Document:

EXHIBIT 4.4.6

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                                 TRUST AGREEMENT

                                      among

                      ASSET BACKED SECURITIES CORPORATION,
                                  as depositor,

                                 [             ]

                                       and

                             [                     ]
                    not in its individual capacity but solely
                           as Eligible Lender Trustee

                                 Dated as of [ ]

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                                TABLE OF CONTENTS

                                                                                                            Page

                                    ARTICLE I
                              Definitions and Usage

                                   ARTICLE II
                                  Organization
<S>                                                                                                          <C>
SECTION 2.01.   Name.........................................................................................1
SECTION 2.02.   Office.......................................................................................1
SECTION 2.03.   Purposes and Powers..........................................................................1
SECTION 2.04.   Appointment of Eligible Lender Trustee.......................................................2
SECTION 2.05.   Initial Capital Contribution of Trust Estate.................................................2
SECTION 2.06.   Declaration of Trust.........................................................................3
SECTION 2.07.   [Reserved.]..................................................................................3
SECTION 2.08.   Title to Trust Property......................................................................3
SECTION 2.09.   Representations and Warranties of the Seller and the Company.................................3
SECTION 2.10.   Tax Treatment................................................................................4
SECTION 2.11.   Liability of Noteholders.....................................................................4

                                   ARTICLE III
                                    Ownership

SECTION 3.01.   Beneficial Ownership.........................................................................5

                                   ARTICLE IV
                       Actions by Eligible Lender Trustee

SECTION 4.01.   Prior Notice to Company with Respect to Certain Matters......................................5
SECTION 4.02.   Action by Company with Respect to Bankruptcy.................................................7
SECTION 4.03.   Restrictions on Company's Power..............................................................7

                                    ARTICLE V
                                 Certain Duties

SECTION 5.01.   No Segregation of Monies; No Interest........................................................8
SECTION 5.02.   Accounting and Reports to the Noteholders, the Internal Revenue Service and
                Others.......................................................................................8
SECTION 5.03.   Incentive Programs...........................................................................8

                                   ARTICLE VI
                  Authority and Duties of Eligible Lender Trustee

SECTION 6.01.   General Authority............................................................................8
SECTION 6.02.   General Duties...............................................................................9
SECTION 6.03.   Action upon Instruction......................................................................9
SECTION 6.04.   No Duties Except as Specified in this Agreement, the Loan Sale Agreement, the Servicing
                Agreement, the Administration Agreement or in Instructions...................................10
SECTION 6.05.   No Action Except under Specified Documents or Instructions...................................11
SECTION 6.06.   Restrictions.................................................................................11
SECTION 6.07.   Origination of Consolidation Loans during the Revolving Period...............................11

                                   ARTICLE VII
                       Concerning the Eligible Lender Trustee

SECTION 7.01.   Acceptance of Trusts and Duties..............................................................13
SECTION 7.02.   Furnishing of Documents......................................................................14
SECTION 7.03.   Representations and Warranties...............................................................14
SECTION 7.04.   Reliance; Advice of Counsel..................................................................15
SECTION 7.05.   Not Acting in Individual Capacity; Responsibility to Secretary and
                Guarantors...................................................................................16
SECTION 7.06.   Eligible Lender Trustee Not Liable for Notes or Student Loans................................16
SECTION 7.07.   Eligible Lender Trustee May Own Trust Notes..................................................16
SECTION 7.08.   Licenses.....................................................................................17

                                  ARTICLE VIII
                      Compensation of Eligible Lender Trustee

SECTION 8.01.   Eligible Lender Trustee's Fees and Expenses..................................................17
SECTION 8.02.   Payments to the Eligible Lender Trustee......................................................17

                                   ARTICLE IX
                         Termination of Trust Agreement

SECTION 9.01.   Termination of Trust Agreement...............................................................17
SECTION 9.02.   [Reserved.]..................................................................................18

                                    ARTICLE X
         Successor Eligible Lender Trustees and Additional Eligible Lender Trustees

SECTION 10.01.  Eligibility Requirements for Eligible Lender Trustee.........................................18
SECTION 10.02.  Resignation or Removal of Eligible Lender Trustee............................................18
SECTION 10.03.  Successor Eligible Lender Trustee............................................................19
SECTION 10.04.  Merger or Consolidation of Eligible Lender Trustee...........................................20
SECTION 10.05.  Appointment of Co-Eligible Lender Trustee or Separate Eligible Lender
                Trustee......................................................................................20

                                   ARTICLE XI
                                  Miscellaneous

SECTION 11.01.   Supplements and Amendments...................................................................22
SECTION 11.02.   No Legal Title to Trust Estate in Company....................................................23
SECTION 11.03.   Limitations on Rights of Others..............................................................23
SECTION 11.04.   Notices......................................................................................23
SECTION 11.05.   Severability.................................................................................23
SECTION 11.06.   Separate Counterparts........................................................................24
SECTION 11.07.   Successors and Assigns.......................................................................24
SECTION 11.08.   No Petition..................................................................................24
SECTION 11.09.   No Recourse..................................................................................24
SECTION 11.10.   Headings.....................................................................................24
SECTION 11.11.   Governing Law................................................................................24
SECTION 11.12.   [Reserved]...................................................................................25
SECTION 11.13.   Third-Party Beneficiaries....................................................................25
SECTION 11.14.   Consents.....................................................................................25

EXHIBIT A                  Certificate of Trust of Asset Backed Securities Corporation Student Loan Trust
                           [         ]
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          TRUST AGREEMENT dated as of [ ], among ASSET BACKED SECURITIES
CORPORATION, a [ ]corporation, as depositor (the "SELLER"),[ ]., a Delaware
corporation (the "Company"), and [ ], a national banking association, not in its
individual capacity but solely as eligible lender trustee (the "ELIGIBLE LENDER
TRUSTEE").

          The Seller, the Company and the Eligible Lender Trustee hereby agree
as follows:

                                    ARTICLE I

                              DEFINITIONS AND USAGE

          Capitalized terms used but not defined herein are defined in Appendix
A to the Administration Agreement, dated as of [ ], among the Asset Backed
Securities Corporation Student Loan Trust [ ], as Issuer, the Seller, as
Administrator, and [ ], as Indenture Trustee, which also contains rules as to
construction and usage that shall be applicable herein.

                                   ARTICLE II

                                  ORGANIZATION

          SECTION 2.01. NAME. The Trust created hereby shall be known as "Asset
Backed Securities Corporation Student Loan Trust [ ]", in which name the
Eligible Lender Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued.

          SECTION 2.02. OFFICE. The office of the Trust shall be in care of the
Eligible Lender Trustee at its Corporate Trust Office or at such other address
as the Eligible Lender Trustee may designate by written notice to the Seller.

          SECTION 2.03. PURPOSES AND POWERS. The purpose of the Trust is to
engage in the following activities:

          (i) to issue the Notes pursuant to the Indenture and to sell the Notes
     in one or more transactions;

          (ii) with the proceeds of the sale of the Notes, to purchase the
     Initial Financed Student Loans, to deposit the Reserve Account Initial
     Deposit in the Reserve Account, to deposit the Prefunding Account Closing
     Date Deposit in the Prefunding Account, and to pay the organizational,
     start-up and transactional expenses of the Trust and to pay the balance to
     the Seller pursuant to the Loan Sale Agreement;

          (iii) to enter into any Swap Agreements;

          (iv) to originate Consolidation Loans during the Revolving Period
     pursuant to Section 6.07 hereof, to increase the principal balance of
     Consolidation Loans by adding the principal balances of any related Add-on
     Consolidation Loans to the principal balances of such Consolidation Loans,
     to acquire and hold the Prefunded Loans to be conveyed to the Trust
     pursuant to the Loan Sale Agreement, to acquire and hold any New Loans to
     be conveyed to the Trust during the Revolving Period pursuant to the Loan
     Sale Agreement and to acquire and hold any Serial Loans or other Student
     Loans to be conveyed to the Trust subsequent to the Closing Date pursuant
     to the Loan Sale Agreement;

          (v) to assign, grant, transfer, pledge, mortgage and convey the Trust
     Estate pursuant to the Indenture;

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

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

          (viii) subject to compliance with the Basic Documents, to engage in
     such other activities as may be required in connection with conservation of
     the Trust Estate and the making of distributions to the Noteholders and the
     others specified in Section 2(d) of the Administration Agreement.

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

          SECTION 2.04. APPOINTMENT OF ELIGIBLE LENDER TRUSTEE. The Seller
hereby appoints the Eligible Lender Trustee as trustee of the Trust effective as
of the date hereof, to have all of the rights, powers and duties set forth
herein.

          SECTION 2.05. INITIAL CAPITAL CONTRIBUTION OF TRUST ESTATE. The Seller
hereby sells, assigns, transfers, conveys and sets over to the Eligible Lender
Trustee, as of the date hereof, the sum of $1.00. The Eligible Lender Trustee
hereby acknowledges receipt in trust from the Seller, as of the date hereof, of
the foregoing contribution, which shall constitute the initial Trust Estate and
shall be deposited in the Collection Account. The Seller shall pay the
organizational expenses of the Trust as they may arise or shall, upon the
request of the Eligible Lender Trustee, promptly reimburse the Eligible Lender
Trustee for any such expenses paid by the Eligible Lender Trustee.

          SECTION 2.06. DECLARATION OF TRUST. The Eligible Lender Trustee hereby
declares that it will hold the Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Company, subject to
the obligations of the Trust under the other Basic Documents. It is the
intention of the parties hereto that the Trust constitute a trust under the
Business Trust Statute and that this Agreement constitute the governing
instrument of such trust. Effective as of the date hereof, the Eligible Lender
Trustee shall have all rights, powers and duties set forth herein and in the
Business Trust Statute with respect to accomplishing the purposes of the Trust.
The Eligible Lender Trustee and the Delaware Trustee shall file the Certificate
of Trust with the Secretary of State of the State of Delaware pursuant toss.3801
of the Business Trust Statute on or before the Closing Date.

          SECTION 2.07. [RESERVED.]

          SECTION 2.08. TITLE TO TRUST PROPERTY. Subject to the Indenture, legal
title to the Trust Estate shall be vested at all times in the Trust as a
separate legal entity except where applicable law in any jurisdiction requires
title to any part of the Trust Estate to be vested in a trustee or trustees, in
which case title shall be deemed to be vested in the Eligible Lender Trustee, a
co-trustee and/or a separate trustee, as the case may be; PROVIDED, HOWEVER,
that legal title to the Financed Student Loans shall be vested at all times in
the Eligible Lender Trustee on behalf of the Trust.

          SECTION 2.09. REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE
COMPANY. (a) Each of the Company and the Seller hereby represents and warrants,
as to itself, to the Eligible Lender Trustee and any Swap Counterparties that:

          (i) It is duly organized and validly existing as a corporation in good
     standing under the laws of the jurisdiction of its incorporation, with
     corporate power and authority to own its properties and to conduct its
     business as such properties are currently owned and such business is
     currently conducted (subject, with respect to the Seller and its Student
     Loans, to the vesting of legal title thereto in [ ] ("[ ]") or another
     eligible lender, as trustee for the Seller).

          (ii) It is duly qualified to do business as a foreign corporation in
     good standing, 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 shall require such qualifications except where failure to do
     so (both singly and in the aggregate) will not have a material adverse
     effect on the conduct of its business, operations or financial condition.

          (iii) It has the corporate power and authority to execute and deliver
     this Agreement and to carry out its terms; and the execution, delivery and
     performance of this Agreement have been duly authorized by it by all
     necessary corporate action; the Seller has full power and authority to
     transfer and assign the property to be transferred and assigned to, and to
     be deposited with, the Trustee; and the Seller has duly authorized such
     transfer and assignment to the Trust by all necessary corporate action.

          (iv) This Agreement constitutes its legal, valid and binding
     obligation enforceable in accordance with its terms, subject to applicable
     bankruptcy, insolvency, reorganization and similar laws relating to
     creditors' rights generally and subject to general principles of equity.

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

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

          SECTION 2.10. TAX TREATMENT. The Seller and the Company have entered
into this Agreement, and the Notes will be issued to and acquired by the
Noteholders, with the intention that, for federal, state, foreign and local
income and franchise tax and usury law purposes, the Notes will be indebtedness
of the Company secured by the Trust Estate. Each of the Seller and the Company,
by entering into this Agreement, and each Noteholder, by the acceptance of its
Note, agrees to treat the Notes for purposes of federal, state and local income
and franchise taxes and for any other tax imposed on or measured by income and
usury law purposes as indebtedness of the Company secured by the Trust Estate.
In accordance with the foregoing, the Eligible Lender Trustee hereby agrees to
treat the Trust as a security device only, and shall not file tax returns or
obtain an employer identification number on behalf of the Trust (except as may
be required as a result of changes in law or as may otherwise be required in the
Opinion of Counsel for the Company).

          SECTION 2.11. LIABILITY OF NOTEHOLDERS. No Noteholder shall have any
personal liability or obligation to or for the Trust and the Certificate of
Trust shall be fully paid and nonassessable.

                                   ARTICLE III

                                    OWNERSHIP

          SECTION 3.01. BENEFICIAL OWNERSHIP. Upon the formation of the Trust by
the contribution by the Seller pursuant to Section 2.05, the Seller shall be the
sole beneficial owner of the Trust. Concurrently with the transfer of the
Initial Financed Student Loans to the Eligible Lender Trustee on behalf of the
Trust pursuant to the Loan Sale Agreement, the Seller does hereby irrevocably
assign to the Company all of its right, title and interest in and to the Trust,
and thereupon (subject to the Company's right to transfer pursuant to the next
succeeding sentence) the Company shall be the sole beneficial owner of the
Trust. For so long as any Notes remain Outstanding, the Company shall not
Transfer its ownership interest in the Trust, in whole or in part, unless (i)
either (A) the Company shall have delivered to the Eligible Lender Trustee, the
Indenture Trustee and any Swap Counterparties an Opinion of Counsel (with a copy
to the Rating Agencies) that neither the Trust nor the Company would be
consolidated with the purchaser of such ownership interest in the event of an
Insolvency Event with respect to such purchaser or (B) the Rating Agency
Condition is satisfied with respect to such Transfer, (ii) the Company shall
have delivered to the Eligible Lender Trustee, the Indenture Trustee and any
Swap Counterparties an Opinion of Counsel that such transaction will not result
in a material adverse federal or Indiana or Delaware state tax consequence to
the Issuer or the Noteholders, and (iii) there is delivered to the Eligible
Lender Trustee and the Indenture Trustee an Opinion of Counsel, in form and
substance satisfactory to them, that such Transfer may be made pursuant to an
exemption, describing the applicable exemption and the basis therefor, from the
Securities Act and under applicable state securities laws.

                                   ARTICLE IV

                       ACTIONS BY ELIGIBLE LENDER TRUSTEE

          SECTION 4.01. PRIOR NOTICE TO COMPANY WITH RESPECT TO CERTAIN MATTERS.
With respect to the following matters, neither the Eligible Lender Trustee nor
the Delaware Trustee shall take any action unless at least 30 days before the
taking of such action, the Eligible Lender Trustee or the Delaware Trustee shall
have notified the Company, the Rating Agencies and any Swap Counterparties in
writing of the proposed action and neither the Company nor the Swap Counterparty
shall have notified the Eligible Lender Trustee in writing prior to the 30th day
after such notice is given that the Company or any Swap Counterparties has
withheld consent or the Company has provided alternative direction:

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

          (b) the election by the Trust to file an amendment to the Certificate
of Trust;

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

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

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

          (f) the appointment pursuant to the Indenture of a successor Note
Registrar or Indenture Trustee, or the consent to the assignment by the Note
Registrar or Indenture Trustee of its obligations under the Indenture.

          (g) the consent to the calling or waiver of any default under any
Basic Document;

          (h) the consent to the assignment by the Indenture Trustee or the
Servicer of their respective obligations under any Basic Document;

          (i) except as provided in Article IX hereof, dissolve, terminate or
liquidate the Trust in whole or in part;

          (j) merge or consolidate the Trust with or into any other entity, or
convey or transfer all or substantially all of the Trust's assets to any other
entity;

          (k) cause the Trust to incur, assume or guaranty any indebtedness
other than as set forth in this Agreement or the other Basic Documents;

          (l) do any act that conflicts with any other Basic Document;

          (m) do any act which would make it impossible to carry on the ordinary
business of the Trust as described in Section 2.03 hereof;

          (n) confess a judgment against the Trust;

          (o) possess Trust assets, or assign the Trust's right to property, for
other than a Trust purpose;

          (p) cause the Trust to lend any funds to any entity; or

          (q) change the Trust's purpose and powers from those set forth in this
Agreement.

          In addition the Trust shall not commingle its assets with those of any
other entity. The Trust shall maintain its financial and accounting books and
records separate from those of any other entity. Except as expressly set forth
herein, the Trust shall pay its indebtedness, operating expenses and liabilities
from its own funds, and the Trust shall not pay the indebtedness, operating
expenses and liabilities of any other entity. The Trust shall maintain
appropriate minutes or other records of all appropriate actions and shall
maintain its office separate from the offices of the Seller, the Company and
Loan Services.

          Neither the Eligible Lender Trustee nor the Delaware Trustee shall
have the power, except upon the direction of the Company with the consent of any
Swap Counterparties, and to the extent otherwise consistent with the Basic
Documents, to (i) remove or replace the Servicer or the Indenture Trustee, (ii)
institute proceedings to have the Trust declared or adjudicated a bankrupt or
insolvent, (iii) consent to the institution of bankruptcy or insolvency
proceedings against the Trust, (iv) file a petition or consent to a petition
seeking reorganization or relief on behalf of the Trust under any applicable
federal or state law relating to bankruptcy, (v) consent to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or any similar official)
of the Trust or a substantial portion of the property of the Trust, (vi) make
any assignment for the benefit of the Trust's creditors, (vii) cause the Trust
to admit in writing its inability to pay its debts generally as they become due,
(viii) take any action, or cause the Trust to take any action, in furtherance of
any of the foregoing (any of the above, a "BANKRUPTCY ACTION"). So long as the
Indenture and the Insurance Agreement remain in effect, the Company shall not
have the power to take, and shall not take, any Bankruptcy Action with respect
to the Trust or direct the Eligible Lender Trustee to take any Bankruptcy Action
with respect to the Trust.

          SECTION 4.02. ACTION BY COMPANY WITH RESPECT TO BANKRUPTCY. The
Eligible Lender Trustee shall not have the power to commence a voluntary
proceeding in bankruptcy relating to the Trust without the prior approval of the
Company and the delivery to the Eligible Lender Trustee by the Company of a
certificate certifying that it reasonably believes that the Trust is insolvent.

          SECTION 4.03. RESTRICTIONS ON COMPANY'S POWER. The Company shall not
direct the Eligible Lender Trustee to take or refrain from taking any action if
such action or inaction would be contrary to any obligations of the Trust or the
Eligible Lender Trustee under the Higher Education Act, this Agreement or any of
the other Basic Documents or would be contrary to Section 2.03 nor shall the
Eligible Lender Trustee be permitted to follow any such direction, if given.

                                    ARTICLE V

                                 CERTAIN DUTIES

          SECTION 5.01. NO SEGREGATION OF MONIES; NO INTEREST. Monies received
by the Eligible Lender Trustee hereunder need not be segregated in any manner
except to the extent required by law or the Basic Documents and may be deposited
under such general conditions as may be prescribed by law, and the Eligible
Lender Trustee shall not be liable for any interest thereon.

          SECTION 5.02. ACCOUNTING AND REPORTS TO THE NOTEHOLDERS, THE INTERNAL
REVENUE SERVICE AND OTHERS. No federal income tax return shall be filed on
behalf of the Trust unless either (i) the Eligible Lender Trustee shall receive
an Opinion of Counsel that, based on a change in applicable law occurring after
the date hereof, or as a result of a transfer by the Company permitted by
Section 3.01, the Code requires such a filing or (ii) the Internal Revenue
Service shall determine that the Trust is required to file such a return. In the
event that the Trust is required to file tax returns, the Eligible Lender
Trustee shall prepare or shall cause to be prepared any tax returns required to
be filed by the Trust and shall remit such returns to the Company at least five
(5) days before such returns are due to be filed. The Company shall promptly
sign such returns and deliver such returns after signature to the Eligible
Lender Trustee and such returns shall be filed by the Eligible Lender Trustee
with the appropriate tax authorities. In no event shall the Eligible Lender
Trustee, the Company or the Seller be liable for any liabilities, costs or
expenses of the Trust or the Noteholders arising out of the application of any
tax law, including federal, state, foreign or local income or excise taxes or
any other tax imposed on or measured by income (or any interest, penalty or
addition with respect thereto or arising from a failure to comply therewith)
except for any such liability, cost or expense attributable to any act or
omission by the Eligible Lender Trustee, the Company or the Seller, as the case
may be, in breach of its obligations under this Agreement.

          SECTION 5.03. INCENTIVE PROGRAMS. Subject to compliance by the
Administrator with Section 2(i) of the Administration Agreement, the Trust shall
offer each Incentive Program to all qualified Borrowers except any Incentive
Program which the Administrator terminates pursuant to Section 2(i) of the
Administration Agreement. Upon the effective date specified in the notice of
termination required by Section 2(i) of the Administration Agreement, the Trust
shall cease offering the terminated Incentive Program to Borrowers affected by
the termination.

                                   ARTICLE VI

                 AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE

          SECTION 6.01. GENERAL AUTHORITY. The Eligible Lender Trustee is
authorized and directed to execute and deliver the Basic Documents to which the
Trust is to be a party and each certificate or other document attached as an
exhibit to or contemplated by the Basic Documents to which the Trust is to be a
party, in each case, in such form as the Seller shall approve as evidenced
conclusively by the Eligible Lender Trustee's execution thereof, and, on behalf
of the Trust, to direct the Indenture Trustee to authenticate and deliver Class
A-1 Notes in the aggregate principal amount of $[ ], Class A-2 Notes in the
aggregate principal amount of $[ ] and Subordinate Notes in the aggregate
principal amount of $[ ]. The Eligible Lender Trustee is also authorized and
directed on behalf of the Trust (i) to acquire and hold legal title to the
Financed Student Loans from the Seller and (ii) to take all actions required
pursuant to Section 3.02(c) of the Servicing Agreement, and otherwise follow the
direction of and cooperate with the Servicer in submitting, pursuing and
collecting any claims to and with the Department with respect to any Interest
Subsidy Payments and Special Allowance Payments relating to the Financed Student
Loans.

          In addition to the foregoing, the Eligible Lender Trustee is
authorized, but shall not be obligated, to take all actions required of the
Trust pursuant to the Basic Documents. The Eligible Lender Trustee is further
authorized from time to time to take such action as the Administrator directs or
instructs with respect to the Basic Documents and is directed to take such
action to the extent that the Administrator is expressly required pursuant to
the Basic Documents to cause the Eligible Lender Trustee to act.

          SECTION 6.02. GENERAL DUTIES. It shall be the duty of the Eligible
Lender Trustee to discharge (or cause to be discharged) all its responsibilities
pursuant to the terms of this Agreement and the other Basic Documents to which
the Trust is a party and to administer the Trust, subject to and in accordance
with the provisions of this Agreement and the other Basic Documents.
Notwithstanding the foregoing, the Eligible Lender Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the other
Basic Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Eligible Lender
Trustee hereunder or under any other Basic Document, and the Eligible Lender
Trustee shall not be held liable for the default or failure of the Administrator
to carry out its obligations under the Administration Agreement. Except as
expressly provided in the Basic Documents, the Eligible Lender Trustee shall
have no obligation to administer, service or collect the Financed Student Loans
or to maintain, monitor or otherwise supervise the administration, servicing or
collection of the Financed Student Loans.

          SECTION 6.03. ACTION UPON INSTRUCTION. (a) Subject to Article IV,
Section 7.01 and in accordance with the terms of the Basic Documents, the
Company may by written instruction direct the Eligible Lender Trustee in the
management of the Trust. Such direction may be exercised at any time by written
instruction of the Company pursuant to Article IV.

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

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

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

          (e) Upon the satisfaction of the Rating Agency Swap Condition, if the
Administrator so directs, the Eligible Lender Trustee shall enter into, from
time to time, Swap Agreements. Upon satisfaction of the Rating Agency Swap
Condition, if the Administrator directs, the Eligible Lender Trustee shall enter
into an amendment to a Swap Agreement with a Swap Counterparty for the sole
purpose to cure any ambiguity to the Swap Agreement or to change the notional
amount of a Swap Agreement. Notwithstanding the foregoing, the cumulative
notional amount of any Swap Agreements may never exceed the outstanding
principal balance of the Notes.

          SECTION 6.04. NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT, THE
LOAN SALE AGREEMENT, THE SERVICING AGREEMENT, THE ADMINISTRATION AGREEMENT OR IN
INSTRUCTIONS. The Eligible Lender Trustee shall not have any duty or obligation
to manage, make any payment with respect to, register, record, sell, service,
dispose of or otherwise deal with the Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Eligible Lender Trustee is a party, except as
expressly provided by the terms of this Agreement, the Loan Sale Agreement, the
Servicing Agreement, the Administration Agreement or in any document or written
instruction received by the Eligible Lender Trustee pursuant to Section 6.03;
and no implied duties or obligations shall be read into this Agreement or any
other Basic Document against the Eligible Lender Trustee. The Eligible Lender
Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain
the perfection of any security interest or lien granted to it hereunder or to
prepare or file any Commission filing for the Trust or to record this Agreement
or any other Basic Document. The Eligible Lender Trustee nevertheless agrees
that it will, at its own cost and expense, promptly take all action as may be
necessary to discharge any liens on any part of the Trust Estate that result
from actions by, or claims against, [ ] in its individual capacity or as the
Eligible Lender Trustee that are not related to the ownership or the
administration of the Trust Estate.

          SECTION 6.05. NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
INSTRUCTIONS. The Eligible Lender Trustee shall not manage, control, use, sell,
service, dispose of or otherwise deal with any part of the Trust Estate except
(i) in accordance with the powers granted to and the authority conferred upon
the Eligible Lender Trustee pursuant to this Agreement, (ii) in accordance with
the other Basic Documents to which it is a party and (iii) in accordance with
any document or instruction delivered to the Eligible Lender Trustee pursuant to
Section 6.03.

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

          SECTION 6.07. ORIGINATION OF CONSOLIDATION LOANS DURING THE REVOLVING
PERIOD. (a) From time to time during the Revolving Period the Servicer will
identify those Financed Student Loans as to which a Borrower qualifies to
receive a Consolidation Loan under the Federal Consolidation Loan Program from
the Eligible Lender Trustee and will inform the Administrator of the identity of
such loans. The Administrator will determine, in accordance with customary
industry standards, whether a Consolidation Loan should be offered to such
Borrower; PROVIDED, HOWEVER, that a Consolidation Loan will not be offered to a
Borrower if any Student Loan of such Borrower which is not beneficially owned by
the Issuer and which is proposed to be discharged by the making of such
Consolidation Loan is past due more than 30 days; and PROVIDED, FURTHER, that a
Consolidation Loan will not be offered to a Borrower if the aggregate principal
balances of all Consolidation Loans originated pursuant to this Section would
thereby exceed the limitations set forth in Section 6.07(d).

          (b) If the Administrator determines that it is appropriate to offer a
Consolidation Loan to a Borrower in accordance with this Section, it will so
inform the Servicer who will send the necessary documentation to such Borrower
and will process such documentation on behalf of the Eligible Lender Trustee,
all in accordance with industry standards, the Higher Education Act and the
related Guarantee Agreement. The Servicer will inform the Eligible Lender
Trustee of the completion of the loan underwriting process and the necessary
documentation, whereupon the Eligible Lender Trustee, on behalf of the Trust and
upon the direction of the Administrator, will execute any documents required to
be executed by it to complete the origination of such loan and to subject such
loan to the related Guarantee Agreement. The Servicer will not permit any
Consolidation Loan to be originated which would violate the representations and
warranties and other restrictions of Section 3.01 of the Loan Sale Agreement.
Any Consolidation Loan which is determined to violate any of such
representations and warranties and other restrictions will be subject to
purchase or repurchase by the Seller as provided in Section 3.02 of the Loan
Sale Agreement.

          (c) Each Consolidation Loan originated pursuant to this Section 6.07
shall be owned by the Issuer and be part of the Trust Estate and the Collateral
from and after the time of such origination. Upon origination of such loan and
such loan becoming part of the Trust Estate and the Collateral, the
Administrator will instruct the Indenture Trustee, pursuant to Section 2(f) or
Section 2(k) of the Administration Agreement, to authorize the transfer from the
Collateral Reinvestment Account or the Prefunding Account of an amount
sufficient to prepay in full any Student Loan that is to be consolidated through
such origination, including any Add-on Consolidation Loan that is prepaid in
full as a result of the principal balance of such Add-on Consolidation Loan
being added to the principal balance of a related Consolidation Loan held as
part of the Trust Estate. The Administrator will cause to be taken all actions,
and the Eligible Lender Trustee will cooperate with the Administrator in the
execution of any instruments or documents, required to establish and maintain
the ownership interest of the Trust and the first perfected security interest of
the Indenture Trustee in each Consolidation Loan originated pursuant to this
Section.

          (d) In no event shall the Issuer or the Eligible Lender Trustee on
behalf of the Issuer originate Consolidation Loans in excess of $[ ] (including
the addition of the principal balances of any Add-on Consolidation Loans) in the
aggregate during the Revolving Period; additionally, no Consolidation Loan may
be originated by the Issuer or the Eligible Lender Trustee on behalf of the
Issuer having a scheduled maturity after [ ] if at the time of such origination
the aggregate principal balance of all Consolidation Loans held as part of the
Trust Estate that have a scheduled maturity date after [ ] exceeds, or after
giving effect to such origination, would exceed $[ ]; PROVIDED, HOWEVER, that
the Eligible Lender Trustee will be permitted to fund the addition of the
principal balance of any Add-on Consolidation Loan in excess of such amounts, if
the Eligible Lender Trustee is required to do so by the Higher Education Act. In
addition, in no event shall the Issuer or the Eligible Lender Trustee on behalf
of the Issuer make Consolidation Loans after the Revolving Period; PROVIDED,
HOWEVER, that the Eligible Lender Trustee may increase the principal balance of
any Consolidation Loan by the principal balance of any related Add-on
Consolidation Loan during the Add-on Period if the Eligible Lender Trustee is
required to do so by the Higher Education Act. After the Revolving Period, upon
the addition of the principal balance of such Add-on Consolidation Loan, and
such amounts becoming part of the Trust Estate and the Collateral, the
Administrator will instruct the Indenture Trustee, pursuant to Section
2(d)(iii)(A) of the Administration Agreement, to authorize the transfer from the
Collection Account of an amount sufficient to prepay in full such Add-on
Consolidation Loan.

          (e) All Consolidation Fees payable with respect to Consolidation Loans
originated and the principal balances of any Add-on Consolidation Loans added to
the Trust pursuant to this Section will be payable by the Issuer as provided in
Section 2(d)(ii) of the Administration Agreement. All other costs or fees
incurred in originating Consolidation Loans (or in adding the principal balances
of any Add-on Consolidation Loans) shall be payable by the Administrator.

                                   ARTICLE VII

                     CONCERNING THE ELIGIBLE LENDER TRUSTEE

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

          (a) the Eligible Lender Trustee shall not be liable for any error of
judgment made by a responsible officer of the Eligible Lender Trustee;

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

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

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

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

          (f) the Eligible Lender Trustee shall not be liable for the action or
inaction, default or misconduct of the Administrator, the Seller, the Indenture
Trustee or the Servicer under any of the other Basic Documents or otherwise and
the Eligible Lender Trustee shall have no obligation or liability to perform the
obligations of the Trust under this Agreement or the other Basic Documents that
are required to be performed by the Administrator under the Administration
Agreement, the Indenture Trustee under the Indenture or the Servicer under the
Servicing Agreement; and

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

          SECTION 7.02. FURNISHING OF DOCUMENTS. The Eligible Lender Trustee
shall furnish to the Company and each Swap Counterparty, if any, promptly upon
receipt of a written request therefor, duplicates or copies of all reports,
notices, requests, demands, certificates, financial statements and any other
instruments furnished to the Eligible Lender Trustee under the Basic Documents.

          SECTION 7.03. REPRESENTATIONS AND WARRANTIES. The Eligible Lender
Trustee hereby represents and warrants to each of the Seller, the Company and
any Swap Counterparties, that:

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

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

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

          (d) It is an "eligible lender" as such term is defined in Section
435(d) of the Higher Education Act, for purposes of holding legal title to the
Financed Student Loans and originating Consolidation Loans as contemplated by
this Agreement and the other Basic Documents, has obtained a lender
identification number with respect to the Trust from the Department, has in
effect a Guarantee Agreement with the Initial Guarantor with respect to the
Initial Financed Student Loans and will have the requisite power and authority
to enter into Guarantee Agreements with Additional Guarantors, if any.

          (e) In originating each Consolidation Loan on behalf of the Trust, as
provided in Section 6.07, it shall comply with all applicable provisions of the
Higher Education Act, and it will not create or cause to be created any lien,
charge or encumbrance on any such Consolidation Loan or in any way cause the
Trust to not have good title thereto.

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

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

          SECTION 7.05. NOT ACTING IN INDIVIDUAL CAPACITY; RESPONSIBILITY TO
SECRETARY AND GUARANTORS. Except as provided in this Article VII, in accepting
the trusts hereby created, [ ] acts solely as Eligible Lender Trustee hereunder
and not in its individual capacity and all Persons having any claim against the
Eligible Lender Trustee by reason of the transactions contemplated by this
Agreement or any other Basic Document shall look only to the Trust Estate for
payment or satisfaction thereof.

          Notwithstanding any other provision in this Agreement or the other
Basic Documents, nothing in this Agreement or the other Basic Documents shall be
construed to limit the legal responsibility of the Eligible Lender Trustee or
the Indenture Trustee, to the U.S. Secretary of Education or a Guarantor for any
violations of statutory or regulatory requirements that may occur with respect
to loans held by the Eligible Lender Trustee or the Indenture Trustee pursuant
to, or to otherwise comply with their obligations under, the Higher Education
Act or implementing regulations.

          SECTION 7.06. ELIGIBLE LENDER TRUSTEE NOT LIABLE FOR NOTES OR STUDENT
LOANS. The recitals contained herein (other than the representations and
warranties in Section 7.03) shall be taken as the statements of the Seller, and
the Eligible Lender Trustee assumes no responsibility for the correctness
thereof. The Eligible Lender Trustee makes no representations as to the validity
or sufficiency of this Agreement or any other Basic Document or the Notes, or of
any Financed Student Loan or related documents. The Eligible Lender Trustee
shall at no time have any responsibility (or liability except for willfully or
negligently terminating or allowing to be terminated either of the Guarantee
Agreements, in a case where the Eligible Lender Trustee knows of any facts or
circumstances which will or could reasonably be expected to result in any such
termination) for or with respect to the legality, validity, enforceability and
eligibility for Guarantee Payments, Interest Subsidy Payments or Special
Allowance Payments, as applicable, of any Financed Student Loan, or for or with
respect to the sufficiency of the Trust Estate or its ability to generate the
payments to be distributed to the Noteholders under the Indenture, including:
the existence and contents of any computer or other record of any Financed
Student Loan; the validity of the assignment of any Financed Student Loan to the
Trust; the completeness of any Financed Student Loan; the performance or
enforcement (except as expressly set forth in any Basic Document) of any
Financed Student Loan; the compliance by the Seller or the Servicer with any
warranty or representation made under any Basic Document or in any related
document or the accuracy of any such warranty or representation or any action or
inaction of the Administrator, the Indenture Trustee or the Servicer or any
subservicer taken in the name of the Eligible Lender Trustee.

          SECTION 7.07. ELIGIBLE LENDER TRUSTEE MAY OWN TRUST NOTES. The
Eligible Lender Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may deal with the Seller, the Administrator, the
Indenture Trustee and the Servicer in banking transactions with the same rights
as it would have if it were not the Eligible Lender Trustee.

          SECTION 7.08. LICENSES. The Eligible Lender Trustee shall cause the
Trust to use its best efforts to obtain and maintain the effectiveness of any
licenses required in connection with this Agreement and the other Basic
Documents and the transactions contemplated hereby and thereby until such time
as the Trust shall terminate in accordance with the terms hereof. The Eligible
Lender Trustee shall receive from the Administrator the information necessary to
comply with this Section.

                                  ARTICLE VIII

                     COMPENSATION OF ELIGIBLE LENDER TRUSTEE

          SECTION 8.01. ELIGIBLE LENDER TRUSTEE'S FEES AND EXPENSES. The
Eligible Lender Trustee shall receive as compensation for its services hereunder
such fees as have been separately agreed upon before the date hereof between the
Seller and the Eligible Lender Trustee, and the Eligible Lender Trustee shall be
entitled to be reimbursed by the Seller for its other reasonable expenses
hereunder, including the reasonable compensation, expenses and disbursements of
such agents, representatives, experts and counsel as the Eligible Lender Trustee
may employ in connection with the exercise and performance of its rights and
duties hereunder. The Eligible Lender Trustee shall have no recourse to the
Issuer for its fees and expenses hereunder.

          SECTION 8.02. PAYMENTS TO THE ELIGIBLE LENDER TRUSTEE. Any amounts
paid to the Eligible Lender Trustee pursuant to Section 8.01 hereof or pursuant
to Section 4.03 of the Loan Sale Agreement or pursuant to Section 24 of the
Administration Agreement shall be deemed not to be a part of the Trust Estate
immediately after such payment.

                                   ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT

          SECTION 9.01. TERMINATION OF TRUST AGREEMENT. (a) This Agreement
(other than Article VIII) and the Trust shall terminate and be of no further
force or effect upon the earlier of (i) the final distribution by the Eligible
Lender Trustee of all monies or other property or proceeds of the Trust Estate
in accordance with the terms of the Indenture and the Servicing Agreement and
the termination of the Indenture and (ii) the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the Court of St. James's, living on the date
hereof.

          (b) Neither the Seller nor the Company shall be entitled to revoke or
terminate the Trust.

          (c) Notice of any termination of the Trust, shall be given promptly by
the Eligible Lender Trustee by letter to the Company and any Swap Counterparties
mailed within [ ] Business Days of receipt of notice of such termination from
the Administrator given pursuant to Section 2(b)(vii) of the Administration
Agreement.

          (d) Upon the winding up of the Trust and its termination, the Eligible
Lender Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State of the State of Delaware
in accordance with the provisions of Section 3810 of the Business Trust Statute.

          SECTION 9.02. [RESERVED.]

                                    ARTICLE X

   SUCCESSOR ELIGIBLE LENDER TRUSTEES AND ADDITIONAL ELIGIBLE LENDER TRUSTEES

          SECTION 10.01. ELIGIBILITY REQUIREMENTS FOR ELIGIBLE LENDER TRUSTEE.
The Eligible Lender Trustee shall at all times be a corporation or association
(i) qualifying as an "eligible lender" as such term is defined in Section 435(d)
of the Higher Education Act for purposes of holding legal title to the Financed
Student Loans and originating Consolidation Loans on behalf of the Trust, with a
valid lender identification number with respect to the Trust from the
Department; (ii) being authorized to exercise corporate trust powers and hold
legal title to the Financed Student Loans; (iii) having in effect Guarantee
Agreements with the Initial Guarantor and any Additional Guarantors; (iv) having
a combined capital and surplus of at least $50,000,000 and being subject to
supervision or examination by Federal or state authorities; and (v) having (or
having a parent which has) a rating of at least "Baa3" by Moody's, "BBB" by S&P,
if rated by S&P and "BBB" by Fitch, if rated by Fitch. If the Eligible Lender
Trustee shall publish reports of condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then
for the purpose of this Section, the combined capital and surplus of the
Eligible Lender Trustee shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. In case at any
time the Eligible Lender Trustee shall cease to be eligible in accordance with
the provisions of this Section, the Eligible Lender Trustee shall resign
immediately in the manner and with the effect specified in Section 10.02. In
addition, at all times the Trustee or a co-trustee shall be a Person that
satisfies the requirements of Section 3807(a) of the Business Trust Statute (the
"Delaware Trustee").

          SECTION 10.02. RESIGNATION OR REMOVAL OF ELIGIBLE LENDER TRUSTEE. The
Eligible Lender Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Administrator and any
Swap Counterparties. Upon receiving such notice of resignation, the
Administrator shall promptly appoint a successor Eligible Lender Trustee meeting
the eligibility requirements of Section 10.01 by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning
Eligible Lender Trustee and one copy to the successor Eligible Lender Trustee.
If no successor Eligible Lender Trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Eligible Lender Trustee may petition any court of
competent jurisdiction for the appointment of a successor Eligible Lender
Trustee; PROVIDED, HOWEVER, that such right to appoint or to petition for the
appointment of any such successor shall in no event relieve the resigning
Eligible Lender Trustee from any obligations otherwise imposed on it under the
Basic Documents until such successor has in fact assumed such appointment.

          If at any time the Eligible Lender Trustee shall cease to be eligible
in accordance with the provisions of Section 10.01 and shall fail to resign
after written request therefor by the Administrator, or if at any time the
Eligible Lender Trustee shall be legally unable to act, or an Insolvency Event
with respect to the Eligible Lender Trustee shall have occurred and be
continuing, then the Administrator may remove the Eligible Lender Trustee. If
the Administrator shall remove the Eligible Lender Trustee under the authority
of the immediately preceding sentence, the Administrator shall promptly appoint
a successor Eligible Lender Trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the outgoing Eligible Lender
Trustee so removed and one copy to the successor Eligible Lender Trustee and
payment of all fees owed to the outgoing Eligible Lender Trustee.

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

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

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

          Upon acceptance of appointment by a successor Eligible Lender Trustee
pursuant to this Section, the Administrator shall mail notice of the successor
of such Eligible Lender Trustee to the Company, the Indenture Trustee, the
Noteholders, the Rating Agencies and any Swap Counterparties. If the
Administrator shall fail to mail such notice within 10 days after acceptance of
appointment by the successor Eligible Lender Trustee, the successor Eligible
Lender Trustee shall cause such notice to be mailed at the expense of the
Administrator.

          SECTION 10.04. MERGER OR CONSOLIDATION OF ELIGIBLE LENDER TRUSTEE. Any
corporation into which the Eligible Lender Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Eligible Lender Trustee shall be a
party, or any corporation succeeding to all or substantially all the corporate
trust business of the Eligible Lender Trustee, shall, without the execution or
filing of any instrument or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding, be the successor of the
Eligible Lender Trustee hereunder; PROVIDED that such corporation shall be
eligible pursuant to Section 10.01; PROVIDED FURTHER that the Eligible Lender
Trustee shall mail notice of such merger or consolidation to the Rating Agencies
and any Swap Counterparties not less than [ ] Business Days prior to the closing
date of such merger or consolidation.

          SECTION 10.05. APPOINTMENT OF CO-ELIGIBLE LENDER TRUSTEE OR SEPARATE
ELIGIBLE LENDER TRUSTEE. Notwithstanding any other provisions of this Agreement,
at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Trust may at the time be located, the
Administrator and the Eligible Lender Trustee acting jointly (and with written
notice to any Swap Counterparties) shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the Eligible
Lender Trustee, which, except in the case of any Delaware Trustee, shall meet
the eligibility requirements of clauses (i) through (iii) of Section 10.01, to
act as co-trustee, jointly with the Eligible Lender Trustee, or separate trustee
or separate trustees, of all or any part of the Trust Estate, and to vest in
such Person, in such capacity, such title to the Trust Estate, or any part
thereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Administrator and the Eligible
Lender Trustee may consider necessary or desirable. If the Administrator shall
not have joined in such appointment within [ ] days after the receipt by it of a
request so to do, the Eligible Lender Trustee alone shall have the power to make
such appointment. Pursuant to the Co-Trustee Agreement, dated as of [ ] between
[ ] and [ ] Eligible Lender Trustee shall appoint [ ] as a co-trustee hereunder
for the purpose of its acting as Delaware Trustee and such agreement is hereby
incorporated herein by reference. If the Delaware Trustee shall become incapable
of acting, resign or be removed, unless the Trustee is qualified to act as
Delaware Trustee, a successor co-trustee shall promptly be appointed in the
manner specified in this Section 10.05 to act as Delaware Trustee. No co-trustee
or separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to clauses (iv) and (v) of Section
10.01 and no notice of the appointment of any co-trustee or separate trustee
shall be required pursuant to Section 10.03.

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

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

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

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

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

          Any separate trustee or co-trustee may at any time appoint the
Eligible Lender Trustee as its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf and in its name. If any separate trustee
or co-trustee shall die, become incapable of acting, resign or be removed, all
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Eligible Lender Trustee, to the extent permitted by law,
without the appointment of a new or successor trustee, except as otherwise
provided in this Section 10.05 in regard to the Delaware Trustee.

                                   ARTICLE XI

                                  MISCELLANEOUS

          SECTION 11.01. SUPPLEMENTS AND AMENDMENTS. This Agreement may be
amended by the Seller, the Company and the Eligible Lender Trustee, with the
prior written consent of any Swap Counterparties and with prior written notice
to the Rating Agencies, without the consent of any of the Noteholders, to cure
any ambiguity, to correct or supplement any provisions in this Agreement or for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions in this Agreement or of modifying in any manner the rights
of the Noteholders; PROVIDED, HOWEVER, that such action shall not, as evidenced
by an Opinion of Counsel, adversely affect in any material respect the interests
of any Noteholder.

          This Agreement may also be amended from time to time by the Seller,
the Company and the Eligible Lender Trustee, with prior written consent of any
Swap Counterparties and with prior written notice to the Rating Agencies, with
the consent of the Noteholders of Notes evidencing not less than a majority of
the Outstanding Amount of the Notes, for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the Noteholders; PROVIDED, HOWEVER,
that no such amendment shall (a) increase or reduce in any manner the amount of,
or accelerate or delay the timing of, collections of payments on Financed
Student Loans or distributions that shall be required to be made for the benefit
of the Noteholders or (b) reduce the aforesaid percentage of the Outstanding
Amount of the Notes and required to consent to any such amendment, without the
consent of all the outstanding Noteholders.

          The Eligible Lender Trustee shall furnish [ ] Business Days' prior
written notification of the substance of any such amendment or consent to the
Indenture Trustee, each of the Rating Agencies and any Swap Counterparties.

          It shall not be necessary for the consent of the Noteholders or the
Indenture Trustee pursuant to this Section to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such consent shall
approve the substance thereof. The manner of obtaining such consents shall be
subject to such reasonable requirements as the Eligible Lender Trustee may
prescribe.

          Promptly after the execution of any amendment to the Certificate of
Trust, the Eligible Lender Trustee shall cause the filing of such amendment with
the Secretary of State of the State of Delaware. The Eligible Lender Trustee
shall furnish the Rating Agencies and any Swap Counterparties with [ ] Business
Days' prior written notice of any amendment to the Certificate of Trust.

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

          SECTION 11.02. NO LEGAL TITLE TO TRUST ESTATE IN COMPANY. The Company
shall not have legal title to any part of the Trust Estate. The Company shall be
entitled to receive distributions with respect to its ownership interest therein
only in accordance with the Indenture, the Administration Agreement and the
Servicing Agreement. No transfer, by operation of law or otherwise, of any
right, title, or interest of the Company to and in its beneficial ownership
interest in the Trust Estate shall operate to terminate this Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer
to it of legal title to any part of the Trust Estate. If, contrary to this
Section, the Company is deemed to have legal title to any part of the Trust
Estate, the Company shall be deemed to have granted, and in such event does
hereby grant to the Issuer, a first priority security interest in all of the
Company's right, title and interest in the Trust Estate, other than in the
distributions referred to in the second sentence of this Section 11.02, and this
Agreement shall be deemed to constitute a security agreement under applicable
law with respect to the Trust Estate.

          SECTION 11.03. LIMITATIONS ON RIGHTS OF OTHERS. Except for Section
2.07, the provisions of this Agreement are solely for the benefit of the
Eligible Lender Trustee, the Seller, the Company, the Administrator, any Swap
Counterparties and, to the extent expressly provided herein, the Indenture
Trustee and the Noteholders, and nothing in this Agreement (other than Section
2.07), whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Trust Estate or
under or in respect of this Agreement or any covenants, conditions or provisions
contained herein.

          SECTION 11.04. NOTICES. Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing (or in the form
of facsimile notice, followed by written notice) and shall be deemed given upon
receipt by the intended recipient, if to the Eligible Lender Trustee, addressed
to its Corporate Trust Office; if to the Seller, addressed to Asset Backed
Securities Corporation, 11 Madison Avenue, New York, New York 10010, Attention:
[ ] (telephone: [ ]; facsimile: [ ]), with a copy to Office of the General
Counsel, [ ], Attention: [ ] (telephone: [ ]; facsimile: [ ]); if to the
Company, addressed to [ ], [ ], Attention: [ ] (telephone: [ ]; facsimile: [ ]),
with a copy to Asset Backed Securities Corporation, [ ], and a copy to Office of
the General Counsel, [ ], [ ], Attention: [ ] (telephone: [ ]; facsimile: [ ]);
and if to any Swap Counterparty, addressed to each Swap Counterparty at the
address indicated in the related Swap Agreement or, as to each party, at such
other address as shall be designated by such party in a written notice to each
other party.

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

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

          SECTION 11.07. SUCCESSORS AND ASSIGNS. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the Seller,
the Company, the Eligible Lender Trustee and their respective successors and
permitted assigns, all as herein provided.

          SECTION 11.08. NO PETITION. (a) The Seller will not at any time
institute against the Trust or the Company any bankruptcy proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, this Agreement or any of the other Basic
Documents.

          (b) The Eligible Lender Trustee, by entering into this Agreement, and
the Indenture Trustee and each Noteholder by accepting the benefits of this
Agreement, hereby covenant and agree that they will not at any time institute
against the Seller, the Company or the Trust, or join in any institution against
the Seller, the Company or the Trust of, any bankruptcy, reorganization,
arrangement, insolvency, receivership or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Agreement or any
of the other Basic Documents.

          (c) The Company will not at any time institute against the Trust or
the Seller or approve of the institution by the Eligible Lender Trustee of any
bankruptcy proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, the
Agreement or any of the other Basic Documents.

          SECTION 11.09. NO RECOURSE. The Company acknowledges that its
ownership interest in the Trust represents a beneficial interest in the Trust
only and does not represent an interest in or obligation of the Seller, the
Servicer, the Seller, the Administrator, the Eligible Lender Trustee, the
Indenture Trustee or any Affiliate thereof or any officer, director or employee
of any thereof and no recourse may be had against such parties or their assets,
except as may be expressly set forth or contemplated in this Agreement or the
other Basic Documents.

          SECTION 11.10. 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 11.11. GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of Delaware, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

          SECTION 11.12. RESERVED.

          SECTION 11.13. THIRD-PARTY BENEFICIARIES. The parties hereto
acknowledge that any Swap Counterparties are express third-party beneficiaries
hereof entitled to enforce the provisions hereof as if they were actual parties
hereto; PROVIDED, HOWEVER, that such right to enforcement and the right to
provide consents or waivers pursuant to the provisions hereof or to take other
actions as provided herein are conditioned upon its not being in default under
the related Swap Agreements.

          SECTION 11.14. CONSENTS. With respect to any action to be taken
hereunder that requires the consent of a party hereto or of the Indenture
Trustee or any Swap Counterparties, such consent shall not be unreasonably
withheld, delayed or conditioned.

                        [Signatures Follow on Next Page]

<PAGE>

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

                                [                                 ], not in
                                its individual capacity but solely as Eligible
                                Lender Trustee

                                  By: /S/
                                      ----------------------------------------
                                      Name:
                                      Title:

                                      ASSET BACKED SECURITIES
                                          CORPORATIION, as depositor

                                  By: /S/
                                      ----------------------------------------
                                      Name:
                                      Title:

                                       [                               ]

                                  By: /S/
                                      ----------------------------------------
                                      Name:
                                      Title:

<PAGE>

                             CERTIFICATE OF TRUST OF
           ASSET BACKED SECURITIES CORPORATION STUDENT LOAN TRUST [ ]

THIS Certificate of Trust of Asset Backed Securities Corporation Student Loan
Trust [ ] (the "Trust"), dated as of [ ], is being duly executed and filed by [
], a national banking association, and [ ], a Delaware banking corporation, as
trustees, to form a business trust under the Delaware Business Trust Act (12
DEL. CODE, ss. 3801 ET SEQ.).

          1. NAME. The name of the business trust formed hereby is Asset Backed
Securities Corporation Student Loan Trust [ ].

          2. DELAWARE TRUSTEE. The name and business address of the trustee of
the Trust resident in the State of Delaware is [ ].

          3. This Certificate of Trust will be effective [ ].

<PAGE>

IN WITNESS WHEREOF, the undersigned, being the sole trustees of the Trust, have
executed this Certificate of Trust as of the date first above written.

                                 [                               ], not in its
                                   individual capacity but solely as trustee of
                                   the Trust

                                  By: /s/
                                      ----------------------------------------
                                      Name:
                                      Title:

                                 [                               ], not in its
                                   individual capacity but solely as trustee of
                                   the Trust

                                  By: /s/
                                      ----------------------------------------
                                      Name:
                                      Title:EXHIBIT 4.4.7

                                 TRUST AGREEMENT

                                 by and between

                      Asset Backed Securities Corporation

                               as Trust Depositor,

                                       and

                                       [ ]
                                as Owner Trustee

                                 Dated as of [ ]

                          [ ] EQUIPMENT SECURITIES [ ]

<PAGE>
                                TABLE OF CONTENTS

                                    ARTICLE I

DEFINITIONS..................................................................1
   Section 1.01. Defined Terms Generally.....................................1
   Section 1.02. Specific Defined Terms......................................1
   Section 1.03. Usage of Terms..............................................4
   Section 1.04. Section References..........................................4
   Section 1.05. Accounting Terms............................................4

                                   ARTICLE II

ORGANIZATION AND ESTABLISHMENT OF TRUST......................................4
   Section 2.01. Establishment of Trust; Name................................4
   Section 2.02. Office......................................................4
   Section 2.03. Purposes and Powers.........................................4
   Section 2.04. Appointment of Owner Trustee................................5
   Section 2.05. Initial Capital Contribution; Organizational Expenses.......5
   Section 2.06. Declaration of Trust........................................6
   Section 2.07. Liability of Trust Depositor................................6
   Section 2.08. Title to Trust Property.....................................7
   Section 2.09. Situs of Trust..............................................7
   Section 2.10. Representations and Warranties of the Trust Depositor.......7
   Section 2.11. Federal Income Tax Treatment................................9

                                   ARTICLE III

EQUITY CERTIFICATE AND TRANSFERS OF INTERESTS THEREIN.......................10
   Section 3.01. Initial Ownership..........................................10
   Section 3.02. The Equity Certificate.....................................10
   Section 3.03. Authentication and Delivery of Equity Certificate..........10
   Section 3.04. Registration of Transfer and Exchange of the
                  Equity Certificates.......................................11
   Section 3.05. Mutilated, Destroyed, Lost or Stolen Trust
                  Equity Certificate........................................11
   Section 3.06. Persons Deemed Owners......................................12
   Section 3.07. Access to List of Equity Certificateholder's
                   Name and Addresses.......................................12
   Section 3.08. Maintenance of Office or Agency............................12
   Section 3.09. Ownership by Trust Depositor of Equity Certificate.........13

                                   ARTICLE IV

ACTIONS BY OWNER TRUSTEE....................................................14
   Section 4.01. Prior Notice to Equity Certificateholder with Respect
                  to Certain Matters........................................14
   Section 4.02. Action by Owner with Respect to Certain Matters............14
   Section 4.03. Action by Owner with Respect to Bankruptcy.................15
   Section 4.04. Restrictions on Owner's Power..............................15

                                    ARTICLE V

APPLICATION AND DISTRIBUTION OF TRUST FUNDS; CERTAIN DUTIES.................15
   Section 5.01. Collection Account.........................................15
   Section 5.02. Distributions From Collection Account......................15
   Section 5.03. Reports....................................................15
   Section 5.04. Taxes......................................................16
   Section 5.05. Method of Payment..........................................16
   Section 5.06. No Segregation of Moneys; No Interest......................17
   Section 5.07. Accounting and Reports to the Equity Certificateholder,
                    the Internal Revenue Service and Others.................17
   Section 5.08. Signature on Returns; Tax Matters Partner..................17

                                   ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE.......................................18
   Section 6.01. General Authority..........................................18
   Section 6.02. General Duties.............................................18
   Section 6.03. Action Upon Instruction....................................18
   Section 6.04. No Duties Except as Specified in This Agreement
                  or in Instructions........................................20
   Section 6.05. No Action Except Under Specified Documents or
                  Instructions..............................................20
   Section 6.06. Restrictions...............................................20
   Section 6.07. Administration Agreement...................................20

                                   ARTICLE VII

CONCERNING THE OWNER TRUSTEE................................................21
   Section 7.01. Acceptance of Trusts and Duties............................21
   Section 7.02. Furnishing of Documents....................................22
   Section 7.03. Representations and Warranties.............................23
   Section 7.04. Reliance; Advice of Counsel................................23
   Section 7.05. Not Acting in Individual Capacity..........................24
   Section 7.06. Owner Trustee Not Liable for Notes, Equity
                  Certificate or Contracts..................................24
   Section 7.07. Owner Trustee May Own Notes................................24

                                  ARTICLE VIII

COMPENSATION OF OWNER TRUSTEE...............................................25
   Section 8.01. Owner Trustee's Fees and Expenses..........................25
   Section 8.02. Indemnification............................................25
   Section 8.03. Non-recourse Obligations...................................25

                                   ARTICLE IX

TERMINATION OF TRUST........................................................26
   Section 9.01. Termination of Trust.......................................26
   Section 9.02. Dissolution upon Bankruptcy of Trust Depositor.............27

                                    ARTICLE X

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES......................27
   Section 10.01. Eligibility Requirements for Owner Trustee................27
   Section 10.02.  Resignation or Removal of Owner Trustee..................28
   Section 10.03. Successor Owner Trustee...................................28
   Section 10.04. Merger or Consolidation of Owner Trustee..................29
   Section 10.05. Appointment of Co-Trustee or Separate Trustee.............29

                                   ARTICLE XI

MISCELLANEOUS...............................................................31
   Section 11.01. Supplements and Amendments................................31
   Section 11.02. Limitations on Rights of Others...........................32
   Section 11.03. Notices...................................................32
   Section 11.04. Severability of Provisions................................33
   Section 11.05. Counterparts..............................................33
   Section 11.06. Successors and Assigns....................................33
   Section 11.07. No Petition...............................................34
   Section 11.08. No Recourse...............................................34
   Section 11.09. Headings..................................................34
   Section 11.10. Governing Law.............................................34
   Section 11.11. Certain Servicer Payment Obligations......................34
   Section 11.12. Jurisdiction..............................................35
   Section 11.13. Waiver of Jury Trial......................................35

EXHIBIT A     Form of Delaware Certificate of Trust.........................A-1
EXHIBIT B     Form of Equity Certificate....................................B-1

<PAGE>
          This TRUST AGREEMENT dated as of [ ], is made by and between Asset
Backed Securities Corporation, a Delaware corporation, as Trust Depositor (the
"Trust Depositor"), and [ ], as owner trustee (the "Owner Trustee").

          In consideration of the mutual agreements herein contained, and for
other good and valuable consideration, the receipt and adequacy of which are
acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

          Section 1.01. DEFINED TERMS GENERALLY. Capitalized terms used that are
not otherwise specifically defined herein shall have the same meaning given to
such terms when used in the Pooling Agreement (as defined in Section 1.02
below).

          Section 1.02. SPECIFIC DEFINED TERMS. Whenever used in this Agreement,
the following words and phrases, unless otherwise specified or the context
otherwise requires, shall have the following meanings:

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

          "Administrator" has the meaning given such term in the Administration
Agreement.

          "Agreement" means this Trust Agreement, as the same may be amended,
supplemented or restated from time to time.

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

          "Business Trust Statute" means 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.

          "Certificate Balance" means $[ ].

          "Certificate of Trust" means the Certificate of Trust filed for the
Trust pursuant to Section 3810(a) of the Business Trust Statute, substantially
in the form of Exhibit A hereto.

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

          "Closing Date" means [ ].

          "Code" means the Internal Revenue Code of 1986, as amended.

          "Equity Certificate" means the trust certificate evidencing the
beneficial equity interest of the Owner in the Trust and Trust Assets,
substantially in the form of Exhibit C hereto.

          "Equity Certificateholder" means the Person in whose name the Equity
Certificate is registered in the Certificate Register.

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

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

          "Event of Termination" has the meaning given such term in Section
8.01.

          "Expenses" shall have the meaning assigned to such term in Section
9.02.

          "Foreign Person" means any Person other than (i) a citizen or resident
of the United States, (ii) a corporation, partnership or other entity organized
in or under the laws of the United States or any political subdivision thereof,
(iii) an estate the income of which is subject to U.S. federal income taxation
regardless of its source, or (iv) a trust whose administration is subject to the
primary supervision of a court within the United States and which has one or
more U.S. fiduciaries who have authority to control all substantial decisions of
the Trust.

          "Holder" means a Noteholder or an Equity Certificateholder, as
applicable.

          "Indemnified Parties" shall have the meaning assigned to such term in
Section 9.02.

          "Indenture" means the Indenture dated as of the date of between the
Trust and [ ], as Indenture Trustee.

          "Note Depository Agreement" means the Agreement dated as of the
Closing Date among the Trust, the Indenture Trustee, the Administrator and DTC,
as the Clearing Agency, relating to the Notes, as the same may be amended and
supplemented from time to time.

          "Notes" means 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, and the Class D Notes in each case issued pursuant to the Indenture.

          "Noteholders" means each Person in whose name a Notes is registered in
the Note Register maintained by the Owner Trustee.

          "Owner" means the Equity Certificateholder.

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

          "Owner Trustee 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 Equity Certificateholder, the Servicer, the Indenture Trustee and the
Trust Depositor.

          "Person" means any individual, corporation, estate, partnership, joint
venture, association, limited liability company, joint stock company, trust
(including any beneficiary thereof) unincorporated organization or government or
any agency or political subdivision thereof.

          "Pooling Agreement" means the Pooling and Servicing Agreement, dated
as of [ ], among the Trust, the Trust Depositor, [ ], and [ ], in its individual
capacity and as Servicer thereunder, as the same may be amended, supplemented or
restated from time to time.

          "Required Holders" has the meaning given such term in the Pooling
Agreement.

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

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

          "Trust" means the trust established by this Agreement, the estate of
which consists of the Trust Assets.

          "Trust Assets" means the property and proceeds of every description
conveyed from time to time pursuant to Section 2.01 and 2.04 of the Pooling
Agreement, together with the Trust Accounts (including all investments therein
and proceeds and income therefrom), but not including any of such property which
has been released and reconveyed from the Trust in accordance with and pursuant
to the Pooling Agreement.

          "Trust Depositor" means Asset Backed Securities Corporation in its
capacity as Trust Depositor hereunder, and its successors.

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

          Section 1.03. USAGE OF TERMS. With respect to all terms in this
Agreement, the singular includes the plural and the plural the singular; words
importing one gender include the other gender; 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 1.04. SECTION REFERENCES. All section references, unless
otherwise indicated, shall be to Sections in this Agreement.

          Section 1.05. 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.

                                   ARTICLE II

                     ORGANIZATION AND ESTABLISHMENT OF TRUST

          Section 2.01. ESTABLISHMENT OF TRUST; NAME. There is hereby formed and
established pursuant to the Business Trust Statute a Delaware business trust
which shall be known as "[ ] Equipment Trust Securities [ ]", in which name the
Owner Trustee may conduct the activities of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued on
behalf of the Trust.

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

          Section 2.03. PURPOSES AND POWERS.

          (a) The sole purpose of the Trust is to manage the Trust Assets, and
collect and disburse the periodic income therefrom for the use and benefit of
the Equity Certificateholder, and in furtherance of such purpose to engage in
the following ministerial activities:

               (i)  to issue the Notes pursuant to the Indenture and the Equity
                    Certificate pursuant to this Agreement;

               (ii) with the proceeds of the sale of the Notes and the Trust
                    Certificate, to purchase the Contracts and other Trust
                    Assets, organizational, start-up and transactional expenses
                    of the Trust (to the extent not paid by the Trust Depositor
                    or the Servicer or Administrator); and to pay the balance to
                    the Owner from time to time pursuant to the Pooling
                    Agreement;

               (iii) to acquire, hold, manage, distribute, dispose of, release
                    or convey, to or at the direction of the Owner pursuant to
                    the Pooling Agreement, any portion of the Trust Assets in
                    the manner described in and pursuant to the Pooling
                    Agreement;

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

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

               (vi) subject to compliance with the Transaction Documents, to
                    engage in such other activities as may be required in
                    connection with conservation of the Trust Assets and the
                    making of distributions to the Owner and the Noteholders.

          (b) The Owner Trustee is hereby authorized to engage in the foregoing
activities on behalf of the Trust. The Trust shall not engage in any activities
other than in connection with the foregoing. Nothing contained herein shall be
deemed to authorize the Owner Trustee to engage in any business operations or
any activities other than those set forth in this Section 2.03. Specifically,
the Owner Trustee shall have no authority to engage in any business operations,
or acquire any assets other than those specifically included in the Trust
Assets, or otherwise vary the assets held by the Trust. Similarly, the Owner
Trustee shall have no discretionary duties other than performing those
ministerial acts set forth above necessary to accomplish the purpose of this
Trust as set forth in this Section 2.03.

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

          Section 2.05. INITIAL CAPITAL CONTRIBUTION; ORGANIZATIONAL EXPENSES.
The Trust Depositor hereby sells, assigns, transfers, conveys and sets over to
the Owner Trustee on behalf of the Trust, as of the date hereof, the sum of $10,
which shall constitute the initial contribution of the Trust Depositor in
respect of the establishment and formation of the Trust. The Owner Trustee
hereby acknowledges receipt in trust from the Trust Depositor, as of the date
hereof, of the foregoing contribution. The Trust Depositor shall pay or provide
for the payment of further organizational expenses of the Trust as they may
arise or shall, upon the request of the Owner Trustee, promptly reimburse or
provide for the reimbursement of the Owner Trustee for any such expenses paid by
the Owner Trustee.

          Section 2.06. DECLARATION OF TRUST. The Owner Trustee hereby declares
that it will hold the Trust Assets in trust upon and subject to the conditions
set forth herein for the sole purpose of conserving the Trust Assets and
collecting and disbursing the periodic income therefrom for the use and benefit
of the Owner, subject to the obligations of the Trust under the Transaction
Documents. It is the intention of the parties hereto that the Trust constitute a
business trust under the Business Trust Statute and that this Agreement
constitute the governing instrument of such business trust. Effective as of the
date hereof, the Owner Trustee shall have all rights, powers and duties set
forth herein and in the Business Trust Statute for the sole purpose and to the
extent necessary to accomplish the purposes of this Trust as set forth in
Section 2.03.

          Section 2.07. LIABILITY OF TRUST DEPOSITOR.

          (a) Pursuant to Section 3803(a) of the Business Trust Statute, the
Trust Depositor as Owner 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 Owner
would be liable if the Trust were a partnership under the Delaware Revised
Uniform Limited Partnership Act in which Trust Depositor were a general partner;
provided, however, that the Owner shall not be liable for any losses incurred by
the Equity Certificateholder in the capacity of an investor in the Trust
Certificate or a Noteholder in the capacity of an investor in the Notes; and
provided further, that the Owner shall not be so liable to any injured party or
other creditor if such party has agreed that its recourse against the Trust for
any obligation or liability of the Trust to such party shall be limited to the
assets of the Trust. 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 Owner shall not be liable) shall be deemed third party
beneficiaries of this paragraph.

          (b) No Equity Certificateholder, other than to the extent set forth in
Section 2.07(a), shall have any personal liability for any liability or
obligation of the Trust or by reason of any action taken by the parties to this
Agreement pursuant to any provisions of this Agreement or any other Transaction
Document.

          Section 2.08. TITLE TO TRUST PROPERTY.

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

          (b) The Holders shall not have legal title to any part of the Trust
Assets. The Holders shall be entitled to receive distributions from the Trust.

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

          Section 2.10. REPRESENTATIONS AND WARRANTIES OF THE TRUST DEPOSITOR.

          The Trust Depositor hereby represents and warrants to the Owner
Trustee, that:

               (i)  The Trust Depositor is duly organized and validly existing
                    as a corporation organized and existing, and in good
                    standing, under the laws of the State of Delaware, with
                    power and authority to own its properties and to conduct its
                    business and had at all relevant times, and has, power,
                    authority and legal right to acquire and own the assets
                    conveyed and to be conveyed by it to the Trust from time to
                    time.

               (ii) The Trust Depositor is duly qualified to do business as a
                    foreign corporation in good standing 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.

               (iii) The Trust Depositor has the power and authority to execute
                    and deliver this Agreement and to carry out its terms; the
                    Trust Depositor has full power and authority to sell and
                    assign the property to be sold and assigned from time to
                    time to and deposited with the Owner Trustee on behalf of
                    the Trust as part of the Trust Assets and has or will have
                    duly authorized such sale and assignment and deposit with
                    the Owner Trustee on behalf of the Trust by all necessary
                    entity action; the execution, delivery and performance of
                    this Agreement have been duly authorized by the Trust
                    Depositor by all necessary entity action; and this Agreement
                    constitutes the legal, valid and binding obligation of the
                    Trust Depositor, enforceable in accordance with its terms,
                    except as such enforcement may be limited by bankruptcy,
                    insolvency or similar laws affecting the enforcement of
                    creditors' rights generally and by the availability of
                    equitable remedies.

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

               (v)  All approvals, authorizations, consents, orders or other
                    actions of any Person or any governmental entity required in
                    connection with the execution and delivery of this Agreement
                    and the fulfillment of the terms hereof have been obtained.

               (vi) There are no proceedings or investigations pending, or to
                    the Trust Depositor's knowledge threatened, before any
                    court, regulatory body, administrative agency or other
                    governmental instrumentality having jurisdiction over the
                    Trust Depositor or its properties: (A) asserting the
                    invalidity of this Agreement, any of the Transaction
                    Documents or, (B) seeking to prevent the issuance of the
                    Equity Certificate or the consummation of any of the
                    transactions contemplated by this Agreement or the other
                    Transaction Documents, (C) seeking any determination or
                    ruling that might materially and adversely affect the
                    performance by the Trust Depositor of its obligations under,
                    or the validity or enforceability of, this Agreement, the
                    Equity Certificate or any other Transaction Document, or (D)
                    involving the Trust Depositor and which might adversely
                    affect the federal income tax or other federal, state or
                    local tax attributes of the Equity Certificate.

          Section 2.11. FEDERAL INCOME TAX TREATMENT. It is the intention of the
Trust Depositor that the Trust be disregarded as a separate entity for federal
income tax purposes pursuant to Treasury Regulations Section
301.7701-3(b)(1)(ii) as in effect for periods after January 1, 1997. The Equity
Certificate constitutes the sole equity interest in the Trust and must at all
times be held by either the Trust Depositor or its transferee as sole Owner. The
Trust Depositor agrees not to take any action inconsistent with such intended
federal income tax treatment. Because for federal income tax purposes the Trust
will be disregarded as a separate entity, Trust items of income, gain, loss and
deduction for any month as determined for federal income tax purposes shall be
allocated entirely to the Owner; provided, that this sentence shall not limit or
otherwise affect the provisions of the Transaction Documents pertaining to
distributions of Trust Assets or proceeds thereof to Persons other than the
Trust Depositor.

                                   ARTICLE III

              EQUITY CERTIFICATE AND TRANSFERS OF INTERESTS THEREIN

          Section 3.01. INITIAL OWNERSHIP.

          (a) Upon the formation of the Trust by the contribution by the Trust
Depositor pursuant to Section 2.05 and until the issuance of the Equity
Certificate, the Trust Depositor shall be the sole beneficiary of the Trust. The
Equity Certificate must at all times be held by either the Trust Depositor or
its transferee (to the extent permitted under Section 3.01(b) and Section
2.12(a)) as sole owner.

          (b) No transfer of the Equity Certificate shall be made unless such
transfer is made in a transaction which does not require registration or
qualification under the Securities Act or qualification under any state
securities or "Blue Sky" laws. Neither the Owner Trustee nor the Certificate
Registrar shall effect the registration of any transfer of the Equity
Certificate unless, prior to such transfer the Owner Trustee shall have received
(i) a Tax Opinion, and (ii) a certificate from the proposed transferee
certifying that (A) following such transfer, there would be no more than one
holder of the Equity Certificate and the holder of the Equity Certificate would
not be a Foreign Person, a partnership, Subchapter S corporation or grantor
trust and (B) such transfer does not violate any state securities or Blue Sky
laws or the Securities Act.

          Section 3.02. THE EQUITY CERTIFICATE.

          (a) On the Closing Date, the Equity Certificate shall be issued to the
Trust Depositor, substantially in the form of Exhibit B hereto. The Equity
Certificate shall be issued with an original Certificate balance equal to the
Certificate Balance. The Equity Certificate shall be executed by the Owner
Trustee on behalf of the Trust by manual or facsimile signature of an authorized
officer of the Owner Trustee and, upon authentication pursuant to Section 3.03,
shall be deemed to have been validly issued when so executed and authenticated.
The Equity Certificate bearing the manual or facsimile signature of individuals
who were, at the time when such signatures were affixed, authorized to sign on
behalf of the Owner Trustee shall be a valid and binding obligation of the
Trust, notwithstanding that such individuals or any of them have ceased to be so
authorized prior to the authentication and delivery of such Certificate or did
not hold such offices at the date of the authentication and delivery of the
Equity Certificate. The Equity Certificate shall be dated the date of its
authentication.

          Section 3.03. AUTHENTICATION AND DELIVERY OF EQUITY CERTIFICATE. The
Equity Certificate shall not entitle its holder to any benefit under this
Agreement, or be valid for any purpose, unless there shall appear on such Equity
Certificate a certificate of authentication substantially in the form set forth
in Exhibit B executed by the Owner Trustee or its authenticating agent, by
manual or facsimile signature; such authentication shall constitute conclusive
evidence that the Equity Certificate shall have been duly authenticated and
delivered hereunder. The Equity Bank is hereby initially appointed
Authentication Agent.

          Section 3.04. REGISTRATION OF TRANSFER AND EXCHANGE OF THE EQUITY
CERTIFICATES.

          (a) The Certificate Registrar shall maintain or cause to be
maintained, at the office or agency maintained pursuant to Section 3.08, a
Certificate Register in which, subject to such reasonable regulations as it may
prescribe, it shall provide for the registration of the Equity Certificate and
of transfers and exchanges of the Equity Certificate as provided in this
Agreement. [ ] is hereby initially appointed Certificate Registrar for the
purpose of registering the Equity Certificate and transfers and exchanges of the
Equity Certificate as provided in this Agreement. In the event that the Owner
Trustee notifies the Servicer that [ ] is unable to act as Certificate
Registrar, the Servicer shall appoint another bank or trust company, having an
office or agency located in The City of New York, agreeing to act in accordance
with the provisions of this Agreement applicable to it, and otherwise acceptable
to the Owner Trustee and the Administrative Agent, to act as successor
Certificate Registrar hereunder.

          (b) Upon surrender for registration of transfer of the Equity
Certificate otherwise permitted to be transferred in accordance herewith at the
office or agency maintained pursuant to Section 3.08, the Owner Trustee shall
(subject to Section 3.01(b) execute, authenticate and deliver (or shall cause
its authenticating agent to authenticate and deliver), in the name of the
designated transferee, one new Trust Certificate having the same aggregate
principal amount.

          (c) Every Equity Certificate presented or surrendered for registration
of transfer shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by
the Holder thereof or his attorney duly authorized in writing.

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

          (e) All Equity Certificates surrendered for registration of transfer
or exchange shall be canceled and subsequently destroyed by the Owner Trustee or
Certificate Registrar in accordance with its customary practice.

          Section 3.05. MUTILATED, DESTROYED, LOST OR STOLEN TRUST EQUITY
CERTIFICATE. If (a) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Equity Certificate, and (b) there is
delivered to the Certificate Registrar and the Owner Trustee such security or
indemnity as may be required by them to save each of them harmless, then, in the
absence of notice that such Equity Certificate has been acquired by a bona fide
purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner
Trustee or the Authenticating Agent shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Equity
Certificate, a new Equity Certificate of like tenor. In connection with the
issuance of any new Equity Certificate under this Section, the Owner Trustee or
Certificate Registrar may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the reasonable fees and expenses of the Owner Trustee
and the Certificate Registrar) connected therewith. Any duplicate Equity
Certificate issued pursuant to this Section shall constitute conclusive evidence
of beneficial ownership in the Trust, as if originally issued, whether or not
the lost, stolen or destroyed Equity Certificate shall be found at any time.

          Section 3.06. PERSONS DEEMED OWNERS. Prior to due presentation of a
Equity Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar and any of their respective agents may treat the Person in
whose name the Equity Certificate is registered as the owner of the Equity
Certificate for the purpose of receiving distributions pursuant to Section 5.02
and for all other purposes whatsoever, and none of the Owner Trustee, the
Certificate Registrar or any of their respective agents shall be affected by any
notice of the contrary.

          Section 3.07. ACCESS TO LIST OF EQUITY CERTIFICATEHOLDER'S NAME AND
ADDRESSES. The Owner Trustee shall furnish or cause to be furnished to the
Servicer, the Indenture Trustee and the Trust Depositor within 15 days after
receipt by the Owner Trustee of a written request therefor from the Servicer,
the Indenture Trustee or the Trust Depositor, name and address of the Equity
Certificateholder as of the most recent Record Date in such form as the
Servicer, the Indenture Trustee or the Trust Depositor may reasonably require.
The Equity Certificateholder, by receiving and holding the Equity Certificate,
agrees that neither the Servicer, the Trust Depositor nor the Owner Trustee, nor
any agent thereof, shall be held accountable by reason of the disclosure of any
such information as to the name and address of the Equity Certificateholder
hereunder, regardless of the source from which such information was derived.

          Section 3.08. MAINTENANCE OF OFFICE OR AGENCY. The Owner Trustee shall
maintain in The City of New York an office or offices or agency or agencies
where Equity Certificate may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Owner Trustee in respect
of the Equity Certificate and any Transaction Documents may be served. The Owner
Trustee initially designates the corporate trust office of [ ], Attention: [ ],
as its office for such purposes. The Owner Trustee shall give prompt written
notice to the Trust Depositor, the Servicer, the Administrative Agent and the
Equity Certificateholder of any change in the location of the Certificate
Register or any such office or agency.

          Section 3.09. OWNERSHIP BY TRUST DEPOSITOR OF EQUITY CERTIFICATE.
Trust Depositor shall on the Closing Date purchase from the Trust the Equity
Certificate representing the Certificate Balance.

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<PAGE>
                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

          Section 4.01. PRIOR NOTICE TO EQUITY CERTIFICATEHOLDER WITH RESPECT TO
CERTAIN MATTERS. Subject to the provisions and limitations of Section 4.04, with
respect to the following matters, the Owner Trustee shall not take action unless
at least 30 days before the taking of such action, the Owner Trustee shall have
notified the Equity Certificateholder in writing of the proposed action, the
Indenture Trustee shall have consented to such action in the event any Notes are
outstanding and the Equity Certificateholder shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that such
Equity Certificateholder has withheld consent or provided alternative direction:

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

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

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

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

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

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

          Section 4.02. ACTION BY OWNER WITH RESPECT TO CERTAIN MATTERS. Subject
to the provisions and limitations of Section 4.04, the Owner Trustee shall not
have the power, except upon the direction of the Owner, to (a) remove the
Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint
a successor Administrator pursuant to Section 8 of the Administration Agreement,
(c) remove the Servicer pursuant to Article VIII of the Pooling Agreement, (d)
except as expressly provided in the relevant Transaction Documents, release or
convey from the Trust any Trust Assets, (e) initiate any claim, suit or
proceeding by the Trust or compromise any claim, suit or proceeding brought by
or against the Trust, (f) authorize the merger or consolidation of the Trust
with or into any other business trust or entity (other than in accordance with
applicable restrictions or conditions thereon contained in a Transaction
Document) or (g) amend the Certificate of Trust. The Owner Trustee shall take
the actions referred to in the preceding sentence upon (and only upon) written
instructions signed by the Owner.

          Section 4.03. ACTION BY OWNER WITH RESPECT TO BANKRUPTCY. The Owner
Trustee shall not have the power to commence a voluntary proceeding in a
bankruptcy relating to the Trust without the prior approval of the Owner and the
delivery to the Owner Trustee by such Owner of a certificate certifying that
such Owner reasonably believes that the Trust is no longer Solvent.

          Section 4.04. RESTRICTIONS ON OWNER'S POWER. Neither the Administrator
nor the Owner shall direct the Owner Trustee to take or to refrain from taking
any action if such action or inaction would be contrary to any obligation of the
Trust or the Owner Trustee under this Agreement or any of the other Transaction
Documents, or would be contrary to the purpose of this Trust as set forth in
Section 2.03, nor shall the Owner Trustee be obligated to follow any such
direction, if given.

                                    ARTICLE V

           APPLICATION AND DISTRIBUTION OF TRUST FUNDS; CERTAIN DUTIES

          Section 5.01. COLLECTION ACCOUNT. The Owner Trustee shall establish
(or direct the Servicer to establish on its behalf) the Collection Account with
a Qualified Institution pursuant to and in accordance with Article VII of the
Pooling Agreement.

          Section 5.02. DISTRIBUTIONS FROM COLLECTION ACCOUNT. On each Payment
Date the Owner Trustee (based solely on the information contained in the
Servicer's monthly payment instructions referred to in Sections 7.05(a) or (b),
as applicable, of the Pooling Agreement) shall make the distributions and
payments from the Available Amounts on deposit in the Collection Account to the
parties, for the purposes and in the order of priorities specified in such
Sections 7.05(a) or (b) of the Pooling Agreement, as applicable.

          Section 5.03. REPORTS. On each Payment Date, the Owner Trustee shall
send or cause to be sent to the Equity Certificateholder, the Administrative
Agent and each Managing Agent, a statement (to be prepared by the Servicer or
the Administrator) based on information in the Servicer's Monthly Report
delivered on the related Determination Date pursuant to Section 9.01 of the
Pooling Agreement, setting forth for the Accrual Period or Collection Period, as
applicable, relating to such Payment Date the following information:

               (i)  the amount of such distribution allocable to principal;

               (ii) the amount of such distribution allocable to interest;

               (iii) the principal balance of each Class of Notes and the Equity
                    Certificate Balance (after giving effect to distributions
                    made on such Payment Date);

               (iv) the aggregate remaining shortfalls (after giving effect to
                    distributions on such Payment Date), if any, referred to in
                    the allocation provisions of Section 7.05 of the Pooling
                    Agreement with respect to allocations previously required to
                    be made but not made due to insufficiency of Available
                    Amounts therefor, as well as the change in such amounts from
                    the preceding statement; and

               (v)  the amount of fees and expenses, and payments in respect of
                    Hedging Agreements and in respect of the [ ] Hedged Amount
                    (if applicable), paid from the Trust Assets with respect to
                    such Collection Period.]

          Section 5.04. TAXES. In the event that any withholding tax is imposed
on the Trust's payment (or allocation of income) to the Equity
Certificateholder, such tax shall reduce the amount otherwise distributable to
the Equity Certificateholder in accordance with this Section. The Owner Trustee
is hereby authorized and directed to retain from amounts otherwise distributable
to the Equity Certificateholder sufficient funds for the payment of any tax that
is legally owed by the Trust (but such authorization shall not prevent the Owner
Trustee from contesting any such tax in appropriate proceedings, and withholding
payment of such tax, if permitted by law, pending the outcome of such
proceedings). The amount of any withholding tax imposed with respect to the
Equity Certificateholder shall be treated as cash distributed to such Equity
Certificateholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is
payable with respect to a distribution the Owner Trustee may in its sole
discretion withhold such amounts in accordance with this Section. In the event
that the Equity Certificateholder wishes to apply for a refund of any such
withholding tax, the Owner Trustee shall reasonably cooperate with the Equity
Certificateholder in making such claim so long as the Equity Certificateholder
agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred.

          Section 5.05. METHOD OF PAYMENT. Subject to Section 10.01(c),
distributions required to be made to the Equity Certificateholder on any Payment
Date shall be made to the Equity Certificateholder of record on the preceding
Record Date by wire transfer, in immediately available funds, to the account of
the Equity Certificateholder at a bank or other entity having appropriate
facilities therefor, which the Equity Certificateholder shall have designated to
the Certificate Registrar, with appropriate written wire transfer instructions,
at least three Business Days prior to such Payment Date. In the absence of such
designation, such distributions shall be made by check mailed to such the Equity
Certificateholder at the address of such Holder appearing in the Certificate
Register.

          Section 5.06. NO SEGREGATION OF MONEYS; NO INTEREST. Subject to
Sections 5.01 and 5.02, moneys received by the Owner Trustee hereunder need not
be segregated in any manner except to the extent required by law or any
applicable Transaction Document, and may be deposited under such general
conditions as may be prescribed by law, and the Owner Trustee shall not be
liable for any interest thereon.

          Section 5.07. ACCOUNTING AND REPORTS TO THE EQUITY CERTIFICATEHOLDER,
THE INTERNAL REVENUE SERVICE AND OTHERS. The Owner Trustee shall (a) maintain
(or cause to be maintained) the books of the Trust on a calendar year basis and
the accrual method of accounting, (b) deliver or cause to be delivered to the
Equity Certificateholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Form 1099 or
Schedule K-1) to enable the Equity Certificateholder to prepare its federal and
state income tax returns, (c) file or cause to be filed such tax returns
relating to the Trust and make such elections as from time to time may be
required or appropriate under any applicable state or federal statute or any
rule or regulation thereunder so as to maintain the federal income tax treatment
for the Trust as set forth in Section 2.11, (d) cause such tax returns to be
signed in the manner required by law and (e) collect or cause to be collected
any withholding tax as described in and in accordance with Section 5.04 with
respect to income or distributions to the Equity Certificateholder. The Owner
Trustee shall elect under Section 1278 of the Code to include in income
currently any market discount that accrues with respect to Contracts becoming
part of the Contract Pool. If applicable, the Owner Trustee shall not make the
election provided under Section 754 or Section 761 of the Code.

          Section 5.08. SIGNATURE ON RETURNS; TAX MATTERS PARTNER.

          (a) The Owner shall sign on behalf of the Trust the tax returns of the
Trust, if any.

          (b) If Subchapter K of the Code should be applicable to the Trust, the
Owner shall be designated the "tax matters partner" of the Trust pursuant to
Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations.

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<PAGE>
                                   ARTICLE VI

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

          Section 6.01. GENERAL AUTHORITY. Subject to the provisions and
limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and
directed to execute and deliver on behalf of the Trust from time to time the
Transaction Documents to which the Trust is to be a party and each certificate
or other document attached as an exhibit to or contemplated by such Transaction
Documents to which the Trust is to be a party and any amendment or other
agreement relating thereto (in each case, in such form as is approved by the
Trust Depositor), as evidenced conclusively by the Owner Trustee's execution
thereof. In addition to the foregoing, the Owner Trustee is authorized, but
shall not be obligated, to take all actions required of the Trust pursuant to
the Transaction Documents. The Owner Trustee is further authorized from time to
time to take such action as the Administrator directs or recommends in writing
with respect to the Transaction Documents, subject to the terms of the
Transaction Documents.

          Section 6.02. GENERAL DUTIES. It shall be the duty of the Owner
Trustee to discharge (or cause to be discharged through the Administrator or
such other agents as shall be appointed) all of its responsibilities pursuant to
the terms of this Agreement and the Transaction Documents to which the Trust is
a party and to administer the Trust in the interest of the Equity
Certificateholder, subject to the Transaction Documents and in accordance with
the provisions of this Agreement. Without limiting the foregoing, the Owner
Trustee shall on behalf of the Trust file and prove any claim or claims that may
exist against a Financing Originator or [ ] in connection with any claims-paying
procedure as part of a proceeding in respect of an Insolvency Event involving
such Financing Originator or [ ]. Notwithstanding the foregoing, the Owner
Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the other Transaction Documents to the extent the
Administrator has agreed in the Administration Agreement to perform any act or
to discharge any duty of the Owner Trustee or the Trust hereunder or under any
such Transaction Document, and the Owner Trustee shall not be held liable for
the default or failure of the Administrator to carry out its obligations under
the Administration Agreement.

          Section 6.03. ACTION UPON INSTRUCTION.

          (a) Subject to Article IV, and in all events subject to the terms of
the applicable Transaction Documents, the Equity Certificateholder may be
written instruction direct the Owner Trustee in the management of the Trust.

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

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

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

          (e) Notwithstanding anything contained herein to the contrary, the
Owner Trustee shall not be required to take any action in any jurisdiction other
than in the State of Delaware if the taking of such action will (i) require the
registration with, licensing by or the taking of any other similar action in
respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware by or with respect to the Owner
Trustee; (ii) result in any fee, tax or other governmental charge under the laws
of any jurisdiction or any political subdivisions thereof in existence on the
date hereof other than the State of Delaware being payable by the Owner Trustee;
or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction
other than the State of Delaware for causes of action arising from acts
unrelated to the consummation of the transactions by the Owner Trustee
contemplated in this Agreement. In the event that the Owner Trustee has
determined that any action set forth in clauses (i)-(iii) will result in the
consequences stated therein, the Administrator and the Owner Trustee shall
appoint one or more Persons to act as co-trustee pursuant to Section 11.05.

          Section 6.04. NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR IN
INSTRUCTIONS. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of or
otherwise deal with the Trust Assets, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms
of this Agreement (including Section 6.02) or any document or written
instruction received by the Owner Trustee pursuant to Article IV or Section
6.03; and no implied duties or obligations shall be read into this Agreement or
any other Transaction Document against the Owner Trustee. The Owner Trustee
shall have no responsibility for filing any financing or continuation statement
in any public office at any time or to otherwise perfect or maintain the
perfection of any security interest or lien granted to it hereunder or to
prepare or file any securities law filing for the Trust or to record this
Agreement or any other Transaction Document. The Owner Trustee nevertheless
agrees that it will, at its own cost and expense, promptly take all action as
may be necessary to discharge any liens on any part of the Trust Assets that
result from actions by, or claims against, the Owner Trustee, in its individual
capacity, that are not related to the ownership or the administration of the
Trust Assets.

          Section 6.05. NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
INSTRUCTIONS. The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Trust Assets except (i) in accordance
with the powers granted to and the authority conferred upon the Owner Trustee
pursuant to this Agreement, (ii) in accordance with the Transaction Documents,
and (iii) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Article IV or Section 6.03.

          Section 6.06. RESTRICTIONS. The Owner Trustee shall not take any
action (i) that is inconsistent with the purposes of the Trust set forth in
Section 2.03 or (ii) that, to the actual knowledge of the Owner Trustee, would
result in the Trust's becoming taxable as a corporation for federal or state
income tax purposes. Neither the Administrator nor the Equity Certificateholder
shall direct the Owner Trustee to take actions that would violate the provisions
of this Section.

          Section 6.07. ADMINISTRATION AGREEMENT.

          (a) The Administrator is authorized to execute on behalf of the Trust
all documents, reports, filings, instruments, Equity Certificate and opinions as
it shall be the duty of the Trust to prepare, file or deliver pursuant to the
Transaction Documents. Upon written request, the Owner Trustee shall execute and
deliver to the Administrator a power of attorney appointing the Administrator
its agent and attorney-in-fact to execute all such documents, reports, filings,
instruments, Equity Certificate and opinions.

          (b) If the Administrator shall resign or be removed pursuant to the
terms of the Administration Agreement, the Owner Trustee may, at the written
direction of the Required Holders, appoint or consent to the appointment of a
successor Administrator pursuant to the Administration Agreement.

          (c) If the Administration Agreement is terminated, the Owner Trustee
may, and is hereby authorized and empowered to, at the written direction of the
Equity Certificateholder, appoint or consent to the appointment of a Person to
perform substantially the same duties as are assigned to the Administrator in
the Administration Agreement pursuant to an agreement containing substantially
the same provisions as are contained in the Administration Agreement.

          (d) The Owner Trustee shall promptly notify the Equity
Certificateholder of any default by or misconduct of the Administrator under the
Administration Agreement of which the Owner Trustee has received written notice
or of which a Responsible Officer of the Owner Trustee has actual knowledge.

                                   ARTICLE VII

                          CONCERNING THE OWNER TRUSTEE

          Section 7.01. ACCEPTANCE OF TRUSTS AND DUTIES. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The Owner
Trustee also agrees to disburse all moneys actually received by it constituting
part of the Trust Assets upon the terms of the Transaction Documents and this
Agreement. The Owner Trustee shall not be answerable or accountable hereunder or
under any other Transaction Document under any circumstances, except (i) for its
own willful misconduct or negligence, (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 7.03 expressly made by the Owner
Trustee in its individual capacity, (iii) for liabilities arising from the
failure of the Owner Trustee to perform obligations expressly undertaken by it
in the last sentence of Section 6.04 hereof, (iv) for any investments issued by
the Owner Trustee or any branch or affiliate thereof in its commercial capacity,
or (v) for taxes, fees or other charges on, based on or measured by, any fees,
commissions or compensation received by the Owner Trustee in connection with any
of the transactions contemplated by this Agreement or any other Transaction
Document. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

          (a) the Owner Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer of the Owner Trustee which did not
result from negligence on the part of such Responsible Officer;

          (b) the Owner Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in accordance with the instructions of the
Administrator or the Equity Certificateholder (so long as not contrary to the
express terms of the Transaction Documents);

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

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

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

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

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

          Section 7.02. FURNISHING OF DOCUMENTS. The Owner Trustee shall furnish
to the Equity Certificateholder promptly upon receipt of a written request
therefor from an Equity Certificateholder, duplicates or copies of all reports,
notices, requests, demands, Equity Certificate, financial statements and any
other instruments furnished to the Owner Trustee under the Transaction
Documents.

          Section 7.03. REPRESENTATIONS AND WARRANTIES. The Owner Trustee hereby
represents and warrants to the Trust Depositor and the Equity Certificateholder
that:

          (a) It is a banking corporation duly organized and validly existing in
good standing under the laws of the State of Delaware. It has all requisite
corporate power and authority to execute, deliver and perform its obligations
under this Agreement and to execute and deliver on behalf of the Trust each
other Transaction Document to which the Trust is a party ("Related Documents").

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

          (c) Neither the execution nor the delivery by it of this Agreement or,
on behalf of the Trust, any Related Document, nor the consummation by it of the
transactions contemplated hereby nor compliance by it with any of the terms or
provisions hereof will contravene any federal or Delaware law, governmental rule
or regulation governing the banking or trust powers of the Owner Trustee or any
judgment or order binding on it, or constitute any default under its charter
documents or bylaws or any indenture, mortgage, contract, agreement or
instrument to which it is a party or by which any of its properties may be bound
or result in the creation or imposition of any lien, charge or encumbrance on
the Trust Assets resulting from actions by or claims against the Owner Trustee
individually which are unrelated to this Agreement or the other Transaction
Documents.

          Section 7.04. RELIANCE; ADVICE OF COUNSEL.

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

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

          Section 7.05. NOT ACTING IN INDIVIDUAL CAPACITY. Except as provided in
this Article VII, in accepting the trusts hereby created, [ ] acts solely as
Owner Trustee hereunder and not in its individual capacity, and all Persons
having any claim against the Owner Trustee by reason of the transactions
contemplated by this Agreement or any other Transaction Document shall look only
to the Trust Assets for payment or satisfaction thereof.

          Section 7.06. OWNER TRUSTEE NOT LIABLE FOR NOTES, EQUITY CERTIFICATE
OR CONTRACTS. The recitals contained herein and in the Equity Certificate (other
than the signature of the Owner Trustee on behalf of the Trust on, and the
certificate of authentication on, the Equity Certificate) shall be taken as the
statements of the Trust Depositor, and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement, any other
Transaction Document or the Equity Certificate (other than the signature of the
Owner Trustee and the certificate of authentication on the Equity Certificates,
or of any Contract or related documents or assets. The Owner Trustee shall at no
time have any responsibility or liability for or with respect to the legality,
validity and enforceability of any Contract, or the perfection and priority of
any security interest created by any Contract in any related Equipment or the
maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Trust Assets or its ability to generate the payments to be
distributed to the Equity Certificateholder under this Agreement or the
Noteholders under the Indenture, including, without limitation, the existence,
condition and ownership of any Equipment; the existence and enforceability of
any insurance thereon; the existence and contents of any Contract on any
computer or other record thereof; the validity of the assignment of any Contract
to the Trust or of any intervening assignment; the completeness of any Contract;
the performance or enforcement of any Contract; the compliance by the Trust
Depositor, applicable Financing Originator , [ ] or the Servicer with any
warranty or representation made under any Transaction Document or in any related
document or the accuracy of any such warranty or representation; or any action
of the Administrator, the Indenture Trustee or the Servicer or any subservicer
taken in the name of the Owner Trustee.

          Section 7.07. OWNER TRUSTEE MAY OWN NOTES. The Owner Trustee in its
individual or any other capacity may become the owner or pledgee of Notes or the
Equity Certificate and may deal with the Trust Depositor, the Administrator, the
Indenture Trustee, Servicer and Affiliates thereof in banking transactions with
the same rights as it would have if it were not Owner Trustee.

                                  ARTICLE VIII

                          COMPENSATION OF OWNER TRUSTEE

          Section 8.01. OWNER TRUSTEE'S FEES AND EXPENSES. The Owner Trustee
shall receive as compensation for its services hereunder such fees as have been
separately agreed upon between the Owner Trustee and the Servicer and which
shall be paid consistent with Section 5.19 of the Pooling Agreement.
Additionally, the Owner Trustee shall be entitled to be reimbursed by the Trust
Depositor or Servicer for its other reasonable expenses hereunder, including the
reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Owner Trustee may employ in
connection with the exercise and performance of its rights and its duties
hereunder; provided, however, that the Owner Trustee shall only be entitled to
reimbursement for expenses hereunder to the extent such expenses (i) are fees of
outside counsel engaged by the Owner Trustee in respect of the performance of
its obligations hereunder, or (ii) relate to the performance of its obligations
pursuant to Section 5.02.

          Section 8.02. INDEMNIFICATION. The Trust Depositor shall be liable as
primary obligor for, and shall indemnify the Owner Trustee and its successors,
assigns and servants (collectively, the "Indemnified Parties") from and against,
any and all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, "Expenses") which may at any time be imposed on, incurred by or
asserted against the Owner Trustee or any Indemnified Party in any way relating
to or arising out of this Agreement, any other Transaction Document, the Trust
Assets, the administration of the Trust Assets or the action or inaction of the
Owner Trustee hereunder; provided, however, the Trust Depositor shall not be
liable for or required to indemnify an Indemnified Party from and against
Expenses arising or resulting from any of the matters described in the third
sentence of Section 7.01; provided, further, that the liability of the Trust
Depositor under this Section shall be limited to the assets of the Trust
Depositor and any indemnity payments to be made pursuant to this Section shall
not be made from the Trust Assets and such indemnity payments, if unpaid, do not
constitute a general recourse claim against the Trust. The indemnities contained
in this Section shall survive the resignation or termination of the Owner
Trustee or the termination of this Agreement. In the event of any claim, action
or proceeding for which indemnity will be sought pursuant to this Section, the
Owner Trustee's choice of legal counsel shall be subject to the approval of the
Trust Depositor, which approval shall not be unreasonably withheld. The
indemnities contained in this Section shall be in addition to the indemnities
provided by the Servicer pursuant to the Pooling Agreement and the Administrator
pursuant to the Administration Agreement.

          Section 8.03. NON-RECOURSE OBLIGATIONS. Notwithstanding anything in
this Agreement or any other Transaction Document, the Owner Trustee agrees in
its individual capacity and in its capacity as Owner Trustee for the Trust that
all obligations of the Trust to the Owner Trustee individually or as Owner
Trustee for the Trust shall be recourse to the Trust Assets only and
specifically shall not be recourse to the assets of the Equity
Certificateholder.

                                   ARTICLE IX

                              TERMINATION OF TRUST

          Section 9.01. TERMINATION OF TRUST.

          (a) The respective obligations and responsibilities of the Trust
Depositor and the Owner Trustee created by this Agreement and the Trust created
by this Agreement shall terminate upon the earliest of (i) the maturity or other
liquidation of the last Contract and related Transferred Assets, and the
subsequent distribution of amounts in respect of such Transferred Assets as
provided in the Transaction Documents, or (ii) the payment to the Noteholders
and any other party entitled thereto of the entire outstanding principal balance
of the Notes, together with accrued interest thereon to the date of repayment,
and all other amounts required to be paid to such parties or to which such
parties are entitled pursuant to this Agreement, the Pooling Agreement and the
other Transaction Documents, or (iii) at the time provided in Section 9.02
below; provided, however, that in no event shall the trust created by this
Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants living on the date of this Agreement of Rose Kennedy
of the Commonwealth of Massachusetts; and provided, further, that the rights to
indemnification under Section 8.02 shall survive the termination of the Trust.
The Servicer shall promptly notify the Owner Trustee and the Administrative
Agent of any prospective termination pursuant to this Section 9.01. Except as
provided in Section 9.02, the bankruptcy, liquidation, dissolution, termination,
resignation, expulsion, withdrawal, death or incapacity of the Equity
Certificateholder, shall not (x) operate to terminate this Agreement or the
Trust, nor (y) entitle such Equity Certificateholder's legal representatives or
heirs to claim an accounting or to take any action or proceeding in any court
for a partition or winding up of all or any part of the Trust or Trust Assets,
nor (z) otherwise affect the rights, obligations and liabilities of the parties
hereto.

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

          (c) Promptly upon receipt of notice of final distribution on the
Equity Certificate from the Servicer given pursuant to Section 10.01 of the
Pooling Agreement, the Owner Trustee shall mail written notice to the Equity
Certificateholder specifying (i) the Payment Date upon which final payment of
the Equity Certificate shall be made upon presentation and surrender of Equity
Certificate at the office of the Owner Trustee as therein specified, (ii) the
amount of any such final payment, and (iii) that the Record Date otherwise
applicable to such Payment Date is not applicable, payments being made only upon
presentation and surrender of the Equity Certificate at the office of the Owner
Trustee therein specified. The Owner Trustee shall give such notice to the
Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at
the time such notice is given to Equity Certificateholder. Upon presentation and
surrender of the Equity Certificate, the Owner Trustee shall cause to be
distributed to Equity Certificateholder amounts distributable on such Payment
Date pursuant to Section 5.02.

          (d) In the event that the Equity Certificateholder shall not surrender
the Equity Certificate for cancellation within six months after the date
specified in the above-mentioned written notice, the Owner Trustee shall give a
second written notice to the Equity Certificateholder to surrender the Equity
Certificates for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice the Equity Certificate shall
not have been surrendered for cancellation, the Owner Trustee may take
appropriate steps, or may appoint an agent to take appropriate steps, to contact
the Equity Certificateholder concerning surrender of the Equity Certificate, and
the cost thereof shall be paid out of the funds and other assets that remain
subject to this Agreement. Any funds which are payable to the Equity
Certificateholder remaining in the Trust after exhaustion of such remedies shall
be distributed by the Owner Trustee to the Trust Depositor.

          (e) Upon the winding up of the Trust and its termination, the Owner
Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 of the Business Trust Statute.

          Section 9.02. DISSOLUTION UPON BANKRUPTCY OF TRUST DEPOSITOR. In the
event that an Insolvency Event shall occur with respect to the Trust Depositor,
then this Agreement shall be terminated in accordance with Section 9.01 90 days
after the date of such event, unless within such 90 day period, the Owner
Trustee shall have received written instructions from the Required Holders not
to dissolve or terminate the Trust. Promptly after the occurrence of an
Insolvency Event with respect to the Trust Depositor (i) the Trust Depositor
shall give the Indenture Trustee and Owner Trustee written notice thereof, and
the Indenture Trustee shall give prompt written notice to the Noteholders
thereof. Upon a termination pursuant to this Section, the Owner Trustee shall
direct the Indenture Trustee promptly sell the Trust Assets in a commercially
reasonable manner and on commercially reasonable terms. The proceeds of such a
sale shall be treated, allocated and distributed as Collections in accordance
with the Pooling Agreement.

                                    ARTICLE X

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

          Section 10.01. ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. The Owner
Trustee shall at all times be a corporation (i) satisfying the provisions of
Section 3807(a) of the Business Trust Statute; (ii) authorized to exercise
corporate trust powers; (iii) having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or state
authorities; (iv) having (or having a parent which has) a rating of at least
Baa3 by Moody's or BBB by Standard & Poor's; (v) which is not an Affiliate of
the Issuer, the Trust Depositor, or any Financing Originator, and (vi) does not
offer or provide credit or credit enhancement to the Issuer or the Trust
Depositor. If such corporation shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance with
the provisions of this Section, the Owner Trustee shall resign immediately in
the manner and with the effect specified in Section 10.02.

          Section 10.02. RESIGNATION OR REMOVAL OF OWNER TRUSTEE. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Trust Depositor and the Servicer at
least 30 days before the date specified in such instrument. Upon receiving such
notice of resignation, the Administrator shall promptly appoint a successor
Owner Trustee meeting the qualifications set forth in Section 10.01 by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Owner Trustee and one copy to the successor Owner Trustee. If no
successor Owner Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Owner Trustee may petition any court of competent jurisdiction for the
appointment of a successor Owner Trustee.

          If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.01 and shall fail to resign after
written request therefor by the Administrator or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator, may remove the Owner
Trustee. If the Administrator shall remove the Owner Trustee under the authority
of the immediately preceding sentence, the Trust Depositor shall promptly
appoint a successor Owner Trustee meeting the qualification requirements of
Section 10.01 by written instrument, in duplicate, one copy of which instrument
shall be delivered to the outgoing Owner Trustee so removed and one copy to the
successor Owner Trustee together with payment of all fees owed to the outgoing
Owner Trustee.

          Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until all fees and expenses, including any indemnity
payments, due to the outgoing Owner Trustee have been paid and until acceptance
of appointment by the successor Owner Trustee pursuant to Section 10.03.

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

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

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

          Any successor Owner Trustee appointed pursuant to this Section 10.03
shall file an amendment to the Certificate of Trust with the Delaware Secretary
of State identifying the name and principal place of business of such successor
in the State of Delaware.

          Section 10.04. MERGER OR CONSOLIDATION OF OWNER TRUSTEE. Any
corporation into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Owner Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, provided such corporation shall be eligible pursuant to Section
11.01, without the execution or filing of any instrument or any further act on
the part of any of the parties hereto. Notwithstanding anything contained herein
to the contrary, the successor Owner Trustee under this Section 10.04 shall file
an amendment to the Certificate of Trust with the Delaware Secretary of State
identifying the name and principal place of business of such successor in the
State of Delaware.

          Section 10.05. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Assets may at the time be located, the Owner Trustee shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Owner Trustee to act as co-trustee, jointly with the
Owner Trustee, or separate trustee or separate trustees, of all or any part of
the Trust Assets, and to vest in such Person, in such capacity, such title to
the Trust Assets, or any part thereof, and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the Owner
Trustee may consider necessary or desirable. No co-trustee or separate trustee
under this Agreement shall be required to meet the terms of eligibility as a
successor trustee pursuant to Section 10.01 and no notice of the appointment of
any co-trustee or separate trustee shall be required pursuant to Section 10.01.

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

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

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

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

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

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

                                   ARTICLE XI

                                  MISCELLANEOUS

          Section 11.01. SUPPLEMENTS AND AMENDMENTS.

          (a) This Agreement may be amended by the Trust Depositor and the Owner
Trustee, without the consent of any of the Noteholders or the Equity
Certificateholder, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or to add any other provisions with respect to
matters or questions arising under this Agreement that shall not be inconsistent
with the provisions of this Agreement; provided, however, that any such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interest of any Noteholder or the Equity Certificateholder.

          (b) This Agreement may also be amended from time to time by the Trust
Depositor and the Owner Trustee, with the consent of the Required Holders and
the Equity Certificateholder, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement,
or of modifying in any manner the rights of the Noteholders or the Equity
Certificateholder; provided, however, that no such amendment shall increase or
reduce in any manner the amount of, or accelerate or delay the timing of, (i)
collections of payments on Contracts or distributions that shall be required to
be made for the benefit of the Noteholders or the Equity Certificateholder, or
(ii) eliminate the Equity Certificateholder consent or reduce the aforesaid
percentage of the Outstanding Amount of the Notes required to consent to any
such amendment, without the consent of the Holders of all outstanding Notes and
the Equity Certificates.

          (c) Prior to the execution of any such amendment or consent, the Trust
Depositor shall furnish written notification of the substance of such amendment
or consent, together with a copy thereof, to the Indenture Trustee and the
Administrator.

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

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

          (f) Prior to the execution of any amendment or supplement to this
Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to
receive and rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement and the other Transaction
Documents, and that all conditions precedent to the execution and delivery of
such amendment as set forth in the applicable Transaction Documents have been
satisfied. The Owner Trustee may, but shall not be obligated to, enter into any
such amendment that affects the Owner Trustee's own rights, duties or immunities
under this Agreement or otherwise.

          Section 11.02. LIMITATIONS ON RIGHTS OF OTHERS. Except for Section
2.07, the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Trust Depositor, the Owner, the Administrator and, to the extent
expressly provided herein, the Indenture Trustee, the Noteholders and the Equity
Certificateholder, and nothing in this Agreement (other than Section 2.07),
whether express or implied, shall be construed to give to any other Person any
legal or equitable right, remedy or claim in the Trust Assets or under or in
respect of this Agreement or any covenants, conditions or provisions contained
herein.

          Section 11.03. NOTICES. All notices, demands, Equity Certificate,
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
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 initial Servicer/Administrator:

                    [                                       ]
                    [                                       ]
                    [                                       ]
                    Fax No.: [                          ]
                    Telephone No.: [                   ]

                    with a copy to:

                    [                                       ]
                    [                                       ]
                    [                                       ]
                    Attention: [                       ]

                    Fax No.: [                          ]
                    Telephone No.: [                   ]

               (ii) If to the Trust Depositor:

                    Asset Backed Securities Corporation
                    11 Madison Avenue
                    New York, New York 10010
                    Attention: [                       ]

                    Fax No.: [                          ]
                    Telephone No.: [                   ]

               (iii) 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 11.04. 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 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 the Certificate or
the rights of the Equity Certificateholder thereof.

          Section 11.05. COUNTERPARTS. This Agreement may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

          Section 11.06. SUCCESSORS AND ASSIGNS. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, each of the
Trust Depositor, and the Owner Trustee and their respective successors and
permitted assigns and the Owner and its successors and permitted assigns, all as
herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by the Owner shall bind the successors and assigns of such
Owner.

          Section 11.07. NO PETITION.

          (a) The Trust Depositor will not at any time institute against (or
solicit or cooperate with or encourage any Person to institute against) the
Trust any bankruptcy proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Equity Certificate, the Notes, this Agreement or any of the other Transaction
Documents existing from time to time.

          (b) The Owner Trustee, by entering into this Agreement, and the Equity
Certificateholder, by accepting the Equity Certificate, and the Indenture
Trustee and each Noteholder, by accepting the benefits of this Agreement, hereby
covenant and agree that they will not at any time institute against (or solicit
or cooperate with or encourage any Person to institute against) the Trust
Depositor or the Trust, or join in any institution against the Trust Depositor
or the Trust of, any bankruptcy proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to
the Equity Certificate, the Notes, this Agreement or any of the other
Transaction Documents existing from time to time.

          Section 11.08. NO RECOURSE. The Equity Certificateholder by accepting
the Equity Certificate acknowledges that the Equity Certificateholder's Equity
Certificate represents beneficial interests in the Trust only and does not
represent interests in or obligations of the Trust Depositor, the Servicer, any
Financing Originator, the Administrator, the Owner Trustee, the Indenture
Trustee or any of their respective Affiliates and no recourse may be had against
such parties or their assets, except as may be expressly set forth or
contemplated in this Agreement, the Equity Certificate or the other applicable
Transaction Documents.

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

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

          Section 11.11. CERTAIN SERVICER PAYMENT OBLIGATIONS. It is understood
that the Servicer shall be responsible for payment of the Administrator's
compensation pursuant to Section 3 of the Administration Agreement and shall
reimburse the Administrator for all expenses and liabilities of the
Administrator incurred thereunder, consistent with the provisions of Section
5.19 of the Pooling Agreement. The parties hereto agree that any such payments,
if unpaid, do not constitute a general recourse claim against the Trust or the
Trust Assets.

          Section 11.12. JURISDICTION. EACH OF THE PARTIES TO THIS AGREEMENT
HEREBY AGREES TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING JURISDICTION TO
REVIEW THE JUDGMENTS THEREOF. EACH OF THE PARTIES HEREBY WAIVES ANY OBJECTION
BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION
INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS.

          Section 11.13. 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 THEROF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, AMENDMENTS AND
RESTATEMENTS, OR MODIFICATIONS TO THIS AGREEMENT OR ANY OTHER TRANSACTION
DOCUMENT.

                [remainder of this page intentionally left blank]

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

                                    Asset Backed Securities Corporation
                                    as Trust Depositor

                                    By:  [                               ]

                                    Printed  Name:
                                    [                                    ]

                                    Title: [                             ]

                                    [                                    ]
                                    as Owner Trustee

                                    By: [                                ]

                                    Printed  Name:
                                    [                                    ]

                                    Title: [                             ]

<PAGE>
                                                                       EXHIBIT A
                                           Form of Delaware Certificate of Trust

                             CERTIFICATE OF TRUST OF
                       [ ] EQUIPMENT TRUST SECURITIES [ ]

          This Certificate of Trust of [ ] Equipment Trust Securities [ ] (the
"Trust"), dated [ ], [ ], is being duly executed and filed by [ ], as Owner
Trustee, to form a business trust under the Delaware Business Trust Act (12 Del.
Code, 'SS' 3801 et seq.).

          1. Name. The name of the business trust formed hereby is [ ] Equipment
Trust Securities [ ].

          2. Delaware Trustee. The name and business address of the Owner
Trustee of the Trust in the State of Delaware is [ ] of [ ], [ ].

          3. Effective Date. This Certificate of Trust shall be effective upon
filing.

          IN WITNESS WHEREOF, the undersigned, being the sole Owner Trustee of
the Trust, has executed this Certificate of Trust as of the date first above
written.

                                    [                                    ]
                                    not in its individual capacity but
                                    solely as Owner Trustee

                                    By:  [                               ]

                                    Printed Name:
                                    [                                    ]

                                    Title: [                             ]

<PAGE>
                                                                       EXHIBIT B
                                                      Form of Equity Certificate

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO NOTES TO THE EXTENT
DESCRIBED IN THE TRUST AGREEMENT AND THE POOLING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN [ ], [ ],
[ ] OR ANY AFFILIATE THEREOF, OTHER THAN THE [ ] EQUIPMENT TRUST SECURITIES [ ].
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY
STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR PLEDGED UNLESS THE
CONDITIONS SET FORTH IN SECTION 3.04 OF THE TRUST AGREEMENT HAVE BEEN COMPLIED
WITH.

THIS CERTIFICATE IS TRANSFERABLE ONLY IN WHOLE AND NOT IN PART.

THIS CERTIFICATE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), AND THIS CERTIFICATE MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM.

                       [ ] EQUIPMENT TRUST SECURITIES [ ]

                               EQUITY CERTIFICATE

NO. 1                                                        Equity Certificate

          THIS CERTIFIES THAT [ ] is the registered owner of a beneficial
interest in the [ ] Equipment Trust Securities [ ] (the "Trust") formed by Asset
Backed Securities Corporation, a Delaware corporation (the "Trust Depositor").

          The Trust was created pursuant to a Trust Agreement dated as of [ ]
(as amended, restated, supplemented and/or otherwise modified from time to time,
the "Trust Agreement"), between Asset Backed Securities Corporation, as Trust
Depositor (the "Trust Depositor"), and [ ], as owner trustee (the "Owner
Trustee"), a summary of certain of the pertinent provisions of which is set
forth below. In the event of any conflict or inconsistency between this
Certificate and the Trust Agreement (or the Pooling Agreement, as the case may
be), the Trust Agreement (or the Pooling Agreement, as the case may be) shall
govern. To the extent not otherwise defined herein, the capitalized terms used
herein have the meanings which would be given to them if used in the Trust
Agreement.

          This Certificate is the duly authorized Equity Certificate issued
under and is subject to the terms, provisions and conditions of the Trust
Agreement, to which Trust Agreement the Holder of this Certificate by virtue of
its acceptance hereof assents and by which such Holder is bound. The Trust has
also issued Notes, in right of payment to which this Equity Certificate is
subordinate. The property of the Trust includes, among other things, all the
right, title and interest of the Trust Depositor in and to the Transferred
Assets identified in one or more related Transfer Agreements delivered from time
to time on related Transfer Dates.

          The amount to be distributed to the Holder of this Certificate on each
Payment Date will be determined pursuant to the Pooling Agreement.

          The Holder of this Certificate acknowledges and agrees that its rights
to receive distributions in respect of this Certificate are subordinated to the
rights of Noteholders to the extent described in the Trust Agreement and the
Pooling Agreement.

          It is the intent of each Financing Originator, the Servicer, the
Administrator, the Trust Depositor, the Owner Trustee, and the Equity
Certificateholder that, for purposes of federal income, state and local income
and single business tax and any other income taxes, the Trust will be
disregarded as a separate entity for federal income tax purposes pursuant to
Treasury Regulations Section 301.7701-3(b)(1)(ii) and that all items of income,
deduction, gain, loss or credit of the Trust will be treated as such items of
the Equity Certificateholder. The Trust Depositor and the Equity
Certificateholder, by acceptance of this Certificate, agrees to treat, and to
take no action inconsistent with such treatment of, the Trust for federal income
tax purposes.

          The Equity Certificateholder, by its acceptance of this Certificate or
a beneficial interest in this Certificate, covenants and agrees that such Equity
Certificateholder will not at any time institute against (or solicit or
cooperate with or encourage any Person to institute against) the Trust or the
Trust Depositor, or join in any institution against the Trust or the Trust
Depositor any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Certificate, any Senior Certificate, the Trust Agreement or any of the other
Transaction Documents in existence from time to time.

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

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

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

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

                            [REVERSE OF CERTIFICATE]

          The Equity Certificate does not represent an obligation of, or an
interest in, the Trust Depositor, [ ], [ ], any Financing Originator, the Owner
Trustee, or any of their respective Affiliates (other than the Trust) and no
recourse may be had against such parties or their assets, except as expressly
set forth or contemplated herein or in the Trust Agreement or the other
Transaction Documents. In addition, this Certificate is not guaranteed by any
governmental agency or instrumentality and is limited in right of payment to
certain collections and recoveries with respect to the Trust Assets and certain
other amounts, in each case as more specifically set forth in the Trust
Agreement and in the Pooling Agreement. A copy of each of the Pooling Agreement
and the Trust Agreement may be examined by any Equity Certificateholder upon
written request during normal business hours at the principal office of the
Trust Depositor and at such other places, if any, designated by the Trust
Depositor.

          The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Trust Depositor and the rights of the Equity Certificateholder under the Trust
Agreement at any time by the Trust Depositor and the Owner Trustee, with the
consent of the parties described therein. Any such consent shall be conclusive
and binding on the Equity Certificateholder and on all future Equity
Certificateholder of this Certificate and of any Certificate issued upon the
registration of transfer hereof or in exchange therefor or in lieu hereof,
whether or not notation of such consent is made upon this Certificate.

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

          Except as provided in the Trust Agreement, this Certificate is
issuable only as a registered Equity Certificate without coupons. No service
charge will be made for any registration of transfer of this Certificate, but
the Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

          The Owner Trustee, the Certificate Registrar and any of their
respective agents may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Owner Trustee,
the Certificate Registrar or any such agent shall be affected by any notice to
the contrary.

          The obligations and responsibilities created by the Trust Agreement
and the Trust created thereby shall terminate upon the payment to the Equity
Certificateholder of all amounts required to be paid to such Equity
Certificateholder pursuant to the Trust Agreement and the Pooling Agreement and
the disposition in accordance with any applicable Transaction Document of all
property held as part of the Trust Assets.

          This Trust Certificate may not be acquired by a Benefit Plan. By
accepting and holding this Certificate, the Holder hereof shall be deemed to
have represented and warranted that it is not a Benefit Plan and is not
acquiring this Certificate for the account of such an entity.

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

Dated: [         ]        [        ] EQUIPMENT TRUST SECURITIES [           ]

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

                          By: [                                ]
                              Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is the Equity Certificate referred to in the within-mentioned
Trust Agreement.

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

                          By: [                                ]
                              Authorized Signatory

<PAGE>
                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

-----------------------------------------------------------------------------
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

------------------------------------------------------------------------------
to transfer said Certificate on the books of the Certificate Registrar, will
full power of substitution in the premises.

Dated:_________________________

Signature Guaranteed:
------------------------------------------------------------------------------

------------------------------------       ------------------------------------
NOTICE: Signature(s) must be               NOTICE: The signature to this
guaranteed by an eligible guarantor        assignment must correspond with the
institution.                               name of the registered owner as it
                                           appears on the face of the within
                                           Certificate in every particular,
                                           without alteration or enlargement of
                                           any change whatever.
                                           whatever.

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