holder desiring to effect such transfer and such
Holder's prospective transferee shall each certify to the Owner Trustee in
writing the facts surrounding the transfer in substantially the forms set
forth in Exhibit C (the "Transferor Certificate") and either Exhibit D (the
"Investment Letter") or Exhibit E (the "Rule 144A Letter"). Except in the case
of a transfer as to which the proposed transferee has provided a Rule 144A
Letter, there shall also be delivered to the Owner Trustee an Opinion of
Counsel that such transfer may be made pursuant to an exemption from the
Securities Act and state securities laws, which Opinion of Counsel shall not
be an expense of the Trust or the Owner Trustee; provided that such Opinion of
Counsel in respect of the applicable state securities laws may be a memorandum
of law rather than an opinion if such counsel is not licensed in the
applicable jurisdiction. The Depositor shall provide to any Holder of a
Certificate and any prospective transferee designated by any such Holder,
information regarding the Certificates and the Receivables and such other
information as shall be necessary to satisfy the condition to eligibility set
forth in Rule 144A(d)(4) for transfer of any such Certificate without
registration thereof under the Securities Act pursuant to the registration
exemption provided by Rule 144A. Each Holder of a Certificate desiring to
effect such a transfer shall, and does hereby agree to, indemnify the Trust,
the Owner Trustee, and the Depositor against any liability that may result if
the transfer is not so exempt or is not made in accordance with federal and
state securities laws. The Owner Trustee shall cause each Certificate to
contain a legend in the form set forth on the form of Certificate attached
hereto as Exhibit A.

     Upon surrender for registration of transfer of any Certificate at the
office or agency maintained pursuant to Section 3.08 and subject to the
satisfaction of the preceding paragraph, the Owner Trustee shall execute,
authenticate and deliver (or shall cause [___________] as its authenticating
agent to authenticate and deliver), in the name of the designated transferee
or transferees, one or more new Certificates of like tenor and in authorized
denominations of a like aggregate Percentage Interest dated the date of
authentication by the Owner Trustee or any authenticating agent; provided that
prior to such execution, authentication and delivery, the Owner Trustee shall
have received an Opinion of Counsel to the effect that the proposed transfer
will not cause the Trust to be characterized as an association (or a publicly
traded partnership) taxable as a corporation or alter the tax characterization
of the Notes for federal income tax purposes or Michigan income and single
business tax purposes. At the option of a Holder, Certificates may be
exchanged for other Certificates of like tenor and of authorized denominations
of a like aggregate Percentage Interest upon surrender of the Certificates to
be exchanged at the office or agency maintained pursuant to Section 3.08.

     Every Certificate presented or surrendered for registration of transfer
or exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed
by the Holder or such Holder's attorney duly authorized in writing. Each
Certificate surrendered for registration of transfer or exchange shall be
cancelled and subsequently disposed of by the Owner Trustee in accordance with
its customary practice.

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

                                      9
<PAGE>

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

     SECTION 3.05. Mutilated, Destroyed, Lost or Stolen Certificates. If (a)
any mutilated Certificate shall be surrendered to the Certificate Registrar,
or if the Certificate Registrar shall receive evidence to its satisfaction of
the destruction, loss or theft of any Certificate and (b) there shall be
delivered to the Certificate Registrar and the Owner Trustee such security or
indemnity as may be required by them to save each of them harmless, then in
the absence of notice that such Certificate has been acquired by a protected
purchaser, the Owner Trustee on behalf of the Trust shall execute and the
Owner Trustee or [___________], as the Owner Trustee's authenticating agent,
shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
tenor and denomination. In connection with the issuance of any new Certificate
under this Section, the Owner Trustee or the Certificate Registrar may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. Any duplicate Certificate issued
pursuant to this Section shall constitute conclusive evidence of ownership in
the Trust, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

     SECTION 3.06. Persons Deemed Owners. Prior to due presentation of a
Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar or any Paying Agent may treat the Person in whose name any
Certificate is registered in the Certificate Register as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section
5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the
Certificate Registrar or any Paying Agent shall be bound by any notice to the
contrary.

     SECTION 3.07. Access to List of Certificateholders' Names and Addresses.
The Owner Trustee shall furnish or cause to be furnished to the Servicer and
the Depositor, within 15 days after receipt by the Owner Trustee of a written
request therefor from the Servicer or the Depositor, a list, in such form as
the Servicer or the Depositor may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date. If a
Certificateholder applies in writing to the Owner Trustee, and such
application states that the applicant desires to communicate with other
Certificateholders with respect to their rights under this Agreement or under
the Certificates, then the Owner Trustee shall, within five Business Days
after the receipt of such application, afford such applicant access during
normal business hours to the current list of Certificateholders. Each Holder,
by receiving and holding a Certificate, shall be deemed to have agreed not to
hold any of the Depositor, the Company, the Certificate Registrar or the Owner
Trustee accountable by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

     SECTION 3.08. Maintenance of Office or Agency. The Owner Trustee shall
maintain in the Borough of Manhattan, The City of New York, an office or
offices or agency or agencies where Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Owner Trustee in respect of the Certificates and the Basic Documents may
be served. The Owner Trustee initially designates [___________], [ADDRESS] as
its office for such purposes. The Owner Trustee shall give prompt written
notice to the Company and to the

                                      10
<PAGE>

Certificateholders of any change in the location of the Certificate Register
or any such office or agency.

     SECTION 3.09. Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders from the Deposit Account pursuant to
Section 5.02 and shall report the amounts of such distributions to the Owner
Trustee. Subject to the provisions of Section 5.05 of the Sale and Servicing
Agreement, any Paying Agent shall have the revocable power to withdraw funds
from the Deposit Account for the purpose of making the distributions referred
to above. The Owner Trustee may revoke such power and remove the Paying Agent
if the Owner Trustee determines in its sole discretion that the Paying Agent
shall have failed to perform its obligations under this Agreement in any
material respect or that it is in the interest of the Certificateholders to do
so. The Paying Agent initially shall be the Indenture Trustee, and any
co-paying agent chosen by the Indenture Trustee and acceptable to the Owner
Trustee. The Person acting as Indenture Trustee shall not be permitted to
resign as Paying Agent so long as such Person is acting as the Indenture
Trustee. The Owner Trustee shall cause such successor Paying Agent or any
additional Paying Agent appointed by the Owner Trustee to execute and deliver
to the Owner Trustee an instrument in which such successor Paying Agent or
additional Paying Agent shall agree with the Owner Trustee that, as Paying
Agent, such successor Paying Agent or additional Paying Agent will hold all
sums, if any, held by it for payment to the Certificateholders in trust for
the benefit of the Certificateholders entitled thereto until such sums shall
be paid to such Certificateholders. The Paying Agent shall return all
unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such
Paying Agent shall also return all funds in its possession to the Owner
Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to
the Owner Trustee also in its role as Paying Agent, for so long as the Owner
Trustee shall act as Paying Agent and, to the extent applicable, to any other
paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.

     SECTION 3.10. Definitive Certificates. The Certificates, upon original
issuance, will be issued in definitive, fully registered form.

                                  ARTICLE IV

                           Actions by Owner Trustee
                           ------------------------

     SECTION 4.01. Prior Notice to Owners with Respect to Certain Matters.
With respect to the following matters, the Owner Trustee shall not take action
unless at least 30 days before the taking of such action, the Owner Trustee
shall have notified the Certificateholders in writing of the proposed action
and the Owners shall not have notified the Owner Trustee in writing prior to
the 30th day after such notice is given that such Owners have withheld consent
or provided alternative direction:

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

                                      11
<PAGE>

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

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

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

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

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

     SECTION 4.02. Action by Owners with Respect to Certain Matters. The Owner
Trustee shall not have the power, except upon the direction of the Owners, to
(a) remove the Administrator under the Administration Agreement pursuant to
Section 8 thereof, (b) appoint a successor Administrator pursuant to Section 8
of the Administration Agreement, (c) remove the Servicer under the Sale and
Servicing Agreement pursuant to Section 8.01 thereof or (d) except as
expressly provided in the Basic Documents, sell the Receivables after the
termination of the Indenture. The Owner Trustee shall take the actions
referred to in the preceding sentence only upon written instructions signed by
the Owners.

     SECTION 4.03. Action by Owners with Respect to Bankruptcy. The Owner
Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the unanimous prior approval of all
Owners and the delivery to the Owner Trustee by each such Owner of a
certificate certifying that such Owner reasonably believes that the Trust is
insolvent.

     SECTION 4.04. Restrictions on Owners' Power. The Owners shall not direct
the Owner Trustee to take or to refrain from taking any action if such action
or inaction would be contrary to any obligation of the Trust or the Owner
Trustee under this Agreement or any of the Basic Documents or would be
contrary to Section 2.03, nor shall the Owner Trustee be obligated to follow
any such direction, if given.

     SECTION 4.05. Majority Control. Except as expressly provided herein, any
action that may be taken by the Owners under this Agreement may be taken by
the Holders of the Certificates evidencing not less than a majority of the
Percentage Interests evidenced by the Certificates. Except as expressly
provided herein, any written notice of the Owners delivered pursuant to this
Agreement shall be effective if signed by the Holders of the Certificates
evidencing not less than a majority of the Percentage Interests evidenced by
the Certificates at the time of the delivery of such notice.

                                      12
<PAGE>

                                  ARTICLE V

                  Application of Trust Funds; Certain Duties
                  ------------------------------------------

     SECTION 5.01. Establishment of Deposit Account. The Deposit Account shall
be established and maintained pursuant to Section 5.01 of the Sale and
Servicing Agreement. The Deposit Account shall be under the sole dominion and
control of the Indenture Trustee for the benefit of Noteholders and the
Certificateholders, as applicable in accordance with the Sale and Servicing
Agreement.

     SECTION 5.02. Application of Trust Funds. (a) On each Payment Date, the
Servicer is obligated to instruct the Indenture Trustee to make distributions
and allocations in accordance with Section 5.05(a) of the Sale and Servicing
Agreement. Distributions to Certificateholders will be made in accordance with
Section 5.05(a)(ii)[(F)][(D) and (E)] of the Sale and Servicing Agreement.

     (b) In the event that any withholding tax is imposed on the Trust's
payment (or allocations of income) to an Owner, such tax shall reduce the
amount otherwise distributable to the Owner in accordance with this Section.
The Paying Agent is hereby authorized and directed to retain from amounts
otherwise distributable to the Owners sufficient funds for the payment of any
tax that is legally owed by the Trust (but such authorization shall not
prevent the Owner Trustee from contesting any such tax in appropriate
proceedings and withholding payment of such tax, if permitted by law, pending
the outcome of such proceedings). The amount of any withholding tax imposed
with respect to an Owner shall be treated as cash distributed to such Owner at
the time it is withheld by the Trust and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with
respect to a distribution (such as a distribution to a non-U.S. Owner), the
Paying Agent may in its sole discretion withhold such amounts in accordance
with this paragraph.

     SECTION 5.03. Method of Payment. Subject to Section 9.01(c),
distributions required to be made to Certificateholders on any Payment Date
shall be made by the Paying Agent to each Certificateholder of record on the
preceding Record Date by wire transfer, in immediately available funds, to the
account of such Holder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided to the Certificate
Registrar appropriate written instructions at least five Business Days prior
to such Payment Date, or, if not, by check mailed to such Certificateholder at
the address of such Holder appearing in the Certificate Register.

     SECTION 5.04. Accounting and Reports to Owners, Internal Revenue Service
and Others. The Owner Trustee shall deliver to each Owner such information,
reports or statements as may be required by the Code and applicable Treasury
Regulations and as may be required to enable each Owner to prepare its federal
and state income tax returns. Consistent with the Trust's characterization for
tax purposes, as a security arrangement for the issuance of non-recourse debt,
no federal income tax return shall be filed on behalf of the Trust unless
either (i) the Owner Trustee shall receive an Opinion of Counsel that, based
on a change in applicable law occurring after the date hereof, or as a result
of a transfer by the Company permitted by Section 3.04, the Code requires such
a filing or (ii) the Internal Revenue Service shall determine that the Trust
is

                                      13
<PAGE>

required to file such a return. Notwithstanding the preceding sentence, the
Owner Trustee shall file Internal Revenue Service Form 8832 and elect for the
Trust to be treated as a domestic eligible entity with a single owner that is
disregarded as a separate entity, which election shall remain in effect so
long as the Company or any other party is the sole Owner. In the event that
the Trust is required to file tax returns, the Owner Trustee shall prepare or
shall cause to be prepared any tax returns required to be filed by the Trust
and shall remit such returns to the Company (or if the Company no longer owns
any Certificates, the Owner designated for such purpose by the Company to the
Owner Trustee in writing) at least five (5) days before such returns are due
to be filed. The Company (or such designee Owner, as applicable) shall
promptly sign such returns and deliver such returns after signature to the
Owner Trustee and such returns shall be filed by the Owner Trustee with the
appropriate tax authorities. In no event shall the Owner Trustee or the
Company (or such designee Owner, as applicable) be liable for any liabilities,
costs or expenses of the Trust or the Noteholders arising out of the
application of any tax law, including federal, state, foreign or local income
or excise taxes or any other tax imposed on or measured by income (or any
interest, penalty or addition with respect thereto or arising from a failure
to comply therewith) except for any such liability, cost or expense
attributable to any act or omission by the Owner Trustee or the Company (or
such designee Owner, as applicable), as the case may be, in breach of its
obligations under this Agreement.

                                  ARTICLE VI

                     Authority and Duties of Owner Trustee
                     -------------------------------------

     SECTION 6.01. General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to
be a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party and
any amendment or other agreement or instrument, in each case, in such form as
the Company shall approve, as evidenced conclusively by the Owner Trustee's
execution thereof. In addition to the foregoing, the Owner Trustee is
authorized, but shall not be obligated, to take all actions required of the
Trust pursuant to the Basic Documents. The Owner Trustee is further authorized
from time to time to take such action as the Administrator recommends with
respect to the Basic Documents.

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

     SECTION 6.03. Action upon Instruction. (a) Subject to Article IV and in
accordance with the terms of the Basic Documents, the Owners may by written
instruction direct the Owner

                                      14
<PAGE>

Trustee in the management of the Trust. Such direction may be exercised at any
time by written instruction of the Owners pursuant to Article IV.

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

     (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement or
under any Basic Document, the Owner Trustee shall promptly give notice (in
such form as shall be appropriate under the circumstances) to the Owners
requesting instruction as to the course of action to be adopted, and to the
extent the Owner Trustee acts in good faith in accordance with any written
instruction of the Owners received, the Owner Trustee shall not be liable on
account of such action to any Person. If the Owner Trustee shall not have
received appropriate instruction within 10 days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action not inconsistent with this Agreement or the
Basic Documents, as it shall deem to be in the best interests of the Owners,
and shall have no liability to any Person for such action or inaction.

     (d) In the event that the Owner Trustee is unsure as to the application
of any provision of this Agreement or any Basic Document or any such provision
is ambiguous as to its application, or is, or appears to be, in conflict with
any other applicable provision, or in the event that this Agreement permits
any determination by the Owner Trustee or is silent or is incomplete as to the
course of action that the Owner Trustee is required to take with respect to a
particular set of facts, the Owner Trustee may give notice (in such form as
shall be appropriate under the circumstances) to the Owners requesting
instruction and, to the extent that the Owner Trustee acts or refrains from
acting in good faith in accordance with any such instruction received, the
Owner Trustee shall not be liable, on account of such action or inaction, to
any Person. If the Owner Trustee shall not have received appropriate
instruction within 10 days of such notice (or within such shorter period of
time as reasonably may be specified in such notice or may be necessary under
the circumstances) it may, but shall be under no duty to, take or refrain from
taking such action not inconsistent with this Agreement or the Basic
Documents, as it shall deem to be in the best interests of the Owners, and
shall have no liability to any Person for such action or inaction.

     SECTION 6.04. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of,
or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain
from taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee is a party, except as expressly provided by
the terms of this Agreement or in any document or written instruction received
by the Owner Trustee pursuant to Section 6.03; and no implied duties or
obligations shall be read into this Agreement or any Basic Document against
the Owner Trustee. The Owner Trustee shall have no responsibility for filing
any financing or continuation statement in any public office at any time or to
otherwise perfect or maintain the perfection of any security interest or lien
granted to it hereunder or to prepare or file any Securities and Exchange
Commission filing for the Trust or to record this Agreement or any

                                      15
<PAGE>

Basic Document. The Owner Trustee nevertheless agrees that it will, at its own
cost and expense, promptly take all action as may be necessary to discharge
any liens on any part of the Owner Trust Estate that result from actions by,
or claims against, the Owner Trustee that are not related to the ownership or
the administration of the Owner Trust Estate.

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

     SECTION 6.06. Restrictions. The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section
2.03 or (b) that, to the actual knowledge of the Owner Trustee, would result
in the Trust's becoming taxable as a corporation for federal income tax
purposes. The Owners shall not direct the Owner Trustee to take action that
would violate the provisions of this Section.

                                 ARTICLE VII

                           Concerning Owner Trustee
                           ------------------------

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

     (a) The Owner Trustee shall not be liable for any error of judgment made
in good faith by the Owner Trustee;

     (b) The Owner Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in accordance with the instructions of the
Administrator or any Owner;

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

                                      16
<PAGE>

     (d) Under no circumstances shall the Owner Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes or any amounts payable on
the Certificates;

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

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

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

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

     SECTION 7.03. Representations and Warranties. The Owner Trustee hereby
represents and warrants to the Company, for the benefit of the Owners, that:

     (a) It is a [national banking association][Delaware banking corporation]
duly organized and validly existing in good standing under the laws of the
[United States][Delaware]. It has all requisite corporate power and authority
to execute, deliver and perform its obligations under this Agreement.

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

                                      17
<PAGE>

     (c) Neither the execution or the delivery by it of this Agreement, nor
the consummation by it of the transactions contemplated hereby, nor compliance
by it with any of the terms or provisions hereof will contravene any federal
or Delaware law, governmental rule or regulation governing the banking or
trust powers of the Owner Trustee or any judgment or order binding on it, or
constitute any default under its charter documents or bylaws or any indenture,
mortgage, contract, agreement or instrument to which it is a party or by which
any of its properties may be bound.

     SECTION 7.04. Reliance; Advice of Counsel. (a) The Owner Trustee shall
incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond, or
other document or paper believed by it to be genuine and believed by it to be
signed by the proper party or parties. The Owner Trustee may accept a
certified copy of a resolution of the board of directors or other governing
body of any corporate party as conclusive evidence that such resolution has
been duly adopted by such body and that the same is in full force and effect.
As to any fact or matter the method of determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof
rely on a certificate, signed by the president or any vice president or by the
treasurer or other authorized officers of the relevant party, as to such fact
or matter, and such certificate shall constitute full protection to the Owner
Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon.

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

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

     SECTION 7.06. Owner Trustee Not Liable for Certificates or Receivables.
The recitals contained herein and in the Certificates (other than the
signature and countersignature of the Owner Trustee on the Certificates) shall
be taken as the statements of the Depositor and the Company, and the Owner
Trustee assumes no responsibility for the correctness thereof. The Owner
Trustee makes no representations as to the validity or sufficiency of this
Agreement, of any Basic Document or of the Certificates (other than the
signature and countersignature of the Owner Trustee on the Certificates) or
the Notes, or of any Receivable or related documents. The Owner Trustee shall
at no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Receivable, or the perfection and
priority of any security interest

                                      18
<PAGE>

created by any Receivable in any Financed Vehicle or the maintenance of any
such perfection and priority, or for or with respect to the sufficiency of the
Owner Trust Estate or its ability to generate the payments to be distributed
to Certificateholders under this Agreement or the Noteholders under the
Indenture, including, without limitation: the existence, condition and
ownership of any Financed Vehicle; the existence and enforceability of any
insurance thereon; the existence and contents of any Receivable on any
computer or other record thereof; the validity of the assignment of any
Receivable to the Trust or of any intervening assignment; the completeness of
any Receivable; the performance or enforcement of any Receivable; the
compliance by the Depositor, the Company or the Servicer with any warranty or
representation made under any Basic Document or in any related document or the
accuracy of any such warranty or representation, or any action of the
Administrator, the Indenture Trustee or the Servicer or any subservicer taken
in the name of the Owner Trustee.

     SECTION 7.07. Owner Trustee May Own Certificates and Notes. The Owner
Trustee in its individual or any other capacity may become the owner or
pledgee of Certificates or Notes and may deal with the Depositor, the Company,
the Administrator, the Indenture Trustee and the Servicer in banking
transactions with the same rights as it would have if it were not Owner
Trustee.

     SECTION 7.08. Sales Finance Licenses. The Owner Trustee shall use its
best efforts to maintain, and the Owner Trustee, as Owner Trustee, shall cause
the Trust to use its best efforts to maintain, the effectiveness of all
licenses required under the Pennsylvania Motor Vehicle Sales Finance Act and
the Annotated Code of Maryland Financial Institutions ss. 11-403 in connection
with this Agreement and the Basic Documents and the transactions contemplated
hereby and thereby until such time as the Trust shall terminate in accordance
with the terms hereof.

                                 ARTICLE VIII

                         Compensation of Owner Trustee
                         -----------------------------

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

     SECTION 8.02. Indemnification. The Depositor shall be liable as primary
obligor for, and shall indemnify the Owner Trustee and its successors,
assigns, agents and servants (collectively, the "Indemnified Parties") from
and against, any and all liabilities, obligations, losses, damages, taxes,
claims, actions and suits, and any and all reasonable costs, expenses and
disbursements (including reasonable legal fees and expenses) of any kind and
nature whatsoever (collectively, "Expenses") which may at any time be imposed
on, incurred by, or asserted against the Owner Trustee or any Indemnified
Party in any way relating to or arising out of this Agreement, the Basic
Documents, the Owner Trust Estate, the administration of the Owner Trust

                                      19
<PAGE>

Estate or the action or inaction of the Owner Trustee hereunder, except only
that the Depositor shall not be liable for or required to indemnify an
Indemnified Party from and against Expenses arising or resulting from any of
the matters described in the third sentence of Section 7.01. The indemnities
contained in this Section shall survive the resignation or termination of the
Owner Trustee or the termination of this Agreement. In any event of any claim,
action or proceeding for which indemnity will be sought pursuant to this
Section, the Owner Trustee's choice of legal counsel shall be subject to the
approval of the Depositor, which approval shall not be unreasonably withheld.

     SECTION 8.03. Payments to Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article VIII shall be deemed not to be a part of the
Owner Trust Estate immediately after such payment.

                                  ARTICLE IX

                        Termination of Trust Agreement
                        ------------------------------

     SECTION 9.01. Termination of Trust Agreement. (a) The Trust shall
dissolve upon the final distribution by the Owner Trustee of all moneys or
other property or proceeds of the Owner Trust Estate in accordance with the
terms of the Indenture, the Sale and Servicing Agreement and Article V. The
bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall
not (x) operate to dissolve or terminate this Agreement or the Trust or (y)
entitle such Owner's legal representatives or heirs to claim an accounting or
to take any action or proceeding in any court for a partition or winding up of
all or any part of the Trust or Owner Trust Estate or (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

     (b) Except as provided in Section 9.01(a), none of the Depositor, the
Company or any Owner shall be entitled to revoke, dissolve or terminate the
Trust.

     (c) Notice of any dissolution of the Trust, specifying the Payment Date
upon which Certificateholders shall surrender their Certificates to the Paying
Agent for payment of the final distribution and cancellation, shall be given
by the Owner Trustee by letter to Certificateholders mailed within five
Business Days of receipt of a termination notice of such termination from the
Servicer given pursuant to Section 8.03 of the Sale and Servicing Agreement,
stating (i) the Payment Date upon or with respect to which final payment of
the Certificates shall be made upon presentation and surrender of the
Certificates at the office of the Paying Agent therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise
applicable to such Payment Date is not applicable, payments being made only
upon presentation and surrender of the Certificates at the office of the
Paying Agent therein specified. The Owner Trustee shall give such notice to
the Certificate Registrar (if other than the Owner Trustee) and the Paying
Agent at the time such notice is given to Certificateholders. Upon
presentation and surrender of the Certificates, the Paying Agent shall cause
to be distributed to Certificateholders amounts distributable on such Payment
Date pursuant to Section 5.02.

     In the event that all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the date specified in
the above mentioned written notice, the

                                      20
<PAGE>

Owner Trustee shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and
receive the final distribution with respect thereto. If within one year after
the second notice all the Certificates shall not have been surrendered for
cancellation, the Owner Trustee may take appropriate steps, or may appoint an
agent to take appropriate steps, to contact the remaining Certificateholders
concerning surrender of their Certificates, and the cost thereof shall be paid
out of the funds and other assets that shall remain subject to this Agreement.
Subject to applicable escheat laws, any funds remaining in the Trust after
exhaustion of such remedies shall be distributed by the Paying Agent to the
Company.

     (d) Upon the winding up of the Trust in accordance with Section 3808 of
the Statutory Trust Statute, the Owner Trustee, at the expense of the
Depositor shall cause the Certificate of Trust to be cancelled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 of the Statutory Trust Statute and the Trust and
this Agreement (other than Article VIII) shall terminate and be of no further
force or effect.

                                  ARTICLE X

            Successor Owner Trustees and Additional Owner Trustees
            ------------------------------------------------------

     SECTION 10.01. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation satisfying the provisions of
Section 3807(a) of the Statutory Trust Statute; authorized to exercise
corporate trust powers; having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or state
authorities; and having (or having a parent that has) time deposits that are
rated at least "A-1" by Standard & Poor's and "P-1" by Moody's. If such
corporation shall publish reports of condition at least annually pursuant to
law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 10.02.

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

     If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.01 and shall fail to resign after written
request therefor by the Administrator, or if at any time the Owner Trustee
shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or
a receiver of the Owner Trustee or of its property shall be

                                      21
<PAGE>

appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the Owner
Trustee. If the Administrator shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the Administrator shall
promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing
Owner Trustee so removed and one copy to the successor Owner Trustee, and
shall pay all fees owed to the outgoing Owner Trustee.

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

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

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

     Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Administrator shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating
Agencies. If the Administrator shall fail to mail such notice within 10 days
after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Administrator.

     SECTION 10.04. Merger or Consolidation of Owner Trustee. Any corporation
into which the Owner 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 Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
the execution or filing of any instrument or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
provided, that such corporation shall be eligible pursuant to Section 10.01
and, provided, further, that the Owner Trustee shall mail notice of such
merger or consolidation to the Rating Agencies.

                                      22
<PAGE>

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

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

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

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

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

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

                                      23
<PAGE>

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

                                  ARTICLE XI

                                 Miscellaneous
                                 -------------

     SECTION 11.01. Supplements and Amendments. This Agreement may be amended
by the Depositor, the Company and the Owner Trustee, with prior written notice
to the Rating Agencies, without the consent of any of the Noteholders or the
Certificateholders, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement
or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel, adversely affect in any material respect
the interests of any Noteholder or Certificateholder.

     This Agreement may also be amended from time to time by the Depositor,
the Company and the Owner Trustee, with prior written notice to the Rating
Agencies, with the consent of the Holders (as defined in the Indenture) of
Notes evidencing not less than a majority of the Outstanding Amount of the
Notes, the consent of the Holders of Certificates evidencing not less than a
majority of the Percentage Interests evidenced by the Certificates, for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the
rights of the Noteholders or the Certificateholders; provided, however, that
no such amendment shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholders or (b) reduce the aforesaid percentage
of the Outstanding Amount of the Notes or of the Percentage Interests
evidenced by the Certificates required to consent to any such amendment,
without the consent of the Holders of all the outstanding Notes and
Certificates.

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

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

                                      24
<PAGE>

     Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State.

     Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Owner Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement. The Owner Trustee may, but shall
not be obligated to, enter into any such amendment that affects the Owner
Trustee's own rights, duties or immunities under this Agreement or otherwise.

     In connection with the execution of any amendment to this Agreement or
any amendment of any other agreement to which the Issuer is a party, the Owner
Trustee shall be entitled to receive and conclusively rely upon an Opinion of
Counsel to the effect that such amendment is authorized or permitted by the
Basic Documents and that all conditions precedent in the Basic Documents for
the execution and delivery thereof by the Issuer or the Owner Trustee, as the
case may be, have been satisfied.

     SECTION 11.02. No Legal Title to Owner Trust Estate in Owners. The Owners
shall not have legal title to any part of the Owner Trust Estate. The Owners
shall be entitled to receive distributions with respect to their undivided
ownership interest therein only in accordance with Articles V and IX. No
transfer, by operation of law or otherwise, of any right, title or interest of
the Owners to and in their ownership interest in the Trust shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to
an accounting or to the transfer to it of legal title to any part of the Owner
Trust Estate.

     SECTION 11.03. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Company, the Owners, the Administrator and, to the extent expressly provided
herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Owner Trust Estate
or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

     SECTION 11.04. Notices. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt by the intended recipient or three Business Days
after mailing if mailed by certified mail, postage prepaid (except that notice
to the Owner Trustee shall be deemed given only upon actual receipt by the
Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust
Office; if to the Depositor, addressed to DaimlerChrysler Financial Services
Americas LLC, 27777 Inkster Road, Farmington Hills, Michigan 48334, Attention
of Assistant Secretary; if to the Company, addressed to DaimlerChrysler Retail
Receivables LLC, 27777 Inkster Road, Farmington Hills, Michigan 48334,
Attention of Assistant Secretary; or, as to each party, at such other address
as shall be designated by such party in a written notice to each other party.

     (b) Any notice required or permitted to be given to a Certificateholder
shall be given by first-class mail, postage prepaid, at the address of such
Holder as shown in the Certificate Register. Any notice so mailed within the
time prescribed in this Agreement shall be conclusively presumed to have been
duly given, whether or not the Certificateholder receives such notice.

                                      25
<PAGE>

     SECTION 11.05. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

     SECTION 11.06. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

     SECTION 11.07. Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, each of
the Depositor, the Company and its permitted assignees, the Owner Trustee and
its successors and each Owner and its successors and permitted assigns, all as
herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by an Owner shall bind the successors and assigns of such
Owner.

     SECTION 11.08. Covenants of Company. In the event that any litigation
with claims in excess of $1,000,000 to which the Company is a party which
shall be reasonably likely to result in a material judgment against the
Company that the Company will not be able to satisfy shall be commenced by an
Owner, during the period beginning nine months following the commencement of
such litigation and continuing until such litigation is dismissed or otherwise
terminated (and, if such litigation has resulted in a final judgment against
the Company, such judgment has been satisfied), the Company shall not make any
distribution on or in respect of its membership interests to any of its
members, or repay the principal amount of any indebtedness of the Company held
by DCFS, unless (i) after giving effect to such distribution or repayment, the
Company's liquid assets shall not be less than the amount of actual damages
claimed in such litigation or (ii) the Rating Agency Condition shall have been
satisfied with respect to any such distribution or repayment. The Company will
not at any time institute against the Trust any bankruptcy proceedings under
any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Certificates, the Notes, this Agreement
or any of the other Basic Documents.

     SECTION 11.09. No Petition. The Owner Trustee, by entering into this
Agreement, each Certificateholder, by accepting a Certificate, and the
Indenture Trustee and each Noteholder, by accepting the benefits of this
Agreement, hereby covenant and agree that they will not at any time institute
against the Company or the Trust, or join in any institution against the
Company or the Trust of, any bankruptcy proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Certificates, the Notes, this Agreement or any of the Basic
Documents.

     SECTION 11.10. No Recourse. Each Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificates represent
beneficial interests in the Trust only and do not represent interests in or
obligations of the Depositor, the Servicer, the Company, the Administrator,
the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no
recourse may be had against such parties or their assets, except as may be
expressly set forth or contemplated in this Agreement, the Certificates or the
Basic Documents.

                                      26
<PAGE>

     SECTION 11.11. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

     SECTION 11.12. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 11.13. Certificate Transfer Restrictions. The Certificates may
not be acquired by or for the account of (i) an employee benefit plan (as
defined in Section 3(3) of ERISA) that is subject to the provisions of Title I
of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any
entity whose underlying assets include plan assets by reason of a plan's
investment in the entity (each, a "Benefit Plan"). By accepting and holding a
Certificate, the Holder thereof shall be deemed to have represented and
warranted that it is not a Benefit Plan.

     SECTION 11.14. Depositor Payment Obligation. The Depositor shall be
responsible for payment of the Administrator's fees under the Administration
Agreement and shall reimburse the Administrator for all expenses and
liabilities of the Administrator incurred thereunder. In addition, the
Depositor shall be responsible for the payment of all fees and expenses of the
Trust, the Owner Trustee and the Indenture Trustee paid by any of them in
connection with any of their obligations under the Basic Documents to obtain
or maintain, on behalf of the Trust, any required licenses under the
Pennsylvania Motor Vehicle Sales Finance Act and the Annotated Code of
Maryland Financial Institutions ss. 11-403.

                                      27
<PAGE>

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

                                DAIMLERCHRYSLER FINANCIAL SERVICES
                                AMERICAS LLC,
                                  as Depositor

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

                                DAIMLERCHRYSLER RETAIL RECEIVABLES LLC

                                By: Chrysler Financial Receivables Corporation,
                                    as a Member

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

                                [___________],
                                  as Owner Trustee

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

                                      28
<PAGE>

                                                                     EXHIBIT A

                              Form of Certificate
                              -------------------

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM. IN ADDITION, THE TRANSFER OF THIS
CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN
SECTION 3.04 OF THE TRUST AGREEMENT UNDER WHICH THIS CERTIFICATE IS ISSUED (A
COPY OF WHICH TRUST AGREEMENT IS AVAILABLE FROM THE OWNER TRUSTEE OR UPON
REQUEST), INCLUDING RECEIPT BY THE OWNER TRUSTEE OF AN INVESTMENT LETTER IN
WHICH THE TRANSFEREE MAKES CERTAIN REPRESENTATIONS.

No. R-__                                           Percentage Interest: ____%

                      DAIMLERCHRYSLER AUTO TRUST 200__-__

                                  CERTIFICATE

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of retail installment sale contracts (as
defined herein) secured by new and used automobiles and light duty trucks.

(This Certificate does not represent an interest in or obligation of
DaimlerChrysler Financial Services Americas LLC or any of its affiliates,
except to the extent described below.)

     THIS CERTIFIES THAT ______________________________________ is the
registered owner of a __________________________________ PERCENT
nonassessable, fully-paid, undivided percentage interest in DaimlerChrysler
Auto Trust 200__-__ (the "Trust"), formed by DaimlerChrysler Financial
Services Americas LLC, a Michigan limited liability company (the "Depositor"),
and DaimlerChrysler Retail Receivables LLC, a Michigan limited liability
company (the "Company").

                                     A-1
<PAGE>

     The Trust was created pursuant to a Trust Agreement dated as of ________,
200__, as amended and restated by the Amended and Restated Trust Agreement
dated as of ________, 200__ (as so amended and restated and further amended or
supplemented from time to time, the "Trust Agreement"), among the Depositor,
the Company and [___________], as owner trustee (the "Owner Trustee"), a
summary of certain of the pertinent provisions of which is set forth below. To
the extent not otherwise defined herein, the capitalized terms used herein
have the meanings assigned to them in the Trust Agreement or the Sale and
Servicing Agreement dated as of ________, 200__ (as amended and supplemented
from time to time, the "Sale and Servicing Agreement"), between the Trust and
the Depositor, as seller and as servicer (in such capacity, the "Servicer"),
as applicable.

     This Certificate is one of the duly authorized class of certificates
(herein called the "Certificates"). Also issued under an Indenture dated as of
________, 200__ (the "Indenture"), between the Trust and [___________], as
indenture trustee, are the [five] classes of Notes designated as "Class A-1
[____]% Asset Backed Notes," "Class A-2 [____]% Asset Backed Notes," "Class
A-3 [____]% Asset Backed Notes"[,][ and] "Class A-4 [____]% Asset Backed
Notes"[ and "Class B [____]% Asset Backed Notes"] (collectively, the "Notes").
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Certificate by virtue of its acceptance hereof assents and by which such
Holder is bound. The property of the Trust consists of a pool of retail
installment sale contracts for new and used automobiles and light duty trucks
(collectively, the "Receivables"), all monies received after ________, 200__,
security interests in the vehicles financed thereby, certain bank accounts and
the proceeds thereof, proceeds from claims on certain insurance policies and
certain other rights under the Trust Agreement and the Sale and Servicing
Agreement and all proceeds of the foregoing.

     It is the intent of the Depositor, the Company, the Servicer and the
Certificateholder that, for purposes of federal income, state and local income
and single business tax and any other income taxes, the Trust will be treated
as a security arrangement for the issuance of debt by the sole
Certificateholder. The Company, by acceptance of the Certificates, agrees to
treat, and to take no action inconsistent with the above treatment for so long
as the Company is the sole Owner.

     Solely in the event the Certificates are held by more than a single
Owner, it is the intent of the Depositor, the Company, the Servicer and the
Certificateholders that, for purposes of federal income, state and local
income and single business tax and any other income taxes, the Trust will be
treated as a partnership and the Certificateholders (including the Company)
will be treated as partners in the partnership. The Company and the other
Certificateholders, by acceptance of a Certificate, agree to treat, and to
take no action inconsistent with the Treatment of, the Certificates for such
tax purposes as partnership interests in the Trust.

     Each Certificateholder, by its acceptance of a Certificate covenants and
agrees that such Certificateholder will not at any time institute against the
Company, or join in any institution against the Company of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Certificates, the Notes,
the Trust Agreement or any of the Basic Documents.

                                     A-2
<PAGE>

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

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

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

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

                                     A-3
<PAGE>

     IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in
its individual capacity, has caused this Certificate to be duly executed.

                                      DAIMLERCHRYSLER AUTO TRUST 200__-__

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

Dated:                                by:
                                         --------------------------------------
                                                Authorized Signatory

                 OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

[___________], as Owner Trustee                    [___________],
                                          Or       as Owner Trustee

                                                   by: [___________]

                                                       as Authenticating Agent

by: ____________________________________           by: ________________________
                   Authorized Signatory                 Authorized Signatory

                                     A-4
<PAGE>

                           [REVERSE OF CERTIFICATE]

     The Certificates do not represent an obligation of, or an interest in,
the Depositor, the Servicer, the Company, the Owner Trustee or any affiliates
of any of them and no recourse may be had against such parties or their
assets, except as expressly set forth or contemplated herein or in the Trust
Agreement or the Basic Documents. In addition, this Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in
right of payment to certain collections and recoveries with respect to the
Receivables (and certain other amounts), all as more specifically set forth
herein and in the Sale and Servicing Agreement. A copy of each of the Sale and
Servicing Agreement and the Trust Agreement may be examined by any
Certificateholder upon written request during normal business hours at the
principal office of the Depositor and at such other places, if any, designated
by the Depositor.

     The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of
the Depositor and the Company and the rights of the Certificateholders under
the Trust Agreement at any time by the Depositor, the Company and the Owner
Trustee with the consent of the Holders of the Certificates and the Notes[,
each voting as a class,] evidencing not less than a majority of the Percentage
Interests evidenced by the outstanding Certificates or a majority of the
Outstanding Amount of the Notes [of each such class]. Any such consent by the
Holder of this Certificate shall be conclusive and binding on such Holder and
on all future Holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent is made upon this Certificate. The Trust Agreement
also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

     As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Owner Trustee in the Borough of Manhattan, The City of New York,
accompanied by a written instrument of transfer in form satisfactory to the
Owner Trustee and the Certificate Registrar duly executed by the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or
more new Certificates of authorized denominations evidencing the same
aggregate interest in the Trust will be issued to the designated transferee.
The initial Certificate Registrar appointed under the Trust Agreement is
[___________], New York, New York.

     Except as provided in the Trust Agreement, the Certificates are issuable
only as registered Certificates. As provided in the Trust Agreement and
subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of authorized denominations evidencing the
same aggregate denomination, as requested by the Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Owner Trustee or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge payable in
connection therewith.

     The Owner Trustee, the Certificate Registrar and any agent of the Owner
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the

                                     A-5
<PAGE>

owner hereof for all purposes, and none of the Owner Trustee, the Certificate
Registrar or any such agent shall be affected by any notice to the contrary.

     The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to
Certificateholders of all amounts required to be paid to them pursuant to the
Trust Agreement and the Sale and Servicing Agreement and the disposition of
all property held as part of the Owner Trust Estate. The Servicer of the
Receivables may at its option purchase the Owner Trust Estate at a price
specified in the Sale and Servicing Agreement, and such purchase of the
Receivables and other property of the Trust will effect early retirement of
the Certificates; provided, however, such right of purchase is exercisable
only as of the last day of any Collection Period as of which the Pool Balance
is less than or equal to 10% of the Original Pool Balance.

     The Certificates may not be acquired by (a) an employee benefit plan (as
defined in Section 3(3) of ERISA) that is subject to the provisions of Title I
of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c) any
entity whose underlying assets include plan assets by reason of a plan's
investment in the entity or which uses plan assets to acquire Certificates
(each, a "Benefit Plan"). By accepting and holding this Certificate, the
Holder hereof shall be deemed to have represented and warranted that it is not
a Benefit Plan.

                                     A-6
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

Dated:                            ________________________________________*/
                                           Signature Guaranteed:          -

                                       ____________________________*/
                                                                   -

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

*/   NOTICE: The signature to this assignment must correspond with the
-    name of the registered owner as it appears on the face of the within
     Certificate in every particular, without alteration, enlargement or
     any change whatever. Such signature must be guaranteed by an
     "eligible guarantor institution" meeting the requirements of the
     Certificate Registrar, which requirements include membership or
     participation in STAMP or such other "signature guarantee program" as
     may be determined by the Certificate Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities
     Exchange Act of 1934, as amended.

                                     A-7
<PAGE>

                                                                    EXHIBIT B

                             CERTIFICATE OF TRUST
                                      OF
                      DAIMLERCHRYSLER AUTO TRUST 200__-__

     THIS Certificate of Trust of DaimlerChrysler Auto Trust 200__-__ (the
"Trust"), dated as of ________, 200__, is being duly executed and filed by
[___________], as trustee, to form a statutory trust under the Delaware
Statutory Trust Act (12 Del. Code, ss. 3801 et seq.) (the "Act").

     1. Name. The name of the statutory trust formed hereby is DAIMLERCHRYSLER
AUTO TRUST 200__-__

     2. Delaware Trustee. The name and business address of the trustee of the
Trust in the State of Delaware is [___________], c/o [___________], Attention:
[[___________], [ADDRESS].

     3. Effective Date. This Certificate of Trust shall be effective upon its
filing with the Secretary of State of the State of Delaware.

     IN WITNESS WHEREOF, the undersigned has executed this Restated
Certificate of Trust in accordance with Section 3811(a) of the Act.

                          [___________],
                          not in its individual capacity but solely as trustee

                          by:     ________________________________
                          Name:
                          Title:

                                     B-1
<PAGE>

                                                                   EXHIBIT C

                        FORM OF TRANSFEROR CERTIFICATE

                                    [DATE]

[Seller]
[Seller Address]
[Owner Trustee]
[Owner Trustee Address]

            Re:  DaimlerChrysler Auto Trust 200__-__ Certificates
                 ------------------------------------------------

Ladies and Gentlemen:

            In connection with our disposition of the above-referenced
Certificates (the "Certificates") we certify that (a) we understand that the
Certificates have not been registered under the Securities Act of 1933, as
amended (the "Act"), and are being transferred by us in a transaction that is
exempt from the registration requirements of the Act and (b) we have not
offered or sold any Certificates to, or solicited offers to buy any
Certificates from, any person, or otherwise approached or negotiated with any
person with respect thereto, in a manner that would be deemed, or taken any
other action which would result in, a violation of Section 5 of the Act.

                                    Very truly yours,

                                    [NAME OF TRANSFEROR]

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

                                     C-1
<PAGE>

                                                                     EXHIBIT D

                           FORM OF INVESTMENT LETTER

                                    [DATE]

[Seller]
[Seller Address]
[Owner Trustee]
[Owner Trustee Address]

            Re:  DaimlerChrysler Auto Trust 200__-__ Certificates
                 ------------------------------------------------

Ladies and Gentlemen:

            In connection with our acquisition of the above-referenced
Certificates (the "Certificates") we certify that (a) we understand that the
Certificates are not being registered under the Securities Act of 1933, as
amended (the "Act"), or any state securities laws and are being transferred to
us in a transaction that is exempt from the registration requirements of the
Act and any such laws, (b) we are an "accredited investor," as defined in
Regulation D under the Act, and have such knowledge and experience in
financial and business matters that we are capable of evaluating the merits
and risks of investments in the Certificates, (c) we have had the opportunity
to ask questions of and receive answers from the seller concerning the
purchase of the Certificates and all matters relating thereto or any
additional information deemed necessary to our decision to purchase the
Certificates, (d) we are acquiring the Certificates for investment for our own
account and not with a view to any distribution of such Certificates (but
without prejudice to our right at all times to sell or otherwise dispose of
the Certificates in accordance with clause (f) below), (e) we have not offered
or sold any Certificates to, or solicited offers to buy any Certificates from,
any person, or otherwise approached or negotiated with any person with respect
thereto, or taken any other action that would result in a violation of Section
5 of the Act or any state securities laws and (f) we will not sell, transfer
or otherwise dispose of any Certificates unless (1) such sale, transfer or
other disposition is made pursuant to an effective registration statement
under the Act and in compliance with any relevant state securities laws or is
exempt from such registration requirements and, if requested, we will at our
expense provide an Opinion of Counsel satisfactory to the addresses of this
certificate that such sale, transfer or other disposition may be made pursuant
to an exemption from the Act, (2) the purchaser or transferee of such
Certificate has executed and delivered to you a certificate to substantially
the same effect as this certificate and (3) the purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Amended
and Restated Trust dated as of ________, 200__, between DaimlerChrysler
Financial Services Americas LLC, as Depositor, DaimlerChrysler Retail
Receivables LLC and [___________], as Owner Trustee.

                                    Very truly yours,

                                    [NAME OF TRANSFEREE]

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

                                     D-1
<PAGE>

                                                                     EXHIBIT E

                           FORM OF RULE 144A LETTER

                                    [DATE]

[Seller]
[Seller Address]
[Owner Trustee]
[Owner Trustee Address]

            Re:  DaimlerChrysler Auto Trust 200__-__ Certificates
                 ------------------------------------------------

Ladies and Gentlemen:

            In connection with our acquisition of the above-referenced
Certificates (the "Certificates") we certify that (a) we understand that the
Certificates are not being registered under the Securities Act of 1933, as
amended (the "Act"), or any state securities laws and are being transferred to
us in a transaction that is exempt from the registration requirements of the
Act and any such laws, (b) we have such knowledge and experience in financial
and business matters that we are capable of evaluating the merits and risks of
investments in the Certificates, (c) we have had the opportunity to ask
questions of and receive answers from the seller concerning the purchase of
the Certificates and all matters relating thereto or any additional
information deemed necessary to our decision to purchase the Certificates, (d)
we have not, nor has anyone acting on our behalf, offered, transferred,
pledged, sold or otherwise disposed of the Certificates or any interest in the
Certificates, or solicited any offer to buy, transfer, pledge or otherwise
dispose of the Certificates or any interest in the Certificates from any
person in any manner, or made any general solicitation by means of general
advertising or in any other manner, or taken any other action that would
constitute a distribution of the Certificates under the Act or that would
render the disposition of the Certificates a violation of Section 5 of the Act
or any state securities laws or require registration pursuant thereto, and we
will not act, or authorize any person to act, in such manner with respect to
the Certificates, (e) we are a "qualified institutional buyer" as that term is
defined in Rule 144A under the Act. We are aware that the sale to us is being
made in reliance on Rule 144A. We are acquiring the Certificates for our own
account or for resale pursuant to Rule 144A and understand that such
Certificates may be resold, pledged or transferred only (i) to a person
reasonably believed to be a qualified institutional buyer that purchases for
its own account or for the account of a qualified institutional buyer to whom
notice is given that the resale, pledge or transfer is being made in reliance
on Rule 144A or (ii) pursuant to another exemption from registration under the
Act.

                                    Very truly yours,

                                    [NAME OF TRANSFEREE]

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

                                     E-1Form of common stock purchase warrant issued to designees of Strasbourger Pearson
      Tulcin Wolff Incorporated pursuant to Placement Agency Agreement dated April
      26, 2004, filed as Exhibit 10.1 to this Registration Statement

    

      Exhibit
        4.2

       

       

      

        WARRANT
          AGREEMENT

         

        WARRANT
          AGREEMENT, dated as of this 13th
          day of
          December, 2004, by and among MAGNETECH INDUSTRIAL SERVICES, INC., an Indiana
          corporation (“MIS”), MAGNETECH INTEGRATED SERVICES CORP., an Indiana corporation
          newly formed to own 100% of MIS (the “Company”) and STRASBOURGER PEARSON TULCIN
          WOLFF INCORPORATED, a New York corporation (the “Placement
          Agent”).

         

        WITNESSETH

         

        WHEREAS,
          in connection with the Financings of Series A Stock and Common Stock (the
          “Warrants”),
          the
          Company may cause to be issued up to 4,500,000 Warrants to purchase shares
          of
          common stock in the Company; and

         

        WHEREAS,
          the Company will act as warrant agent in connection with the issuance,
          registration, transfer and exchange of the Warrants, the issuance of
          certificates representing the Warrants, the exercise of the Warrants, and
          the
          rights of the holders thereof (in such capacity, the Company or any successor
          warrant agent being referred to herein as the “Warrant
          Agent”);

         

        NOW
          THEREFORE, in consideration of the premises and the mutual agreements
          hereinafter set forth and for the purpose of defining the terms and provisions
          of the Warrants and the certificates representing the Warrants and the
          respective rights and obligations thereunder of the Company, the holders
          of
          certificates representing the Warrants and the Warrant Agent, the parties
          hereto
          agree as follows:

         

        SECTION
          1.  DEFINITIONS.

         

        As
          used
          herein, the following terms shall have the following meanings, unless the
          context shall otherwise require:

         

        (a)  “Common
          Stock”
          shall
          mean stock of the Company of any class, whether now or hereafter authorized,
          which has the right to participate in the distributions of earnings and
          assets
          of the Company without limit as to amount or percentage, which at the date
          of
          the formation of the Company consists of 200,000,000 authorized shares
          of Common
          Stock.

         

        (b)  “Corporate
          Office”
          shall
          mean the office of the Warrant Agent (or its successor) at which at any
          particular time its principal business shall be administered, which office
          is
          located at 1125 S. Walnut St., South Bend, Indiana 46619.

         

        (c)  “Exercise
          Date”
          shall
          mean, as to any Warrant, the date on which the Warrant Agent shall have
          received
          both (a) the certificate representing such Warrant (the “Warrant Certificate”),
          with the exercise form thereon duly executed by the Registered Holder thereof
          or
          his attorney duly authorized in writing, and (b) if payment is to be made
          in
          cash, cash or an official bank or certified check made payable to the Company,
          of an amount in lawful money of the United States of America equal to the
          Exercise Price.

         

        (d)  “Exercise
          Price”
          shall
          mean the purchase price to be paid upon exercise of each War-rant in accordance
          with the terms hereof, which price shall be 0.0001 cents per share, subject
          to
          adjustment from time to time pursuant to the provisions of Section 8 hereof
          and
          subject further to the Company’s right to reduce the Exercise Price upon notice
          to all Registered Holders.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (e)  “Financings”
          shall
          mean the bridge financing from the sale of shares of Series A Stock and
          the
          subsequent private placement offering.

         

        (f)  “Initial
          Warrant Exercise Date”
          shall
          mean December 13, 2004.

         

        (g)  “Registered
          Holder”
          shall
          mean the person in whose name any certificate representing Warrants shall
          be
          registered on the books maintained by the Warrant Agent pursuant to Section
          6.

         

        (h)  “Series
          A Stock”
          shall
          mean the Series A Convertible Redeemable Preferred Stock issued by
          MIS.

         

        (i)  “Transfer
          Agent”
          shall
          mean the Company or any authorized successor transfer agent, as
          such.

         

        (j)  “Warrant
          Expiration Date”
          shall
          mean 5.00 P.M. (New York time) on December 13, 2014; provided that if such
          date
          shall in the State of New York be a holiday or a day on which banks are
          authorized to close, then 5:00 P.M. (New York time) on the next following
          day
          which in the State of New York is not a holiday or a day on which banks
          are
          authorized to close. Upon notice to all warrantholders the Company shall
          have
          the right to extend the Warrant Expiration Date.

         

        (k)  “Warrant
          Shares”
          shall
          mean the shares of Common Stock deliverable upon exercise of the Warrants,
          as
          adjusted from time to time.

         

        SECTION
          2.  WARRANTS
          AND ISSUANCE OF WARRANT CERTIFICATES.

         

        (a)  A
          Warrant
          shall initially entitle the Registered Holder of the Warrant Certificate
          representing such Warrant to purchase one share of Common Stock upon the
          exercise thereof, in accordance with the terms hereof, subject to modification
          and adjustment as provided in Section 8.

         

        (b)  From
          time
          to time, up to the Warrant Expiration Date, the Transfer Agent shall execute
          and
          deliver stock certificates in required whole number denominations representing
          up to an aggregate of 4,500,000 shares of Common Stock, subject to adjustment
          as
          described in Section 8 hereof, upon the exercise of Warrants in accordance
          with
          this Agreement.

         

        (c)  From
          time
          to time, up to the Warrant Expiration Date, the Warrant Agent shall execute
          and
          deliver Warrant Certificates in required whole number denominations to
          the
          persons entitled thereto in connection with any transfer or exchange permitted
          under this Agreement; provided that no Warrant Certificates shall be issued
          except (i) those initially issued hereunder, (ii) those issued on or after
          the
          Initial Warrant Exercise Date, upon the exercise of fewer than all Warrants
          represented by any Warrant Certificate, to evidence any unexercised Warrants
          held by the exercising Registered Holder, (iii) those issued upon any transfer
          or exchange pursuant to Section 6; (iv) those issued in replacement of
          lost,
          stolen, destroyed or mutilated Warrant Certificates pursuant to Section
          7; and
          (v) at the option of the Company, in such form as may be approved by the
          its
          Board of Directors, to reflect (a) any adjustment or change in the Exercise
          Price or the number of shares of Common Stock purchasable upon exercise
          of the
          Warrants, made pursuant to Section 8 hereof and (b) other modifications
          approved
          in accordance with Section 15 hereof.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SECTION
          3.  FORM
          AND EXECUTION OF WARRANT CERTIFICATES.

         

        (a)  The
          Warrant Certificates shall be substantially in the folio annexed hereto
          as
          Exhibit A (the provisions of which are hereby incorporated herein) and
          may have
          such letters, numbers or other marks of identification or designation and
          such
          legends, summaries or endorsements printed, lithographed, engraved or typed
          thereon as the Company may deem appropriate and as are not inconsistent
          with the
          provisions of this Agreement, 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 Warrants may be listed, or to conform
          to
          usage. The Warrant Certificates shall be dated the date of issuance thereof
          (whether upon initial issuance, transfer, exchange or in lieu of mutilated,
          lost, stolen, or destroyed Warrant Certificates) and issued in registered
          form.
          Warrants shall be numbered serially with the letters MIH.

         

        (b)  Warrant
          Certificates shall be executed on behalf of the Company by its Chairman
          of the
          Board, Chief Executive Officer, President or any Vice President and by
          its Chief
          Financial Officer, Secretary or an Assistant Secretary, by manual signatures
          or
          by facsimile signatures printed thereon. In case any officer of the Company
          who
          shall have signed any of the Warrant Certificates shall cease to be such
          officer
          of the Company before the date of issuance of the Warrant Certificates
          and issue
          and delivery thereof, such Warrant Certificates may nevertheless be issued
          and
          delivered with the same force and effect as though the person who signed
          such
          Warrant Certificates had not ceased to be such officer of the Company.
          After
          execution by the Company, Warrant Certificates shall be delivered by the
          Warrant
          Agent to the Registered Holder.

         

        SECTION
          4.  EXERCISE.

         

        (a)  Each
          Warrant may be exercised by the Registered Holder thereof at any time on
          or
          after the Initial Warrant Exercise Date, but not after the Warrant Expiration
          Date, upon the terms and subject to the conditions set forth herein and
          in the
          applicable Warrant Certificate. A Warrant shall be deemed to have been
          exercised
          immediately prior to the close of business on the Exercise Date and the
          person
          entitled to receive the securities deliverable upon such exercise shall
          be
          treated for all purposes as the holder upon exercise thereof as of the
          close of
          business on the Exercise Date. As soon as practicable on or after the Exercise
          Date the Warrant Agent shall deposit the proceeds received from the exercise
          of
          a Warrant, and promptly after clearance of checks received in payment of
          the
          Exercise Price pursuant to such Warrants, cause to be issued and delivered
          by
          the Transfer Agent, to the person or persons entitled to receive the same,
          a
          certificate or certificates for the securities deliverable upon such exercise
          (plus a certificate for any remaining unexercised Warrants of the Registered
          Holder).

         

        Notwithstanding
          the foregoing, in the case of payment made in the form of a check drawn
          on an
          account of the Placement Agent or such other investment banks and brokerage
          houses as the Company shall approve, certificates shall immediately be
          issued
          without any delay. Upon the exercise of any Warrant and clearance of the
          funds
          received, the Warrant Agent shall promptly remit the payment received for
          the
          Warrant to the Company or as the Company may direct in writing.

         

        (b)  The
          Registered Holder may, at its option, exchange this Warrant on a cashless
          basis,
          in whole or in part (a “Warrant
          Exchange”),
          into
          the number of Warrant Shares determined in accordance with this Section
          (4)(b),
          by surrendering the Warrant Certificate at the principal office of the
          Company
          or at the office of its stock transfer agent, accompanied by an irrevocable
          notice stating such Registered Holder’s intent to effect such exchange; the
          number of Warrant Shares to be exchanged and the date of the notice of
          such
          intent to exchange (the “Notice
          of Exchange”).
          The
          Registered Holder may send a Notice of Exchange to the Company prior to
          the
          Initial Warrant Exercise Date. The Warrant Exchange shall take place on
          the date
          specified in the Notice of Exchange or, if later, the date the Notice of
          Exchange is received by the Company (the “Exchange
          Date”).
          Certificates for the shares issuable upon such Warrant Exchange and, if
          applicable, a new warrant of like tenor evidencing the balance of the shares
          remaining subject to such Warrant, shall be issued as of the Exchange Date
          and
          delivered to the Registered Holder as soon as is reasonably practicable
          following the Exchange Date. In connection with any Warrant Exchange, a
          Warrant
          shall represent the right to subscribe for and acquire the number of Warrant
          Shares (rounded to the next highest integer) equal to (i) the number of
          Warrant
          Shares specified by the Registered Holder in its Notice of Exchange (the
          “Total
          Number”)
          less
          (ii) the number of Warrant Shares equal to the quotient obtained by dividing
          (A)
          the product of the Total Number and the existing Exercise Price by (B)
          the
          current market value of a share of Common Stock. Current market value shall
          have
          the meaning set forth Section (8)(i) hereof, except that for purposes hereof,
          the date of exercise, as used in such Section (8)(i) hereof, shall mean
          the date
          of the Notice of Exchange.

         

        (c)  The
          holders of the Notes may at any time prior to the Maturity Date present
          the
          Notes to the Company in payment of the Exercise Price of all or any portion
          of
          the Warrants.

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        SECTION
          5.  RESERVATION
          OF SHARES; LISTING; PAYMENT OF TAXES; ETC.

         

        (a)  The
          Company covenants that it will at all times reserve and keep available
          out of
          its authorized Common Stock, solely for the purpose of issue upon exercise
          of
          Warrants, such number of shares of Common Stock as shall then be issuable
          upon
          the exercise of all outstanding Warrants. The Company covenants that all
          shares
          of Common Stock which shall be issuable upon exercise of the Warrants and
          payment of the Exercise Price shall, at the time of delivery, be duly and
          validly issued, fully paid, nonassessable and free from all taxes, liens
          and
          charges with respect to the issue thereof (other than those which the Company
          shall promptly pay or discharge).

         

        (b)  The
          Company will use reasonable efforts to obtain appropriate approvals or
          registrations under state “blue sky” securities laws with respect to the
          exercise of the Warrants; provided, however, that the Company shall not
          be
          obligated to file any general consent to service of process or qualify
          as a
          foreign corporation in any jurisdiction. With respect to any such securities
          laws, however, Warrants may not be exercised by, or shares of Common Stock
          issued to, any Registered Holder in any state in which such exercise would
          be
          unlawful.

         

        (c)  The
          Company shall pay all documentary, stamp or similar taxes and other governmental
          charges that may be imposed with respect to the issuance of Warrants, or
          the
          issuance or delivery of any shares upon exercise of the Warrants; provided,
          however, that if the shares of Common Stock are to be delivered in a name
          other
          than the name of the Registered Holder of the Warrant Certificate representing
          any Warrant being exercised, then no such delivery shall be made unless
          the
          person requesting the same has paid to the Warrant Agent the amount of
          transfer
          taxes or charges incident thereto, if any.

         

        (d)  The
          Warrant Agent is hereby irrevocably authorized to requisition the Company’s
          Transfer Agent from time to time for certificates representing shares of
          Common
          Stock required upon exercise of the Warrants, and the Company will authorize
          the
          Transfer Agent to comply with all such proper requisitions.

         

        SECTION
          6.  EXCHANGE
          AND REGISTRATION OF TRANSFER.

         

        Subject
          to the restrictions on transfer contained in the Warrant Certificates and
          the
          Stock Purchase Agreements between the Company and the investors in the
          pre-bridge and bridge financings:

         

        (a)  Warrant
          Certificates may be exchanged for other Warrant Certificates representing
          an
          equal aggregate number of Warrants of the same class or may be transferred
          in
          whole or in part. Warrant Certificates to be exchanged shall be surrendered
          to
          the Warrant Agent at its Corporate Office, and upon satisfaction of the
          terms
          and provisions hereof, the Company shall execute, and the Warrant Agent
          shall
          countersign, issue and deliver in exchange therefor the Warrant Certificate
          or
          Certificates which the Registered Holder making the exchange shall be entitled
          to receive.

         

        (b)  The
          Warrant Agent shall keep at its office books in which, subject to such
          reasonable regulations as it may prescribe, it shall register Warrant
          Certificates and the transfer thereof in accordance with its regular practice.
          Upon due presentment for registration of transfer of any Warrant Certificate
          at
          its office, the Company shall execute and the Warrant Agent shall issue
          and
          deliver to the transferee or transferees a new Warrant Certificate or
          Certificates representing an equal aggregate number of Warrants.

         

        (c)  With
          respect to all Warrant Certificates presented for registration of transfer,
          or
          for exchange or exercise, the exercise form on the reverse thereof shall
          be duly
          endorsed, or be accompanied by a written instrument or instruments of transfer
          and subscription, in form satisfactory to the Company, duly executed by
          the
          Registered Holder or his attorney-in-fact duly authorized in
          writing.

         

        (d)  The
          Company may require payment by such holder of a sum sufficient to cover
          any tax
          or other governmental charge that may be imposed in connection
          therewith.

         

        (e)  All
          Warrant Certificates surrendered for exercise or for exchange in case of
          mutilated Warrant Certificates shall be promptly canceled by the Warrant
          Agent
          and thereafter retained by the Warrant Agent until termination of this
          Agreement
          or resignation of the Warrant Agent, or disposed of or destroyed, at the
          direction of the Company.

         

        (f)  Prior
          to
          due presentment for registration of transfer thereof, the Company and the
          Warrant Agent may deem and treat the Registered Holder of any Warrant
          Certificate as the absolute owner thereof and of each Warrant represented
          thereby (notwithstanding any notations of ownership or writing thereon
          made by
          anyone other than a duly authorized officer of the Company or the Warrant
          Agent)
          for all purposes and shall not be affected by any notice to the
          contrary.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        SECTION
          7.  LOSS
          OR MUTILATION.

         

        Upon
          receipt by the Company and the Warrant Agent of evidence satisfactory to
          them of
          the ownership of and loss, theft, destruction or mutilation of any Warrant
          Certificate and (in case of loss, theft or destruction) of indemnity
          satisfactory to them, and (in the case of mutilation) upon surrender and
          cancellation thereof, the Company shall execute and the Warrant Agent shall
          (in
          the absence of notice to the Company and/or Warrant Agent that the Warrant
          Certificate has been acquired by a bona fide purchaser) countersign and
          deliver
          to the Registered Holder in lieu thereof a new Warrant Certificate of like
          tenor
          representing an equal aggregate number of Warrants. Applicants for a substitute
          Warrant Certificate shall comply with such other reasonable regulations
          and pay
          such other reasonable charges as the Warrant Agent may prescribe.

         

        SECTION
          8.  ANTI-DILUTION
          PROVISIONS.

         

        The
          Exercise Price in effect at any time and the number and kind of securities
          purchasable upon the exercise of the Warrants shall be subject to adjustment
          from time to time upon the happening of certain events as follows:

         

        (a)  In
          case
          the Company shall hereafter (i) declare a dividend or make a distribution
          on its
          outstanding shares of Common Stock in shares of Common Stock, (ii) subdivide
          or
          reclassify its outstanding shares of Common Stock into a greater number
          of
          shares, or (iii) combine or reclassify its outstanding shares of Common
          Stock
          into a smaller number of shares, the Exercise Price in effect at the time
          of
          such dividend or distribution or of the effective date of such subdivision,
          combination or reclassification shall be adjusted so that it shall equal
          the
          price determined by multiplying the Exercise Price by a fraction, the
          denominator of which shall be the number of shares of Common Stock outstanding
          after giving effect to such action, and the numerator of which shall be
          the
          number of shares of Common Stock outstanding immediately prior to such
          action.
          Such adjustment shall be made successively whenever any event listed above
          shall
          occur.

         

        (b)  Subject
          to the provisions of Subsection (k) below, in case the Company shall fix
          a
          record date for the issuance of rights or warrants to all holders of its
          Common
          Stock entitling them to subscribe for or purchase shares of Common Stock
          (or
          securities convertible into Common Stock) at a price (the “Subscription
          Price”)
          (or
          having a conversion price per share) less than the current market price
          on such
          record date or less than the Exercise Price on such record date, the Exercise
          Price shall be adjusted so that the same shall equal the lower of (i) the
          price
          determined by multiplying the Exercise Price in effect immediately prior
          to the
          date of such issuance by a fraction, the numerator of which shall be the
          sum of
          (x) the number of Common Stock Equivalents Outstanding (as defined below)
          on the
          record date mentioned below and (y) the number of additional shares of
          Common
          Stock which the aggregate offering price of the total number of shares
          of Common
          Stock so offered (or the aggregate conversion price of the convertible
          securities so offered) would purchase at such current market price per
          share of
          the Common Stock, and the denominator of which shall be the sum of (x)
          the
          number of Common Stock Equivalents Outstanding on such record date and
          (y) the
          number of additional shares of Common Stock offered for subscription or
          purchase
          (or into which the convertible securities so offered are convertible) or
          (ii) in
          the event the Subscription Price is equal to or higher than the current
          market
          price but is less than the Exercise Price, the price determined by multiplying
          the Exercise Price in effect immediately prior to the date of issuance
          by a
          fraction, the numerator of which shall be the sum of the (x) number of
          Common
          Stock Equivalents Outstanding on the record date mentioned below and (y)
          the
          number of additional shares of Common Stock which the aggregate offering
          price
          of the total number of shares of Common Stock so offered (or the aggregate
          conversion price of the convertible securities so offered) would purchase
          at the
          Exercise Price in effect immediately prior to the date of such issuance,
          and the
          denominator of which shall be the sum of (x) the number of Common Stock
          Equivalents Outstanding on the record date mentioned below and (y) the
          number of
          additional shares of Common Stock offered for subscription or purchase
          (or into
          which the convertible securities so offered are convertible). For purposes
          of
          this Section 8, “Common
          Stock Equivalents Outstanding”
          shall
          mean the number of shares of Common Stock that is equal to the sum of (1)
          all
          shares of Common Stock of the Company that are outstanding at the time
          in
          question, plus (2) all shares of Common Stock of the Company issuable,
          directly
          or indirectly, upon conversion of all shares of preferred stock or other
          stock
          or other securities convertible into or exchangeable, directly or indirectly,
          for shares of Common Stock without the payment of additional consideration
          (“Convertible
          Securities”)
          that
          are outstanding at the time in question. Such adjustment shall be made
          successively whenever such rights or warrants are issued and shall become
          effective immediately after the record date for the determination of
          shareholders entitled to receive such rights or warrants; and to the extent
          that
          shares of Common Stock are not delivered (or securities convertible into
          Common
          Stock are not delivered) after the expiration of such rights or warrants
          the
          Exercise Price shall be readjusted to the Exercise Price which would then
          be in
          effect had the adjustments made upon the issuance of such rights or warrants
          been made upon the basis of delivery of only the number of shares of Common
          Stock (or securities convertible into Common Stock) actually
          delivered.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (c)  In
          case
          the Company shall hereafter distribute to the holders of its Common Stock
          evidences of its indebtedness or assets (excluding cash dividends or
          distributions and dividends or distributions referred to in Subsection
          (a)
          above) or subscription rights or warrants (excluding those referred to
          in
          Subsection (b) above), then in each such case the Exercise Price in effect
          thereafter shall be determined by multiplying the Exercise Price in effect
          immediately prior thereto by a fraction, the numerator of which shall be
          (x) the
          total number of Common Stock Equivalents Outstanding multiplied by the
          current
          market price per share of Common Stock, less (y) the fair market value
          (as
          determined by the Company’s Board of Directors) of said assets or evidences of
          indebtedness so distributed or of such rights or warrants, and the denominator
          of which shall be the total number of Common Stock Equivalents Outstanding
          multiplied by such current market price per share of Common Stock. Such
          adjustment shall be made successively whenever such a record date is fixed.
          Such
          adjustment shall be made whenever any such distribution is made and shall
          become
          effective immediately after the record date for the determination of
          shareholders entitled to receive such distribution.

         

        (d)  Subject
          to the provisions of Subsection (k) below, in case the Company shall hereafter
          issue shares of its Common Stock (excluding shares (i) issued in any of
          the
          transactions described in Subsections (a), (b) or (e), (ii) issued to
          shareholders of any corporation which merges into the Company in proportion
          to
          their stock holdings of such corporation immediately prior to such merger,
          upon
          such merger, (iii) issued in a bona fide public offering pursuant to a
          firm
          commitment underwriting, (iv) issued in connection with an acquisition
          of a
          business or technology which has been approved by a majority of the Company’s
          non-employee directors, (v) issued in connection with the payment of interest
          or
          dividends with respect to any securities issued to investors or placement
          agents
          and/or their designees in connection with the Financings or upon conversion
          or
          exercise of such securities, or (vi) issued upon exercise of options, warrants,
          convertible securities and convertible debentures) for a consideration
          per share
          (the “Offering
          Price”)
          less
          than either the current market price or less than the Exercise Price, the
          Exercise Price shall be adjusted immediately thereafter so that it shall
          equal
          the lower of (i) the price determined by multiplying the Exercise Price
          in
          effect immediately prior thereto by a fraction, the numerator of which
          shall be
          the sum of (x) the number of Common Stock Equivalents Outstanding immediately
          prior to the issuance of such additional shares and (y) the number of shares
          of
          Common Stock which the aggregate consideration received for the issuance
          of such
          additional shares would purchase at such current market price per share
          of
          Common Stock, and the denominator of which shall be the number of Common
          Stock
          Equivalents Outstanding immediately after the issuance of such additional
          shares
          or (ii) in the event the Offering Price is equal to or higher than the
          current
          market price per share but less than the Exercise Price, the price determined
          by
          multiplying the Exercise Price in effect immediately prior to the date
          of
          issuance by a fraction, the numerator of which shall be (x) the number
          of Common
          Stock Equivalents Outstanding immediately prior to the issuance of such
          additional shares and (y) the number of shares of Common Stock which the
          aggregate consideration received (determined as provided in Subsection
          (h)
          below) for the issuance of such additional shares would purchase at the
          Exercise
          Price in effect immediately prior to the date of such issuance, and the
          denominator of which shall be the number of Common Stock Equivalents Outstanding
          immediately after the issuance of such additional shares. Such adjustment
          shall
          be made successively whenever such an issuance is made, and too the extent
          that
          shares of Common Stock (or securities convertible into Common Stock), expire,
          are cancelled or are redeemed after their issuance, the Conversion Price
          shall
          be readjusted to the Conversion Price that would then be in effect had
          the
          adjustments made upon the issuance of convertible securities been made
          upon the
          basis of delivery of only the number of shares of Common Stock (or securities
          convertible into Common Stock) actually issued.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (e)  Subject
          to the provisions of Subsection (k) below, in case the Company shall hereafter
          issue any securities convertible into or exercisable or exchangeable for
          its
          Common Stock (excluding (1) securities issued in transactions described
          in
          Subsections (b), (c) and (d)(i) through (vii), (ii) options granted to
          the
          Company’s officers, directors, employees and consultants under a plan or plans
          adopted by the Company’s Board of Directors, if such options would otherwise be
          included in this Subsection (e) (but only to the extent that the aggregate
          number of shares issuable upon exercise of the options excluded hereby
          and
          issued after the date hereof, shall not exceed 10% of the Company’s Common Stock
          outstanding, on a fully diluted basis, at the time of any issuance unless
          such
          excess issuances are approved by the non-employee members of the Company’s Board
          of Directors or by a committee comprised of a majority of non-employee
          directors) and (iii) options, warrants, convertible securities and convertible
          debentures outstanding as of the date hereof or upon issuance, or subsequent
          exercise or conversion of, or in connection with the payment of in kind
          interest
          or dividends with respect to, any securities issued to investors or the
          placement agents and/or their designees in connection with the Bridge or
          upon
          conversion or exercise of such securities) for a consideration per share
          of
          Common Stock (the “Exchange
          Price”)
          initially deliverable upon conversion, exercise or exchange of such securities
          (determined as provided in Subsection (h) below) less than the current
          market
          price or less than the Exercise Price, the Exercise Price shall be adjusted
          immediately thereafter so that it shall equal the lower of (i) the price
          determined by multiplying the Exercise Price in effect immediately prior
          thereto
          by a fraction, the numerator of which shall be the sum of (x) the number
          of
          Common Stock Equivalents Outstanding immediately prior to the issuance
          of such
          securities and (y) the number of shares of Common Stock which the aggregate
          consideration paid for such securities (plus the aggregate exercise price
          if
          such convertible securities are options or warrants) would purchase at
          such
          current market price per share of Common Stock, and the denominator of
          which
          shall be the sum of (x) the number of Common Stock Equivalents Outstanding
          immediately prior to such issuance and (y) the maximum number of shares
          of
          Common Stock of the Company deliverable upon conversion, exercise or exchange
          of
          such securities at the initial Exchange Price or (ii) in the event the
          Exchange
          Price is equal to or higher than the current market price per share but
          less
          than the Exercise Price, the price determined by multiplying the Exercise
          Price
          in effect immediately prior to the date of issuance by a fraction, the
          numerator
          of which shall be the sum of (x) the number of Common Stock Equivalents
          Outstanding immediately prior to the issuance of such securities and (y)
          the
          number of shares of Common Stock which the aggregate consideration received
          (determined as provided in Subsection (h) below) for such securities would
          purchase at the Exercise Price in effect immediately prior to the date
          of such
          issuance, and the denominator of which shall be the sum of (x) the number
          of
          Common Stock Equivalents Outstanding immediately prior to the issuance
          of such
          securities and (y) the maximum number of shares of Common Stock of the
          Company
          deliverable upon conversion of or in exchange for such securities at the
          initial
          conversion or exchange price or rate. Such adjustment shall be made successively
          whenever such an issuance is made; and to the extent that shares of Common
          Stock
          are not delivered after the expiration of such securities the Exercise
          Price
          shall be readjusted to the Exercise Price which would then be in effect
          had the
          adjustments made upon the issuance of such securities been made upon the
          basis
          of delivery of only the number of shares of Common Stock actually
          delivered.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (f)  Whenever
          the Exercise Price payable upon exercise of each Warrant is adjusted pursuant
          to
          Subsections (a), (b), (c), (d) and (e) above or (k) below, the number of
          shares
          of Common Stock purchasable upon exercise of this Warrant shall simultaneously
          be adjusted by multiplying the number of shares of Common Stock initially
          issuable upon exercise of this Warrant by the Exercise Price in effect
          immediately prior to the adjustment and dividing the product so obtained
          by the
          Exercise Price, as adjusted.

         

        (g)  No
          adjustment in the Exercise Price shall be required unless such adjustment
          would
          require an increase or decrease of at least one cents ($0.01) in such price;
          provided, however, that any adjustments which by reason of this Section
          8 are
          not required to be made shall be carried forward and taken into account
          in any
          subsequent adjustment required to be made hereunder;

         

        (h)  For
          purposes of any computation respecting consideration received pursuant
          to
          Subsections (d) and (e) above, the following shall apply:

         

        (A)  in
          the
          case of the issuance of shares of Common Stock for cash, the consideration
          shall
          be the amount of such cash, provided that in no case shall any deduction
          be made
          for any commissions, discounts or other expenses incurred by the Company
          for any
          underwriting of the issue or otherwise in connection therewith;

         

        (B)  in
          the
          case of the issuance of shares of Common Stock for a consideration in whole
          or
          in part other than cash, the consideration other than cash shall be deemed
          to be
          the fair market value thereof as determined in good faith by the Board
          of
          Directors of the Company (irrespective of the accounting treatment thereof),
          whose determination shall be conclusive; and

         

        (C)  in
          the
          case of the issuance of securities convertible into or exchangeable for
          shares
          of Common Stock, the aggregate consideration received therefor shall be
          deemed
          to be the consideration received by the Company for the issuance of such
          securities plus the additional minimum consideration, if any, to be received
          by
          the Company upon the conversion or exchange thereof (the consideration
          in each
          case to be determined in the same manner as provided in clauses (A) and
          (B) of
          this Subsection (h)).

         

        (i)  For
          the
          purpose of any computation under Subsections (b), (c), (d) and (e) above,
          the
          current market price per share of Common Stock at any date shall be deemed
          to be
          the higher of (i) the average of the prices for thirty (30) consecutive
          business
          days before such date, or (ii) the average of the prices for five (5)
          consecutive business days immediately preceding such date determined as
          follows:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (A)  If
          the
          Common Stock is listed on a national securities exchange or admitted to
          unlisted
          trading privileges on such exchange or listed for trading on the Nasdaq
          Stock
          Market (“Nasdaq”), the current market value shall be the last reported sale
          price of the Common Stock on such exchange or market on such trading day
          or if
          no such sale is made on such day, the average closing bid and asked prices
          for
          such day on such exchange or market;

         

        (B)  If
          the
          Common Stock is not so listed or admitted to unlisted trading privileges,
          but is
          traded in the over-the-counter market, the current market value shall be
          the
          mean of the average of the last reported bid and asked prices reported
          by the
          National Quotation Bureau, Inc. for such trading day; or 

         

        (C)  If
          the
          Common Stock is not so listed or admitted to unlisted trading privileges
          and bid
          and asked prices are not so reported, the current market value shall be
          an
          amount determined in such reasonable manner as may be prescribed by the
          Board of
          Directors of the Company.

         

        (j)  All
          calculations under this Section 8 shall be made to the nearest cent or
          to the
          nearest one-hundredth of a share, as the case may be. Anything in this
          Section 8
          to the contrary notwithstanding, the Company shall be entitled, but shall
          not be
          required, to make such changes in the Exercise Price, in addition to those
          required by this Section 8, as it shall determine, in its sole discretion,
          to be
          advisable in order that any dividend or distribution in shares of Common
          Stock,
          or any subdivision, reclassification or combination of Common Stock, hereafter
          made by the Company shall not result in any Federal Income tax liability
          to the
          holders of Common Stock or securities convertible into Common Stock (including
          the notes issued in the Financings and the Warrants).

         

        (k)  Notwithstanding
          the provisions of this Section 8, in the event that the Company shall at
          any
          time prior to the first anniversary of the Initial Warrant Exercise Date
          issue
          securities under Subsections (b), (d) or (e) (but subject to the exemptions
          specified therein other than clause (iii) of Subsection (d) having an Offering
          Price, Subscription Price or Conversion Price less than the Exercise Price
          (whether initially or due to provisions in such securities requiring price
          reductions as a result of anti-dilution adjustments, the passage of time,
          “discount to market” or similar provisions), then the Exercise Price shall be
          immediately reset to equal such lower Offering Price, Subscription Price
          or
          Conversion Price.

         

        (l)  In
          the
          event that at any time, as a result of an adjustment made pursuant to Subsection
          (a) above, the Holder of this Warrant thereafter shall become entitled
          to
          receive any shares of the Company, other than Common Stock, thereafter
          the
          number of such other shares so receivable upon exercise of this Warrant
          shall be
          subject to adjustment from time to time in a manner and on terms as nearly
          equivalent as practicable to the provisions with respect to the Common
          Stock
          contained in Subsections (a) to (k), inclusive above.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (m)  In
          case
          of any reclassification or capital reorganization, or in case of any
          consolidation or merger of the Company with or into another corporation
          (other
          than a merger with a subsidiary in which merger the Company is the continuing
          corporation and which does not result in any reclassification or capital
          reorganization) or in case of any sale, lease or conveyance to another
          corporation of the property of the Company as an entirety, the Company
          shall, as
          a condition precedent to such transaction, cause effective provisions to
          be made
          so that the holder of this Warrant shall have the right thereafter upon
          conversion of this Warrant in accordance with the provisions of this Section
          8,
          to purchase the kind and amount of shares of stock and other securities
          and
          property receivable upon such reclassification, capital reorganization,
          consolidation, merger, sale or conveyance by a holder of the number of
          shares of
          Common Stock which might have been received upon conversion of this Warrant
          immediately prior to such reclassification, consolidation, merger, sale
          or
          conveyance. Any such provision shall include provision for adjustments
          which
          shall be as nearly equivalent as may be practicable to the adjustments
          provided
          for in this Warrant. The Company shall not effect any such consolidation,
          merger, sale, transfer or other disposition, unless prior to or simultaneously
          with the consummation thereof the successor corporation (if other than
          the
          Company) resulting from such consolidation or merger or the corporation
          purchasing or otherwise acquiring such properties shall assume, by written
          instrument executed and mailed or delivered to the holder of this Warrant
          at the
          last address of such holder appearing on the books of the Company, the
          obligation to deliver to such holder such shares of stock, securities,
          cash or
          properties as, in accordance with the foregoing provisions, such holder
          may be
          entitled to acquire. The above provisions of this paragraph shall similarly
          apply to successive reorganizations, reclassifications, consolidations,
          mergers,
          sales, transfers or other dispositions.

         

        (n)  The
          Company shall promptly give written notice of any adjustment under this
          Section
          8 to the Warrant Agent (if other than the Company), the Placement Agent
          and each
          Registered Holder of the Warrants.

         

        SECTION
          9.  REGISTRATION
          UNDER THE SECURITIES ACT OF 1933.

         

        The
          Company agrees to register the Warrant Shares for resale under the Securities
          Act on the terms and subject to the conditions set forth in Section 1.2
          of the
          Registration Rights Agreement between the Company and each of the investors
          in
          the Private Placement Offering.

         

        SECTION
          10.  FRACTIONAL
          WARRANTS AND FRACTIONAL SHARES.

         

        If
          the
          number of shares of Common Stock purchasable upon the exercise of each
          Warrant
          is adjusted pursuant to Section 8 hereof, the Company shall nevertheless
          not be
          required to issue fractions of shares, upon exercise of the Warrants or
          otherwise, or to distribute certificates that evidence fractional shares.
          With
          respect to any fraction of a share called for upon any exercise hereof,
          the
          Company shall pay to the Holder an, amount in cash equal to such fraction
          multiplied by the current market value of such fractional share, determined
          as
          follows:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (a)  If
          the
          Common Stock is listed on a national securities exchange or admitted to
          unlisted
          trading privileges on such exchange or listed for trading on Nasdaq, the
          current
          market value shall be the average of the last reported sale prices of the
          Common
          Stock on such exchange for the 10 trading days prior to the date of exercise
          of
          this Warrant; provided that if no such sale is made on a day within such
          period
          or no closing sale price is quoted, that day’s market value shall be the average
          of the closing bid and asked prices for such day on such exchange or system;
          or

         

        (b)  If
          the
          Common Stock is listed in the over-the-counter market (other than on Nasdaq)
          or
          admitted to unlisted trading privileges, the current market value shall
          be the
          mean of the last reported bid and asked prices reported by the National
          Quotation Bureau, Inc. for the 10 trading days prior to the date of the
          exercise
          of this Warrant; or

         

        (c)  If
          the
          Common Stock is not so listed or admitted to unlisted trading privileges
          and bid
          and asked prices are not so reported, the current market value shall be
          an
          amount determined in a reasonable manner by the Board of Directors of the
          Company.

         

        SECTION
          11.  WARRANT
          HOLDERS NOT DEEMED STOCKHOLDERS.

         

        No
          holder
          of Warrants shall, as such, be entitled to vote or to receive dividends
          or be
          deemed the holder of Common Stock that may at any time be issuable upon
          exercise
          of such Warrants for any purpose whatsoever, nor shall anything contained
          herein
          be construed to confer upon the holder of Warrants, as such, any of the
          rights
          of a stockholder of the Company or any right to vote for the election of
          directors or upon any matter submitted to stockholders at any meeting thereof,
          or to give or withhold consent to any corporate action (whether upon any
          recapitalization, issue or reclassification of stock, change of par value
          or
          change of stock to no par value, consolidation, merger or conveyance or
          otherwise), or to receive notice of meetings, or to receive dividends or
          subscription rights, until such Holder shall have exercised such Warrants
          and
          been issued shares of Common Stock in accordance with the provisions
          hereof.

         

        SECTION
          12.  RIGHTS
          OF ACTION.

         

        All
          rights of action with respect to this Agreement are vested in the respective
          Registered Holders of the Warrants, and any Registered Holder of a Warrant,
          without consent of the Warrant Agent or of the holder of any other Warrant,
          may,
          on his own behalf and for his own benefit, enforce against the Company
          his right
          to exercise his Warrants for the purchase of shares of Common Stock in
          the
          manner provided in the Warrant Certificate and this Agreement.

         

        SECTION
          13.  AGREEMENT
          OF WARRANT HOLDERS.

         

        Every
          holder of a Warrant, by his acceptance thereof, consents and agrees with
          the
          Company, the Warrant Agent and every other holder of a Warrant
          that:

         

        (a)  The
          Warrants are transferable only on the registry books of the Warrant Agent
          by the
          Registered Holder thereof in person or by his attorney duly authorized
          in
          writing and only if the Warrant Certificates representing such Warrants
          are
          surrendered at the office of the Warrant Agent, duly endorsed or accompanied
          by
          a proper instrument of transfer satisfactory to the Warrant Agent and the
          Company in their sole discretion, together with payment of any applicable
          transfer taxes; and

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (b)  The
          Company may deem and treat the person in whose name the Warrant Certificate
          is
          registered as the holder and as the absolute, true and lawful owner of
          the
          Warrants represented thereby for all purposes, and the Company shall not
          be
          affected by any notice or knowledge to the contrary, except as otherwise
          expressly provided in Section 7 hereof.

         

        SECTION
          14.  CANCELLATION
          OF WARRANT CERTIFICATES.

         

        If
          the
          Company shall purchase or acquire any Warrant or Warrants, the Warrant
          Certificate or Warrant Certificates evidencing the same shall thereupon
          be
          canceled by it and retired. The Warrant Agent shall also cancel Common
          Stock
          following exercise of any or all of the Warrants represented thereby or
          delivered to it for transfer, splitup, combination or exchange.

         

        SECTION
          15.  MODIFICATION
          OF AGREEMENT.

         

        The
          parties hereto may by supplemental agreement make any changes or corrections
          in
          this Agreement (i) that it shall deem appropriate to cure any ambiguity
          or to
          correct any defective or inconsistent provision or manifest mistake or
          error
          herein contained; (ii) to reflect an increase in the number of Warrants
          which
          are to be governed by this Agreement resulting from an increase in the
          size of
          the Financings; or (iii) that it may deem necessary or desirable and which
          shall
          not materially adversely affect the interests of the holders of Warrant
          Certificates; provided, however, that this Agreement shall not otherwise
          be
          modified, supplemented or altered in any material respect except with the
          consent in writing of the Company, the Placement Agent and the holders
          of at
          least a majority of the outstanding Warrants except that nothing shall
          prevent
          the Company and a Registered Holder from consenting to modifications to
          this
          Agreement which affect or are applicable to such Registered Holder
          only.

         

        SECTION
          16.  NOTICES.

         

        All
          notices, requests, consents and other communications hereunder shall be
          in
          writing and shall be deemed to have been made when delivered or mailed
          first
          class registered or certified mail, postage prepaid as follows: if to the
          Registered Holder of a Warrant Certificate, at the address of such holder
          as
          shown on the registry books maintained by the Warrant Agent; if to the
          Company,
          at 1125 S. Walnut St, South Bend, Indiana 46619, Attention: John Martell;
          if to
          the Warrant Agent, at its Corporate Office and if to the Placement Agent,
          at 33
          Whitehall Street, 17’ Floor, New York, New York 10004, Attention-

         

        SECTION
          17.  GOVERNING
          LAW.

         

        This
          Agreement shall be governed by and construed in accordance with the laws
          of the
          State of New York.

         

        SECTION
          18.  BINDING
          EFFECT.

         

        This
          Agreement shall be binding upon and inure to the benefit of the Company
          and the
          Warrant Agent (and their respective successors and assigns) and the holders
          from
          time to time of Warrant Certificates. Nothing in this Agreement is intended
          or
          shall be construed to confer upon any other person any right, remedy or
          claim,
          in equity or at law, or to impose upon any other person any duty, liability
          or
          obligation.

         

        SECTION
          19.  TERMINATION.

         

        This
          Agreement shall terminate on the earlier to occur of (i) the close of business
          on the second day following the Warrant Expiration Date; or (ii) the date
          upon
          which all Warrants have been exercised.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SECTION
          20.  COUNTERPARTS.

         

        This
          Agreement may be executed in several counterparts, which taken together
          shall
          constitute a single document.

         

        
          
            
               

            

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
          executed as of the date first above written.

         

        

         

        

          

          
            	 	 	
                    MAGNETECH
                      INDUSTRIAL SERVICES, INC.

                  
	 	 	 
	 	
                    By:

                  	
                    /s/
                      John A. Martell

                  
	 	
                    Name:

                  	
                    John
                      A. Martell

                  
	 	
                    Title:

                  	
                    President

                  
	 	 	 
	 	 	 
	 	 	
                    MAGNETECH
                      INTEGRATED SERVICES, CORP.

                  
	 	 	 
	 	
                    By:

                  	
                    /s/
                      John A. Martell

                  
	 	
                    Name:

                  	
                    John
                      A. Martell

                  
	 	
                    Title:

                  	
                    President
                      and Chief Executive Officer

                  
	 	 	 
	 	 	 
	 	 	
                    STRASBOURGER
                      PEARSON TULCIN WOLFF INCORPORATED

                  
	 	 	 
	 	
                    By:

                  	
                    /s/
                      Michael Schumacher

                  
	 	
                    Name:

                  	
                    Michael
                      Schumacher

                  
	 	
                    Title:

                  	
                    Presidnet

                  
	 	 	 
	 	 	 

          

          

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

      

       

      NEITHER
        THIS WARRANT NOR ANY SHARES OF COMMON STOCK ISSUABLE UPON ITS EXERCISE HAVE
        BEEN
        REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED UNTIL
        (1) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (THE
        “SECURITIES ACT”) SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO, OR
        (2) RECEIPT BY THE ISSUER OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY
        TO THE ISSUER TO THE EFFECT THAT REGISTRATION UNDER THE SECURITIES ACT IS
        NOT
        REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS SUCH TRANSFER IN
        VIOLATION OF ANY APPLICABLE STATE SECURITIES LAWS. 

       

      THE
        WARRANTS ARE SUBJECT TO REDEMPTION BY THE COMPANY UNDER CERTAIN CIRCUMSTANCES
        DESCRIBED IN THE WARRANT AGREEMENT. 

       

      
        	
                No.
                  MH ______

                 

              	
                __________
                  Warrants

                 

              

      

      VOID
        AFTER DECEMBER 13, 2014

       

      WARRANT
        CERTIFICATE FOR PURCHASE OF COMMON STOCK

       

      MAGNETECH
        INTEGRATED SERVICES CORP.

       

       

      This
        certifies that FOR VALUE RECEIVED Strasbourger Pearson Tulcin Wolff Inc.,
        or
        registered assigns (the “Registered Holder”) is the owner of the number of
        Warrants (“Warrants”)
        specified above. Each Warrant initially entitles the Registered Holder to
        purchase, subject to the terms and conditions set forth in this Certificate
        and
        the Warrant Agreement (as hereinafter defined), one fully paid and no assessable
        share of common stock (“Common
        Stock”)
        of
        Magnetech Industrial Holdings, Inc., an Indiana corporation (the “Company”),
        at
        any time commencing on the Initial Exercise Date (as defined in the Warrant
        Agreement) and prior to the Expiration Date (as hereinafter defined), upon
        the
        presentation and surrender of this Warrant Certificate with the Exercise
        Form on
        the reverse hereof duly executed, at the corporate office of the Company,
        as
        warrant agent, or its successor (the “Warrant
        Agent”),
        accompanied by payment of an amount equal to 0.01 cents per share for each
        Warrant (the “Exercise
        Price”)
        in
        lawful money of the United States of America in cash or by official bank
        or
        certified check made payable to Magnetech Integrated Services Corp. The Company
        may, at its election, reduce the Exercise Price. 

       

      This
        Warrant Certificate and each Warrant represented hereby are issued pursuant
        to
        and are subject in all respects to the terms and conditions set forth in
        the
        Warrant Agreement (the “Warrant
        Agreement”),
        dated
        December 13, 2004 between the Company and Strasbourger Pearson Tulcin Wolff
        Incorporated. 

       

      In
        the
        event of certain contingencies provided for in the Warrant Agreement, the
        Exercise Price or the number of shares of Common Stock subject to purchase
        upon
        the exercise of each Warrant represented hereby are subject to modification
        or
        adjustment. 

       

      Each
        Warrant represented hereby is exercisable at the option of the Registered
        Holder, but no fractional shares of Common Stock will be issued. In the case
        of
        the exercise of less than all the Warrants represented hereby, the Company
        shall
        cancel this Warrant Certificate upon the 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      surrender
        hereof and shall execute and deliver a new Warrant Certificate or Warrant
        Certificates of like tenor, which the Warrant Agent shall countersign, for
        the
        balance of such Warrants. 

       

      The
        term
“Expiration Date” shall mean 5:00 P.M. (New York time) on December 13, 2014. If
        such date shall in the State of New York be a holiday or a day on which the
        banks are authorized to close, then the Expiration Date shall mean 5:00 P.M.
        (New York time) the next following day which in the Sate of New York is not
        a
        holiday or a day on which banks are authorized to close. The Company may,
        at its
        election, extend the Expiration Date. 

       

      This
        Warrant Certificate is exchangeable, upon the surrender hereof by the Registered
        Holder at the corporate office of the Warrant Agent, for a new Warrant
        Certificate or Warrant Certificates of like tenor representing an equal
        aggregate number of Warrants, each of such new Warrant Certificates to represent
        such number of Warrants as shall be designated by such Registered Holder
        at the
        time of such surrender. Upon due presentment with any tax or other governmental
        charge imposed in connection therewith, for registration of transfer of this
        Warrant Certificate at such office, a new Warrant Certificate or Warrant
        Certificates representing an equal aggregate number of Warrants will be issued
        to the transferee in exchange therefor, subject to the limitations provided
        in
        the Warrant Agreement. 

       

      Prior
        to
        the exercise of any Warrant represented hereby, the Registered Holder shall
        not
        be entitled to any of the rights of a stockholder of the Company, including,
        without limitation, the right to vote or to receive dividends or other
        distributions, and shall not be entitled to receive any notice of any
        proceedings of the Company, except as provided in the Warrant Agreement.
        

       

      Prior
        to
        due presentment for registration of transfer hereof, the Company may deem
        and
        treat the Registered Holder as the absolute owner hereof and of each Warrant
        represented hereby (notwithstanding any notations of ownership or writing
        hereon
        made by anyone other than a duly authorized officer of the Company) for all
        purposes and shall not be affected by any notice to the contrary. 

       

      This
        Warrant Certificate shall be governed by and construed in accordance with
        the
        laws of the State of New York. 

       

      IN
        WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly
        executed as of the date set forth above. 

       

      
        	 	 	 	
                MAGNETECH
                  INTEGRATED SERVICES CORP.

              
	
                Dated:

              	 December
                13, 2005	 	 	 
	 	 	 	
                By:

              	 /s/
                John A. Martell
	 	 	 	
                Name:

              	
                John
                  A. Martell

              
	 	 	 	
                Title:

              	
                President
                  and Chief Executive Officer

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

        

          JOINDER
            AGREEMENT

           

          for

           

          WARRANT
            AGREEMENT

           

          THIS
            JOINDER AGREEMENT (“Agreement”) is entered into as of December 13, 2004 (the
“Effective Date”) by and among the transferees (the “Transferees”) set forth on
            the signature page hereto, Magnetech Industrial Services, Inc. (“MIS”) and
            Magnetech Integrated Services Corp. (the “Company”).

           

          WHEREAS,
            the Warrant Agreement among Strasbourger Pearson Tulcin Wolff Inc. (the
            “Placement Agent”) and MIS and the Company sets forth and describes the rights
            and obligations with respect to, among other things, the issuance of
            common
            stock purchase warrants (“Warrants”) to the Placement Agent; and

           

          WHEREAS,
            in connection with the transfer and reissuance of such common stock purchase
            warrants to the Transferees, all of the parties desire the Transferees
            to become
            parties to the Warrant Agreement;

           

          NOW
            THEREFORE, in consideration of the foregoing and of the representations,
            warranties and covenants set forth in the Warrant Agreement and for other
            good
            and valuable consideration, the receipt and sufficiency of which are
            hereby
            acknowledged, the parties hereby agree as follows:

           

          1.  Joinder

           

          .
            The
            Transferees are hereby added as, and each of them shall be deemed a party
            to,
            the Warrant Agreement, bound by all the provisions thereof, subject to
            all the
            obligations therein imposed on the Placement Agent, and entitled to all
            the
            rights therein granted to the Placement Agent.

           

          2.  Successors
            and Assigns

           

          .
            This
            Agreement shall be binding upon and inure to the benefit of the parties
            hereto
            and their respective successors and permitted assigns.

           

          3.  Notices

           

          .
            All
            notices, requests, demands and other communications required or permitted
            to be
            given to be given under the Warrant Agreement shall be given to the Transferees
            at the addresses set forth in their respective Investor Questionnaires
            previously delivered to the Company.

           

          4.  Governing
            Law

           

          .
            This
            Agreement shall be construed, and the rights and liabilities of the parties
            hereto determined, in accordance with the internal laws of the State
            of New
            York.

           

          5.  Captions,
            Definitions

           

          .
            The
            captions to this Agreement are for convenience of reference only and
            in no way
            define, limit or describe the scope or intent of this Agreement or any
            part
            hereof, nor in any way affect this Agreement or any part hereof. Capitalized
            terms not defined herein shall have the meanings given to them in the
            Warrant
            Agreement.

           

          6.  Effective
            Date

           

          .
            This
            Agreement shall be effective as of the Effective Date.

           

          7.  Counterparts

           

          .
            This
            Agreement may be executed in several counterparts, which together shall
            constitute a single document.

           

          
            
              
                 

              

              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties hereto have executed this Agreement as of
            the
            Effective Date.

           

          

          
            	
                    Magnatech
                      Industrial Services, Inc.

                  	 
	 	 
	 	 
	
                    By: 
                      /s/ John A. Martell 

                  	 
	
                    Name: John
                      A. Martell

                  	 
	
                    Title: President
                      and Chief Executive
                      Officer

                  	 
	 	 
	 	 
	 	 
	
                    By:  Signatories
                      [see attached Exhibit 1]

                  	 
	
                    Name: 

                  	 
	
                    Title: 

                  	 
	 	 
	 	 
	
                    Magnatech
                      Integrated Services Corp.

                  	 
	 	 
	 	 
	
                    By:  /s/
                      John A. Martell 

                  	 
	
                    Name: John
                      A. Martell

                  	 
	
                    Title: President
                      and Chief Executive
                      Officer

                  	 

          

          
 

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

    

     

    Exhibit
      1

     

     

    

      Schedule
        to Form of Warrant Certificate

      and
        Joinder Agreement

       

      Recipients
        of Warrants

       

       

      

       

      
        	
                 

                Certificate
                  Number

                 

              	
                 

                Date

                 

              	
                 

                Recipient

                 

              	
                 

                Number
                  of Warrants

                 

              
	
                 

                1

                 

              	
                 

                12/13/04

                 

              	
                 

                Ron
                  Moeschetta

                 

              	
                 

                600,000

                 

              
	
                 

                2

                 

              	
                 

                12/13/04

                 

              	
                 

                Andy
                  Gonchar

                 

              	
                 

                600,000

                 

              
	
                 

                3

                 

              	
                 

                12/13/04

                 

              	
                 

                P.
                  Tony Polyviou

                 

              	
                 

                600,000

                 

              
	
                 

                4

                 

              	
                 

                12/13/04

                 

              	
                 

                Donna
                  D. Kress

                 

              	
                 

                750,000

                 

              
	
                 

                5

                 

              	
                 

                12/13/04

                 

              	
                 

                Phoenix
                  Holdings Inc.

                 

              	
                 

                1,950,000

                 

              
	 	 	
                 

                Total

                 

              	
                 

                4,500,000

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