Document:

EXHIBIT 4.2.1

                       TRUST SALE AND SERVICING AGREEMENT

                                      AMONG

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

                                    SERVICER

                              ACE SECURITIES CORP.

                                     SELLER

                                       AND

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

                                     ISSUER

                            DATED AS OF ______, 20__

<PAGE>

                                TABLE OF CONTENTS

                                                                      PAGE

                                    ARTICLE I

                               CERTAIN DEFINITIONS

SECTION 1.1       Definitions.................................................5

                                   ARTICLE II

       CONVEYANCE OF ELIGIBLE RECEIVABLES; ISSUANCE OF INITIAL SECURITIES

SECTION 2.1       Conveyance of Eligible Receivables..........................6
SECTION 2.2       Custody of Documentation....................................7
SECTION 2.3       Acceptance by the Issuer; Other Acknowledgments.............7
SECTION 2.4       Representations and Warranties under the Pooling and
                  Servicing Agreement.........................................8
SECTION 2.5       Repurchase of Receivables Upon Breach of Warranty;
                  Administrative Receivables..................................8
SECTION 2.6       Covenants...................................................9
SECTION 2.7       Addition of Accounts.......................................10
SECTION 2.8       Optional Removal of Accounts...............................11
SECTION 2.9       Removal of Ineligible Accounts.............................12

                                   ARTICLE III

                                   THE SELLER

SECTION 3.1       Representations of the Seller..............................13
SECTION 3.2       Liability of Seller........................................16
SECTION 3.3       Merger or Consolidation of, or Assumption of the
                  Obligations of, Seller; Amendment of Certificate of
                  Incorporation..............................................16
SECTION 3.4       Limitation on Liability of Seller and Others...............17
SECTION 3.5       Seller May Own Notes or Certificates.......................17

                                   ARTICLE IV

              SERVICER'S COVENANTS; DISTRIBUTIONS; RESERVE FUNDS;
                         STATEMENTS TO SECURITYHOLDERS

SECTION 4.1       Annual Statement as to Compliance; Notice of Servicing
                  Default....................................................18
SECTION 4.2       Annual Independent Accountants' Report.....................18
SECTION 4.3       Access to Certain Documentation and Information
                  Regarding Accounts and Receivables.........................19
SECTION 4.4       Enforcement of Receivables.................................19
SECTION 4.5       Allocations; Distributions.................................19
SECTION 4.6       ______________________ Reserve Funds and the
                  Reserve Fund...............................................27
SECTION 4.7       Net Deposits...............................................28
SECTION 4.8       Statements to Securityholders..............................29
SECTION 4.9       New Issuances; Changes in Specified Maximum
                  Revolver Balance...........................................30

                                    ARTICLE V

                                  SERVICING FEE

SECTION 5.1       Servicing Compensation.....................................32

                                   ARTICLE VI

    SECURITYHOLDER ACCOUNTS; COLLECTIONS, DEPOSITS AND INVESTMENTS; ADVANCES

SECTION 6.1       Establishment of Accounts; Deposits; Investments...........32
SECTION 6.2       Collections................................................37

                                  ARTICLE VII

                       LIABILITIES OF SERVICER AND OTHERS

SECTION 7.1       Liability of Servicer; Indemnities.........................38
SECTION 7.2       Merger or Consolidation of, or Assumption of the
                  Obligations of, the Servicer...............................39
SECTION 7.3       Limitation on Liability of Servicer and Others.............39
SECTION 7.4       Delegation of Duties.......................................40
SECTION 7.5       Servicer Not to Resign.....................................40

                                  ARTICLE VIII

                                     DEFAULT

SECTION 8.1       Servicing Defaults.........................................41
SECTION 8.2       Consequences of a Servicing Default........................42
SECTION 8.3       Indenture Trustee to Act; Appointment of Successor.........43
SECTION 8.4       Notification to Securityholders............................44
SECTION 8.5       Waiver of Past Defaults....................................44
SECTION 8.6       Repayment of Advances......................................44

                                   ARTICLE IX

                     EARLY AMORTIZATION EVENTS; TERMINATION

SECTION 9.1       Early Amortization Events..................................44
SECTION 9.2       Insolvency Events..........................................47
SECTION 9.3       Optional Purchase by the Servicer..........................47
SECTION 9.4       Termination................................................48
SECTION 9.5       Recommencement of Revolving Period.........................48

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

SECTION 10.1      Amendment..................................................50
SECTION 10.2      Protection of Title to the Owner Trust Estate..............52
SECTION 10.3      Notices....................................................54
SECTION 10.4      GOVERNING LAW..............................................54
SECTION 10.5      Severability of Provisions.................................54
SECTION 10.6      Assignment.................................................54
SECTION 10.7      Third-Party Beneficiaries..................................54
SECTION 10.8      Counterparts...............................................55
SECTION 10.9      Headings...................................................55
SECTION 10.10     Assignment to Indenture Trustee............................55
SECTION 10.11     No Petition Covenants......................................55
SECTION 10.12     Further Assurances.........................................55
SECTION 10.13     No Waiver; Cumulative Remedies.............................55
SECTION 10.14     Merger and Integration.....................................55
SECTION 10.15     Limitation of Liability of Indenture Trustee and
                  Owner Trustee..............................................56

EXHIBIT A              Form of Assignment for this Initial Closing Date
EXHIBIT B              Locations of Schedule of Accounts
EXHIBIT C              Form of Assignment for Each Addition Date
EXHIBIT D              Form of Opinion of Counsel with Respect to Addition
                       of Accounts

APPENDIX A             Definitions and Rules of Construction
APPENDIX B             Notices and Addresses

<PAGE>

          THIS TRUST SALE AND SERVICING AGREEMENT is made as of ____, 20__, by
and among ____________________, a __________ corporation ("________") and in its
capacity as Servicer under the Pooling and Servicing Agreement and hereunder
(the "Servicer"), ACE SECURITIES CORP., a Delaware corporation (the "Seller"),
and ______________________, a Delaware business trust (the "Issuer" or the
"Trust").

          WHEREAS, on the Initial Closing Date, the Original Seller has sold the
Eligible Receivables in the Accounts in the Pool of Accounts to the Seller and,
as Servicer, has agreed to service all Receivables in such Accounts pursuant to
the Pooling and Servicing Agreement;

          WHEREAS, the Seller desires to sell the Eligible Receivables in the
Accounts in the Pool of Accounts to the Issuer on the Initial Closing Date in
exchange for the Initial Securities pursuant to the terms of this Agreement and
to sell to the Issuer any Eligible Receivables thereafter arising in such
Accounts, and the Issuer desires to purchase all such Eligible Receivables;

          WHEREAS, the Servicer desires to perform the servicing obligations set
forth herein for and in consideration of the fees and other benefits set forth
in this Agreement and in the Pooling and Servicing Agreement; and

          WHEREAS, the Seller and the Issuer wish to set forth the terms
pursuant to which the Eligible Receivables in the Accounts in the Pool of
Accounts and all related Collateral Security are to be sold by the Seller to the
Issuer on the Initial Closing Date and thereafter and all Receivables in such
Accounts serviced by the Servicer.

          NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:

                                    ARTICLE I
                               CERTAIN DEFINITIONS

          SECTION 1.1 Definitions. Certain capitalized terms used in the above
recitals and in this Agreement are defined in and shall have the respective
meanings assigned to them in Part I of Appendix A to this Agreement. All
references herein to "the Agreement" or "this Agreement" are to this Trust Sale
and Servicing Agreement as it may be amended, supplemented or modified from time
to time, the exhibits hereto and the capitalized terms used herein which are
defined in Appendix A, and all references herein to Articles, Sections and
subsections are to Articles, Sections or subsections of this Agreement unless
otherwise specified. The rules of construction set forth in Part II of Appendix
A shall be applicable to this Agreement.

                                   ARTICLE II
                       CONVEYANCE OF ELIGIBLE RECEIVABLES;
                         ISSUANCE OF INITIAL SECURITIES

          SECTION 2.1 Conveyance of Eligible Receivables.

          (a) In consideration of the Issuer's delivery on the Initial Closing
Date of the ______ Term Notes and the _____ Certificates with an initial
Certificate Balance of $__________ to, or upon the order of, the Seller, the
Seller does hereby enter into this Agreement and agree to fulfill all of its
obligations hereunder and does hereby sell, transfer, assign and otherwise
convey to the Issuer, without recourse (except as expressly provided herein),
pursuant to an assignment in the form of Exhibit A hereto, on the Initial
Closing Date, (i) all of its right, title and interest in, to and under all of
the Eligible Receivables existing in the Accounts listed on the Schedule of
Accounts (which is on file at the locations set forth in Exhibit B hereto) as of
the close of business on the Initial Cut-Off Date and all monies due or to
become due thereon after the Initial Cut-Off Date, all Collateral Security with
respect thereto and all amounts received with respect thereto (including all
Interest Collections received in the calendar month in which the Initial Cut-Off
Date occurs, whether or not received prior to the Initial Cut-Off Date), (ii)
all of its right, title and interest in, to and under Article IV and Sections
3.04(c) and 6.03 of the Pooling and Servicing Agreement with respect to such
Receivables, including the right of the Seller to cause the Original Seller or
the Servicer to repurchase Receivables under certain circumstances, (iii) all of
its right, title and interest in, to and under the Custodian Agreement with
respect to such Receivables and (iv) all of its right, title and interest in all
proceeds of the foregoing (including "proceeds" as defined in Section 9-306 of
the UCC and Recoveries).

          (b) As of each Receivables Purchase Date, the Seller does hereby sell,
transfer, assign and otherwise convey to the Trust, without recourse (except as
expressly provided herein), (i) all of its right, title and interest in, to and
under all Eligible Receivables created or deemed created in the Accounts in the
Pool of Accounts on such date and all monies due or to become due thereon after
such Receivables Purchase Date, all Collateral Security with respect thereto and
all amounts received with respect thereto, (ii) all of its right, title and
interest in, to and under Article IV and Sections 3.04(c) and 6.03 of the
Pooling and Servicing Agreement, including the right of the Seller to cause the
Original Seller or the Servicer to repurchase Receivables under certain
circumstances, (iii) all of its right, title and interest in, to and under the
Custodian Agreement with respect to such Receivables and (iv) all of its right,
title and interest in all proceeds of the foregoing (including "proceeds" as
defined in Section 9-306 of the UCC and Recoveries). The Trust shall pay for the
property purchased on any Receivables Purchase Date as set forth in Section
4.5(d)(i), with the purchase price equal to the principal balance of the
Receivables so purchased on such date.

          (c) It is the intention of the Seller and the Issuer that the
transfers and assignments contemplated by this Agreement shall constitute sales
of the property described in Sections 2.1(a) and (b) from the Seller to the
Issuer and that the beneficial interest in and title to such property shall not
be part of the Seller's estate in the event of the filing of a bankruptcy
petition by or against the Seller under any Insolvency Law. Notwithstanding the
foregoing, in the event a court of competent jurisdiction determines that such
transfers and assignments did not constitute such sales or that such beneficial
interest is a part of the Seller's estate, then the Seller shall be deemed to
have granted to the Issuer a first priority perfected security interest in all
of the Seller's right, title and interest in, to and under such property, and
the Seller hereby grants such security interest. For purposes of such grant,
this Agreement shall constitute a security agreement under the UCC. The
foregoing sales, transfers, assignments and conveyances and any subsequent
sales, transfers, assignments and conveyances do not constitute, and are not
intended to result in, the creation or an assumption by the Issuer of any
obligation of the Seller or any other Person in connection with the Receivables
described above or under any agreement or instrument relating thereto, including
any obligation to any Dealers.

          (d) Within two Business Days after the Initial Closing Date (or such
later date as may be permitted pursuant to Section 6.2), the Original Seller as
directed by the Seller pursuant to Section 3.06 of the Pooling and Servicing
Agreement, shall cause to be deposited into the Collection Account the
collections with respect to the Receivables described in Section 3.06 of the
Pooling and Servicing Agreement.

          SECTION 2.2 Custody of Documentation. In connection with the sale,
transfer, assignment and conveyance of the Receivables in the Accounts in the
Pool of Accounts and related Collateral Security to the Issuer hereunder,
_______, as Custodian under the Custodian Agreement, agrees to act as Custodian
thereunder for the benefit of the Issuer. The Issuer hereby accepts and agrees
to the terms and provisions of the Custodian Agreement and designates _____ as
custodian with respect to the documents and instruments (as more fully described
in the Custodian Agreement) associated with the Receivables related to the
Accounts in the Pool of Accounts.

          SECTION 2.3 Acceptance by the Issuer; Other Acknowledgments.

          (a) The Issuer hereby acknowledges its acceptance of all right, title
and interest previously held by the Seller to the property, now existing and
hereafter created, conveyed by the Seller pursuant to Section 2.1, and declares
that it shall hold such consideration upon the trust set forth in the Trust
Agreement for the benefit of the Securityholders, subject to the terms and
conditions of the Indenture, the Trust Agreement and this Agreement. The Issuer
hereby agrees and accepts the appointment and authorization of ______ as
Servicer hereunder and under the Pooling and Servicing Agreement. The Issuer
further acknowledges that, prior to or simultaneously with the execution and
delivery of this Agreement, the Seller delivered to the Owner Trustee the
Schedule of Accounts. The parties agree that the rights, duties and obligations
of _____ as Servicer under the Pooling and Servicing Agreement are subject to
the provisions hereof, including Sections 7.2, 7.4, 7.5 and 10.2 and Article
VIII. The Trust and the Indenture Trustee hereby confirm the authorization and
empowerment of the Servicer under Section 3.02 of the Pooling and Servicing
Agreement.

          (b) The Issuer acknowledges and agrees to the provisions of Collateral
and accepts the interests and rights in Collateral Security sold and Section
6.03 of the Pooling and Servicing Agreement relating to Common assigned to it
hereunder subject to the terms and conditions set forth in such Section 6.03.

          SECTION 2.4 Representations and Warranties under the Pooling and
Servicing Agreement. The Seller hereby represents and warrants to the Issuer
that the Seller has taken no action which would cause the representations and
warranties of the Original Seller in Section 4.01(a) of the Pooling and
Servicing Agreement to be false in any material respect. The foregoing
representation and warranty speaks as of the Initial Cut-Off Date (as to
Sections 4.01(a)(i) and (ii)), as of the related Additional Cut-Off Date with
respect to each Additional Account (as to Section 4.01(a)(iii)) and as of the
related Receivables Purchase Date with respect to Receivables purchased and sold
after the Initial Closing Date (as to Section 4.01(a)(iv)), and shall survive
the sales, transfers and assignments under Section 2.1 to the Issuer and the
pledge of the Issuer's assets to the Indenture Trustee pursuant to the
Indenture. The Seller further acknowledges that the Issuer relies on the
representations and warranties of the Seller under this Agreement and of the
Original Seller under the Pooling and Servicing Agreement in accepting the
Receivables hereunder and delivering the Securities. The Servicer acknowledges
that the Issuer is relying on the representations, warranties and covenants of
the Servicer in Section 3.04 of the Pooling and Servicing Agreement in acquiring
and holding Receivables and the related Collateral Security hereunder and in
issuing the Securities.

          SECTION 2.5 Repurchase of Receivables Upon Breach of Warranty;
Administrative Receivables.

          (a) Upon discovery by the Seller, the Servicer, the Owner Trustee or
the Indenture Trustee (i) of a breach of any of the representations and
warranties in Section 4.01(a) of the Pooling and Servicing Agreement or in
Section 2.4 or Section 3.1 of this Agreement that materially and adversely
affects the interests of the Trust in any Receivable or (ii) that the payment of
all or any portion of the principal amount of any Receivable held by the Trust
is deferred pursuant to [DPP] or any other installment sales program or similar
arrangement, the party discovering such breach shall give prompt written notice
thereof to the others. No later than the second Business Day following discovery
or receipt of notice of breach or deferral by the Seller and the Servicer,
unless and to the extent, in the case of breach, such breach shall have been
cured in all material respects, in the event of a breach of the representations
and warranties made by the Seller in Section 2.4 or Section 3.1(b), the Seller
shall repurchase such Receivable, or in the event of a breach of a
representation and warranty under Section 4.01(a) of the Pooling and Servicing
Agreement or a deferral, the Seller and the Servicer shall use reasonable
efforts to enforce the obligation of the Original Seller under Section 4.01 of
the Pooling and Servicing Agreement to repurchase such Receivable from the
Issuer on such date; provided, however, that with respect to any breach of a
representation or warranty or a deferral that affects less than the entire
principal amount of any Receivable, although the Warranty Payment shall be paid
promptly as described below, no repurchase and assignment shall be required
until the remaining principal amount of such Receivable is collected in full or
written off as uncollectible. The purchase price to be paid by the Seller or the
Original Seller shall be an amount equal to the principal amount of such
Receivable (in the case of a breach or a deferral affecting less than the entire
principal amount of a Receivable, to the extent of the breach or deferral) plus
all accrued and unpaid interest thereon through the date of purchase (the
"Warranty Payment") to the extent of such breach of a representation or warranty
or deferral (a "Warranty Receivable"), and shall be deposited into the
Collection Account on such date of purchase. Without limiting the generality of
the foregoing, a Receivable shall not be an Eligible Receivable, and thus shall
be a Warranty Receivable and subject to repurchase, if and to the extent that
(A) the Servicer adjusts downward the principal amount of such Receivable
because of a rebate, refund, credit adjustment or billing error to the related
Dealer or (B) such Receivable was credited in respect of a Vehicle which was
refunded or returned by the related Dealer. It is understood and agreed that the
obligation of the Original Seller or the Seller, as applicable, to repurchase
any Receivable as to which a breach of a representation or warranty made in
Section 2.4 or Section 3.1 hereof or Section 4.01(a) of the Pooling and
Servicing Agreement has occurred and is continuing or as to which any such
deferral occurs, and the obligation of the Seller and the Servicer to enforce
the Original Seller's obligation to repurchase such Receivable pursuant to the
Pooling and Servicing Agreement shall constitute the sole remedy against the
Seller, the Servicer or the Original Seller for such breach or deferral
available to the Issuer, the Securityholders, the Owner Trustee or the Indenture
Trustee.

          (b) The Servicer also acknowledges its obligations to repurchase from
the Issuer Administrative Receivables pursuant to Section 3.04(c) of the Pooling
and Servicing Agreement. Upon discovery by the Indenture Trustee or the Owner
Trustee of a breach of any of the covenants of the Servicer in Sections
3.04(a)(viii), (ix) or (x) of the Pooling and Servicing Agreement, such party
shall give prompt written notice to the other, the Servicer and the Seller.

          (c) Upon each payment of the Administrative Purchase Payment or the
Warranty Payment with respect to a Receivable, except as provided in Section
2.5(a), the Trust shall automatically and without further action be deemed to
have sold, transferred, assigned and otherwise conveyed to the Seller or
Servicer, as appropriate, without recourse, representation or warranty, as of
the date of such payment, all right, title and interest of the Trust in, to and
under such Receivable, all monies due or to become due with respect thereto on
and after such payment date and all proceeds thereof and, if such repurchase is
made in connection with the repurchase hereunder of all other Receivables in the
related Account held by the Trust, the related Collateral Security. The Owner
Trustee and the Indenture Trustee shall execute such documents and instruments
of transfer or assignment and take such other actions as shall be reasonably
requested by the Seller or the Servicer, as the case may be, to evidence such
conveyance.

          SECTION 2.6 Covenants. The Seller hereby covenants that:

          (a) Negative Pledge. Except for the conveyances hereunder and the
pledge of the Trust Estate to the Indenture Trustee pursuant to the Indenture,
and as provided in Section 6.03 of the Pooling and Servicing Agreement, the
Seller shall not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist, any Lien on any Eligible Receivable in
any Account in the Pool of Accounts (and any related Vehicle Collateral
Security), whether now existing or hereafter created, or any interest therein,
or the Seller's rights, remedies, powers or privileges under the Pooling and
Servicing Agreement conveyed to the Trust hereunder and the Seller shall defend
the right, title and interest of the Trust and any Interested Party in, to and
under such property, whether now existing or hereafter created against all
claims of third parties claiming through or under the Seller. The Seller shall
notify the Issuer promptly after becoming aware of any Lien on such property
other than the conveyances contemplated hereunder.

          (b) Delivery of Collections. If the Seller or the Original Seller
receives payments by or on behalf of a Dealer in respect of Receivables in any
Account in the Pool of Accounts or any Collateral Security (except as
contemplated in Section 6.03 of the Pooling and Servicing Agreement with respect
to any property constituting Common Collateral that is not Vehicle Collateral
Security in connection with Other Indebtedness), the Seller and the Original
Seller shall deliver such payments to the Servicer as soon as practicable after
receipt thereof, but in no event later than two Business Days after the receipt
thereof.

          (c) Pooling and Servicing Agreement Matters. If the Original Seller
breaches any of its covenants in Sections 3.01, 3.02, 3.03, 3.05, 5.01, 6.01(a),
7.01 or 7.03 of the Pooling and Servicing Agreement and such breach has a
material adverse effect on the interests of the Securityholders, the Seller
shall enforce its rights under the Pooling and Servicing Agreement arising from
such breach.

          SECTION 2.7 Addition of Accounts.

          (a) Voluntary Addition. The Seller may from time to time, in its sole
discretion, subject to the conditions specified in Section 2.7(b) below,
designate one or more Accounts as Additional Accounts to be included in the Pool
of Accounts by giving (or causing the Servicer to give on its behalf) a written
notice to the Indenture Trustee, the Owner Trustee and the Rating Agencies
specifying the Additional Cut-Off Date and the Addition Date (the "Addition
Notice"). An Addition Notice shall be provided on or before the fifth Business
Day but not more than the thirtieth day prior to the related Addition Date. If
Additional Accounts are to be included in the Pool of Accounts, effective as of
the related Addition Date, the Seller shall sell and assign to the Trust, and
the Trust shall purchase from the Seller, all of the Seller's right, title and
interest in, to and under the Eligible Receivables in the Additional Accounts
and the related Collateral Security, as more fully described in the assignment
referred to in subsection (b)(ii) below.

          (b) Conditions. The Seller may convey to the Trust all Eligible
Receivables and the related Collateral Security in any Additional Accounts in
accordance with Section 2.7(a) only upon satisfaction of each of the following
conditions on or prior to the related Addition Date:

               (i) the Seller shall represent and warrant that as of the related
          Additional Cut-Off Date each such Additional Account is an Eligible
          Account and that each Receivable arising thereunder identified as an
          Eligible Receivable and conveyed to the Trust on such Addition Date is
          an Eligible Receivable;

               (ii) the Seller shall have delivered to the Owner Trustee a duly
          executed written assignment in substantially the form of Exhibit C
          hereto and the list required to be delivered pursuant to Section
          10.2(e);

               (iii) the Seller shall have agreed to deposit in the Collection
          Account all Collections with respect to Eligible Receivables arising
          in such Additional Accounts since the Additional Cut-Off Date within
          two Business Days after such Addition Date (or such later date as may
          be permitted pursuant to Section 6.2(b);

               (iv) as of the Addition Date, neither the Original Seller nor the
          Seller is insolvent nor shall any of them have been made insolvent by
          such transfer nor is either of them aware of any pending insolvency;

               (v) the Rating Agency Condition shall have been satisfied with
          respect to such addition for each series or class of Securities then
          outstanding;

               (vi) the Seller shall represent and warrant that the designation
          of such Additional Accounts, the inclusion of such Additional Accounts
          in the Pool of Accounts and the purchase of the related Receivables
          shall not, in the reasonable belief of the Seller, result in the
          occurrence of an Early Amortization Event;

               (vii) the Schedule of Accounts shall have been amended to reflect
          such Additional Accounts and the Schedule of Accounts as so amended
          shall be true and correct as of the Addition Date;

               (viii) the Seller shall have delivered to the Indenture Trustee
          and the Owner Trustee a certificate of an Authorized Officer of the
          Seller confirming the items set forth in clauses (i) through (vii)
          above; and

               (ix) the Seller shall have delivered to the Owner Trustee an
          Opinion of Counsel substantially in the form of Exhibit D hereto.

          SECTION 2.8 Optional Removal of Accounts.

          (a) The Seller shall have the right from time to time as described in
this Section 2.8 to require the removal of Accounts from the Pool of Accounts.
To so remove Accounts, the Seller (or the Servicer on its behalf) shall take the
following actions and make the following determinations:

               (i) not less than five Business Days but not more than 30 days
          prior to the Removal Commencement Date, furnish to the Indenture
          Trustee, the Owner Trustee and the Rating Agencies a written notice
          (the "Removal Notice") specifying the date (the "Removal Commencement
          Date") on which removal of one or more Accounts will commence (the
          "Selected Accounts"); and

               (ii) determine on the Removal Commencement Date with respect to
          such Selected Accounts the aggregate principal balance of Eligible
          Receivables in respect of each such Selected Account (the "Removal
          Balance") and amend the Schedule of Accounts by delivering to the
          Owner Trustee a true and complete list of the Selected Accounts,
          specifying for each Selected Account as of the Removal Commencement
          Date its account number and the Removal Balance.

          (b) The removal of any of such Accounts shall be subject to the
following conditions:

               (i) the Seller shall represent and warrant that such removal
          shall not, in the reasonable belief of the Seller, result in the
          occurrence of an Early Amortization Event;

               (ii) the Rating Agency Condition shall have been satisfied with
          respect to such removal for each series or class of Securities then
          outstanding; and

               (iii) on or before the related Removal Commencement Date, the
          Seller shall have delivered to the Owner Trustee a certificate of an
          Authorized Officer confirming the items set forth in clauses (i) and
          (ii) above.

          (c) Subject to the satisfaction of the conditions set forth in Section
2.8(b), from and after the Removal Commencement Date with respect to a Selected
Account, (i) the Seller shall not transfer Receivables with respect to such
Selected Account to the Trust, and (ii) until the Removal Balance has been
reduced to zero all Principal Collections with respect to such Selected Account
shall be allocated to the oldest outstanding principal balance of Receivables
arising under such Selected Accounts and amounts so allocated to Receivables
owned by the Trust shall constitute Trust Principal Collections and shall reduce
the Removal Balance. The Removal Balance shall also be reduced to the extent
Receivables in the Selected Accounts held by the Trust on the Removal
Commencement Date become Defaulted Receivables.

          (d) After the Removal Balance with respect to any such Selected
Account is reduced to zero, Collections thereon shall cease to be allocated in
accordance with Section 2.8(c) and such Selected Account shall be deemed removed
from the Pool of Accounts for all purposes (a "Removed Account") and the
Servicer shall amend the Schedule of Accounts accordingly. At any time after the
date (the "Removal Date") on which the Removal Balance is reduced to zero with
respect to a Removed Account, the Owner Trustee shall assign to the Seller,
without recourse, representation or warranty, effective as of the Removal Date
all of the Trust's right, title and interest in, to and under the Receivables
arising in such Account and related Collateral Security.

          SECTION 2.9 Removal of Ineligible Accounts.

          (a) On or before the fifth Business Day after the date on which an
Account becomes an Ineligible Account (which Business Day shall be deemed to be
the Removal Commencement Date with respect to such Account) such Account shall
be deemed a Selected Account. Within five Business Days after the Removal
Commencement Date with respect to any Account that became a Selected Account
pursuant to this Section 2.9, the Seller shall furnish a Removal Notice to the
Owner Trustee stating that the Removal Commencement Date for such Ineligible
Account has occurred and specifying for each such Selected Account as of the
Removal Commencement Date its account number and the Removal Balance. The
Schedule of Accounts shall be amended to reflect such designation as of the
Removal Commencement Date.

          (b) From and after the Removal Commencement Date with respect to a
Selected Account subject to this Section 2.9, the Seller shall not transfer
Receivables with respect to such Selected Account to the Trust and, until the
Removal Balance has been reduced to zero, all Principal Collections with respect
to such Selected Account shall be allocated to the oldest outstanding principal
balance of Receivables arising under such Selected Account and amounts so
allocated to Receivables owned by the Trust shall constitute Trust Principal
Collections. After the Removal Balance with respect to any such Selected Account
has been reduced to zero, Collections thereon shall cease to be allocated in
accordance with the preceding sentence and such Selected Account shall be a
Removed Account and the Servicer shall amend the Schedule of Accounts
accordingly. At any time after the Removal Date with respect to such Removed
Account, the Owner Trustee shall assign to the Seller, without recourse,
representation or warranty, effective as of the Removal Date, all of the Trust's
right, title and interest in, to and under the Receivables arising in such
Account and related Collateral Security.

                                   ARTICLE III
                                   THE SELLER

          SECTION 3.1 Representations of the Seller. The Seller hereby makes,
and any successor to the Seller under this Agreement or under the Pooling and
Servicing Agreement shall make, as of each Closing Date (and as of the date of
such succession) the following representations and warranties on which the
Issuer relies in acquiring and holding the Receivables hereunder and the related
Collateral Security and issuing the Securities. The following representations
and warranties shall survive the sale, transfer and assignment of the Eligible
Receivables in the Accounts in the Pool of Accounts to the Issuer and the pledge
thereof to the Indenture Trustee.

          (a) Representations and Warranties as to the Seller.

               (i) Organization and Good Standing. The Seller has been duly
          incorporated and is validly existing as a corporation in good standing
          under the laws of the State of Delaware, with power and authority to
          own its properties and to conduct its business as such properties are
          presently owned and such business is presently conducted, and had at
          all relevant times, and now has, power, authority and legal right to
          acquire and own the Eligible Receivables in the Accounts in the Pool
          of Accounts and the Collateral Security related thereto.

               (ii) Due Qualification. The Seller is duly qualified to do
          business and, where necessary, is in good standing as a foreign
          corporation (or is exempt from such requirement) and has obtained all
          necessary licenses and approvals in all jurisdictions in which the
          ownership or lease of property or the conduct of its business requires
          such qualifications, except where the failure to so qualify or obtain
          licenses or approvals would not have a material adverse effect on its
          ability to perform its obligations under this Agreement.

               (iii) Power and Authority. The Seller has the power and authority
          to execute and deliver this Agreement, to carry out its terms and to
          consummate the transactions contemplated herein, and the execution,
          delivery and performance of this Agreement and the consummation of the
          transactions contemplated herein have been duly authorized by the
          Seller by all necessary corporate action on the part of the Seller.

               (iv) Valid Sale; Binding Obligations. With respect to the Initial
          Accounts and the related assignment to be delivered on the Initial
          Closing Date, this Agreement constitutes or, in the case of Additional
          Accounts, the related assignment as described in Section 2.7(b), when
          duly executed and delivered, shall constitute a valid sale, transfer
          and assignment to the Issuer of all right, title and interest of the
          Seller in, to and under the related Eligible Receivables and the
          related Collateral Security, whether then existing or thereafter
          created, and the proceeds thereof, enforceable against creditors of
          and purchasers from the Seller; and this Agreement when duly executed
          and delivered, shall constitute a legal, valid and binding obligation
          of the Seller enforceable against the Seller in accordance with its
          terms, except as such enforceability may be limited by applicable
          bankruptcy, insolvency, reorganization, moratorium or other similar
          laws affecting the enforcement of creditors' rights in general and by
          general principles of equity, regardless of whether such
          enforceability is considered in a proceeding in equity or at law, and,
          upon the filing of the financing statements described in Section
          10.2(a) (and, in the case of Eligible Receivables hereafter created in
          the Accounts in the Pool of Accounts and the proceeds thereof, upon
          the creation thereof) the Trust shall have a first priority perfected
          ownership interest in such property, except for Liens permitted under
          Section 2.6(a). Except as otherwise provided in this Agreement or the
          Pooling and Servicing Agreement, neither the Seller nor any Person
          claiming through or under the Seller has any claim to or interest in
          the Trust Estate.

               (v) No Violation. The execution of this Agreement and the
          consummation of the transactions contemplated by this Agreement by the
          Seller and the fulfillment of the terms of this Agreement by the
          Seller shall 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 certificate of incorporation or by-laws
          of the Seller, or any indenture, agreement, mortgage, deed of trust or
          other instrument to which the Seller is a party or by which it is
          bound, or result in the creation or imposition of any Lien upon any of
          its properties pursuant to the terms of any such indenture, agreement,
          mortgage, deed of trust or other instrument (other than pursuant to
          the Basic Documents), or violate any law or, to the best of the
          Seller's knowledge, any order, rule or regulation applicable to the
          Seller of any Governmental Authority having jurisdiction over the
          Seller or any of its properties, except where any such conflict or
          violation would not have a material adverse effect on its ability to
          perform its obligations with respect to the Issuer or any Interested
          Party under this Agreement or the Pooling and Servicing Agreement.

               (vi) No Proceedings. To the Seller's knowledge, there are no
          Proceedings or investigations pending, or threatened, against the
          Seller before any Governmental Authority having jurisdiction over the
          Seller or its properties (A) asserting the invalidity of this
          Agreement, the Securities, the Indenture, the Trust Agreement, the
          Custodian Agreement, the Administration Agreement or any Specified
          Support Arrangement, (B) seeking to prevent the issuance of the
          Securities, the execution of this Agreement or the consummation of any
          of the transactions contemplated by this Agreement, the Indenture, the
          Trust Agreement, the Custodian Agreement, the Administration Agreement
          or any Specified Support Arrangement, (C) seeking any determination or
          ruling that might materially and adversely affect the performance by
          the Seller of its obligations under, or the validity or enforceability
          of, this Agreement, the Notes, the Certificates, the Indenture, the
          Trust Agreement, the Custodian Agreement, the Administration Agreement
          or any Specified Support Arrangement or (D) seeking to adversely
          affect the federal income tax attributes of the Notes or the
          Certificates.

          (b) Representations and Warranties as to the Eligible Receivables.

               (i) Good Title. No Eligible Receivables included in the Accounts
          in the Pool of Accounts have been sold, transferred, assigned or
          pledged by the Seller to any Person other than the Issuer; immediately
          prior to the conveyance of the Eligible Receivables in the Accounts
          included in the Pool of Accounts pursuant to this Agreement the Seller
          had good and marketable title to such Receivables, free of any Lien;
          and, upon execution and delivery of this Agreement by the Seller, the
          Issuer shall have all of the right, title and interest of the Seller
          in, to and under the Eligible Receivables in the Accounts included in
          the Pool of Accounts, free of any Lien.

               (ii) All Filings Made. All filings (including, without
          limitation, UCC filings) necessary in any jurisdiction to give the
          Issuer a first priority perfected ownership interest in the Eligible
          Receivables in the Accounts in the Pool of Accounts shall have been
          made.

          (c) Reassignment of All Receivables.

               (i) If any representation or warranty under Section 3.1(a) or (b)
          is not true and correct as of the date specified therein and such
          breach has a material adverse effect on the interests of the
          Securityholders, then any of the Indenture Trustee, the Owner Trustee
          and the holders of outstanding Securities evidencing not less than a
          majority of the Outstanding Amount and a majority of the Voting
          Interests of all outstanding Certificates, by written notice to the
          Seller with a copy to the Servicer, the Indenture Trustee and the
          Owner Trustee, may direct the Seller to accept the reassignment of all
          Receivables held by the Trust and the related Collateral Security
          pursuant to this Section 3.1(c) within 60 days of such notice, or
          within such longer period specified in such notice and pay the
          Reassignment Amount on any Monthly Distribution Date within such
          period; provided, however, that no such reassignment shall be made if,
          prior to the time such reassignment is to occur, the breached
          representation or warranty shall then be true and correct in all
          material respects and any material adverse effect caused thereby shall
          have been cured.

               (ii) Upon the reassignment of all Receivables held by the Trust
          and the related Collateral Security, subject to the payment to the
          Trust of the Reassignment Amount, the Trust shall automatically and
          without further action be deemed to sell, transfer, assign and
          otherwise convey to the Seller, without recourse, representation or
          warranty, all the right, title and interest of the Trust in and to
          such Receivables and such related Collateral Security. Each of the
          Indenture Trustee and the Owner Trustee shall execute such documents
          and instruments of transfer or assignment and take such other actions
          as they shall reasonably be requested by the Seller to effect the
          conveyance pursuant to this Section 3.1(c).

               (iii) It is understood and agreed that the obligation of the
          Seller to repurchase the Receivables (and the related Collateral
          Security) in the event of a breach of a representation or warranty
          made in Section 3.1(a) or (b) has occurred and is continuing and the
          obligation of the Seller to pay the Reassignment Amount therefor
          shall, if such obligations are fulfilled, constitute the sole remedy
          against the Seller for such breach available to the Issuer, the
          Securityholders, the Owner Trustee or the Indenture Trustee.

          SECTION 3.2 Liability of Seller. The Seller shall be liable in
accordance with this Agreement only to the extent of the obligations in this
Agreement specifically undertaken by the Seller.

          SECTION 3.3 Merger or Consolidation of, or Assumption of the
Obligations of, Seller; Amendment of Certificate of Incorporation.

          (a) Any Person (i) into which the Seller may be merged or
consolidated, (ii) resulting from any merger or consolidation to which the
Seller shall be a party, (iii) succeeding to the business of the Seller or (iv)
more than 50% of the voting interests of which is owned directly or indirectly
by ______________________, which Person in any of the foregoing cases (other
than the Seller as the surviving entity of such merger or consolidation)
executes an agreement of assumption to perform every obligation of the Seller
under this Agreement shall be the successor to the Seller under this Agreement
without the execution or filing of any document or any further act on the part
of any of the parties to this Agreement, anything in this Agreement to the
contrary notwithstanding. The Seller shall provide 10 days' prior notice of any
merger, consolidation or succession pursuant to this Section 3.3 to the Rating
Agencies.

          (b) The Seller hereby agrees that during the term of this Agreement it
shall not (i) take any action prohibited by Article Fourth of its certificate of
incorporation, (ii) without the prior written consent of the Indenture Trustee
and the Owner Trustee and without giving prior written notice to the Rating
Agencies, amend Article Third or Fourth of its certificate of incorporation or
(iii) incur any indebtedness, or assume or guaranty indebtedness of any other
entity, other than as contemplated by the Basic Documents or pursuant to the
Intercompany Advance Agreement (without giving effect to any amendment to the
Intercompany Advance Agreement after the date hereof, unless the Rating Agency
Condition for each series or class of Securities then outstanding was satisfied
in connection therewith) if such action would result in a downgrading of the
then current rating of any outstanding series or class of Securities by a Rating
Agency for such series or class.

          SECTION 3.4 Limitation on Liability of Seller and Others.

          (a) Neither the Seller nor any of the directors, officers, employees
or agents of the Seller in its capacity as such shall be under any liability to
the Issuer, the Indenture Trustee, the Owner Trustee, the Securityholders or any
other Person, except as specifically provided in this Agreement, for any action
taken or for refraining from the taking of any action pursuant to the Basic
Documents or for errors in judgment; provided, however, that this provision
shall not protect the Seller or any such Person against any liability that would
otherwise be imposed by reason of wilful misfeasance, bad faith or negligence
(except errors in judgment) in the performance of duties or by reason of
reckless disregard of obligations and duties under the Basic Documents. The
Seller and any director or officer or employee or agent of the Seller may rely
in good faith on the advice of counsel or on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters
arising under the Basic Documents.

          (b) The Seller and any director, officer or employee of the Seller
shall be reimbursed by the Owner Trustee for any contractual damages, liability
or expense incurred by reason of such trustee's wilful misfeasance, bad faith or
negligence (except errors in judgment) in the performance of such trustee's
duties under such agreement or the Trust Agreement or by reason of reckless
disregard of its obligations and duties under such agreements. The Seller shall
not be under any obligation to appear in, prosecute or defend any legal action
that is not incidental to its obligations as Seller of the Receivables and
related Collateral Security under this Agreement and that in its opinion may
involve it in any expense or liability.

          SECTION 3.5 Seller May Own Notes or Certificates. Each of the Seller
and any Affiliate of the Seller may in its individual or any other capacity
become the owner or pledgee of Notes or Certificates with the same rights
(except as otherwise specifically provided in the Basic Documents) as it would
have if it were not the Seller or an Affiliate thereof. Except as otherwise
specifically provided in the Basic Documents, Notes or Certificates so owned by
or pledged to the Seller or such Affiliate shall have an equal and proportionate
benefit under the provisions of this Agreement, without preference, priority or
distinction as among all of such Notes or Certificates, respectively.

                                   ARTICLE IV
               SERVICER'S COVENANTS; DISTRIBUTIONS; RESERVE FUNDS;
                          STATEMENTS TO SECURITYHOLDERS

          SECTION 4.1 Annual Statement as to Compliance; Notice of Servicing
Default.

          (a) The Servicer shall deliver to the Indenture Trustee and the Owner
Trustee, on or before ______________ of each year, beginning ________, an
officer's certificate signed by the President or any Vice President of the
Servicer, dated as of ________ of such year, stating that (i) a review of the
activities of the Servicer during the preceding 12-month period (or, with
respect to the first such certificate, such period as shall have elapsed from
the Initial Closing Date to the date of such certificate) and of its performance
under this Agreement and under the Pooling and Servicing Agreement has been made
under such officer's supervision and (ii) to such officer's knowledge, based on
such review, the Servicer has fulfilled all its obligations under such
agreements throughout such period, or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof. A copy of such certificate may be
obtained by any Securityholder by a request in writing to the Issuer addressed
to the Corporate Trust Office of the Indenture Trustee or the Owner Trustee, as
applicable.

          (b) The Servicer shall deliver to the Indenture Trustee, the Owner
Trustee and the Rating Agencies promptly after having obtained knowledge
thereof, but in no event later than five Business Days thereafter, written
notice in an officer's certificate of any event which, with the giving of notice
or lapse of time, or both, would become a Servicing Default under Section 8.1.
The Seller shall deliver to the Indenture Trustee, the Owner Trustee, the
Servicer and the Rating Agencies, promptly after having obtained knowledge
thereof, but in no event later than five Business Days thereafter, written
notice in an officer's certificate of any event which, with the giving of notice
or lapse of time, or both, would become a Servicing Default under clause (b) of
Section 8.1.

          SECTION 4.2 Annual Independent Accountants' Report.

          (a) The Servicer shall cause a firm of Independent accountants, who
may also render other services to the Servicer or the Seller, to deliver to the
Indenture Trustee, the Owner Trustee and the Rating Agencies on or before
___________ of each year, beginning _____________ with respect to the twelve
months ended on the immediately preceding _____________ (or, with respect to the
first such report, such period as shall have elapsed from the Initial Closing
Date to the date of such certificate), a report (the "Accountants' Report")
addressed to the Board of Directors of the Servicer and to the Indenture Trustee
and the Owner Trustee, to the effect that such firm has audited the financial
statements of the Servicer and issued its report thereon and that such audit (i)
was made in accordance with generally accepted auditing standards, (ii) included
tests relating to wholesale receivables (including financing arrangements with
automobile dealers to finance their automobile and light-duty truck inventory)
serviced for others in accordance with the requirements of the Uniform Single
Audit Program for Mortgage Bankers (the "Program"), to the extent the procedures
in the Program are applicable to the servicing obligations set forth in this
Agreement and the Pooling and Servicing Agreement and (iii) except as described
in the report, disclosed no exceptions or errors in the records relating to
wholesale receivables (including financing arrangements with automobile dealers
to finance their automobile and light-duty truck inventory) serviced for others
that, in the firm's opinion, paragraph four of the Program requires such firm to
report.

          (b) The Accountants' Report shall also indicate that the firm is
independent of the Seller and the Servicer within the meaning of the Code of
Professional Ethics of the American Institute of Certified Public Accountants.

          (c) A copy of the Accountants' Report may be obtained by any
Securityholder by a request in writing to the Issuer addressed to the Corporate
Trust Office of the Indenture Trustee or the Owner Trustee.

          SECTION 4.3 Access to Certain Documentation and Information Regarding
Accounts and Receivables. The Servicer shall provide to the Indenture Trustee
and the Owner Trustee reasonable access to the documentation regarding the
Accounts in the Pool of Accounts and the Receivables arising thereunder. The
Servicer shall provide such access to any Securityholder only in such cases
where a Securityholder is required by applicable statutes or regulations to
review such documentation. In each case, such access shall be afforded without
charge but only upon reasonable request and during normal business hours at
offices of the Servicer designated by the Servicer. Nothing in this Section 4.3
shall derogate from the obligation of the Servicer to observe any applicable law
prohibiting disclosure of information regarding any Dealer, and the failure of
the Servicer to provide access as provided in this Section 4.3 as a result of
such obligation shall not constitute a breach of this Section 4.3.

          SECTION 4.4 Enforcement of Receivables. If in any Proceeding it is
held that the Servicer may not enforce a Receivable that has been transferred to
the Trust on the ground that it is not a real party in interest or a holder
entitled to enforce such Receivable, the Indenture Trustee or the Owner Trustee,
as applicable, shall, at the Servicer's expense, take such steps as the Servicer
deems necessary to enforce such Receivable, including bringing suit in the name
of such Person or the names of the Securityholders. The Indenture Trustee and
the Owner Trustee agree to the provisions of Section 3.02 of the Pooling and
Servicing Agreement as such provisions apply to Interested Parties (as used
therein).

          SECTION 4.5 Allocations; Distributions.

          (a) Trust's Share of Collections. The Trust, as the holder of the
Receivables transferred hereunder, shall be entitled to Principal Collections
and Interest Collections to the extent of Trust Principal Collections and Trust
Interest Collections and the Original Seller, as the holder of the Retained
Property, shall be entitled to such Principal Collections and Interest
Collections in excess thereof. Any Principal Collections or Interest Collections
on deposit in the Collection Account which do not represent Trust Principal
Collections or Trust Interest Collections shall be paid to the Original Seller
as holder of the Retained Property.

          (b) Servicer Calculations. The Servicer shall calculate, in a manner
consistent with the Indenture (including all Officer's Issuance Certificates)
and the Trust Agreement, (i) no later than each Determination Date, Available
Trust Interest, the Monthly Servicing Fee, Aggregate Noteholders' Interest,
Aggregate Revolver Interest, Aggregate Certificateholders' Interest, any payment
due under any Specified Support Arrangement and, for a specific number of
Determination Dates immediately preceding the Determination Date preceding the
Targeted Final Payment Date for any series of Term Notes (which specific number
shall be set forth in the Officer's Issuance Certificate of such series), the
Required Payment Period Length and, (ii) no later than each Determination Date
for the Wind Down Period, an Early Amortization Period, the Payment Period for
any series of Notes or, if principal payments are then required to be made (or
set aside) under any series of Notes, the Revolving Period, Available Trust
Principal, Aggregate Noteholders' Principal, Aggregate Revolver Principal,
Aggregate Certificateholders' Principal, the Required Revolver Payment,
unreimbursed Trust Charge-Offs, the Trust Defaulted Amount and the Principal
Allocation Percentage for each series of Notes, and in each case, all other
amounts required to determine the amounts to be deposited in or paid from each
of the Collection Account, the Accumulation Accounts, the Term Note Distribution
Account, the Revolver Distribution Account, the Certificate Distribution
Account, the ______________________ Reserve Funds and any other Designated
Account on the next succeeding Monthly Distribution Date and (iii) on each
Business Day that any series of Notes requires Available Trust Principal to be
retained or set aside with respect to such series of Notes, the Principal
Allocation Percentage and the maximum amount required to be set aside for such
series of Notes. The Servicer shall calculate on a daily basis the Daily Trust
Balance, the Daily Trust Invested Amount and all related amounts to the extent
necessary to determine the Cash Collateral Amount for such date as described in
Section 4.5(d).

          (c) Application of Interest Collections.

               (i) Basic Interest Waterfall. With respect to each Monthly
          Distribution Date and the related Collection Period, the Indenture
          Trustee (based on the information contained in the Servicer's
          Accounting delivered on the related Determination Date pursuant to
          Section 3.05 of the Pooling and Servicing Agreement) shall apply
          Available Trust Interest and other funds specified below to pay
          interest and other amounts in the priority specified in clauses (1),
          (2) and (3) below:

          CLAUSE (1) For each Collection Period, the Indenture Trustee will
apply Trust Interest Collections together with the other amounts comprising
Available Trust Interest for the related Monthly Distribution Date in the
following order of priority:

          (a) an amount equal to the Monthly Servicing Fee for such Monthly
Distribution Date will be paid to the Servicer; and

          (b) an amount equal to the Trust Interest Allocation for each series
of Notes will be made available to that series and applied in clause (2) below.

          CLAUSE (2) On each Monthly Distribution Date, for each series of Notes
in accordance with the terms of such series, the Indenture Trustee will apply
the Trust Interest Allocation together with the other amounts comprising the
Monthly Available Amount for such series to pay the Monthly Carrying Costs for
such series of Term Notes. Shortfalls in such applications will be treated as a
Series Shortfall for such series and excess amounts will be treated as Remaining
Interest Amounts.

          CLAUSE (3) On each Monthly Distribution Date, the Indenture Trustee
will aggregate the Remaining Interest Amounts from all series of Notes and apply
such amounts in the following order of priority:

          (a) with respect to any series of Notes which has a Series Shortfall,
pro rata on the basis of the respective Series Shortfalls, an amount equal to
the Series Shortfall for that series of Notes for that Monthly Distribution Date
will be transferred to (i) the account specified in the Officer's Issuance
Certificate applicable to such series;

          (b) an amount equal to the net payment, if any, due from the Trust
under the ______________________ Certificates Basis Swap and under any Basis
Swap with respect to any other class of Certificates will be paid in accordance
with each such Basis Swap;

          (c) an amount equal to the Aggregate Certificateholders' Interest for
such Monthly Distribution Date will be transferred to the Certificate
Distribution Account;

          (d) an amount equal to any Servicer Advances not previously reimbursed
will be paid to the Servicer, except as otherwise provided in this Trust Sale
and Servicing Agreement and the Pooling and Servicing Agreement;

          (e) an amount equal to any Reserve Fund Deposit Amount for such
Monthly Distribution Date will be deposited into the Reserve Fund;

          (f) an amount equal to the Cash Accumulation Reserve Fund Deposit
Amount with respect to any series of Term Notes for such Monthly Distribution
Date will be deposited into the Cash Accumulation Reserve Fund and any other
deposit required under the terms of any other Specified Support Arrangements
will be deposited into the Cash Accumulation Reserve Fund of such series or the
account designated by the terms of such Specified Support Arrangement, as
applicable, pro rata among all such amounts;

          (g) an amount equal to any Trust Defaulted Amount will be treated as
Additional Trust Principal on such Monthly Distribution Date;

          (h) an amount equal to the aggregate amount of unreimbursed Trust
Charge-Offs will be treated as Additional Trust Principal on such Monthly
Distribution Date.

               (ii) Liquidity and Credit Enhancement; Trust Charge-Offs. To the
          extent that Available Trust Interest and the other funds comprising
          the Monthly Available Amount are not sufficient to make all payments
          required by clauses (1), (2) and (3) of Section 4.5(c)(i), then the
          funds described below will be applied in the following order:

               First, if any Monthly Carrying Costs or any amounts specified in
          Section 4.5(c)(i) clause 1(a) and clauses 3(a), (b) and (c) remain
          unpaid, then a "Deficiency Amount" will exist for such Monthly
          Distribution Date, and the Servicer shall make a Servicer Advance
          equal to such Deficiency Amount to complete the applications pursuant
          to such Section (but only to the extent that the Servicer, in its sole
          discretion, expects to recover such Servicer Advance from Remaining
          Interest Amounts, applied as described above on subsequent Monthly
          Distribution Dates, and from amounts applied to reimburse Servicer
          Advances pursuant to the terms of any Officer's Issuance Certificate
          and such Servicer Advances will be applied to reduce such Deficiency
          Amount in the priorities set forth above in Section 4.5(c)(i) clauses
          (1), (2) and (3); and

               Second, if any Monthly Carrying Costs or any amounts specified in
          Section 4.5(c)(i) clauses (3)(a), (b), (c), (d), (g) and (h) for such
          Monthly Distribution Date (calculated after the adjustment, if any, to
          Trust Interest Collections described in subsection (v) below) remain
          unpaid after the application described in the preceding clause First,
          then an "Unsatisfied Deficiency Amount" will exist for such Monthly
          Distribution Date, and the Servicer shall instruct the Indenture
          Trustee to withdraw funds from the Reserve Fund and apply such funds
          to reduce such Unsatisfied Deficiency Amount in the priorities set
          forth in Section 4.5 (c)(i) clauses (1), (2) and (3); provided that no
          amount shall be withdrawn from the Reserve Fund and paid to the
          Servicer pursuant to Section 4.5(c)(i)clause (3)(c) in order to
          reimburse the Servicer for Servicer Advances with respect to
          Receivables that are not Eligible Receivables (as determined by the
          Servicer in accordance with its servicing procedures) and no amount
          shall be applied to clauses (3)(e) or (f) of Section 4.5(c)(i).

          To the extent that, after application of the funds in the Reserve
Fund, the full amount of the Trust Defaulted Amount has not been treated as
Additional Trust Principal pursuant to Section 4.5(c)(i) clause (3)(g), the
amount of such deficiency shall be added to unreimbursed Trust Charge- Offs.

               (iii) To the extent any Available Trust Interest (calculated
          after the adjustment, if any, to Trust Interest Collections described
          in subsection (v) below) is available on any Monthly Distribution Date
          after making the applications described in Section 4.5(c)(i), such
          amount shall be allocated and paid to the Seller as compensation for
          making the initial and any other deposits into the
          ______________________ Reserve Funds.

               (iv) On each Monthly Distribution Date, the Servicer shall pay to
          the Original Seller, as the holder of the Retained Property, any
          Interest Collections for the related Collection Period that do not
          constitute Trust Interest Collections (calculated after the
          adjustment, if any, described in subsection (v) below) to the extent
          not previously so paid to the Original Seller.

               (v) If the Servicer does not make a Servicer Advance in the
          amount of the full Deficiency Amount for a Monthly Distribution Date,
          the Servicer shall calculate for each Account in the Pool of Accounts
          in which the full amount of interest due for the related Collection
          Period was not collected, the product of (i) the amount of interest
          collected with respect to such Collection Period and (ii) the
          difference between (A) the percentage equivalent (which shall never
          exceed 100%) of a fraction, the numerator of which is the average
          daily aggregate principal balance of the Eligible Receivables in such
          Account during the related Collection Period and the denominator of
          which is the average daily aggregate principal balance of all
          Receivables (including Receivables included in the Retained Property)
          in such Account during the related Collection Period and (B) the Trust
          Percentage for such Monthly Distribution Date. With respect to each
          such Account, the absolute value of such amount so calculated shall be
          (1) added to Trust Interest Collections for such Monthly Distribution
          Date to the extent such amount is greater than zero or (2) subtracted
          from Trust Interest Collections for such Monthly Distribution Date to
          the extent such amount is less than zero. No adjustment to Trust
          Interest Collections shall be made with respect to the other Accounts
          in the Pool of Accounts.

          (i) Application of Principal Collections. The Indenture Trustee (based
on the information contained in the Servicer's Accounting delivered on any such
date or the related Determination Date pursuant to Section 3.05 of the Pooling
and Servicing Agreement, as applicable) shall apply Trust Principal Collections
and Available Trust Principal in the following manner:

               (i) On each Business Day during the Revolving Period, all Trust
          Principal Collections and Additional Trust Principal shall be applied
          as follows:

                    (A) if no series of Notes is then in a Payment Period or a
               Rapid Amortization Period which is not an Early Amortization
               Period during which Available Trust Principal is required to be
               retained or set aside or paid to fund principal payments, then

                         (1) if any Servicer Liquidity Advance for any series of
                    Term Notes is outstanding, an amount not to exceed the
                    product of Trust Principal Collections and a fraction, the
                    numerator of which is the outstanding principal balance of
                    such series of Term Notes and the denominator of which is
                    the outstanding principal balance of all Notes as of such
                    Business Day, shall be paid to the Servicer in reimbursement
                    of such Servicer Liquidity Advance and

                         (2) all remaining Trust Principal Collections shall be
                    applied as provided in Section 4.5(d)(iii);

                    (B) if one or more series of Notes is then in a Payment
               Period or a Rapid Amortization Period which is not an Early
               Amortization Period during which Available Trust Principal is
               required to be retained or set aside or paid to fund principal
               payments, then

                         (1) if any Servicer Liquidity Advance is outstanding
                    for any series of Term Notes that does not then require
                    Available Trust Principal to be retained or set aside to
                    fund principal payments with respect thereto, an amount not
                    to exceed the product of Trust Principal Collections and a
                    fraction, the numerator of which is the outstanding
                    principal balance of such series of Term Notes, and the
                    denominator of which is the outstanding principal balance of
                    all Notes as of such Business Day, shall be paid to the
                    Servicer in reimbursement of such Servicer Liquidity
                    Advance, and

                         (2) each such series that requires Available Trust
                    Principal to be retained or set aside shall be allocated its
                    Principal Allocation Percentage of the Available Trust
                    Principal (prior to giving effect to any reimbursement of
                    Servicer Liquidity Advances with respect to such series for
                    such Business Day) and such amounts shall,

                         first, be applied to reimburse the Servicer for any
                    outstanding Servicer Liquidity Advances, if any, related to
                    such series and,

                         second, to the extent specified in the Officer's
                    Issuance Certificate with respect to such series, be
                    retained or set aside in the account specified in the
                    Officer's Issuance Certificate with respect to such series,
                    and

                         (3) any amounts in excess of the amount required to be
                    reimbursed, retained or set aside in the foregoing clauses
                    (1) and (2) shall be applied as provided in Section
                    4.5(d)(iii);

               (ii) On each Business Day during the Revolving  Period,  proceeds
          from the issuance of Securities  and additional  borrowings  under any
          Revolving Notes shall be applied

                    (A) first, if so directed by the Seller, to the payment of
               principal of any series of Notes then in a Payment Period,

                    (B) second, if so directed by the Seller, to the
               reimbursement of Servicer Liquidity Advances and

                    (C) thereafter, as provided in Section 4.5(d)(iii);

               (iii) On each Business Day during the Revolving Period, after
          making the applications specified in Sections 4.5(d)(i) and
          4.5(d)(ii), the Indenture Trustee shall apply the amounts in the
          Collection Account in respect of Trust Principal Collections for such
          Business Day, the Cash Collateral Amount from the prior Business Day,
          proceeds from the issuance of Securities and additional borrowings
          under the Revolving Notes, and (if such Business Day is a Monthly
          Distribution Date) Additional Trust Principal as follows:

                    (A) if the Business Day on which the Trust Principal
               Collections occurred is on or after the Fully Funded Date for
               each series of Notes, then the Indenture Trustee shall transfer
               to the Certificate Distribution Account for allocation in
               accordance with the Trust Agreement an amount not to exceed the
               Aggregate Certificateholders' Principal,

                    (B) the Indenture Trustee shall set aside in the Collection
               Account as the Cash Collateral Amount such amount of remaining
               funds as is necessary to maintain Trust Equilibrium, and

                    (C) the Indenture Trustee shall apply any remaining such
               funds, if so directed by the Seller in its sole discretion, to
               Trust Receivables Purchases or to make payments of principal on
               any series of Revolving Notes (to the extent permitted under the
               Officer's Issuance Certificate with respect to such Revolving
               Notes);

               (iv) On each Business Day during the Wind Down Period or an Early
          Amortization Period, the Indenture Trustee shall

                    (A) with respect to each series of Notes,

                         (1) allocate to such series its Principal Allocation
                    Percentage  of Available  Trust  Principal for such Business
                    Day,

                         (2) unless otherwise set forth in the Officer's
                    Issuance Certificate with respect to such series, after the
                    reimbursement of any Servicer Liquidity Advance with respect
                    to such series, set aside in the account specified in the
                    Officer's Issuance Certificate for such series its Principal
                    Allocation Percentage of Available Trust Principal, and

                         (3) on each related Monthly Distribution Date pay or
                    set aside the amounts set aside along with the Principal
                    Allocation Percentage for such series of Available Trust
                    Principal for such Monthly Distribution Date as provided in
                    the Officer's Issuance Certificate with respect to such
                    series of Notes;

                    (B) to the extent of any Available Trust Principal remaining
               after the applications described in the preceding clause (A),
               allocate such amounts to Priority Payment Amounts and distribute
               them as specified in the applicable Officer's Issuance
               Certificate or Certificate Issuance Order;

                    (C) to the extent of any Available Trust Principal remaining
               after the applications described in the preceding clauses (A) and
               (B), allocate to the Certificates any remaining amounts up to the
               Aggregate Certificateholders' Principal for the related Monthly
               Distribution Date and pay to the Certificateholders on the date
               specified in the Trust Agreement or the Certificate Issuance
               Order, as applicable, the amounts set aside along with any
               unallocated Available Trust Principal for such Monthly
               Distribution Date; and

                    (D) to the extent of any Available Trust Principal remaining
               after the applications described in the preceding clauses (A)
               through (C), pay such amounts to the Seller.

               (v) Except as set forth in Section 4.5(d)(iii)(A), the Indenture
          Trustee shall not make payments of principal with respect to the
          Certificate Balance on any Certificates until all Term Notes and all
          Revolving Notes are paid in full (or otherwise fully provided for) and
          any Priority Payment Amount, if any, has been paid in full.

          (j) Servicer Liquidity Advances. Unless otherwise set forth in the
Officer's Issuance Certificate with respect to a series of Term Notes, if the
terms of any series of Term Notes provide for a Servicer Liquidity Advance in
the event a Required Payment on such series cannot be made from other available
funds, then to the extent that a Required Payment for any Monthly Distribution
Date during a Payment Period for such series cannot be made as provided by the
terms of such series (after giving effect to all issuances of securities and
additional borrowings under the Revolving Notes on such Monthly Distribution
Date), the Servicer shall make a Servicer Liquidity Advance in an amount
sufficient to complete such series' Required Payment, to the extent that the
Servicer, in its sole discretion, expects to recover such Servicer Liquidity
Advance from subsequent Trust Principal Collections allocated as provided in
subsection 4.5(d)(i), and such Servicer Liquidity Advance shall be used to make
such Required Payment.

          (k) On each Monthly Distribution Date for the Wind Down Period or an
Early Amortization Period, the Seller shall (or shall use reasonable efforts to
cause the Original Seller on its behalf to) deposit in the Collection Account an
amount equal to the Supplemental Principal Allocation for such Monthly
Distribution Date. The Seller shall be entitled to reimbursement of the
aggregate amount of Supplemental Principal Allocations for all Monthly
Distribution Dates following the payment in full of all Securities. The Trust's
obligation to so reimburse the Seller shall be limited to collections on
Receivables (as and when such amounts are received) and amounts on deposit in
the Reserve Fund.

          (l) To the extent unreimbursed Trust Charge-Offs for any Monthly
Distribution Date exceed the Certificate Balance (calculated without reduction
for Trust Charge-Offs), such excess shall be applied to reduce the Outstanding
Amount attributable to each series of Notes, pro rata on the basis of the
Outstanding Amount attributable to each such series (calculated without
reduction for Trust Charge-Offs after giving effect to any amounts to be paid on
such Monthly Distribution Date).

          SECTION 4.6 ______________________ Reserve Funds and the Reserve Fund.

          (a) Each of the ______________________ Reserve Funds shall include the
money and other property deposited and held therein pursuant to this Section 4.6
and Section 4.5. The Seller shall make such deposits into any of the
______________________ Reserve Funds on the Initial Closing Date and from time
to time thereafter in connection with the issuance of Additional Securities or
an increase in the Specified Maximum Revolver Balance (at which time the formula
for the Reserve Fund Required Amount or the required amount for any other
______________________ Reserve Fund may be adjusted) as are specified herein or
in any Officer's Issuance Certificate or Certificate Issuance Order. None of the
______________________ Reserve Funds shall under any circumstances be deemed to
be part of or otherwise included in the Trust.

          (b) On the Initial Closing Date, the Seller shall deposit the Reserve
Fund Initial Deposit into the Reserve Fund. In addition, the Seller, in its sole
discretion, may at any time make an additional deposit into the Reserve Fund in
an amount up to 1% of the Maximum Pool Balance as of the date such additional
deposit is to be made. If the amount on deposit in the Reserve Fund on any
Monthly Distribution Date (after giving effect to all deposits therein or
withdrawals therefrom on such Monthly Distribution Date) exceeds the Reserve
Fund Required Amount for such Monthly Distribution Date, the Servicer shall
instruct the Indenture Trustee to distribute an amount equal to any such excess
to the Seller, unless otherwise agreed to by the Seller.

          (c) In order to provide for timely payments in accordance with Section
4.5 and the terms of any Securities, to assure availability of the amounts
maintained in the Reserve Fund for the benefit of the Noteholders and the
Servicer, and as security for the performance by the Seller of its obligations
hereunder, the Seller on behalf of itself and its successors and assigns, hereby
pledges to the Indenture Trustee and its successors and assigns, all its right,
title and interest in and to (i) the Reserve Fund and all proceeds of the
foregoing, including, without limitation, all other amounts and investments held
from time to time in the Reserve Fund (whether in the form of deposit accounts,
Physical Property, book-entry securities, uncertificated securities or
otherwise) and (ii) the Reserve Fund Initial Deposit and all proceeds thereon
((i) and (ii), collectively, the "Reserve Fund Property"), to have and to hold
all the aforesaid property, rights and privileges unto the Indenture Trustee,
its successors and assigns, in trust for the uses and purposes, and subject to
the terms and provisions, set forth in this Section 4.6. The Indenture Trustee
hereby acknowledges such transfer and accepts the trust hereunder and shall hold
and distribute the Reserve Fund Property in accordance with the terms and
provisions of this Agreement. By its authentication of any series of Notes
issued pursuant to an Officer's Issuance Certificate, the Indenture Trustee
shall acknowledge and accept such trusts as are specified therein with respect
to any ______________________ Reserve Fund established thereunder.

          (d) Each of the Seller and the Servicer agrees to take or cause to be
taken such further actions, to execute, deliver and file or cause to be
executed, delivered and filed such further documents and instruments (including,
without limitation, any UCC financing statements or this Agreement) as may be
determined to be necessary, in an Opinion of Counsel to the Seller delivered to
the Indenture Trustee, in order to perfect the interests created by this Section
4.6 and any Officers' Issuance Certificate in any ______________________ Reserve
Fund and otherwise fully to effectuate the purposes, terms and conditions of
this Section 4.6 and any Officer's Issuance Certificate. The Seller shall:

               (i) promptly execute, deliver and file any financing statements,
          amendments, continuation statements, assignments, certificates and
          other documents with respect to such interests and perform all such
          other acts as may be necessary in order to perfect or to maintain the
          perfection of the Indenture Trustee's security interest; and

               (ii) make the necessary filings of financing statements or
          amendments thereto within sixty days after the occurrence of any of
          the following: (A) any change in their respective corporate names or
          any trade names, (B) any change in the location of their respective
          chief executive offices or principal places of business and (C) any
          merger or consolidation or other change in their respective identities
          or corporate structures; and shall promptly notify the Indenture
          Trustee of any such filings.

          SECTION 4.7 Net Deposits.

          (a) The  Servicer,  the Seller,  the  Indenture  Trustee and the Owner
Trustee may make any  remittances  pursuant to this Article IV net of amounts to
be distributed by the applicable recipient to such remitting party. Nonetheless,
each such party shall  account for all of the above  described  remittances  and
distributions as if the amounts were deposited and/or transferred separately.

          (b) Notwithstanding anything in this Agreement or the Indenture
(including all Officer's Issuance Certificates) to the contrary, for so long as
the conditions specified in the first sentence of Section 6.2(b) are satisfied,
the Servicer, the Seller, the Indenture Trustee and the Owner Trustee shall not
be required to make any distributions, deposits or other remittances in respect
of any Notes or to the related Distribution Account pursuant to this Article IV
(including deposits by the Servicer into the Collection Account) which are to be
made on an Exempt Deposit Date with respect to such Notes. Distributions,
deposits and other remittances on Exempt Deposit Dates which are not required to
be made by virtue of the preceding sentence shall nonetheless be accounted for
as having been distributed, deposited or remitted for purposes of determining
other amounts required to be distributed, deposited or otherwise remitted on
such Exempt Deposit Date or the Monthly Distribution Date preceding the next
succeeding Payment Date. On the Monthly Distribution Date preceding the Payment
Date next succeeding any Exempt Deposit Date on which any of the Servicer, the
Seller, the Indenture Trustee or the Owner Trustee did not make distributions,
deposits and other remittances in reliance upon the second preceding sentence,
each such Person shall be required to distribute, deposit or otherwise remit the
cumulative amount of all such distributions, deposits and other remittances for
such Payment Date and the immediately preceding Exempt Deposit Date or Dates in
respect of such Notes and the related Distribution Account.

          SECTION 4.8 Statements to Securityholders.

          (a) On or before each Payment Date, the Owner Trustee shall (except as
otherwise provided in the Trust Agreement) include with each distribution to
each Certificateholder to be made on such date and the Indenture Trustee shall
include with each distribution to each Term Noteholder and each Revolving
Noteholder to be made on such date, a statement (which statement shall also be
provided to the Rating Agencies) prepared by the Servicer based on information
in the Servicer's Accounting furnished pursuant to Section 3.05 of the Pooling
and Servicing Agreement. Except as otherwise set forth in the Officer's Issuance
Certificate with respect to any series of Notes, each such statement to be
delivered to Securityholders shall set forth the following information
concerning the Term Notes, the Revolving Notes or the Certificates, as
appropriate, with respect to such Payment Date or the preceding Collection
Period:

               (i) the amount, if any, of the distribution allocable to
          principal on each series of Term Notes and Revolving Notes and to the
          Certificate Balance;

               (ii) the amount, if any, of the distribution allocable to
          interest on or with respect to each series or class of Securities;

               (iii) the aggregate Outstanding Amount for each series of Term
          Notes, the Outstanding Amount of the Revolving Notes and the
          Certificate Balance, each as of such date and after giving effect to
          all payments reported under clause (i) above (or, in the case of any
          Revolving Notes during the Revolving Period, unless principal payments
          thereon are required on such Payment Date, as of the last day of such
          Collection Period);

               (iv) the amount of outstanding Servicer Advances on such date;

               (v) the amount of the Monthly Servicing Fee paid to the Servicer
          with respect to the related Collection Period or Periods, as the case
          may be;

               (vi) the per annum interest rate for the next Payment Date, for
          any series or class of Securities with a variable or adjustable
          interest rate;

               (vii) the amount, if any, withdrawn from or credited to each of
          the ______________________ Reserve Funds;

               (viii) the accumulated interest and principal shortfalls, if any,
          on each series or class of Securities and the change in each of such
          amounts from the preceding Payment Date;

               (ix) the Trust Charge-Offs allocated to each series or class of
          Securities and the change in such amounts from the preceding Payment
          Date; and

               (x) the balance of each of the ______________________ Reserve
          Funds, if any, on such date after giving effect to changes therein or
          any distributions therefrom on such date.

Each amount set forth pursuant to clauses (i), (ii) and (viii) above with
respect to the Term Notes or the Certificates shall be expressed as a dollar
amount per $1,000 of initial principal amount of the Term Notes or of
Certificate Balance, as applicable.

          (b) Within the prescribed period of time for tax reporting purposes
after the end of each calendar year during the term of this Agreement, the
Indenture Trustee and the Owner Trustee shall furnish (or cause to be
furnished), to each Person who at any time during such calendar year shall have
been a holder of record of Notes or Certificates, respectively, and received any
payment thereon, a statement containing such information as may be required by
the Code and applicable Treasury Regulations to enable such Securityholder to
prepare its federal income tax returns.

          (c) A copy of each statement provided pursuant to Section 4.8(a) shall
be made available for inspection at the Corporate Trust Office.

          SECTION 4.9 New Issuances; Changes in Specified Maximum Revolver
Balance.

          (a) The Seller may from time to time after the Initial Closing Date
direct the Indenture Trustee or the Owner Trustee, as applicable, on behalf of
the Trust, to issue one or more series of Term Notes or Revolving Notes, or
Revolving Notes of any series outstanding pursuant to the Indenture or increase
or decrease the Specified Maximum Revolver Balance or issue additional
Certificates (including Certificates of a different class) pursuant to the Trust
Agreement. Except as otherwise provided in any supplement hereto or any
Officer's Issuance Certificate or Certificate Issuance Order, the Term Notes of
all outstanding series, the Revolving Notes of all outstanding series and the
Certificates of all outstanding classes shall be equally and ratably entitled as
and to the extent provided herein to the benefits of this Agreement, the
Indenture and the Pooling and Servicing Agreement without preference, priority
or distinction.

          (b) The obligation of the Indenture Trustee or the Owner Trustee, as
applicable, to issue Term Notes or Revolving Notes of a new series, to increase
or decrease the Specified Maximum Revolver Balance (including any Series
Specified Maximum Revolver Balance) or to issue any additional Certificates and
to execute and deliver any related documents, including a supplement hereto or
to the Indenture, is subject to the following conditions:

               (i) on or before the fifth Business Day immediately preceding the
          related Closing Date, the Seller shall have given the Indenture
          Trustee, the Owner Trustee, the Servicer and each Rating Agency notice
          of such issuance or of such increase or decrease in the Specified
          Maximum Revolver Balance and the Closing Date;

               (ii) with respect to the issuance of a new series of Term Notes
          or Revolving Notes, the Seller shall have delivered to the Indenture
          Trustee and the Owner Trustee the related supplement and/or Officer's
          Issuance Certificate, in form reasonably satisfactory to such
          Trustees;

               (iii) with respect to the issuance of Certificates, the Seller
          shall have delivered to the Owner Trustee the related Certificate
          Issuance Order, in form reasonably satisfactory to the Owner Trustee;

               (iv) the Seller shall have delivered to the Indenture Trustee or
          the Owner Trustee, as applicable, any related Specified Support
          Arrangement executed by each of the parties thereto, other than such
          Trustee;

               (v) the Rating Agency Condition shall have been satisfied with
          respect to such issuance of any additional Series of Notes or increase
          in the Specified Maximum Revolver Balance; provided that any decrease
          in the Specified Maximum Revolver Balance shall not be subject to such
          condition;

               (vi) the Seller shall have delivered to the Indenture Trustee and
          the Owner Trustee a certificate of a Vice President or more senior
          officer, dated the Closing Date, to the effect that the Seller
          reasonably believes that such issuance or increase or decrease shall
          not result in the occurrence of an Early Amortization Event;

               (vii) after giving effect to all issuances of Securities and all
          changes in the Specified Maximum Revolver Balance on the Closing Date,
          the quotient of (A) the outstanding Certificate Balance of all then
          outstanding Certificates over (B) the Maximum Pool Balance shall equal
          or exceed the Specified Certificate Percentage; and

               (viii) with respect to the issuance of additional Certificates
          (unless otherwise agreed by the holders of all outstanding
          Certificates or unless the Rating Agency Condition is satisfied) the
          initial Certificate Balance of the Certificates to be issued on the
          Closing Date shall be less than or equal to the lowest Certificate
          Balance outstanding at all times during the twelve-month period
          preceding such issuance.

Upon satisfaction of the above conditions with respect to the issuance of
additional Term Notes or Revolving Notes, the Indenture Trustee shall, to the
extent necessary, execute a supplement to the Indenture and execute and
authenticate such Term Notes or Revolving Notes pursuant to the Indenture. Upon
satisfaction of the above conditions with respect to the increase or decrease of
the Specified Maximum Revolver Balance, the Indenture Trustee shall, to the
extent necessary, amend the Revolving Notes or the Indenture. Upon satisfaction
of the above conditions with respect to the issuance of additional Certificates,
the Owner Trustee shall execute and authenticate such additional Certificates
pursuant to the Trust Agreement. In any such case, upon satisfaction of the
above conditions, and upon payment in full of any series of Term Notes, the
Owner Trustee shall, to the extent necessary, terminate, amend or modify the
terms of any Specified Support Arrangements (including the Basis Swaps) and
enter into additional Specified Support Arrangements.

                                    ARTICLE V
                                  SERVICING FEE

          SECTION 5.1 Servicing Compensation. The Monthly Servicing Fee shall be
payable to the Servicer, in arrears, on each Monthly Distribution Date through
and including the Monthly Distribution Date on which the final distribution on
the Securities is made, in an amount equal to the product of (a) one-twelfth of
the Servicing Fee Rate and (b) the average daily balance of the Daily Trust
Invested Amount for the related Collection Period; provided, however, that with
respect to the first Monthly Distribution Date, the Monthly Servicing Fee shall
be equal to the product of (a) 14/360 of the Servicing Fee Rate and (b) the
average daily balance of the Daily Trust Invested Amount during the period from
and including the Initial Cut-Off Date through and including the last day of the
Collection Period in which the Initial Cut-Off Date occurs.

                                   ARTICLE VI
                      SECURITYHOLDER ACCOUNTS; COLLECTIONS,
                       DEPOSITS AND INVESTMENTS; ADVANCES

          SECTION 6.1 Establishment of Accounts; Deposits; Investments.

          (a) (i) The Servicer, for the benefit of the Securityholders, shall
establish and maintain in the name of the Indenture Trustee an Eligible Deposit
Account known as the ______________________ Collection Account (the "Collection
Account"), bearing an additional designation clearly indicating that the funds
deposited therein are held for the benefit of the Securityholders.

               (ii) The Servicer, for the benefit of the holders of each series
          of Term Notes separately shall establish and maintain in the name of
          the Indenture Trustee an Eligible Deposit Account known as the
          ______________________ Term Note Distribution Account (the "Term Note
          Distribution Account"), bearing an additional designation clearly
          indicating that the funds deposited therein are held for the benefit
          of the holders of the Term Notes of the relevant series. Upon the
          commencement of a Payment Period for a series of Term Notes, the
          Servicer, for the benefit of the Term Noteholders, shall establish a
          subaccount of the Term Note Distribution Account (a "Term Note
          Distribution Subaccount") (which account may be kept only on the books
          of the Trust) in which to maintain all the funds deposited in the Term
          Note Distribution Account in respect of principal for the series of
          Term Notes beginning its Payment Period.

               (iii) In connection with the first issuance by the Trust of
          Revolving Notes, the Servicer, for the benefit of the Revolving
          Noteholders, shall establish and maintain in the name of the Indenture
          Trustee an Eligible Deposit Account known as the
          ______________________ Revolver Distribution Account (the "Revolver
          Distribution Account"), bearing an additional designation clearly
          indicating that the funds deposited therein are held for the benefit
          of the Revolving Noteholders.

               (iv) Pursuant to the Trust Agreement, the Servicer, for the
          benefit of the Certificateholders, shall establish and maintain at
          ____________________ in the name of the Issuer an Eligible Deposit
          Account known as the ______________________ Certificate Distribution
          Account (the "Certificate Distribution Account") bearing an additional
          designation clearly indicating that the funds deposited therein are
          held for the benefit of the Certificateholders.

               (v) The Servicer, for the benefit of the Securityholders, shall
          establish and maintain in the name of the Indenture Trustee an
          Eligible Deposit Account known as the ______________________ Reserve
          Fund (the "Reserve Fund") bearing an additional designation clearly
          indicating that the funds deposited therein are held for the benefit
          of the Securityholders.

               (vi) The Servicer, for the benefit of the respective Noteholders,
          shall establish and maintain in the name of the Indenture Trustee any
          Eligible Deposit Accounts and subaccounts as set forth in the
          Officer's Issuance Certificates with respect to such series of Notes
          (each, an "Accumulation Account", and together with the Cash
          Accumulation Account, the "Accumulation Accounts"), each bearing an
          additional designation clearly indicating that the funds deposited
          therein are held for the benefit of the Noteholders of such series of
          Notes.

          (b) (i) Each of the Designated Accounts shall be initially established
with the Indenture Trustee and shall be maintained with the Indenture Trustee so
long as (A) the short-term unsecured debt obligations of the Indenture Trustee
have the Required Deposit Rating or (B) each of the Designated Accounts are
maintained in the corporate trust department of the Indenture Trustee and any
securities of the Indenture Trustee have a credit rating from each Rating Agency
then rating such securities in one of its generic rating categories that
signifies investment grade. All amounts held in the Designated Accounts (other
than the Cash Accumulation Account and any other Designated Account with respect
to a series of Notes specified otherwise in the Officer's Issuance Certificate
with respect to such Series of Notes) (including amounts, if any, which the
Servicer is required to remit daily to the Collection Account pursuant to
Section 6.2) shall, to the extent permitted by applicable laws, rules and
regulations, be invested, at the written direction of the Servicer (provided,
however, with respect to a series of Term Notes, the Officer's Issuance
Certificate with respect to such series of Term Notes may provide that under
specified conditions a person other than the Servicer shall direct the
investment of funds in deposit in the Designated Accounts with respect to such
series of Term Notes on the terms set forth in such Officer's Issuance
Certificate), by such bank or trust company in Eligible Investments (in the name
of the Indenture Trustee or its nominee). Such written direction shall
constitute certification by the Servicer (or such other Person) that any such
investment is authorized by this Section 6.1. Funds deposited in each of the
______________________ Reserve Funds shall be invested in Eligible Investments
and except, and then only to the extent, as shall be otherwise permitted by the
Rating Agencies, such investments shall not be sold or disposed of prior to
their maturity. Should the short-term unsecured debt obligations of the
Indenture Trustee (or any other bank or trust company with which the Designated
Accounts are maintained) no longer have the Required Deposit Rating, then the
Servicer shall within 10 Business Days (or such longer period, not to exceed 30
calendar days, as to which each Rating Agency shall consent), with the Indenture
Trustee's assistance as necessary, cause the Designated Accounts (A) to be moved
to a bank or trust company, the short-term unsecured debt obligations of which
shall have the Required Deposit Rating, or (B) so long as any securities of the
Indenture Trustee have a credit rating from each Rating Agency then rating such
securities in one of its generic rating categories that signifies investment
grade, to be moved to the corporate trust department of the Indenture Trustee.
On each Monthly Distribution Date, Shared Investment Proceeds shall be included
in Available Trust Interest and applied as set forth in Section 4.5(c). The
Indenture Trustee or the other Person holding the Designated Accounts as
provided in this Section 6.1(b)(i) shall be the "Securities Intermediary." If
the Securities Intermediary shall be a Person other than the Indenture Trustee,
the Servicer shall obtain the express agreement of such Person to the
obligations of the Securities Intermediary set forth in this Section 6.1 and an
Opinion of Counsel that such Person can perform such Obligations.

               (ii) With respect to the Designated Account Property, the
          Indenture Trustee agrees, by its acceptance hereof, that:

                         (A) Any Designated Account Property that is held in
                    deposit accounts shall be held solely in Eligible Deposit
                    Accounts. The Designated Accounts are accounts to which
                    Financial Assets will be credited.

                         (B) All securities or other property underlying any
                    Financial Assets credited to the Designated Accounts shall
                    be registered in the name of the Securities Intermediary,
                    indorsed to the Securities Intermediary or in blank or
                    credited to another securities account maintained in the
                    name of the Securities Intermediary and in no case will any
                    Financial Asset credited to any of the Designated Accounts
                    be registered in the name of the Issuer, the Servicer or the
                    Seller, payable to the order of the Issuer, the Servicer or
                    the Seller or specially indorsed to the Issuer, the Servicer
                    or the Seller except to the extent the foregoing have been
                    specially indorsed to the Securities Intermediary or in
                    blank.

                         (C) All property delivered to the Securities
                    Intermediary pursuant to this Agreement will be credited
                    upon receipt of such property to the appropriate Designated
                    Account.

                         (D) Each item of property (whether investments,
                    investment property, Financial Asset, security, instrument
                    or cash) credited to a Designated Account shall be treated
                    as a "financial asset" within the meaning of Section
                    8-102(a)(9) of the New York UCC.

                         (E) If at any time the Securities Intermediary shall
                    receive any order from the Indenture Trustee directing
                    transfer or redemption of any Financial Asset relating to
                    the Designated Accounts, the Securities Intermediary shall
                    comply with such order without further consent by the Trust,
                    the Servicer, the Seller or any other Person.

                         (F) The Designated Accounts shall be governed by the
                    laws of the State of New York, regardless of any provision
                    in any other agreement. For purposes of the UCC, New York
                    shall be deemed to be the Securities Intermediary's
                    jurisdiction and the Designated Accounts (as well as the
                    Security Entitlements related thereto) shall be governed by
                    the laws of the State of New York.

                         (G) The Securities Intermediary has not entered into,
                    and until the termination of this Agreement will not enter
                    into, any agreement with any other Person relating to the
                    Designated Accounts and/or any Financial Assets or other
                    property credited thereto pursuant to which it has agreed to
                    comply with entitlement orders (as defined in Section
                    8-102(a)(8) of the New York UCC) of such other Person and
                    the Securities Intermediary has not entered into, and until
                    the termination of this Agreement will not enter into, any
                    agreement with the Issuer, the Seller, the Servicer or the
                    Indenture Trustee purporting to limit or condition the
                    obligation of the Securities Intermediary to comply with
                    entitlement orders as set forth in Section 6.1(b)(ii)(E)
                    hereof.

                         (H) Except for the claims and interest of the Indenture
                    Trustee in the Designated Accounts, the Securities
                    Intermediary has no knowledge of claims to, or interests in,
                    the Designated Accounts or in any Financial Asset credited
                    thereto. If any other Person asserts any Lien, encumbrance
                    or adverse claim (including any writ, garnishment, judgment,
                    warrant of attachment, execution or similar process) against
                    the Designated Accounts or in any Financial Asset carried
                    therein, the Securities Intermediary will promptly notify
                    the Indenture Trustee, the Servicer and the Issuer thereof.

                         (I) The Securities Intermediary will promptly send
                    copies of all statements, confirmations and other
                    correspondence concerning the Designated Accounts and/or any
                    Designated Account Property simultaneously to each of the
                    Servicer and the Indenture Trustee, at the addresses set
                    forth in Appendix B to this Agreement.

                         (J) The Indenture Trustee shall maintain each item of
                    Designated Account Property in the particular Designated
                    Account to which such item originated and shall not
                    commingle items from different Designated Accounts.

                         (K) The Servicer or other Person directing the
                    investment of funds in the Designated Accounts shall not
                    direct the Indenture Trustee to:

                              (1) invest in any Physical Property, any
                         Uncertificated Security that is not a Federal
                         Book-Entry Security or any Certificated Security unless
                         the Indenture Trustee takes Delivery of such item; or

                              (2) invest in any Security Entitlement or Federal
                         Book-Entry Security unless the Indenture Trustee
                         obtains Control over such investment.

               (iii) The Servicer shall have the power, revocable by the
          Indenture Trustee (or by the Owner Trustee with the consent of the
          Indenture Trustee) to instruct the Indenture Trustee to make
          withdrawals and payments from the Designated Accounts for the purpose
          of permitting the Servicer or the Owner Trustee to carry out its
          respective duties hereunder or permitting the Indenture Trustee to
          carry out its duties under the Indenture.

               (iv) The Indenture Trustee shall possess all right, title and
          interest in and to all funds on deposit from time to time in the
          Designated Accounts and in all proceeds thereof (except Investment
          Proceeds). Except as otherwise provided herein or in the Indenture,
          the Designated Accounts shall be under the exclusive dominion and
          control of the Indenture Trustee for the benefit of the
          Securityholders and the Indenture Trustee shall have sole signature
          power and authority with respect thereto.

               (v) The Servicer shall not direct the Indenture Trustee to make
          any investment of any funds or to sell any investment held in any of
          the Designated Accounts unless the security interest granted and
          perfected in such account shall continue to be perfected in such
          investment or the proceeds of such sale, in either case without any
          further action by any Person, and, in connection with any direction to
          the Indenture Trustee to make any such investment or sale, if
          requested by the Indenture Trustee, the Servicer shall deliver to the
          Indenture Trustee an Opinion of Counsel, acceptable to the Indenture
          Trustee, to such effect.

          (c) Pursuant to the Trust Agreement, the Owner Trustee shall possess
all right, title and interest in and to all funds on deposit from time to time
in the Certificate Distribution Account and in all proceeds thereof (except
Investment Proceeds). Except as otherwise provided herein or in the Trust
Agreement, the Certificate Distribution Account shall be under the sole dominion
and control of the Owner Trustee for the benefit of the Certificateholders. All
amounts in the Certificate Distribution Account shall, to the extent permitted
by applicable laws, rules and regulations, be invested, at the written direction
of the Servicer, by the bank or trust company at which the Certificate
Distribution Account is maintained in Eligible Investments. Such written
direction shall constitute certification by the Servicer that any such
investment is authorized by this Section 6.1(c). Investments in Eligible
Investments shall be made in the name of the Owner Trustee or its nominee. If,
at any time, the Certificate Distribution Account ceases to be an Eligible
Deposit Account, the Servicer shall within 10 Business Days (or such longer
period, not to exceed 30 calendar days, as to which each Rating Agency may
consent) establish a new Certificate Distribution Account as an Eligible Deposit
Account and shall cause the Owner Trustee to transfer any cash and/or any
investments in the old Certificate Distribution Account to such new Certificate
Distribution Account.

          (d) The Indenture Trustee, the Owner Trustee, the Securities
Intermediary and each other Eligible Deposit Institution with whom a Designated
Account or the Certificate Distribution Account is maintained waives any right
of set-off, counterclaim, security interest or bankers' lien to which it might
otherwise be entitled.

          SECTION 6.2 Collections.

          (a) Except as otherwise provided in Section 6.2(b), the Servicer shall
deposit Collections into the Collection Account as promptly as possible after
the date such Collections are processed by the Servicer, but in no event later
than the second Business Day after such processing date.

          (b) Notwithstanding anything in this Agreement to the contrary, for so
long as

               (i) ______________________ is the Servicer,

               (ii) no Servicing Default has occurred and is continuing,

               (iii) (A) ______________________ maintains a short-term rating of
          at least A-1 by Standard & Poor's and P-1 by Moody's,

                     (B) ______________________ arranges for and maintains a
               letter of credit or other form of Specified Support Arrangement
               in respect of the Servicer's obligations to make deposits of
               Collections in the Collection Account that is acceptable in form
               and substance to each Rating Agency or

                     (C) ______________________ otherwise obtains the written
               confirmation from each Rating Agency that the failure by
               ______________________ to make daily deposits shall not result in
               a downgrade, suspension or withdrawal of the rating of any
               outstanding series or class of Securities with respect to which
               it is a Rating Agency, and

               (iv) no Daily Remittance Period specified in the Officer's
          Issuance Certificate of any series of Notes is in effect

(each of clause (i), (ii), (iii) and (iv), a "Monthly Remittance Condition"),
then, subject to any limitations in the confirmations described in (C) above, if
then applicable, the Servicer need not deposit Trust Principal Collections and
Trust Interest Collections into the Collection Account on a daily basis during a
Collection Period or make the deposits on any dates during such Collection
Period otherwise specified in Sections 2.1(d), 2.6(b) and 2.7(b)(iii), but may
make a single deposit into the Collection Account in same-day or next-day funds
not later than 12:00 noon, New York City time, on the Business Day immediately
preceding the related Monthly Distribution Date (or, with the consent of the
Indenture Trustee, in same-day funds not later than 10:00 a.m., New York City
time, on a Monthly Distribution Date) in a net amount equal to the amount which
would have been on deposit in the Collection Account on such Monthly
Distribution Date; provided that the amount of the Cash Collateral Amount for
the last day of any Collection Period shall be deposited into the Collection
Account (to the extent not already on deposit therein) no later than the second
Business Day of the following Collection Period. If and so long as a Monthly
Remittance Condition ceases to be satisfied, the Servicer shall commence, if not
already doing so, making deposits in accordance with Section 6.2(a) no later
than the first day of the first Collection Period that begins at least two
Business Days after the day on which such Monthly Remittance Condition ceases to
be satisfied.

                                   ARTICLE VII
                       LIABILITIES OF SERVICER AND OTHERS

          SECTION 7.1 Liability of Servicer; Indemnities.

          (a) The Servicer shall be liable in accordance with this Agreement
only to the extent of the obligations in this Agreement and the Pooling and
Servicing Agreement specifically undertaken by the Servicer in its capacity as
Servicer. Such obligations shall include the following:

               (i) The Servicer shall indemnify, defend and hold harmless the
     Indenture Trustee, the Owner Trustee, the Issuer and the Securityholders
     from and against any taxes that may at any time be asserted against any
     such Person with respect to the transactions contemplated in this
     Agreement, including, without limitation, any sales, gross receipts,
     general corporation, tangible personal property, privilege or license taxes
     (but not including any taxes asserted with respect to, and as of the date
     of, the sale of any Eligible Receivables to the Issuer hereunder or the
     issuance and original sale of any Securities, or asserted with respect to
     ownership or sale of any Eligible Receivables in the Accounts in the Pool
     of Accounts or the Securities, or federal or other income taxes arising out
     of distributions or receipt of payment on the Securities, or any fees or
     other compensation payable to any such Person) and costs and expenses in
     defending against the same;

               (ii) The Servicer shall indemnify, defend and hold harmless the
     Indenture Trustee, the Owner Trustee, the Issuer and the Securityholders
     from and against any and all costs, expenses, losses, claims, damages and
     liabilities to the extent that such cost, expense, loss, claim, damage or
     liability arose out of, or was imposed upon the Indenture Trustee, the
     Owner Trustee, the Issuer or the Securityholders through the negligence,
     wilful misfeasance or bad faith of the Servicer in the performance of its
     duties under this Agreement, the Pooling and Servicing Agreement, the
     Indenture or the Trust Agreement or by reason of reckless disregard of its
     obligations and duties under this Agreement, the Pooling and Servicing
     Agreement, the Indenture or the Trust Agreement; and

               (iii) The Servicer shall indemnify, defend and hold harmless the
     Indenture Trustee and the Owner Trustee, and their respective agents and
     servants, from and against all costs, expenses, losses, claims, damages and
     liabilities arising out of or incurred in connection with (x) in the case
     of the Owner Trustee, the Indenture Trustee's performance of its duties
     under the Indenture, (y) in the case of the Indenture Trustee, the Owner
     Trustee's performance of its duties under the Trust Agreement or (z) the
     acceptance, administration or performance by, or action or inaction of, the
     Indenture Trustee or the Owner Trustee, as applicable, of the trusts and
     duties contained in this Agreement, the Basic Documents, the Indenture (in
     the case of the Indenture Trustee), including the administration of the
     Owner Trust Estate, and the Trust Agreement (in case of the Owner Trustee),
     including the administration of the Trust Estate, except in each case to
     the extent that such cost, expense, loss, claim, damage or liability: (A)
     is due to the wilful misfeasance, bad faith or negligence (except for
     errors in judgment) of the Person seeking to be indemnified, (B) to the
     extent otherwise payable to the Indenture Trustee, arises from the
     Indenture Trustee's breach of any of its representations or warranties in
     Section 6.13 of the Indenture, (C) to the extent otherwise payable to the
     Owner Trustee, arises from the Owner Trustee's breach of any of its
     representations or warranties set forth in Section 6.6 of the Trust
     Agreement or (D) shall arise out of or be incurred in connection with the
     performance by the Indenture Trustee of the duties of successor Servicer
     hereunder.

          (b) Indemnification under this Section 7.1 shall include, without
limitation, reasonable fees and expenses of counsel and expenses of litigation.
If the Servicer has made any indemnity payments pursuant to this Section 7.1 and
the recipient thereafter collects any of such amounts from others, the recipient
shall promptly repay such amounts collected to the Servicer, without interest.

          SECTION 7.2 Merger or Consolidation of, or Assumption of the
Obligations of, the Servicer. Any Person (a) into which the Servicer may be
merged or consolidated, (b) resulting from any merger, conversion or
consolidation to which the Servicer shall be a party, (c) succeeding to the
business of the Servicer or (d) more than 50% of the voting interests of which
is owned, directly or indirectly, by ______________________ and which is
otherwise servicing dealer receivables, which Person in any of the foregoing
cases (other than the Servicer as the surviving entity of any such merger or
consolidation) executes an agreement of assumption to perform every obligation
of the Servicer under this Agreement and the Pooling and Servicing Agreement,
shall be the successor to the Servicer under this Agreement and the Pooling and
Servicing Agreement without the execution or filing of any document or any
further act on the part of any of the parties to this Agreement, anything in
this Agreement or in the Pooling and Servicing Agreement to the contrary
notwithstanding. The Servicer shall provide notice of any merger, consolidation
or succession pursuant to this Section 7.2 to the Rating Agencies.

          SECTION 7.3 Limitation on Liability of Servicer and Others.

          (a) Neither the Servicer nor any of the directors, officers, employees
or agents of the Servicer in its capacity as such shall be under any liability
to the Issuer, the Indenture Trustee, the Owner Trustee, the Securityholders or
any other Person, except as specifically provided in this Agreement and in the
Pooling and Servicing Agreement, for any action taken or for refraining from the
taking of any action pursuant to the Basic Documents or for errors in judgment;
provided, however, that this provision shall not protect the Servicer or any
such Person against any liability that would otherwise be imposed by reason of
wilful misfeasance, bad faith or negligence (except errors in judgment) in the
performance of duties or by reason of reckless disregard of obligations and
duties under the Basic Documents. The Servicer and any director, officer,
employee or agent of the Servicer may rely in good faith on the advice of
counsel or on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising under the Basic
Documents.

          (b) The Servicer and any director, officer or employee of the Servicer
shall be reimbursed by the Owner Trustee for any contractual damages, liability
or expense (including, without limitation, any obligation of the Servicer to the
Indenture Trustee pursuant to subsection 7.1(a)(iii)(y) or (z)) incurred by
reason of the Owner Trustee's wilful misfeasance, bad faith or negligence
(except errors in judgment) in the performance of such trustee's duties under
this Agreement or the Trust Agreement or by reason of reckless disregard of its
obligations and duties under such agreements.

          (c) Except as provided in this Agreement or in the Pooling and
Servicing Agreement, the Servicer shall not be under any obligation to appear
in, prosecute or defend any legal action that is not incidental to its duties to
service the Receivables arising under the Accounts in the Pool of Accounts in
accordance with this Agreement and the Pooling and Servicing Agreement and that
in its opinion may cause it to incur any expense or liability; provided,
however, that the Servicer may undertake any reasonable action that it may deem
necessary or desirable in respect of the Basic Documents and the rights and
duties of the parties to the Basic Documents and the interests of the
Securityholders under the Basic Documents. In such event, the legal expenses and
costs for such action and any liability resulting therefrom shall be expenses,
costs and liabilities of the Trust and the Servicer shall be entitled to be
reimbursed therefor.

          (d) The Applicable Trustee shall distribute out of the Collection
Account on a Monthly Distribution Date any amounts permitted for reimbursement
pursuant to subsection 7.3(c) not therefor reimbursed; provided, however, that
the Applicable Trustee shall not distribute such amounts if the amount on
deposit in the Reserve Fund (after giving effect to all withdrawals pursuant to
Section 4.5, on such Monthly Distribution Date) is less than the Reserve Fund
Required Amount.

          SECTION 7.4 Delegation of Duties. So long as ______________________
acts as Servicer, the Servicer may, at any time without notice or consent,
delegate any duties under this Agreement or under the Pooling and Servicing
Agreement to any Person more than 50% of the voting interests of which is owned,
directly or indirectly, by ______________________. The Servicer may at any time
perform specific duties as Servicer through sub-contractors who are in the
business of servicing dealer floor plan automotive or similar receivables;
provided, however, that no such delegation shall relieve the Servicer of its
responsibility with respect to such duties.

          SECTION 7.5 Servicer Not to Resign. Subject to the provisions of
Section 7.2, the Servicer shall not resign from the obligations and duties
imposed on it by this Agreement and the Pooling and Servicing Agreement as
Servicer except upon determination that the performance of its duties under this
Agreement or under the Pooling and Servicing Agreement, as the case may be, is
no longer permissible under applicable law. Any such determination permitting
the resignation of the Servicer shall be evidenced by an Opinion of Counsel to
such effect delivered to the Indenture Trustee and the Owner Trustee. No such
resignation shall become effective until the Indenture Trustee or a successor
servicer shall have assumed the responsibilities and obligations of the Servicer
under the Basic Documents in accordance with Section 7.2.

                                  ARTICLE VIII
                                     DEFAULT

          SECTION 8.1 Servicing Defaults. Each of the following shall constitute
a "Servicing Default":

          (a) any failure by the Servicer to deliver to the Indenture Trustee
for deposit in any of the Designated Accounts or to the Owner Trustee for
deposit in the Certificate Distribution Account any required payment or to
direct the Indenture Trustee or the Owner Trustee to make any required
distribution therefrom, which failure continues unremedied for a period of five
Business Days after written notice is received by the Servicer from the
Indenture Trustee or the Owner Trustee or after discovery of such failure by an
officer of the Servicer;

          (b) any failure on the part of the Servicer duly to observe or perform
in any material respect any other covenant or agreement of the Servicer set
forth in this Agreement, the Pooling and Servicing Agreement, the Indenture or
the Trust Agreement, which failure (i) materially and adversely affects the
rights of Securityholders and (ii) continues unremedied for a period of 90 days
after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Servicer by the Indenture Trustee or the
Owner Trustee, or to the Servicer, the Indenture Trustee and the Owner Trustee
by Noteholders whose Notes evidence not less than 25% of the Outstanding Amount
of the Notes as of the close of the preceding Monthly Distribution Date or by
Certificateholders whose Certificates evidence not less than 25% of the Voting
Interests as of the close of the preceding Monthly Distribution Date or after
discovery of such failure by an officer of the Servicer;

          (c) any representation, warranty or certification made by the Servicer
in this Agreement or in any certificate delivered pursuant to this Agreement
proves to have been incorrect when made and such inaccuracy has a material
adverse effect on the rights of the Securityholders and such material adverse
effect continues for a period of 60 days after the date on which written notice
thereof, requiring the same to be remedied, shall have been given to the
Servicer by the Indenture Trustee or the Owner Trustee; or

          (d) the entry of a decree or order by a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a
conservator, receiver or liquidator for the Servicer, in any insolvency,
readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding up or liquidation of their respective affairs,
and the continuance of any such decree or order unstayed and in effect for a
period of 90 consecutive days; or

          (e) the consent by the Servicer to the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt, marshaling of
assets and liabilities, or similar proceedings of or relating to the Seller or
the Servicer or of or relating to substantially all of their respective
property; or the Servicer shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any
applicable insolvency, bankruptcy or reorganization statute, make an assignment
for the benefit of its creditors or voluntarily suspend payment of all or
substantially all of its obligations.

          Notwithstanding the foregoing, there shall be no Servicing Default
where a Servicing Default would otherwise exist due to a delay in or failure of
performance under Section 8.1(a) for a period of 10 Business Days, or under
Section 8.1(b) or (c) for a period of 60 days, if the delay or failure giving
rise to such Servicing Default was caused by an act of God or the public enemy,
acts of declared or undeclared war, public disorder, rebellion or sabotage,
epidemics, landslides, lightning, fire, hurricanes, earthquakes, floods or
similar causes. The preceding sentence shall not relieve the Servicer from using
its best efforts to perform its obligations in a timely manner in accordance
with the terms of this Agreement and the Pooling and Servicing Agreement and the
Servicer shall provide the Indenture Trustee, the Owner Trustee, the Seller and
the Securityholders with prompt notice of such failure or delay by it, together
with a description of its efforts so to perform its obligations. The Servicer
shall immediately notify the Indenture Trustee and the Owner Trustee in writing
of any Servicing Default.

          SECTION 8.2 Consequences of a Servicing Default. If a Servicing
Default shall occur and be continuing, either the Indenture Trustee or the
Noteholders whose Notes evidence not less than a majority of the Outstanding
Amount attributable to such Notes as of the close of the preceding Monthly
Distribution Date (or, if the Notes have been paid in full and the Indenture has
been discharged with respect thereto, the Owner Trustee or Certificateholders
whose Certificates evidence not less than a majority of the Voting Interests as
of the close of the preceding Monthly Distribution Date), by notice then given
in writing to the Servicer and the Owner Trustee and to the Indenture Trustee if
given by the Noteholders or the Certificateholders) may terminate all, but not
less than all, of the rights and obligations (other than its obligations that
have accrued up to the time of such termination) of the Servicer under this
Agreement and the Pooling and Servicing Agreement. On or after the receipt by
the Servicer of such written notice, all authority and power of the Servicer
under this Agreement and the Pooling and Servicing Agreement, whether with
respect to the Notes, the Certificates, the Accounts in the Pool of Accounts,
the related Receivables (including those held by the Trust and those retained by
the Original Seller) or otherwise, shall pass to and be vested in the Indenture
Trustee pursuant to and under this Section 8.2. The Indenture Trustee is hereby
authorized and empowered (upon the failure of the Servicer to cooperate) to
execute and deliver, on behalf of the Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement of the
Receivables arising under the Accounts in the Pool of Accounts and related
documents, or otherwise. The Servicer agrees to cooperate with the Indenture
Trustee and the Owner Trustee in effecting the termination of the
responsibilities and rights of the Servicer under this Agreement and the Pooling
and Servicing Agreement, including, without limitation, the transfer to the
Indenture Trustee or the Owner Trustee for administration by it of all
Collections that shall at the time be held by the Servicer for deposit, or that
shall have been deposited by the Servicer in the Collection Account, the Term
Note Distribution Account, the Revolver Distribution Account, the Certificate
Distribution Account or any other Designated Account or thereafter received with
respect to the Receivables in the Accounts in the Pool of Accounts that shall at
that time be held by the Servicer. In addition to any other amounts that are
then payable to the Servicer under this Agreement, the Servicer shall be
entitled to receive from the successor Servicer, as described in Section 8.6,
reimbursements for any outstanding Servicer Advances made during the period
prior to the notice pursuant to this Section 8.2 which terminates the obligation
and rights of the Servicer under this Agreement. To the extent that compliance
with this Section 8.2 shall require the Servicer to disclose to the successor
Servicer information of any kind which the Servicer reasonably deems to be
confidential, the successor Servicer shall be required to enter into such
customary licensing and confidentiality agreements as the Servicer shall deem
necessary to protect its interest.

          SECTION 8.3 Indenture Trustee to Act; Appointment of Successor.

          (a) On and after the time the Servicer receives a notice of
termination pursuant to Section 8.2, the Indenture Trustee shall be the
successor in all respects to the Servicer in its capacity as servicer under this
Agreement and the Pooling and Servicing Agreement and the transactions set forth
or provided for in this Agreement and the Pooling and Servicing Agreement, and
shall be subject to all the responsibilities, restrictions, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions
of this Agreement and the Pooling and Servicing Agreement. As compensation
therefor, the Indenture Trustee shall be entitled to such compensation (whether
payable out of the Collection Account or otherwise) as the Servicer would have
been entitled to under this Agreement if no such notice of termination had been
given. Notwithstanding the above, the Indenture Trustee may, if it is unwilling
to so act, or shall, if it is legally unable so to act, appoint, or petition a
court of competent jurisdiction for the appointment of, a successor (i) having a
net worth of not less than $100,000,000, (ii) a long-term unsecured debt rating
from Moody's of at least Baa3 (unless such requirement is expressly waived by
Moody's) and (iii) whose regular business includes the servicing of dealer floor
plan automotive receivables, as the successor to the Servicer under this
Agreement and the Pooling and Servicing Agreement in the assumption of all or
any part of the responsibilities, duties or liabilities of the Servicer under
this Agreement and the Pooling and Servicing Agreement (except that such
successor shall not be liable for any liabilities incurred by any predecessor
Servicer). Any successor to the Servicer shall automatically agree to be bound
by the terms and provisions of any Specified Support Arrangement. In connection
with such appointment and assumption, the Indenture Trustee may make such
arrangements for the compensation of such successor out of Collections as it and
such successor shall agree; provided, however, that no such compensation shall
be in excess of that permitted the Servicer under this Agreement and the Pooling
and Servicing Agreement. The Indenture Trustee and such successor shall take
such action, consistent with this Agreement and the Pooling and Servicing
Agreement, as shall be necessary to effectuate any such succession.

          (b) All authority and power granted to any successor Servicer under
this Agreement shall automatically cease and terminate upon termination of the
Trust pursuant to Section 7.1 of the Trust Agreement, and shall pass to and be
vested in the Seller and, without limitation, the Seller is hereby authorized
and empowered to execute and deliver, on behalf of the successor Servicer, as
attorney-in-fact or otherwise, all documents and other instruments, and to do
and accomplish all other acts or things necessary or appropriate to effect the
purposes of such transfer of servicing rights. The successor Servicer agrees to
cooperate with the Seller in effecting the termination of the responsibilities
and rights of the successor Servicer under this Agreement and the Pooling and
Servicing Agreement. The successor Servicer shall transfer to the Seller its
electronic records relating to the Accounts and the Receivables serviced
hereunder in such electronic form as the Seller may reasonably request and shall
transfer to the Seller all other records, correspondence and documents in the
manner and at such times as the Seller shall reasonably request. To the extent
that compliance with this Section 8.3 shall require the successor Servicer to
disclose to the Seller information of any kind which the successor Servicer
deems to be confidential, the Seller shall be required to enter into such
customary licensing and confidentiality agreements as the successor Servicer
shall deem necessary to protect its interests.

          SECTION 8.4 Notification to Securityholders. Upon any termination of,
or appointment of a successor to, the Servicer pursuant to this Article VIII,
the Indenture Trustee shall give prompt written notice thereof to the Term
Noteholders, the Revolving Noteholders, the Rating Agencies and the Owner
Trustee shall give prompt written notice thereof to the Certificateholders.

          SECTION 8.5 Waiver of Past Defaults. Noteholders whose Notes evidence
not less than a majority of the Outstanding Amount of the Notes as of the close
of the preceding Monthly Distribution Date (or, if all of the Notes have been
paid in full and the Indenture has been discharged in accordance with its terms,
Certificateholders whose Certificates evidence not less than a majority of the
Voting Interests as of the close of the preceding Monthly Distribution Date)
voting as a single class, may, on behalf of all Securityholders, waive any
default by the Servicer in the performance of its obligations hereunder and
under the Pooling and Servicing Agreement and its consequences, except a
Servicing Default under Section 8.1(a) of this Agreement. Upon any such waiver
of a past default, such default shall cease to exist, and any Servicing Default
arising therefrom shall be deemed to have been remedied for every purpose of
this Agreement and the Pooling and Servicing Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent
thereon.

          SECTION 8.6 Repayment of Advances. If the identity of the Servicer
shall change, the predecessor Servicer shall be entitled to receive, to the
extent of available funds, reimbursement for Servicer Advances in the manner
specified in Section 4.5, with respect to all previously unreimbursed Servicer
Advances made by such predecessor Servicer prior to the reimbursement of any
Servicer Advances made by the successor Servicer.

                                   ARTICLE IX
                     EARLY AMORTIZATION EVENTS; TERMINATION

          SECTION 9.1 Early Amortization Events. If any one of the following
events shall occur:

          (a) an Insolvency Event with respect to the Seller or the Servicer (or
the Original Seller, if it is not the Servicer);

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

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

          (d) failure on the part of the Seller, the Servicer or the Original
Seller, as applicable, (i) to pay (or set aside for payment) pursuant to Section
4.5(d)(ii), (iii) and (iv) all amounts required to be paid as principal on any
Notes or distributed as Certificate Balance on any Certificates on the
applicable Stated Final Payment Date;

          (e) failure on the part of the Seller, the Servicer or the Original
Seller, as applicable, to duly observe or perform in any material respect any
other covenants or agreements of the Seller, the Servicer or the Original
Seller, as the case may be, set forth in this Agreement or the Pooling and
Servicing Agreement, which failure continues unremedied for a period of 60 days
after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given by the Indenture Trustee or the Owner Trustee to
the Seller, provided, however, that no Early Amortization Event shall be deemed
to occur if the Receivables affected by such failure are repurchased by the
Seller or the Servicer or the Original Seller (if the Original Seller is not the
Servicer), as applicable, in accordance with the Basic Documents;

          (f) any representation or warranty made by the Original Seller in the
Pooling and Servicing Agreement or the Seller in this Agreement or any
information contained on the Schedule of Accounts, (i) shall prove to have been
incorrect in any material respect when made or when delivered, and shall
continue to be incorrect in any material respect for a period of 60 days after
the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Seller by the Indenture Trustee or the
Owner Trustee and (ii) as a result of such incorrectness the interests of the
Securityholders are materially and adversely affected, provided, however, that
no Early Amortization Event shall be deemed to occur if the Receivables relating
to such representation or warranty are repurchased by the Original Seller or the
Seller, as applicable, in accordance with the Basic Documents;

          (g) on any Monthly Distribution Date, the average of the Monthly
Payment Rates for the three preceding Collection Periods is less than 25%;

          (h) on any three consecutive Monthly Distribution Dates, the amount on
deposit in the Reserve Fund is less than the Reserve Fund Required Amount;

          (i) on any Monthly Distribution Date, as of the last day of the
related Collection Period, the aggregate principal balance of Receivables owned
by the Trust which were advanced against Used Vehicles exceeded 20% of the Daily
Trust Balance (for purposes of this clause (i), ______________________ vehicles
that are sold to daily rental car operations, repurchased pursuant to
______________________ repurchase agreements and subsequently sold at auction to
a ______________________-franchised dealer shall not be considered to be Used
Vehicles);

          (j) a notice setting forth one or more Events of Default under the
Indenture and declaring the unpaid principal amount of Outstanding Notes
(together with accrued and unpaid interest thereon) immediately due and payable
has been given pursuant to Section 5.2(a) of the Indenture; provided, however,
that if no other Early Amortization Event has occurred and is continuing and so
long as the Scheduled Revolving Period Termination Date has not occurred, if the
Seller so elects, the Early Amortization Period resulting from such occurrence
shall terminate and the Revolving Period (and, if the Seller so elects, any then
occurring Payment Periods if and to the extent set forth in the related
Officer's Issuance Certificate) shall recommence if a notice rescinding and
annulling such declaration has been given pursuant to the Indenture;

          (k) on any Monthly Distribution Date, the Reserve Fund Required Amount
for such Monthly Distribution Date exceeds the amount on deposit in the Reserve
Fund by more than the Reserve Fund Trigger Amount;

          (l) on any Monthly Distribution Date, the average Daily Trust Balance
is less than 75% of the sum of the average Outstanding Amount of the Term Notes
and the average Certificate Balance (in each case, such average being determined
over the six Collection Periods immediately preceding such Monthly Distribution
Date (or, if shorter, the period from the Initial Closing Date through and
including the last day of the immediately preceding Collection Period));

          (m) except for a termination, amendment or modification of the terms
of any Basis Swap or entry into any other Specified Support Arrangement in
connection with the issuance of additional Securities, the payment in full of
any series of Term Notes or a change in the Specified Maximum Revolver Balance
or any Series Specified Maximum Revolver Balance so long as the conditions set
forth in Section 4.9 for such issuance or change are satisfied, any Basis Swap
or Specified Support Arrangement related to any Securities is terminated,
revoked, withdrawn, rescinded or found by a court of competent jurisdiction to
be unenforceable or an Insolvency Event with respect to a Basis Swap
Counterparty;

          (n) on any Monthly Distribution Date, as of the last day of each of
the two immediately preceding Collection Periods, the aggregate principal
balance of all Available Receivables is less than 70% of the aggregate principal
balance of all Receivables (including Receivables included in the Retained
Property) in the Accounts in the Pool of Accounts; or

          (o) any other Early Amortization Event set forth in the Officer's
Issuance Certificate related to any series of Notes;

then, subject to applicable law, and after the applicable grace period, if any,
an amortization event (an "Early Amortization Event") shall occur without any
notice or other action on the part of any party immediately upon the occurrence
of such event.

          SECTION 9.2 Insolvency Events.

          (a) Upon any sale, disposition or other liquidation of the assets of
the Trust pursuant to Article V of the Indenture, the Servicer shall instruct
the Indenture Trustee to deposit into the Collection Account the amounts
specified in Section 5.4(b) of the Indenture (the "Insolvency Proceeds"). The
Servicer shall determine conclusively the amount of the Insolvency Proceeds
which are deemed to be Trust Interest Collections and Trust Principal
Collections. The Insolvency Proceeds shall be allocated and distributed to the
Securityholders in accordance with Article IV on the next Monthly Distribution
Date and the Trust (if not already so terminated) and the Trust Agreement shall
terminate as provided in Section 7.1 of the Trust Agreement.

          (b) Subject to Section 6.1(b), any investments on deposit in any of
the ______________________ Reserve Funds which shall not mature on or before
such Monthly Distribution Date shall be sold by the Indenture Trustee at such
time as shall result in the Indenture Trustee receiving the proceeds from such
sale not later than the day immediately preceding such Monthly Distribution
Date. Any Insolvency Proceeds remaining after the deposits described above shall
be paid to the Seller.

          SECTION 9.3 Optional Purchase by the Servicer. At any time from and
after the time that,

          (a) the Daily Trust Balance is less than or equal to 10% of an amount
equal to the highest sum, on any date since the Initial Closing Date, of the
Daily Trust Balance plus the Cash Collateral Amount plus the total of amounts on
deposit in the Cash Accumulation Accounts and the Term Note Distribution Account
(all such amounts being calculated as of the close of business on such day), and

          (b)  either

               (i) there are no Term Notes then outstanding or

               (ii) the Wind Down Period is then in effect,

the Servicer shall have the option to purchase, as of the last day of any
Collection Period, the assets of the Trust other than the Designated Accounts
and the Certificate Distribution Account. To exercise such option, with respect
to any Collection Period, the Servicer shall deposit in the Collection Account
an amount equal to the aggregate Administrative Purchase Payments for the
Receivables (including Defaulted Receivables) held by the Trust on the last day
of such Collection Period, plus the appraised value of any such other property
held by the Trust, such value to be determined by an appraiser mutually agreed
upon by the Servicer, the Owner Trustee and the Indenture Trustee (such amount
will not be less than the outstanding principal balance and unpaid interest on
all Notes). Thereupon, the Servicer shall succeed to all interests in and to the
assets of the Trust (other than the Designated Accounts and the Certificate
Distribution Account) and the Trust shall assign all such interest to the
Servicer. The amount so paid to the Trust shall be treated as Trust Principal
Collections received during such Collection Period to the extent of the
principal portion of the aggregate Administrative Purchase Payment so paid, with
the remainder being treated as Trust Interest Collections received during such
Collection Period.

          SECTION 9.4 Termination. Notice of any termination of the Trust and
the Trust Agreement shall be given by the Servicer to the Owner Trustee and the
Indenture Trustee as soon as practicable after the Servicer has received notice
thereof. Following the satisfaction and discharge of the Indenture and the
payment in full of principal and interest on the Term Notes and the Revolving
Notes, the Certificateholders shall succeed to the rights of the Term
Noteholders and the Revolving Noteholders hereunder and the Owner Trustee shall
succeed to the rights of, and assume the obligations of, the Indenture Trustee
pursuant to this Agreement (subject to the continuing obligations of the
Indenture Trustee set forth in Section 4.4 of the Indenture). After payment to
the Indenture Trustee, the Owner Trustee, the Securityholders (including any
deposit into the Distribution Accounts for the benefit of the Securityholders)
and the Servicer of all amounts required to be paid (or so deposited) under this
Agreement, the Indenture and the Trust Agreement, any amounts on deposit in each
of the ______________________ Reserve Funds and the Collection Account (after
all other distributions required to be made from each of the
______________________ Reserve Funds have been made and all distributions to the
Original Seller on account of the Retained Property have been made) and any
other assets of the Trust, including any Receivables held by the Trust, shall be
paid and delivered to the Seller and this Agreement (except for Section 7.1)
shall be terminated.

          SECTION 9.5 Recommencement of Revolving Period.

          (a) If an Early Amortization Event described in Section 9.1(i), (j) or
(l) has occurred with the result that the Revolving Period has terminated and
the Early Amortization Period has commenced, the Seller may nonetheless elect to
terminate the Early Amortization Period and recommence the Revolving Period, but
only if

               (i) such recommencement begins no later than the first
     anniversary of the termination of the Revolving Period;

               (ii) as of the date of recommencement, if the event giving rise
     to such Early Amortization Event was Section 9.1(i) or (l), such event was
     not reoccurring on each of the three Monthly Distribution Dates immediately
     preceding the date of recommencement or, if the event giving rise to such
     Early Amortization Event was Section 9.1(j), the provisions of the proviso
     thereof have been satisfied;

               (iii) the Final Revolving Period Termination Date has not
     occurred;

               (iv) the long term debt obligations of the Original Seller are
     rated at least "Baa3" by Moody's;

               (v) the Reserve Fund Funding Condition is satisfied; and

               (vi) after giving effect to all issuances of Securities and all
     changes in the Specified Maximum Revolver Balance on the date of the
     recommencement, the quotient of

                    (A) the outstanding Certificate Balance of all outstanding
          Certificates over

                    (B) the Maximum Pool Balance shall equal or exceed the
          Specified Certificate Percentage.

Written notice of such election to recommence the Revolving Period must be given
to the Servicer, the Owner Trustee, the Indenture Trustee and the Rating
Agencies at least ten Business Days prior to the proposed date of
recommencement.

          (b) If the Revolving Period has terminated and the Wind Down Period
has commenced prior to the Final Revolving Period Termination Date, the Seller
may nonetheless elect to terminate the Wind Down Period and recommence the
Revolving Period, but only if

               (i) such recommencement begins no later than the first
     anniversary of the termination of the Revolving Period;

               (ii) if an Early Amortization Event has occurred, the Revolving
     Period was or on or before the recommencement date will be recommenced in
     accordance with Section 9.5(a);

               (iii) the Final Revolving Period Termination Date has not
     occurred;

               (iv) the Reserve Fund Funding Condition is satisfied; and

               (v) after giving effect to all issuances of securities and all
     changes in the Specified Maximum Revolver Balance on the date of the
     recommencement, the quotient of

                    (A) the outstanding Certificate Balance of all outstanding
          ______________________ Certificates over

                    (B) the Maximum Pool Balance shall equal or exceed the
          Specified Certificate Percentage.

Written notice of such election to recommence the Revolving Period must be given
to the Servicer, the Owner Trustee, the Indenture Trustee and the Rating
Agencies at least ten Business Days prior to the proposed date of
recommencement.

                                    ARTICLE X
                            MISCELLANEOUS PROVISIONS

          SECTION 10.1 Amendment.

          (a) This Agreement may be amended by the Seller, the Servicer and the
Owner Trustee with the consent of the Indenture Trustee, but without the consent
of any of the Securityholders,

               (i) to cure any ambiguity,

               (ii) to correct or supplement any provision in this Agreement
     that may be defective or inconsistent with any other provision in this
     Agreement or any other Basic Documents,

               (iii) to add or supplement any Specified Support Arrangement for
     the benefit of any Securityholders (provided that if any such addition
     shall affect any series or class of Securityholders differently than any
     other series or class of Securityholders, then such addition shall not, as
     evidenced by an Opinion of Counsel, materially and adversely affect in any
     material respect the interests of any series or class of Securityholders),

               (iv) to add to the covenants, restrictions or obligations of the
     Seller, the Servicer, the Owner Trustee or the Indenture Trustee for the
     benefit of the Securityholders,

               (v) to add provisions to or delete or modify the existing
     provisions of this Trust Sale and Servicing Agreement as appropriate to
     allow the Trust to issue foreign currency-denominated Notes, including
     without limitation adding provisions granting rights under this Trust Sale
     and Servicing Agreement to counterparties of the currency swaps that may be
     entered into in connection with the issuance of such foreign
     currency-denominated Notes, or

               (vi) to add, change or eliminate any other provision of this
     Agreement in any manner that shall not, as evidenced by an Opinion of
     Counsel, materially and adversely affect the interests of the
     Securityholders.

          (b) This Agreement may also be amended from time to time by the
Seller, the Servicer and the Owner Trustee with the consent of the Indenture
Trustee, the consent of Noteholders whose Notes evidence not less than a
majority of the Outstanding Amount of the Notes as of the close of the preceding
Monthly Distribution Date and the consent of Certificateholders whose
Certificates evidence not less than a majority of the Voting Interests as of the
close of the preceding Monthly Distribution Date (which consent, whether given
pursuant to this Section 10.1 or pursuant to any other provision of this
Agreement, shall be conclusive and binding on such Person and on all future
holders of such Security and of any Security issued upon the transfer thereof or
in exchange thereof or in lieu thereof whether or not notation of such consent
is made upon the Security) 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 Securityholders; provided,
however, that no such amendment shall

               (i) increase or reduce in any manner the amount of, or accelerate
     or delay the timing of, distributions or payments that shall be required to
     be made on any Security without the consent of the holder thereof (it being
     understood that the issuance of any Securities after the Initial Closing
     Date as contemplated by this Agreement, the Indenture and the Trust
     Agreement and the specification of the terms and provisions thereof
     pursuant to an Officer's Issuance Certificate (with respect to any Notes)
     or a Certificate Issuance Order (with respect to any Certificates) shall
     not be deemed to have such effect for purposes hereof),

               (ii) adversely affect the rating of any series or class of
     Securities by any Rating Agency without the consent of the holders of
     two-thirds of the Outstanding Amount of such series of Notes or the Voting
     Interests of such class of Certificates, as appropriate, or

               (iii) reduce the aforesaid percentage required to consent to any
     such amendment, without the consent of such aforesaid percentage of
     Securityholders.

          (c) Prior to the execution of any such amendment, supplement or
consent, the Servicer shall furnish written notification of the substance of
such amendment or consent to the Rating Agencies.

          (d) Promptly after the execution of any such amendment, supplement or
consent, the Owner Trustee shall furnish written notification of the substance
of such amendment or consent to each Securityholder.

          (e) It shall not be necessary for the consent of Securityholders
pursuant to subsection 10.1(b) 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 Securityholders provided for in this Agreement or in any other Basic
Document) and of evidencing the authorization of the execution thereof by
Securityholders shall be subject to such reasonable requirements as the
Indenture Trustee or the Owner Trustee may prescribe, including the
establishment of record dates pursuant to paragraph number 2 of the Depository
Agreements.

          (f) Prior to the execution of any amendment to this Agreement, the
Indenture Trustee and 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 and the Opinion of Counsel referred to
in subsection 10.2(i). The Indenture Trustee and the Owner Trustee may, but
shall not be obligated to, enter into any such amendment which affects such
trustee's own rights, duties or immunities under this Agreement or otherwise.

          (g) Each of the Original Seller and the Seller agrees that such Person
shall not amend or agree to any amendment of the Pooling and Servicing Agreement
unless such amendment would be permissible under the terms of this Section 10.1
as if this Section 10.1 were contained in the Pooling and Servicing Agreement.

          SECTION 10.2 Protection of Title to the Owner Trust Estate.

          (a) The Seller or the Servicer or both shall execute and file such
financing statements and cause to be executed and filed such continuation
statements or other statements, all in such manner and in such places as may be
required by law fully to preserve, maintain and protect the interest of the
Securityholders, the Indenture Trustee and the Owner Trustee hereunder in the
Receivables in the Accounts in the Pool of Accounts and the related Collateral
Security and in the proceeds thereof (including, without limitation, the filing
of UCC-1 financing statements on or prior to the Initial Closing Date). The
Seller or the Servicer or both shall deliver (or cause to be delivered) to the
Indenture Trustee and the Owner Trustee file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available
following such filing. The Seller agrees to use reasonable efforts to cause the
Original Seller to comply with its obligations under Section 7.02 of the Pooling
and Servicing Agreement.

          (b) Within 60 days after the Seller or the Servicer make any change in
its name, identity or corporate structure that would make any financing
statement or continuation statement filed in accordance with paragraph (a) above
seriously misleading within the meaning of Section 9-402(7) of the UCC, the
Seller or the Servicer as applicable shall give the Indenture Trustee and the
Owner Trustee notice of any such change.

          (c) Each of the Seller and the Servicer shall give the Indenture
Trustee and the Owner Trustee at least 60 days prior written notice of any
relocation of its principal executive office if, as a result of such relocation,
the applicable provisions of the UCC would require the filing of any amendment
of any previously filed financing or continuation statement or of any new
financing statement. The Servicer shall at all times maintain each office from
which it services Receivables arising under the Accounts in the Pool of Accounts
and its principal executive office within the United States of America.

          (d) The Servicer shall maintain accounts and records as to each
Eligible Receivable arising under an Account in the Pool of Accounts accurately
and in sufficient detail to permit (i) the reader thereof to know at any time
the status of such Receivable, including payments and recoveries made and
payments owing (and the nature of each) and (ii) reconciliation between payments
or recoveries on (or with respect to) each such Receivable and the amounts from
time to time deposited in the Collection Account.

          (e) In connection with the sale and transfer hereunder of the
Receivables in the Accounts in the Pool of Accounts and the related Collateral
Security from the Seller to the Trust, the Seller shall, at its own expense, on
or prior to the Initial Closing Date, in the case of the Initial Accounts, and
on or prior to the applicable Addition Date, in the case of Additional Accounts,
(i) indicate in its computer files and cause the Original Seller to indicate in
its computer files as required by the Pooling and Servicing Agreement, that the
Eligible Receivables in the Accounts in the Pool of Accounts have been sold and
transferred, and the Collateral Security assigned, to the Seller pursuant to the
Pooling and Servicing Agreement and that such property has been sold and
transferred to the Trust pursuant to this Agreement for the benefit of the
Securityholders and (ii) deliver (or cause the Original Seller to deliver) a
true and complete list of all such Accounts to the Owner Trustee specifying for
each such Account, as of the Initial Cut-Off Date, in the case of the Initial
Accounts, and as of the applicable Additional Cut-Off Date, in the case of
Additional Accounts, its account number and the outstanding principal balance of
Eligible Receivables in such Account. Such list, as supplemented from time to
time to reflect Additional Accounts, Selected Accounts and Removed Accounts
(including Accounts removed as described in Section 2.9), shall be the Schedule
of Accounts to this Agreement and is hereby incorporated into and made a part of
this Agreement. The Owner Trustee shall be under no obligation whatsoever to
verify the accuracy or completeness of the information contained in the Schedule
of Accounts from time to time.

          (f) If at any time the Seller or the Servicer proposes to sell, grant
a security interest in, or otherwise transfer any interest in dealer floor plan
automotive receivables to any prospective purchaser, lender or other transferee,
the Servicer shall give to such prospective purchaser, lender or other
transferee computer tapes, records or print-outs (including any restored from
back-up archives) that, if they refer in any manner whatsoever to any Eligible
Receivable arising under an Account in the Pool of Accounts indicate clearly
that an interest in such Receivable has been sold and is owned by the Issuer.

          (g) The Servicer shall permit the Indenture Trustee and the Owner
Trustee and their respective agents at any time to inspect, audit and make
copies of and abstracts from the Servicer's records regarding any Receivable
then or previously included in the Owner Trust Estate.

          (h) The Servicer shall furnish to the Indenture Trustee and the Owner
Trustee at any time upon request a list of all Accounts then included in the
Pool of Accounts, together with a reconciliation of such list to the Schedule of
Accounts as initially furnished hereunder and to each notice furnished before
such request indicating removal from or addition to the Accounts in the Pool of
Accounts. Upon request, the Servicer shall furnish a copy of any such list to
the Seller. The Indenture Trustee, the Owner Trustee and the Seller shall hold
any such list and the Schedule of Accounts and a copy of the Pooling and
Servicing Agreement, the Trust Sale and Servicing Agreement and the Indenture
for examination by interested parties during normal business hours at their
respective Corporate Trust Offices or, in the case of the Seller, at its office,
located at the addresses set forth in Section 10.3.

          (i) The Servicer shall deliver to the Indenture Trustee and the Owner
Trustee promptly after the execution and delivery of this Agreement and of each
amendment or supplement hereto, an Opinion of Counsel either (a) stating that,
in the opinion of such counsel, all financing statements and continuation
statements have been executed and filed that are necessary fully to preserve and
protect the interest of the Indenture Trustee and the Owner Trustee in the
Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (b) stating that, in the
opinion of such counsel, no such action is necessary to preserve and protect
such interest.

          (j) To the extent required by law, the Seller shall cause the Term
Notes (other than any Unregistered Notes) to be registered with the Securities
and Exchange Commission pursuant to Section 12(b) or Section 12(g) of the
Exchange Act within the time periods specified in such sections.

          SECTION 10.3 Notices. All demands, notices and communications upon or
to the Seller, the Servicer, the Indenture Trustee, the Owner Trustee or the
Rating Agencies under this Agreement shall be delivered as specified in Appendix
B hereto.

          SECTION 10.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER
JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          SECTION 10.5 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed enforceable to the fullest extent permitted, and if not so
permitted, shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of any of the
Securities or rights of any Interested Parties.

          SECTION 10.6 Assignment. Notwithstanding anything to the contrary
contained herein, this Agreement may not be assigned by the Seller without the
prior written consent of Noteholders whose Notes evidence not less than 66% of
the Outstanding Amount of the Notes as of the close of the preceding Monthly
Distribution Date and of Certificateholders whose Certificates evidence not less
than 66% of the Voting Interests as of the close of the preceding Monthly
Distribution Date. The Seller shall provide notice of any such assignment to the
Rating Agencies.

          SECTION 10.7 Third-Party Beneficiaries. This Agreement shall inure to
the benefit of and be binding upon the parties hereto, the Securityholders and
their respective successors and permitted assigns. Except as otherwise provided
in Section 7.1 or in this Article X, no other person shall have any right or
obligation hereunder.

          SECTION 10.8 Counterparts. This Agreement may be executed in two or
more counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which together shall constitute one and
the same instrument.

          SECTION 10.9 Headings. The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

          SECTION 10.10 Assignment to Indenture Trustee. The Seller hereby
acknowledges and consents to any mortgage, pledge, assignment and grant of a
security interest by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders and (only to the extent expressly
provided herein and in the Indenture) the Certificateholders of all right, title
and interest of the Issuer in, to and under the Receivables and/or the
assignment of any or all of the Issuer's rights and obligations hereunder to the
Indenture Trustee.

          SECTION 10.11 No Petition Covenants. Notwithstanding any prior
termination of this Agreement, the Servicer and the Seller shall not, prior to
the date which is one year and one day after the final distribution with respect
to the Securities to any of the Distribution Accounts, acquiesce, petition or
otherwise invoke or cause the Issuer to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Issuer under any federal or state bankruptcy, insolvency or similar
law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuer or any substantial part of
its property, or ordering the winding up or liquidation of the affairs of the
Issuer.

          SECTION 10.12 Further Assurances. The Seller, the Owner Trustee and
the Indenture Trustee agree to do and perform from time to time, any and all
acts and to execute any and all further instruments required or reasonably
requested by the other more fully to effect the purposes of this Agreement,
including the execution of any financing statements or continuation statements
relating to the Accounts for filing under the provisions of the UCC of any
applicable jurisdiction and to evidence the repurchase of any interest in any
Receivable by the Original Seller, the Seller or the Servicer.

          SECTION 10.13 No Waiver; Cumulative Remedies. No failure or delay on
the part of the Owner Trustee or the Indenture Trustee in exercising any right,
remedy, power or privilege under this Agreement shall operate as a waiver
thereof nor shall any single or partial exercise of any right, remedy, power or
privilege under this Agreement preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not
exhaustive of any rights, remedies, power and privileges provided by law.

          SECTION 10.14 Merger and Integration. Except as specifically stated
otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived or supplemented except as provided herein.

          SECTION 10.15 Limitation of Liability of Indenture Trustee and Owner
Trustee.

          (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been acknowledged and accepted by _______________________ not in
its individual capacity but solely as Indenture Trustee and in no event shall
___________________have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer. For all purposes
of this Agreement, in the performance of its duties or obligations hereunder,
the Indenture Trustee shall be subject to, and entitled to the benefits of, the
terms and provisions of Article VI of the Indenture.

          (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed by _______________________________ not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall ______________________ in its individual capacity or,
except as expressly provided in the Trust Agreement, as Owner Trustee of the
Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer. For all purposes
of this Agreement, in the performance of its duties or obligations hereunder or
in the performance of any duties or obligations of the Issuer hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms
and provisions of Article VI of the Trust Agreement.

                                    * * * * *

<PAGE>

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

                  ____________________________________, Issuer

                  By:  __________________________________not in its
                       individual capacity but solely as
                       Owner Trustee on behalf of the Trust

                       By:    __________________________________
                       Name:  __________________________________
                       Title: __________________________________

                  ACE SECURITIES CORP., Seller

                       By:    __________________________________
                       Name:  __________________________________
                       Title: __________________________________

                  ______________________________________________,
                  SERVICER

                       By:    __________________________________
                       Name:  __________________________________
                       Title: __________________________________

Acknowledged and Accepted:

____________________, not in its

individual capacity but solely
as Indenture Trustee,

By:    __________________________________
Name:  __________________________________
Title: __________________________________

_________________________________,
not in its individual capacity
but solely as Owner Trustee,

By:    __________________________________
Name:  __________________________________
Title: __________________________________

<PAGE>

                                                                EXHIBIT A

                 FORM OF ASSIGNMENT FOR THE INITIAL CLOSING DATE

          For value received, in accordance with the Trust Sale and Servicing
Agreement, dated as of _________ (the "Trust Sale and Servicing Agreement"),
between _____________________, a ________ corporation, as Servicer ("______"),
ACE Securities Corp., a Delaware corporation (the "Seller"), and
______________________ (the "Trust"), the Seller does hereby sell, assign,
transfer and otherwise convey unto the Trust, without recourse, all of its
right, title and interest in, to and under (i) all of the Eligible Receivables
existing in the Accounts listed in the Schedule of Accounts as of the close of
business on the Initial Cut-Off Date and, so long as each such Account is
included in the Pool of Accounts, all Eligible Receivables created or deemed
created thereunder on each Receivables Purchase Date, all monies due or to
become due thereon after the Initial Cut-Off Date or such Receivables Purchase
Date, as appropriate, all Collateral Security with respect thereto and all
amounts received with respect thereto, (ii) Article IV and Sections 3.04(c) and
6.03 of the Pooling and Servicing Agreement, dated as of _________, between the
Original Seller and the Seller, with respect to such Receivables, (iii) the
Custodian Agreement with respect to such Receivables and (iv) all proceeds of
the foregoing (including "proceeds" as defined in Section 9-306 of the UCC and
Recoveries), in each case, as more fully described in the Trust Sale and
Servicing Agreement.

          The foregoing sale, transfer, assignment and conveyance and any sales,
transfers, assignments and conveyances subsequent to the date hereof do not
constitute, and are not intended to result in, the creation or an assumption by
the Trust of any obligation of the Seller, the Original Seller,
______________________ or any other Person in connection with the Accounts, the
Receivables or under any agreement or instrument relating thereto, including any
obligation to any Dealers.

          It is the intention of Seller and the Trust that the transfers and
assignments contemplated by this Assignment, including transfers and assignments
subsequent to the date hereof, shall constitute a sale of the property described
herein and in the Pooling and Servicing Agreement from the Seller to the Trust
and the beneficial interest in and title to such property shall not be part of
the Seller's estate in the event of the filing of a bankruptcy petition by or
against the Seller under any bankruptcy law.

          This Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Trust
Sale and Servicing Agreement and is to be governed by the Trust Sale and
Servicing Agreement.

          Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in the Trust Sale and Servicing Agreement.

                                    * * * * *

<PAGE>

          IN WITNESS WHEREOF, the undersigned has caused this Assignment to be
duly executed as of _____________.

                        ACE SECURITIES CORP.

                              By:    __________________________________
                              Name:
                              Title:

<PAGE>

                                                                 EXHIBIT B

                        LOCATIONS OF SCHEDULE OF ACCOUNTS

                       The Schedule of Accounts is on file
                               at the offices of:

               1.   The Indenture Trustee

               2.   The Owner Trustee

               3.   The Original Seller

               4.   ACE Securities Corp.

<PAGE>

                                                                      EXHIBIT C

                    FORM OF ASSIGNMENT FOR EACH ADDITION DATE

          For value received, in accordance with the Trust Sale and Servicing
Agreement, dated as of ___________ (the "Trust Sale and Servicing Agreement"),
between ____________________, a __________ corporation, as Servicer
("______________________"), ACE Securities Corp., a Delaware corporation (the
"Seller") and ______________________ (the "Trust"), the Seller does hereby sell,
assign, transfer and otherwise convey unto the Trust, without recourse, with
respect to the Additional Accounts to which this Assignment relates, all of its
right, title and interest in, to and under (i) all of the Eligible Receivables
as of the close of business on the related Additional Cut-Off Date in such
Additional Accounts and, so long as each such Account is included in the Pool of
Accounts, all Eligible Receivables created or deemed created thereunder on each
Receivables Purchase Date, all monies due or to become due thereon after such
Additional Cut-Off Date or such Receivables Purchase Date, as appropriate, all
Collateral Security with respect thereto and all amounts received with respect
thereto, (ii) Article IV and Sections 3.04(c) and 6.03 of the Pooling and
Servicing Agreement, dated as of ____________, between the Original Seller and
the Seller, with respect to such Receivables, including the right of the Seller
to cause the Original Seller to repurchase Receivables under certain
circumstances, (iii) the Custodian Agreement with respect to such Receivables
and (iv) all proceeds of the foregoing (including "proceeds" as defined in
Section 9-306 of the UCC and Recoveries), in each case as more fully described
in the Trust Sale and Servicing Agreement.

          The foregoing sale, transfer, assignment and conveyance and any sales,
transfers, assignments and conveyances subsequent to the date hereof do not
constitute, and are not intended to result in, the creation or an assumption by
the Trust of any obligation of the Seller, the Original Seller,
______________________ or any other Person in connection with the Accounts, the
Receivables or under any agreement or instrument relating thereto, including any
obligation to any Dealers.

          It is the intention of the Seller and the Trust that the transfers and
assignments contemplated by this Assignment, including transfers and assignments
subsequent to the date hereof, shall constitute a sale of the property described
herein and the Pooling and Servicing Agreement from the Seller to the Trust and
the beneficial interest in and title to such property shall not be part of the
Seller's estate in the event of the filing of a bankruptcy petition by or
against the Seller under any bankruptcy law.

          This Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Trust
Sale and Servicing Agreement and is to be governed by the Trust Sale and
Servicing Agreement.

          Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in the Trust Sale and Servicing Agreement.

                                    * * * * *

<PAGE>

          IN WITNESS WHEREOF, the undersigned has caused this Assignment to be
duly executed as of _______________, _____.

                                   ACE SECURITIES CORP.

                                   By:    __________________________________
                                   Name:  __________________________________
                                   Title: __________________________________

<PAGE>

                                                                       EXHIBIT D

                   FORM OF OPINION OF COUNSEL WITH RESPECT TO
                              ADDITION OF ACCOUNTS

          Provision to be Included in Opinion of Counsel Delivered Pursuant to
Section 2.7(b)(ix) of the Trust Sale and Servicing Agreement

                  The   opinion   set  forth   below  is  subject  to   standard
qualifications,  assumptions, limitations and exceptions. Capitalized terms used
but not  defined  herein are used as  defined  in the Trust  Sale and  Servicing
Agreement dated as of ______________  among  _______________,  as servicer,  ACE
Securities Corp., as Seller (the "Seller"), and ______________________.

          The Assignment delivered on the Addition Date has been duly
authorized, executed and delivered by the Seller, and constitutes the valid and
legally binding obligation of the Seller, enforceable against the Seller in
accordance with its terms.

<PAGE>

                                   APPENDIX A

                              PART I - DEFINITIONS

          All terms defined in this Appendix shall have the defined meanings
when used in the Basic Documents, unless otherwise defined therein.

          ______________________ Certificate Basis Swap: The
______________________ Certificate Basis Swap dated as of the Initial Closing
Date between the Trust and ______________________, as the Basis Swap
Counterparty.

          ______________________ Certificates: The Floating Rate Asset Backed
Certificates, Class ______________________ described in the Trust Agreement.

          Account: An individual line of credit or related lines of credit
represented by a Floor Plan Financing Agreement extended or maintained by the
Original Seller to a United States corporation or other Person located in the
United States engaged generally in the business of purchasing Vehicles from a
manufacturer or distributor thereof and holding such Vehicles for sale or lease
in the ordinary course of business.

          Accountants' Report: The report described in Section 4.2 of the Trust
Sale and Servicing Agreement.

          Accumulation Account: With respect to any series of Notes, an Eligible
Deposit Account established and maintained by the Servicer with the Indenture
Trustee, in the name of the Indenture Trustee, on behalf of the holders of such
series of Notes, which shall constitute a Designated Account, and which shall
have such additional terms and provisions as shall be set forth in the Officer's
Issuance Certificate with respect to such series of Notes.

          ACE: ACE Securities Corp., a Delaware corporation.

          Act: An Act as specified in Section 11.3(a) of the Indenture.

          Actual/360 Day Count: (i) If applicable with respect to any series of
Notes, the calculation method set forth as such in the relevant Officer's
Issuance Certificate, and (ii) if applicable with respect to any class of
Certificates, the calculation method set forth as such in the Trust Agreement or
the relevant Certificate Issuance Order, as the case may be.

          Addition Date: The date as of which an Additional Account is added to
the Pool of Accounts.

          Addition Notice: The notice specified in Section 2.7(a) of the Trust
Sale and Servicing Agreement.

          Additional Account: An Account as described in Section 2.03(a) of the
Pooling and Servicing Agreement to be included in the Pool of Accounts after the
Initial Cut-Off Date.

          Additional Cut-Off Date: The date specified in the
______________________ Addition Notice described in Section 2.03(a) of the
Pooling and Servicing Agreement.

          Additional Trust Principal: With respect to any Monthly Distribution
Date, the amount, if any, of Available Trust Interest and funds in the Reserve
Fund applied to cover the Trust Defaulted Amount or to cover unreimbursed Trust
Charge-Offs on such Monthly Distribution Date.

          Administration Agreement: That certain Administration Agreement, dated
as of the Initial Closing Date, among ______________________, as Administrator,
the Issuer and the Indenture Trustee, as amended and supplemented from time to
time.

          Administrative Purchase Payment: means:

          (i) the payment described in Section 3.04(d) of the Pooling and
          Servicing Agreement and

          (ii) any payment by the Servicer pursuant to Section 9.3 of the Trust
          Sale and Servicing Agreement (which payment, in the case of this
          clause (ii), shall equal the greater of (A) the amount computed as
          specified in Section 3.04 of the Pooling and Servicing Agreement with
          respect to the Receivables and (B) the outstanding principal balance
          and accrued and unpaid interest on all Notes on the related Monthly
          Distribution Date).

          Administrative Receivable: A Receivable described in Section 3.04(c)
of the Pooling and Servicing Agreement.

          Administrator: ______________________ or any successor Administrator
under the Administration Agreement.

          Affiliate: With respect to any specified Person, any other Person
controlling, controlled by or under common control with such specified Person.
For the purposes of this definition, "control" when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

          Agency Office: The office of the Issuer maintained pursuant to Section
3.2 of the Indenture.

          Aggregate Certificateholders' Interest: With respect to any Monthly
Distribution Date, an amount equal to the sum of (a) the Certificateholders'
Interest for all classes of Certificates for such Monthly Distribution Date and
(b) the Certificateholders' Interest Carryover Shortfall for the preceding
Monthly Distribution Date.

          Aggregate Certificateholders' Principal: With respect to any Monthly
Distribution Date, the lesser of (i) the excess, if any, of Available Trust
Principal over the sum of the Aggregate Noteholders' Principal and the Required
Revolver Payment and (ii) the outstanding Certificate Balance. Aggregate
Certificateholders' Principal shall equal zero until the Outstanding Amount for
all Notes shall have been paid (or provided for) in full, the obligations of the
Trust to the Basis Swap Counterparty shall have been paid in full and either (x)
such Monthly Distribution Date relates to the Wind Down Period or an Early
Amortization Period or is the Targeted Final Distribution Date for the
______________________ Certificates or (y) the Servicer has exercised its option
under Section 9.3 of the Trust Sale and Servicing Agreement.

          Aggregate Noteholders' Interest: With respect to any Monthly
Distribution Date, the sum of the Noteholders' Interest for all series of Term
Notes.

          Aggregate Noteholders' Principal: With respect to any Monthly
Distribution Date, the sum of the amounts required to be paid (or set aside for
payment in an Accumulation Account, or in the Term Note Distribution Account or
otherwise) as principal on each series of Term Notes on such Monthly
Distribution Date pursuant to the Indenture and the Trust Sale and Servicing
Agreement.

          Aggregate Revolver Interest: With respect to any Monthly Distribution
Date, the sum of (a) the Revolver Interest for all series of Revolving Notes for
such Monthly Distribution Date and (b) the Revolver Interest Carryover Shortfall
for the preceding Monthly Distribution Date.

          Aggregate Revolver Principal: With respect to any Monthly Distribution
Date, the sum of the amounts required to be paid (or set aside for payment in an
Accumulation Account, or in the Revolver Distribution Account or otherwise) as
principal on each series of Revolving Notes on such Monthly Distribution Date
pursuant to the Indenture and the Trust Sale and Servicing Agreement.

          Applicable Trustee: So long as the Outstanding Amount for any series
of Term Notes or the Revolving Notes is greater than zero and the Indenture has
not been discharged in accordance with its terms, the Indenture Trustee, and
thereafter, the Owner Trustee.

          Auction Vehicles: Under the Original Seller's current practices and
policies, Vehicles purchased at a closed auction conducted by
______________________ or others.

          Authentication Agent: With respect to a series of Notes, the
authentication agent for such series of Notes acting on behalf of the Indenture
Trustee designated as such by or pursuant to Section 2.1 of the Indenture.

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

          Available Receivable: A Receivable that is identified by the Original
Seller as satisfying the criteria set forth in clauses (a) through (p) of the
definition of Eligible Receivable.

          Available Trust Interest: With respect to any Monthly Distribution
Date, the sum of:

               (11) Trust Interest Collections,

               (12) Shared Investment Proceeds, excluding the Cash Accumulation
                    Account Earnings,

               (13) the net amounts, if any, paid to the Trust under any other
                    Specified Support Arrangements which have not been
                    designated as specific to any series or class of Securities,

               (14) the net amounts, if any, paid to the Trust under all Basis
                    Swaps entered into with respect to a class of Certificates,
                    including the ______________________ Certificate Basis Swap,
                    and

               (15) if the Servicer exercises its option to purchase the assets
                    of the Trust under Section 9.3 of the Trust Sale and
                    Servicing Agreement, the amount described in such section as
                    being treated as Available Trust Interest.

          Available Trust Principal:

          (i) With respect to any day during a Collection Period, Trust
Principal Collections for such day minus any amounts paid out of Trust Principal
Collections on such day to the Servicer as reimbursement for outstanding
Servicer Liquidity Advances, and

          (ii) On the Monthly Distribution Date related to such Collection
Period, the sum of

               (a) Additional Trust Principal, if any, for such Monthly
Distribution Date;

               (b) The Cash Collateral Amount on such Monthly Distribution Date;
and

               (c) or each Monthly Distribution Date related to the Wind Down
Period or an Early Amortization Period or the Payment Period for the
______________________ Term Notes, if the amount on deposit in the Reserve Fund
on such Monthly Distribution Date exceeds zero, the Supplemental Principal
Allocation for such current Monthly Distribution Date.

          Bankruptcy Code: Title 11 of the United States Code, as the same may
be amended from time to time.

          Basic Documents: The Certificate of Trust, the Trust Agreement, the
Pooling and Servicing Agreement, the Trust Sale and Servicing Agreement, the
Custodian Agreement, the Administration Agreement, the Indenture (including all
Officer's Issuance Certificates), any Note Depository Agreement, any paying
agent agreement, the Specified Support Arrangements and the other documents and
certificates delivered in connection therewith from time to time.

          Basis Swap Counterparty: The Original Seller.

          Basis Swaps: Each of the ______________________ Term Notes Basis Swap,
the ______________________ Certificate Basis Swap and any other basis swap for a
series of Notes or class of Certificates.

          Benefit Plan: Any one of (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)(I) of the Code or (c) any entity
whose underlying assets include plan assets by reason of a plan's investment in
such entity.

          Book-Entry Certificates: Certificates in which ownership and transfers
shall be made through book entries by a Clearing Agency as described in Section
3.11 of the Trust Agreement.

          Book-Entry Notes: Term Notes in which ownership and transfers shall be
made through book entries by a Clearing Agency as described in Section 2.10 of
the Indenture.

          Business Day: Unless otherwise defined in an Officer's Issuance
Certificate (with respect to the series of Notes issued thereunder) or a
Certificate Issuance Order (with respect to the class of Certificates issued
thereunder), any day other than a Saturday, a Sunday or any other day on which
banks in New York, New York or _______, _______, may, or are required to, be
closed.

          Business Trust Statute: 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.

          Cash Accumulation Account: With respect to any series of Term Notes,
an Eligible Deposit Account designated as such in the Officer's Issuance
Certificate applicable to such series of Term Notes.

          Cash Accumulation Account Earnings: With respect to any series of Term
Notes, the investment earnings on funds deposited in the Cash Accumulation
Account, with respect to such series designated as such in the Officer's
Issuance Certificate applicable to such series of Term Notes.

          Cash Accumulation Event: With respect to any series of Term Notes, any
of the events designated as such in the Officer's Issuance Certificate
applicable to such series of Term Notes.

          Cash Accumulation Period: With respect to any series of Term Notes,
the period designated as such in the Officer's Issuance Certificate applicable
to such series of Term Notes.

          Cash Accumulation Reserve Fund: With respect to any series of Term
Notes, the fund designated as such in the Officer's Issuance Certificate
applicable to such series of Term Notes.

          Cash Accumulation Reserve Fund Deposit Amount: For any Monthly
Distribution Date, the excess, if any, of the Cash Accumulation Reserve Fund
Required Amount over the amount on deposit in the Cash Accumulation Reserve
Fund.

          Cash Accumulation Reserve Fund Initial Deposit: With respect to any
series of Term Notes, the amount designated as such in the Officer's Issuance
Certificate applicable to such series of Term Notes.

          Cash Accumulation Reserve Fund Release Amount: With respect to any
series of Term Notes, the amount designated as such in the Officer's Issuance
Certificate applicable to such series of Term Notes.

          Cash Accumulation Reserve Fund Required Amount: With respect to any
series of Term Notes, the amount designated as such in the Officer's Issuance
Certificate applicable to such series of Term Notes.

          Cash Collateral Amount: As specified in Section 4.5(d)(iii) of the
Trust Sale and Servicing Agreement, with respect to any date, the amount that is
required to be held on behalf of the Trust in order to maintain Trust
Equilibrium.

          Cede: CEDE & Co., as the nominee of DTC.

          Certificate: Any one of the asset backed certificates executed by the
Owner Trustee and authenticated by the Owner Trustee (i) with respect to the
______________________ Certificates in substantially the form set forth in
Exhibit A to the Trust Agreement and (ii) with respect to any other class of
Certificates in substantially the form attached to the Certificate Issuance
Order applicable to such other class of Certificates, if any.

          Certificate Balance: With respect to any Monthly Distribution Date or
a related Certificate Payment Date, (i) with respect to the __________________
Certificates (a) $____________, plus (b) the initial certificate balance of the
______________________ Certificates issued after the Initial Closing Date, minus
(c) all distributions in respect of Certificate Balance of the
______________________ Certificates actually made on or prior to such date,
minus (d) unreimbursed Trust Charge-Offs on such Monthly Distribution Date
(determined after giving effect to the application of Available Trust Interest
and other amounts available to reimburse Trust Charge-Offs on such date)
allocated to the ________ Certificates, up to the Certificate Balance of the
______________________ Certificates on such Monthly Distribution Date calculated
without regard to this clause (d); and (ii) with respect to any other class of
Certificates, the amount designated as such in the terms of such class of
Certificates. Any unreimbursed Trust Charge-Offs applied to reduce the
Certificate Balance shall be applied against each class of Certificates on such
Certificate Payment Date, pro rata on the basis of the Certificate Balance of
the Certificates of such class outstanding on the preceding Certificate Payment
Date (calculated without reduction for any unreimbursed Trust Charge-Offs).

          Certificate Depository: With respect to any Book-Entry Certificates
for which Definitive Certificates have not been issued, any depository selected
from time to time by the Owner Trustee on behalf of the Trust in whose name the
relevant Certificates are registered.

          Certificate Depository Agreement: With respect to any class of
Certificates originally issued as Book-Entry Certificates, the agreement, dated
as of the Closing Date for such class, among the Issuer, the Owner Trustee and
the Clearing Agency relating to such Certificates, as the same may be amended
and supplemented from time to time.

          Certificate Distribution Account: The account designated as such,
established and maintained pursuant to Section 6.1(a)(v) of the Trust Agreement.

          Certificate Issuance Order: An order establishing the terms of any
Certificates to be issued after the Initial Closing Date pursuant to Section
3.3(b) of the Trust Agreement.

          Certificate of Trust: The certificate of trust of the Issuer
substantially in the form of Exhibit B to the Trust Agreement to be filed for
the Trust pursuant to Section 3810(a) of the Business Trust Statute.

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

          Certificate Payment Date: With respect to a class of Certificates,
each date specified for payment of interest or distributions in respect of
Certificate Balance pursuant to the Trust Agreement or a Certificate Issuance
Order, as the case may be.

          Certificate Rate: With respect to any Certificate Payment Date, the
amount designated as such pursuant to the Trust Agreement and in the related
Certificate Issuance Order.

          Certificate Register: The register of Certificates specified in
Section 3.4(a) of the Trust Agreement.

          Certificate Registrar: The registrar at any time of the Certificate
Register, appointed pursuant to Section 3.4(a) of the Trust Agreement.

          Certificated Security: As of any date, has the meaning given to such
term under the applicable UCC in effect on such date.

          Certificateholder: A Person in whose name a Certificate is registered
on the Certificate Register.

          Certificateholders' Interest: With respect to any Monthly Distribution
Date, for any class of Certificates, the product of (a) the Certificate Balance
(without reduction for unreimbursed Trust Charge-Offs) for such class on the
prior Monthly Distribution Date (or, in the case of the first Monthly
Distribution Date following the issuance of such class of Certificates, on the
related Closing Date) plus the initial Certificate Balance (without reduction
for unreimbursed Trust Charge-Offs) of any Certificates of such class issued
since such prior Monthly Distribution Date and (b) the Certificate Rate for such
Monthly Distribution Date.

          Certificateholders' Interest Carryover Shortfall: With respect to any
Monthly Distribution Date, the excess of (a) the Aggregate Certificateholders'
Interest for such Monthly Distribution Date over (b) the amount that was
actually deposited in the Certificate Distribution Account on such Monthly
Distribution Date in respect of Aggregate Certificateholders' Interest.

          Clearing Agency: An organization registered as a "clearing agency"
pursuant to Section 17A of the Exchange Act. The Clearing Agency for the
______________________ Term Notes and the Class ______________________
Certificates shall be DTC. Unless otherwise specified in an Officer's Issuance
Certificate (with respect to the series of Notes issued thereunder) or a
Certificate Issuance Order (with respect to the class of Certificates issued
thereunder), the Clearing Agency for any other Security shall be DTC.

          Clearing Agency Participant: A securities broker, dealer, bank, trust
company, clearing corporation or other financial institution or other Person for
whom from time to time a Clearing Agency effects book entry transfers and
pledges of securities deposited with the Clearing Agency.

          Closing Date: Each of the Initial Closing Date and any subsequent date
on which Term Notes, Certificates or Revolving Notes are issued or the Specified
Maximum Revolver Balance is increased or decreased pursuant to Section 4.9 of
the Trust Sale and Servicing Agreement.

          Code: The Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated thereunder.

          Collateral: The collateral specified in the granting clause of the
Indenture.

          Collateral Security: With respect to an Account included in the Pool
of Accounts and the Receivables arising in such Account, all collateral security
granted to secure the obligations of the related Dealer in connection therewith
and any proceeds therefrom, including all Vehicle Collateral Security, and, to
the extent applicable, other motor vehicles, parts inventory, equipment,
fixtures, service accounts, realty and guarantees.

          Collection Account: The account designated as such, established and
maintained pursuant to Section 6.1(a)(i) of the Trust Sale and Servicing
Agreement.

          Collection Period: With respect to any Monthly Distribution Date, the
calendar month preceding the month in which such Monthly Distribution Date
occurs; provided, however, that for the initial Monthly Distribution Date, the
related Collection Period shall include such preceding calendar month and that
portion of the second preceding calendar month occurring on and after the
Initial Cut-Off Date.

          Collections: Interest Collections and Principal Collections.

          Common Collateral: The property constituting Collateral Security
described as such in Section 6.03(a) of the Pooling and Servicing Agreement.

          Control: (x) The Indenture Trustee shall have obtained "Control" over
a Security Entitlement if:

               (i)  (a) the Indenture Trustee is the Securities Intermediary for
                    the Designated Account in which such Security Entitlement is
                    held, or

                    (b) the Indenture Trustee

                         (1)  is identified in the records of the Securities
                              Intermediary as the person having such a Security
                              Entitlement against the Securities Intermediary,
                              or

                         (2)  has obtained the agreement, in writing, of the
                              Securities Intermediary for such Security
                              Entitlement that it will comply with orders of the
                              Indenture Trustee regarding the sale or redemption
                              of the Security Entitlement without further
                              consent of any other person, and

               (ii) the Securities Intermediary for such Security Entitlement

                    (a)  is the registered owner of the related Financial Asset,

                    (b)  is the holder of the Security Certificate for the
                         related Financial Asset, or

                    (c)  holds its interest in the related Financial Asset
                         directly through a clearing corporation (as defined in
                         Revised Article 8); and

          (y) the Indenture Trustee shall have obtained "Control" over a Federal
Book- Entry Security if:

               (i)  (a) the Indenture Trustee is a participant in the book entry
                    system maintained by the Federal Reserve Bank that is acting
                    as fiscal agent for the issuer of such Federal Book-Entry
                    Security; and

                    (b)  such Federal Reserve Bank has indicated by book entry
                         that such Federal Book-Entry Security has been credited
                         to the Indenture Trustee's securities account in such
                         book entry system; or

               (ii) (a) the Indenture Trustee

                         (1)  is identified in the records of a Securities
                              Intermediary as the Person having a Security
                              Entitlement in respect of such Federal Book-Entry
                              Security against such Securities Intermediary; or

                         (2)  has obtained the agreement, in writing, of the
                              Securities Intermediary for such Security
                              Entitlement that it will comply with orders of the
                              Trustee regarding the sale or redemption of the
                              Security Entitlement without further consent of
                              any other Person; and

                    (b)  the Securities Intermediary for such Security
                         Entitlement is a participant in the book entry system
                         maintained by the Federal Reserve Bank that is acting
                         as fiscal agent for the issuer of such Federal
                         Book-Entry Security; and

                    (c)  such Federal Reserve Bank has indicated by book entry
                         that such Federal Book-Entry Security has been credited
                         to the Securities Intermediary's securities account in
                         such book entry system.

          Controlled Deposit Amount: With respect to any series or class of
Securities, on any date, the amount provided by the terms of such Securities;
provided, however, that the Controlled Deposit Amount for any series of Term
Notes shall not exceed the then Outstanding Amount of such Notes.

          Corporate Trust Office: With respect to the Indenture Trustee or the
Owner Trustee, the principal office at which at any particular time the
corporate trust business of the Indenture Trustee or Owner Trustee,
respectively, shall be administered, which offices at the Initial Closing Date
are located:

<PAGE>

          in the case of the Indenture Trustee, at:

          _______________________
          _______________________
          _______________________
          ____________________________

          and in the case of the Owner Trustee, at:

          _______________________
          _______________________
          _______________________
          ____________________________

          provided that, when the definition of "Corporate Trust Office" is used
          in connection with providing notice to the Owner Trustee, a copy of
          such notice shall also be sent to:

          _______________________
          _______________________
          _______________________
          ____________________________

          Custodian: ______________________, as Servicer, or another custodian
named from time to time pursuant to the Custodian Agreement.

          Custodian Agreement: The Custodian Agreement, dated as of the Initial
Closing Date, between the Custodian, ________________ and _____, as amended and
supplemented from time to time.

          Daily Remittance Period: The periods designated as such in the
Officer's Issuance Certificate of any series of Notes.

          Daily Trust Balance: For any date, the aggregate principal balance of
all Receivables held by the Trust on such date (which shall not include the
Retained Property).

          Daily Trust Invested Amount: For any date during a Collection Period,
an amount equal to (without duplication)

          (a) the aggregate Outstanding Amount of the Term Notes on such date
          plus

          (b) the outstanding Certificate Balance on such date plus

          (c) the Net Revolver Balance for such date minus

          (d) the Cash Collateral Amount for such date minus

          (e) any amounts held on such date in a related Distribution Account,
          Cash Accumulation Account or other account for payment of principal on
          the Notes or distribution of Certificate Balance on the Certificates.

          Dealer: Any corporation, entity or other Person the Receivables of
which are included in the Trust.

          Dealer Overconcentration Percentage: __%, or such higher percentage
not to exceed __% in any event as the Seller shall select upon satisfaction of
the Rating Agency Condition.

          Dealer Overconcentration Receivables: With respect to any date, with
respect to any Dealer or group of affiliated Dealers (as determined in
accordance with the Servicer's standard procedures for identifying and tracking
accounts of affiliated Dealers), the outstanding Available Receivables with
respect to such Dealer or group of affiliated Dealers to the extent, if any, of
the excess of

               (a) the aggregate principal balance of all such Available
     Receivables on such date over

               (b) the Dealer Overconcentration Percentage of the sum of

                    (i) the Specified Maximum Revolver Balance and

                    (ii) the aggregate Outstanding Amount for all Term Notes as
                    of such date or, if applicable, as of the commencement of
                    any then occurring Early Amortization Period, Wind Down
                    Period or Payment Period.

If, on any date, there exist Dealer Overconcentration Receivables with respect
to a Dealer or group of affiliated Dealers, those Receivables constituting
Eligible Receivables shall be those Available Receivables that were originated
on the earliest dates, with the more recently originated Receivables being
Dealer Overconcentration Receivables. If not all Available Receivables
originated on any date are Eligible Receivables, a Receivable related to a
Vehicle with a lower vehicle identification number shall constitute an Eligible
Receivable before a Receivable related to a Vehicle with a higher vehicle
identification number. All Available Receivables that are not Eligible
Receivables pursuant to the foregoing shall be Dealer Overconcentration
Receivables. If an Available Receivable that is a Dealer Overconcentration
Receivable on the date such Receivable is created subsequently ceases to be a
Dealer Overconcentration Receivable such that such Receivable becomes an
Eligible Receivable pursuant to the foregoing, such Eligible Receivable shall be
deemed created on the date it so becomes an Eligible Receivable.

          Default: Any occurrence that is, or with notice or the lapse of time
or both would become, an Event of Default.

          Defaulted Receivables: For any Monthly Distribution Date, all
Receivables held by the Trust that were charged-off as uncollectible during the
related Collection Period, other than any such Receivables that are subject to
repurchase by the Seller or the Original Seller or purchase by the Servicer on
such Monthly Distribution Date (unless certain events of bankruptcy, insolvency
or receivership have occurred with respect to the Seller, the Original Seller or
the Servicer, as the case may be, in which event Defaulted Receivables shall
include the principal amount of such otherwise excluded Receivables).

          Deficiency Amount: The amounts determined to be Deficiency Amounts in
Section 4.5(c)(ii) of the Trust Sale and Servicing Agreement.

          Definitive Certificates: The Certificates issued pursuant to the Trust
Agreement in definitive form either upon original issuance or upon termination
of book-entry registration with respect to such Certificates pursuant to Section
3.13 of the Trust Agreement.

          Definitive Notes: The Notes issued pursuant to the Indenture in
definitive form.

          Definitive Term Notes: The Term Notes issued pursuant to the Indenture
in definitive form either upon original issuance or upon termination of
book-entry registration with respect to such Term Notes pursuant to Section 2.12
of the Indenture.

          Delivery: When used with respect to Designated Account Property,
"Delivery" means:

               (i)  (a) with respect to Physical Property or any Certificated
                    Security, transfer thereof to the Indenture Trustee or its
                    nominee or custodian by physical delivery to the Indenture
                    Trustee or its nominee or custodian endorsed to, or
                    registered in the name of, the Indenture Trustee or its
                    nominee or custodian or endorsed in blank; and

                    (b)  with respect to a Security Certificate or any other
                         Designated Account Property that constitutes Physical
                         Property and that is not a Security Entitlement
                         transfer of such Security Certificate or other
                         Designated Account Property to the Indenture Trustee or
                         its nominee or custodian by physical delivery to the
                         Indenture Trustee or its nominee or custodian endorsed
                         to, or registered in the name of, the Indenture Trustee
                         or its nominee or custodian or endorsed in blank; and

               (ii) with respect to any Uncertificated Security that is not a
                    Federal Book-Entry Security:

                    (a)  if the issuer of such Uncertificated Security is
                         organized under the laws of a jurisdiction that has not
                         adopted Revised Article 8, registration on the books
                         and records of the issuer thereof in the name of the
                         financial intermediary, the sending of a confirmation
                         by the financial intermediary of the transfer to the
                         Indenture Trustee or its nominee or custodian of such
                         Uncertificated Security and the making by such
                         financial intermediary of entries on its books and
                         records identifying such Uncertificated Securities as
                         belonging to the Indenture Trustee or its nominee or
                         custodian; and

                    (b)  if the issuer of such Uncertificated Security is
                         organized under the laws of a jurisdiction that has
                         adopted Revised Article 8, (x) the issuer registers the
                         Indenture Trustee as the registered owner or (y) the
                         Indenture Trustee otherwise satisfies the requirements
                         for obtaining "control" under Section 8-106(c) of
                         Revised Article 8.

          Depository Agreement: The Note Depository Agreement and any similar
agreement executed in connection with the issuance of any series of Securities
originally issued as Book-Entry Notes or Book-Entry Certificates.

          Designated Account Property: The Designated Accounts, all amounts and
investments held from time to time in any Designated Account (whether in the
form of deposit accounts, Physical Property, book-entry securities,
uncertificated securities or otherwise), including the Reserve Fund Initial
Deposit, and all proceeds of the foregoing.

          Designated Accounts: The Collection Account, the Term Note
Distribution Account, the Revolver Distribution Account, the Accumulation
Accounts, the Reserve Fund, all Cash Accumulation Reserve Funds and any other
account so designated in an Officer's Issuance Certificate, collectively.

          Determination Date: The tenth day of each calendar month, or if such
tenth day is not a Business Day, the next succeeding Business Day.

          Distribution Accounts: The Term Note Distribution Account, Certificate
Distribution Account and Revolver Distribution Account.

          DPP: Delayed Payment Privilege, a policy of the Original Seller under
which the Original Seller may agree with a dealer not to require payment of
principal promptly upon the sale or lease of the vehicle to a customer.

          DTC: The Depository Trust Company, a limited-purpose trust company
certified under the New York Banking Law.

          Early Amortization Event: An event described as such in Section 9.1 of
the Trust Sale and Servicing Agreement or any amendment or supplement.

          Early Amortization Period: The period commencing on the day on which
an Early Amortization Event is deemed to have occurred, and ending on the first
to occur of (a) the payment in full of all outstanding Securities, (b) the
recommencement of the Revolving Period as described in Sections 9.1(j) and 9.5
of the Trust Sale and Servicing Agreement and (c) the Trust Termination Date. A
Monthly Distribution Date is related to an Early Amortization Period if the last
day of the related Collection Period occurred during an Early Amortization
Period.

          Eligible Account: An Account which, as of the date of determination
thereof:

          (a) is in favor of a Person that is not subject to voluntary or
          involuntary liquidation, that is not classified in "programmed" or "no
          credit" status and in which ______________________ or an Affiliate
          does not have a more than 20% equity interest,

          (b) has been established by the Original Seller or
          ______________________,

          (c) is maintained and serviced by the Original Seller.

          (d) is not a Fleet Account or a Marine Account,

          (e) with respect to which, during the preceding 12 months, the
          Original Seller has not charged off, without recovering, any amount in
          excess of $25,000 and

          (f) there has been no material breach by the related obligor of its
          obligation to pay the related Receivable upon sale of the Vehicle
          related thereto (a material breach, for these purposes, includes,
          without limitation, any failure to pay such Receivable which the
          Original Seller knows to be attributable in whole or in part to such
          obligor's unwillingness or financial inability to pay).

          Eligible Deposit Account: Either (a) a segregated account with an
Eligible Institution or (b) a segregated trust account with the corporate trust
department of a depository institution organized under the laws of the United
States of America or any one of the states thereof (or any domestic branch of a
foreign bank), having corporate trust powers and acting as trustee for funds
deposited in such account so long as any of the securities of such depository
institution has a credit rating from each Rating Agency then rating such
securities in one of its generic rating categories which signifies investment
grade.

          Eligible Institution: Either

          (a) the corporate trust department of the Indenture Trustee or the
          Owner Trustee, as applicable, or

          (b) a depository institution organized under the laws of the United
          States of America or any one of the States thereof (or any domestic
          branch of a foreign bank),

               (i) which has either (A) a long-term unsecured debt rating
               acceptable to the Rating Agencies or (B) a short-term unsecured
               debt rating or certificate of deposit rating acceptable to the
               Rating Agencies and

               (ii) whose deposits are insured by the FDIC or any successor
               thereto.

          Eligible Investments: Book-entry securities, negotiable instruments or
securities represented by instruments in bearer or registered form which (at the
time made) evidence:

               (a) direct obligations of, and obligations fully guaranteed as to
     timely payment by, the United States of America;

               (b) demand deposits, time deposits or certificates of deposit of
     any depository institution or trust company incorporated under the laws of
     the United States of America or any State thereof (or any domestic branch
     of a foreign bank) and subject to supervision and examination by Federal or
     State banking or depository institution authorities; provided, however,
     that at the time of the investment or contractual commitment to invest
     therein, the commercial paper or other short-term unsecured debt
     obligations (other than such obligations the rating of which is based on
     the credit of a Person other than such depository institution or trust
     company) thereof shall have a credit rating from each of the Rating
     Agencies then rating such obligations in the highest investment category
     granted thereby;

               (c) commercial paper having, at the time of the investment or
     contractual commitment to invest therein, a rating from each of the Rating
     Agencies then rating such commercial paper in the highest investment
     category granted thereby;

               (d) investments in money market or common trust funds having a
     rating from each of the Rating Agencies then rating such funds in the
     highest investment category granted thereby for money market funds
     (including funds for which the Indenture Trustee or the Owner Trustee or
     any of their respective affiliates is investment manager or advisor, so
     long as such fund shall have such rating, provided, however, that no funds
     in the Cash Accumulation Account or the Term Note Distribution Subaccount
     for the ______________________ Term Notes shall be invested in Eligible
     Investments described in this clause (d));

               (e) bankers' acceptances issued by any depository institution or
     trust company referred to in clause (b) above;

               (f) repurchase obligations with respect to any security that is a
     direct obligation of, or fully guaranteed by, the United States of America
     or any agency or instrumentality thereof the obligations of which are
     backed by the full faith and credit of the United States of America, in
     either case entered into with a Person with the Required Deposit Rating or
     otherwise approved by the Rating Agencies; and

               (g) any other investment permitted by each of the Rating
     Agencies;

in each case, other than as permitted by the Rating Agencies, maturing

          (i) not later than the Business Day immediately preceding the next
          Monthly Distribution Date or

          (ii) on such next Monthly Distribution Date if either

          (A) such investment is in the institution with which the Term Note
          Distribution Account, the Certificate Distribution Account or the
          Accumulation Accounts, as the case may be, is then maintained or

          (B) the Indenture Trustee (so long as the short-term unsecured debt
          obligations of the Indenture Trustee are rated at least P-1 by Moody's
          and A-1 by Standard & Poor's on the date such investment is made)
          shall advance funds on such Monthly Distribution Date to the Term Note
          Distribution Account, the Certificate Distribution Account or the
          Accumulation Accounts, as the case may be, in the amount payable on
          such investment on such Monthly Distribution Date pending receipt
          thereof to the extent necessary to make distributions on the Notes or
          the Certificates, as the case may be, on such Monthly Distribution
          Date. For purposes of the foregoing, unless the Indenture Trustee
          objects at the time an investment is made, the Indenture Trustee shall
          be deemed to have agreed to make such advance with respect to such
          investment.

          As used in this definition, a rating is in the "highest investment
category" of a rating category which has relative gradations within that
category only if it has the highest rating within that category (so that, for
example, commercial paper with a rating of A-1 is not considered to be in the
"highest investment category," but a rating of A-1+ is within the "highest
investment category").

          Eligible Receivable: With respect to any date, a Receivable:

               (a) which was originated by the Original Seller in the ordinary
     course of business or which was originated by ______________________ in the
     ordinary course of business and acquired by the Original Seller;

               (b) which arose under an Account that was an Eligible Account
     (and not a Selected Account) at the time of the transfer of such Receivable
     from the Original Seller to the Seller;

               (c) which is payable in United States dollars;

               (d) to which the Original Seller had good and marketable title
     immediately prior to the transfer thereof by the Original Seller to the
     Seller and which has been the subject of a valid transfer and assignment
     from the Original Seller to the Seller of all of the Original Seller's
     right, title and interest therein and the related Vehicle Collateral
     Security (including any proceeds thereof);

               (e) which is advanced against a Vehicle;

               (f) which at the time of transfer thereof by the Original Seller
     to the Seller is secured by a first priority perfected security interest in
     the Vehicle related thereto;

               (g) with respect to which all consents, licenses and approvals of
     any Governmental Authority in connection with the transfer thereof to the
     Seller and to the Trust have been obtained and are in full force and
     effect;

               (h) which was created in compliance in all material respects with
     all Requirements of Law applicable thereto;

               (i) as to which, at all times following the transfer of such
     Receivable to the Trust, the Trust has either a first priority perfected
     security interest or good and marketable title thereto, free and clear of
     all Liens (other than Liens permitted pursuant to the Trust Sale and
     Servicing Agreement);

               (j) which has been the subject of a valid transfer and assignment
     from the Seller to the Trust of all the Seller's right, title and interest
     therein and the related Vehicle Collateral Security (including any proceeds
     thereof);

               (k) which is the legal, valid, binding and assignable payment
     obligation of the Dealer relating thereto, enforceable against such Dealer
     in accordance with its terms, except as such enforceability may be limited
     by the Insolvency Laws;

               (l) which at the time of transfer thereof by the Original Seller
     to the Seller is not subject to any valid right of rescission, setoff or
     any other defense (including defenses arising out of violations of usury
     laws) of the related Dealer;

               (m) as to which, at the time of transfer thereof to the Trust,
     the Original Seller and the Seller have satisfied in all material respects
     all their respective obligations with respect to such Receivable required
     to be satisfied at such time;

               (n) as to which, at the time of transfer thereof to the Trust,
     neither the Original Seller nor the Seller has taken or failed to take any
     action that would impair the rights of the Trust or the Securityholders
     therein;

               (o) which constitutes "chattel paper", an "account" or a "general
     intangible" as defined in Article 9 of the UCC as then in effect in the
     State of Michigan;

               (p) with respect to which the related Dealer has not postponed
     principal payment pursuant to DPP (or any similar arrangement) or any other
     installment payment program;

               (q) which, at the time of transfer thereof to the Trust, does not
     constitute a Dealer Overconcentration Receivable and

               (r) which, at the time of transfer thereof to the Trust, does not
     constitute an Excess Available Receivable.

Notwithstanding the foregoing, any other Receivable identified by the Original
Seller as an Eligible Receivable shall also be deemed an Eligible Receivable
unless and until such Receivable is thereafter determined not to satisfy the
eligibility criteria set forth above and reassigned by the Trust to the Original
Seller or the Seller pursuant to the Trust Sale and Servicing Agreement and the
Pooling and Servicing Agreement (it being understood that any such subsequent
determinations shall not affect any prior transfers of such Receivable and such
Receivable shall be reassigned to the Original Seller and the Seller only as
specifically provided in the Trust Sale and Servicing Agreement and the Pooling
and Servicing Agreement). An Eligible Receivable shall be deemed created or
originated on the date it is identified by the Original Seller as an Eligible
Receivable. With respect to any Dealer, Eligible Receivables shall be determined
net of any funds held by the Original Seller for such Dealer for cash
management, liquidity and working capital purposes. Within any such Account,
Eligible Receivables shall be those Available Receivables originated on the
earliest dates. If not all Available Receivables originated on any date are
Eligible Receivables, a Receivable relating to a Vehicle with a lower vehicle
identification number shall constitute an Eligible Receivable before a
Receivable relating to a Vehicle with a higher vehicle identification number. If
there is a reduction on any date of the amount so held for such Dealer, a
Receivable or Receivables shall be deemed created on such date to the extent of
such reduction and such Receivable(s) shall be Eligible Receivable(s) if the
eligibility criteria set forth above are satisfied and based on such date of
origination and the vehicle identification number of the related Vehicle as
described above.

          ERISA: The Employee Retirement Income Security Act of 1974, as
amended.

          Event of Default: An event described in Section 5.1 of the Indenture.

          Excess Available Receivables: For any date, Available Receivables to
the extent, if any, of the excess of:

               (a) the aggregate principal balance of Available Receivables less
     the aggregate principal balance of Dealer Overconcentration Receivables
     over

               (b) the Maximum Pool Balance.

If, on any date, there exist Excess Available Receivables, a pro rata portion of
the Receivables in each Account in the Pool of Accounts shall constitute Excess
Available Receivables (based on the aggregate principal balance of the
Receivables in each such Account). Within each such Account, Eligible
Receivables shall be those Available Receivables that were originated on the
earliest dates, with the more recently originated Receivables being Excess
Available Receivables. If not all Available Receivables originated on any date
within an Account are Eligible Receivables, a Receivable related to a Vehicle
with a lower vehicle identification number shall constitute an Eligible
Receivable before a Receivable related to a Vehicle with a higher vehicle
identification number. All Available Receivables that are not Eligible
Receivables pursuant to the foregoing shall be Excess Available Receivables. If
an Available Receivable that is an Excess Available Receivable on the date such
Receivable is originated or created subsequently ceases to be an Excess
Available Receivable such that such Receivable becomes an Eligible Receivable
pursuant to the foregoing, such Eligible Receivable shall be deemed originated
or created on the date it so becomes an Eligible Receivable.

          Exchange Act: The Securities Exchange Act of 1934, as amended.

          Executive Officer: With respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
Executive Vice President, any Vice President, the Secretary or the Treasurer of
such corporation; and with respect to any partnership, any general partner
thereof.

          Exempt Deposit Date: With respect to any Notes, a Monthly Distribution
Date which is not a Payment Date for such Notes.

          FDIC: The Federal Deposit Insurance Corporation or any successor
thereto.

          Federal Book-Entry Security: An obligation issued by the U.S.
Treasury, the Federal Home Loan Mortgage Corporation or the Federal National
Mortgage Association, or any other direct obligation of, or obligation fully
guaranteed as to timely payment of principal and interest by, the United States
of America, that is a book-entry security held through the Federal Reserve
System pursuant to Federal Book-entry regulations.

          Final Revolving Period Termination Date: _________________

          Financial Asset: Has the meaning given such term in Article 8 of the
New York UCC. As used herein, the Financial Asset "related to" a Security
Entitlement is the Financial Asset in which the entitlement holder (as defined
in Article 8 of the New York UCC) holding such Security Entitlement has the
rights and property interest specified in Article 8 of the New York UCC.

          Fitch: Fitch

          Fleet Accounts: Credit lines or accounts pursuant to which advances
may be made to finance Vehicles intended for sale to fleet customers, generally
in lots of more than 10.

          Floor Plan Financing Agreement: Collectively, the Wholesale Security
Agreement, and the related agreements between the Original Seller and a Dealer
or the Wholesale Installment Sales Finance Agreement and related agreements
between the Original Seller and a Dealer, or, in each case, any successor
agreements, pursuant to which the Original Seller or ______________________, as
the case may be, agrees to extend credit to such Dealer to purchase or finance
Vehicles and other vehicles and related items, and pursuant to which such Dealer
grants to the Original Seller or to ______________________, as the case may be,
a security interest in the specific Vehicles financed by the Original Seller or
by ______________________, certain other vehicles, certain other collateral and
the proceeds thereof.

          Floor Plan Financing Guidelines: The Servicer's written policies and
procedures, as such policies and procedures may be amended from time to time,
relating to (a) the operation of its floor plan financing business, including
the policies and procedures for determining the interest rates charged to
Dealers and other terms and conditions relating to the Servicer's wholesale
financing accounts, the creditworthiness of Dealers and the extension of credit
to Dealers, and (b) the maintenance of accounts and collection of receivables.

          Fully Funded Date: With respect to any series of Notes, the date
designated as such in the Officer's Issuance Certificate applicable to such
series of Notes.

          Governmental Authority: The United States of America, any state or
other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

          Holder: The Person in whose name a Note or Certificate, as the case
may be, is registered on the Note Register or the Certificate Register, as
applicable.

          Indenture: The Indenture, dated as of the Initial Closing Date,
between the Issuer and the Indenture Trustee, as amended and supplemented from
time to time, including all Officer's Issuance Certificates.

          Indenture Trustee: _______________, a _________ banking corporation,
not in its individual capacity but solely as trustee under the Indenture, or any
successor trustee under the Indenture.

          Independent: When used with respect to any specified Person, that the
Person (a) is in fact independent of the Issuer, any other obligor upon the
Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does
not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Seller or any Affiliate of
any of the foregoing Persons and (c) is not connected with the Issuer, any such
other obligor, the Seller or any Affiliate of any of the foregoing Persons as an
officer, employee, promoter, underwriter, trustee, partner, director or person
performing similar functions.

          Independent Certificate: A certificate or opinion to be delivered to
the Indenture Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1 of the Indenture,
made by an Independent appraiser or other expert appointed by an Issuer Order
and approved by the Indenture Trustee in the exercise of reasonable care, and
such opinion or certificate shall state that the signer has read the definition
of "Independent" and that the signer is Independent within the meaning thereof.

          Indirect Participant: A securities broker, dealer, bank, trust company
or other Person that clears through or maintains a custodial relationship with a
Clearing Agency Participant, either directly or indirectly.

          Ineligible Account: An Account that does not satisfy the criteria to
be an Eligible Account.

          Initial Account: An Account identified on the Schedule of Accounts as
in the Pool of Accounts as of the Initial Cut-Off Date.

          Initial Closing Date: ____________

          Initial Cut-Off Date: ____________

          Initial Quarterly Distribution Date: ______________

          Initial Securities: The ______________________ Term Notes and the
______________________ Certificates.

          Insolvency Event: With respect to a specified Person, (a) the entry of
a decree or order by a court, agency or supervisory authority having
jurisdiction in the premises for the appointment of a conservator, receiver,
trustee or liquidator for such Person, in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of such Person's affairs, and the continuance of any
such decree or order unstayed and in effect for a period of 90 consecutive
days,(b) the consent by such Person to the appointment of a conservator,
receiver or liquidator in any insolvency, bankruptcy, readjustment of debt,
marshalling of assets and liabilities or similar proceedings of or relating to
such Person or of or relating to substantially all of such Person's property or
(c) such Person shall admit in writing its inability to pay its debts generally
as they become due, file a petition to take advantage of any applicable
insolvency, bankruptcy or reorganization statute, make an assignment for the
benefit of its creditors or voluntarily suspend payment of its obligations.

          Insolvency Laws: The Bankruptcy Code and any other applicable federal
or State bankruptcy, insolvency or other similar law.

          Insolvency Proceeds: The proceeds described in Section 9.2(a) of the
Trust Sale and Servicing Agreement.

          Intercompany Advance Agreement: The Intercompany Advance Agreement
dated as of _______________ between ______________ and the Original Seller, as
amended and supplemented from time to time.

          Interest Collections: For any Collection Period, collections received
during such Collection Period on the Receivables existing under the Accounts in
the Pool of Accounts that the Servicer attributes to interest and other
non-principal charges pursuant to the Floor Plan Financing Guidelines, including
Administrative Purchase Payments and Warranty Payments in excess of the
principal portion thereof.

          Interest Rate: With respect to any series of Notes the rate or rates
designated as such in the Officer's Issuance Certificate applicable to such
series of Notes.

          Interested Party: The Original Seller, the Seller, the Issuer and each
other party identified or described in the Pooling and Servicing Agreement or in
the Trust Sale and Servicing Agreement as having an interest in Receivables as
owner, trustee, secured party or holder of the Securities.

          Investment Company Act: The Investment Company Act of 1940, as
amended.

          Investment Proceeds: With respect to any Monthly Distribution Date,
investment earnings on funds deposited in the Designated Accounts and the
Certificate Distribution Account net of losses and investment expenses during
the related Collection Period.

          Involuntary Case: Any Proceeding provided for any insolvency,
readjustment of debt, marshalling of assets and liabilities or similar
proceedings of or relating to any Person or relating to all or substantially all
of its property.

          Issuer: The party named as such in the Pooling and Servicing
Agreement, the Trust Sale and Servicing Agreement and the Indenture until a
successor replaces it and, thereafter, the successor and, for purposes of any
provision contained herein and required by the TIA, each other obligor on the
Notes.

          Issuer Order and Issuer Request: A written order or request signed in
the name of the Issuer by any one of its Authorized Officers and delivered to
the Indenture Trustee.

          LIBOR Business Day: Any day on which commercial banks in London are
open for business (including dealings in foreign exchange and foreign currency
deposits).

          Lien: Any security interest, lien, charge, pledge, equity or
encumbrance of any kind, other than tax liens, mechanics' liens and any liens
that attach by operation of law.

          Marine Accounts: Credit lines or accounts pursuant to which advances
are made to finance new and used boats and related items.

          Maximum Pool Balance: The sum of

               (a) the Maximum Revolver Balance,

               (b) the aggregate outstanding principal balance of all Term Notes
     (after giving effect to any amounts on deposit in the Term Note
     Distribution Accounts and any Accumulation Accounts for payments of
     principal), and

               (c) the aggregate outstanding Certificate Balance of all
     Certificates (after giving effect to any amounts on deposit in the
     Certificate Distribution Account for distributions with respect to
     Certificate Balance).

          Maximum Revolver Balance: At any time, the Specified Maximum Revolver
Balance, as such amount may be increased or decreased from time to time in
accordance with the Trust Sale and Servicing Agreement; provided, however, that
at any time additional borrowings may not be made under a Revolving Note
(including, if applicable, during the Wind Down Period or an Early Amortization
Period), the Maximum Revolver Balance shall include the Specified Maximum
Revolver Balance attributable to such Note only to the extent of the Net
Revolver Balance with respect to such Note. For purposes of the foregoing, if
and so long as the holder of any Revolving Notes has determined not to make any
further advances thereunder but additional borrowings are otherwise then
permitted thereunder, the proviso to the previous sentence shall be applicable
in determining Excess Available Receivables but shall otherwise be inapplicable.

          Monthly Available Amount: With respect to a Monthly Distribution Date,
the aggregate of the amounts designated as such for each series of Notes
separately in the Officer's Issuance Certificate applicable to each such series
of Notes.

          Monthly Carrying Costs: With respect to a Monthly Distribution Date,
the aggregate of the costs designated as such for each series of Notes
separately in the Officer's Issuance Certificate applicable to each such series
of Notes.

          Monthly Distribution Date: The fifteenth day of each calendar month
or, if such fifteenth day is not a Business Day, the next succeeding Business
Day, commencing ____________. A Monthly Distribution Date is related to the
Collection Period prior to the Collection Period in which such Monthly
Distribution Date occurs.

          Monthly Payment Rate: For any Collection Period, the percentage
obtained by dividing Principal Collections for such Collection Period by the
average daily aggregate principal balance of all Receivables (including
Receivables included in the Retained Property) included in the Accounts in the
Pool of Accounts during such Collection Period.

          Monthly Remittance Condition: Any of the conditions specified in
Section 6.2(b) of the Trust Sale and Servicing Agreement.

          Monthly Servicing Fee: The fee described in Section 5.1 of the Trust
Sale and Servicing Agreement.

          Moody's: Moody's Investors Service, Inc.

          Net Revolver Balance: For any date, the aggregate outstanding
principal balance under the Revolving Notes minus any amounts on deposit in the
Revolver Distribution Account on such date for the payment of principal.

          New Vehicles: Under the Original Seller's current practices and
policies, Vehicles of any model year that are not Auction Vehicles, that
generally have been driven less than 200 miles and that are either (a) untitled
or (b) titled solely for purposes of State laws requiring demonstration vehicles
to be titled.

          New York UCC: The UCC as in effect in the State of New York.

          Note Depository: With respect to any Book-Entry Notes for which
Definitive Term Notes have not been issued, any depository selected from time to
time by the Indenture Trustee on behalf of the Trust in whose name a series of
Notes is registered. The Note Depository for the ______________________ Term
Notes shall be Cede & Co., the nominee of the Clearing Agency for such series.

          Note Depository Agreement: With respect to any series of Term Notes
originally issued as Book-Entry Notes, the agreement, dated as of the Closing
Date for such series, among the Issuer, the Indenture Trustee and the Clearing
Agency relating to such Term Notes, as the same may be amended and supplemented
from time to time.

          Note Owner: With respect to any Term Note issued as a Book Entry Note,
the Person who is the beneficial owner of such Book Entry Note, as reflected on
the books of the related Clearing Agency, or on the books of a Person
maintaining an account with such Clearing Agency (directly as a Clearing Agency
Participant or as an Indirect Participant, in each case in accordance with the
rules of such Clearing Agency).

          Note Register: With respect to any series of Notes, the register of
such Notes specified in Section 2.4 of the Indenture.

          Note Registrar: The registrar at any time of the Note Register,
appointed pursuant to Section 2.4 of the Indenture.

          Noteholders: Holders of record of the Notes pursuant to the Indenture
and, with respect to any series of Notes, holders of record of such series of
Notes pursuant to the Indenture.

          Noteholders' Interest: With respect to a series of Notes, for any
Monthly Distribution Date, the amount specified as such in the Officer's
Issuance Certificate applicable to such series of Notes.

          Notes: The Term Notes and the Revolving Notes.

          Officer's Certificate: A certificate signed by any Authorized Officer
of the Issuer, under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.1 of the Indenture, and
delivered to the Indenture Trustee. Unless otherwise specified, any reference in
the Indenture to an officer's certificate shall be to an Officer's Certificate
of any Authorized Officer of the Issuer.

          Officer's Issuance Certificate: An Officer's Certificate establishing
the terms of any series of Notes pursuant to Section 2.1 of the Indenture.

          Opinion of Counsel: A written opinion of counsel, who may, except as
otherwise expressly provided, be an employee of the Seller, the Servicer or the
Original Seller. In addition, for purposes of the Indenture: (a) such counsel
shall be satisfactory to the Indenture Trustee, (b) the opinion shall be
addressed to the Indenture Trustee as Trustee and (c) the opinion shall comply
with any applicable requirements of Section 11.1 of the Indenture and shall be
in form and substance satisfactory to the Indenture Trustee.

          Original Seller: The Person executing the Pooling and Servicing
Agreement as the seller, or its successor in interest pursuant to Section 5.01
of the Pooling and Servicing Agreement.

          Original Seller Addition Notice: The notice described in Section
2.03(a) of the Pooling and Servicing Agreement.

          Original Seller Removal Notice: The notice described in Section 2.04
of the Pooling and Servicing Agreement.

          Other Indebtedness: The indebtedness of Dealers to the Original Seller
defined in Section 6.03(a) of the Pooling and Servicing Agreement.

          Outstanding: With respect to any Notes, as of the date of
determination, subject to Section 4.5(g) of the Trust Sale and Servicing
Agreement, all such Notes theretofore authenticated and delivered under the
Indenture except:

               (a) Notes theretofore canceled by the Indenture Trustee or
     delivered to the Indenture Trustee for cancellation;

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

               (c) Notes in exchange for or in lieu of other Notes which have
     been authenticated and delivered pursuant to this Indenture unless proof
     satisfactory to the Indenture Trustee is presented that any such Notes are
     held by a bona fide purchaser; provided, however, that in determining
     whether the Holders of the requisite Outstanding Amount of the Notes have
     given any request, demand, authorization, direction, notice, consent or
     waiver hereunder or under any Basic Document, Notes owned by the Issuer,
     any other obligor upon the Notes, the Seller or any Affiliate of any of the
     foregoing Persons shall be disregarded and deemed not to be Outstanding,
     except that, in determining whether the Indenture Trustee shall be
     protected in relying upon any such request, demand, authorization,
     direction, notice, consent or waiver, only Notes that the Indenture Trustee
     knows to be so owned shall be so disregarded. Notes so owned that have been
     pledged in good faith may be regarded as Outstanding if the pledgee
     establishes to the satisfaction of the Indenture Trustee the pledgor's
     right so to act with respect to such Notes and that the pledgee is not the
     Issuer, any other obligor upon the Notes, the Seller or any Affiliate of
     any of the foregoing Persons.

          Outstanding Amount: As of any date, with respect to any series of Term
Notes or Revolving Notes, the aggregate principal amount of such Notes
Outstanding at such date.

          Owner Trust Estate: 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
Trust Sale and Servicing Agreement, all funds on deposit from time to time in
the Designated Accounts and the Certificate Distribution Account, the Specified
Support Arrangements and all other property of the Trust from time to time,
including any rights of the Owner Trustee and the Trust pursuant to the Trust
Sale and Servicing Agreement and the Administration Agreement.

          Owner Trustee:____________________, a [ ] or any successor trustee
under the Trust Agreement.

          Paying Agent: With respect to the Indenture, the Indenture Trustee or
any other Person that meets the eligibility standards for the Indenture Trustee
specified in Section 6.11 of the Indenture and is authorized by the Issuer to
make the payments to and distributions from the Collection Account, the Term
Note Distribution Account and the Revolver Distribution Account, including
payment of principal of or interest on the Notes on behalf of the Issuer. With
respect to the Trust Agreement, any paying agent or co-paying agent appointed
pursuant to Section 3.9 of the Trust Agreement that meets the eligibility
standards for the Owner Trustee specified in Section 6.13 of the Trust
Agreement, and initially [ ].

          Payment Date: With respect to a series of Notes, each date specified
for payment of interest or principal on the Notes pursuant to the Indenture.
With respect to a series of Notes providing for monthly payment of interest or
principal, Payment Date means a Monthly Distribution Date.

          Payment Period: With respect to a series of Term Notes or Revolving
Notes, the period, if any, described in the related Officer's Issuance
Certificate during which amounts are required to be set aside and/or paid as
principal on such Term Notes or Revolving Notes prior to the Wind Down Period or
an Early Amortization Period.

          Person: Any legal person, including any individual, corporation,
partnership, joint venture, association, joint stock company, trust,
unincorporated organization or Governmental Authority.

          Physical Property: Means bankers' acceptances, commercial paper,
negotiable certificates of deposit and other obligations that constitute
"instruments" within the meaning of Section 9-105(1)(i) of the UCC and are
susceptible of physical delivery.

          Pool of Accounts: At any time, all Accounts identified on the Schedule
of Accounts as amended and supplemented from time to time pursuant to the
Pooling and Servicing Agreement and the Trust Sale and Servicing Agreement. From
and after the related Removal Date, an Account shall no longer be deemed
included in the Pool of Accounts.

          Pooling and Servicing Agreement: The Pooling and Servicing Agreement,
dated as of the Initial Closing Date, between the Original Seller and the
Purchaser, as amended and supplemented from time to time.

          Predecessor Note: With respect to any particular Note, every previous
Note evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purpose of this definition, any Note authenticated
and delivered under Section 2.5 of the Indenture in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

          Principal Allocation Percentage: for a series of Notes that has
reached its Fully Funded Date, zero, and for any other series of Notes (the
"Referent Series") which requires Available Trust Principal to be retained or
set aside during any period to fund swap payments, if any, or principal payments
with respect to the Referent Series on any date, is the percentage equivalent to
the following:

          (1) if such date does not relate to a Wind Down Period or an Early
Amortization Period for the Trust:

(Principal Allocation           (Aggregate Principal Balance of Referent Series)
Percentage for a Referent =     -----------------------------------------------
Series)                        (Sum of Aggregate Principal Balance for all
                                Referent Series)

          where, for purposes of this equation only:

          "Aggregate Principal Balance of Referent Series" is

          (ii  with respect to any Referent Series of Term Notes, the aggregate
               initial principal balance with respect to such Referent Series or

          (ii  with respect to any Referent Series of Revolving Notes, the
               outstanding principal balance of such Referent Series as of the
               close of business on the day preceding the first day of the
               Payment Period with respect to such series

          "Sum of Aggregate Principal Balance for all Referent Series" is the
          sum of the "Aggregate Principal Balance of Referent Series" for each
          series of Notes which is on that date a Referent Series

          (2) if such date relates to a Wind Down Period or an Early
Amortization Period for the Trust:

Principal Allocation          (Aggregate Principal Balance of Referent Series)
Percentage for a Referent =   -------------------------------------------------
Series                        (Sum of Aggregate Principal Balance for each
                              Series of Notes)

          where, for purposes of this equation only:

          "Aggregate Principal Balance of Referent Series" is the aggregate
          outstanding principal balance of the Referent Series then outstanding
          on the last day of the Revolving Period

          "Sum of Aggregate Principal Balance for each Series of Notes" is the
          sum of the "Aggregate Principal Balance of Referent Series" for all
          series then outstanding on the last day of the Revolving Period,
          except for any series the principal balance of which has been fully
          paid or provided for (calculated for this purpose as though each
          outstanding series is a Referent Series on that date)

          Principal Collections: For any day or any period, collections received
on such date or during such period, as applicable, on the Receivables existing
under the Accounts in the Pool of Accounts that the Servicer attributes to
principal pursuant to the Floor Plan Financing Guidelines, including the
principal portion of Warranty Payments and Administrative Purchase Payments.

          Priority Payment Amount: Any make-whole payment, payment to an
interest rate swap counterparty, or other payment or deposit obligation
specified in an Officers' Issuance Certificate for a series of Notes or a
Certificate Issuance Order as constituting a "Priority Payment Amount," which
designates such amount as having priority of payment over the principal balance
of the Certificates; provided, that no amount shall constitute a Priority
Payment Amount unless either (x) each holder of a Certificate has consented to
the designation of such amount as a Priority Payment Amount or (y) the Rating
Agency Condition has been satisfied with respect to such designation.

          Proceeding: Any suit in equity, action at law or other judicial or
administrative proceeding.

          Program: The program described in Section 4.2 of the Trust Sale and
Servicing Agreement.

          Purchaser: ACE Securities Corp., a Delaware corporation, or its
successor in interest pursuant to the Pooling and Servicing Agreement.

          Quarterly Distribution Date: Each Monthly Distribution Date occurring
in the months of _______, _______, _______ and _______, commencing
______________.

          Quarterly Interest Accrual Date: The 15th day of each ________,
_______, ______ and _________, or if such day is not a Business Day, the next
following day which is a Business Day, commencing _____________.

          Rapid Amortization Events: With respect to a series of Term Notes, the
events designated as such in the Officer's Issuance Certificate for such series
of Term Notes.

          Rapid Amortization Payment Date: With respect to a series of Term
Notes, the meaning given to such term in the Officer's Issuance Certificate
applicable to such series of Term Notes.

          Rapid Amortization Period: With respect to a series of Term Notes, the
meaning given to such term in the Officer's Issuance Certificate for such series
of Term Notes.

          Rating Agencies: As of any date, with respect to any series or class
of Securities, the nationally recognized statistical rating organizations that
are requested by the Seller to provide ratings on such Securities and that are
rating such Securities on such date.

          Rating Agency Condition: With respect to any action, with respect to
any series or class of Securities that are then rated, the condition that each
of the Rating Agencies with respect to such Securities shall have notified the
Seller, the Servicer and the Issuer in writing that such action shall not result
in a downgrade, suspension or withdrawal of the then current rating of such
Securities.

          Reassignment Amount: For any Monthly Distribution Date, after giving
effect to any allocations, withdrawals and deposits otherwise to be made on such
Monthly Distribution Date, the sum of the Daily Trust Invested Amount (which,
for such purpose, shall be calculated without reduction for the Cash Collateral
Amount) and accrued but unpaid interest on all outstanding Securities to the
extent not previously distributed to Securityholders.

          Receivable: At any time, the right to receive payment on a loan made
under an Account included in the Pool of Accounts.

          Receivables Purchase Date: Each Business Day during the Revolving
Period on which Eligible Receivables are created in any Account then included in
the Pool of Accounts, subject to Section 6.02 of the Pooling and Servicing
Agreement.

          Record Date: (a) With respect to any series of Term Notes that are
Book-Entry Notes and with respect to any Payment Date, the close of business on
the day immediately preceding such Payment Date, or if Definitive Term Notes are
issued therefor, the last day of the preceding Collection Period, (b) with
respect to any series of Notes other than those described in clause (a) and with
respect to any Payment Date, the last day of the preceding Collection Period and
(c) with respect to the Certificates and with respect to any Certificate Payment
Date, the close of business on the last day of the preceding Collection Period.

          Recoveries: For any Monthly Distribution Date, all amounts received,
including insurance proceeds, by the Servicer during the related Collection
Period with respect to Eligible Receivables that have previously become
Defaulted Receivables.

          Redemption Date: For a series of Term Notes, the date, if any,
specified as such in the Officer's Issuance Certificate applicable to such
series.

          Redemption Price: For a series of Term Notes, the price, if any,
specified as such in the Officer's Issuance Certificate applicable to such
series.

          Registered Holder: The Person in whose name a Note is registered on
the Note Register on the applicable Record Date.

          Remaining Interest Amounts: The amounts designated as Remaining
Interest Amounts in Section 4.5(c) of the Trust Sale and Servicing Agreement.

          Removal Balance: The balance described in Section 2.8 of the Trust
Sale and Servicing Agreement.

          Removal Commencement Date: The date described as such in Section 2.8
of the Trust Sale and Servicing Agreement.

          Removal Date: The date described as such in Section 2.8 of the Trust
Sale and Servicing Agreement.

          Removal Notice: The notice described in Section 2.8 of the Trust Sale
and Servicing Agreement.

          Removed Account: An Account that has been removed from the Pool of
Accounts pursuant to Sections 2.04 or 2.05 of the Pooling and Servicing
Agreement and/or Sections 2.8 or 2.9 of the Trust Sale and Servicing Agreement.

          Required Deposit Rating: A rating on short-term unsecured debt
obligations of P-1 by Moody's and A-1+ by Standard & Poor's. Any requirement
that short-term unsecured debt obligations have the "Required Deposit Rating"
shall mean that such short-term unsecured debt obligations have the foregoing
required ratings from each of such rating agencies.

          Required Payment: With respect to any series of Term Notes, the amount
provided by the Officer's Issuance Certificate with respect to such Term Notes.

          Required Payment Period Length: With respect to a series of Notes, the
period length specified as such in the Officer's Issuance Certificate applicable
to such series of Notes.

          Required Revolver Payment: With respect to any Monthly Distribution
Date, the aggregate amount required to be paid (or set aside for payment) as
principal on all Revolving Notes on such Monthly Distribution Date pursuant to
the Indenture and the Trust Sale and Servicing Agreement.

          Requirement of Law: With respect to any Person, the certificate of
incorporation and by-laws or other organizational or governing documents of such
Person, and any law, treaty, rule or regulation, or determination of an
arbitrator or Governmental Authority, in each case applicable to or binding upon
such Person or to which such Person is subject, whether Federal, State or local
(including usury laws and the Federal Truth in Lending Act). Reserve Fund: The
account designated as such, established and maintained pursuant to Section
6.1(a)(v) of the Trust Sale and Servicing Agreement.

          Reserve Fund Deposit Amount: With respect to any Monthly Distribution
Date, the excess, if any, of the Reserve Fund Required Amount over the amount on
deposit in the Reserve Fund (after taking into account any withdrawals from the
Reserve Fund on such Monthly Distribution Date).

          Reserve Fund Funding Condition: Will be satisfied on the date of
recommencement of the Revolving Period if:

               (a) the amount on deposit in the Reserve Fund equals or exceeds
     the Reserve Fund Required Amount as of such date of recommencement;

               (b) the amount on deposit in each Cash Accumulation Reserve Fund
     equals or exceeds the Cash Accumulation Reserve Fund Required Amount
     thereof as of such date of recommencement; and

               (c) the amount on deposit in the Certificate Reserve Fund equals
     or exceeds the amount required to be on deposit in the Certificate Reserve
     Fund, if any.

          Reserve Fund Initial Deposit: $_______________.

          Reserve Fund Property: The property described in Section 4.6(c) of the
Trust Sale and Servicing Agreement.

          Reserve Fund Required Amount: With respect to any Monthly Distribution
Date,

               (a) for any Monthly Distribution Date related to the Revolving
     Period or Wind Down Period, ___% of the Maximum Pool Balance minus the
     amounts on deposit in all Cash Accumulation Accounts as of such Monthly
     Distribution Date (or if, as of such Monthly Distribution Date, the
     long-term debt obligations of ______________________ are rated less than
     "BBB-" by Standard & Poor's, then ___%), and

               (b) for any Monthly Distribution Date during any Early
     Amortization Period, ___% of the result of the Maximum Pool Balance minus
     the amounts on deposit in all Cash Accumulation Accounts as of the last day
     of the Revolving Period (or if, as of the last day of the Revolving Period
     the long-term debt obligations of ______________________ are rated less
     than "BBB-" by Standard & Poor's, then ___%).

          Reserve Fund Trigger Amount: $_____________

          Responsible Officer: With respect to the Indenture Trustee or the
Owner Trustee, any officer within the Corporate Trust Office of such trustee,
and, with respect to the Servicer, the President, any Vice President, Assistant
Vice President, Secretary, Assistant Secretary or any other officer or assistant
officer of such Person customarily performing functions similar to those
performed by any of the above designated officers and also, with respect to a
particular matter, any other officer to whom such matter is referred because of
such officer's knowledge of and familiarity with the particular subject.

          Retained Property: The interest of the Original Seller described in
Section 2.01(d) of the Pooling and Servicing Agreement.

          Revised Article 8: Revised Article 8 (1994 Version) (and corresponding
amendments to Article 9) as promulgated in 1994 by the National Conference of
Commissioners on Uniform State Laws, in the form in which it has been adopted in
the State of New York.

          Revolver Distribution Account: The account designated as such,
established and maintained pursuant to Section 6.1(a)(iii) of the Trust Sale and
Servicing Agreement.

          Revolver Interest: With respect to any Monthly Distribution Date, for
any series of Revolving Notes, except as otherwise provided in the related
Officer's Issuance Certificate, the product of (a) the average daily Series Net
Revolver Balance for such series during the related Collection Period and (b)
the Revolver Interest Rate for such series for such Monthly Distribution Date.

          Revolver Interest Carryover Shortfall: For any Monthly Distribution
Date, the excess of (a) the Aggregate Revolver Interest for such Monthly
Distribution Date over (b) the amount that was actually deposited in the
Revolver Distribution Account on such Monthly Distribution Date in respect of
Aggregate Revolver Interest.

          Revolver Interest Rate: For any series of Revolving Notes, the
interest rate specified as such in the applicable Officer's Issuance
Certificate.

          Revolver Monthly Payment Date: Means the 15th day of each month, or if
such day is not a U.S. Business Day, the next U.S. Business Day.

          Revolver Payment Date: Means a Revolver Monthly Payment Date or a
Revolver Quarterly Payment Date.

          Revolver Quarterly Payment Date: Means the 15th day of each ______,
_____, ______ and _____, or if such day is not a U.S. Business Day, the next
U.S. Business Day.

          Revolving Note: Any asset-backed revolving note executed by the Issuer
by any of its Authorized Officers and authenticated by the Indenture Trustee in
the form attached to the Officer's Issuance Certificate applicable to such
series of revolving notes.

          Revolving Noteholder: Any Holder of a Revolving Note.

          Revolving Period: The period commencing on the Initial Cut-Off Date
and continuing until the earlier of (a) the commencement of an Early
Amortization Period and (b) the occurrence of the Scheduled Revolving Period
Termination Date; provided that, at the option of the Seller, the Revolving
Period shall recommence (subject to termination upon the earlier to occur of an
event described in the preceding clauses (a) or (b)) as described in Sections
9.1(j) and 9.5 of the Trust Sale and Servicing Agreement.

          Schedule of Accounts: The list of Accounts that is required to be kept
at the locations specified in the Pooling and Servicing Agreement and the Trust
Sale and Servicing Agreement, as such list may be amended and supplemented from
time to time.

          Scheduled Revolving Period Termination Date: _________; provided that
the Scheduled Revolving Period Termination Date shall be automatically extended
to the last day of each succeeding month (but not beyond _____________) unless
the Seller, prior to the then Scheduled Revolving Period Termination Date,
elects to cause such extension not to occur by providing written notice to such
effect to the Servicer, the Owner Trustee (who shall provide notice to the
Certificateholders), the Indenture Trustee and the Rating Agencies. Unless such
notice is given, each such extension shall become effective as of the Business
Day prior to the then Scheduled Revolving Period Termination Date. In addition,
the Seller may, at any time prior to the then Scheduled Revolving Period
Termination Date, elect to extend the Scheduled Revolving Period Termination
Date to the last day of any specified month (but not beyond ____________),
subject thereafter to further automatic extensions beyond the last day of such
specified month as described in the preceding two sentences.

          Secretary of State: The Secretary of State of the State of Delaware.

          Securities: The Term Notes, the Revolving Notes and the Certificates.

          Securities Act: The Securities Act of 1933, as amended.

          Securities Distribution Accounts: The Term Note Distribution Accounts,
the Revolver Distribution Account and the Certificate Distribution Account.

          Securities Intermediary: Has the meaning given to such term in Section
6.1(b)(i) of the Trust Sale and Servicing Agreement.

          Security Certificate: Has the meaning given such term in Revised
Article 8.

          Security Entitlement: Has the meaning given such term in Revised
Article 8.

          Securityholders: The Noteholders and the Certificateholders.

          Selected Account: An Account designated as such as described in
Section 2.8 or 2.9 of the Trust Sale and Servicing Agreement.

          Seller: The Person executing the Trust Sale and Servicing Agreement as
the Seller, or its successor in interest pursuant to Section 3.3 of the Trust
Sale and Servicing Agreement.

                  Series Net  Revolver  Balance:  With  respect to any series of
Revolving Notes, for any date, the aggregate outstanding principal balance under
such series of  Revolving  Notes  minus any  amounts on deposit in the  Revolver
Distribution Account on such date for the payment of principal on such series of
Revolving Notes.

          Series Shortfall: With respect to a series of Notes, the amounts
designated as such in the Officer's Issuance Certificate applicable to such
series of Notes.

          Series Specified Maximum Revolver Balance: For any series of Revolving
Notes, the maximum balance specified as such in the Officer's Issuance
Certificate applicable to such series of Revolving Notes.

          Servicer: The Person executing the Trust Sale and Servicing Agreement
as the Servicer, or its successor in interest pursuant to Section 7.2 of the
Trust Sale and Servicing Agreement.

          Servicer Advance: For any Monthly Distribution Date, the amount, if
any, advanced by the Servicer as described in Section 4.5(c) of the Trust Sale
and Servicing Agreement.

          Servicer Liquidity Advance: For any series of Term Notes, if the
Officer's Issuance Certificate for such series provides for a Servicer Liquidity
Advance, an advance by the Servicer, stated in dollars, to the Trust made to the
extent a required principal payment for any series of Notes for any Monthly
Distribution Date cannot otherwise be made, after giving effect to all issuances
of Securities and additional borrowings under the Revolving Notes on such
Monthly Distribution Date, as they are available. However, the Servicer can only
make Servicer Liquidity Advances to the extent that the Servicer, in its sole
discretion, expects to recover such advances from subsequent Trust Principal
Collections. Servicer Liquidity Advances with respect to a series of Term Notes
will be reimbursed (a) if Available Trust Principal is being set aside for that
series of Term Notes, out of that series' share of Available Trust Principal and
(b) if Available Trust Principal is not being set aside for Term Notes, out of a
portion of Trust Principal Collections not to exceed a fraction, the numerator
of which is the outstanding principal balance of that series of Term Notes and
the denominator of which is the outstanding balance of all series of Notes as of
that date.

          Servicer's Accounting: A certificate, completed by and executed on
behalf of the, in accordance with Section 3.05 of the Pooling and Servicing
Agreement.

          Servicing Default: An event described as such in Section 8.1 of the
Trust Sale Servicing Agreement.

          Servicing Fee Rate: ___.

          Shared Investment Proceeds: Investment Proceeds other than:

          (A)  Cash Accumulation Account Earnings,

          (B)  Term Note Distribution Subaccount Earnings for the
               ______________________ Term Notes,

          (C)  Investment Proceeds from the Cash Accumulation Reserve Fund,

          (D)  Investment Proceeds from any other account established for other
               series of Term Notes in which funds are accumulated to pay
               principal on such Notes at designated times, and

          (E)  any other Investment Proceeds which are designated in an
               Officer's Issuance Certificate as not constituting Shared
               Investment Proceeds.

               Specified Certificate Percentage: ___.

          Specified Maximum Revolver Balance: The maximum aggregate amount of
borrowings that may be made under the Revolving Notes during the Revolving
Period, which shall initially be $__________________.

          Specified Support Arrangement: Any letter of credit, security bond,
cash collateral account, spread account, guaranteed rate agreement, maturity or
liquidity facility, tax protection agreement, interest rate swap agreement,
interest rate cap agreement, other derivative product or other arrangement to
provide liquidity or credit support for the benefit of holder of one or more
series or classes of Securities (other than the Reserve Fund), whether or not
such arrangement is an asset of the Trust, designated as such. As of the Initial
Closing Date, the Specified Support Arrangements will consist of the Basis Swaps
and the Cash Accumulation Reserve Fund.

          Specified Trust Termination Date: _______________.

          Standard & Poor's: Standard & Poor's Ratings Services.

          State: Any one of the fifty states of the United States of America or
the District of Columbia.

          Stated Final Payment Date: (i) In respect of a series of Notes, the
date, specified as such in the related Officer's Issuance Certificate, on which
final payment of principal on such series of Notes shall be due and payable and
(ii) in respect of a class of Certificates, the date, specified as such in the
Trust Agreement or the related Certificate Issuance Order, on which final
payment of Certificate Balance on such class of Certificates shall be due and
payable.

          Supplemental Principal Allocation: With respect to any Monthly
Distribution Date related to the Wind Down Period or an Early Amortization
Period or the Payment Period for the ______________________ Notes, an amount
(not less than zero) equal to the lesser of

          (a) the excess, if any, of

               (i)    the product of

                    (A) the percentage equivalent of a fraction (which shall
                    never exceed 100%), the numerator of which is the Daily
                    Trust Balance and the denominator of which is the principal
                    balance of all Receivables (including Receivables included
                    in the Retained Property) in the Accounts included in the
                    Pool of Accounts, in each case, as of the termination of the
                    Ordinary Revolving Period, and

                    (B) the aggregate amount of Principal Collections on all
                    Receivables (including Receivables included in the Retained
                    Property) in the Accounts included in the Pool of Accounts
                    for each day during the related Collection Period over

               (ii)   the aggregate amount of Trust Principal Collections for
                      each day during the related Collection Period (provided,
                      that no amount shall be included pursuant to clause (i)(B)
                      or (ii) for any day in such Collection Period that
                      occurred during the Ordinary Revolving Period) and

          (b) an amount equal to:

               (i)    the Daily Trust Balance as of the termination of the
                      Ordinary Revolving Period, plus

               (ii)   the Cash Collateral Amount on the last day of the Ordinary
                      Revolving Period, minus

               (iii)  the Available Trust Principal for each Monthly
                      Distribution Date from and after the final Monthly
                      Distribution Date for the Revolving Period through but
                      excluding such current Monthly Distribution Date, minus

               (iv)   the amount added to unreimbursed Trust Charge-Offs on each
                      Monthly Distribution Date from and after the final Monthly
                      Distribution Date for the Revolving Period through and
                      including such current Monthly Distribution Date, minus

               (v)    Available Trust Principal for such current Monthly
                      Distribution Date (assuming the Supplemental Principal
                      Allocation for such Monthly Distribution Date was zero).

          For purposes of this definition, "Ordinary Revolving Period" means the
period ending on the Business Day preceding the commencement of the Wind Down
Period or the Early Amortization Period for the Trust or the Payment Period for
the ______________________ term notes.

          ______________________ Reserve Funds: The Reserve Fund, the Cash
Accumulation Reserve Funds, and any other fund designated as a
______________________ Reserve Fund in an Officer's Issuance Certificate or a
Certificate Issuance Order.

          Targeted Final Payment Date: With respect to any series of Notes, the
date, if any, specified as such in the related Officer's Issuance Certificate,
on which all principal is scheduled to be paid as principal on such series of
Notes, to the extent not previously paid.

          Temporary Notes: The Notes specified in Section 2.3 of the Indenture.

          Term Note: Any asset-backed term note executed by the Issuer by any of
its Authorized Officers and authenticated by the Indenture Trustee in the form
attached to the Officer's Issuance Certificate applicable to such series of term
notes.

          Term Note Distribution Account: The account designated as such,
established maintained pursuant to Section 6.1(a)(ii) of the Trust Sale and
Servicing Agreement.

          Term Note Distribution Subaccount: With respect to any series of
Notes, a subaccount of the Term Note Distribution Account which is used as
specified in the Officer's Issuance Certificate for such series of Notes.

          Term Note Distribution Subaccount Earnings: With respect to any series
of Notes, any Investment Proceeds in respect of funds in the Term Note
Distribution Subaccount for such series.

          Term Noteholder: Any Holder of a Term Note.

          Treasury Regulations: The 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: ______________________, a Delaware business created pursuant to
the Trust Agreement.

          Trust Agreement: The Trust Agreement, dated as of the Initial Closing
Date, between the Seller and the Owner Trustee, as amended and supplemented from
time to time, including all Certificate Issuance Orders.

          Trust Charge-Offs: With respect to any Monthly Distribution Date, the
amount of the Trust Defaulted Amount for such Monthly Distribution Date that is
not covered through the application of Trust Interest Collections and funds in
the Reserve Fund or otherwise. As of any date, unreimbursed Trust Charge-Offs
shall equal the aggregate Trust Charge-Offs for all prior Monthly Distribution
Dates unless and to the extent such amounts are treated as Additional Trust
Principal pursuant to Section 4.5(c) of the Trust Sale and Servicing Agreement;
provided, however, that any Trust Charge-Offs allocated to any Notes as
described in Section 4.5(g) of the Trust Sale and Servicing Agreement at the
time of the final principal payment on such Notes shall reduce unreimbursed
Trust Charge-Offs.

          Trust Defaulted Amount: With respect to any Monthly Distribution Date,
an amount (not less than zero) equal to the principal amount of all Defaulted
Receivables.

          Trust Equilibrium: Is achieved when the Daily Trust Balance equals the
Daily Invested Amount.

          Trust Estate: All money, instruments, rights and other property that
are subject or intended to be subject to the lien and security interest of the
Indenture for the benefit of the Noteholders and (only to the extent expressly
provided in the Indenture) the Certificateholders (including, without
limitation, the Collateral described in the Granting Clause of the Indenture),
including the proceeds thereof, the Reserve Fund and the Reserve Fund Property
pledged to the Indenture Trustee pursuant to the Trust Sale and Servicing
Agreement and any other property and interests that are pledged to the Indenture
Trustee for the benefit of Securityholders pursuant to a supplement to the Trust
Sale and Servicing Agreement or otherwise.

          Trust Indenture Act or TIA: The Trust Indenture Act of 1939, as
amended.

          Trust Interest Allocation: For any series of Notes, for any Monthly
Distribution Date, an amount equal to the product of (1) Available Trust
Interest less the amounts paid to the Servicer pursuant to clause (1) of Section
4.5(c)(i) of the Trust Sale and Servicing Agreement and (2) the Trust Interest
Allocation Percentage for such series.

          Trust Interest Allocation Percentage: With respect to any series of
Notes, for any Distribution Date, a fraction calculated as set forth in the
following equation:

Trust Interest Allocation                     (UPB of Note Series)
Percentage                    =       -----------------------------------------
                                     (UPB of All Term Notes) + (UPB of All
                                    Revolving Notes)

     where, for purposes of this equation only:

           "UPB of Note Series" is

                         (1) for a series of Term Notes, the Unaccumulated
                    Principal Balance for such series of Term Notes and

                         (3) for a series of Revolving Notes, the daily average
                    outstanding principal balance for such series of Revolving
                    Notes during the related Collection Period

                    "UPB of All Term Notes" is the Unaccumulated Principal
                    Balances of all series of Term Notes then outstanding; and

                    "UPB of All Revolving Notes" is the daily average of the
                    outstanding principal balance of all Revolving Notes during
                    the related Collection Period.

          Trust Interest Collections: With respect to any Monthly Distribution
Date (subject to adjustment as described in Section 4.5(c)(v) of the Trust Sale
and Servicing Agreement), an amount equal to the sum of (a) the product of (i)
the Trust Percentage and (ii) Interest Collections for the related Collection
Period and (b) Recoveries.

          Trust Percentage: With respect to any Monthly Distribution Date, the
percentage equivalent of a fraction (which shall never exceed 100%), (a) the
numerator of which is the average Daily Trust Balance during the related
Collection Period and (b) the denominator of which is the average daily
aggregate principal balance of all Receivables (including Receivables included
in the Retained Property) in the Accounts in the Pool of Accounts during the
related Collection Period.

          Trust Principal Collections: With respect to any date, the sum of (a)
the amount of Principal Collections on Receivables held by the Trust and (b) the
principal portion of all Warranty Payments and Administrative Purchase Payments,
if any, on such date.

          Trust Receivables Purchases: On any Business Day, the purchase by the
Trust from the Seller of additional Receivables pursuant to Section 2.1(b) of
the Trust Sale and Servicing Agreement.

          Trust Sale and Servicing Agreement: The Trust Sale and Servicing
Agreement, dated as of the Initial Closing Date, between the Seller, the
Servicer and the Issuer, as amended and supplemented from time to time.

          Trust Termination Date: The date specified in Section 7.1 of the Trust
Agreement.

          UCC: The Uniform Commercial Code as in effect in the States of
Delaware, or New York, and as may be amended from time to time.

          Unaccumulated Principal Balance: With respect to any series of Term
Notes as a Monthly Distribution Date,

               (1) the daily average of the outstanding principal balance of
     such Term Notes during the related Collection Period minus

               (2) with respect to the ______________________ Term Notes, the
     daily average during the related Collection Period of the sum of

                    (x) the amount of funds on deposit in the relevant Cash
                    Accumulation Account, and

                    (y) the amount of funds on deposit in the relevant Term Note
                    Distribution Account in respect of the outstanding principal
                    balance of Term Notes.

          Uncertificated Security: As of any date, has the meaning given to such
term under the applicable UCC as in effect on such date.

          Undertaking Letter: Any letter referred to in Sections 3.4 and 9.12 of
the Trust Agreement or Section 2.15 of the Indenture.

          Unregistered Note: Any Note that has not been registered under the
Securities and is subject to the provisions of Section 2.15 of the Indenture.

          Unsatisfied Deficiency Amount: The amounts determined to be
Unsatisfied Amounts in Section 4.5(c)(ii) of the Trust Sale and Servicing
Agreement.

          Used Vehicles: Under the Original Seller's current practices and
policies, Auction Vehicles and Vehicles which have been previously titled;
provided, however, that vehicles that are titled solely for purposes of state
laws requiring demonstration vehicles to be titled shall not be considered Used
Vehicles.

          USD One-Month LIBOR: With respect to each Monthly Distribution Date,
the rate for deposits in U.S. Dollars for a period of one month which appears on
the Bridge Information Systems Telerate Service Page 3750 as of 11:00 a.m.,
London time, for the ______________________ Term Notes and the
______________________ Certificates, on the day that is two LIBOR Business Days
prior to the Monthly Distribution Date (or, in the case of the Initial Monthly
Distribution Date, two LIBOR Business Days prior to the Initial Closing Date)
immediately preceding such Monthly Distribution Date.

If such rate does not appear on such page (or such other page as may replace
that page on that service, or if such service is no longer offered, such other
service for displaying LIBOR or comparable rates as may be selected by the
Indenture Trustee after consultation with the Seller), the rate will be the One
Month Reference Bank Rate. The "One Month Reference Bank Rate" will be
determined on the basis of the rates at which deposits in U.S. dollars are
offered by the reference banks (which will four major banks that are engaged in
transactions in the London interbank market, selected by the Indenture Trustee
after consultation with the seller) as of 11:00 a.m., London time, on the day
that is two LIBOR Business Days prior to the immediately preceding Monthly
Distribution Date to prime banks in the London interbank market for a period of
one month commencing on such preceding Monthly Distribution Date in amounts
approximately equal to the principal balance of the ______________________ Term
Notes or the Certificate Balance of the ______________________ Certificates then
outstanding, as applicable. The Indenture Trustee will request the principal
London office of each of the reference banks to provide a quotation of its rate.
If at least two such quotations are provided, the rate will be the arithmetic
mean of the quotations, rounded upwards to the nearest one-sixteenth of one
percent. If on any such date fewer than two quotations are provided as
requested, the rate will be the arithmetic mean, rounded upwards to the nearest
one-sixteenth of one percent, of the rates quoted by one or more major banks in
New York, selected by the Indenture Trustee after consultation with the Seller,
as of 11:00 a.m., New York time, on such date to leading European banks for U.S.
dollar deposits for a period of one month commencing on such applicable date in
amounts approximately equal to the then outstanding principal balance of the
______________________ Term Notes or the Certificate Balance of the
______________________ Certificates then outstanding, as applicable. If no such
quotation can be obtained, the rate will be One-Month LIBOR for the prior
Monthly Distribution Date.

          USD Three-Month LIBOR: With respect to each Monthly Distribution Date,
the rate for deposits in U.S. Dollars for a period of three months which appears
on the Bridge Information Systems Telerate Service Page 3750 as of 11:00 a.m.,
London time, for the ______________________ Term Notes and the
______________________ Certificates, on the day that is two LIBOR Business Days
prior to the Quarterly Distribution Date (or, in the case of the Initial
Quarterly Distribution Date, two LIBOR Business Days prior to the Initial
Closing Date) immediately preceding such Quarterly Distribution Date.

If such rate does not appear on such page (or such other page as may replace
that page on that service, or if such service is no longer offered, such other
service for displaying LIBOR or comparable rates as may be selected by the
Indenture Trustee after consultation with the Seller), the rate will be the
Three Month Reference Bank Rate. The "Three Month Reference Bank Rate" will be
determined on the basis of the rates at which deposits in U.S. dollars are
offered by the reference banks (which will be four major banks that are engaged
in transactions in the London interbank market, selected by the Indenture
Trustee after consultation with the seller) as of 11:00 a.m., London time, on
the day that is two LIBOR Business Days prior to the immediately preceding
Quarterly Distribution Date to prime banks in the London interbank market for a
period of three months commencing on such preceding Quarterly Distribution Date
in amounts approximately equal to the principal balance of the
______________________ Term Notes or the Certificate Balance of the
______________________ Certificates then outstanding, as applicable. The
Indenture Trustee will request the principal London office of each of the
reference banks to provide a quotation of its rate. If at least two such
quotations are provided, the rate will be the arithmetic mean of the quotations,
rounded upwards to the nearest one-sixteenth of one percent. If on any such date
fewer than two quotations are provided as requested, the rate will be the
arithmetic mean, rounded upwards to the nearest one-sixteenth of one percent, of
the rates quoted by one or more major banks in New York, selected by the
Indenture Trustee after consultation with the seller, as of 11:00 a.m., New York
time, on such date to leading European banks for U.S. dollar deposits for a
period of three months commencing on such applicable date in amounts
approximately equal to the then outstanding principal balance of the
______________________ Term Notes or the Certificate Balance of the
______________________ Certificates then outstanding, as applicable. If no such
quotation can be obtained, the rate will be Three-Month LIBOR for the prior
Quarterly Distribution Date.

          Vehicle: An automobile or light truck.

          Vehicle Collateral Security: With respect to an Account and the
Receivables arising under such Account, the security interest in the Vehicles of
the related Dealer granted to secure the obligations of such Dealer in
connection therewith and any proceeds therefrom.

          Voting Interests: As of any date, the aggregate outstanding
Certificate Balance of all Certificates; provided, however, that if the Original
Seller and its affiliates own less than 100% of the Certificates, Certificates
owned by the Original Seller, the Trust or any Affiliate of the Original Seller
or the Trust (other than the Seller) shall be disregarded and deemed not to be
outstanding, except that, in determining whether the Owner Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Certificates that the Owner Trustee knows to be
so owned shall be so disregarded. Certificates so owned that have been pledged
in good faith may be regarded as outstanding if the pledgee establishes to the
satisfaction of the Owner Trustee the pledgor's right so to act with respect to
such Certificates and that the pledgee is not the Original Seller or the Trust
or any Affiliate of the Original Seller or the Trust (other than the Seller).

          Warranty Payment: The payment described in Section 2.5(a) of the Trust
Sale Servicing Agreement.

          Warranty Receivable: A Receivable subject to repurchase as and to the
extent described in Section 2.5(a) of the Trust Sale and Servicing Agreement.

          Wind Down Period: The period commencing on the day immediately after
the Scheduled Revolving Period Termination Date and continuing until the earlier
of (a) the commencement of an Early Amortization Period and (b) the date on
which all of the Securities have been paid in full. The first Monthly
Distribution Date for the Wind Down Period shall be the earlier of the Monthly
Distribution Date in ____________ and the Monthly Distribution Date related to
the first Collection Period included in the Wind Down Period.

                         PART II - RULES OF CONSTRUCTION

     (A)  Accounting Terms. As used in this Appendix or the Basic Documents,
          accounting terms which are not defined, and accounting terms partly
          defined, herein or therein shall have the respective meanings given to
          them under generally accepted accounting principles. To the extent
          that the definitions of accounting terms in this Appendix or the Basic
          Documents are inconsistent with the meanings of such terms under
          generally accepted accounting principles, the definitions contained in
          this Appendix or the Basic Documents will control.

     (B)  "Hereof," etc. The words "hereof," "herein" and "hereunder" and words
          of similar import when used in this Appendix or any Basic Document
          will refer to this Appendix or such Basic Document as a whole and not
          to any particular provision of this Appendix or such Basic Document;
          and Section, Schedule and Exhibit references contained in this
          Appendix or any Basic Document are references to Sections, Schedules
          and Exhibits in or to this Appendix or such Basic Document unless
          otherwise specified. The word "or" is not exclusive.

     (C)  Including. Whenever the term "including" (whether or not that term is
          followed by the phrase "but not limited to" or "without limitation" or
          words of similar effect) is used in this Appendix or the Basic
          Documents in connection with a listing of items within a particular
          classification, that listing will be interpreted to be illustrative
          only and will not be interpreted as a limitation on, or exclusive
          listing of, the items within that classification.

     (D)  Number and Gender. Each defined term used in this Appendix or the
          Basic Documents has a comparable meaning when used in its plural or
          singular form. Each gender-specific term used in this Appendix or the
          Basic Documents has a comparable meaning whether used in a masculine,
          feminine or gender-neutral form.

     (E)  Reference to Monthly Distribution Dates. With respect to any Monthly
          Distribution Date, the "related Collection Period," and the "related
          Record Date," will mean the Collection Period and Record Date,
          respectively, immediately preceding such Monthly Distribution Date,
          and the relationships among Collection Periods and Record Dates will
          be correlative to the foregoing relationships.

<PAGE>

                                   APPENDIX B

                         NOTICE ADDRESSES AND PROCEDURES

          All requests, demands, directions, consents, waivers, notices,
authorizations and communications provided or permitted under any Basic Document
to be made upon, given or furnished to or filed with the Seller, the Servicer,
the Administrator, the Indenture Trustee, the Issuer, the Owner Trustee, the
Custodian or the Rating Agencies shall be in writing, personally delivered, sent
by facsimile with a copy to follow via first class mail or mailed by certified
mail-return receipt requested, and shall be deemed to have been duly given upon
receipt:

          (A) in the case of the Seller, at the following address:

           ACE Securities Corp.
           6525 Morrison Boulevard
           Suite 318

           Charlotte, North Carolina 28211

           with a copy to:

           ______________________
           ______________________
           ______________________
           ______________________

          (B)  in the case of the Servicer, the Administrator or the Custodian,
               at the following address:

           ______________________
           ______________________
           ______________________
           ______________________

          (C)  in the case of the Indenture Trustee, at its Corporate Trust
               Office,

          (D)  in the case of the Issuer or the Owner Trustee, to the Owner
               Trustee at its Corporate Trust Office,

                  with a copy to:

           ______________________
           ______________________
           ______________________
           ______________________

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

          (E) in the case of Moody's Investors Service, Inc., to:

          Moody's Investors Service, Inc.
          ABS Monitoring Department
          99 Church Street
          New York, New York 10007

          (F)      in the case of Standard & Poor's Ratings Services, to:

          Standard & Poor's Ratings Services
          55 Water Street
          29th Floor
          New York, New York 10041-0003

          (G) in the case of Fitch, Inc., to:

          Fitch, Inc.
          One State Street Plaza
          New York, New York 10004
          Attention: Asset Backed Surveillance

or at such other address as shall be designated by such Person in a written
notice to the other parties to this Agreement.

          Where any Basic Document provides for notice to Noteholders or
Certificateholders of any condition or event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if it is in writing and
mailed, first-class, postage prepaid to each Noteholder or Certificateholder
affected by such condition or event, at such Person's address as it appears on
the Note Register or Certificate Register, as applicable, not later than the
latest date, and not earlier than the earliest date, prescribed in such Basic
Document for the giving of such notice. If notice to Noteholders or
Certificateholders is given by mail, neither the failure to mail such notice nor
any defect in any notice so mailed to any particular Noteholders or
Certificateholders shall affect the sufficiency of such notice with respect to
other Noteholders or Certificateholders, and any notice that is mailed in the
manner herein provided shall conclusively be presumed to have been duly given
regardless of whether such notice is in fact actually received.EXHIBIT 4.2.2

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

                         POOLING AND SERVICING AGREEMENT

                                      among

                       [ ] EQUIPMENT TRUST SECURITIES [ ]

                                   as Issuer,

                              ACE SECURITIES CORP.
                                  as Depositor,

                             [                       ]
                           in its individual capacity

                                       and

                   in its individual capacity and as Servicer

                          Dated as of [             ,   ]

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

<PAGE>

                                TABLE OF CONTENTS

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.       Definitions................................................1
Section 1.02.       Usage of Terms............................................40
Section 1.03.       Section References........................................40
Section 1.04.       Accounting Terms..........................................41

                                   ARTICLE II

                    FUNDINGS OF TRUST; TRANSFERS OF CONTRACTS

Section 2.01.       Creation and Funding of Trust; Transfer of
                    Transferred Assets to Trust...............................42
Section 2.02.       Conditions to Transfers...................................43
Section 2.03.       Acceptance by Trust.......................................45
Section 2.04.       Conveyance of Substitute Contracts........................45
Section 2.05.       Release of Excluded Amounts...............................47

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

Section 3.01.       Representations and Warranties Regarding the
                    Depositor.................................................48
Section 3.02.       Representations and Warranties of the Servicer............50

                                   ARTICLE IV

          PERFECTION OF TRANSFERS AND PROTECTION OF SECURITY INTERESTS

Section 4.01.       Custody of Contracts......................................53
Section 4.02.       Filings...................................................54
Section 4.03.       Name Change or Relocation.................................54

                                    ARTICLE V

                             SERVICING OF CONTRACTS

Section 5.01.       Initial Servicer's Appointment and Acceptance;
                    Responsibility for Contract Administration................55
Section 5.02.       General Duties............................................55
Section 5.03.       Assignment or Replacement.................................56
Section 5.04.       Disposition Upon Termination of Contract..................56
Section 5.05.       Subservicers..............................................56
Section 5.06.       Further Assurance.........................................56
Section 5.07.       Notice to Obligors........................................57
Section 5.08.       Collection Efforts; Modification of Contracts.............57
Section 5.09.       Prepayments of Certain Contracts..........................58
Section 5.10.       Certain Extensions; Acceleration..........................58
Section 5.11.       Taxes and Other Amounts...................................59
Section 5.12.       Suits by Servicer.........................................59
Section 5.13.       Remittances...............................................59
Section 5.14.       Servicer Advances.........................................59
Section 5.15.       Realization Upon Defaulted Contract.......................59
Section 5.16.       Maintenance of Insurance Policies.........................60
Section 5.17.       Certain Other Duties With Respect ti Trust................60
Section 5.18.       Servicing Compensation....................................60
Section 5.19        Payment of Certain Expenses by Servicer...................60
Section 5.20.       Records...................................................61
Section 5.21.       Inspection................................................61
Section 5.22.       Trust To Cooperate in Releases............................61
Section 5.23.       [RESERVED]................................................61
Section 5.24.       Separate Entity Existence.................................62

                                   ARTICLE VI

                           COVENANTS OF THE DEPOSITOR

Section 6.01.       LLC Existence.............................................62
Section 6.02.       Contracts Not to be Evidenced by Promissory Notes.........62
Section 6.03.       Security Interests........................................62
Section 6.04.       Delivery of Collections...................................62
Section 6.05.       Regulatory Filings........................................62
Section 6.06.       Compliance With Law.......................................63
Section 6.07.       Activities................................................63
Section 6.08.       Indebtedness..............................................63
Section 6.09.       Guarantees................................................63
Section 6.10.       Investments...............................................63
Section 6.11.       Merger; Transfers.........................................63
Section 6.12.       Payments..................................................64
Section 6.13.       Other Agreements..........................................64
Section 6.14.       Separate Entity Existence.................................64
Section 6.15.       Location; Records.........................................65
Section 6.16.       Liability of Depositor; Indemnities.......................65
Section 6.17.       Bankruptcy Limitations....................................67
Section 6.18.       Limitation on Liability of Depositor and Others...........67
Section 6.19.       Chief Executive Office....................................67

                                   ARTICLE VII

                       ESTABLISHMENT OF ACCOUNTS; PAYMENTS

Section 7.01.       Trust Accounts; Collections...............................68
Section 7.02.       Cash Collateral Account...................................68
Section 7.03.       Trust Account Procedures..................................69
Section 7.04.       Securityholder Payments...................................69
Section 7.05.       Allocations and Payments..................................70
Section 7.06.       Repurchases of, or Substitution for, Contracts for
                    Breach of Representations and Warranties..................77
Section 7.07.       Reassignment of Repurchased or Substituted
                    Contracts.................................................78
Section 7.08.       [                           ] and Depositor's
                    Repurchase Option.........................................78

                                  ARTICLE VIII

                      SERVICER DEFAULTS; SERVICING TRANSFER

Section 8.01.       Servicer Default..........................................79
Section 8.02.       Servicing Transfer........................................80
Section 8.03.       Appointment of Successor Servicer; Reconveyance;
                    Successor Servicer to Act.................................80
Section 8.04.       Notifications to Noteholders and the Equity
                    Certificateholders........................................82
Section 8.05.       Effect of Transfer........................................82
Section 8.06.       Database File.............................................82
Section 8.07.       Successor Servicer Indemnification........................82
Section 8.08.       Responsibilities of the Successor Servicer................83

                                   ARTICLE IX

                               SERVICER REPORTING

Section 9.01.       Monthly Reports...........................................84
Section 9.02.       Officer's Certificate.....................................84
Section 9.03.       Other Data................................................84
Section 9.04.       Annual Reporting; Evidence as to Compliance...............84
Section 9.05.       Annual Statement of Compliance from Servicer..............85

                                    ARTICLE X

                                   TERMINATION

Section 10.01.      Sale of Trust Assets......................................85

                                   ARTICLE XI

                                  MISCELLANEOUS

Section 11.01.      Amendments................................................86
Section 11.02.      [Reserved]................................................87
Section 11.03.      Governing Law.............................................87
Section 11.04.      Notices...................................................88
Section 11.05.      Severability of Provisions................................89
Section 11.06.      Third Party Beneficiaries.................................89
Section 11.07.      Counterparts..............................................90
Section 11.08.      Headings..................................................90
Section 11.09.      No Bankruptcy Petition; Disclaimer and Subordination......90
Section 11.10.      Jurisdiction..............................................91
Section 11.11.      Tax Characterization......................................91
Section 11.12.      Servicer Indemnity........................................91
Section 11.13.      Limitation of Liability of Owner Trustee..................91
Section 11.14.      Waiver of Jury Trial......................................92
Section 11.15.      Third Party Beneficiary...................................92

EXHIBITS

Exhibit A    -      Form of Transfer Agreement...............................A-1
Exhibit B    -      [Reserved]...............................................B-1
Exhibit C    -      Initial Schedule of Contracts............................C-1
Exhibit D    -      Form of Servicer's Monthly Report........................D-1
Exhibit E    -      Form of Substitution Transfer Agreement..................E-1
Exhibit F    -      Hedging Requirements.....................................F-1
Exhibit G    -      Schedule of Representations and Warranties...............G-1
Exhibit H    -      Certain Concentration Criteria...........................H-1
Exhibit I    -      [Reserved]...............................................I-1
Exhibit J    -      Minimum Value Filing Exceptions..........................J-1

<PAGE>
     This POOLING AND SERVICING AGREEMENT, dated as of [ ], is among [ ]
Equipment Trust Securities [ ], a Delaware business trust (together with its
successors and assigns, the "Issuer" or the "Trust"), ACE Securities Corp., a
Delaware corporation (together with its successors and assigns, the
"Depositor"), [ ], a Delaware corporation (together with its successors and
assigns, "[ ]" and, in its capacity as the Servicer, the "Servicer") and [
together with its successors and assigns, "[ ]").

     WHEREAS the Depositor desires to fund the Trust by selling, conveying and
assigning from time to time, pursuant hereto or Substitution Transfer Agreements
hereunder, designated Contracts or pools of Contracts together with certain
related security therefor and other related rights and property as further
described herein, which Contracts were originated by one or more Financing
Originators, or acquired by purchase and assignment by a Financing Originator
from the prior owner thereof, and subsequently conveyed (i) by certain Financing
Originators to [ ] pursuant to the Conveyancing Agreement (as defined herein),
and (ii) by [ ] to the Depositor, with respect to Contracts and related assets
both originated or acquired directly by [ ] as a Financing Originator, and
acquired by [ ] from the other Financing Originators as described in clause (i)
above, pursuant to the Purchase and Sale Agreement (as defined herein); and

     WHEREAS the Trust is willing to purchase and accept assignment of such
Contracts and related assets, including, without limitation such Contracts and
other assets as the Depositor has previously conveyed to the [ ] - [ ] and which
the [ ] - [ ] has assigned back to the Depositor from the Depositor pursuant to
the terms hereof; and

     WHEREAS the Servicer is willing to service such Contracts and related
assets for the benefit and account of the Trust and the Holders pursuant to the
terms hereof;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

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

     "Accounting Date" means, with respect to a Payment Date, the last day of
the preceding calendar month.

     "Accrual Period" means, with respect to any Payment Date, the period from
and including the immediately preceding Payment Date to but excluding such
Payment Date, provided, that the initial Accrual Period following the Closing
Date shall be the period from and including the Closing Date to but excluding
the first Payment Date following the Closing Date.

     "Addition Notice" means, with respect to any transfer of Subsequent
Contracts to the Trust pursuant to Section 2.04 (and the Depositor's
corresponding prior purchase of such Contracts from [ ]), a notice, which shall
be given at least five days prior to the related Subsequent Transfer Date,
identifying the Subsequent Contracts to be transferred, the Contract Principal
Balance of such Subsequent Contracts and the related Substitution Event (with
respect to an identified Contract or Contracts then in the Contracts Pool) to
which such Subsequent Contract relates, with such notice to be signed both by
the Depositor and the [ ].

     "Additional Principal" means, with respect to any Payment Date, an amount
equal to (a) the Total Principal Payment Amount, less (b) the sum of the Class
A-1 Principal Payment Amount, the Class A-2 Principal Payment Amount, the Class
A-3 Principal Payment Amount, the Class A-4 Principal Payment Amount, the Class
A-5 Principal Payment Amount, the Class B Principal Payment Amount, the Class C
Principal Payment Amount and the Class D Principal Payment Amount.

     "Administration Agreement" means the Administration Agreement dated as of [
] by and among the Trust, [ ], the Depositor and the Indenture Trustee.

     "Affiliate" of any specified Person means any other Person controlling or
controlled by, or under common control with, such specified Person. For the
purposes of this definition, "control" when used with respect to any specified
Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms "controlling" or "controlled" have meanings
correlative to the foregoing.

     "Agreement" means this Pooling and Servicing Agreement, as amended,
restated, supplemented or otherwise modified from time to time in accordance
with the terms hereof.

     "Aggregate Principal Amount" means, with respect to any group of Notes, at
any date of determination, the sum of the Principal Amounts of such Notes on
such date of determination.

     "Allocation Criteria" means, with respect to the allocation of Insurance
Proceeds or Liquidation Proceeds between the Trust (for inclusion as Pledged
Revenues) and the Depositor, as contemplated in the definition of Available
Pledged Revenues, that Insurance Proceeds or Liquidation Proceeds with respect
to the Contracts consisting of Leases are allocable pro rata between inclusion
as Available Pledged Revenues in respect of the Contract Pool, on the one hand,
and directly to the Depositor, on the other, based upon (i) for allocation to
Available Pledged Revenues, the Required Payoff Amount for such Lease
(determined as of the beginning of the Collection Period during which such Lease
became a Defaulted Contract), and (ii) for allocation to the Depositor, the Book
Value of the related Equipment; provided, that in the event the Insurance
Proceeds or Liquidation Proceeds in respect of a particular Lease exceed the sum
of such Required Payoff Amount for such Lease plus the Book Value of the related
Equipment, any such excess shall be allocated solely to the Depositor.

     "Applicable Security" means, with respect to a Vendor Loan, any (i)
Secondary Contract securing such Vendor Loan and (ii) Equipment securing such
Vendor Loan or a related Secondary Contract.

     "Assignment Agreement" means each Assignment Agreement, substantially in
the form of Exhibit A-1 attached hereto, in the case of the [ ] Assignment, and
in the form of Exhibit A to the Purchase and Sale Agreement, in the case of the
Assignment Agreement executed by [ ], relating to an assignment, transfer and
conveyance of Contracts and related assets by the [ ] Trust or [ ] to the
Depositor, as the case may be.

     "Amount Available" means, with respect to any Payment Date, the sum of (i)
the Available Pledged Revenues for such Payment Date, and (ii) that portion of
the balance in the Cash Collateral Account available for withdrawal by the
Trustee in accordance with Section 7.05(c).

     "Available Cash Collateral" means, with respect to a Payment Date, the
amount of funds equal to the lesser of (i) the amount on deposit in the Cash
Collateral Account (determined (a) exclusive of any net investment earnings,
thereon and (b) before giving effect to any deposit to be made or withdrawals
from the Cash Collateral Account with respect to such Payment Date), and (ii)
the Requisite Cash Collateral Amount.

     "Available Pledged Revenues" means, as to any Payment Date, the sum of (i)
the Related Collection Period Pledged Revenues for such Payment Date, (ii) all
Purchase Amounts (other than any portion thereof attributable to the Book Value
of the Leased Equipment) on deposit in the Collection Account as of the
immediately preceding Deposit Date, (iii) the amount paid by the Depositor to
purchase the Contracts pursuant to Section [ ] of the Pooling and Servicing
Agreement on deposit in the Collection Account as of the immediately preceding
Deposit Date, (iv) all net income from investments of funds in the Collection
Account and the Note Distribution Account during the related Collection Period,
and (v) to the extent necessary to pay the Note Interest Distributable Amount
for such Payment Date, the Current Collection Period Pledged Revenues for such
Payment Date.

     "Book Value" means, with respect to any Equipment subject to a Lease, the
value of such Equipment as shown on the accounting books and records of the
applicable Financing Originator (or the Depositor, in the case of Equipment
relating to Contracts being transferred pursuant to the [ ] Assignment), as of
the Cutoff Date for the related Lease (it being understood that, Book Value
constitutes a measure of the lessor's residual interest in the Equipment as
shown on its books and records as of such date, net of the financial asset shown
on such books and records represented by the discounted Scheduled Payments owing
on the Lease).

     "Business Day" means any day which is neither a Saturday or a Sunday, nor
another day on which banking institutions in the cities of [ ] or New York, New
York are authorized or obligated by law, executive order, or governmental decree
to be closed.

     "Business Trust Statute" has the meaning specified in the Trust Agreement.

     "Cash Collateral Account" means the Cash Collateral Account established and
maintained pursuant to Section 7.01 hereof

     "Cash Collateral Account Agreement" means the Loan Agreement dated as of [
], among the Depositor, the Trust, the Indenture Trustee, the Cash Collateral
Account Lenders and the Cash Collateral Account Lenders' Agent, as the same may
be amended, supplemented or otherwise modified in accordance with the terms
thereof.

     "Cash Collateral Account Lenders" means the parties identified as lenders
in the Cash Collateral Account Agreement.

     "Cash Collateral Account Lenders' Agent" means the party identified as
agent for the Cash Collateral Account Lenders in the Cash Collateral Account
Agreement.

     "Cash Collateral Initial Balance" means [ ], which is equal to [ ]% of the
Initial Contract Pool Principal Balance.

     "Casualty Loss" means, with respect to any item of Equipment, the loss,
theft, damage beyond repair or governmental condemnation or seizure of such item
of Equipment.

     "Certificate Register" has the meaning specified in the Trust Agreement.

     "Certificateholder" has the meaning specified in the Trust Agreement.

     "Class" means any of the group of Notes or the Equity Certificate
identified herein as, as applicable, the Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes, the Class A-4 Notes, the Class A-5 Notes, the Class B
Notes, the Class C Notes, the Class D Notes, or the Equity Certificate.

     "Class A Notes" means the Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes, the Class A-4 Notes and the Class A-5 Notes.

     "Class A Percentage" means [ ]%

     "Class A Principal Payment Amount" means:

                    (A) (i) with respect to any Payment Date on or prior to the
               Payment Date on which the Class A-1 Principal Balance is reduced
               to zero, the Total Principal Payment Amount; provided that if,
               the distribution of the Total Principal Payment Amount in
               accordance with Section [ ] would result in the Class A-1
               Principal Balance equaling zero, the Class A Principal Payment
               Amount with respect to such Payment Date will be an amount equal
               to (x) the Class A-1 Principal Balance plus (y) the greater of
               (1) [ ]% of the Total Principal Payment Amount or (2) the
               remainder of (I) the sum of the Class A-2 Principal Balance, the
               Class A-3 Principal Balance, the Class A-4 Principal Balance and
               the Class A-5 Principal Balance minus (II) the Class A Target
               Principal Amount; and

                         (ii) with respect to any Payment Date thereafter, the
               remainder of (a) the sum of the Class A-2 Principal Balance, the
               Class A-3 Principal Balance, the Class A-4 Principal Balance and
               the Class A-5 Principal Balance minus (b) the Class A Target
               Principal Amount; plus

                    (B) with respect to any Payment Date, any Class A Principal
               Shortfall Amount; provided, however, that in no event will the
               Class A Principal Payment Amount exceed the Class A Principal
               Balance.

     "Class A Principal Shortfall Amount" means, with respect to any Payment
Date that is the Stated Maturity Date for a Class of Class A Notes, and any
Payment Date thereafter, the amount, if any, by which (i) the sum of (a) the
Principal Balance of such Class, plus (b) until the Class A-4 Principal Balance
has been reduced to zero, [ ]% of the Total Principal Payment Amount, exceeds
(ii) the Total Principal Payment Amount.

     "Class A Target Principal Amount" means, with respect to any Payment Date,
the product of (i) the Class A Percentage and (ii) the Contract Pool Principal
Balance as of the related Accounting Date.

     "Class A-1 Interest Carryover Shortfall" means, with respect to any Payment
Date, the excess, if any, of the Class A-1 Interest Distributable Amount for the
preceding Payment Date over the amount that was actually distributed in respect
of interest on the Class A-1 Notes on such preceding Payment Date, plus, to the
extent permitted by law, an amount equal to the product of (i) the Class A-1
Interest Rate, (ii) such excess, and (iii) a fraction equal to the number of
days in the related Interest Period divided by 360.

     "Class A-1 Interest Distributable Amount" means, with respect to any
Payment Date, the sum of the Class A-1 Monthly Interest Distributable Amount and
the Class A-1 Interest Carryover Shortfall for such Payment Date.

     "Class A-1 Interest Rate" means [ ]% per annum.

     "Class A-1 Interest Distributable Amount" means, with respect to any
Account Period and the related Payment Date, an amount equal to the product of
(i) the Class A-1 Interest Rate, (ii) the Principal Balance of the Class A-1
Notes on the immediately preceding Payment Date, after giving effect to all
payments of principal to Class A-1 Noteholders on or prior to such immediately
preceding Payment Date (or, in the case of the first Payment Date, the Initial
Principal Amount of the Class A-1 Notes), and (iii) a fraction equal to the
number of days in such Interest Period divided by 360.

     "Class A-1 Notes" means the $[ ] aggregate principal amount of [ ]%
Receivable-Backed Notes, Class A-1, issued pursuant to the Indenture.

     "Class A-1 Maturity Date" means [ ] (or, if such day is not a Business Day,
the next preceding Business Day).

     "Class A-2 Interest Carryover Shortfall" means, with respect to any Payment
Date, the excess, if any, of the Class A-2 Interest Distributable Amount for the
preceding Payment Date over the amount that was actually distributed in respect
of interest on the Class A-2 Notes on such preceding Payment Date, plus, to the
extent permitted by law, an amount equal to the product of (i) the Class A-2
Interest Rate, (ii) such excess, and (iii) a fraction equal to one-twelfth.

     "Class A-2 Interest Distributable Amount" means, with respect to any
Payment Date, the sum of the Class A-2 Monthly Interest Distributable Amount and
the Class A-2 Interest Carryover Shortfall for such Payment Date.

     "Class A-2 Interest Rate" means [ ]% per annum.

     "Class A-2 Interest Distributable Amount" means (a) with respect to the
first Interest Period and the related Payment Date, an amount equal to the
product of (i) the Class A-2 Interest Rate, (ii) the Initial Principal Amount of
the Class A-2 Notes, and (iii) a fraction equal to 28 divided by 360, and (b)
with respect to each subsequent Accrual Period and the related Payment Date, an
amount equal to the product of (i) the Class A-2 Interest Rate, (ii) the
Principal Balance of the Class A-2 Notes on the immediately preceding Payment
Date, after giving effect to all payments of principal to Class A-2 Noteholders
on or prior to such immediately preceding Payment Date, and (iii) a fraction
equal to one-twelfth.

     "Class A-2 Notes" means the $[ ] aggregate principal amount of [ ]%
Receivable-Backed Notes, Class A-2, issued pursuant to the Indenture.

     "Class A-2 Maturity Date" means [ ] (or, if such day is not a Business Day,
the next succeeding Business Day thereafter).

     "Class A-3 Interest Carryover Shortfall" means, with respect to any Payment
Date, the excess, if any, of the Class A-3 Interest Distributable Amount for the
preceding Payment Date over the amount that was actually distributed in respect
of interest on the Class A-3 Notes on such preceding Payment Date, plus, to the
extent permitted by law, an amount equal to the product of (i) the Class A-3
Interest Rate, (ii) such excess, and (iii) a fraction equal to one-twelfth.

     "Class A-3 Interest Distributable Amount" means, with respect to any
Payment Date, the sum of the Class A-3 Monthly Interest Distributable Amount and
the Class A-3 Interest Carryover Shortfall for such Payment Date.

     "Class A-3 Interest Rate" means [ ]% per annum.

     "Class A-3 Monthly Interest Distributable Amount" means (a) with respect to
the first Accrual Period and the related Payment Date, an amount equal to the
product of (i) the Class A-3 Interest Rate, (ii) the Initial Principal Amount of
the Class A-3 Notes, and (iii) a fraction equal to 28 divided by 360, and (b)
with respect to each subsequent Accrual Period and the related Payment Date, an
amount equal to the product of (i) the Class A-3 Interest Rate, (ii) the
Principal Balance of the Class A-3 Notes on the immediately preceding Payment
Date, after giving effect to all payments of principal to Class A-3 Noteholders
on or prior to such immediately preceding Payment Date, and (iii) a fraction
equal to one-twelfth.

     "Class A-3 Notes" means the $[ ] aggregate principal amount of [ ]%
Receivable-Backed Notes, Class A-3, issued pursuant to the Indenture.

     "Class A-3 Maturity Date" means [ ] (or, if such day is not a Business Day,
the next succeeding Business Day thereafter).

     "Class A-4 Interest Carryover Shortfall" means, with respect to any Payment
Date, the excess, if any, of the Class A-4 Interest Distributable Amount for the
preceding Payment Date over the amount that was actually distributed in respect
of interest on the Class A-4 Notes on such preceding Payment Date, plus, to the
extent permitted by law, an amount equal to the product of (i) the Class A-4
Interest Rate, (ii) such excess, and (iii) a fraction equal to one-twelfth.

     "Class A-4 Interest Distributable Amount" means, with respect to any
Payment Date, the sum of the Class A-4 Monthly Interest Distributable Amount and
the Class A-4 Interest Carryover Shortfall for such Payment Date.

     "Class A-4 Interest Rate" means [ ]% per annum.

     "Class A-4 Monthly Interest Distributable Amount" means (a) with respect to
the first Accrual Period and the related Payment Date, an amount equal to the
product of (i) the Class A-4 Interest Rate, (ii) the Initial Principal Amount of
the Class A-4 Notes, and (iii) a fraction equal to 28 divided by 360, and (b)
with respect to each subsequent Accrual Period and the related Payment Date, an
amount equal to the product of (i) the Class A-4 Interest Rate, (ii) the
Principal Balance of the Class A-4 Notes on the immediately preceding Payment
Date, after giving effect to all payments of principal to Class A-4 Noteholders
on or prior to such immediately preceding Payment Date, and (iii) a fraction
equal to one-twelfth.

     "Class A-4 Notes" means the $[ ] aggregate principal amount of [ ]%
Receivable-Backed Notes, Class A-4, issued pursuant to the Indenture.

     "Class A-4 Maturity Date" means [ ] (or, if such day is not a Business Day,
the next succeeding Business Day thereafter).

     "Class A-5 Interest Carryover Shortfall" means, with respect to any Payment
Date, the excess, if any, of the Class A-5 Interest Distributable Amount for the
preceding Payment Date over the amount that was actually distributed in respect
of interest on the Class A-5 Notes on such preceding Payment Date, plus, to the
extent permitted by law, an amount equal to the product of (i) the Class A-5
Interest Rate, (ii) such excess, and (iii) a fraction equal to one-twelfth.

     "Class A-5 Interest Distributable Amount" means, with respect to any
Payment Date, the sum of the Class A-5 Monthly Interest Distributable Amount and
the Class A-5 Interest Carryover Shortfall for such Payment Date.

     "Class A-5 Interest Rate" means [ ]%.

     "Class A-5 Monthly Interest Distributable Amount" means (a) with respect to
the first Accrual Period and the related Payment Date, an amount equal to the
product of (i) the Class A-5 Interest Rate, (ii) the Initial Principal Amount of
the Class A-5 Notes, and (iii) a fraction equal to 28 divided by 360, and (b)
with respect to each subsequent Accrual Period and the related Payment Date, an
amount equal to the product of (i) the Class A-5 Interest Rate, (ii) the
Principal Balance of the Class A-5 Notes on the immediately preceding Payment
Date, after giving effect to all payments of principal to Class A-5 Noteholders
on or prior to such immediately preceding Payment Date, and (iii) a fraction
equal to one-twelfth.

     "Class A-5 Notes" means the $[ ] aggregate principal amount of [ ]%
Receivable-Backed Notes, Class A-5, issued pursuant to the Indenture.

     "Class A-5 Maturity Date" means [ ] (or, if such day is not a Business Day,
the next succeeding Business Day thereafter).

     "Class B Floor" means, with respect to any Payment Date, (i) [ ]% of the
Contract Pool Principal Balance as of the Initial Cutoff Date, plus (ii) the
Principal Differential, if any, for such Payment Date, minus (iii) the sum of
the Class C Principal Balance and the Class D Principal Balance (prior to giving
effect to any payments of principal on the Class C or Class D Notes on such
Payment Date) and the amount on deposit in the Cash Collateral Account (after
giving effect to withdrawals to be made on such Payment Date); provided,
however, that in no event will the Class B Floor be greater than the Class B
Principal Balance immediately prior to such Payment Date nor less than zero.

     "Class B Interest Carryover Shortfall" means, with respect to any Payment
Date, the excess, if any, of the Class B Interest Distributable Amount for the
preceding Payment Date over the amount that was actually distributed in respect
of interest on the Class B Notes on such preceding Payment Date, plus, to the
extent permitted by law, an amount equal to the product of (i) the Class B
Interest Rate, (ii) such excess, and (iii) a fraction equal to one-twelfth.

     "Class B Interest Distributable Amount" means, with respect to any Payment
Date, the sum of the Class B Monthly Interest Distributable Amount and the Class
B Interest Carryover Shortfall for such Payment Date.

     "Class B Interest Rate" means [ ]% per annum.

     "Class B Monthly Interest Distributable Amount" means (a) with respect to
the first Accrual Period and the related Payment Date, an amount equal to the
product of (i) the Class B Interest Rate, (ii) the Initial Principal Balance of
the Class B Notes, and (iii) a fraction equal to 28 divided by 360, and (b) with
respect to each subsequent Accrual Period and the related Payment Date Payment
Date, an amount equal to the product of (i) the Class B Interest Rate, (ii) the
Principal Balance of the Class B Notes on the immediately preceding Payment
Date, after giving effect to all payments of principal to Class B Noteholders on
or prior to such immediately preceding Payment Date, and (iii) a fraction equal
to one-twelfth.

     "Class B Notes" means the $[ ] aggregate principal amount of [ ]%
Receivable-Backed Notes, Class B, issued pursuant to the Indenture.

     "Class B Percentage" means [ ]%.

     "Class B Principal Payment Amount" means (i) zero with respect to any
Payment Date prior to the Payment Date on which the Class A-1 Principal Balance
is reduced to zero, and (ii) with respect to any Payment Date thereafter, the
excess, if any, of (a) the Class B Principal Balance over (b) the greater of (1)
the Class B Target Principal Amount and (2) the Class B Floor, if any; provided,
however, that in no event will the Class B Principal Payment Amount exceed the
Class B Principal Balance.

     "Class B Maturity Date" means [ ] (or, if such day is not a Business Day,
the next succeeding Business Day thereafter).

     "Class B Target Principal Amount " means, with respect to any Payment Date,
the product of (i) the Class B Percentage and (ii) the Contract Pool Principal
Balance as of the related Accounting Date.

     "Class C Floor" means, with respect to any Payment Date, (i) [ ]% of the
Contract Pool Principal Balance as of the Initial Cutoff Date, plus (ii) the
Principal Differential, if any, for such Payment Date, minus (iii) the sum of
the Class D Principal Balance (prior to giving effect to any payments of
principal on the Class D Notes on such Payment Date) and the amount on deposit
in the Cash Collateral Account (after giving effect to withdrawals to be made on
such Payment Date); provided, however, that in no event will the Class C Floor
be greater than the Class C Principal Balance immediately prior to such Payment
Date nor less than zero. Furthermore, if the Class B Principal Balance
immediately prior to any Payment Date is less than or equal to the Class B Floor
for such Payment Date, the Class C Floor with respect to such Payment Date will
equal the Class C Principal Balance immediately prior to such Payment Date.

     "Class C Interest Carryover Shortfall" means, with respect to any Payment
Date, the excess, if any, of the Class C Interest Distributable Amount for the
preceding Payment Date over the amount that was actually distributed in respect
of interest on the Class C Notes on such preceding Payment Date, plus, to the
extent permitted by law, an amount equal to the product of (i) the Class C
Interest Rate, (ii) such excess, and (iii) a fraction equal to one-twelfth.

     "Class C Interest Distributable Amount" means, with respect to any Payment
Date, the sum of the Class C Monthly Interest Distributable Amount and the Class
C Interest Carryover Shortfall for such Payment Date.

     "Class C Interest Rate" means [ ]% per annum.

     "Class C Monthly Interest Distributable Amount" means (a) with respect to
the first Accrual Period and the related Payment Date, an amount equal to the
product of (i) the Class C Interest Rate, (ii) the Initial Principal Amount of
the Class C Notes, and (iii) a fraction equal to 28 divided by 360, and (b) with
respect to each subsequent Accrual Period and the related Payment Date, an
amount equal to the product of (i) the Class C Interest Rate, (ii) the Principal
Balance of the Class C Notes on the immediately preceding Payment Date, after
giving effect to all payments of principal to Class C Noteholders on or prior to
such immediately preceding Payment Date, and (iii) a fraction equal to
one-twelfth.

     "Class C Notes" means the $[ ] aggregate principal amount of [ ]%
Receivable-Backed Notes, Class C, issued pursuant to the Indenture.

     "Class C Percentage" means [ ]%.

     "Class C Principal Payment Amount" means (i) zero with respect to any
Payment Date prior to the Payment Date on which the Class A-1 Principal Balance
is reduced to zero, and (ii) with respect to any Payment Date thereafter, the
excess, if any, of (a) the Class C Principal Balance over (b) the greater of (1)
the Class C Target Principal Amount and (2) the Class C Floor, if any; provided,
however, that in no event will the Class C Principal Payment Amount exceed the
Class C Principal Balance.

     "Class C Maturity Date" means [ ] (or, if such day is not a Business Day,
the next succeeding Business Day thereafter).

     "Class C Target Principal Amount" means, with respect to any Payment Date,
the product of (i) the Class C Percentage and (ii) the Contract Pool Principal
Balance as of the related Accounting Date.

     "Class D Floor" means, with respect to any Payment Date, (i) [ ]% of the
Contract Pool Principal Balance as of the Initial Cutoff Date, plus (ii) the
Principal Differential, if any, for such Payment Date, minus (iii) the amount on
deposit in the Cash Collateral Account (after giving effect to withdrawals to be
made on such Payment Date); provided, however, that in no event will the Class D
Floor be greater than the Class D Principal Balance immediately prior to such
Payment Date nor less than zero. Furthermore, if the Class C Principal Balance
immediately prior to any Payment Date is less than or equal to the Class C Floor
for such Payment Date, the Class D Floor with respect to such Payment Date will
equal the Class D Principal Balance immediately prior to such Payment Date.

     "Class D Interest Carryover Shortfall" means, with respect to any Payment
Date, the excess, if any, of the Class D Interest Distributable Amount for the
preceding Payment Date over the amount that was actually distributed in respect
of interest on the Class D Notes on such preceding Payment Date, plus, to the
extent permitted by law, an amount equal to the product of (i) the Class D
Interest Rate, (ii) such excess, and (iii) a fraction equal to one-twelfth.

     "Class D Interest Distributable Amount" means, with respect to any Payment
Date, the sum of the Class D Monthly Interest Distributable Amount and the Class
D Interest Carryover Shortfall for such Payment Date.

     "Class D Interest Rate" means [ ]% per annum.

     "Class D Monthly Interest Distributable Amount" means (a) with respect to
the first Accrual Period and the related Payment Date, an amount equal to the
product of (i) the Class D Interest Rate, (ii) the Initial Principal Amount of
the Class D Notes, and (iii) a fraction equal to 28 divided by 360, and (b) with
respect to each subsequent Accrual Period and the related Payment Date Payment
Date, an amount equal to the product of (i) the Class D Interest Rate, (ii) the
Principal Balance of the Class D Notes on the immediately preceding Payment
Date, after giving effect to all payments of principal to Class D Noteholders on
or prior to such immediately preceding Payment Date, and (iii) a fraction equal
to one-twelfth.

     "Class D Notes" means the $[ ] aggregate principal amount of [ ]%
Receivable-Backed Notes, Class D, issued pursuant to the Indenture.

     "Class D Percentage" means [ ] %.

     "Class D Principal Payment Amount" means (i) zero with respect to any
Payment Date prior to the Payment Date on which the Class A-1 Principal Balance
is reduced to zero, and (ii) with respect to any Payment Date thereafter, the
excess, if any, of (a) the Class D Principal Balance over (b) the greater of (1)
the Class D Target Principal Amount and (2) the Class D Floor, if any; provided,
however, that in no event will the Class D Principal Payment Amount exceed the
Class D Principal Balance.

     "Class D Maturity Date" means [ ] (or, if such day is not a Business Day,
the next succeeding Business Day thereafter).

     "Class D Target Principal Amount" means, with respect to any Payment Date,
the product of (i) the Class D Percentage and (ii) the Contract Pool Principal
Balance as of the related Accounting Date.

     "Certificate of Formation" means the limited liability company Certificate
of Formation of the Depositor.

     "Certificate of Trust" has the meaning given such term in the Trust
Agreement.

     "Certificate Register" has the meaning specified in the Trust Agreement.

     "Closing Date" means [ ].

     "Code" means the Internal Revenue Code of 1986, as amended.

     "Collection Account" means the account so designated established pursuant
to Section 7.01.

     "Collection Account Property" means the Collection Account, all amounts and
investments held from time to time in the Collection Account (whether in the
form of deposit accounts, physical property, book-entry securities,
uncertificated securities or otherwise), and all proceeds of the foregoing.

     "Collection Period" means a period beginning on the first day of a calendar
month and ending on, but not including, the first day of the next calendar
month, provided that the first Collection Period shall be the period beginning
on the Initial Cutoff Date and ending on, but not including, the first day of
the calendar month immediately following the calendar month in which the Closing
Date occurs.

     "Commission" means the United States Securities and Exchange Commission.

     "Computer Disk" means the computer disk generated by the Servicer (or
applicable Financing Originator acting as subservicer as described in Section
5.05), which provides information relating to Contracts in the Contract Pool and
which was used by such party in selecting the related Contracts for conveyance
and inclusion in such Contract Pool, and includes the master file and the
history file as well as servicing information with respect to such Contracts.

     "Contract" means each End-User Contract and each Vendor Loan listed on any
Schedule of Contracts but, unless otherwise specified herein, shall not refer to
any Secondary Contract.

     "Contract Assets" means, with respect to any Contracts (including
Substitute Contracts) and related assets conveyed or being conveyed to the
Depositor pursuant to the Purchase and Sale Agreement, a Substitution Assignment
Agreement executed thereunder or the [ ] Assignment, and concurrently conveyed
or being conveyed by the Depositor to the Trust pursuant to this Pooling
Agreement or a Substitution Transfer Agreement, all right, title and interest of
[ ] or the [ ] Trust, as the case may be, in, to and under:

                         (i) such Contracts, and all monies due or to become due
          in payment of such Contracts on and after the relevant Cutoff Date,
          and including Scheduled Payments due but not yet received prior to the
          relevant Cutoff Date and all other Scheduled Payments (including in
          respect of any Guaranteed Residual Investment) due or becoming due on
          or after the relevant Cutoff Date, any Prepayments, any payments in
          respect of a casualty or early termination, any Liquidation Proceeds
          received with respect thereto, but excluding any Scheduled Payments
          both due and actually received prior to the related Cutoff Date and
          any Excluded Amounts;

                         (ii) the Financed Items related to such Contracts and,
          in the case of any Vendor Loan, related Applicable Security, including
          all proceeds from any sale or other disposition of such Financed Items
          (but subject to the exclusion and release herein of Excluded Amounts)
          and any Guaranteed Residual Investment;

                         (iii) related Contract Files;

                         (iv) all payments made or to be made in the future with
          respect to such Contracts or the Obligor thereunder under any Vendor
          Agreements with the relevant Financing Originator and under any
          guarantee or similar credit enhancement with respect to such
          Contracts;

                         (v) all Insurance Proceeds with respect to each such
          Contract;

                         (vi) the Conveyancing Agreement (but solely with
          respect to [ ] Contract Assets conveyed to [ ] thereunder constituting
          Contract Assets), including (A) all rights of [ ] to receive moneys
          due and to become due under or in respect of such Contract Assets
          pursuant to the Conveyancing Agreement, (B) all rights of [ ] to
          receive proceeds of any insurance, indemnity, warranty or guaranty
          with respect to [ ] Contract Assets conveyed to [ ] thereunder
          constituting Contract Assets, (C) all claims of [ ] for damages
          arising out of or for breach of or default under the Conveyancing
          Agreement to the extent relating to [ ] Contract Assets conveyed to [
          ] thereunder constituting Contract Assets, and (iv) the right of [ ]
          to amend, waive or terminate the Conveyancing Agreement, to compel
          performance and otherwise exercise remedies and rights thereunder, in
          each case with respect to or as applicable to [ ] Contract Assets
          conveyed thereunder constituting Contract Assets; and

                         (vii) all income from and proceeds of the foregoing.

     "Contract File" means, with respect to each Contract, the fully executed
original counterpart (for UCC purposes) of the Contract, the original
certificate of title or other title document with respect to the related
Equipment (if applicable), and otherwise such documents or electronic entries,
if any, that the Servicer (or applicable Financing Originator) keeps on file in
accordance with Customary Policies and Procedures evidencing ownership of such
Equipment (if applicable), and all other documents originally delivered to the
Financing Originator or held by the Servicer (or subservicer under Section 5.05)
with respect to any Contract.

     "Contract Pool" means, as of any date of determination, the aggregate of
the Contracts which have been conveyed to the Trust and which constitute as of
such date Trust Assets under the terms and provisions hereof.

     "Contract Pool Principal Balance" means with respect to any Payment Date,
the sum of the Contract Principal Balances (computed as of the related
Accounting Date) for all Contracts.

     "Contract Principal Balance" means as of any Accounting Date, with respect
to any Contract the present value of the unpaid Scheduled Payments due on such
Contract after such Accounting Date (excluding all Scheduled Payments due on or
prior to, but not received as of, such Accounting Date, as well as any Scheduled
Payments due after, but received as of, such Accounting Date), after giving
effect to any Prepayments received on or prior to such Accounting Date,
discounted monthly at the Discount Rate (assuming, for purposes of such
calculation, that each Scheduled Payment is due on the last day of the
applicable Collection Period); provided that, for purposes of computing the
Total Principal Payment Amount or the Required Cash Collateral Amount for a
given Payment Date (as well as all Payment Dates thereafter), the Contract
Principal Balance of any Contract which became a Defaulted Contract during the
related Collection Period or was required to be purchased by [ ] as of the last
day of the related Collection Period in accordance with Section 5.01 of the
Purchase and Sale Agreement, will be deemed to be zero on and after the last day
of such Collection Period.

     "Controlled Group" means all members of a controlled group of corporations
or other business entities and all trades or businesses (whether or not
incorporated) under common control which, together with the Servicer or any of
its Subsidiaries, are treated as a single employer under Section 414 of the
Code.

     "Conveyancing Agreement" means the Conveyancing Agreement dated as of [ ]
among the [ ] Financing Originators and [ ], as the same may be amended,
supplemented, restated or otherwise modified from time to time.

     "Corporate Trust Office" means the office of the Owner Trustee at which its
corporate trust business shall be administered, which initially shall be [ ], or
such other office at such other address in the State of [ ] as the Owner Trustee
may designate from time to time by notice to the Certificateholder, the
Servicer, the Administrative Agent and the Depositor.

     "CPR" means a conditional prepayment rate which assumes that a fraction of
the outstanding Contract Pool is prepaid on each Payment Date and also assumes
that all Contracts have the same initial principal balance and amortize at the
same rate.

     "CSA" means each conditional sales agreement, including, as applicable,
schedules, subschedules, supplements and amendments to a master conditional
sales agreement, pursuant to which specified assets were conditionally sold to
an Obligor at specified monthly, quarterly, semi-annual or annual payments.

     "Current Collection Period Pledged Revenues" means, with respect to any
Payment Date, the amount of Pledged Revenues in the Collection Account as of the
immediately preceding Deposit Date which were received by the Servicer after the
end of the related Collection Period, including all Liquidation Proceeds so
received but excluding any Purchase Amount.

     "Customary Policies and Procedures" means, with respect to any Contract
Assets, the customary standards, policies and procedures of the relevant
Financing Originator with respect to such Contract Assets in effect at the time
of the Cutoff Date with respect thereto, as the same may be changed from time to
time (provided that any such change does not materially impair (i) the
collectibility of the related Contract, or (ii) the Servicer's ability to
perform its obligations under this Agreement with respect thereto).

     "Cutoff Date" means either or both (as the context may require) the Initial
Cutoff Date and any Subsequent Cutoff Date, as applicable to the Contract or
Contracts in question.

     "Date of Processing" means, with respect to any transaction or Pledged
Revenue, the date on which such transaction or Pledged Revenue is first recorded
(and, in the case of a transaction or Pledged Revenue related to a particular
Contract, identified as to such particular Contract) on the related Financing
Originator's or the Servicer's computer master file of Contracts (without regard
to the effective date of such recordation).

     "Defaulted Contract" means a Contract in the Contract Pool with respect to
which there has occurred one or more of the following: (i) all or some portion
of any Scheduled Payment under the Contract (constituting at least ten percent
(10%) of such Scheduled Payment due) is more than 180 days delinquent from its
original due date (or, with respect to a Contract for which there exists
available payment recourse to a Vendor to satisfy the amount in default, and
which recourse was not yet available (pursuant to the contractual terms thereof)
or had not yet been paid by the Vendor prior to the end of such 180 day period,
then at such time thereafter as the Vendor shall have failed to pay such
defaulted amount in accordance with the provisions of the Program Agreement,
Vendor Assignment or other agreement with the Vendor providing such recourse),
(ii) the Servicer has determined in its sole discretion, in accordance with
Customary Policies and Procedures (and taking into account any available Vendor
recourse), that such Contract is not collectible; or (iii) the End-User under
such Contract (or applicable Vendor, if such Contract is a Vendor Loan) becomes
the subject of an Insolvency Event.

     "Delinquent Contract" means any Contract as to which all or a portion of a
Scheduled Payment (constituting at least ten percent (10%) of such Scheduled
Payment due) is more than 60 days delinquent from its original due date.

     "Deposit Date" means the Business Day immediately preceding each Payment
Date.

     "Depositor" means the "Depositor" as defined in the preamble hereto, or any
successor entity thereto.

     "Determination Date" means, with respect to any Payment Date, the second
Business Day prior to such Payment Date.

     "Discount Rate" means [ ]%.

     "Dollar" and "$" means lawful currency of the United States of America.

     "Eligible Contract" means each Contract owned (prior to its conveyance by a
[ ] Financing Originator to [ ] under the Conveyancing Agreement if a [ ]
Contract, prior to its conveyance by [ ] to the Depositor under the Purchase and
Sale Agreement if an [ ] Contract, and prior to its conveyance by the [ ] Trust
to the Depositor pursuant to the [ ] Assignment, if a [ ] Contract) by an
Eligible Originator or the [ ] Trust, and with respect to which each of the
following is true (to the extent applicable to such type of Contract) at the
time of its conveyance to the Trust on the Closing Date (or Substitution
Transfer Date, as applicable):

                    (a) the information with respect to the Contract, any
               Secondary Contract securing the obligations under such Contract,
               and the Financed Items related to the Contract, delivered to the
               Administrative Agent by or at the direction of [ ] under the
               Purchase and Sale Agreement or by or at the direction of the [ ]
               Trust pursuant to the [ ] Assignment is true and correct in all
               material respects;

                    (b) immediately prior to the transfer of such Contract and
               any related Equipment (or security interest therein) or
               Applicable Security to the Depositor (and the Depositor's
               concurrent transfer thereof to the Trust) such Contract was owned
               by [ ] or the [ ] Trust (and by the Depositor following the
               transfer by [ ] or the [ ] Trust) free and clear of any adverse
               claim, other than Permitted Liens; and immediately prior to the
               transfer of such Contract (if a [ ] Contract) and any related
               Equipment (or security interest therein) or Applicable Security
               by the applicable [ ] Financing Originator to [ ], such Contract
               was owned by the applicable [ ] Financing Originator free and
               clear of any adverse claim, other than with respect to Permitted
               Liens;

                    (c) the Contract is neither a Defaulted Contract nor a
               Delinquent Contract;

                    (d) no provision of the Contract has been waived, altered or
               modified in any material respect, except as indicated in the
               Contract File;

                    (e) the Contract is a valid and binding payment obligation
               of the Obligor and is enforceable in accordance with its terms
               (except as may be limited by applicable Insolvency Laws and the
               availability of equitable remedies);

                    (f) the Contract is not subject to litigation, or to rights
               of rescission, setoff, counterclaim or defense and, to [ ] or the
               Servicer's knowledge, no such rights have been asserted or
               threatened with respect to the Contract;

                    (g) the Contract, at the time it was made, had been
               originated in compliance (in all material respects) with
               applicable law, and did not violate the laws of the United States
               or any state in any material respect;

                    (h) (i) the Contract and any related Financed Item or
               interest therein (other than Excluded Residual Investments) have
               not been sold, transferred, assigned or pledged by the relevant
               Financing Originator, [ ] (in respect of [ ] Contracts) or the [
               ] Trust to any other Person (other than (a) the sale of Contracts
               and any related financed or interest therein to [ ] or to the
               Depositor and then the [ ] Trust and (b) the financed sale of
               Equipment to an End-User effected through an End-User Contract),
               and (ii) if such Contract finances Equipment, either (A) such
               Contract is secured by a fully perfected lien or ownership
               interest in favor of the relevant Financing Originator or, in the
               case of Equipment relating to the [ ] Contracts, the Depositor,
               on or in respect of the related Equipment (other than as
               contemplated by the Minimum Value Filing Exception), or, if the
               Contract is a Vendor Loan, the Vendor Loan is secured by a fully
               perfected lien or ownership interest in favor of the relevant
               Financing Originator or the [ ] Trust in the related Applicable
               Security, or (B) in the case of such a Contract secured by a
               Vehicle, within 90 calendar days of the origination or
               acquisition of such Contract by the relevant Financing Originator
               all applicable state registration or recording procedures were
               initiated, and the Financing Originator's interest in such
               Vehicle will be so noted or recorded within 180 days of such
               acquisition or origination, or a certificate of title or similar
               evidence of recordation on which the Financing Originator's
               interest has been noted has been obtained;

                    (i) if the Contract constitutes an "instrument" or "chattel
               paper" for purposes of the UCC, there is not more than one
               "secured party's original" counterpart of the Contract and such
               original counterpart is in the Contract File;

                    (j) all filings (including filings of UCC financing
               statements) necessary (i) in respect of Contracts consisting of [
               ] Contracts, to evidence or perfect the conveyance or transfer of
               the relevant [ ] Financing Originator's ownership interest in the
               [ ] Contract, and the [ ] Financing Originator's corresponding
               interest in the related Equipment or Applicable Security, as
               applicable, to [ ], and (ii) in respect of all Contracts (i.e.,
               Contracts consisting of either [ ] Contracts, [ ] Contracts or [
               ] Contracts), to evidence or perfect the conveyance or transfer
               of [ ] or [ ] Trust's ownership interest in the Contract, and [ ]
               corresponding interest in the related Equipment or Applicable
               Security, as applicable, to the Depositor (as well as the
               concurrent conveyance of such property hereunder, other than
               ownership interests in Equipment, from the Depositor to the
               Trust), have been made in all appropriate jurisdictions;
               provided, that UCC financing statement filings with respect to
               Equipment or Applicable Security which name the Financing
               Originator as secured party have not been amended to indicate
               either [ ] (with respect to [ ] Contracts), the Depositor or the
               Trust as an assignee (although separate UCC filings were made
               against the relevant Financing Originator's interest in
               Applicable Security in each jurisdiction where a related Vendor
               is located); and provided further, that only filings in the
               States of New Jersey and [ ] have been made in favor of the Trust
               as secured party against the Depositor as debtor describing as
               collateral (among other things) the Depositor's ownership
               interest in Equipment, in respect of the security interest in
               Equipment owned by the Depositor which has been granted to the
               Trust pursuant to Section 2.01 hereof.

                    (k) the Obligor is not, to [ ] knowledge, subject to
               bankruptcy or other insolvency proceedings;

                    (l) the Obligor's billing address is in the United States or
               Puerto Rico, and the Contract is a U.S. dollar-denominated
               obligation;

                    (m) the Contract does not require the prior written
               notification to or consent of an Obligor or contain any other
               restriction on the transfer or assignment of the Contract, other
               than (i) certain Contracts the Contract Pool Principal Balance of
               which, in proportion to the Contract Pool Principal Balance of
               all Contracts in the Contract Pool at the time of conveyance, is
               not material, that require notifications of the assignment to the
               Obligor, which notification will be given by the Servicer not
               more than 10 days following the Closing Date (or Substitution
               Transfer Date in the case of a Substitution Contract) (it being
               understood that if such notifications are not so timely obtained,
               the affected Contract shall be deemed and treated for all
               purposes of this Pooling Agreement and the other Transaction
               Documents as not having complied with this criteria for an
               Eligible Contract as of the Closing Date or Substitution Transfer
               Date, as the case may be), and (ii) certain Contracts that
               require the consent of the related Obligor, which consent shall
               have been obtained by the Servicer not later than 10 days
               following the Closing Date or Substitution Transfer Date, as the
               case may be;

                    (n) either (x) the obligations of the related Obligor under
               such Contract are irrevocable and unconditional and
               non-cancelable (it being understood that Contracts which are
               prepayable in accordance with their terms shall not, by virtue of
               that fact alone, be deemed revocable, conditional or cancelable)
               or, if not irrevocable and unconditional, have the benefit of a
               Vendor Guarantee or (y) with respect to certain Leases with
               Lessees that are governmental entities or municipalities, if such
               Lease is canceled in accordance with its terms, either (1) the
               Vendor that assigned such Lease to the applicable Financing
               Originator is unconditionally obligated to repurchase such lease
               from the Financing Originator for a purchase price not less than
               the Contract Principal Balance of such Lease (as of the date of
               cancellation), or (2) pursuant to the Purchase and Sale
               Agreement, [ ] has indemnified the Depositor against such
               cancellation in an amount at least equal to the Contract
               Principal Balance of such Lease (as of the date of cancellation),
               less any amounts paid by the Vendor pursuant to clause (1);

                    (o) no selection procedure adverse to the interests of the
               Trust or the Equity Certificateholder was used in selecting the
               Contract for the Contract Pool;

                    (p) the Obligor under the Contract is required to maintain
               casualty insurance or to self-insure with respect to the related
               Equipment in accordance with Customary Policies and Procedures;

                    (q) the Contract constitutes chattel paper, an account, an
               instrument or a general intangible, in each case as defined under
               the UCC;

                    (r) the Contract is not a "consumer lease" as defined in
               Section 2A-103(1)(e) of the UCC;

                    (s) if such Contract is a Lease, to the best knowledge of
               the relevant Financing Originator, the Lessee thereunder has
               accepted and has had reasonable opportunity to inspect the
               related Equipment;

                    (t) except as provided in clause (n) above, the Contract is
               not subject to any guarantee by the Financing Originator, nor has
               the Financing Originator established any specific credit reserve
               with respect to the related Obligor;

                    (u) if such Contract is a Lease, such Lease is a "triple net
               lease" under which the Obligor is responsible for the
               maintenance, taxes and insurance with respect to the related
               Equipment in accordance with general industry standards
               applicable to such item of Equipment;

                    (v) if such Contract is a Vendor Loan, such Vendor Loan is
               secured by an Eligible Secondary Contract having an aggregate
               Discounted Contract Balance for such Eligible Secondary Contract
               (determined as of the relevant Cutoff Date for such Vendor Loan)
               not less than the outstanding principal amount of such Vendor
               Loan (assuming the interest rate specified in such Vendor Loan is
               the "Sale Discount Rate" for purposes of calculating such
               Discounted Contract Balance);

                    (w) such Contract is not an obligation of the United States
               of America or an agency, department, or instrumentality of the
               United States of America;

                    (x) such Contract contains provisions customary to similar
               financing agreements for Financed Items, which provisions are
               sufficient and enforceable (except as may be limited by
               applicable Insolvency Laws and the availability of equitable
               remedies) to enable the relevant Financing Originator (or its
               assignees, including the [ ] Trust, the Depositor and the Trust)
               to realize against the Financed Items related thereto (to the
               extent such Financed Items secure or support the payment of the
               Contract);

                    (y) if the Obligor in respect of such Contract is a state or
               local governmental entity or municipality, the conveyance of such
               a Contract under and pursuant to the Transaction Documents does
               not violate applicable state or municipal laws or regulations (if
               any) restricting or prohibiting the assignment of claims against
               or obligations of such Obligor.

     "Eligible Investments" means negotiable instruments or securities or other
investments (a) which, except in the case of demand or time deposits,
investments in money market funds and Eligible Repurchase Obligations, are
represented by instruments in bearer or registered form or the ownership of
which is represented by book entries by a Clearing Agency or by a Federal
Reserve Bank in favor of depository institutions eligible to have an account
with such Federal Reserve Bank who hold such investments on behalf of their
customers, (b) which, as of any date of determination, mature by their terms on
or prior to the Payment Date immediately following such date of determination
(or mature on such other Business Day as the Rating Agencies may approve), and
(c) which evidence:

                    (i) direct obligations of, and obligations fully guaranteed
               as to full and timely payment by, the United States of America
               (or by any agency thereof to the extent such obligations are
               backed by the full faith and credit of the United States of
               America);

                    (ii) demand deposits, time deposits or certificates of
               deposit of depository institutions or trust companies
               incorporated under the laws of the United States of America or
               any state thereof and subject to supervision and examination by
               federal or state banking or depository institution authorities;
               provided, however, that at the time of the Trust's investment or
               contractual commitment to invest therein, the commercial paper,
               if any, and short-term unsecured debt obligations (other than
               such obligation whose rating is based on the credit of a Person
               other than such institution or trust company) of such depository
               institution or trust company shall have a credit rating from each
               of Standard & Poor's and Moody's in the Highest Required
               Investment Category granted by such Rating Agency;

                    (iii) commercial paper, or other short term obligations,
               having, at the time of the Trust's investment or contractual
               commitment to invest therein, a rating in the Highest Required
               Investment Category granted by each of Standard & Poor's and
               Moody's;

                    (iv) demand deposits, time deposits or certificates of
               deposit that are fully insured by the FDIC;

                    (v) notes that are payable on demand or bankers' acceptances
               issued by any depository institution or trust company referred to
               in (ii) above;

                    (vi) investments in money market funds having, at the time
               of the Trust's investment or contractual commitment to invest
               therein, a rating of the Highest Required Investment Category
               from each of Standard & Poor's and Moody's or having otherwise
               been approved in writing by each Rating Agency;

                    (vii) time deposits with an entity the commercial paper of
               which has, at the time of the Trust's investment or contractual
               commitment to invest therein, a rating of the Highest Required
               Investment Category granted by each of Standard & Poor's and
               Moody's;

                    (viii) Eligible Repurchase Obligations; and

                    (ix) any other negotiable instruments or securities or other
               investments in which the investment by the Trust therein has been
               approved in writing by each Rating Agency.

     "Eligible Repurchase Obligations" means repurchase obligations with respect
to any security that is a direct obligation of, or fully guaranteed by, the
United States of America or any agency or instrumentality thereof the
obligations of which are backed by the full faith and credit of the United
States of America, in either case entered into with a depository institution or
trust company (acting as principal) described in clause (c)(ii) of the
definition of Eligible Investments.

     "Eligible Secondary Contract" shall mean each Secondary Contract

                    (i) that satisfies all the criteria set forth in the
               definition of "Eligible Contract" except clauses (b), (h) (with
               respect to ownership by the Financing Originator of the Contract)
               and (w) thereof, and except that the term "Obligor" shall mean
               "End-User" in all such criteria;

                    (ii) with respect to which Secondary Contract and the
               proceeds thereof the relevant Financing Originator (or, in the
               case of [ ] Contracts, the [ ] Trust, as assignee) has a duly
               perfected first priority lien; and

                    (iii) with respect to which (A) if such Secondary Contract
               secures a Vendor Loan constituting a [ ] Contract, the transfer
               of the [ ] Financing Originator's security interest in such
               Secondary Contract and the proceeds thereof to [ ], the transfer
               of [ ] interest so acquired to the Depositor, and, if applicable,
               the Depositor's transfer of its interest therein to the [ ] Trust
               and the [ ] Trust's transfer of such interest back to the
               Depositor, is effective to create in favor of the Depositor a
               lien therein and such lien has been duly perfected, or (B) if the
               Secondary Contract instead secures a Vendor Loan constituting an
               [ ] Contract, then the transfer of [ ] security interest in such
               Secondary Contract and the proceeds thereof to the Depositor, and
               if applicable, the Depositor's transfer of its interest therein
               to the [ ] Trust and the [ ] Trust's transfer of such interest
               back to the Depositor, is effective to create in favor of the
               Depositor a lien therein and such lien has been duly perfected.

     "End-User" shall mean any party that uses the Financed Items pursuant to an
End-User Contract.

     "End-User Contract" shall mean any CSA, Secured Note, Lease, IPA, or other
Financing Agreement covering Financed Items originated by an Originator.

     "Equipment" means with respect to any Contract, the tangible assets
constituting "goods" within the meaning of the UCC, in each case financed or
leased by an Obligor pursuant to a Contract, or which otherwise provide security
for the payment of amounts payable thereunder.

     "Equity Certificate" has the meaning specified in the Trust Agreement.

     "Equity Certificateholder" means the Person in whose name the Equity
Certificate is registered in the Certificate Register.

     "Event of Default" has the meaning specified in the Indenture.

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

     "Exchange Act" means the Securities Exchange Act of 1934, as amended or
supplemented from time to time.

     "Excluded Amounts" means (i) any collections on deposit in the Collection
Account or otherwise received by the Servicer on or with respect to the Contract
Pool or related Equipment, which collections are attributable to any taxes, fees
or other charges imposed by any Governmental Authority, (ii) any collections
representing reimbursements of insurance premiums or payments for services that
were not financed by the applicable Originator, (iii) collections relating to
security deposits, and (iv) collections representing Late Charges, documentation
fees, administrative charges or extension fees on any Contract, or maintenance
premiums in respect of related Equipment.

     "Excluded Residual Investments" means Residual Investments, other than
Guaranteed Residual Investments.

     "FDIC" shall mean the Federal Deposit Insurance Corporation, or any
successor thereto.

     "Financed Items" means Equipment, Software, Services and other property and
services that are permitted to be financed under Contracts in accordance with
Customary Policies and Procedures of the applicable Financing Originator.

     "Financing Agreement" means each financing agreement covering Financed
Items, other than a CSA, a Secured Note, a Lease or an IPA.

     "Financing Originator" means any of the following as of the Closing Date: [
].

     "Governmental Authority" means the United States of America, any state or
other political subdivision thereof, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of, or pertaining
to, government.

     "Guaranteed Residual Investment" means each Residual Investment with
respect to which the Financing Originator may look to either the Vendor or to
the related Obligor on an End-User Contract constituting a Lease, and not just
the value of the related Equipment itself, to recover its full Residual
Investment.

     "Highest Required Investment Category" means (i) with respect to ratings
assigned by S&P, A-1+ for short-term instruments and AAA for long-term
instruments and (ii) with respect to ratings assigned by Moody's, A2 or P-1 for
one month instruments, A1 or P-1 for three month instruments, Aa3 or P-1 for six
month instruments and Aaa or P-1 for instruments with a term in excess of six
months.

     "Holder" has the meaning specified in the Indenture.

     "Indebtedness" means, with respect to any Person at any date, without
duplication, (a) all indebtedness of such person for borrowed money or for the
deferred purchase price of property or services (other than current liabilities
incurred in the ordinary course of business and payable in accordance with
customary trade practices) or which is evidenced by a note, bond, debenture or
similar instrument, (b) all obligations of such Person under capital leases, (c)
all obligations of such Person in respect of acceptances or letters of credit
issued or created for the account of such Person, (d) all liabilities secured by
any Lien on any property owned by such Person even though such Person has not
assumed or otherwise become liable for the payment thereof, and (e) obligations
of such Person under direct or indirect guaranties in respect of, and
obligations (contingent or otherwise) to purchase or otherwise acquire, or
otherwise to assure a creditor against loss in respect of, indebtedness or
obligations of others of the kinds referred to in clauses (a) through (d) above.

     "Indenture" means the Indenture, dated as of the date hereof, between the
Issuer and the Indenture Trustee, as amended, supplemented or otherwise modified
from time to time.

     "Indenture Trustee" means the Person acting as Indenture Trustee under the
Indenture, its successors in interest and any successor trustee under the
Indenture.

     "Independent", when used with respect to any specified Person, means such a
Person who (i) is in fact independent of the Issuer, the Depositor or the
Servicer, (ii) is not a director, officer or employee of any Affiliate of the
Issuer, the Depositor or the Servicer, (iii) is not a person related to any
officer or director of the Issuer, the Depositor or the Servicer or any of their
respective Affiliates, (iv) is not a holder (directly or indirectly) of more
than 10% of any voting securities of the Issuer, the Depositor or the Servicer
or any of their respective Affiliates, and (v) is not connected with the Issuer,
the Depositor or the Servicer as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions.

     "Ineligible Contract" has the meaning specified in Section 7.06.

     "Initial Class A-1 Principal Amount" means $[ ].

     "Initial Class A-2 Principal Amount" means $[ ].

     "Initial Class A-3 Principal Amount" means $[ ].

     "Initial Class A-4 Principal Amount" means $[ ].

     "Initial Class A-5 Principal Amount" means $[ ].

     "Initial Class B Principal Amount" means $[ ].

     "Initial Class C Principal Amount" means $[ ].

     "Initial Class D Principal Amount" means $[ ].

     "Initial Contract Assets" has the meaning assigned in Section 2.01 of the
Purchase and Sale Agreement.

     "Initial Contract Pool Principal Balance" is $[ ].

     "Initial Contracts" means those Contracts conveyed to the Trust on the
Closing Date.

     "Initial Cutoff Date" means [ ].

     "Initial Principal Amount" means, when used in the context of a reference
to an individual Class of Notes, the initial principal amount applicable to such
Class as defined above.

     "Insolvency Event" means, with respect to a specified Person, (a) the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or any substantial part of its property in an
involuntary case under any applicable Insolvency Law now or hereafter in effect,
or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for such Person or for any substantial part of its property,
or ordering the winding-up or liquidation of such Person's affairs, and such
decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or (b) the commencement by such Person of a voluntary case
under any applicable Insolvency Law now or hereafter in effect, or the consent
by such Person to the entry of an order for relief in an involuntary case under
such law, taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for such Person or for any substantial
part of its property; or (c) or the making by such Person of any general
assignment for the benefit of creditors; or (d) the failure by such Person
generally to pay its debts as such debts become due; or (e) the admission by
such Person in writing of its inability generally to pay its debts when the same
become due; or (f) the taking of action by such Person in furtherance of any of
the foregoing.

     "Insolvency Laws" means the Bankruptcy Code of the United States of America
and all other applicable liquidation, conservatorship, bankruptcy, moratorium,
rearrangement, receivership, insolvency, reorganization, suspension of payments,
or similar debtor relief laws from time to time in effect affecting the rights
of creditors generally.

     "Insurance Policy" means, with respect to any Contract, an insurance policy
covering physical damage to or loss of the related Equipment.

     "Insurance Proceeds" means, depending on the context, any amounts payable
or any payments made, to the Servicer (or applicable Financing Originator) under
any Insurance Policy.

     "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended
from time to time.

     "Investment Earnings" means, the investment earnings (net of losses and
investment expenses) on amounts on deposit in the Collection Account, Note
Distribution Account and the Cash Collateral Account.

     "IPA" means each installment payment agreement, including as applicable,
schedules, subschedules, supplements and amendments, pursuant to which the
relevant Originator financed the purchase or acquisition of specified assets by
an Obligor for specified monthly, quarterly, semiannual or annual payments.

     "Issuer" is defined in the preamble hereto.

     "Late Charges" means any late payment fees paid by Obligors on Contracts.

     "Lease" means each agreement constituting a "lease" within the meaning of
Section 2A-103 of the UCC, and including, as applicable, schedules,
subschedules, supplements and amendments to a master lease, pursuant to which
the Originator, as lessor, leased specified assets to a Lessee at a specified
monthly, quarterly, semiannual or annual rental.

     "Lessee" means, with respect to any Lease, the Obligor with respect to such
Lease.

     "Lien" means any mortgage, deed of trust, pledge, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory or other), equity
interest, participation interest, preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever,
including, without limitation, any conditional transfer or other title retention
agreement, and any financing lease having substantially the same economic effect
as any of the foregoing.

     "Liquidation Expenses" means, with respect to any Defaulted Contract, the
aggregate amount of all out-of-pocket expenses reasonably incurred by the
Servicer (including amounts paid to or expenses incurred by any subservicer,
other than subservicing fees, if any) in accordance with Customary Policies and
Procedures in connection with the repossession, refurbishing and disposition of
any related Equipment, and other out-of-pocket costs related to the liquidation
of any such Equipment, including reasonable attorneys fees incurred in the
attempted collection of any amount owing pursuant to such Defaulted Contract,
and including amounts determined by the Servicer in its reasonable discretion as
payable in respect of any sales, use, personal property or other taxes assessed
or to be assessed on repossessed or liquidated Equipment.

     "Liquidation Proceeds" means, with respect to a Defaulted Contract,
proceeds from the transfer, lease or re-lease of the related Financed Items,
Insurance Proceeds, and any other recoveries with respect to such Defaulted
Contract and the related Financed Items (including, without limitation, amounts
received pursuant to a Program Agreement), but net of Liquidation Expenses, Late
Charges, amounts payable to a Vendor in respect of (and in amounts not
exceeding) amounts previously paid by such Vendor in respect of such Contract
under Vendor recourse provisions, and amounts, if any, so received that are
required to be refunded to the Obligor on such Contract.

     "Material Adverse Effect" means, with respect to any event or circumstance,
a material adverse effect on:

                    (i) the ability of [ ], [ ] any Financing Originator, the [
               ] Trust, the Depositor, the Trust or the Servicer to perform in
               all material respects its obligations under this Agreement or any
               other Transaction Document;

                    (ii) the validity or enforceability of this Agreement, any
               other Transaction Document, or the Contracts, or the
               collectibility of the Contracts; or

                    (iii) the status, existence, perfection, priority or
               enforceability of the Trust's interest in the Contracts and the
               other Trust Assets.

     "Material Modification" means a termination or release (including pursuant
to prepayment), or an amendment, modification or waiver, or equivalent similar
undertaking or agreement, by the Servicer with respect to a Contract which would
not otherwise be permitted under the standards and criteria set forth in
Sections 5.08, 5.09 and/or 5.10 hereof.

     "Maturity Date" means, as applicable, the Class A-1 Maturity Date, Class
A-2 Maturity Date, Class A-3 Maturity Date, Class A-4 Maturity Date, Class A-5
Maturity Date, Class B Maturity Date, Class C Maturity Date, or Class D Maturity
Date.

     "Minimum Value Filing Exception" means the variation from the relevant
Financing Originator's normal policies and practices with respect to filing UCC
financing statements against an Obligor describing Equipment which is the
subject of a Contract, in each case as set forth in Exhibit J hereto.

     "Monthly Report" has the meaning specified in Section 9.01.

     "Moody's" means Moody's Investors Service, Inc., or any successor thereto.

     "Note" means any one of the notes of the Trust of any Class executed and
authenticated in accordance with the Indenture.

     "Note Distribution Account" means the account established and maintained as
such pursuant to Section 7.01.

     "Note Register" has the meaning given such term in Section 2.04 of the
Indenture.

     "Noteholder" means any registered holder of a Note.

     "[ ] Contract" means a Contract originated or acquired by [ ] (including
without limitation any Contract originated or acquired by [ ] and transferred to
the Depositor and by the Depositor to the [ ] Trust prior to the Closing Date)
but which is not a [ ] Contract.

     "[ ] Contract Assets" means Contract Assets relating to [ ] Contracts.

     "[ ] Representations and Warranties" means the representations and
warranties set forth in Sections 3.02, of the Purchase and Sale Agreement.
"Obligor" means, with respect to any Contract, the Person or Persons obligated
to make payments with respect to such Contract, including any guarantor thereof
(and including, with respect to a Contract consisting of a Vendor Loan, the
Vendor obligated in respect of such Vendor Loan).

     "Officer's Certificate" means, with respect to any Person, a certificate
signed by an authorized officer of such Person and delivered to the party
entitled to receipt thereof under any applicable Transaction Document.

     "Opinion of Counsel" means a written opinion of counsel, who may be counsel
(including internal counsel) for the Depositor or the Servicer and who shall be
reasonably acceptable to the Owner Trustee.

     "Originator" means, with respect to each Contract, the party that is the
original lessor or financing party thereunder.

     "Owner Trustee" means [ ], not in its individual capacity, but solely
as Owner Trustee under the Trust Agreement, its successors in interest and any
successor owner trustee under the Trust Agreement.

     "Payment Date" shall mean the [ ] day of each calendar month or, if such [
] day is not a Business Day, the next succeeding Business Day, with the first
such Payment Date hereunder being [ ]

     "Paying Agent" means any Person described as such in Section 7.04(b).

     "PBGC" means the Pension Benefit Guaranty Corporation established pursuant
to Subtitle A of Title IV of ERISA.

     "Permitted Liens" means

     (a) with respect to Contracts in the Contract Pool:

          (i) Liens for state, municipal or other local taxes if such taxes
     shall not at the time be due and payable or if the Depositor shall
     currently be contesting the validity thereof in good faith by appropriate
     proceedings and shall have set aside on its books adequate reserves with
     respect thereto;

          (ii) Liens in favor of [ ] created by a [ ] Financing Originator
     pursuant to the Conveyancing Agreement, or Liens in favor of the Depositor
     created pursuant to the Purchase and Sale Agreement or Liens in favor of
     the [ ] Trust created pursuant to the [ ] Pooling Agreement, in each case
     transferred to the Trust pursuant hereto;

          (iii) Liens in favor of the Trust created pursuant to this Agreement;
     and

          (iv) Liens in favor of the Indenture Trustee created pursuant to the
     Indenture and/or this Agreement; and

     (b) with respect to the related Equipment:

          (i) materialmen's, warehousemen's, mechanics' and other liens arising
     by operation of law in the ordinary course of business for sums not due;

          (ii) Liens for state, municipal or other local taxes if such taxes
     shall not at the time be due and payable or if the Depositor shall
     currently be contesting the validity thereof in good faith by appropriate
     proceedings and shall have set aside on its books adequate reserves with
     respect thereto;

          (iii) Liens in favor of [ ] created by a [ ] Financing Originator
     pursuant to the Conveyancing Agreement, or Liens in favor of the Depositor
     created pursuant to the Purchase and Sale Agreement, in each case
     transferred to the Trust pursuant hereto or Liens in favor of the Depositor
     created pursuant to the [ ] Purchase and Sale Agreement;

          (iv) Liens in favor of the Trust created pursuant to this Agreement;

          (v) Liens in favor of an Originator which have been transferred to the
     applicable Financing Originator and pursuant to the Purchase and Sale
     Agreement by such Financing Originator to the Depositor (through [ ] and
     the Conveyancing Agreement in the case of [ ] Financing Originators, and
     through [ ], the Depositor and the [ ] Trust and the [ ] Assignment in the
     case of the [ ] Contracts) and in each case transferred to the Trust
     pursuant hereto;

          (vi) Liens in favor of the Indenture Trustee crated pursuant to the
     Indenture and/or this Agreement;

          (vii) (A) interests in favor of [ ] (" ") which are subject to the
     prior payment of all Obligor obligations in respect of Scheduled Payments
     on the related Contract and which have been transferred by [ ] along with
     the related Contract to its limited purpose affiliate, [ ], and (B)
     interests in favor of a Vendor which are subject to the prior payment of
     all Obligor obligations in respect of Scheduled Payments on the related
     Contract; and

          (viii) Liens granted by the End-Users which are subordinated to the
     interest of the Trust in such Equipment.

     "Person" means any individual, corporation, estate, partnership, limited
liability company, joint venture, association, joint stock company, trust
(including any beneficiary thereof), unincorporated organization or government
or any agency or political subdivision thereof.

     "Plan" means an employee pension benefit plan which is covered by Title IV
of ERISA or subject to the minimum funding standards under Section 412 of the
Code as to which the Servicer or any member of the Controlled Group may have any
liability.

     "Pledged Revenues" means (i) all Scheduled Payments on the Contracts
received on or after the Cut-Off Date (excluding the Excluded Amounts); (ii) any
Prepayments received on the Contracts on or after the Cut-Off Date (other than
(a) in the case of a Lease, any portion thereof allocated to the Depositor, or
(b) in the case of a Prepaid Contract for which a substitution has been made in
accordance with Section [ ] of the Pooling and Servicing Agreement, that portion
thereof to which the Depositor is entitled pursuant to Section [ ]); (iii) the
Purchase Amount of any Contracts purchased by [ ] in accordance with Section [ ]
of the Pooling and Servicing Agreement (other than any portion thereof
attributable in the case of a Lease to the Excluded Residual Investment of the
related Equipment); (iv) the amount paid by the Depositor to purchase the
Contracts pursuant to Section [ ] of the Pooling and Servicing Agreement; (v)
that portion of the Liquidation Proceeds received in respect of any Contracts
and the disposition of the related Equipment on or after the Cut-Off Date and
allocated to the Trust; and (vi) any earnings on the investment of amounts
credited to the Trust Accounts. Pledged Revenues shall not include any amounts
received with respect to any Excluded Residual Investment.

     "Pooling Agreement" means this Pooling and Servicing Agreement, as amended,
restated, supplemented or otherwise modified from time to time in accordance
with the terms hereof.

     "Prepaid Contract" means any Contract that has terminated or been prepaid
in full prior to its scheduled expiration date (including because of a Casualty
Loss), other than a Defaulted Contract.

     "Prepayment" means with respect to any Collection Period for any Contract,
a partial or full prepayment of amounts due and owing under such Contract.

     "Principal Amount" means, with respect to a Class of Notes, the aggregate
Initial Principal Amount thereof reduced by (i) the aggregate amount of any
payments applied in reduction of such principal amount and (ii) the aggregate
amount of any payments then on deposit in the Note Distribution Account, if any,
for such Class of Notes established in accordance with the Indenture and to be
applied in reduction of such principal amount in accordance with such Indenture.

     "Principal Differential" means, with respect to any Payment Date, the
excess, if any, of (i) the remainder, if any, of (a) the Aggregate Principal
Amount of the Notes (prior to giving effect to the payment of principal on the
Notes on such Payment Date) minus (b) the lesser of (1) the Contract Pool
Principal Balance as of the related Accounting Date for the preceding Payment
Date, minus the Contract Pool Principal Balance as of the related Accounting
Date for such Payment Date, or (2) the Related Collection Period Pledged Revenue
remaining after the payment of amounts owing to the Servicer and the payment of
all interest due on the Notes on such Payment Date, over (ii) the aggregate of
the Required Payoff Amounts for all Contracts as of the related Accounting Date.

     "Principal Deficiency Amount" means, with respect to any Payment Date, the
lesser of (a) the Current Realized Losses for the related Collection Period or
(b) the excess, if any, of (i) the Principal Amount of the Notes (after giving
effect to all distributions of principal from the Available Pledged Revenues
(determined without regard to the last sentence of the definition thereof) on
such Payment Date), over (ii) the aggregate of the Required Payoff Amounts for
all Contracts as of the last day of the related Collection Period.

     "Program Agreement" means each vendor finance program agreement pursuant to
which End-User Contracts originated by a Vendor are assigned to the applicable
Financing Originator.

     "Prospectus" has the meaning given such term in the Underwriting Agreement.

     "Purchase Amount" means, with respect to Ineligible Contracts, on any date
of determination, the aggregate Required Payoff Amount for such Ineligible
Contracts as of the related Accounting Date.

     "Purchase and Sale Agreement" means the Purchase and Sale Agreement dated
as of [ ] among [ ], [ ] and the Depositor, as the same may be amended,
supplemented, restated or otherwise modified from time to time.

     "Purchase Price" means, with respect to any Contract conveyed on the
Closing Date (or any Subsequent Transfer Date, as applicable), an amount equal
to the Contract Principal Balance of such Contract as of the applicable Cutoff
Date.

     "Qualified Eligible Investments" means Eligible Investments acquired by the
Indenture Trustee in its name and in its capacity as Indenture Trustee, which
are held by the Indenture Trustee in the Trust Accounts and with respect to
which (a) the Indenture Trustee has noted its interest therein on its books and
records, and (b) the Indenture Trustee has purchased such investments for value
without notice of any adverse claim thereto (and, if such investments are
securities or other financial assets or interests therein, within the meaning of
Section 8-102 of the UCC as enacted in the State of New York, without acting in
collusion with a securities intermediary in violating such securities
intermediary's obligations to entitlement holders in such assets, under Section
8-504 of such UCC, to maintain a sufficient quantity of such assets in favor of
such entitlement holders), and (c) either (i) such investments are in the
possession of the Indenture Trustee, or (ii) such investments, (A) if
certificated securities and in bearer form, have been delivered to the Indenture
Trustee, or in registered form, have been delivered to the Indenture Trustee and
either registered by the issuer in the name of the Indenture Trustee or endorsed
by effective endorsement to the Indenture Trustee or in blank; (B) if
uncertificated securities, the ownership of which has been registered to the
Indenture Trustee on the books of the issuer thereof (or another person, other
than a securities intermediary, either becomes the registered owner of the
uncertified security on behalf of the Indenture Trustee or, having previously
become the registered owner, acknowledges that it holds for the Indenture
Trustee); or (C) if securities entitlements (within the meaning of Section 8-102
of the UCC as enacted in the State of New York) representing interests in
securities or other financial assets (or interests therein) held by a securities
intermediary (within the meaning of said Section 8-102), a securities
intermediary indicates by book entry that a security or other financial asset
has been credited to the Indenture Trustee's securities account with such
securities intermediary. Any such Qualified Eligible Investment may be purchased
by or through the Indenture Trustee or any of its Affiliates.

     "Qualified Institution" means (a) the corporate trust department of the
Indenture Trustee or (b) a depository institution organized under the laws of
the United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank), (i) (A) which has (or the
parent corporation of which has) either (1) a long-term unsecured debt rating
acceptable to the Rating Agencies or (2) a short-term unsecured debt rating or
certificate of deposit rating acceptable to the Rating Agencies or (B) which is
otherwise acceptable to the Rating Agencies and (ii) whose deposits are insured
by the FDIC.

     "Rating Agency" means each of S&P and Moody's, so long as such Persons
maintain a rating on the Notes; and if none of S&P or Moody's, no longer
maintains a rating on the Notes; such other nationally recognized statistical
rating organization selected by the Depositor.

     "Rating Agency Condition" means, with respect to any action or series of
related actions or proposed transaction or series of related proposed
transactions, that each Rating Agency shall have notified the Depositor and the
Owner Trustee and the Indenture Trustee in writing that such action or series of
related actions or the consummation of such proposed transaction or series of
related transactions will not result in a Ratings Effect.

     "Ratings Effect" means, with respect to any action or series of related
actions or proposed transaction or series of related proposed transactions, a
reduction or withdrawal of the rating of any outstanding Class with respect to
which a Rating Agency has previously issued a rating as a result of such action
or series of related actions or the consummation of such proposed transaction or
series of related transactions.

     "Record Date" means, with respect to any Payment Date, the calendar day
immediately preceding such Payment Date.

     "Related Collection Period Pledged Revenues" means, with respect to any
Payment Date, the amount of Pledged Revenues in the Collection Account as of the
Deposit Date which were received by the Servicer during the related Collection
Period, including all Liquidation Proceeds (other than in respect of Excluded
Residual Investment) so received by excluding any Purchase Amounts.

     "Replaced Assets" has the meaning assigned such term in Section 2.04.

     "Replaced Contracts" has the meaning assigned such term in Section 2.04.

     "Reportable Event" means a reportable event as defined in Section 4043 of
ERISA and the regulations issued under such section, with respect to a Plan,
excluding, however, such events as to which the PBGC has by regulation waived
the requirement of Section 4043(a) of ERISA that it be notified within 30 days
of the occurrence of such event, provided, however, that a failure to meet the
minimum funding standard of Section 412 of the Code and of Section 302 of ERISA
shall be a Reportable Event regardless of the issuance of any such waiver of the
notice requirement in accordance with either Section 4043(a) of ERISA or Section
412(d) of the Code.

     "Required Holders" means (i) prior to the payment in full of the Class A
Notes Outstanding, Class A-1 Noteholders, Class A-2 Noteholders, Class A-3
Noteholders, Class A-4 Noteholders and/or Class A-5 Noteholders holding Class
A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and/or Class A-5
Notes evidencing more than 66 2/3% of the Aggregate Principal Amount of all
Class A Notes Outstanding, (ii) from and after the payment in full of the Class
A Notes Outstanding, Holders of Class B Notes holding Class B Notes evidencing
more than 66 2/3% of the Aggregate Principal Amount of all Class B Notes
Outstanding, (iii) from and after the payment in full of the Class B Notes
Outstanding, Holders of Class C Notes holding Class C Notes evidencing more than
66 2/3% of the Aggregate Principal Amount of all Class C Notes Outstanding, and
(iv) from and after the payment in full of the Class C Notes Outstanding,
Holders of Class D Notes holding Class D Notes evidencing more than 66 2/3% of
the Aggregate Principal Amount of all Class D Notes Outstanding.

     "Required Payoff Amount" means, with respect to any Collection Period for a
Contract, the sum of (i) the Scheduled Payment due in such Collection Period,
together with any Scheduled Payments due in prior Collection Periods but not yet
received, plus (ii) the Contract Principal Balance of such Contract (after
taking into account the Scheduled Payment due in such Collection Period whether
or not received).

     "Requirements of Law" for any Person means the certificate of incorporation
or articles of association and by-laws or other organizational or governing
documents of such Person, and any law, treaty, rule or regulation, or order or
determination of an arbitrator or Governmental Authority, in each case
applicable to or binding upon such Person or to which such Person is subject,
whether Federal, state or local (including, without limitation, usury laws, the
Federal Truth in Lending Act and Regulation Z and Regulation B of the Board of
Governors of the Federal Reserve System).

     "Required Cash Collateral Amount" means, (i) with respect to any Payment
Date on or prior to the Payment Date occurring in [ ], an amount equal to $[ ],
and (ii) with respect to any Payment Date thereafter, an amount equal to the
greater of (a) the sum of (1) [ ]% of the Contract Pool Principal Balance for
such Payment Date, plus (2) the excess, if any of (A) the Aggregate Principal
Amount of the Notes (after giving effect to all distributions of principal on
such Payment Date) over (B) the Contract Pool Principal Balance for such Payment
and (b) $[ ]; provided, that in no event will the Required Cash Collateral
Amount exceed the Aggregate Principal Amount of the Notes.

     "Residual Investment" means, with respect to certain Leases, any funds that
the Financing Originator shall have advanced against all or any portion of the
anticipated residual value of the leased Equipment upon the expiration of such
Lease in accordance with its terms, and in excess of the discounted present
value of the rental payments due under such Lease.

     "Responsible Officer" means, with respect to the Owner Trustee, any officer
in its Corporate Trust Administration Department (or any similar group of a
successor Owner Trustee) customarily performing functions similar to those
performed by persons who at the time shall be such officers, respectively, or to
whom a corporate trust matter is referred because of knowledge of, familiarity
with, and authority to act with respect to a particular matter.

     "Scheduled Payment" means, with respect to any Contract, the monthly or
quarterly or semi-annual or annual rent or financing (whether principal or
principal and interest) payment or other payment scheduled to be made by the
related Obligor under the terms of such Contract (or, if applicable, from a
Vendor or Obligor with respect to any Guaranteed Residual Investment); it being
understood that Scheduled Payments do not include any Excluded Amount or
Excluded Residual Investment but does not include Guaranteed Residual
Investment.

     "Schedule of Contracts" means the schedule of Contracts which are conveyed
to the Trust pursuant to the related Assignment Agreement, executed and
delivered on of the Closing Date, which schedule shall identify by any
reasonable means or designation the applicable Financing Originator with respect
to each Contract identified in such Schedule, and which shall otherwise be
substantially in the form attached hereto as Exhibit C. Such Schedule shall be
supplemented from time to time (a) by each subsequent Substitution Schedule of
Contracts with respect to each Substitution Transfer Agreement and related
Substitution Transfer, which Schedules of Contracts shall be deemed incorporated
and made a part of the original Schedule of Contracts on Exhibit C hereto; and
(b) by the Servicer from time to time to reflect the release by and removal from
the Trust Assets of (i) Contracts released in connection with (A) in respect of
a Contract becoming a Prepaid Contract in accordance herewith or having its
final Scheduled Payment paid in full in accordance with the Contract, or (B) in
respect of a repurchase from the Trust through payment of a Purchase Amount, and
(ii) Replaced Contracts. The comprehensive Schedule of Contracts is to be
maintained by the Servicer (with copies thereof, as the same shall be
supplemented or amended as described above, to be provided promptly to the Owner
Trustee). With respect to the Closing Date Transfer Agreement (or Substitution
Transfer Agreement, as applicable), "Schedule of Contracts" shall mean the
schedule attached thereto identifying the Contracts being conveyed thereby.

     "Schedule of Representations" means the Schedule of Representations and
Warranties set forth on Exhibit G hereto.

     "Secondary Contract" shall mean, with respect to a Vendor Loan, each
End-User Contract securing such Vendor Loan.

     "Secured Note" means each promissory note with a related security interest
evidenced by written agreement, pursuant to which the purchase of specified
assets by an Obligor or End-User is financed for specified monthly, quarterly,
semiannual or annual payments.

     "Securities" means the Notes and the Certificate, or any of them.

     "Securities Act" means the Securities Act of 1933, as amended from time to
time. "Securityholders" means the Holders of the Notes or the Certificate.

     "Servicer" means initially [ ], until any Successor Servicer is appointed
pursuant to Article VIII hereof, and thereafter, means the Successor Servicer so
appointed.

     "Servicer Advance" means, with respect to any Payment Date, the amounts, if
any, deposited by the Servicer in the Collection Account for such Payment Date
in respect of Scheduled Payments pursuant to Section 5.14 hereof.

     "Servicer Default" has the meaning given such term in Section 8.01.

     "Services" means, in connection with the financing of Software by an
Originator, the support and consulting services related to such Software, the
procurement of which was also financed by such Originator pursuant to a
Contract.

     "Servicing Fee" has the meaning specified in Section 5.18 hereof.

     "Servicing Fee Percentage" means [ ]%.

     "Servicing Officer" means any officer of the Servicer involved in, or
responsible for, the administration and servicing of Contracts.

     "Servicing Standard" means, with respect to the servicing and collection
activities of the Servicer concerning the Contract Assets, the conduct of such
activities with reasonable care, using that degree of skill and attention that
the relevant Financing Originator for such Contract Assets exercises with
respect to all comparable contracts and related assets that it services for
itself or others, and in accordance with Customary Policies and Procedures and
applicable law.

     "Servicing Transfer" is defined in Section 8.02(b).

     "Software" means the computer software programs financed or leased by an
Obligor pursuant to a Contract.

     "Solvent" means, as to any Person at any time, that (a) the fair value of
the Property of such Person is greater than the amount of such Person's
liabilities (including disputed, contingent and unliquidated liabilities) as
such value is established and liabilities evaluated for purposes of Section
101(31) of the Bankruptcy Code; (b) the present fair saleable value of the
Property of such Person in an orderly liquidation of such Person is not less
than the amount that will be required to pay the probable liability of such
Person on its debts as they become absolute and matured; (c) such Person is able
to realize upon its Property and pay its debts and other liabilities (including
disputed, contingent and unliquidated liabilities) as they mature in the normal
course of business; (d) such Person does not intend to, and does not believe
that it will, incur debts or liabilities beyond such Person's ability to pay as
such debts and liabilities mature; and (e) such Person is not engaged in
business or a transaction, and is not about to engage in a business or a
transaction, for which such Person's property would constitute unreasonably
small capital.

     "S&P" means Standard & Poor's Ratings Service, a division of The McGraw
Hill Companies, or any successor thereto.

     "Subsidiary" means with respect to a Person, any corporation or other
entity of which securities or other ownership interests (whether directly or
indirectly in connection with contract rights) having ordinary voting power to
elect a majority of the board of directors or other persons performing similar
functions are at the time directly or indirectly owned by such Person.

     "Substitute Contract" means any Contract conveyed, assigned and transferred
by the Depositor or [ ] to the Trust pursuant to Section 2.04.

     "Substitute Contract Assets" means Contract Assets relating to Substitute
Contracts.

     "Substitute Contract Qualification Conditions" means, with respect to any
Substitute Contract being transferred to the Trust pursuant to Section 2.04,
each of the following:

                    (1) the accuracy of each of the following statements as of
               the related Cutoff Date for such Contract:

                    (a) the Contract Principal Balance of such Substitute
               Contract is not less than that of the related Replaced
               Contract[s];

                    (b) no adverse selection procedure shall have been employed
               in the selection of such Substitute Contract from the Financing
               Originator's portfolio;

                    (c) each such Substitute Contract satisfied the criteria set
               forth in the definition of Eligible Contract herein; and

                    (d) if the Replaced Contract for which such Substitute
               Contract is being substituted was a [ ] Contract, then such
               Substitute Contract is itself a [ ] Contract, and if such
               Replaced Contract is an [ ] Contract, then such Substitute
               Contract is itself an [ ] Contract; and

                    (2) with respect to any such Substitute Contract which is
               replacing a Replaced Contract of the type described in clause (a)
               of the definition of Substitution Event (a "Type"), the condition
               that after giving effect to such transfer, the Contract Pool
               Principal Balance of all Substitute Contracts transferred to the
               Trust since the Closing Date in respect of Replaced Contracts of
               the same Type shall not exceed 10% of the Contract Pool Principal
               Balance as of the Initial Cutoff Date.

     "Substitute Transferred Assets" has the meaning assigned such term in
Section 2.04.

     "Substitution Assignment Agreement" means, with respect to any Substitute
Contracts, the agreement between [ ] and the Depositor pursuant to which [ ]
transfers the identified Substitute Contracts to the Depositor, the form of
which is attached to the Purchase and Sale Agreement as Exhibit B.

     "Substitution Cutoff Date" means the date specified as such for the
relevant Substitute Contracts, in the related Substitution Transfer Agreement.

     "Substitution Event" means, with respect to any transfer of a related
Substitute Contract to the Trust under Section 2.04, the occurrence of any of
the following: (a) one or more Contracts identified in the related Substitution
Notice as being an intended Replaced Contract with respect to such Substitute
Contract, has become a Defaulted Contract, (b) one or more Contracts identified
in the related Substitution Notice as being an intended Replaced Contract with
respect to such Substitute Contract, has been subjected to a Material
Modification, (c) one or more Contracts identified in the related Substitution
Notice as being an intended Replaced Contract with respect to such Substitute
Contract, has become an Ineligible Contract, or (d) one or more Contracts
identified in the related Substitution Notice as being an intended Replaced
Contract with respect to such Substitute Contract, has become a Prepaid Contract
and the Trust has not yet received the related Prepayment.

     "Substitution Notice" means, with respect to any transfer of Substitute
Contracts to the Trust pursuant to Section 2.04 (and the applicable Financing
Originator's corresponding conveyance and assignment of such Substitute
Contracts), a notice, which shall be given at least five days prior to the
related Substitution Transfer Date, identifying the Substitute Contracts to be
transferred, the Contract Principal Balance of such Substitute Contracts and the
related Substitution Event (with respect to an identified Contract or Contracts
then in the Contracts Pool, which will upon such substitution become a Replaced
Contract) to which such Substitute Contract relates, with such notice to be
signed both by the Depositor and the applicable Financing Originator[s].

     "Substitution Schedule of Contracts" means a schedule or list,
substantially in the form of the initial Schedule of Contracts delivered on the
Closing Date, but listing each Substitute Contract being transferred to the
Trust pursuant to a related Substitution Transfer Agreement, as well as the
related Replaced Contracts being removed from the existing Contract Pool by
virtue of such substitution.

     "Substitution Transfer Agreement" means the agreement identified as such in
Section 2.04 hereof.

     "Substitution Transfer Date" means any date on which Substitute Contracts
are transferred to the Trust.

     "Successor Servicer" has the meaning given such term in Section 8.02(b).

     "Tax Opinion" means, with respect to any action, an Opinion of Counsel to
the effect that, for federal income tax purposes, (i) following such action the
Trust will not be deemed to be an association (or publicly traded partnership)
taxable as a corporation, (ii) following such action the Trust will be
disregarded as a separate entity from the Depositor, and (iii) such action will
not affect the tax characterization as debt of Notes of any outstanding Class
issued by the Trust for which an Opinion of Counsel has been provided that such
Notes are debt.

     "Total Principal Payment Amount" means, with respect to any Payment Date,
the difference between (a) the aggregate outstanding principal of all Classes of
Notes and (b) the Contract Pool Principal Balance as of the last day of the
Collection Period immediately preceding such Payment Date; provided, that the
amount referred to in clause (b) shall be deemed to be zero on any Payment Date
on which the Contract Pool Principal Balance is less than $1,000,000.

     "[ ]" has the meaning assigned in the preamble hereto.

     "[ ] Assignment" has the meaning given such term in the Conveyancing
Agreement.

     "[ ] Assignment Date" has the meaning given such term in the Conveyancing
Agreement.

     "[ ] Contract" has the meaning given such term in the Conveyancing
Agreement.

     "[ ] Contract Assets" has the meaning given such term in the Conveyancing
Agreement.

     "[ ] Contract File" has the meaning given such term in the Conveyancing
Agreement.

     "[ ] Financing Originator" means the Financing Originators (other than [ ])
in each case in the capacity of a [ ] Financing Originator party to the
Conveyancing Agreement with [ ].

     "Transaction Documents" means this Agreement, the Transfer Agreement, any
Substitution Transfer Agreement, the Conveyancing Agreement, any [ ] Assignment,
the Purchase and Sale Agreement, any Assignment Agreement, the Trust Agreement,
the Administration Agreement, the Indenture, the Cash Collateral Account
Agreement and the Underwriting.

     "Transfer Agreement" means, the Transfer Agreement dated the Closing Date
between the Depositor and the Trust pursuant to which the Depositor conveys and
assigns the Contract and other related Transferred Assets to the Trust, in the
form attached hereto as Exhibit A.

     "Transferred Assets" means with respect to any Contracts (including
Substitute Contracts) conveyed or being conveyed to the Trust pursuant to this
Agreement, all right and interest of the Depositor in, to and under the
following:

                    (i) such Contracts and other related Contract Assets
               (subject to the proviso below);

                    (ii) related rights of the Depositor under the Purchase and
               Sale Agreement and related Assignment Agreement (or Substitution
               Assignment Agreement, as applicable) and the [ ] Assignment,
               including, without limitation, in respect of the obligation of [
               ] to repurchase or substitute for such Contracts under certain
               circumstances as specified therein; and

                    (iii) rights under the Transfer Agreement and each
               Substitution Transfer Agreement; and

                    (iv) all income from and proceeds of the foregoing;

               provided, that Transferred Assets shall not include any title to
          or ownership interest in the Equipment related to such Contracts
          (although security interests in such Equipment established pursuant to
          the related Contract, and proceeds thereof, shall constitute
          Transferred Assets), and provided further, that the security interest
          granted by the Depositor pursuant to Section 2.01 hereof in related
          Equipment owned by it, shall constitute part of Transferred Assets.

     "Trust" means the trust created by the Trust Agreement, the assets and
property of which consists of the Trust Assets.

     "Trust Accounts" means, collectively, the Collection Account, the Cash
Collateral Account and the Note Distribution Account, or any of them.

     "Trust Account Property" means the Trust Accounts, all amounts and
investments held from time to time in any Trust Account (whether in the form of
deposit accounts, physical property, book-entry securities, uncertificated
securities or otherwise), and all proceeds of the foregoing.

     "Trust Agreement" means the Trust Agreement, dated as of [ ], between the
Depositor and the Owner Trustee, as amended, restated, supplemented or otherwise
modified from time to time. "Trust Assets" has the meaning given to such term in
the Trust Agreement.

     "Trust Estate" shall have the meaning specified in the Trust Agreement.

     "Trustees" means the Owner Trustee and the Indenture Trustee, or any of
them individually as the context may require.

     "UCC" means the Uniform Commercial Code as enacted in New York; provided,
however, in the event that, by reason of mandatory provisions of law, any and
all of the attachment, perfection or priority of the Lien of the Trust in and to
the Trust Assets or the Lien of the Indenture Trustee in and to the Collateral
is governed by the Uniform Commercial Code as in effect in a jurisdiction other
than the State of New York, the term UCC shall mean the Uniform Commercial Code
as in effect in such other jurisdiction for purposes of the provisions hereof
relating to such attachment, perfection or priority and for purposes of
definitions related to such provisions.

     "UCC Filing Locations" means the States of New Jersey and [ ] and each
other State in which the Servicer maintains the Contract Files related to
Contracts in the Contracts Pool (as of the Closing Date, the State of [ ], and
each State in which a Vendor which is an Obligor on a Vendor Loan is located (as
defined in the UCC in such State)).

     "Uncollectible Advance" means with respect to any Determination Date and
any Contract, the amount, if any, advanced by the Servicer pursuant to Section
5.14 which the Servicer has as of such Determination Date determined in good
faith will not be ultimately recoverable by the Servicer.

     "Underwriting Agreement" means the Underwriting Agreement, dated [ ] among
[ ] (as an underwriter thereunder and as representative of the underwriters) and
the Depositor.

     "Unreimbursed Servicer Advances" means, at any time, the amount of all
previous Servicer Advances (or portions thereof) as to which the Servicer has
not been reimbursed as of such time pursuant to Section 7.05 and which the
Servicer has determined in its sole discretion are Uncollectible Advances, and
with respect to which the Servicer has given a written certification to such
effect to the Owner Trustee (which certification may take the form of an entry
on a Monthly Report identifying Unreimbursed Servicer Advances).

     "United States" means the United States of America.

     "Vehicle" means any motor vehicle, the transfer of interests in which is
governed by a state certificate of title or registry system.

     "Vendor" means, with respect to a Contract, the equipment manufacturer,
dealer or distributor, or software licensor or distributor, or other Person that
provided financing under such Contract in connection with the acquisition or use
by an End-User of such party's Equipment, Software, Services or other products.

     "Vendor Agreements" means the collective reference to Vendor Assignments
and Program Agreements.

     "Vendor Assignment" means each assignment agreement pursuant to which an
individual End-User Contract originated by a Vendor is assigned by such Vendor
to the Financing Originator.

     "Vendor Guarantee" means the irrevocable obligation of a Vendor to pay to
the Financing Originator the aggregate outstanding principal amount of a
Contract which has been canceled by the related Obligor pursuant to the terms of
such Contract.

     "Vendor Loan" means a limited recourse loan agreement payable by a Vendor
and secured by the Vendor's interest in Secondary Contracts and by the
Equipment, if any, related thereto.

     "[ ] Assignment" means the Release and Assignment instrument dated [ ], in
the form attached hereto as Exhibit A-1, executed by the [ ] Trust conveying,
assigning and releasing the [ ] Contract Assets to the Depositor.

     "[ ] Contract Assets" means the Contract Assets pertaining to the [ ]
Contracts.

     "[ ] Contracts" means Contracts conveyed by the [ ] Trust to the Depositor
pursuant to the [ ] Assignment, as listed in the Schedule of Contracts attached
to the [ ] Assignment.

     "[ ] Trust" means the [ ] Equipment Trust -- [ ] Series created and
existing pursuant to the Trust Agreement dated as of [ ] by and between the
Depositor and [  ] as Owner Trustee.

     "[ ] Pooling Agreement" means the Pooling and Contribution Agreement dated
as of [ ] by and among the [ ] Trust, the Depositor, and [ ].

     "Vice President" of any Person means any vice president of such Person,
whether or not designated by a number or words before or after the title "Vice
President," who is a duly elected officer of such Person.

     "Voting Power" means, with respect to any outstanding membership interest
of the Depositor, the power (expressed as a percentage) represented by such
membership interest of the aggregate voting power of all outstanding membership
interests of the Depositor having ordinary voting power, including the power to
vote for election of members of the Board of Directors (and, if any class
thereof has power to designate members of the Board of Directors or any special
committee thereof, the power so to designate).

     Section 1.02. Usage of Terms. With respect to all terms in this Agreement,
the singular includes the plural and the plural the singular; words importing
any gender include the other genders; references to "writing" include printing,
typing, lithography and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein entered
into in accordance with their respective terms and not prohibited by this
Agreement; references to Persons include their permitted successors and assigns;
and the term "including" means "including without limitation."

     Section 1.03. Section References. All section references, unless otherwise
indicated, shall be to Sections in this Agreement.

     Section 1.04. Accounting Terms. All accounting terms used but not
specifically defined herein shall be construed in accordance with generally
accepted accounting principles in the United States.

     [remainder of this page intentionally left blank]

                                   ARTICLE II

                    FUNDINGS OF TRUST; TRANSFERS OF CONTRACTS

     Section 2.01. Creation and Funding of Trust; Transfer of Transferred Assets
to Trust. (a) The Trust shall be created pursuant to the terms and conditions of
the Trust Agreement, upon the execution and delivery of the Trust Agreement and
the filing by the Owner Trustee of an appropriately completed Certificate of
Trust under the Business Trust Statute. The Depositor, as settlor of the Trust,
shall fund and convey assets to the Trust pursuant to the terms and provisions
hereof. The Trust shall be administered pursuant to the provisions of this
Agreement, the Administration Agreement and the Trust Agreement for the benefit
of the Noteholder and the Equity Certificateholder. Each of the Owner Trustee
and the Administrator (as defined in the Administration Agreement) is hereby
specifically recognized by the parties hereto as empowered to conduct business
dealings on behalf of the Trust in accordance with the terms hereof and of the
Trust Agreement and Administration Agreement.

     (b) Subject to the terms and conditions set forth herein, on the Closing
Date, the Depositor shall, transfer, assign, set over and otherwise convey to
the Trust by execution of the Transfer Agreement, without recourse (other than
as expressly provided herein), (i) all the right and interest of the Depositor
in and to the Contracts and related Transferred Assets identified in such
Transfer Agreement, (ii) the remittances, deposits and payments made into the
Collection Account from time to time and amounts in the Collection Account from
time to time (and any investments of such amounts), and (iii) all proceeds and
products of the foregoing.

     (c) The parties hereto hereby agree and acknowledge that title to or
ownership of any related Equipment shall not be transferred to the Trust upon
such conveyance and that the Depositor shall retain its ownership interest (to
the extent the same has been so conveyed to the Depositor pursuant to the
Purchase and Sale Agreement and Assignment Agreements) in such Equipment
(provided, that the parties agree and intend that any mere security interest, as
opposed to title or ownership interest, in the related Equipment which secures
the Contract pursuant to the terms thereof, is being assigned and conveyed as
part of the Transferred Assets in accordance with the definition thereof). The
Depositor and the Trust further intend and agree that, except as described in
the preceding sentence with respect to ownership interests in related Equipment,
any such transfer is intended to be a conveyance and transfer of ownership of
the related Transferred Assets (or Substitute Transferred Assets conveyed as
described in Section 2.04 below) and that such Transferred Assets shall not be
part of the Depositor's estate in the event of the filing of a bankruptcy
petition by or against the Depositor under any bankruptcy law. In the event,
however, that notwithstanding such intent and agreement, a transfer and
assignment contemplated hereby and in the Transfer Agreement (or Substitution
Transfer Agreement, as applicable) is determined not to be a conveyance of
ownership, this Agreement and the Transfer Agreement (or Substitution Transfer
Agreement, as applicable) shall be deemed to constitute the Depositor's grant to
the Trust of a perfected first priority security interest in such Transferred
Assets, and this Agreement and the Transfer Agreement (or Substitution Transfer
Agreement, as applicable), collectively, shall constitute a security agreement
under applicable law, securing the related obligations of the Trust to the
Noteholder and the Equity Certificateholder, in the order and priorities, and
subject to the other terms and conditions of, this Agreement and the other
Transaction Documents, together with such other obligations or interests as may
arise hereunder and thereunder with respect to such Transferred Assets in favor
of the parties thereto.

     (d) In furtherance of and not in limitation of any of the foregoing, the
Depositor with respect to each item of Equipment owned by it as described above,
by execution and delivery of this Agreement and the Transfer Agreement (or
Substitution Transfer Agreement, as applicable), hereby and thereby on and as of
the Closing Date (or Substitution Transfer Date, as applicable) grants to the
Trust a security interest in such item of owned Equipment, securing in each case
an amount payable by the Trust in respect of the Notes corresponding to the
Contract Principal Balance from time to time of the related Contract; it being
understood, however, that (i) recourse to such Equipment in realization of the
benefits of such security interest shall only occur if the related Contract has
become a Defaulted Contract, and (ii) the application of Liquidation Proceeds
realized therefrom shall be governed in accordance with the provisions hereof
generally applicable to such Pledged Revenue and allocation in accordance with
the Allocation Criteria.

     Section 2.02. Conditions to Transfers. The Depositor shall transfer to the
Trust the Contracts and other Transferred Assets described in Section 2.01 above
only upon the satisfaction of each of the following conditions on or prior to
the Closing Date and shall be deemed to have represented in respect of the
Closing Date that all such conditions are satisfied upon the Depositor's
delivery of the Transfer Agreement:

                    (a) the Depositor shall have delivered to the Owner Trustee
               on behalf of the Trust the duly executed Transfer Agreement,
               which shall include a Schedule of Contracts listing the Contracts
               being transferred on the Closing Date;

                    (b) [ ] shall have delivered and the [ ] Trust shall have
               delivered to the Depositor and the Owner Trustee on behalf of the
               Trust a duly executed Assignment Agreement (in the case of [ ])
               and the [ ] Assignment (in the case of the [ ] Trust) with
               respect to the Contracts being conveyed by them, respectively, on
               the Closing Date;

                    (c) A letter from Ernst & Young LLP, or another nationally
               recognized accounting firm, addressed to the Depositor and
               stating that such firm has reviewed a sample of the Initial
               Contracts and performed specific procedures for such sample with
               respect to certain contract terms and which identifies those
               Initial Contracts which do not conform;

                    (d) Copies of resolutions of the Board of Directors of [ ],
               the Servicer and the Depositor or of the Executive Committee of
               the Board of Directors of [ ], the Servicer and the Depositor
               approving the execution, delivery and performance of this
               Agreement and the other Transaction Documents to which any of
               them is a party, as applicable, and the transactions contemplated
               hereunder and thereunder, certified in each case by the Secretary
               or an Assistant Secretary of [ ], the Servicer and the Depositor;

                    (e) Officially certified, recent evidence of due
               incorporation or formation, as the case may be and good standing
               of each of [ ] and the Depositor under the laws of Delaware;

                    (f) Evidence of proper filing with appropriate officers in
               the UCC Filing Locations of UCC financing statements executed by
               [ ], as debtor, naming the Depositor as secured party (and the
               Owner Trustee as assignee) and identifying the Contract Assets as
               collateral; evidence of proper filing with appropriate officer in
               the UCC Filing Locations of a UCC partial release identifying the
               [ ] Contracts as collateral being released, executed by the [ ]
               Trust; and evidence of proper filing with appropriate officer in
               the UCC Filing Locations of UCC financing statements executed by
               the Depositor, as debtor, naming the Owner Trustee as secured
               party (and the Indenture Trustee as assignee) and identifying the
               Trust Assets as collateral; and evidence of proper filing with
               appropriate officers in the UCC Filing Locations of UCC financing
               statements executed by the Trust and naming the Indenture Trustee
               as secured party and identifying the Trust Assets, as collateral;

                    (g) Evidence of deposit in the Collection Account of all
               Pledged Revenues received with respect to the Initial Contracts
               after the Initial Cutoff Date through and including the date
               which is two days preceding the Closing Date, together with an
               Officer's Certificate from the Servicer to the effect that such
               amount is materially correct;

                    (h) Evidence of deposit in the Cash Collateral Account of
               the initial Required Cash Collateral Amount;

                    (i) A fully executed Purchase and Sale Agreement, together
               with the Assignment Agreement executed by [ ] pursuant thereto;

                    (j) A fully executed [ ] Assignment;

                    (k) A fully executed Trust Agreement;

                    (l) A fully executed Administration Agreement;

                    (m) A fully executed Indenture;

                    (n) an opinion of [ ] to the effect that for federal income
               tax purposes, the Class A-1 Notes, Class A-2 Notes, Class A-3
               Notes, Class A-4 Notes, Class A-5 Notes, Class B Notes, Class C
               Notes and Class D Notes will be characterized as debt and the
               Trust will not be characterized as an association (or publicly
               traded partnership) taxable as a corporation;,

                    (o) each of the representations and warranties made by [ ]
               pursuant to Article III of the Purchase and Sale Agreement shall
               be true and correct as of the Closing Date (including the
               representation made thereunder as to compliance with the UCC
               filing criteria as set forth in clause (j) of the definition of
               Eligible Contract), and [ ] shall have performed in all material
               respects all obligations to be performed by it under the Purchase
               and Sale on or prior to the Closing Date;

                    (p) each of the representations and warranties made by the
               Trust, the Depositor and the Servicer pursuant to Article III
               hereof shall be true and correct as of the Closing Date;

                    (q) the Depositor shall, at its own expense, on or prior to
               the Closing Date indicate in its computer files that the
               Transferred Assets identified in the Transfer Agreement have been
               conveyed to the Trust pursuant to this Agreement and the Transfer
               Agreement;

                    (r) no event has occurred and is continuing, or would result
               from the conveyance on the Closing Date that constitutes a
               Servicer Default; and

                    (s) the Depositor or the Servicer shall have provided the
               Owner Trustee on behalf of the Trust a statement or computer disk
               listing the Contract Pool Principal Balance on the Closing Date
               of the contracts being transferred on the Closing Date.

     The failure to satisfy any of the foregoing conditions to transfer or to
obtain a waiver thereof shall not be deemed to adversely affect the validity of
any such transfer.

     Section 2.03. Acceptance by Trust. On the Closing Date, if all the
conditions specified in Section 2.02 above have been satisfied, the Owner
Trustee shall issue on behalf of the Trust to, or upon the order of the
Depositor the Equity Certificate representing ownership of a beneficial interest
in 100% of the Trust and the Owner Trustee shall issue, and the Indenture
Trustee shall authenticate, to, or upon the order of, the Depositor the Notes
secured by the Collateral. The Owner Trustee hereby acknowledges its acceptance,
on behalf of the Trust, of the Trust Assets, and declares that it shall maintain
such right and interest in the Trust Assets in accordance with the terms of this
Agreement and the Trust Agreement on the trust herein and therein set forth.

     Section 2.04. Conveyance of Substitute Contracts. (a) Subject to the
limitations set forth in (and the other terms and conditions of) this Section
2.04, the Depositor may substitute other Contracts and related assets for
Contracts and related Transferred Assets previously conveyed to the Trust and in
the Contract Pool, by conveying such other Contracts and related assets to the
Trust pursuant to the procedures and documentation specified below. Upon the
effectiveness of such substitution, such other Contracts and related Transferred
Assets (such Contracts, "Substitute Contracts", and collectively, "Substitute
Transferred Assets") shall, for all purposes of this Agreement and the Trust
Agreement, constitute and be considered as part of the Trust Assets, and the
Contracts already in the Contract Pool and related Transferred Assets for which
the Substitute Assets have been substituted (such Contracts, "Replaced
Contracts", and collectively, "Replaced Assets") shall no longer constitute
Trust Assets. Upon consummation of such substitution, the Trust shall be deemed
to have assigned to the Depositor all of the Trust's right, title and interest
in and to the Replaced Assets, without recourse, representation or warranty.

     In addition, the parties hereto intend and agree that any conveyance
described in this Section 2.04 is made with the intent and effect described in
subsection (c) of Section 2.01 above.

     (b) Subject to the conditions set forth in this subsection (b) below, and
pursuant to one or more related Substitution Transfer Agreements, the Depositor
shall transfer, assign, set over and otherwise convey to the Trust, without
recourse (other than as expressly provided herein), (i) all the right and
interest of the Depositor in and to the Substitute Contracts listed on the
related Substitution Schedule of Contracts, and (ii) all other rights and
property interests consisting of Transferred Assets related to such Substitute
Contracts. The Depositor shall effect such transfers only upon the satisfaction
of each of the following conditions on or prior to the related Substitution
Transfer Date (and the delivery of a related Substitution Notice by the
Depositor shall be deemed a representation and warranty by the Depositor that
such conditions have been or will be, as of the related Substitution Transfer
Date, satisfied):

                    (i) At least five days prior to the related Substitution
               Transfer Date, the Depositor shall have provided the Owner
               Trustee on behalf of the Trust and the Indenture Trustee with a
               Substitution Notice complying with the definition thereof
               contained herein;

                    (ii) there shall have occurred, with respect to each such
               Substitute Contract, a corresponding Substitution Event with
               respect to one or more intended Replaced Contracts then
               constituting Contracts in the Contract Pool;

                    (iii) the Substitute Contract(s) being conveyed to the
               Trust, satisfy the Substitute Contract Qualification Conditions;

                    (iv) the Depositor shall have delivered to the Owner Trustee
               on behalf of the Trust a duly executed written assignment
               agreement in substantially the form of Exhibit E hereto (a
               "Substitution Transfer Agreement"), which shall include a
               Substitution Schedule of Contracts identifying the Substitute
               Contracts and the related Replaced Contracts;

                    (v) [ ] shall have delivered to the Depositor and the Owner
               Trustee on behalf of the Trust a duly executed Substitution
               Assignment Agreement with respect to such conveyance;

                    (vi) the Depositor shall have deposited or caused to be
               deposited in the Collection Account all Pledged Revenue received
               with respect to the Substitute Contracts after the applicable
               Substitution Cutoff Date and through and including the date which
               is two Business Days preceding the related Substitution Transfer
               Date;

                    (vii) no selection procedures adverse to the interests of
               either the Trust or the Noteholders or Certificateholder shall
               have been utilized in selecting the Substitute Contracts;

                    (viii) each of the representations and warranties made by [
               ] pursuant to Article III of the Purchase and Sale Agreement
               shall be true and correct as of the related Substitution Transfer
               Date (including the representation made as to compliance with the
               UCC filing criteria set forth in clause (j) of the definition of
               Eligible Contract), and [ ] shall have performed in all material
               respects all obligations to be performed by it under the Purchase
               and Sale Agreement on or prior to such Substitution Transfer
               Date; and

                    (ix) the Servicer and [ ] shall, at their own expense, on or
               prior to the Substitution Transfer Date, have indicated in their
               respective computer files that the Substitute Contracts
               identified on the Substitution Schedule of Contracts attached to
               the related Substitution Transfer Agreement have been assigned
               and conveyed to the Trust through the Depositor pursuant to this
               Pooling Agreement and the Purchase and Sale Agreement.

     The failure to satisfy any of the foregoing conditions to transfer or to
obtain a waiver thereof shall not be deemed to adversely affect the validity of
any such transfer.

     Section 2.05. Release of Excluded Amounts. The Trust hereby agrees to
release to the Servicer, an amount equal to the Excluded Amounts immediately
upon identification thereof, which release shall be automatic and shall require
no further act by the Trust, provided that the Trust shall execute and deliver
such instruments of release and assignment, or otherwise confirm the foregoing
release, as may reasonably be requested in writing by the Servicer. Upon such
release, such Excluded Amounts shall not constitute and shall not be included in
the Trust Assets.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

     [ ] under the Purchase and Sale Agreement has made, and upon execution of
each Substitution Assignment Agreement is deemed to remake with respect to the
relevant Contract Assets conveyed thereby, each of the representations and
warranties set forth in the Schedule of Representations, and has consented to
the assignment by the Depositor to the Trust of the Depositor's rights with
respect thereto. Such representations speak as of the Closing Date in the case
of the Initial Contracts, and as of the applicable Substitution Transfer Date in
the case of the Substitute Contracts, but shall survive the transfer and
assignment of the related Contracts to the Trust. Pursuant to Section 2.01 of
this Agreement, the Depositor has sold, assigned, transferred and conveyed to
the Trust as part of the Transferred Assets its rights under the Purchase and
Sale Agreement, including without limitation, the representations and warranties
of [ ] therein as set forth in the Schedule of Representations, together with
all rights of the Depositor with respect to any breach thereof including any
right to require [ ] to repurchase or substitute for any Contract in accordance
with the Purchase and Sale Agreement. It is understood and agreed that the
representations and warranties set forth or referred to in this Section shall
survive delivery of the Contract Files to the Owner Trustee or any custodian.

     The Depositor hereby confirms to the Trust that it has entered into the
Purchase and Sale Agreement with [ ], that [ ] has made the representations and
warranties in the Schedule of Representations, that such representations and
warranties run to and are for the benefit of the Depositor, and that pursuant to
Section 2.01 of this Agreement the Depositor has transferred and assigned to the
Trust all rights of the Depositor to cause [ ] under the Purchase and Sale
Agreement to repurchase or substitute for Contracts conveyed thereunder in the
event of a breach of such representations and warranties applicable to such
Contract.

     Section 3.01. Representations and Warranties Regarding the Depositor. By
its execution of this Agreement, and each Substitution Transfer Agreement, the
Depositor represents and warrants to the Trust, the Owner Trustee, the Indenture
Trustee, the Noteholders and the Equity Certificateholder that, as of the date
of the Closing Date and Substitution Transfer Date (and, with respect to the
representation set forth in subsection (l) of this Section 3.01 below, as of the
date the certificate, written report or written statement referred to in such
subsection is furnished):

                    (a) Organization and Good Standing. The Depositor is a
               limited liability company duly organized, validly existing and in
               good standing under the laws of Delaware and has the requisite
               power to own its assets and to transact the business in which it
               is currently engaged. The Depositor is duly qualified to do
               business and is in good standing in each jurisdiction in which
               the character of the business transacted by it or properties
               owned or leased by it requires such qualification and in which
               the failure so to qualify would have a material adverse effect on
               the business, properties, assets, or condition (financial or
               other) of the Depositor or the Trust.

                    (b) Authorization; Valid Transfer; Binding Obligations. The
               Depositor has the power and authority to make, execute, deliver
               and perform this Agreement and the other Transaction Documents to
               which it is a party and all of the transactions contemplated
               under this Agreement and the other Transaction Documents to which
               it is a party, and to create the Trust and cause it to make,
               execute, deliver and perform its obligations under this Agreement
               and the other Transaction Documents to which it is a party and
               has taken all necessary corporate action to authorize the due
               execution, delivery and performance of this Agreement and the
               other Transaction Documents to which it is a party and to cause
               the Trust to be created. This Agreement and the Transfer
               Agreement and any Substitution Transfer Agreement shall effect a
               valid transfer and assignment of the relevant Transferred Assets,
               enforceable against the Depositor and creditors of and purchasers
               from the Depositor. This Agreement and the other Transaction
               Documents to which the Depositor is a party have been duly
               executed and delivered by the Depositor and constitute the legal,
               valid and binding obligation of the Depositor enforceable in
               accordance with their terms, except as enforcement of such terms
               may be limited by bankruptcy, insolvency or similar laws
               affecting the enforcement of creditors' rights generally and by
               the availability of equitable remedies.

                    (c) No Consent Required. The Depositor is not required to
               obtain the consent of any other Person or any consent, license,
               approval or authorization from, or registration or declaration
               with, any Governmental Authority in connection with the
               execution, delivery, performance, validity or enforceability of
               this Agreement or the other Transaction Documents to which it is
               a party.

                    (d) No Violations. The execution, delivery and performance
               of this Agreement and the other Transaction Documents to which it
               is a party by the Depositor, and the consummation of the
               transactions contemplated hereby and thereby, will not violate
               any Requirements of Law applicable to the Depositor, or
               constitute a material breach of any mortgage, indenture, contract
               or other agreement to which the Depositor is a party or by which
               the Depositor or any of the Depositor's properties may be bound,
               or result in the creation or imposition of any security interest,
               lien, charge, pledge, preference, equity or encumbrance of any
               kind upon any of its properties pursuant to the terms of any such
               mortgage, indenture, contract or other agreement, other than as
               contemplated by the Transaction Documents.

                    (e) Litigation. No litigation or administrative proceeding
               of or before any court, tribunal or governmental body is
               currently pending, or to the knowledge of the Depositor
               threatened, against the Depositor or any of its properties or
               with respect to this Agreement or the other Transaction Documents
               to which it is a party (1) which, if adversely determined, would
               in the reasonable judgment of the Depositor have a material
               adverse effect on the business, properties, assets or condition
               (financial or otherwise) of the Depositor or the Trust or the
               transactions contemplated by this Agreement or the other
               Transaction Documents to which the Depositor is a party or (2)
               seeking to adversely affect the federal income tax or other
               federal, state or local tax attributes of the Notes.

                    (f) Taxes. The Depositor has filed or caused to be filed all
               material tax returns which, to its knowledge, are required to be
               filed and has paid all taxes shown to be due and payable on such
               returns or on any material assessments made against it or any of
               its property and all other material taxes, fees or other charges
               imposed on it or any of its property by any Governmental
               Authority (other than any amount of tax due, the validity of
               which is currently being contested in good faith by appropriate
               proceedings and with respect to which reserves in accordance with
               generally accepted accounting principles have been provided on
               the books of the Depositor); no tax lien has been filed and, to
               the Depositor's knowledge, no claim is being asserted, with
               respect to any such tax, fee or other charge.

                    (g) Schedule of Representations. The representations and
               warranties set forth on the Schedule of Representations are true
               and correct as of the Closing Date (or Substitution Transfer
               Date, as applicable) with respect to the Transferred Assets being
               conveyed to the Trust on such date.

                    (h) Solvency. The Depositor, at the time of and after giving
               effect to each conveyance made hereunder, is Solvent on and as of
               the date thereof.

                    (i) Place of Business; Name Changes. The location of the
               Depositor's sole place of business or chief executive office
               (within the meaning of Article 9 of the UCC) is as set forth in
               Section 11.04 below, and such location has not been changed
               within the four months preceding any Transfer Date (or if so
               changed, all necessary actions in connection with such change
               have been or are being timely taken in accordance with Section
               4.03 hereof). The Depositor has not changed its name, whether by
               amendment of its certificate of formation, by reorganization or
               otherwise, within the four months preceding any Transfer Date (or
               if so changed, all necessary actions in connection with such
               change have been or are being timely taken in accordance with
               Section 4.03 hereof).

                    (j) Not an Investment Company. The Depositor is not an
               "investment company" (and does not control, and is not under the
               control of, an investment company) within the meaning of the
               Investment Company Act of 1940, as amended (or the Depositor is
               exempt from all provisions of such Act).

     Such representations (except to the extent expressly stated by their terms
to speak as of a different date or time) speak as of the Closing Date and each
Transfer Date and Substitution Transfer Date, if any, but shall survive the
transfer and assignment of the Contracts to the Trust.

     Section 3.02. Representations and Warranties of the Servicer. The Servicer
represents and warrants to the Trust, the Owner Trustee, the Indenture Trustee,
the Noteholders and the Equity Certificateholder that, as of the date of the
execution and delivery of this Agreement and as of the Closing Date and each
Substitution Transfer Date (and, with respect to the representations set forth
in subsection (h) of this Section 3.02 below, as of the date the certificate,
written report or written statement or financial statement referred to in such
subsection is furnished):

                    (a) Organization and Good Standing. The Servicer is a
               corporation duly organized, validly existing and in good standing
               under the laws of its jurisdiction of incorporation and has the
               corporate power to own its assets and to transact the business in
               which it is currently engaged. The Servicer is duly qualified to
               do business as a foreign corporation and is in good standing in
               each jurisdiction in which the character of the business
               transacted by it or properties owned or leased by it requires
               such qualification and in which the failure so to qualify would
               have a material adverse effect on the business, properties,
               assets, or condition (financial or otherwise) of the Servicer or
               the Trust. The Servicer (or any permitted subservicer hereunder
               with respect to affected Contracts, if the Servicer is not so
               licensed) is properly licensed in each jurisdiction to the extent
               required by the laws of such jurisdiction to service the
               Contracts in accordance with the terms hereof.

                    (b) Authorization; Binding Obligations. The Servicer has the
               power and authority to make, execute, deliver and perform this
               Agreement and the other Transaction Documents to which the
               Servicer is a party and all of the transactions contemplated
               under this Agreement and the other Transaction Documents to which
               the Servicer is a party, and has taken all necessary corporate
               action to authorize the due execution, delivery and performance
               of this Agreement and the other Transaction Documents to which
               the Servicer is a party. This Agreement and the other Transaction
               Documents to which the Servicer is a party have been duly
               executed and delivered by the Servicer and constitute the legal,
               valid and binding obligation of the Servicer enforceable in
               accordance with their terms, except as enforcement of such terms
               may be limited by bankruptcy, insolvency or similar laws
               affecting the enforcement of creditors' rights generally and by
               the availability of equitable remedies.

                    (c) No Consent Required. The Servicer is not required to
               obtain the consent of any other Person or any consent, license,
               approval or authorization from, or registration or declaration
               with, any Governmental Authority in connection with the
               execution, delivery, performance, validity or enforceability of
               this Agreement and the other Transaction Documents to which the
               Servicer is a party.

                    (d) No Violations. The execution, delivery and performance
               of this Agreement and the other Transaction Documents to which
               the Servicer is a party by the Servicer will not violate any
               Requirements of Law applicable to the Servicer, or constitute a
               material breach of any mortgage, indenture, contract or other
               agreement to which the Servicer is a party or by which the
               Servicer or any of the Servicer's properties may be bound, or
               result in the creation of or imposition of any security interest,
               lien, pledge, preference, equity or encumbrance of any kind upon
               any of its properties pursuant to the terms of any such mortgage,
               indenture, contract or other agreement, other than as
               contemplated by the Transaction Documents.

                    (e) Litigation. No litigation or administrative proceeding
               of or before any court, tribunal or governmental body is
               currently pending, or to the knowledge of the Servicer
               threatened, against the Servicer or any of its properties or with
               respect to this Agreement, or any other Transaction Document to
               which the Servicer is a party which, if adversely determined,
               would in the reasonable judgment of the Servicer have a material
               adverse effect on the business, properties, assets or condition
               (financial or otherwise) of the Servicer or the Trust or the
               transactions contemplated by this Agreement or any other
               Transaction Document to which the Servicer is a party.

                    (f) No Servicer Default. No event has occurred and is
               continuing and no condition exists which constitutes a Servicer
               Default.

                [remainder of this page intentionally left blank]

                                   ARTICLE IV

          PERFECTION OF TRANSFERS AND PROTECTION OF SECURITY INTERESTS

     Section 4.01. Custody of Contracts. (a) Subject to the terms and conditions
of this Section 4.01, the contents of each Contract File shall be held in the
custody of the Servicer (including through any subservicer contemplated under
Section 5.05), for the benefit of, and as agent for, the Noteholders, the Equity
Certificateholder, the Indenture Trustee and the Issuer, as well as the Trust as
the owner thereof.

     (b) The Servicer agrees to maintain the Contract Files at its offices where
they are currently maintained, or at such other offices of the Servicer (or a
subservicer contemplated under Section 5.05) as shall from time to time be
established by the Servicer or such subservicer (or in certain instances at
offsite storage facilities in the same general geographic area as an office of
the Servicer or subservicer, pursuant to contractual agreement between the
Servicer or subservicer and the Person owning or maintaining such offsite
facility). The Servicer may temporarily move individual Contract Files or any
portion thereof without notice or other such compliance, as necessary to conduct
collection and other servicing activities in accordance with the Servicing
Standard; provided, however, that the Servicer will take all action necessary to
maintain the perfection of the Trust's interest in the Trust Assets and the
proceeds thereof. It is intended that by the Servicer's agreement pursuant to
Section 4.01(a) above and this Section 4.01(b), the Trust and the Owner Trustee
for the benefit of the Trust shall be deemed to have possession of the Contract
Files for purposes of Section 9-305 of the Uniform Commercial Code of the State
in which the Contract Files are located.

     (c) As custodian, the Servicer shall have and perform the following powers
and duties:

                    (i) hold the Contract Files on behalf of the Noteholder and
               the Equity Certificateholder and the Trust; maintain accurate
               records pertaining to each Contract to enable it to comply with
               the terms and conditions of this Agreement; and maintain a
               current inventory thereof;

                    (ii) maintain and comply with Customary Policies and
               Procedures with respect to Persons authorized to have access to
               the Contract Files;

                    (iii) attend to all details in connection with maintaining
               custody of the Contract Files on behalf of the Noteholder and the
               Equity Certificateholder and the Trust; and

                    (iv) indicate in the appropriate computer records that the
               Contracts as of the Closing Date (or Substitution Transfer Date,
               as the case may be) have been conveyed to the Trust.

     (d) In performing its duties under this Section 4.01, the Servicer agrees
to act in accordance with the applicable Servicing Standard. In acting as
custodian of the Contract Files, the Servicer further agrees not to assert any
legal or beneficial ownership interest in the Contracts or the Contract Files,
except as provided in Section 5.06.

     (e) The Servicer agrees to indemnify the Noteholder and the Equity
Certificateholder, the Owner Trustee, the Indenture Trustee and the Trust for
any and all liabilities, obligations, losses, damages, payments, costs, or
expenses of any kind whatsoever which may be imposed on, incurred by or asserted
against any of such parties as the result of any act or omission by the Servicer
relating to the maintenance and custody of the Contract Files or any other
breach or noncompliance of the Servicer in the performance of its duties and
obligations as Servicer hereunder; provided, however, that the Servicer will not
be liable to any such party for any portion of any such amount resulting from
the gross negligence or willful misconduct of such party.

     Section 4.02. Filings. On or prior to the Closing Date, the Servicer shall
cause UCC financing statement(s) to be filed, and from time to time the Servicer
shall take and cause to be taken such other actions and execute such other
documents as are necessary to perfect or further perfect and protect the Trust's
first priority interest in the Trust Assets against all other Persons. Such
additional actions may include without limitation, the filing of financing
statements, amendments thereto and continuation statements, the execution of
transfer instruments and the making of notations on or taking possession of
records or documents of title.

     Section 4.03. Name Change or Relocation. (a) During the term of this
Agreement, neither the Servicer nor the Depositor shall change, nor shall the
Servicer permit any Financing Originator to change, its name, identity or
structure or relocate its chief executive office without first giving at least
30 days' prior written notice to the Servicer, the Owner Trustee, and and the
Indenture Trustee.

     (b) If any change in either the Servicer's, a Financing Originator's or the
Depositor's name, identity or structure or other action would make any financing
or continuation statement or notice of lien seriously misleading within the
meaning of applicable provisions of the UCC or any title statute, the Servicer,
no later than thirty days after the effective date of such change, shall file
such amendments as may be required to preserve and protect the Trust's interests
in the Trust Assets and the proceeds thereof. In addition, neither any Financing
Originator, the Servicer nor the Depositor shall change its place of business
(within the meaning of Article 9 of the UCC), from the locations specified in
Section 11.04 hereof unless it has first taken such action as is necessary to
preserve and protect the Trust's interest in the Trust Assets.

     Promptly after taking any of the foregoing actions, the Servicer shall
deliver to the Owner Trustee and the Indenture Trustee an Opinion of Counsel
reasonably acceptable to the Owner Trustee and the Indenture Trustee stating
that, in the opinion of such counsel, all financing statements or amendments
necessary to preserve and protect the interests of the Trust and Indenture
Trustee in the Trust Assets have been filed, and reciting the details of such
filing.

                [remainder of this page intentionally left blank]

                                    ARTICLE V

                             SERVICING OF CONTRACTS

     Section 5.01. Initial Servicer's Appointment and Acceptance; Responsibility
for Contract Administration. [ ] shall be and is hereby appointed as the
Servicer and custodian (as contemplated in Article IV hereof) pursuant to this
Agreement with respect to the Contract Assets in the Contract Pool. [ ] accepts
the appointment and agrees to act as the Servicer and custodian pursuant to this
Agreement.

     Except to the extent otherwise specified herein or as contemplated in
Section 5.05, the Servicer will have the sole obligation to manage, administer,
service and make collections on the Contracts and perform or cause to be
performed all contractual and customary undertakings of the Originator of the
Contracts to the Obligor. The Trust, at the written request of a Servicing
Officer, shall furnish the Servicer with any powers of attorney or other
documents necessary or appropriate in the opinion of the Servicer to enable the
Servicer to carry out its servicing and administrative duties hereunder. The
Servicer is hereby appointed the Servicer hereunder until such time as any
Servicing Transfer may be effected pursuant to Article VIII hereof.

     Section 5.02. General Duties. The Servicer will service, administer and
enforce the Contracts in the Contract Pool on behalf of the Trust and will have
full power and authority to do any and all things in connection with such
servicing and administration which it deems necessary or desirable and as shall
not contravene the provisions of this Agreement or any other Transaction
Document. The Servicer will manage, service, administer, and make collections on
the Contracts in the Contract Pool in accordance with the Servicing Standard.
The Servicer's duties will include collection and posting of all payments,
responding to inquiries of Obligors regarding the Contracts in the Contract
Pool, investigating delinquencies, accounting for collections, furnishing
reports with respect to collections and payments as contemplated in Article IX
hereof, making Servicer Advances in its discretion, and using its best efforts
to maintain the perfected first priority interest of the Trust in the Trust
Assets. The Servicer will have full power and authority, acting alone, to do any
and all things in connection with such managing, servicing, administration, and
collection that it deems necessary or desirable. If the Servicer commences a
legal proceeding to enforce a Defaulted Contract pursuant to Section 5.15 or
commences or participates in a legal proceeding (including a bankruptcy
proceeding) relating to or involving a Contract in the Contract Pool, the Trust
will be deemed to have automatically assigned such Contract to the Servicer
solely for purposes of, and to the extent necessary for, commencing or
participating in any such proceeding as a party or claimant (but in all cases
subject to the continuing interest of the Trust and its assignees in the
proceeds and recoveries from such proceedings, as and to the extent provided in
the Transaction Documents), and the Servicer is authorized and empowered by the
Trust, pursuant to this Section 5.02, to execute and deliver, on behalf of
itself and the Trust, any and all instruments of satisfaction or cancellation,
or partial or full release or discharge, and all other notices, demands, claims,
complaints, responses, affidavits or other documents or instruments in
connection with any such proceedings. If in any enforcement suit or legal
proceeding it is held that the Servicer may not enforce a Contract on the ground
that it is not a real party in interest or a holder entitled to enforce the
Contract, then the Owner Trustee will, at the Servicer's expense and written
direction, take steps on behalf of the Trust to enforce the Contract, including
bringing suit in the Trust's name.

     Section 5.03. Assignment or Replacement. At the request of an Obligor, the
Servicer may in its sole discretion consent to the assignment by such Obligor of
its rights under a Contract in the Contract Pool or the sublease of a unit of
the Equipment relating to such a Contract, so long as such Obligor remains
liable for all of its obligations under such Contract; provided, that the
Servicer may release such Obligor from its obligations if the Obligor's assignee
is determined by the Servicer to be of at least equivalent credit risk, all in
accordance with Customary Policies and Procedures. Upon the request of any
Obligor, the Servicer may, in its sole discretion, provide for the substitution
or replacement of any unit of Equipment for a substantially similar unit of
Equipment, so long as such Obligor remains liable for all of its obligations
under such Contract.

     Section 5.04. Disposition Upon Termination of Contract. Upon the
termination of a Contract included in the Contract Pool as a result of a default
by the Obligor thereunder, and upon any such Contract becoming a Defaulted
Contract, the Servicer will use commercially reasonable efforts to dispose of
any related Equipment. Without limiting the generality of the foregoing, if the
Servicer disposes of any such Equipment by purchasing such Equipment or by
selling such Equipment to any of its Affiliates, such disposition shall be for a
purchase price equal to the fair market value thereof (as determined by the
Servicer in its reasonable discretion). The Servicer will deposit any
Prepayments and any Liquidation Proceeds derived from any such disposition in
accordance with Article VII hereof.

     Section 5.05. Subservicers. The Servicer may enter into servicing
agreements with one or more subservicers (including the Financing Originators or
any other Affiliate of the Servicer) to perform all or a portion of the
servicing functions on behalf of the Servicer; provided that the Servicer shall
remain obligated and be liable to the Trust for servicing and administering the
Contracts in the Contract Pool in accordance with the provisions of this
Agreement without diminution of such obligation and liability by virtue of the
appointment of such subservicer, to the same extent and under the same terms and
conditions as if the Servicer alone were servicing and administering such
Contracts. The fees and expenses of the subservicer (if any) will be as agreed
between the Servicer and its subservicer and neither the Owner Trustee, the
Trust, the Indenture Trustee nor any Noteholder or Equity Certificateholder will
have any responsibility therefor. All actions of a subservicer taken pursuant to
such a subservicing agreement will be taken as an agent of the Servicer with the
same force and effect as though performed by the Servicer.

     Section 5.06. Further Assurance. The Trust will execute and deliver to the
Servicer, and the Servicer will prepare and furnish any subservicer with, any
powers of attorney and other documents necessary or appropriate to enable the
Servicer or a subservicer, as applicable, to carry out its servicing and
administrative duties under this Agreement and the other Transaction Documents.

     Section 5.07. Notice to Obligors. Except as contemplated in clause (m) of
the definition of Eligible Contract, the Servicer will not be required to notify
any Obligor that such Obligor's Contract or related Equipment, or any security
interest in such Contract or such Equipment, has been transferred, assigned, and
conveyed pursuant to the Conveyancing Agreement, the Purchase and Sale Agreement
or pursuant to this Agreement; provided that, in the event that the Servicer
resigns or is replaced, then if the place for payment pursuant to any Contract
is changed, the Successor Servicer must give each related Obligor prompt written
notice of the appointment of the Successor Servicer and the place to which such
Obligor should make payments pursuant to each such Contract.

     Section 5.08. Collection Efforts; Modification of Contracts. (a) The
Servicer will make reasonable efforts to collect all payments called for under
the terms and provisions of the Contracts in the Contract Pool as and when the
same become due, in accordance with the Servicing Standard. The Servicer is
authorized in its discretion to waive any Late Charges, or other administrative
fees, expenses and charges collectible in respect of a Contract in the Contract
Pool, including late payment interest, documentation fees, insurance
administration charges, and extension fees.

     (b) The Servicer also may, subject to Sections 5.09 and 5.10, at the
request of an Obligor and at the Servicer's option, waive, amend, modify or
otherwise vary any other provision of a Contract in accordance with Customary
Policies and Procedures (it being understood that any modification or amendment
of a Contract resulting from an Insolvency Event with respect to the related
Obligor will not be deemed to have been granted by the Servicer
hereunder),including without limitation:

                    (i) in order to (A) change the Obligor's regular due date to
               a date within the Collection Period in which such due date
               occurs, or (B) re-amortize (over the remainder of the original
               Contract term) the Scheduled Payments on a Contract following a
               partial Prepayment (provided, that the sum of such partial
               Prepayment and the Contract Principal Balance of the affected
               Contract after re-amortization is at least equal to the Contract
               Principal Balance for such Contract prior to giving effect to the
               partial Prepayment), or

                    (ii) for any other purpose; provided, that no such
               modification or amendment shall:

                         (A) change the amount or the due date of any Scheduled
                    Payment (except as provided in clauses (i)(A) and (B) above,
                    Section 5.09 and Section 5.10 below);

                         (B) release the related Equipment from the Contract,
                    unless (1) the release complies with Section 5.03 above, or
                    (2) the release is pursuant to a partial Prepayment (which,
                    in the case of a partial Prepayment on a Lease, meets the
                    requirements of Section 5.09 below) and the ratio of the
                    fair market value (determined by the Servicer in its
                    reasonable discretion) of the related Equipment to the
                    Contract Principal Balance of the affected Contract after
                    giving effect to such Prepayment and release, is at least
                    equal to such ratio existing prior to such event;

                         (C) except as provided in clause (ii)(A) above, result
                    in the Contract Principal Balance of the Contract being less
                    than it would have been absent such modification or
                    amendment; or

                         (D) if such modification or amendment had been in
                    effect on the relevant Transfer Date with respect to the
                    Contract, cause or have caused the Contract not to
                    constitute an Eligible Contract.

     Section 5.09. Prepayments of Certain Contracts. The Servicer may, at its
option and in accordance with Customary Policies and Procedures, agree to permit
a Contract in the Contract Pool that is not otherwise contractually prepayable
by its terms and is not a Defaulted Contract, to become a Prepaid Contract
through a voluntary Prepayment by the Obligor (which shall not be deemed to
include prepayment due to a Casualty Loss); provided, that the Servicer will not
permit the voluntary full or partial Prepayment of such a Contract unless the
amount of such Prepayment (or, in the case of a partial Prepayment, the sum of
such Prepayment and the remaining Contract Principal Balance of the Contract
after application of such Prepayment), together with such additional amounts as
are (i) otherwise available to or supplied by the Servicer for the purpose of
prepaying such Contract, and (ii) deposited in the Collection Account
contemporaneously with the deposit therein of such Prepayment, is at least equal
to the Required Payoff Amount for such Contract determined as of the beginning
of the current Collection Period.

     Section 5.10. Certain Extensions; Acceleration. (a) The Servicer may
(subject to subsection (b) below) grant payment extensions on a Contract in the
Contract Pool, consistent with Customary Policies and Procedures (it being
understood that any extensions on a Contract resulting from an Insolvency Event
with respect to the related Obligor will not be deemed to have been granted by
the Servicer hereunder) if the Servicer believes in good faith that such
extension is necessary to avoid a termination and liquidation of such Contract
and will maximize the amount to be received by the Trust with respect to such
Contract; provided, however, that the aggregate period of all extensions granted
on a Contract shall not exceed six months. Nothing in this Section 5.10 shall be
deemed to prevent the Servicer from extending or renewing, or otherwise
accepting the continued performance by the Obligor under, a Contract after
expiration of its stated term.

     (b) The Servicer also, consistent with Customary Policies and Procedures,
may accelerate (or elect not to accelerate) the maturity of all or any Scheduled
Payments under any Contract in the Contract Pool under which a default under the
terms thereof has occurred and is continuing (after the lapse of any applicable
grace period); provided that the Servicer is required to accelerate the
Scheduled Payments due under any Contract in the Contract Pool (and take other
action in accordance with applicable Customary Policies and Procedures,
including repossessing or otherwise converting the related Equipment, to realize
upon the value of such Contract and the related Equipment) to the fullest extent
permitted by the terms of such Contract, promptly after such Contract becomes a
Defaulted Contract.

     Section 5.11. Taxes and Other Amounts. To the extent provided for in any
Contract in the Contract Pool, the Servicer will make reasonable efforts
consistent with the applicable Servicing Standard to collect (or cause to be
collected) all payments with respect to amounts due for taxes, assessments and
insurance premiums relating to such Contract or the related Equipment and remit
such amounts to the appropriate Governmental Authority or insurer on or prior to
the date such payments are due.

     Section 5.12. Suits by Servicer. Notwithstanding anything herein to the
contrary, the Servicer does not have any obligation pursuant to this Agreement
to appear in, prosecute or defend any legal action which is not incidental to
its servicing duties under this Agreement.

     Section 5.13. Remittances. The Servicer will service all Collections in
accordance with Article VII hereof.

     Section 5.14. Servicer Advances. For any Collection Period, if the Servicer
determines that any Scheduled Payment (or portion thereof) which was due and
payable pursuant to a Contract in the Contract Pool during such Collection
Period was not received prior to the end of such Collection Period, the Servicer
may make a Servicer Advance in an amount up to the amount of such delinquent
Scheduled Payment (or portion thereof), to the extent that in its sole
discretion it determines that it can recover such amount from subsequent
Collections under the related Contract. The Servicer will deposit any Servicer
Advances into the Collection Account on or prior to 11:00 a.m. (New York time)
on the Deposit Date, in immediately available funds. The Servicer will be
entitled to be reimbursed for Servicer Advances pursuant to Article VII hereof.

     Section 5.15. Realization Upon Defaulted Contract. The Servicer will use
its best efforts consistent with the applicable Servicing Standard to repossess
or otherwise comparably convert the ownership of any Equipment relating to a
Defaulted Contract and will act as transfer and processing agent for Equipment
or Applicable Security which it repossesses. The Servicer will follow such other
practices and procedures, consistent with the Servicing Standard, in order to
realize upon such Equipment or Applicable Security, which practices and
procedures may include reasonable efforts to enforce all obligations of Obligors
and repossessing and selling such Equipment or Applicable Security at public or
private sale in circumstances other than those described in the preceding
sentence. Without limiting the generality of the foregoing, the Servicer may
sell any such Equipment or Applicable Security to the Servicer or its Affiliates
for a purchase price equal to the then fair market value thereof (determined by
the Servicer in its reasonable discretion). In any case in which any such
Equipment or Applicable Security has suffered damage, the Servicer will not
expend funds in connection with any repair or toward the repossession of such
Equipment or Applicable Security unless it determines in its discretion that
such repair and/or repossession will increase the Liquidation Proceeds by an
amount greater than the amount of such expenses. The Servicer will remit to the
Collection Account the Liquidation Proceeds received in connection with the
transfer or disposition of Equipment or Applicable Security relating to a
Defaulted Contract in accordance with Article VII hereof.

     Section 5.16. Maintenance of Insurance Policies. The Servicer will use
reasonable efforts, consistent with the Servicing Standard, to ensure that each
Obligor complies with applicable insurance requirements set forth in the related
Contract; provided that the Servicer, in accordance with Customary Policies and
Procedures, may allow Obligors to self-insure. If an Obligor fails to maintain
property damage insurance to the extent required under its Contract, the
Servicer may, consistent with Customary Policies and Procedures, purchase and
maintain such insurance on behalf of, and at the expense of (if the applicable
Contract so provides), the Obligor. In connection with its activities as
Servicer of Contracts in the Contract Pool, the Servicer agrees to present, on
behalf of itself, the Trust and the Noteholders or Equity Certificateholders,
claims to the insurer under each Insurance Policy and any such liability policy,
and to settle, adjust and compromise such claims, in each case, consistent with
the terms of each Contract.

     Section 5.17. Certain Other Duties With Respect to Trust. The Servicer
shall, and hereby agrees that it will, monitor the Trust's compliance with all
applicable provisions of state and federal securities laws, notify the Trust and
the Administrator of any actions to be taken by the Trust necessary for
compliance with such laws and prepare on behalf of the Trust and the
Administrator all notices, filings or other documents or instruments required to
be filed under such laws.

     Section 5.18. Servicing Compensation. As compensation for its servicing
activities with respect to the Contract Pool, and also in consideration of its
expenses as set forth in Section 5.19, the Servicer shall be entitled to receive
a servicing fee in respect of any Collection Period (or portion thereof) (with
respect to each Collection Period, the "Servicing Fee"), equal to the sum of (i)
one-twelfth of the product of (A) the Servicing Fee Percentage and (B) the
Contract Pool Principal Balance as of the first day of such Collection Period
and (ii) any amount described in the clause (iv) of the definition of "Excluded
Accounts."

     Section 5.19. Payment of Certain Expenses by Servicer. The Servicer will be
required to pay all expenses incurred by it in connection with its activities
under this Agreement, including fees and disbursements of independent
accountants, the Owner Trustee, the Indenture Trustee taxes imposed on the
Servicer, expenses incurred in connection with payments and reports pursuant to
this Agreement, and all other fees and expenses not expressly stated under this
Agreement to be for the account of the Trust or the Depositor, but excluding
Liquidation Expenses incurred as a result of activities contemplated by Section
5.15 (which may be netted from Liquidation Proceeds). The Servicer will be
required to pay all reasonable fees and expenses owing to the Owner Trustee or
the Indenture Trustee in connection with the maintenance of the Collection
Account. The Servicer shall be required to pay such expenses for its own account
and shall not be entitled to any payment or reimbursement therefor other than
the Servicing Fee, payable from Collections as provided herein.

     Section 5.20. Records. The Servicer shall, during the period it is Servicer
hereunder, maintain such books of account and other records as will enable the
Trust or the Administrative Agent to determine the status of each Contract in
the Contract Pool.

     Section 5.21. Inspection. (a) The Servicer shall afford the Owner Trustee
and the Indenture Trustee and their respective authorize agents not more
frequently than once during each calendar year at the Servicer's expense, not to
exceed $1,000 in expenses and upon reasonable prior written request, reasonable
access during normal business hours to the Servicer's records relating to the
Contracts in the Contract Pool, and will cause its personnel to assist in any
examination of such records by any such Person, and allow copies of the same to
be made. The examination referred to in this Section will be conducted in a
manner which does not unreasonably interfere with the Servicer's normal
operations or customer or employee relations. Without otherwise limiting the
scope of the examination, such examining party may, using generally accepted
audit procedures, verify the status of each such Contract and review the
Computer Disk and records relating thereto for conformity to reports prepared by
the Servicer pursuant to Article IX hereof, and compliance with the standards
represented to exist as to each such Contract in this Agreement and the other
Transaction Documents.

     (b) At all times during the term hereof, the Servicer shall keep available
a copy of the Schedule of Contracts at its principal executive office for
inspection by any such party referred to in subsection (a) of this Section 5.21.

     Section 5.22. Trust To Cooperate in Releases. At the same time as (i) any
Lease in the Contract Pool terminates and the Equipment related to such Lease is
sold, (ii) any Contract in the Contract Pool becomes a Prepaid Contract and in
connection therewith the Equipment related to such Prepaid Contract is sold,
(iii) the final Scheduled Payment is made in full on a Contract in the Contract
Pool, (iv) a Contract previously in the Contract Pool becomes a Replaced
Contract in accordance with Section 2.04, or is repurchased by deposit of a
Purchase Amount as provided herein, or (v) the Servicer substitutes or replaces
any unit of Equipment as contemplated in Section 5.03, the Trust shall to the
extent requested by the Servicer release the Trust's interest in the Equipment
relating to such affected Contract or such substituted or replaced Equipment, as
the case may be; provided that such release will not constitute a release of the
Trust's interest in the proceeds of Equipment the subject of a Contract still in
the Contract Pool (other than with respect to Equipment that is replaced
pursuant to Section 5.03). In connection with any transfer of such Equipment,
the Trust and the Indenture Trustee shall execute and deliver to the Servicer
any assignments, bills of sale, termination statements and any other releases
and instruments as the Servicer may request in order to effect such release and
transfer; provided that neither the Trust nor the Indenture Trustee shall be
deemed to make any representation or warranty, express or implied, with respect
to any such Equipment in connection with such transfer and assignment. Nothing
in this Section 5.22 shall diminish the Servicer's obligations pursuant to
Article VII with respect to the proceeds of any such transfer.

     Section 5.23. [RESERVED]

     Section 5.24. Separate Entity Existence. The Servicer agrees to take or
refrain from taking or engaging in with respect to the Depositor, as applicable,
each of the actions or activities specified in the "nonsubstantive
consolidation" opinion of [ ] (or in any related Certificate of [ ]) delivered
on the Closing Date, upon which the conclusions expressed therein are based.

                                   ARTICLE VI

                           COVENANTS OF THE DEPOSITOR

     Section 6.01. LLC Existence. During the term of this Agreement, the
Depositor will keep in full force and effect its existence, rights and
franchises as a limited liability company under the laws of the jurisdiction of
its formation and will obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Agreement, the other Transaction
Documents and each other instrument or agreement necessary or appropriate to the
proper administration of this Agreement and the transactions contemplated
hereby. In addition, all transactions and dealings between the Depositor and its
Affiliates will be conducted on an arm's-length basis.

     Section 6.02. Contracts Not to be Evidenced by Promissory Notes. The
Depositor will take no action to cause any Contract not originally consisting of
or evidenced by an instrument (except to the extent part of chattel paper) (as
such terms are defined in the UCC), to be evidenced by an instrument, except in
connection with the enforcement or collection of such Contract.

     Section 6.03. Security Interests. The Depositor will not sell, pledge,
assign or transfer to any other Person, or grant, create, incur, assume or
suffer to exist any Lien on any Contract in the Contract Pool or on any other
Trust Asset or on any related Equipment, whether now existing or hereafter
transferred to the Trust, or any interest therein (except for Permitted Liens).
The Depositor will immediately notify the Trust and the Indenture Trustee of the
existence of any Lien (other than Permitted Liens) on any Contract in the
Contract Pool or on any other Trust Assets or on any related Equipment; and the
Depositor shall defend the right and interest of the Trust in, to and under the
Contracts in the Contract Pool and the related Equipment, against all claims of
third parties; provided, however, that nothing in this Section 6.03 shall
prevent or be deemed to prohibit (i) the Depositor from suffering to exist
Permitted Liens upon any of the Contracts in the Contract Pool or any related
Equipment, or (ii) repurchases or substitutions by [ ] pursuant to the Purchase
and Sale Agreement.

     Section 6.04. Delivery of Collections. The Depositor agrees to pay to the
Servicer promptly any misdirected Collections received by the Depositor in
respect of the Contracts in the Contract Pool, for application in accordance
with Article VII.

     Section 6.05. Regulatory Filings. The Depositor shall make any filings,
reports, notices, applications and registrations with, and seek any consents or
authorizations from, the United States Securities and Exchange Commission and
any state securities authority on behalf of the Trust as may be necessary or
that the Depositor deems advisable to comply with any federal or state
securities or reporting requirements or laws.

     Section 6.06. Compliance With Law. Depositor hereby agrees to comply in all
material respects with all Requirements of Law applicable to Depositor.

     Section 6.07. Activities. The Depositor shall not engage in any business or
activity of any kind, or enter into any transaction or indenture, mortgage,
instrument, agreement, contract, lease or other undertaking, which is not
directly related to the transactions contemplated and authorized by this
Agreement or the other Transaction Documents; provided, however, that the
Depositor may purchase and sell (or grant Liens in respect of) contracts and/or
other related assets similar to the Contracts to other Persons in securitization
or other non-recourse financing transactions involving [ ] or any of their
Affiliates on terms and conditions (with respect to the liabilities imposed upon
the Depositor by virtue of such transactions, as well as in respect of
agreements or restrictions concerning activities of the Depositor and its
relations or interactions with [ ] or a Financing Originator or other applicable
Affiliate relevant to "bankruptcy remoteness" or "substantive consolidation"
analysis), in each case substantially similar to such terms and conditions
applicable to the Depositor hereunder and under the other Transaction Documents.

     Section 6.08. Indebtedness. The Depositor shall not create, incur, assume
or suffer to exist any Indebtedness or other liability whatsoever, except (i)
obligations incurred under this Agreement or other Transaction Documents, or
incidental thereto, or (ii) liabilities incident to the maintenance of its
corporate existence in good standing, or (iii) obligations in connection with
transactions described in the proviso to Section 6.07, as limited thereby.

     Section 6.09. Guarantees. The Depositor shall not become or remain liable,
directly or contingently, in connection with any Indebtedness or other liability
of any other Person, whether by guarantee, endorsement (other than endorsements
of negotiable instruments for deposit or collection in the ordinary course of
business), agreement to purchase or repurchase, agreement to supply or advance
funds, or otherwise, except as contemplated hereby and in connection with
transactions described in Section 6.07, as limited thereby.

     Section 6.10. Investments. The Depositor shall not make or suffer to exist
any loans or advances to, or extend any credit to, or make any investments (by
way of transfer of property, contributions to capital, purchase of stock or
securities or evidences of indebtedness, acquisition of the business or assets,
or otherwise) in, any Person except (i) for purchases or other acquisitions of
Contracts and related Contract Assets pursuant to the Purchase and Sale
Agreement or purchases or other acquisitions of similar contracts and related
assets permitted by Section 6.07, or (ii) the holding of ownership interests in
Equipment contemplated herein or in transactions permitted by Section 6.07, or
(iii) for investments in Eligible Investments in accordance with the terms of
this Agreement.

     Section 6.11. Merger; Transfers. The Depositor shall not enter into any
transaction of merger or consolidation, or liquidate or dissolve itself (or
suffer any liquidation or dissolution) or acquire or be acquired by any Person,
or convey, sell, lease or otherwise dispose of all or substantially all of its
property or business, except as provided for in this Agreement.

     Section 6.12. Payments. The Depositor shall not declare or pay, directly or
indirectly, any dividend or make any other payment (whether in cash or other
property) with respect to the profits, assets or capital of the Depositor or any
Person's interest therein, or purchase, redeem or otherwise acquire for value
any of its equity ownership interests now or hereafter outstanding, except that
the Depositor may effect payments of its earnings in respect of Trust Assets to
its members in each case so long as it would continue to be Solvent after giving
effect thereto, and otherwise in accordance with the Transaction Documents.

     Section 6.13. Other Agreements. The Depositor shall not become a party to,
or permit any of its properties to be bound by, any indenture, mortgage,
instrument, contract, agreement, lease or other undertaking, except this
Agreement and the other Transaction Documents to which it is a party and any
agreement relating to another securitization transaction permitted by Section
6.07; nor shall it amend or modify the provisions of its Certificate of
Formation or Limited Liability Company Agreement except in accordance with the
Transaction Documents and with the consent of the Required Holders, or issue any
power of attorney except to the Owner Trustee, the Indenture Trustee or the
Servicer pursuant to the Transaction Documents (or other similar powers of
attorney in connection with transactions permitted by the proviso to Section
6.07).

     Section 6.14. Separate Entity Existence. The Depositor shall:

               (i) Maintain its own deposit account or accounts, separate from
          those of any Affiliate, with commercial banking institutions. The
          funds of the Depositor will not be diverted to any other Person or for
          other than authorized uses of the Depositor.

               (ii) Ensure that, to the extent that it shares the same officers
          or other employees as any of its members or Affiliates, the salaries
          of and the expenses related to providing benefits to such officers and
          other employees shall be fairly allocated among such entities, and
          each such entity shall bear its fair share of the salary and benefit
          costs associated with all such common officers and employees.

               (iii) Ensure that, to the extent that it jointly contracts with
          any of its members or Affiliates to do business with vendors or
          service providers or to share overhead expenses, the costs incurred in
          so doing shall be allocated fairly among such entities, and each such
          entity shall bear its fair share of such costs. To the extent that the
          Depositor contracts or does business with vendors or service providers
          when the goods and services provided are partially for the benefit of
          any other Person, the costs incurred in so doing shall be fairly
          allocated to or among such entities for whose benefit the goods and
          services are provided, and each such entity shall bear its fair share
          of such costs. All material transactions between Depositor and any of
          its Affiliates shall be only on an arm's length basis.

               (iv) To the extent that the Depositor and any of its members or
          Affiliates have offices in the same location, there shall be a fair
          and appropriate allocation of overhead costs among them, and each such
          entity shall bear its fair share of such expenses.

               (v) Conduct its affairs strictly in accordance with its Limited
          Liability Company Agreement and its Certificate of Formation, and
          observe all necessary, appropriate and customary limited liability
          company formalities, including, but not limited to, holding all
          regular and special members' and manager/directors' meetings
          appropriate to authorize all entity action, keeping separate and
          accurate records of such meetings and its actions, passing all
          resolutions or consents necessary to authorize actions taken or to be
          taken, and maintaining accurate and separate books, records and
          accounts, including, but not limited to, payroll and intercompany
          transaction accounts.

               (vi) Take or refrain from taking or engaging in, as applicable,
          each of the actions or activities specified in the "true sale" and
          "nonsubstantive consolidation" opinions of [ ] delivered on the
          Closing Date (or in any related certificate delivered in connection
          therewith), upon which the conclusions expressed therein are based.

     Section 6.15. Location; Records. The Depositor shall not move outside the
State of __________, the location of its chief executive office, without thirty
(30) days' prior written notice to the Trust, the Indenture Trustee and the
Servicer, and will promptly take all actions required (including, but not
limited to, all filings and other acts necessary or advisable under the UCC of
each relevant jurisdiction) in order to continue the first priority perfected
security interest of the Indenture Trustee in Trust Assets. The Depositor will
give the Indenture Trustee, Trust and the Servicer prompt notice of a change
within the State of __________ of the location of its chief executive office.

     Section 6.16. Liability of Depositor; Indemnities. The Depositor shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Depositor under this Agreement.

     The Depositor shall indemnify, defend and hold harmless the Trust, the
Owner Trustee, the Indenture Trustee and the Servicer (and any of their
respective officers, directors, employees or agents) from and against any taxes
that may at any time be asserted against any such Person with respect to the
transactions contemplated herein and in the other Transaction Documents,
including any sales, gross receipts, general corporation, tangible personal
property, personal property replacement privilege or license taxes (but, in the
case of the Trust, not including any taxes asserted with respect to, and as of
the date of, the transfer of Contracts to the Trust or the issuance and original
sale of Senior Certificates, or asserted with respect to ownership of Contract
Assets, or federal or other income taxes arising out of payments from
Collections on the Trust Assets) and costs and expenses in defending against the
same.

     The Depositor shall indemnify, defend and hold harmless the Trust, the
Owner Trustee, the Indenture Trustee and the Servicer (and any of their
respective officers, directors, employees or agents) and the Securityholders
from and against any loss, liability or expense incurred by reason of the
Depositor's willful misfeasance, bad faith or negligence (other than errors in
judgment) in the performance of its duties under this Agreement, or by reason of
reckless disregard of its obligations and duties under this Agreement.

     The Depositor shall indemnify, defend and hold harmless the Trust, the
Owner Trustee, the Indenture Trustee and the Servicer (and any of their
respective officers, directors, employees or agents) and any Senior
Certificateholder from and against all costs, expenses, losses, claims, damages
and liabilities arising out of or incurred in connection with the acceptance or
performance (or failure of performance) of the trusts and duties herein and, in
the case of the Owner Trustee, in the Trust Agreement and, in the case of the
Indenture Trustee, in the Indenture, except to the extent that such cost,
expense, loss, claim, damage or liability in the case of (i) the Owner Trustee;
shall be due to the willful misfeasance, bad faith or negligence of the Owner
Trustee, or shall arise from the breach by the Owner Trustee of any of its
representations or warranties set forth in Section 7.03 of the Trust Agreement,
or (ii) the Indenture Trustee, shall be due to the willful misfeasance, bad
faith or negligence of the Indenture Trustee.

     The Depositor shall be liable directly to and will indemnify any injured
party or any other creditor of the Trust for all losses, claims, damages,
liabilities and expenses of the Trust to the extent that the Depositor would be
liable if the Trust were a partnership under the Delaware Revised Uniform
Limited Partnership Act in which the Depositor were a general partner; provided,
however, that the Depositor shall not be liable for any losses incurred by the
Equity Certificateholder in the capacity of an investor in the Equity
Certificate or a Noteholder in the capacity of an investor in the Notes. In
addition, any third party creditors of the Trust (other than in connection with
the obligations described in the immediately preceding sentence for which the
Depositor shall not be liable) shall be deemed third party beneficiaries of this
paragraph. The obligation of the Depositor under this paragraph shall be
evidenced by the Equity Certificate.

     The Depositor shall indemnify, defend and hold harmless the Owner Trustee
and the Indenture Trustee from and against any loss, liability or expense
incurred by reason of the Depositor's or Trust's violation of federal or state
securities laws in connection with the offering and sale of the Notes and the
Certificate.

     Indemnification under this Section shall include, without limitation,
reasonable fees and expenses of counsel and expenses of litigation; provided,
however, that the indemnification under this Section, notwithstanding anything
to the contrary, is limited to the assets of the Depositor (including its rights
under Article VI of the Purchase and Sale Agreement); provided, further, any
indemnity payments to be made pursuant to this Section shall not be made from
the Trust Assets (except to the extent any of the same have been distributed to
the Depositor free and clear of any interest of the Trust therein and except to
the extent [ ] as co-obligor is obligated to make such payment pursuant to
Article VI of the Purchase and Sale Agreement), and such indemnity payments, if
unpaid, shall not constitute a claim against the Trust or the Trust Assets
(except in respect of rights against [ ] in respect of such Article VI). If the
Depositor (or [ ] pursuant to such Article VI) shall have made any indemnity
payments pursuant to this Section and the Person to or on behalf of whom such
payments are made thereafter shall collect any of such amounts from others, such
Person shall promptly repay such amounts to the Depositor (or [ ], as
applicable), without interest.

     Indemnification under this Section shall survive the resignation or removal
of the Owner Trustee or the Indenture Trustee, as the case may be, and the
termination of this Agreement.

     Section 6.17. Bankruptcy Limitations. The Depositor shall not, without the
affirmative vote of each of the manager/directors of the Depositor (which must
include the affirmative vote of at least one duly appointed Independent Director
as defined in the Certificate of Formation and the Limited Liability Company
Agreement of the Depositor) (A) dissolve or liquidate, in whole or in part, or
institute proceedings to be adjudicated bankrupt or insolvent, (B) consent to
the institution of bankruptcy or insolvency proceedings against it, (C) file a
petition seeking or consent to reorganization or relief under any applicable
federal or state law relating to bankruptcy, (D) consent to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of the Depositor or a substantial part of its property, (E) make a
general assignment for the benefit of creditors, (F) admit in writing its
inability to pay its debts generally as they become due, or (G) take any entity
action in furtherance of the actions set forth in clauses (A) through (F) above;
provided, however, that no manager/director may be required by any member of the
Depositor to consent to the institution of bankruptcy or insolvency proceedings
against the Depositor so long as it is Solvent.

     Section 6.18. Limitation on Liability of Depositor and Others. The
Depositor and any director or officer or employee or agent of the Depositor may
rely in good faith on any document of any kind, prima facie properly executed
and submitted by any Person respecting any matters arising hereunder. The
Depositor shall not be under any obligation to appear in, prosecute or defend
any legal action that shall not be incidental to its obligations under this
Agreement, and that in its opinion may involve it in any expense or liability.

     Section 6.19. Chief Executive Office. During the term of this Agreement,
the Depositor will maintain its chief executive office in one of the States of
the United States, except [ ], [ ], [ ], [.   ], [ ], [ ], [ ] or [ ].

                [remainder of this page intentionally left blank]

                                   ARTICLE VII

                       ESTABLISHMENT OF ACCOUNTS; PAYMENTS

     Section 7.01. Trust Accounts; Collections. (a) On or before the Closing
Date, the Trust Deposits or (or the Servicer on its behalf) shall establish the
Collection Account, Note Distribution Account and Cash Collateral Account, each
in the name of the Indenture Trustee for the benefit of the Noteholders and the
Certificateholder. The Servicer and Indenture Trustee are hereby required to
ensure that each of the Trust Accounts is established and maintained as a
segregated corporate trust account with a Qualified Institution. If any
institution with which any of the accounts established pursuant to this Section
7.01(a) ceases to be a Qualified Institution, the Servicer shall within 30 days
after notice of such event establish a replacement account at a Qualified
Institution, and effect (or cause to be effected) a concurrent transfer of all
amounts in the current non-qualifying account to the replacement account.

     (b) The Servicer shall deposit or cause to be deposited, without deposit
into any intervening account, into the Collection Account as promptly as
practical after the Date of Processing (but in any case not later than the
second Business Day following the Date of Processing thereof), all Pledged
Revenues on deposit with the Servicer in the form of available funds, and all
Pledged Revenues otherwise received by the Servicer (and all Investment Earnings
from investments of the Collection Account).

     (c) Notwithstanding Section 7.01(b), the Servicer shall deposit or cause to
be deposited, on the Closing Date and on each Substitution Transfer Date, in
immediately available funds into the Collection Account, all Pledged Revenues
received after the applicable Cutoff Date and through and including the date
which is two Business Days preceding the Closing Date or Substitution Transfer
Date, as the case may be, in respect of Contracts being transferred to the Trust
on such date.

     (d) Notwithstanding Sections 7.01(b) and (c), if (i) the Servicer makes a
deposit into the Collection Account in respect of Pledged Revenues of a Contract
in the Contract Pool and such Pledged Revenues were received by the Servicer in
the form of a check which is not honored for any reason, or (ii) the Servicer
makes a mistake with respect to the amount of any Pledged Revenues and deposits
an amount that is less than or more than the actual amount of such Collection,
the Servicer shall appropriately adjust the amount subsequently deposited into
the Pledged Revenues Account to reflect such dishonored check or mistake. Any
Scheduled Payment in respect of which a dishonored check is received shall be
deemed not to have been paid.

     Section 7.02. Cash Collateral Account.

     (a) On the Closing Date, the Depositor shall deposit the sum of $[ ] into
the Cash Collateral Account from the net proceeds of the sale of the Notes and
the Indenture Trustee shall deposit into the Cash Collateral Account proceeds of
loans made by the Cash Collateral Account Lenders equal to $[ ].

     (b) If on any Payment Date, the amounts on deposit in the Cash Collateral
Account (after giving effect to all deposits thereto or withdrawals therefrom on
such Payment Date) is greater than the Required Cash Collateral Amount, the
Indenture Trustee shall distribute the excess of the amount on deposit in the
Cash Collateral Account over the Required Cash Collateral Amount as provided in
the Cash Collateral Account Agreement. Amounts properly distributed pursuant to
the prior sentence shall be deemed released from the Trust Estate and the
security interest herein granted to the Trustee, and the Trust shall in no event
be required to refund such distributed amounts.

     Section 7.03. Trust Account Procedures. If the Servicer so directs, in
writing (with a copy to the Owner Trustee), the Qualified Institution
maintaining any Trust Account may invest the amounts therein in Eligible
Investments of the type specified in such written direction that mature not
later than one Business Day prior to the next succeeding Payment Date (or that
mature on such other Business Day as the Rating Agencies shall aprove). Once
such funds are invested, the Servicer shall not change or permit a change in the
investment of such funds. Subject to the other provisions hereof, the Indenture
Trustee shall have sole control over each such investment and the income
thereon, and any certificate or other instrument evidencing any such investment,
if any, shall be delivered directly to the Indenture Trustee or its agent,
together with each document of transfer, if any, necessary to transfer title to
such investment to the Indenture Trustee in a manner which complies with this
Section 7.03. All Investment Earnings on investments of funds in the Collection
Account and Note Distribution Account shall be deposited in or maintained within
the Collection Account pursuant to Section 7.01 and distributed on the next
Payment Date pursuant to Section 7.05. All Investment Earnings in the Cash
Collateral Account shall be distributed in accordance with the Cash Collateral
Account Agreement. The Servicer, the Depositor and the Trust agree and
acknowledge that the Indenture Trustee is to have "control" (within the meaning
of Section 8-102 of the UCC as enacted in New York) of collateral consisting of
"Investment Property" (within the meaning of Section 9-115 of the UCC as enacted
in New York) for all purposes of this Agreement. In the absence of timely
written direction from the Servicer, the Indenture Trustee shall invest or cause
to be invested amounts in the Trust Accounts in Eligible Investments of the type
specified in clause (vi) of the definition of Eligible Investments herein.

     Section 7.04. Securityholder Payments. (a) On each Payment Date, each
Noteholder and the Equity Certificateholder as of the related Record Date shall
be paid amounts payable on such date pursuant to Section 7.05 below by check
mailed to such Noteholder or the Equity Certificateholder at the address for
such Noteholder or the Equity Certificateholder appearing on the Note Register
or the Certificate Register, or by wire transfer if such Noteholder or the
Equity Certificateholder has provided written instructions for such payment
method to the Indenture Trustee and Owner Trustee, respectively, at least ten
days prior to such Payment Date.

     (b) The Indenture Trustee shall serve as the Paying Agent hereunder and
shall make the payments to the Noteholders and the Equity Certificateholder
required hereunder. The Indenture Trustee hereby agrees that all amounts held by
it for payment hereunder will be held in trust for the benefit of the
Noteholders and Certificateholder.

     Section 7.05. Allocations and Payments.

     (a) Distributions. On each Payment Date, the Trustee shall (based solely on
the information contained in the Servicer's Certificate delivered on the related
Determination Date, upon which the Trustee may conclusively rely) distribute the
following amounts and in the order of priority specified below. Within each
order of priority, amounts shall be deemed withdrawn first from Available
Pledged Revenues, and second (but only as to amounts described in clauses (ii)
and (iii) below) from amounts deposited in the Collection Account pursuant to
Section 7.02.

          (i) first, from the Available Pledged Revenues then on deposit in the
     Collection Account, to the Servicer, the Sevicing Fee and Servicer Advances
     for the related Collection Period (less that portion thereof to be applied
     by the Trustee in accordance with the Cash Collateral Account Agreement)
     and any amounts specified in Section 2.05 hereof, to the extent the
     Servicer has not reimbursed itself in respect of such amounts;

          (ii) second, from the Amount Available then remaining on deposit in
     the Collection Account, to the Note Distribution Account an amount equal to
     the Note Interest Distributable Amount for such Payment Date;

          (iii) third, from the Amount Available then remaining on deposit in
     the Collection Account, to the Note Distribution Account, an amount equal
     to the Note Principal Distributable Amount for such Payment Date;

          (iv) fourth, from the Amount Available then remaining on deposit in
     the Collection Account, to the Cash Collateral Account, the amount, if any,
     necessary to increase the balance therein to the Requisite Cash Collateral
     Amount;

          (v) fifth, from the Amount Available then remaining on deposit in the
     Collection Account, to the parties entitled thereto in accordance with the
     Cash Collateral Account Agreement, any amounts due and unpaid thereunder;
     and

          (vi) sixth, any remaining Amount Available to the Owner Trustee for
     distribution to the Equity Certificateholder.

     In the event the Servicer's Certificate shows that, as of any Determination
Date, there are amounts on deposit in the Collection Account which do not
constitute Pledged Revenues due to the clause (ii)(b) of the definition thereof
and to which the Depositor is entitled pursuant to Section 2.04 hereof, the
Trustee shall forthwith pay such amount to or upon the order of the Depositor.

     (b) Allocations and Payments Prior to an Event of Default. On each Payment
Date and Redemption Date prior to an Event of Default, the Servicer, pursuant to
written monthly payment instructions and notification, shall instruct the
Indenture Trustee to withdraw and transfer, and on the succeeding Payment Date
the Indenture Trustee acting in accordance with such written instructions shall
withdraw and transfer, the amounts required to be withdrawn from the Note
Distribution Account in order to make the following payments or allocations from
the Amount Available for the related Payment Date (in each case, such payment or
transfer to be made only to the extent funds remain available therefor after all
prior payments and transfers for such Payment Date have been made), in the
following order of priority:

          (i) pay to the Indenture Trustee on behalf of the Class A-1
     Noteholders an amount equal to the Class A-1 Interest Distributable Amount;
     provided that if the Amount Available remaining to be allocated pursuant to
     this clause are less than the full amount required to be so allocated, such
     remaining Amount Available shall be allocated to the Holders of Class A-1
     Notes pro rata based upon their respective entitlement pursuant to this
     clause;

          (ii) pay to the Indenture Trustee on behalf of the Class A-2
     Noteholders an amount equal to the Class A-2 Interest Distributable Amount;
     provided that if the Amount Available remaining to be allocated pursuant to
     this clause are less than the full amount required to be so allocated, such
     remaining Amount Available shall be allocated to the Holders of Class A-2
     Notes pro rata based upon their respective entitlement pursuant to this
     clause;

          (iii) pay to the Indenture Trustee on behalf of the Class A-3
     Noteholders an amount equal to the Class A-3 Interest Distributable Amounts
     provided that if the Amount Available remaining to be allocated pursuant to
     this clause are less than the full amount required to be so allocated, such
     remaining Amount Available shall be allocated to the Holders of Class A-3
     Notes pro rata based upon their respective entitlement pursuant to this
     clause;

          (iv) pay to the Indenture Trustee on behalf of the Class A-4
     Noteholders an amount equal to the Class A-4 Interest Distributable Amount;
     provided that if the Amount Available remaining to be allocated pursuant to
     this clause are less than the full amount required to be so allocated, such
     remaining Amount Available shall be allocated to the Holders of Class A-4
     Notes pro rata based upon their respective entitlement pursuant to this
     clause;

          (v) pay to the Indenture Trustee on behalf of the Class A-5
     Noteholders an amount equal to the Class A-5 Interest Distributable Amount;
     provided that if the Amount Available remaining to be allocated pursuant to
     this clause are less than its full amount required to be so allocated, such
     remaining Amount Available shall be allocated to its Holders of Class A-5
     Notes pro rata based upon their respective entitlement pursuant to this
     clause;

          (vi) pay to the Indenture Trustee on behalf of the Class B Noteholders
     an amount equal to the Class B Interest Distributable Amount; provided,
     that if the Amount Available remaining to be allocated pursuant to this
     clause are less than the full amount required to be so paid, such remaining
     Amount Available shall be paid to the Holders of Class B Notes pro rata
     based on their respective entitlement pursuant to this clause;

          (vii) pay to the Indenture Trustee on behalf of the Class C
     Noteholders, an amount equal to the Class C Interest Distributable Amount;
     provided, that if the Amount Available remaining to be allocated pursuant
     to this clause are less than the full amount required to be so paid, such
     remaining Amount Available shall be paid to the Holders of Class C Notes
     pro rata based on their respective entitlement pursuant to this clause;

          (viii) pay to the Indenture Trustee on behalf of the Class D
     Noteholders an amount equal to the Class D Interest Distributable Amount;
     provided, that if the Amount Available remaining to be allocated pursuant
     to this clause are less than the full amount required to be so paid, such
     remaining Amount Available shall be paid to the Holders of Class D Notes
     pro rata based on their respective entitlement pursuant to this clause;

          (ix) prior to the Payment Date on which the Class A-1 Principal
     Balance has been reduced to zero, pay to the Indenture Trustee, on behalf
     of the Class A-1 and Class A-5 Noteholders, the Class A Principal Payment
     Amount, [ ]% of which shall be distributed to the Class A-1 Noteholders and
     [ ]% of which shall be distributed to the Class A-5 Noteholders; provided
     that if the amount available to make such payments is not sufficient to pay
     the full Class A Principal Payment Amount, such amount available shall be
     allocated (1) if such Payment Date is the Class A-1 Stated Maturity Date
     (or any Payment Date thereafter until the Class A-1 Principal Balance has
     been reduced to zero), first, to the Class A-1 Noteholders to the extent
     necessary to reduce the Class A-1 Principal Balance to zero, and,
     thereafter, to the Class A-5 Noteholders, and (2) for any other Payment
     Date, between the Class A-1 Noteholders and the Class A-5 Noteholders in
     the respective percentages specified above in this clause;

          (x) on the Payment Date on which the Class A-1 Principal Balance shall
     be reduced to zero, pay to the Indenture Trustee, on behalf of the Class A
     Noteholders, the Class A Principal Payment Amount, allocated as follows:

               (1) to the Class A-1 Noteholders, the remaining Class A-1
          Principal Balance;

               (2) to the Class A-5 Noteholders, an amount equal to [ ]% of the
          Total Principal Payment Amount; and

               (3) the remaining Class A Principal Payment Amount, if any, to
          the Class A-2 Noteholders until the Class A-2 Principal Balance has
          been reduced to zero, then to the Class A-3 Noteholders until the
          Class A-3 Principal Balance has been reduced to zero, then to the
          Class A-4 Noteholders until the Class A-4 Principal Balance has been
          reduced to zero and then to the Class A-5 Noteholders until the Class
          A-5 Principal Balance has been reduced to zero;

         provided that if the amount available to make such payments is not
         sufficient to pay the full Class A Principal Payment Amount, such
         amount available shall be allocated, first, to the Class A-1 Notes and
         the Class A-5 Notes as provided in clauses (1) and (2) above (and, if
         such amount available is not sufficient to pay the full amounts so
         provided for, such amount available shall be allocated (I) if such
         Payment Date is the Class A-1 Stated Maturity Date (or any Payment Date
         thereafter until the Class A-1 Principal Balance has been reduced to
         zero), first, to the Class A-1 Noteholders to the extent necessary to
         reduce the Class A-1 Principal Balance to zero, and, thereafter, to the
         Class A-5 Noteholders, and (II) for any other Payment Date, between the
         Class A-1 Notes and the Class A-5 Notes pro rata based upon the amounts
         otherwise payable pursuant to such clauses (1) and (2)), and,
         thereafter, to the Class A-2, Class A-3, Class A-4 and Class A-5 Notes
         as provided in clause (3) above;

          (xi) after the Payment Date on which the Class A-1 Principal Balance
     has been reduced to zero, pay to the Indenture Trustee, on behalf of the
     Class A Noteholders, the Class A Principal Payment Amount, allocated as
     follows:

               (1) on and prior to the Payment Date on which the Class A-4
          Principal Balance has been reduced to zero:

                    (I) to the Class A-5 Noteholders, an amount equal to [ ]% of
               the Total Principal Payment Amount; and

                    (II) the remaining Class A Principal Payment Amount to the
               Class A-2 Noteholders until the Class A-2 Principal Balance has
               been reduced to zero, then to the Class A-3 Noteholders until the
               Class A-3 Principal Balance has been reduced to zero, then to the
               Class A-4 Noteholders until the Class A-4 Principal Balance has
               been reduced to zero and then to the Class A-5 Noteholders until
               the Class A-5 Principal Balance has been reduced to zero;

               provided that if the amount available to make such payments
               is not sufficient to pay the full Class A Principal Payment
               Amount, such amount available shall be allocated (x) if such
               Payment Date is the Stated Maturity Date of the Class A-2, A-3 or
               A-4 Notes (or any Payment Date thereafter until the Principal
               Balance of such Class has been reduced to zero), first, to the
               Noteholders of such Class to the extent necessary to reduce the
               Principal Balance of such Class to zero, and, thereafter, to the
               Class A-5 Noteholders, and (y) for any other Payment Date,
               between the Class A-5 Notes, on the one hand, and the Class A-2,
               Class A-3 and Class A-4 Notes, on the other, pro rata based upon
               the amounts otherwise payable pursuant to clauses (I) and (II)
               above; and

                    (2) after the Payment Date on which the Class A-4 Principal
               Balance has been reduced to zero, to the Class A-5 Notes until
               the Class A-5 Principal Balance has been reduced to zero;

          (xii) pay to the Indenture Trustee on behalf of the Class B
     Noteholders, the Class B Principal Payment Amount;

          (xiii) pay to the Indenture Trustee on behalf of the Class C
     Noteholders, the Class C Principal Payment Amount;

          (xiv) pay to the Indenture Trustee on behalf of the Class D
     Noteholders, the Class D Principal Payment Amount; and

          (xv) the Additional Principal, if any, to the Indenture Trustee for
     the benefit, sequentially, of the Class A-1, Class A-2, Class A-3, Class
     A-4, Class A-5, Class B, Class C, and Class D Noteholders.

     (c) Allocations and Payments after an Event of Default. On each
Determination Date after the occurrence of an Event of Default, the Servicer,
pursuant to monthly payment instructions and notification, shall instruct the
Indenture Trustee to withdraw and transfer, and on the succeeding Payment Date
the Indenture Trustee acting in accordance with such instructions shall withdraw
and transfer, the amounts required to be withdrawn from the Note Payment Account
in order to make the following payments or allocations from the Amount Available
for the related Payment Date (in each case, such payment or transfer to be made
only to the extent funds remain available therefor after all prior payments and
transfers for such Payment Date have been made), in the following order of
priority:

          (i) pay to the Indenture Trustee on behalf of the Class A-1
     Noteholders, Class A-2 Noteholders; Class A-3 Noteholders, the Class A-4
     Noteholders and the Class A-5 Noteholders, an amount equal to interest
     accrued in respect of the related Class A-1 Notes, Class A-2 Notes, Class
     A-3 Notes, class A-4 Notes and Class A-5 Notes at the respective Class A-1
     Interest rate, Class A-2 Interest Rate, class A-3 Interest Rate, Class A-4
     Interest Rate and Class A-5 Interest Rate for the Accrual Period
     immediately preceding such Payment Date, together with any such amounts
     that accrued in respect of prior Accrual Periods for which no allocation
     was previously made; provided that if the Amount Available remaining to be
     allocated pursuant to this clause are less than the full amount required to
     be so allocated, such remaining Amount Available shall be allocable to the
     Holders of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
     Notes and Class A-5 Notes pro rata based upon the then-outstanding
     Principal Amount thereof;

          (ii) pay to the Indenture Trustee on behalf of the Class B Noteholders
     an amount equal to the interest accrued thereon at the Class B Interest
     Rate for the Accrual Period immediately preceding such Payment Date,
     together with any amounts that accrued in respect of prior Accrual Periods
     for which no allocation was previously made; provided, that if the Amount
     Available remaining to be allocated pursuant to this clause are less than
     the full amount required to be so paid, such remaining Amount Available
     shall be paid to the Holder of each Class B Note pro rata based on the
     outstanding Principal Amount thereof;

          (iii) pay to the Indenture Trustee on behalf of the Class C
     Noteholders, an amount equal to the interest accrued thereon at the Class C
     Interest Rate for the Accrual Period immediately preceding such Payment
     Date, together with any such amounts that accrued in respect of prior
     Accrual Periods for which no allocation was previously made; provided, that
     if the Amount Available remaining to be allocated pursuant to this clause
     are less than the full amount required to be so paid, such remaining Amount
     Available shall be paid to the Holder of each Class C Note pro rata based
     on the outstanding Principal Amount thereof;

          (iv) pay to the Indenture Trustee on behalf of the Class D
     Noteholders, an amount equal to the interest accrued thereon at the Class D
     Interest Rate for the Accrual Period immediately preceding such Payment
     Date, together with any such amounts that accrued in respect of prior
     Accrual Periods for which no allocation was previously made; provided, that
     if the Amount Available remaining to be allocated pursuant to this clause
     are less than the full amount required to be so paid, such remaining Amount
     Available shall be paid to the Holder of each Class D Note pro rata based
     on the outstanding principal amount thereof;

          (v) pay to the Indenture Trustee, on behalf of the Class A-1
     Noteholders, the Class A-1 Principal Payment Amount for such Payment Date;
     provided (i) that if the Amount Available remaining to be allocated
     pursuant to this clause are less than the full amount required to be so
     paid, such remaining Amount Available shall be allocated to each Class A-1
     Note pro rata based on the outstanding principal amount thereof and (ii) if
     the amount to be allocated pursuant to this clause exceeds the amount
     needed to repay outstanding Class A-1 Note principal in full, then such
     excess shall be applied in repayment of principal on Class A-2 Notes;

          (vi) pay to the Indenture Trustee, on behalf of the Class A-2
     Noteholders, the Class A-2 Principal Payment Amount for such Payment Date;
     provided (i) that if the Amount Available remaining to be allocated
     pursuant to this clause are less than the full amount required to be so
     paid, such remaining Amount Available shall be allocated to each Class A-2
     Note pro rata based on the outstanding principal amount thereof, and (ii)
     if the amount to be allocated pursuant to this clause exceeds the amount
     needed to repay outstanding Class A-2 Note principal in full, then such
     excess shall be applied in repayment of principal on the Class A-3 Notes;

          (vii) pay to the Indenture Trustee, on behalf of the Class A-3
     Noteholders, the Class A-3 Principal Payment Amount for such Payment Date;
     provided (i) that if the Amount Available remaining to be allocated
     pursuant to this clause are less than the full amount required to be so
     paid, such remaining Amount Available shall be allocated to each Class A-3
     Note pro rata based on the outstanding principal amount thereof, and (ii)
     if the amount to be allocated pursuant to this clause exceeds the amount
     needed to repay outstanding Class A-3 Note principal in full, then such
     excess shall be applied in repayment of principal on the Class A-4 Notes;

          (viii) pay to the Indenture Trustee, on behalf of the Class A-4
     Noteholders, the Class A-4 Principal Payment Amount for such Payment Date;
     provided (i) that if the Amount Available remaining to be allocated
     pursuant to this clause are less than the full amount required to be so
     paid, such remaining Amount Available shall be allocated to each Class A-4
     Note pro rata based on the outstanding principal amount thereof, and (ii)
     if the amount to be allocated pursuant to this clause exceeds the amount
     needed to repay outstanding Class A-4 Note principal in full, then such
     excess shall be applied in repayment of principal on the Class A-5 Notes;

          (ix) pay to the Indenture Trustee, on behalf of the Class A-5
     Noteholder, the Class A-5 Principal Payment Amount for such Payment Date,
     provided, that if the Amount Available remaining to be allocated pursuant
     to this clause are less than the full amount required to be paid such
     remaining Amount Available shall be allocated to each Class A-5 Note pro
     rata based on the outstanding principal amount thereof, and (ii) if the
     amount to be allocated pursuant to this clause exceeds the amount needed to
     repay outstanding class A-5 Notes principal in full, then such excess shall
     be applied in repayment of principal on the Class B Notes;

          (x) pay to the Indenture Trustee, on behalf of the Class B
     Noteholders, the Class B Principal Payment Amount for such Payment Date;
     provided (i) that if the Amount Available remaining to be allocated
     pursuant to this clause are less than the full amount required to be so
     paid, such remaining Amount Available shall be allocated to each Class B
     Note pro rata based on the outstanding principal amount thereof, and (ii)
     if the amount to be allocated pursuant to this clause exceeds the amount
     needed to repay outstanding Class B Note principal in full, then such
     excess shall be applied in repayment of principal on the Class C Notes;

          (xi) pay to the Indenture Trustee, on behalf of the Class C
     Noteholders, the Class C Principal Payment Amount for such Payment Date;
     provided (i) that if the Amount Available remaining to be allocated
     pursuant to this clause are less than the full amount required to be so
     paid, such remaining Amount Available shall be allocated to each Class C
     Note pro rata based on the outstanding principal amount thereof, and (ii)
     if the amount to be allocated pursuant to this clause exceeds the amount
     needed to repay outstanding Class C Note principal in full, then such
     excess shall be applied in repayment of principal on the Class D Notes;

          (xii) pay to the Indenture Trustee, on behalf of the Class D
     Noteholders, the Class D Principal Payment Amount for such Payment Date;
     provided that if the Amount Available remaining to be allocated pursuant to
     this clause are less than the full amount required to be so paid, such
     remaining Amount Available shall be allocated to each Class D Note pro rata
     based on the outstanding principal amount thereof;

     (d) On the last Business Day preceding each Payment Date, the Indenture
Trustee shall, in accordance with directions from the Servicer, withdraw from
amounts on deposit in the Cash Collateral Account, and deposit into the
Collection Account, an amount equal to the lesser of the Available Cash
Collateral Amount for such Payment Date and the sum of the following amounts, if
any:

          (i) the amount, if any, by which the Available Pledged Revenues with
     respect to such Payment Date, is less than the amount specified in clauses
     (b)(i)-(viii) of this Section 7.05 (or in the case of a payment after an
     Event of Default in clauses (c) (i) - (iv) of this Section 7.05; plus

          (ii) the Principal Deficiency Amount, if any, for such Payment Date,
     plus

          (iii) with respect to the Stated Maturity Date for any Class of Notes
     or on the first Payment Date on which the Contract Pool Principal Balance
     is less than $1,000,000, the amount, if any, by which the Available Pledged
     Revenues, after payment of all amounts specified in clauses (b)(i) through
     (b)(viii) (or in the event of a payment after an Event of Default clauses
     (c) (i) - (b) (iv) of Section 7.05, is less than (A) in the case of the
     Stated Maturity Date for a Class of Notes, the remaining Principal Balance
     of such Class of Notes, and (B) in the case of the first Payment Date on
     which the Contract Pool Analysis Principal is less than $1,000,000 the
     Principal Amount of all outstanding Notes.

In the event that the Available Pledged Revenues for any Payment Date are less
than the total amount, if any, specified above for such Payment Date, the amount
actually withdrawn by the Trustee shall be applied in the order of priority
specified above, and, within each clause specified above, in the order of
priority specified in Section 7.05(b). The Servicer shall give the Trustee and
the Cash Collateral Account Lenders' Agent notice, at least three Business Days
prior to each Payment Date, of the amounts, if any, specified in clauses (i)
through (iii) above for such Payment Date.

     Section 7.06. Repurchases of, or Substitution for, Contracts for Breach of
Representations and Warranties. Upon a discovery by the Servicer of an
inaccuracy or breach of a representation or warranty set forth in the Schedule
of Representations which has been made or deemed made with respect to a Contract
in the Contract Pool, which inaccuracy or breach materially adversely affects
the Trust's or any Noteholder's or the Equity Certificateholder's interest in
such Contract (without regard to the benefits of Cash Collateral Account, any
reserve fund, over collateralization or other similar enhancement) or the
collectibility thereof (an "Ineligible Contract"), the Servicer shall promptly
notify [ ] thereof. As provided in the Purchase and Sale Agreement and in
accordance with this Section 7.06, [ ] is obligated to repurchase each such
Ineligible Contract, at a repurchase price equal to the Purchase Amount
(determined as of the date such repurchase is to be funded), not later than the
second Deposit Date following the date the Servicer becomes aware of any such
breach or inaccuracy and which breach or inaccuracy has not otherwise been
cured; provided, however, that if [ ] is able to effect a substitution for any
such Ineligible Contract in compliance with Section 2.04, [ ] may, in lieu of
repurchasing such Ineligible Contract, effect a substitution for such Ineligible
Contract with a Substitute Contract not later than the date a repurchase of such
Ineligible Contract would be required hereunder; and provided further, that with
respect to a breach or inaccuracy of any such representations or warranties
relating to the Contract Pool (or all Contracts conveyed on the Closing Date or
Substitution Transfer Date, as the case may be) in the aggregate and not to any
particular Contract, [ ] (or the Servicer acting on its behalf) may select
Contracts (without adverse selection) to repurchase (or substitute for) such
that had such Contracts not been included as part of the related Transferred
Assets (and, in the case of a substitution, had such Substitute Contract been
included as part of the related Transferred Assets instead of the selected
Ineligible Contract) there would have been no breach or inaccuracy of such
representation or warranty. Notwithstanding any other provision of this
Agreement, the obligation of [ ] under the Purchase and Sale Agreement and
described in this Section 7.06 shall not terminate or be deemed released by any
party hereto upon a Servicing Transfer pursuant to Article VIII. The right to
enforce the repurchase or substitution obligation described in this Section
shall constitute the sole remedy of the Trust, the Indenture Trustee, the
Depositor and the Holders with respect to the inaccuracy or breach related to
such Ineligible Contract. The Purchase Amount shall be allocated in accordance
with the Allocation Criteria.

     Section 7.07. Reassignment of Repurchased or Substituted Contracts. Upon
deposit into the Collection Account of the Purchase Amount with respect to an
Ineligible Contract as described in Section 7.06 (or upon the Substitution
Transfer Date related to a Substitute Contract described in Section 7.06), or of
the repurchase price set forth in Section 7.08, the Indenture Trustee shall
release and reassign to [ ] all of the Trust's right and interest in the
repurchased or substituted Contract and related Transferred Assets without
recourse, representation or warranty, and such reassigned Contract shall no
longer thereafter be included in any calculations of Contract Principal Balances
required to be made hereunder or otherwise be deemed a part of the Trust Assets.

     Section 7.08. [ ] and Depositor's Repurchase Option. As provided in the
Purchase and Sale Agreement, on written notice to the Indenture Trustee at least
twenty (20) days prior to a Payment Date, and provided that the aggregate
Principal Amount of Notes outstanding is then less than 10% of the Initial
Contract Pool Principal Balance, [ ], through the Depositor, may (but is not
required to) repurchase from the Trust on that Payment Date all outstanding
Contracts in the Contract Pool at a price equal to the sum of (a) the aggregate
outstanding Principal Amount of the Notes (other than the Equity Certificate)
plus accrued unpaid interest thereon as of the current Payment Date, and (b) the
amount of unreimbursed Servicer Advances (if any) as well as accrued and unpaid
monthly Servicing Fees to the date of such repurchase plus (c) any other amounts
that would otherwise be payable from Pledged Revenues on such Payment Date
(assuming sufficient Pledged Revenues were available to effect such payments)
pursuant to Article VII, minus (d) Pledged Revenues and other Available Pledged
Revenues on deposit in the Collection Account and available to make such
payments on such Payment Date. Such price is to be deposited in the Collection
Account not later than the Deposit Date preceding such Payment Date, against the
Indenture Trustee's and Depositor's release of the Contract Assets and the
related Contract Files to [ ].

                                  ARTICLE VIII

                      SERVICER DEFAULTS; SERVICING TRANSFER

     Section 8.01. Servicer Default. "Servicer Default" means the occurrence of
any of the following:

     (a) any failure by the Servicer to make any payment, transfer or deposit or
to give instructions or notice to the Owner Trustee or the Indenture Trustee to
make any payment, transfer or deposit, or to deliver the Monthly Report pursuant
to this Agreement, which failure continues unremedied for a period of five (5)
Business Days after the first to occur of (i) written notice from the Owner
Trustee or the Indenture Trustee of such failure shall have been given to the
Servicer, or (ii) the date the Servicer becomes aware thereof; or

     (b) failure on the part of the Servicer duly to observe or perform any
other covenants or agreements of the Servicer set forth in this Agreement which
has a material adverse effect on the Noteholders or the Equity
Certificateholder, which continues unremedied for a period of thirty (30) days
after the first to occur of (i) the date on which written notice of such failure
requiring the same to be remedied shall have been given to the Servicer by and
the Indenture Trustee or to the Servicer and the Indenture Trustee by the
Noteholders or the Equity Certificateholder or the Indenture Trustee on behalf
of such Noteholders of Notes aggregating not less than 25% of the Principal
Amount of any Class adversely affected thereby, and (ii) the date on which the
Servicer becomes aware thereof, and such failure continues to materially
adversely affect the Noteholders or the Equity Certificateholders for such
period; or

     (c) any representation, warranty or certification made by the Servicer in
this Agreement or in any certificate delivered pursuant hereto shall prove to
have been incorrect when made, which has a material adverse effect on the
Noteholders or Equity Certificateholder and which continues to be incorrect in
any material respect for a period of thirty (30) days after the first to occur
of (i) the date on which written notice of such incorrectness requiring the same
to be remedied shall have been given to the Servicer and the Owner Trustee by
the Indenture Trustee, or to the Servicer, the Owner Trustee and the Indenture
Trustee by Noteholders or the Equity Certificateholders or by the Indenture
Trustee on behalf of Noteholders of Notes aggregating not less than 25% of the
Principal Amount of any Class adversely affected thereby, and (ii) the date on
which the Servicer becomes aware thereof, and such incorrectness continues to
materially adversely affect the Noteholders or Equity Certificateholders for
such period; or

     (d) an Insolvency Event shall occur with respect to the Servicer.

     Notwithstanding the foregoing, a delay in or failure of performance
referred to under clause (a) above for a period of five (5) Business Days or
referred to under clause (b) or (c) for a period of sixty (60) days (in addition
to any period provided in (a), (b) or (c)) shall not constitute a Servicer
Default until the expiration of such additional five (5) Business Days or sixty
(60) days, respectively, if such delay or failure could not be prevented by the
exercise of reasonable diligence by the Servicer and such delay or failure was
caused by an act of God or other similar occurrences. Upon the occurrence of any
such event the Servicer shall not be relieved from using its best efforts to
perform its obligations in a timely manner in accordance with the terms of this
Pooling Agreement and the Servicer shall provide the Owner Trustee, the
Indenture Trustee and the Depositor prompt notice of such failure or delay by
it, together with a description of its efforts to so perform its obligations.
The Servicer shall promptly notify the Indenture Trustee in writing of any
Servicer Default.

     Section 8.02. Servicing Transfer. (a) If a Servicer Default has occurred
and is continuing, the Required Holders, or (y) the Indenture Trustee may, by
written notice (a "Termination Notice") delivered to the parties hereto,
terminate all (but not less than all) of the Servicer's rights and obligations
under this Pooling Agreement with respect to the Trust Assets.

     (b) Upon delivery of the Termination Notice (or, if later, on a date
designated therein), and on the date that a successor Servicer shall have been
appointed pursuant to Section 8.03 (such appointment being herein called a
"Servicing Transfer"), all rights, benefits, fees, indemnities, authority and
power of the Servicer under this Pooling Agreement, whether with respect to the
Contracts in the Contract Pool, the Contract Files or otherwise, shall pass to
and be vested in such successor (the "Successor Servicer") pursuant to and under
this Section 8.02; and, without limitation, the Successor Servicer is authorized
and empowered to execute and deliver on behalf of the Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do any and all acts or things necessary or appropriate to effect the purposes
of such notice of termination. The Servicer agrees to cooperate with the
Successor Servicer in effecting the termination of the responsibilities and
rights of the Servicer under this Pooling Agreement, including, without
limitation, the transfer to the Successor Servicer for administration by it of
all cash amounts which shall at the time be held by the Servicer for deposit, or
have been deposited by the Servicer, in the Collection Account, or for its own
account in connection with its services hereafter or thereafter received with
respect to the Contracts in the Contract Pool. The Servicer shall transfer to
the Successor Servicer (i) all records held by the Servicer relating to such
Contracts in such electronic form as the Successor Servicer may reasonably
request and (ii) any related Contract Files in the Servicer's possession. In
addition, the Servicer shall permit access to its premises (including all
computer records and programs) to the Successor Servicer or its designee, and
shall pay the reasonable transition expenses of the Successor Servicer. Upon a
Servicing Transfer, the Successor Servicer shall also be entitled to receive the
Servicing Fee for performing the obligations of the Servicer.

     Section 8.03. Appointment of Successor Servicer; Reconveyance; Successor
Servicer to Act. Upon delivery of the Termination Notice (or, if later, on a
date designated therein), the Servicer shall continue to perform all servicing
functions under this Pooling Agreement until the date specified in the
Termination Notice or, if no such date is specified, until a date mutually
agreed by the Servicer and the Indenture Trustee. The Indenture Trustee shall as
promptly as possible after the giving of or receipt of a Termination Notice,
appoint a Successor Servicer, and such Successor Servicer shall accept its
appointment by a written assumption and by delivery of an opinion of counsel to
the Successor Servicer relating to corporate matters and enforceability, in each
case in a form acceptable to the Indenture Trustee and the Owner Trustee. In
effecting such appointment, the Indenture Trustee shall seek bids from potential
servicers which are established financial institutions each having a net worth
of at least $50,000,000 and whose regular business includes the servicing of
contracts similar to the Contracts in the Contract Pool.

     In the event that a Successor Servicer has not been appointed and has not
accepted its appointment within 60 days of the delivery of a Termination Notice,
then the Indenture Trustee shall offer the Depositor, and the Depositor shall
offer the [ ], the right to accept retransfer of all the Trust Assets, and such
party may accept retransfer of such Trust Assets in consideration of the
Depositor's delivery to the Collection Account on or prior to the next upcoming
Payment Date of a sum equal to the Aggregate Principal Amount of all Notes then
outstanding, together with accrued and unpaid interest thereon through such date
of deposit; provided, that the Indenture Trustee, if so directed by, the
Required Holders, need not accept and effect such reconveyance in the absence of
evidence (which may include valuations of an investment bank or similar entity)
reasonably acceptable to such Indenture Trustee or Required Holders that such
retransfer would not constitute a fraudulent conveyance of the Depositor or [ ];
provided, further, [ ] may not accept such retransfer unless it shall have
delivered to each Rating Agency an Opinion of Counsel that such retransfer would
not constitute a fraudulent conveyance of the Depositor or the Seller or that
such retransfer would not constitute a preferential payment by the Depositor or
[ ].

     In the event that a Successor Servicer has not been appointed and has not
accepted its appointment at the time when the then Servicer has ceased to act as
Servicer, the Indenture Trustee without further action shall automatically be
appointed the Successor Servicer. Notwithstanding the foregoing, if the
Indenture Trustee is legally unable or prohibited from so acting, it shall
petition a court of competent jurisdiction to appoint any established financial
institution having a net worth of at least $50,000,000 and whose regular
business includes the servicing of contracts similar to the Contracts in the
Contract Pool as the Successor Servicer hereunder. On or after a Servicing
Transfer, the Successor Servicer shall be the successor in all respects to the
Servicer in its capacity as servicer under this Pooling Agreement, and the
transactions set forth or provided for in this Pooling Agreement, and shall be
subject to all the responsibilities, duties and liabilities relating thereto
placed on the Servicer by the terms and provisions hereof, and the terminated
Servicer shall be relieved of such responsibilities, duties and liabilities
arising after such Servicing Transfer; provided, however, that the Successor
Servicer shall not be liable for any acts or omissions of the departing Servicer
occurring prior to such Servicer Servicing Transfer or for any breach by the
departing Servicer of any of its representations and warranties contained in
this Pooling Agreement or in any related or Transaction Document or other
agreement. As compensation therefor, the Successor Servicer shall be entitled to
receive the Servicing Fee. The Trust, the Noteholders and the Equity
Certificateholders, the Indenture Trustee and such successor shall take such
action, consistent with this Pooling Agreement, as shall be necessary to
effectuate any such succession. To the extent the terminated Servicer has made
Servicer Advances, it shall be entitled to reimbursement of the same
notwithstanding its termination hereunder, to the same extent as if it had
continued to service the Trust Assets hereunder. In addition, it is understood
and agreed that if an Event of Default has occurred and a Servicer Transfer is
being effected by action of the Indenture Trustee hereunder, any documented
expenses reasonably incurred by the Indenture Trustee in connection with
effecting such Servicer Transfer shall be deemed expenses reimbursable from
Available Pledged Revenues after an Event of Default pursuant to Section
7.05(b)(i) hereof and Section 5.06(a)(i) of the Indenture.

     Section 8.04. Notifications to Noteholders and the Equity
Certificateholders. (a) Promptly following the occurrence of any Servicer
Default, the Servicer shall give written notice thereof to the Trustees, the
Depositor and each Rating Agency at the addresses described in Section 11.04 and
to the Noteholders and Equity Certificateholder at their respective addresses
appearing on the Note Register and the Certificate Register, respectively.

     (b) Within ten (10) days following any termination or appointment of a
Successor Servicer pursuant to this Article VIII, the Indenture Trustee shall
give written notice thereof to each Rating Agency and the Depositor at the
addresses described in Section 11.04, and to the Noteholders and the Equity
Certificateholder at their respective addresses appearing on the Note Register
and the Certificate Register, respectively.

     Section 8.05. Effect of Transfer. (a) After a Servicing Transfer, the
terminated Servicer shall have no further rights or obligations under this
Pooling Agreement, including, without limitation, with respect to the
management, administration, servicing, custody or collection of the Trust
Assets, and the Successor Servicer appointed pursuant to Section 8.03 shall have
all of such obligations, except that the terminated Servicer will transmit or
cause to be transmitted directly to the Successor Servicer for its own account,
promptly on receipt and in the same form in which received, any amounts or items
(properly endorsed where required for the Successor Servicer to collect them)
received as payments upon or otherwise in connection with the Contracts in the
Contract Pool.

     (b) A Servicing Transfer shall not affect the rights and duties of the
parties to this Pooling Agreement (including but not limited to the indemnities
of the departing Servicer) other than those relating to the management,
administration, servicing, custody or collection of the Contracts in the
Contract Pool and related Transferred Assets.

     Section 8.06. Database File. The Servicer will provide the Successor
Servicer with a magnetic tape containing the database file for each Contract in
the Contract Pool on and as of the Business Day before the actual commencement
of servicing functions by the Successor Servicer following the occurrence of a
Servicer Default.

     Section 8.07. Successor Servicer Indemnification. The departing Servicer
shall defend, indemnify and hold the Successor Servicer and any officers,
directors, employees or agents of the Successor Servicer harmless against any
and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments and any other costs, fees, and expenses that the
Successor Servicer may sustain in connection with the claims asserted at any
time by third parties against the Successor Servicer which result from (i) any
willful or grossly negligent act taken or omission by the departing Servicer or
(ii) a breach of any representations of the departing Servicer in Section 3.02.
The indemnification provided by this Section 8.07 shall survive (a) a Servicing
Transfer and/or (b) the termination of this Agreement.

     Section 8.08. Responsibilities of the Successor Servicer. The Successor
Servicer will not be responsible for delays attributable to the departing
Servicer's failure to deliver information, defects in the information supplied
by the departing Servicer or other circumstances beyond the control of the
Successor Servicer.

     The Successor Servicer will make arrangements with the departing Servicer
for the prompt and safe transfer of, and the departing Servicer shall provide to
the Successor Servicer, all necessary servicing files and records, including (as
deemed necessary by the Successor Servicer at such time): (i) microfiche loan
documentation, (ii) servicing system tapes, (iii) Contract payment history, (iv)
collections history and (v) the trial balances, as of the close of business on
the day immediately preceding conversion to the Successor Servicer, reflecting
all applicable Contract Pool information. The departing Servicer shall be
obligated to pay the costs associated with the transfer of the servicing files
and records to the Successor Servicer.

     The Successor Servicer shall have no responsibility and shall not be in
default hereunder nor incur any liability for any failure, error, malfunction or
any delay in carrying out any of its duties under this Pooling Agreement if any
such failure or delay results from the Successor Servicer acting in accordance
with information prepared or supplied by a Person other than the Successor
Servicer or the failure of any such Person to prepare or provide such
information. The Successor Servicer shall have no responsibility, shall not be
in default and shall incur no liability (i) for any act or failure to act by any
third party, including the departing Servicer, the Depositor or the Trustees or
for any inaccuracy or omission in a notice or communication received by the
Successor Servicer from any third party or (ii) which is due to or results from
the invalidity or unenforceability of any Contract under applicable law or the
breach or the inaccuracy of any representation or warranty made with respect to
any Contract.

     Any Successor Servicer which assumes the role of Successor Servicer
hereunder shall be entitled to the benefits of (and subject to the provisions
of) Section 5.05 concerning delegation of duties to subservicers.

                [remainder of this page intentionally left blank]

                                   ARTICLE IX

                               SERVICER REPORTING

     Section 9.01. Monthly Reports. With respect to each Payment Date and the
related Collection Period, the Servicer will provide to each Trustee, and each
Rating Agency, on the related Determination Date, a monthly statement (a
"Monthly Report") substantially in the form of Exhibit D hereto. On each Payment
Date, the Indenture Trustee will forward to each Noteholder a copy of the
Monthly Report for the related Collection Period. The parties hereto acknowledge
that the Indenture Trustee has no obligation to verify the accuracy of the
Monthly Report.

     Section 9.02. Officer's Certificate. Each Monthly Report delivered pursuant
to Section 9.01 shall be accompanied by a certificate of a Servicing Officer
certifying the accuracy of the Monthly Report.

     Section 9.03. Other Data. In addition, the Servicer shall, upon the request
of any Trustees, or any Rating agency, furnish such Trustee or Rating agency, as
the case may be, such Managing Agent such underlying data used to generate a
Monthly Report as may be reasonably requested.

     Section 9.04. Annual Reporting; Evidence as to Compliance. The Servicer
shall cause a firm of nationally recognized independent accountants (the
"Independent Accountants"), who may also render other services to the Servicer
or its Affiliates, to deliver to the Trustees and each Rating agency, on or
before March 31 (or ninety (90) days after the end of the Servicer's fiscal
year, if other than December 31) of each year, beginning on March 31, [ ], with
respect to the twelve months ended the immediately preceding December 31 or
other applicable date), a report addressed to the Board of Directors of the
Servicer and to the Trustees (the "Accountant's Report") to the effect that such
Independent Accountants have, at the request of the Servicers, (i) audited the
financial statements of the Servicer (or, if the Servicer is a wholly-owned
subsidiary of another entity, the financial statements of such parent entity)
and issued an opinion thereon and that such audit was made in accordance with
generally accepted auditing standards as in effect in the jurisdiction of the
entity being audited, which require that such Independent Accountants plan and
perform the audit to obtain reasonable assurance as to whether the financial
statements of the Servicer (or its parent, as applicable) are free of material
misstatement, and (ii) with respect to the immediately prior year's public
securitization transactions involving similar contracts and assets, examined
management's assertion that the Servicer maintained effective control over the
servicing of such assets, in accordance with established or stated criteria, and
providing a report thereon, as well as confirming that such examination was
performed in accordance with standards established by the American Institute of
Certified Public Accountants. A copy of the Accountant's Report may be obtained
by any Securityholder by a request in writing to the Indenture Trustee, in the
case of a Noteholder, or in the case of a Certificateholder, addressed to its
respective Corporate Trust Office.

     Section 9.05. Annual Statement of Compliance from Servicer. The Servicer
will deliver to the Trustees, and each of the Rating Agencies, on or before
March 31 of each year commencing March 31, [ ], an Officer's Certificate stating
that (a) a review of the activities of the Servicer during the prior calendar
year and of its performance under the Pooling Agreement was made under the
supervision of the officer signing such certificate and (b) to such officer's
knowledge, based on such review, the Servicer has fully performed or cause to be
performed in all material respects all its obligations under the Pooling
Agreement and no Servicer Default has occurred or is continuing, or, if there
has been a Servicer Default, specifying each such default known to such officer
and the nature and status thereof and the steps being taken or necessary to be
taken to remedy such event.

     A copy of such certificate may be obtained by any Noteholder or the Equity
Certificateholder by a request in writing to the Indenture Trustee, with respect
to any Noteholder, or the Owner Trustee, with respect to the Equity
Certificateholder.

                                    ARTICLE X

                                   TERMINATION

     Section 10.01. Sale of Trust Assets. (a) Upon any transfer of Trust Assets
pursuant to Section 10.02 of the Trust Agreement, the Servicer shall instruct
the Indenture Trustee to deposit the proceeds from such transfer after all
payments and reserves therefrom have been made (the "Insolvency Proceeds") into
the Collection Account. On the Payment Date on which the Insolvency Proceeds are
deposited in such Collection Account (or, if such proceeds are not so deposited
on a Payment Date, on the Payment Date immediately following such deposit), the
Servicer shall instruct the Indenture Trustee to allocate and apply the
Insolvency Proceeds as if (and in the same order of priority as) the Insolvency
Proceeds were Pledged Revenues being allocated and distributed on such date
pursuant to this Pooling Agreement.

     (b) Notice of any termination of the Trust shall be given by the Servicer
to the Owner Trustee and the Indenture Trustee as soon as practicable after the
Servicer has received notice thereof.

     (c) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the Equity
Certificateholder will succeed to the rights of the Noteholders hereunder.

                [remainder of this page intentionally left blank]

                                   ARTICLE XI

                                  MISCELLANEOUS

     Section 11.01. Amendments. (a) This Pooling Agreement may be amended by the
parties signatory hereto, with the consent of the Required Holders, to cure any
ambiguity, to correct or supplement any provisions in this Agreement which are
inconsistent with other provisions herein, or to add any other provisions with
respect to matters or questions arising under this Agreement that shall not be
inconsistent with the provisions thereof.

     (b) This Pooling Agreement may also be amended from time to time by the
parties signatory hereto, with the consent of the Required Holders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions thereof or of modifying in any manner the rights of the
Noteholders or the Equity Certificateholder; provided, however, that no such
amendment shall (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of Pledged Revenues of payments on the Trust
Assets or payments that shall be required to be made on any Note or the Equity
Certificate (including by way of amendment of related definitions), or (B) the
manner in which the Cash Collateral Account is applied; or (ii) change in any
manner (including through amendment of related definitions), the Noteholders and
the Equity Certificateholders which are required to consent to any such
amendment; or (iii) make any Note or the Equity Certificate payable in money
other than Dollars, without the consent of the Noteholders and the Equity
Certificateholders of all Notes of the relevant affected Class then outstanding
and the Equity Certificateholder, if affected; or (iv) change in any manner the
duties of the Indenture Trustee under this Agreement without its written
consent, (in any such case).

     (c) Prior to the execution of any such amendment or consent, the Indenture
Trustee shall furnish written notification of the substance of such amendment or
consent, together with a copy thereof, to each Rating Agency.

     (d) Promptly after the execution of any such amendment or consent, the
Indenture Trustee, shall furnish written notification of the substance of such
amendment or consent to each Noteholder and the Equity Certificateholder,
respectively. It shall not be necessary for the consent of Noteholders and the
Equity Certificateholder pursuant to Section 11.01(b) 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 of evidencing the authorization by Noteholders and the Equity
Certificateholder of the execution thereof shall be subject to such reasonable
requirements as the Indenture Trustee may prescribe.

     (e) Trustee shall be entitled to receive and rely upon an Opinion of
Counsel stating that the execution of such amendment on behalf of the Trust is
authorized or permitted by this Pooling Agreement, and that all conditions
precedent to such execution as set forth herein have been satisfied. The
Trustees may, but shall not be obligated to, enter into any such amendment which
affects the Trustees' own rights, duties or immunities under this Pooling
Agreement or otherwise.

     (f) Notwithstanding anything to the contrary in the foregoing provisions of
this Section 11.01, (a) the Depositor or the Servicer, acting on behalf of the
Depositor, may request each rating agency to approve a formula for determining
the Required Cash Collateral amount that is different from the formula or result
determined from the current definition thereof contained herein so as to result
in a decrease in the amount of the Required Cash Collateral amount or the manner
by which such Cash Collateral Account is funded. If each Rating Agency delivers
to the Indenture Trustee and Owner Trustee a written notice or letter satisfying
the Rating Agency condition in connection with such change, then the Required
Cash Collateral amount will be theretofore determined in accordance with such
changed formula or manner of funding, and an amendment to this Agreement
effecting such change may be executed without the consent of any Noteholder and
the Equity Certificateholder.

     Section 11.02. [Reserved].

     Section 11.03. Governing Law. This Pooling Agreement shall be construed in
accordance with the laws of the State of New York and the obligations, rights,
and remedies of the parties under this Pooling Agreement shall be determined in
accordance with such laws, except that the duties of the Owner Trustee shall be
governed by the laws of the State of Delaware.

                     [remainder of page intentionally blank]

     Section 11.04. Notices. All notices, demands, certificates, requests and
communications hereunder ("notices") shall be in writing and shall be effective
(a) upon receipt when sent through the U.S. mails, registered or certified mail,
return receipt requested, postage prepaid, with such receipt to be effective the
date of delivery indicated on the return receipt, or (b) one (1) Business Day
after delivery to an overnight courier, or (c) on the date personally delivered
to an authorized officer of the party to which sent, or (d) on the date
transmitted by legible telefax transmission with a confirmation of receipt, in
all cases addressed to the recipient as follows:

     (i)      If to the Servicer:

              [                                                    ]
              [                                                    ]
              [                                                    ]
              Fax No.:  [                      ]
              Telephone No.:  [                      ]

              with a copy to:

              [                                                  ]
              [                                                  ]
              [                                                  ]
              Fax No.:  [                      ]
              Telephone No.:  [                      ]

     (ii)     If to the Depositor:

              ACE Securities Corp.
              [                                   ]
              [                                   ]
              Attention:  [                             ]
              Fax No.:  [                      ]
              Telephone No.:  [                      ]

      (iii)   If to the Indenture Trustee:

              [                                   ]
              [                                   ]
              [                                   ]
              Attention: [                    ]
              Fax No.:  [                         ]
              Telephone No.:  [                     ]

     (iv)     If to a Financing Originator:

              At the address, telephone and fax information set forth for such
              Financing Originator in the Conveyancing Agreement (for
              [                ] Financing Originators) or the Purchase and
              Sale Agreement (for [                     ])

     (v)      If to [                     ]:

              [                                   ]
              [                                   ]
              [                                   ]
              Attention: [                    ]
              Fax No.:  [                         ]
              Telephone No.:  [                     ]

     (vi)     If to the Owner Trustee:

              [                       ]
              Attention:  Corporate Trust Administration
              Fax No.:
              Telephone No.:

              with a copy to:

              [                             ]
              Attention: [                    ]
              Fax No.:  [                         ]
              Telephone No.:  [                     ]

Each party hereto may, by notice given in accordance herewith to each of the
other parties hereto, designate any further or different address to which
subsequent notices shall be sent.

     Section 11.05. Severability of Provisions. If one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Notes or the
Equity Certificateholders or the rights of the holders thereof.

     Section 11.06. Third Party Beneficiaries. Except as otherwise specifically
provided herein, the parties hereto hereby manifest their intent that no third
party shall be deemed a third party beneficiary of this Agreement, and
specifically that Obligors are not third party beneficiaries of this Agreement;
provided, that the Owner Trustee shall be a third party beneficiary of this
Agreement for purposes of the fee and indemnification provisions hereof.

     Section 11.07. Counterparts. This Agreement may be executed in several
counterparts, each of which shall be an original and all of which shall together
constitute but one and the same instrument.

     Section 11.08. 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 11.09. No Bankruptcy Petition; Disclaimer and Subordination.

     (a) Each of the Servicer, the Owner Trustee and each Noteholder and the
Equity Certificateholder (by acceptance of the applicable Notes or the Equity
Certificate) covenants and agrees that it will not institute against the
Depositor, or the Trust, or solicit or join in or cooperate with or encourage
any other Person in instituting against the Depositor or the Trust, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other similar proceedings under the laws of the United States or any state of
the United States.

     (b) Consistent with the provisions in Section 1.07 of the Trust Agreement
and Section 6.16 hereof, the Trust, as well as each Noteholder and the Equity
Certificateholder by accepting a Note or the Equity Certificate, acknowledges
and agrees that such Note or the Equity Certificate represents a beneficial
interest in the Trust and Trust Assets only and does not represent an interest
in any assets (other than the Trust Assets) of the Depositor (including by
virtue of any deficiency claim in respect of obligations not paid or otherwise
satisfied from the Trust Assets and proceeds thereof). In furtherance of and not
in derogation of the foregoing, to the extent the Depositor enters into other
securitization transactions as contemplated in Section 6.07, the Trust as well
as each Noteholder and the Equity Certificateholder by accepting a Note or
Certificate acknowledges and agrees that it shall have no right, title or
interest in or to any assets (or interests therein) (other than Trust Assets)
conveyed or purported to be conveyed by the Depositor to another securitization
trust (i.e., other than the Issuer) or other Person or Persons in connection
therewith (whether by way of a sale, capital contribution or by virtue of the
granting of a Lien) ("Other Assets"). To the extent that, notwithstanding the
agreements and provisions contained in the preceding sentences of this
subsection, the Trust, or any Noteholder and the Equity Certificateholder,
either (i) asserts an interest in or claim to, or benefit from, Other Assets,
whether asserted against or through the Depositor or any other Person owned by
the Depositor, or (ii) is deemed to have any such interest, claim or benefit in
or from Other Assets, whether by operation of law, legal process, pursuant to
applicable provisions of Insolvency Laws or otherwise (including without
limitation by virtue of Section 1111(b) of the federal Bankruptcy Code or any
successor provision having similar effect under the Bankruptcy Code), and
whether deemed asserted against or through the Depositor or any other Person
owned by the Depositor, then the Trust and each Noteholder and the Equity
Certificateholder by accepting a Note or the Equity Certificate further
acknowledges and agrees that any such interest, claim or benefit in or from
Other Assets is and shall be expressly subordinated to the indefeasible payment
in full of all obligations and liabilities of the Depositor which, under the
terms of the relevant documents relating to the securitization of such Other
Assets, are entitled to be paid from, entitled to the benefits of, or otherwise
secured by such Other Assets (whether or not any such entitlement or security
interest is legally perfected or otherwise entitled to a priority of payment or
application under applicable law, including Insolvency Laws, and whether
asserted against the Depositor or any other Person owned by the Depositor),
including, without limitation, the payment of post-petition interest on such
other obligations and liabilities. This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. Each Noteholder and the Equity Certificateholder further acknowledges and
agrees that no adequate remedy at law exists for a breach of this Section 11.09
and that the terms and provisions of this Section 11.09 may be enforced by an
action for specific performance.

     (c) The provisions of this Section 11.09 shall be for the third party
benefit of those entitled to rely thereon and shall survive the termination of
this Agreement.

     Section 11.10. Jurisdiction. Any legal action or proceeding with respect to
this Agreement may be brought in the courts of the United States for the
Southern District of New York, and by execution and delivery of this Agreement,
each party hereto consents, for itself and in respect of its property, to the
non-exclusive jurisdiction of those courts. Each such party irrevocably waives
any objection, including any objection to the laying of venue or based on the
grounds of forum non conveniens, which it may now or hereafter have to the
bringing of any action or proceeding in such jurisdiction in respect of this
Agreement or any document related hereto.

     Section 11.11. Tax Characterization. Notwithstanding the provisions of
Section 2.01 and Section 2.04 hereof, the Depositor and Owner Trustee agree that
pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii), the Trust is to
be disregarded as a separate entity from the Depositor for federal income tax
purposes.

     Section 11.12. Servicer Indemnity. The Servicer will indemnify the
Depositor, the Trust, the Securityholders and the Indenture Trustees, and any of
their officers, directors, employees or agents (each an "Indemnified Party")
from and against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments and any other costs, fees and expenses
that any Indemnified Party may sustain in connection with claims asserted by
third parties against such Indemnified Party which result from any act or
omission on the part of the Servicer with respect to the Trust Assets or its
duties and obligations under this Pooling Agreement, except where such claims
arise out of any willful misconduct, gross negligence or bad faith on the part
of such Indemnified Party. Indemnification under this Section shall survive the
resignation or removal of the Owner Trustee or Indenture Trustee, as the case
may be, and the termination of the Trust Agreement or this Pooling Agreement.

     Section 11.13. Limitation of Liability of Owner Trustee.

     Notwithstanding anything contained herein to the contrary, the Agreement
has been executed by [ ], not in its individual capacity but solely in its
capacity as Owner Trustee of the Issuer and in no event shall [ ] in its
individual capacity or any beneficial owner of the Issuer have any liability for
the representations, warranties, covenants, agreements or other obligations of
the Issuer hereunder, as to all of which recourse shall be had solely to the
assets of the Issuer. For all purposes of this Agreement, in the performance of
any duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Articles VI, VII and VIII of the Trust Agreement.

     Section 11.14. WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES
ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OTHER TRANSACTION
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION,
PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST
ANY OTHER PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR
OTHERWISE. THE PARTIES HERETO EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION
SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING,
EACH OF THE PARTIES HERETO FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL
BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR
OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OF
THIS AGREEMENT OR A TRANSACTION DOCUMENT OR ANY PROVISION HEREOF OR THEREOF.
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, AMENDMENTS AND
RESTATEMENTS, OR MODIFICATIONS TO THIS AGREEMENT OR ANY OTHER TRANSACTION
DOCUMENT.

     Section 11.15. Third Party Beneficiary. The Owner Trustee shall be a third
party beneficiary of this Agreement.

                     [remainder of page intentionally blank]

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

                          [                                                   ]

                          By:      [                             ], not in its
                                   individual capacity but solely as Owner
                                   Trustee on behalf of the Trust

                                   By:
                                            [                         ]
                                            Printed Name:
                                            [                         ]
                                            Title:
                                            [                         ]

                                  ACE Securities Corp., as Depositor

                                   By:
                                            [                         ]
                                            Printed Name:
                                            [                                ]
                                            Title:
                                            [                         ]

                                            [                         ]

                                   By:
                                            [                         ]
                                            Printed Name:
                                            [                                ]
                                            Title:
                                            [                         ]

                                            [                         ]
                                            in its individual capacity and
                                            as Servicer

                                   By:
                                            [                         ]
                                            Printed Name:
                                            [                                ]
                                            Title:
                                            [                         ]

                                    EXHIBIT A

                           Form of Transfer Agreement

                               TRANSFER AGREEMENT

     This TRANSFER AGREEMENT, dated [ ], is by and between ACE Securities Corp.,
as Depositor and transferor, and [ ] Equipment Trust Securities [ ], as
transferee with respect to the conveyance evidenced hereby.

     WHEREAS, the parties named above are each parties to the Pooling and
Servicing Agreement dated as of [ ] (as from time to time amended, supplemented
or otherwise modified, the "PSA"); and

     WHEREAS, pursuant to the PSA, the Depositor wishes to effect conveyances of
Transferred Assets (including the Contracts identified on the Schedule of
Contracts attached hereto), in each case in the manner and to the effect
described in Article II of the PSA;

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
set forth herein and in the PSA, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto agree as
follows:

     1. Definitions. All terms defined in the PSA (whether directly or by
reference to other documents) shall have such defined meanings when used herein,
unless such terms are otherwise defined herein.

     2. Specification of Cutoff Date and Transfer Date.

     (a) The "Cutoff Date" applicable to the Contracts conveyed hereby is [ ].

     (b) The "Transfer Date" with respect to the conveyances effected hereby is
[ ].

     3. Conveyances. Subject to the terms and conditions provided for in the
PSA, the Depositor hereby make the assignments and conveyances specified in
Article II of the PSA as being effected by execution and delivery of this
Transfer Agreement, in each case (i) with respect to the Transferred Assets
related to and consisting in part of the Contracts and related Contract Assets
identified on the Schedule of Contracts attached hereto, and (ii) in the manner
and to the effect described in Article II of the PSA.

     4. Incorporation of PSA. This Transfer Agreement is made pursuant to and
upon the representations, warranties and agreements on the part of the parties
hereto contained in the PSA and shall be governed in all respects by the PSA.

     5. Ratification of PSA. As supplemented by this Transfer Agreement, the PSA
is in all respects ratified and confirmed by the parties hereto.

     6. Counterparts. This Transfer Agreement may be executed in two or more
counterparts including by telefax transmission thereof (and by different parties
on separate counterparts), each of which shall be an original, but all of which
together shall constitute one and the same instrument.

     7. Governing Law. This Transfer Agreement shall be governed by, and
construed and enforced in accordance with, the internal laws of the State of New
York.

     8. Reaffirmation. As provided in Section 2.02 of the PSA, by delivery of
this Transfer Agreement the Depositor confirms that the conditions to transfer
set forth in Section 2.02 have been satisfied or otherwise waived as described
therein.

                               [signatures follow]

     IN WITNESS WHEREOF, the parties hereto have caused this Transfer Agreement
to be executed by their respective officers thereunto duly authorized as of the
date first written above.

ACE Securities Corp.,      [ ] Equipment Trust Securities [ ]
as Depositor

                           By:  [                     ], not in its individual
                                capacity but solely as Owner Trustee on behalf
                                of the Trust

By:    [                       ]          By: [                             ]
Printed Name:  [                ]     Printed Name:    [                    ]
Title:  [                       ]     Title:       [                        ]

                                                                     EXHIBIT B

                                   [Reserved]

                                                                     EXHIBIT C

                          Initial Schedule of Contracts

                                                                     EXHIBIT D

                        Form of Servicer's Monthly Report

                                                                     EXHIBIT E

                     Form of Substitution Transfer Agreement

                         SUBSTITUTION TRANSFER AGREEMENT

     This SUBSTITUTION TRANSFER AGREEMENT, dated [ ], is by and between ACE
Securities Corp., as Depositor and transferor, and [ ] Equipment Trust
Securities [ ], as transferee with respect to the conveyances evidenced hereby.

     WHEREAS, the parties named above are each parties to the Pooling and
Servicing Agreement dated as of [ ] (as from time to time amended, supplemented
or otherwise modified, the "PSA"); and

     WHEREAS, pursuant to the PSA, the Depositor wishes to effect conveyances of
the Substitute Contracts (together with related Substitute Transferred Assets),
identified on the Substitution Schedule of Contracts attached hereto, in each
case in the manner and to the effect described in Article II of the PSA; and

     WHEREAS, the Servicer has delivered or caused to be delivered a
Substitution Notice with respect to such conveyance as required in the Pooling
Agreement referred to in Section 2 below;

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
set forth herein and in the PSA, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto agree as
follows:

     1. Definitions. All terms defined in the PSA (whether directly or by
reference to other documents) shall have such defined meanings when used herein,
unless such terms are otherwise defined herein.

     2. Specification of Cutoff Date and Transfer Date.

          (a) The "Substitution Cutoff Date" applicable to the Substitute
     Contracts conveyed hereby is [ ].

          (b) The "Substitution Transfer Date" with respect to the conveyances
     effected hereby is [ ]

     3. Conveyances. Subject to the terms and conditions provided for in the
PSA, the Depositor hereby makes the assignments and conveyances specified in
Article II of the PSA as being effected by execution and delivery of this
Substitution Transfer Agreement, in each case (i) with respect to the Substitute
Contracts (together with related Substitute Transferred Assets) identified on
the Substitution Schedule of Contracts attached hereto, and (ii) in the manner
and to the effect described in Article II of the PSA.

     4. Incorporation of PSA. This Substitution Transfer Agreement is made
pursuant to and upon the representations, warranties and agreements on the part
of the parties hereto contained in the PSA and shall be governed in all respects
by the PSA.

     5. Ratification of PSA. As supplemented by this Substitution Transfer
Agreement, the PSA is in all respects ratified and confirmed by the parties
hereto.

     6. Counterparts. This Substitution Transfer Agreement may be executed in
two or more counterparts including by telefax transmission thereof (and by
different parties on separate counterparts), each of which shall be an original,
but all of which together shall constitute one and the same instrument.

     7. Governing Law. This Substitution Transfer Agreement shall be governed
by, and construed and enforced in accordance with, the internal laws of the
State of New York.

     8. Reaffirmation. As provided in Section 2.04(b) of the SCA, by delivery of
this Assignment Agreement the Depositor confirms that the conditions to transfer
set forth in Section 2.02 have been satisfied or otherwise waived as described
therein.

                               [signatures follow]

     IN WITNESS WHEREOF, the parties hereto have caused this Substitution
Transfer Agreement to be executed by their respective officers thereunto duly
authorized as of the date first written above.

ACE Securities Corp.,      [ ] Equipment Trust Securities [ ]
as Depositor

                           By:  [                     ], not in its individual
                                capacity but solely as Owner Trustee on behalf
                                of the Trust

By:    [                      ]          By: [                             ]
By:    [                       ]          By: [                             ]
Printed Name:  [                ]     Printed Name:    [                    ]
Title:  [                       ]     Title:       [                        ]

                                                                     EXHIBIT F

                                   [Reserved]

                                                                     EXHIBIT G

                   Schedule of Representations and Warranties

     (a) List of Contracts. The information set forth in the Schedule of
Contracts (as the same may be amended or deemed amended in respect of a
conveyance of Substitute Contracts on a Substitution Transfer Date) is true,
complete and correct as of the Closing Date (or Substitution Transfer Date, as
applicable).

     (b) Eligible Contract. As of its applicable Cutoff Date, each Contract
satisfied the criteria for the definition of Eligible Contract set forth in the
Pooling Agreement, and each Secondary Contract securing a Vendor Loan
constituting a Contract satisfied, as of its applicable Cutoff Date, the
definition of Eligible Secondary Contract set forth in the Pooling Agreement.

     (c) Contracts Secured by Vehicles. None of the Contracts relating to
Equipment constituting Vehicles are "true leases."

     (d) Contract Files. As of the Closing Date (or as of the Substitution
Transfer Date, with respect to Substitute Contracts), (i) immediately prior to
such date, [ ] (or the applicable Financing Originator as custodian for [ ],
with respect to [ ] Contracts) had possession of each original Contract and the
related complete Contract File, and there were no other custodial agreements
relating to the same in effect (other than offsite storage arrangements
described in Section 4.01(b)); (ii) each of such documents which is required to
be signed by the Obligor has been signed by the Obligor in the appropriate
spaces; and (iii) the complete Contract File for each Contract is in the
possession of the Servicer.

     (e) No Material Obligation. No Financing Originator has a material
performance obligation in respect of any Contract in favor of an Obligor or
End-User (it being understood that covenants of quiet enjoyment, purchase
options, obligations to accept return of the property at end of lease term, and
like obligations of a lessor typical of a "triple net" lease, shall not be
deemed "material performance obligations" for purposes of this representation).

                                                                     EXHIBIT H

                                   [Reserved]

                                                                     EXHIBIT I

                                   [Reserved]

                                                                     EXHIBIT J

                         Minimum Value Filing Exceptions

     With respect to the [ ] Financing Originators, no financing statements are
filed against an Obligor located in a particular State describing Equipment
which is the subject of a particular Contract of such [ ] Financing Originator,
unless the fair market value of the Equipment (determined in accordance with
Customary Policies and Procedures) related to such particular Contract is at
least $[ ] (or, in the alternative, at least $[ ] if such Contract is a Lease
with a "fair market value" purchase option).

     With respect to the [ ] Financing Originator, no financing statements are
filed against an Obligor located in a particular State describing Equipment
which is the subject of a particular Contract of such Financing Originator,
unless the fair market value of the Equipment (determined in accordance with
Customary Policies and Procedures) related to such particular Contract is at
least $[ ].

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00019-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00019-of-00352.parquet"}]]