Document:

EXHIBIT 4.1

                   HONDA AUTO RECEIVABLES 2006-2 OWNER TRUST,
                                   as Issuer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                              as Indenture Trustee

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

                                    INDENTURE

                           Dated as of August 1, 2006

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

                             CROSS REFERENCE TABLE*

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

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

**    N.A. means Not Applicable.

                                        i

TIA Section                                                    Indenture Section
-----------                                                    -----------------
         (c)............................................             N.A.
317      (a)(1).........................................             5.03
         (a)(2).........................................             5.03
         (b)............................................             3.03
318      (a)............................................             11.07

                                       ii

                                TABLE OF CONTENTS

                                                                           Page
                                                                           ----

                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01.    Definitions...................................................2
Section 1.02.    Incorporation by Reference of Trust Indenture Act.............9
Section 1.03.    Rules of Construction.........................................9

                                   ARTICLE TWO

                                    THE NOTES

Section 2.01.    Form.........................................................10
Section 2.02.    Execution, Authentication and Delivery.......................10
Section 2.03.    Temporary Notes..............................................11
Section 2.04.    Registration, Registration of Transfer and Exchange..........11
Section 2.05.    Mutilated, Destroyed, Lost or Stolen Notes...................12
Section 2.06.    Persons Deemed Owner.........................................13
Section 2.07.    Payment of Principal and Interest, Defaulted Interest........13
Section 2.08.    Cancellation.................................................14
Section 2.09.    Book-Entry Notes.............................................14
Section 2.10.    Notices to Clearing Agency...................................15
Section 2.11.    Definitive Notes.............................................15
Section 2.12.    Release of Collateral........................................16
Section 2.13.    Tax Treatment................................................16
Section 2.14.    Employee Benefit Plans.......................................16

                                  ARTICLE THREE

                                    COVENANTS

Section 3.01.    Payment of Principal and Interest............................17
Section 3.02.    Maintenance of Office or Agency..............................17
Section 3.03.    Money for Payments to be Held in Trust.......................17
Section 3.04.    Existence....................................................19
Section 3.05.    Protection of Owner Trust Estate.............................19
Section 3.06.    Opinions as to Owner Trust Estate............................20
Section 3.07.    Performance of Obligations; Servicing of Receivables.........20
Section 3.08.    Negative Covenants...........................................22

                                       iii

Section 3.09.    Annual Statement as to Compliance............................22
Section 3.10.    Issuer May Consolidate, etc., Only on Certain Terms..........23
Section 3.11.    Successor or Transferee......................................25
Section 3.12.    No Other Business............................................25
Section 3.13.    No Borrowing.................................................25
Section 3.14.    Servicer's Obligations.......................................25
Section 3.15.    Guarantees, Loans, Advances and Other Liabilities............25
Section 3.16.    Capital Expenditures.........................................25
Section 3.17.    Removal of Administrator.....................................25
Section 3.18.    Restricted Payments..........................................25
Section 3.19.    Notice of Events of Default..................................26
Section 3.20.    Further Instruments and Acts.................................26
Section 3.21.    Compliance with Laws.........................................26
Section 3.22.    Amendments of Sale and Servicing Agreement and
                 Trust Agreement..............................................26

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

Section 4.01.    Satisfaction and Discharge of Indenture......................26
Section 4.02.    Application of Trust Money...................................28
Section 4.03.    Repayment of Monies Held by Paying Agent.....................28

                                  ARTICLE FIVE

                                    REMEDIES

Section 5.01.    Events of Default............................................28
Section 5.02.    Acceleration of Maturity, Rescission and Annulment...........29
Section 5.03.    Collection of Indebtedness and Suits for Enforcement
                 by Indenture Trustee.........................................30
Section 5.04.    Remedies, Priorities.........................................32
Section 5.05.    Optional Preservation of the Receivables.....................33
Section 5.06.    Limitation of Suits..........................................34
Section 5.07.    Unconditional Rights of Noteholders to Receive
                 Principal and Interest.......................................34
Section 5.08.    Restoration of Rights and Remedies...........................34
Section 5.09.    Rights and Remedies Cumulative...............................35
Section 5.10.    Delay or Omission Not a Waiver...............................35
Section 5.11.    Control by Noteholders.......................................35
Section 5.12.    Waiver of Past Defaults......................................36
Section 5.13.    Undertaking for Costs........................................36
Section 5.14.    Waiver of Stay or Extension Laws.............................36
Section 5.15.    Action on Notes..............................................36
Section 5.16.    Performance and Enforcement of Certain Obligations...........37

                                       iv

                                   ARTICLE SIX

                              THE INDENTURE TRUSTEE

Section 6.01.    Duties of Indenture Trustee..................................37
Section 6.02.    Rights of Indenture Trustee..................................39
Section 6.03.    Individual Rights of Indenture Trustee.......................40
Section 6.04.    Indenture Trustee's Disclaimer...............................40
Section 6.05.    Notice of Defaults...........................................41
Section 6.06.    Reports by Indenture Trustee to Holders......................41
Section 6.07.    Compensation and Indemnity...................................41
Section 6.08.    Replacement of Indenture Trustee.............................42
Section 6.09.    Successor Indenture Trustee by Merger........................43
Section 6.10.    Appointment of Co-Trustee or Separate Trustee................44
Section 6.11.    Eligibility, Disqualification................................45
Section 6.12.    Preferential Collection of Claims Against Issuer.............45
Section 6.13.    Representations and Warranties of Indenture Trustee..........45

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.    Issuer to Furnish Indenture Trustee Names
                 and Addresses of Noteholders.................................46
Section 7.02.    Preservation of Information; Communications,
                 Reports and Certain Documents to Noteholders.................46
Section 7.03.    Reports by Issuer............................................47
Section 7.04.    Reports by Indenture Trustee.................................47

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.    Collection of Money..........................................48
Section 8.02.    Accounts.....................................................48
Section 8.03.    General Provisions Regarding Accounts........................49
Section 8.04.    Release of Owner Trust Estate................................50
Section 8.05.    Opinion of Counsel...........................................50

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

Section 9.01.    Supplemental Indentures Without Consent of Noteholders.......51
Section 9.02.    Supplemental Indentures With Consent of Noteholders..........52
Section 9.03.    Execution of Supplemental Indentures.........................53

                                        v

Section 9.04.    Effect of Supplemental Indenture.............................53
Section 9.05.    Conformity with Trust Indenture Act..........................54
Section 9.06.    Reference in Notes to Supplemental Indentures................54

                                   ARTICLE TEN

                               REDEMPTION OF NOTES

Section 10.01.   Redemption...................................................54
Section 10.02.   Form of Redemption Notice....................................54
Section 10.03.   Notes Payable on Redemption Date.............................55

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

Section 11.01.   Compliance Certificates and Opinions, etc....................55
Section 11.02.   Form of Documents Delivered to Indenture Trustee.............57
Section 11.03.   Acts of Noteholders..........................................58
Section 11.04.   Notices, etc., to Indenture Trustee,
                 Issuer and Rating Agencies...................................58
Section 11.05.   Notices to Noteholders; Waiver...............................59
Section 11.06.   Alternate Payment and Notice Provisions......................59
Section 11.07.   Conflict with Trust Indenture Act............................60
Section 11.08.   Effect of Headings and Table of Contents.....................60
Section 11.09.   Successors and Assigns.......................................60
Section 11.10.   Separability.................................................60
Section 11.11.   Benefits of Indenture........................................60
Section 11.12.   Legal Holidays...............................................60
Section 11.13.   Governing Law................................................60
Section 11.14.   Counterparts.................................................61
Section 11.15.   Recording of Indenture.......................................61
Section 11.16.   Trust Obligation.............................................61
Section 11.17.   No Petition..................................................61
Section 11.18.   Inspection...................................................61
Section 11.19.   [Reserved]...................................................62
Section 11.20.   Tax Treatment................................................62
Section 11.21.   Intent of the Parties; Reasonableness........................62

                                       vi

SCHEDULES

Schedule A - Schedule of Receivables                            S-A-1

                                    EXHIBITS

Exhibit A - Form of Note                                         A-1
Exhibit B - Form of Note Depository Agreement                    B-1
Exhibit C - Servicing Criteria to be Addressed in
             Assessment of Compliance                            C-1

                                       vii

      This Indenture, dated as of August 1, 2006, is between Honda Auto
Receivables 2006-2 Owner Trust, a Delaware statutory trust (the "Issuer"), and
Deutsche Bank Trust Company Americas, as indenture trustee (the "Indenture
Trustee").

      Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the holders of the Issuer's Class A-1 5.42500%
Asset Backed Notes (the "Class A-1 Notes"), Class A-2 5.42% Asset Backed Notes
(the "Class A-2 Notes"), Class A-3 5.30% Asset Backed Notes (the "Class A-3
Notes") and Class A-4 5.28% Asset Backed Notes (the "Class A-4 Notes" and,
together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes,
the "Notes"):

                                 GRANTING CLAUSE

      The Issuer hereby Grants to the Indenture Trustee at the Closing Date, on
behalf of and for the benefit of the Holders of the Notes, without recourse, all
of the Issuer's right, title and interest in, to and under (i) the Receivables
and all monies due thereon and received thereon on and after July 31, 2006; (ii)
the security interests in the Financed Vehicles; (iii) any proceeds of any
physical damage insurance policies covering the Financed Vehicles and in any
proceeds of any credit life or credit disability insurance policies relating to
the Receivables or the Obligors; (iv) any proceeds of Dealer Recourse; (v) the
right to realize upon any property (including the right to receive future
Liquidation Proceeds) that shall have secured a Receivable and have been
repossessed by or on behalf of the Issuer; (vi) all funds, and all investment
property, from time to time carried in or credited to the Accounts, including
the Reserve Fund Initial Deposit and the Yield Supplement Account Deposit and in
all investment income and proceeds thereof; (vii) the rights of the Seller under
the Receivables Purchase Agreement including, but not limited to, the
representations and warranties set forth in Sections 2.02 and 2.03 therein and
the rights of the Issuer under the Sale and Servicing Agreement, including, but
not limited to, the representations and warranties set forth in Sections 2.03
and 5.01 therein; (viii) any Servicer Letter of Credit; and (ix) all payments on
or under and all proceeds of every kind and nature whatsoever in respect of any
or all of the foregoing, including all proceeds of the conversion thereof,
voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper,
checks, deposit accounts, insurance proceeds, condemnation awards, rights to
payment of any and every kind and other forms of obligations and receivables,
instruments and other property which at any time constitute all or part of or
are included in the proceeds of any of the foregoing as each such term is
defined in Section 1.01 (collectively, the "Collateral").

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

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

                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

          Section 1.01.  Definitions.

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

      "Act" shall have the meaning specified in Section 11.03(a).

      "Administration Agreement" means the Administration Agreement, dated as of
August 1, 2006, among the Administrator, the Issuer, the Depositor and the
Indenture Trustee.

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

      "AHFC" means American Honda Finance Corporation, and its successors.

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

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

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

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

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

                                        2

      "Class A-1 Interest Rate" means 5.42500% per annum (computed on the basis
of the actual number of days in the related Interest Accrual Period divided by
360).

      "Class A-1 Notes" means the Class A-1 5.42500% Asset Backed Notes,
substantially in the form of Exhibit A.

      "Class A-2 Interest Rate" means 5.42% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

      "Class A-2 Notes" means the Class A-2 5.42% Asset Backed Notes,
substantially in the form of Exhibit A.

      "Class A-3 Interest Rate" means 5.30% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

      "Class A-3 Notes" means the Class A-3 5.30% Asset Backed Notes,
substantially in the form of Exhibit A.

      "Class A-4 Interest Rate" means 5.28% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

      "Class A-4 Notes" means the Class A-4 5.28% Asset Backed Notes,
substantially in the form of Exhibit A.

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

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

      "Closing Date" means August 22, 2006.

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

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

      "Corporate Trust Office" means an office of the Indenture Trustee at which
at any particular time its corporate trust business shall be administered, which
office at the date of execution of this Indenture is located at 60 Wall Street,
MS-NYC60-2606, 26th Floor, New York, NY 10005, Attention: Asset Backed
Securities Unit - Honda Auto Receivables 2006-2 or at such other address as the
Indenture Trustee may designate from time to time by notice to the Noteholders
and the Issuer, or the principal corporate trust office of any successor
Indenture Trustee at the address designated by such successor Indenture Trustee
by notice to the Noteholders and the Issuer.

                                        3

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

      "Definitive Notes" shall have the meaning specified in Section 2.11.

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

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

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

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

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

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

      "Indenture Trustee" means Deutsche Bank Trust Company Americas, a New York
banking corporation, as Indenture Trustee under this Indenture, or any successor
Indenture Trustee under this Indenture.

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

      "Independent Certificate" means a certificate or opinion to be delivered
to the Indenture Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, made by an
Independent appraiser or other expert appointed by an Issuer Order and approved
by the Indenture Trustee, and such opinion or certificate shall state

                                        4

that the signer has read the definition of "Independent" in this Indenture and
that the signer is Independent within the meaning thereof.

      "Interest Accrual Period" means, subject to Section 11.12 hereof, with
respect to any Payment Date and (i) the Class A-1 Notes, the period from and
including the immediately preceding Payment Date (or, in the case of the first
Payment Date, the Closing Date) to but excluding such Payment Date and (ii) the
Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, the period from and
including the 21st day of the prior month (or, in the case of the first Payment
Date, the Closing Date) to but excluding the 21st day of the month of such
Payment Date.

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

      "Issuer" means Honda Auto Receivables 2006-2 Owner Trust until a successor
replaces it and, thereafter, means the successor and, for purposes of any
provision contained herein and required by the TIA, each other obligor on the
Notes.

      "Issuer Order" or "Issuer Request" means a written order or request signed
in the name of the Issuer by any Authorized Officer and delivered to the
Indenture Trustee.

      "Note Depository Agreement" means the agreement dated August 21, 2006,
among the Issuer, the Indenture Trustee and The Depository Trust Company, as the
initial Clearing Agency, relating to the Notes, substantially in the form of
Exhibit B hereto.

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

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

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

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

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

                                        5

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

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

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

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

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

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

      "Outstanding Amount" means, except as otherwise indicated by the context,
the aggregate principal amount of all Notes of all Classes Outstanding at the
date of determination.

      "Owner Trust Estate" means the Grant of the Collateral to the Indenture
Trustee under this Indenture, including all proceeds thereof.

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

                                        6

      "Paying Agent" means the Indenture Trustee or any other Person that meets
the eligibility standards for the Indenture Trustee specified in Section 6.11
and is authorized by the Issuer to make payments to and distributions from the
Collection Account and the Note Distribution Account, including payments of
principal of or interest on the Notes on behalf of the Issuer.

      "Payment Date" means the 21st calendar day of each month, commencing
September 21, 2006, or if such day is not a Business Day, then the next
succeeding Business Day.

      "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

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

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

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

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

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

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

      "Redemption Price" means, in the case of a redemption of the Notes
pursuant to Section 10.01, an amount equal to the unpaid principal amount of the
Notes redeemed plus accrued and unpaid interest thereon at the weighted average
of the Interest Rates for each Class of Notes being so redeemed to but excluding
the Redemption Date.

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

      "Regulation AB" means Subpart 229.1100 - Asset Backed Securities
(Regulation AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be amended from
time to time, and subject to such

                                       7

clarification and interpretation as have been provided by the Commission in the
adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or
as may be provided by the Commission or its staff from time to time.

      "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of August 1, 2006, between the Issuer, the Seller and the Servicer.

      "Schedule of Receivables" means the list of the Receivables set forth in
Schedule A hereto.

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

      "Servicer" means American Honda Finance Corporation, in its capacity as
servicer under the Sale and Servicing Agreement, and any Successor Servicer
thereunder.

      "Servicing Criteria" means the "servicing criteria" set forth in Item
1122(d) of Regulation AB, as such may be amended from time to time.

      "Sponsor" means American Honda Finance Corporation, in its capacity as
sponsor under the Sale and Servicing Agreement, and any Successor Sponsor
thereunder.

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

      "Seller" means American Honda Receivables Corp., in its capacity as seller
under the Sale and Servicing Agreement, and its successors.

      "Subcontractor": Any vendor, subcontractor or other Person that is not
responsible for the overall servicing (as "servicing" is commonly understood by
participants in the asset-backed securities market) of the Receivables but
performs one or more material discrete functions identified in Item 1122(d) of
Regulation AB with respect to the Receivables under the direction or authority
of the Servicer or a Subservicer.

      "Subservicer": Any Person that services Receivables on behalf of the
Servicer or any Subservicer and is responsible for the performance (whether
directly or through Subservicers or Subcontractors) of a substantial portion of
the material servicing functions required to be performed by the Servicer under
this Agreement that are identified in Item 1122(d) of Regulation AB.

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

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

      "United States" means the United States of America.

                                        8

      (b)   Except as otherwise specified herein or as the context may otherwise
require, capitalized terms used herein that are not otherwise defined shall have
the meanings ascribed thereto in the Sale and Servicing Agreement.

          Section 1.02.  Incorporation by Reference of Trust Indenture Act.
  Whenever this Indenture refers to a provision of the TIA, the provision is
  incorporated by reference in and made a part of this Indenture. The following
  TIA terms used in this Indenture have the following meanings:

      "Commission" means the Securities and Exchange Commission.

      "indenture securities" means the Notes.

      "indenture security holder" means a Noteholder.

      "indenture to be qualified" means this Indenture.

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

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

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

          Section 1.03.  Rules of Construction. Unless the context otherwise
  requires: (i) a term has the meaning assigned to it; (ii) an accounting term
  not otherwise defined has the meaning assigned to it in accordance with
  generally accepted accounting principles as in effect from time to time; (iii)
  "or" is not exclusive; (iv) "including" means including without limitation;
  (v) words in the singular include the plural and words in the plural include
  the singular; (vi) any agreement, instrument or statute defined or referred to
  herein or in any instrument or certificate delivered in connection herewith
  means such agreement, instrument or statute as from time to time amended,
  modified or supplemented and includes (in the case of agreements or
  instruments) references to all attachments thereto and instruments
  incorporated therein; (vii) references to a Person are also to its permitted
  successors and assigns; (viii) the words "hereof', "herein" and "hereunder"
  and words of similar import when used in this Indenture shall refer to this
  Indenture as a whole and not to any particular provision of this Indenture;
  (ix) the term "proceeds" shall have the meaning set forth in the applicable
  UCC; and (x) Section, subsection and Schedule references contained in this
  Indenture are references to Sections, subsections and Schedules in or to this
  Indenture unless otherwise specified.

                                        9

                                   ARTICLE TWO

                                    THE NOTES

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

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

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

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

      The Indenture Trustee shall, upon Issuer Order, authenticate and deliver
for original issue the following aggregate principal amount of Notes: (i)
$262,000,000 of Class A-1 Notes, (ii) $292,000,000 of Class A-2 Notes, (iii)
$412,000,000 of Class A-3 Notes and (iv) $262,722,000 of Class A-4 Notes. The
aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes
and Class A-4 Notes outstanding at any time may not exceed such respective
amounts except as provided in Section 2.05.

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

      No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein executed by the
Indenture Trustee by the manual signature of one of its authorized signatories,
and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

                                       10

          Section 2.03.  Temporary Notes. Pending the preparation of Definitive
Notes pursuant to Section 2.11, the Issuer may execute, and upon receipt of an
Issuer Order the Indenture Trustee shall authenticate and deliver, temporary
Notes that are printed, lithographed, typewritten, mimeographed or otherwise
produced, of the tenor of the Definitive Notes in lieu of which they are issued
and with such variations not inconsistent with the terms of this Indenture as
the officers executing such Notes may determine, as evidenced by their execution
of such Notes.

      If temporary Notes are issued, the Issuer shall cause Definitive Notes to
be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
surrender of the temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.02, without charge to the related Holder.
Upon surrender for cancellation of any one or more temporary Notes, the Issuer
shall execute, and the Indenture Trustee shall authenticate and deliver in
exchange therefor, a like tenor and principal amount of Definitive Notes of
authorized denominations. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as Definitive
Notes.

          Section 2.04.  Registration, Registration of Transfer and Exchange.
The Issuer shall cause to be kept a register (the "Note Register") in which,
subject to such reasonable regulations as it may prescribe, the Issuer shall
provide for the registration of Notes and the registration of transfers of
Notes. The Indenture Trustee initially shall be the "Note Registrar" for the
purpose of registering Notes and transfers of Notes as herein provided. Upon any
resignation of any Note Registrar, the Issuer shall promptly appoint a successor
or, if it elects not to make such an appointment, assume the duties of Note
Registrar.

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

      Upon surrender for registration of transfer of any Note at the office or
agency of the Issuer to be maintained as provided in Section 3.02, provided that
the requirements of Section 8-401 of the UCC are met, the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes of the same Class in any authorized
denominations, of a like aggregate principal amount.

      At the option of the Holder, Notes may be exchanged for other Notes of the
same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, provided that the
requirements of Section 8-401 of the UCC are met (as determined by the Issuer),
the Issuer shall execute, and the Indenture Trustee shall authenticate and the
Noteholder

                                       11

shall obtain from the Indenture Trustee, the Notes which the Noteholder making
the exchange is entitled to receive.

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

      Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent's Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with
the Exchange Act.

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

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

          Section 2.05.  Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless and (iii) the requirements of Section 8-405 of the UCC are met, then,
in the absence of notice to the Issuer, the Note Registrar or the Indenture
Trustee that such Note has been acquired by a Protected Purchaser, the Issuer
shall execute, and upon its written request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of the same Class; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated
Note, shall have become or within seven days shall be due and payable, or shall
have been called for redemption, instead of issuing a replacement Note, the
Issuer may pay such destroyed, lost or stolen Note when so due or payable or
upon the Redemption Date without surrender thereof. If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to
the proviso to the preceding sentence, a Protected Purchaser of the original
Note in lieu of which such replacement Note was issued presents for payment such
original Note, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a
protected purchaser,

                                       12

and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the
Issuer or the Indenture Trustee in connection therewith.

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

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

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

          Section 2.06.  Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
of their respective agents may treat the Person in whose name any Note is
registered (as of the day of determination) as the owner of such Note for the
purpose of receiving payments of principal of and interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and
none of the Issuer, the Indenture Trustee or any of their respective agents
shall be affected by notice to the contrary.

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

      (a)   Each Class of Notes shall accrue interest at the related Interest
Rate, and such interest shall be due and payable on each Payment Date as
specified therein, subject to Sections 3.01 and 11.12 hereof. Any installment of
interest or principal, if any, payable on any Note that is punctually paid or
duly provided for by the Issuer on the applicable Payment Date shall be paid to
the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the Record Date by check mailed first-class postage prepaid to
such Person's address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.11,
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will
be made by wire transfer in immediately available funds to the account
designated by such nominee and except for the final installment of principal
payable with respect to such Note on a Payment Date, a Redemption Date or on the
related Final Scheduled Payment Date, as the case may be (and except for the
Redemption Price for any Note called for redemption pursuant to Section 10.01),
which shall be payable as provided below. The funds represented by any such
checks returned undelivered shall be held in accordance with Section 3.03.

                                       13

      (b)   The principal of each Note shall be payable as provided in Section
8.02(d) hereof. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
related Final Payment Date or the date on which an Event of Default shall have
occurred and be continuing, if the Indenture Trustee or Holders of the Notes
representing not less than a majority of the Outstanding Amount have declared
the Notes to be immediately due and payable in the manner provided in Section
5.02. All principal payments on each Class of Notes shall be made pro rata to
the Noteholders of such Class entitled thereto. The Indenture Trustee shall
notify the Person in whose name a Note is registered at the close of business 5
Business Days preceding the Payment Date on which the Issuer expects that the
final installment of principal of and interest on such Note will be paid. Such
notice shall be mailed or transmitted by facsimile prior to such final Payment
Date and shall specify that such final installment will be payable only upon
presentation and surrender of such Note and shall specify the place where such
Note may be presented and surrendered for payment of such installment. Notices
in connection with redemptions of Notes shall be mailed to Noteholders as
provided in Section 10.02. In addition, the Administrator shall notify each
Rating Agency upon the final payment of interest and principal of each Class of
Notes, and upon the termination of the Trust, in each case pursuant to Section
1.02(a)(iii) of the Administration Agreement.

      (c)   If the Issuer defaults in a payment of interest on the Notes, the
Issuer shall pay defaulted interest (plus interest on such defaulted interest to
the extent lawful) at the applicable Interest Rate in any lawful manner. The
Issuer may pay such defaulted interest to the Persons who are Noteholders on a
subsequent special record date, which date shall be at least five Business Days
prior to the next payment date. The Issuer shall fix or cause to be fixed any
such special record date and related payment date, and, at least 15 days before
any such special record date, the Issuer shall mail to each Noteholder a notice
that states the special record date, the payment date and the amount of
defaulted interest to be paid.

          Section 2.08.  Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section, except as expressly permitted
by this Indenture. All cancelled Notes may be held or disposed of by the
Indenture Trustee in accordance with its standard retention or disposal policy
as in effect at the time unless the Issuer shall direct by an Issuer Order that
they be destroyed or returned to it; provided, that such Issuer Order is timely
and the Notes have not been previously disposed of by the Indenture Trustee.

          Section 2.09.  Book-Entry Notes. The Notes, upon original issuance,
will be issued in the form of a typewritten Note or Notes representing the
Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for The
Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the
Issuer. The Book-Entry Notes shall be registered initially on the Note Register
in the name of Cede & Co., the nominee of the initial Clearing

                                       14

Agency, and no Note Owner will receive a definitive Note representing such Note
Owner's interest in such Note, except as provided in Section 2.11. Unless and
until definitive, fully registered Notes (the "Definitive Notes") have been
issued to such Note Owners pursuant to Section 2.11:

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

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

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

            (iv)    the rights of Note Owners shall be exercised only through
      the Clearing Agency and shall be limited to those established by law and
      agreements between such Note Owners and the Clearing Agency and/or the
      Clearing Agency Participants. Pursuant to the Note Depository Agreement,
      unless and until Definitive Notes are issued pursuant to Section 2.11, the
      Clearing Agency will make book-entry transfers among the Clearing Agency
      Participants and receive and transmit payments of principal of and
      interest on the Notes to such Clearing Agency Participants; and

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

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

          Section 2.11.  Definitive Notes. If (i)(A) the Administrator advises
the Indenture Trustee in writing that the Clearing Agency is no longer willing
or able to properly discharge its responsibilities with respect to the
Book-Entry Notes and (B) neither the Indenture Trustee nor the Administrator is
able to locate a qualified successor, (ii) the Administrator at its option
advises the Indenture Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency or (iii) after the occurrence of
an Event of Default or a Servicer Default, Owners of Book-Entry Notes
representing beneficial interests aggregating at least a majority of the
Outstanding Amount of such Notes advise the Indenture Trustee and the Clearing
Agency

                                       15

Participants through the Clearing Agency, in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests
of such Note Owners, then, in each case, the Indenture Trustee shall notify all
Note Owners of the related Class of Notes through the Clearing Agency of the
occurrence of any such event and of the availability of Definitive Notes of the
related Class of Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the Note or Notes representing the Book-Entry Notes by the
Clearing Agency, accompanied by registration instructions, the Issuer shall
execute and the Indenture Trustee shall authenticate the Definitive Notes in
accordance with the instructions of the Clearing Agency. None of the Issuer, the
Note Registrar or the Indenture Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Notes of a Class, the Indenture Trustee shall recognize the Holders of the
Definitive Notes as Noteholders hereunder.

          Section 2.12.  Release of Collateral. Subject to Section 11.01 and the
terms of the other Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and Independent
Certificates in accordance with TIA ss.ss. 314(c) and 314(d)(1) or an Opinion of
Counsel in lieu of such Independent Certificates to the effect that the TIA does
not require any such Independent Certificates.

          Section 2.13.  Tax Treatment. The Issuer has entered into this
Indenture, and the Notes will be issued, with the intention that, for all
purposes including federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Owner Trust Estate. The Issuer, by entering into this Indenture,
and each Noteholder, by its acceptance of a Note (and each Note Owner by its
acceptance of an interest in the applicable Book-Entry Note), agree to treat the
Notes for all purposes including federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuer.

          Section 2.14.  Employee Benefit Plans. The transfer of a Definitive
Note shall not be registered unless the prospective transferee has represented
in writing to the Indenture Trustee that either (i) it is not a Benefit Plan and
is not acting on behalf of or investing the assets of a Benefit Plan or (ii) its
acquisition and holding of the Definitive Note will be covered by a United
States Department of Labor prohibited transaction class exemption. Any Person
that acquires a beneficial interest in a Book-Entry Note with the assets of a
Benefit Plan shall be deemed to represent that its acquisition and holding of
such beneficial interest is covered by a United States Department of Labor
prohibited transaction class exemption.

                                       16

                                  ARTICLE THREE

                                    COVENANTS

          Section 3.01.  Payment of Principal and Interest. The Issuer will duly
  and punctually pay the principal of and interest, if any, on the Notes in
  accordance with the terms of the Notes and this Indenture. Without limiting
  the foregoing, subject to Section 8.02(c), the Issuer will cause to be
  distributed all amounts on deposit in the Note Distribution Account on a
  Payment Date deposited therein in accordance with Section 8.02(d). Amounts
  properly withheld under the Code by any Person from a payment to any
  Noteholder of interest and/or principal shall be considered as having been
  paid by the Issuer to such Noteholder for all purposes of this Indenture.

          Section 3.02.  Maintenance of Office or Agency. The Issuer will
  maintain in the Borough of Manhattan, The City of New York, an office or
  agency where Notes may be surrendered for registration of transfer or
  exchange, and where notices and demands to or upon the Issuer in respect of
  the Notes and this Indenture may be served. The Issuer hereby initially
  appoints the Indenture Trustee to serve as its agent for the foregoing
  purposes. The Issuer will give prompt written notice to the Indenture Trustee
  of the location, and of any change in the location, of any such office or
  agency. If at any time the Issuer shall fail to maintain any such office or
  agency or shall fail to furnish the Indenture Trustee with the address
  thereof, such surrenders, notices and demands may be made or served at the
  Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
  as its agent to receive all such surrenders, notices and demands, provided
  that the Indenture Trustee shall not serve as an agent or office for the
  purpose of service of process on behalf of the Issuer.

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

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

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

                                       17

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

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

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

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

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

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

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

      Subject to applicable laws with respect to escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and be paid to the Issuer on Issuer Request; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof (but only to the extent of the amounts so paid to the Issuer),
and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease; provided, however, that the Indenture
Trustee or such Paying Agent, before being required to make any such repayment,
shall at the expense and written direction of the Issuer cause to be published
once, in a newspaper published in the English language, customarily published on
each Business Day and of general circulation in The City of New York, notice
that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be

                                       18

repaid to or for the account of the Issuer. The Indenture Trustee shall also
adopt and employ, at the expense and written direction of the Issuer, any other
reasonable means of notification of such repayment (including, but not limited
to, mailing notice of such repayment to Holders whose Notes have been called but
have not been surrendered for redemption or whose right to or interest in monies
due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for each
such Holder).

          Section 3.04.  Existence. The Issuer will keep in full effect its
  existence, rights and franchises as a statutory trust under the laws of the
  State of Delaware (unless it becomes, or any successor Issuer hereunder is or
  becomes, organized under the laws of any other State or of the United States,
  in which case the Issuer will keep in full effect its existence, rights and
  franchises under the laws of such other jurisdiction) and will obtain and
  preserve its qualification to do business in each jurisdiction in which such
  qualification is or shall be necessary to protect the validity and
  enforceability of this Indenture, the Notes, the Collateral and each other
  instrument or agreement included in the Owner Trust Estate, including all
  licenses required under the Pennsylvania Motor Vehicle Sales Finance Act and
  MD. Fin. Inst. Code Ann., Title 11, Subtitle 4, as applicable, in connection
  with this Agreement and the other Basic Documents and the transactions
  contemplated hereby and thereby until such time as the Issuer shall terminate
  in accordance with the terms hereof.

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

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

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

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

            (iv)    enforce any of the Collateral;

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

                                       19

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

          Section 3.06.  Opinions as to Owner Trust Estate.

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

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

          Section 3.07.  Performance of Obligations; Servicing of Receivables.

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

      (b)   The Issuer may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Officer's Certificate of
the Issuer shall be deemed to be action taken by the Issuer. Initially, the
Issuer has contracted with the Servicer and the Administrator to assist the
Issuer in performing its duties under this Indenture.

      (c)   The Issuer will and will cause the Administrator to, punctually
perform and observe all of its obligations and agreements contained in this
Indenture, the other Basic Documents and in the instruments and agreements
included in the Owner Trust Estate, including but not limited to filing or
causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture and the other Basic
Documents in accordance with and within the time periods provided for herein and
therein. Except as otherwise expressly provided therein, the Issuer shall not
waive, amend, modify, supplement or terminate any Basic Document or any
provision thereof without the written consent of the

                                       20

Indenture Trustee or the Holders of at least a majority of the Outstanding
Amount or such greater percentage as may be specified in the particular
provision.

      (d)   If the Issuer shall have knowledge of the occurrence of a Servicer
Default, the Issuer shall promptly provide written notice to a Responsible
Officer of the Indenture Trustee and to each Rating Agency thereof, and shall
specify in such notice the action, if any, the Issuer is taking with respect of
such default. If a Servicer Default shall arise from the failure of the Servicer
to perform any of its duties or obligations under the Sale and Servicing
Agreement with respect to the Receivables, the Issuer shall take all reasonable
steps available to it to remedy such failure.

      (e)   As promptly as possible after the giving of notice of termination to
the Servicer of the Servicer's rights and powers pursuant to Section 7.01 of the
Sale and Servicing Agreement, the Indenture Trustee shall appoint a Successor
Servicer, and such Successor Servicer shall accept its appointment by a written
assumption in a form acceptable to the Indenture Trustee. In the event that a
Successor Servicer has not been appointed and accepted its appointment at the
time when the Servicer ceases to act as Servicer, the Indenture Trustee without
further action shall automatically be appointed the Successor Servicer. The
Indenture Trustee may resign as the Servicer by giving written notice of such
resignation to the Issuer and in such event will be released from such duties
and obligations, such release not to be effective until the date a new servicer
enters into a servicing agreement as provided below. Upon delivery of any such
notice to the Issuer, the Issuer shall obtain a new servicer as the Successor
Servicer under the Sale and Servicing Agreement. Any Successor Servicer other
than the Indenture Trustee shall (i) be an established financial institution
having a net worth of not less than $50,000,000 and whose regular business
includes the servicing of motor vehicle receivables and (ii) enter into a
servicing agreement with the Issuer and the Seller having substantially the same
provisions as the provisions of the Sale and Servicing Agreement applicable to
the Servicer. If within 30 days after the delivery of the notice referred to
above, the Issuer shall not have obtained such a new servicer, the Indenture
Trustee may appoint, or may petition a court of competent jurisdiction to
appoint, a Successor Servicer. In connection with any such appointment, the
Issuer may make such arrangements for the compensation of such successor as it
and such successor shall agree, subject to the limitations set forth below and
in the Sale and Servicing Agreement, and in accordance with Section 7.02 of the
Sale and Servicing Agreement, the Issuer and the Seller shall enter into an
agreement with such successor for the servicing of the Receivables (such
agreement to be in form and substance satisfactory to the Indenture Trustee). If
the Indenture Trustee shall succeed to the Servicer's duties as servicer of the
Receivables as provided herein, it shall do so in its individual capacity and
not in its capacity as Indenture Trustee and, accordingly, the provisions of
Article Six shall be inapplicable (except as set forth in the proviso contained
in Section 6.01(a)) to the Indenture Trustee in its duties as the successor to
the Servicer and the servicing of the Receivables. In case the Indenture Trustee
shall become successor to the Servicer under the Sale and Servicing Agreement,
the Indenture Trustee shall be entitled to appoint as Servicer any one of its
Affiliates or agents, provided that it shall be fully liable for the actions and
omissions of such Affiliate or agent in such capacity as Successor Servicer.

                                       21

      (f)   Upon any termination of the Servicer's rights and powers pursuant to
the Sale and Servicing Agreement, the Issuer shall promptly notify a Responsible
Officer of the Indenture Trustee. As soon as a Successor Servicer is appointed,
the Issuer shall notify the Indenture Trustee of such appointment, specifying in
such notice the name and address of such Successor Servicer.

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

            (i)     except as expressly permitted by Section 3.10(b) and the
      Basic Documents, sell, transfer, exchange or otherwise dispose of any of
      the properties or assets of the Issuer, including those included in the
      Owner Trust Estate, unless directed to do so by the Indenture Trustee;

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

            (iii)   (A) permit the validity or effectiveness of this Indenture
      to be impaired, or permit the lien created by this Indenture to be
      amended, hypothecated, subordinated, terminated or discharged, or permit
      any Person to be released from any covenants or obligations with respect
      to the Notes under this Indenture except as may be expressly permitted
      hereby, (B) permit any lien, charge, excise, claim, security interest,
      mortgage or other encumbrance (other than the lien of this Indenture) to
      be created on or extend to or otherwise arise upon or burden the Owner
      Trust Estate or any part thereof or any interest therein or the proceeds
      thereof (other than tax liens, mechanics' liens and other liens that arise
      by operation of law, in each case on any of the Financed Vehicles and
      arising solely as a result of an action or omission of the related
      Obligor) or (C) permit the lien created by this Indenture not to
      constitute a valid first priority (other than with respect to any such
      tax, mechanics' or other lien) security interest in the Owner Trust
      Estate; or

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

          Section 3.09.  Annual Statement as to Compliance.

      (a)   The Issuer will deliver to the Indenture Trustee, within 120 days
after the end of each fiscal year of the Issuer (commencing with the fiscal year
ended March 31, 2007), an Officer's Certificate stating, as to the Authorized
Officer signing such Officer's Certificate, that:

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

                                       22

            (ii)    to the best of such Authorized Officer's knowledge, based on
      such review, the Issuer has complied with all conditions and covenants
      under this Indenture throughout such year or, if there has been a default
      in its compliance with any such condition or covenant, specifying each
      such default known to such Authorized Officer and the nature and status
      thereof.

            (iii)   On or before June 1st of each calendar year in which a Form
      10-K is required to be filed on behalf of the Issuer, commencing in 2007,
      the Indenture Trustee shall deliver to the Issuer and the Administrator a
      report regarding the Indenture Trustee's assessment of compliance with the
      Servicing Criteria during the immediately preceding reporting year, as
      required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122
      of Regulation AB. Such report shall be addressed to the Issuer and signed
      by an authorized officer of the Indenture Trustee, and shall address each
      of the Servicing Criteria specified on a certification substantially in
      the form of Exhibit C hereto; and

          Section 3.10.  Issuer May Consolidate, etc., Only on Certain Terms.

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

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

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

            (iii)   the Rating Agency Condition shall have been satisfied with
      respect to such transaction;

            (iv)    the Issuer shall have received an Opinion of Counsel (and
      shall have delivered copies thereof to the Indenture Trustee) to the
      effect that such transaction will not have any material adverse tax
      consequence to the Issuer, any Noteholder or any Certificateholder;

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

            (vi)    the Issuer shall have delivered to the Indenture Trustee an
      Officer's Certificate and an Opinion of Counsel (which shall describe the
      actions taken as required by clause (v) above or that no actions will be
      taken) each stating that such consolidation

                                       23

      or merger comply with this Article and that all conditions precedent
      herein provided for relating to such transaction have been complied with
      (including any filing required by the Exchange Act).

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

            (i)     the Person that acquires by conveyance or transfer the
      properties or assets of the Issuer shall (A) be a United States citizen or
      a Person organized and existing under the laws of the United States or any
      State, (B) expressly assume, by an indenture supplemental hereto, executed
      and delivered to the Indenture Trustee, in form satisfactory to the
      Indenture Trustee, the due and punctual payment of the principal of and
      interest on all Notes and the performance or observance of every agreement
      and covenant of this Indenture and each other Basic Document on the part
      of the Issuer to be performed or observed, all as provided herein, (C)
      expressly agree by means of such supplemental indenture that all right,
      title and interest so conveyed or transferred shall be subject and
      subordinate to the rights of Holders of the Notes, (D) unless otherwise
      provided in such supplemental indenture, expressly agree to indemnify,
      defend and hold harmless the Issuer against and from any loss, liability
      or expense arising under or related to this Indenture and the Notes and
      (E) expressly agree by means of such supplemental indenture that such
      Person (or if a group of Persons, then one specified Person) shall make
      all filings with the Commission (and any other appropriate Person)
      required by the Exchange Act in connection with the Notes;

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

            (iii)   the Rating Agency Condition shall have been satisfied with
      respect to such transaction;

            (iv)    the Issuer shall have received an Opinion of Counsel (and
      shall have delivered copies thereof to the Indenture Trustee) to the
      effect that such transaction will not have any material adverse federal
      tax consequence to the Issuer, any Noteholder or any Certificateholder;

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

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

                                       24

          Section 3.11.  Successor or Transferee.

      (a)   Upon any consolidation or merger of the Issuer in accordance with
Section 310(a), the Person formed by or surviving such consolidation or merger
(if other than the Issuer) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with the same
effect as if such Person had been named as the Issuer herein.

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

          Section 3.12.  No Other Business. The Issuer shall not engage in any
  business other than financing, purchasing, owning, selling and managing the
  Receivables in the manner contemplated by this Indenture and the other Basic
  Documents and activities incidental thereto.

          Section 3.13.  No Borrowing. The Issuer shall not issue, incur,
  assume, guarantee or otherwise become liable, directly or indirectly, for any
  indebtedness except for (i) the Notes and (ii) any other indebtedness
  permitted by or arising under the other Basic Documents.

          Section 3.14.  Servicer's Obligations. The Issuer shall cause the
  Servicer to comply with Sections 3.10, 3.11, 3.12, 4.10 and Article Eight of
  the Sale and Servicing Agreement.

          Section 3.15.  Guarantees, Loans, Advances and Other Liabilities.
  Except as contemplated by the Basic Documents, the Issuer shall not make any
  loan or advance or credit to, or guarantee (directly or indirectly or by an
  instrument having the effect of assuring another's payment or performance on
  any obligation or capability of so doing or otherwise), endorse or otherwise
  become contingently liable, directly or indirectly, in connection with the
  obligations, stocks or dividends of, or own, purchase, repurchase or acquire
  (or agree contingently to do so) any stock, obligations, assets or securities
  of, or any other interest in, or make any capital contribution to, any other
  Person.

          Section 3.16.  Capital Expenditures. The Issuer shall not make any
  expenditure (by long-term or operating lease or otherwise) for capital assets
  (either realty or personalty).

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

          Section 3.18.  Restricted Payments. Except as expressly permitted by
  the Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any
  dividend or make any distribution (by reduction of capital or otherwise),
  whether in cash, property, securities or a

                                       25

  combination thereof, to the Owner Trustee or any owner of a beneficial
  interest in the Issuer or otherwise with respect to any ownership or equity
  interest or security in or of the Issuer or to the Servicer, (ii) redeem,
  purchase, retire or otherwise acquire for value any such ownership or equity
  interest or security or (iii) set aside or otherwise segregate any amounts for
  any such purpose; provided, however, that the Issuer may make, or cause to be
  made, (a) distributions as contemplated by, and to the extent funds are
  available for such purpose under, the Sale and Servicing Agreement or the
  Trust Agreement and (b) payments to the Indenture Trustee pursuant to Section
  1.02(b)(ii) of the Administration Agreement. The Issuer will not, directly or
  indirectly, make payments to or distributions from the Collection Account
  except in accordance with this Indenture and the Basic Documents.

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

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

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

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

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

          Section 4.01.  Satisfaction and Discharge of Indenture. This
  Indenture shall cease to be of further effect with respect to the Notes except
  as to (i) rights of registration of transfer and exchange, (ii) substitution
  of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
  receive payments of principal thereof and interest thereon, (iv) Sections
  3.03, 3.04, 3.05, 3.08, 3.10, 3.12, 3.13, 3.20 and 3.22, (v) the rights,
  obligations and immunities of the Indenture Trustee hereunder (including the
  rights of the Indenture Trustee under Section 6.07 and the obligations of the
  Indenture Trustee under Section 4.02) and (vi) the rights of Noteholders as
  beneficiaries hereof with respect to the property so deposited with the
  Indenture Trustee payable to all or any of them, and the Indenture Trustee, on

                                       26

  written demand of and at the expense of the Issuer, shall execute proper
  instruments acknowledging satisfaction and discharge of this Indenture with
  respect to the Notes, when

            (i)     either

                    (A)   all Notes theretofore authenticated and delivered
            (other than (i) Notes that have been destroyed, lost or stolen and
            that have been replaced or paid as provided in Section 2.05 and (ii)
            Notes for whose payment money has theretofore been deposited in
            trust or segregated and held in trust by the Issuer and thereafter
            repaid to the Issuer or discharged from such trust, as provided in
            Section 3.03) have been delivered to the Indenture Trustee for
            cancellation; or

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

                          (1)   have become due and payable,

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

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

            and the Issuer, in the case of clauses (1), (2) or (3) above, has
            irrevocably deposited or caused to be irrevocably deposited with the
            Indenture Trustee cash or direct obligations of or obligations
            guaranteed by the United States (which will mature prior to the date
            such amounts are payable), in trust for such purpose, in an amount
            sufficient to pay and discharge the entire indebtedness on such
            Notes not theretofore delivered to the Indenture Trustee for
            cancellation when due to the related Final Payment Date or
            Redemption Date (if Notes shall have been called for redemption
            pursuant to Section 10.01), as the case may be;

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

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

                                       27

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

          Section 4.03.  Repayment of Monies Held by Paying Agent. In connection
  with the satisfaction and discharge of this Indenture with respect to the
  Notes, all monies then held by any Paying Agent other than the Indenture
  Trustee under the provisions of this Indenture with respect to such Notes
  shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held
  and applied according to Section 3.03 and thereupon such Paying Agent shall be
  released from all further liability with respect to such monies.

                                  ARTICLE FIVE

                                    REMEDIES

          Section 5.01.  Events of Default. "Event of Default", wherever used
  herein, means any one of the following events (whatever the reason for such
  Event of Default and whether it shall be voluntary or involuntary or be
  effected by operation of law or pursuant to any judgment, decree or order of
  any court or any order, rule or regulation of any administrative or
  governmental body):

            (i)     default by the Issuer in the payment of any interest on any
      Note when the same becomes due and payable, and such default shall
      continue for a period of five days;

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

            (iii)   default in the observance or performance of any covenant
      or agreement of the Issuer made in this Indenture (other than a covenant
      or agreement, a default in the observance or performance of which is
      elsewhere in this Section specifically dealt with), or any representation
      or warranty of the Issuer made in this Indenture or in any certificate or
      other writing delivered pursuant hereto or in connection herewith proving
      to have been incorrect in any material respect as of the time when the
      same shall have been made, and such default shall continue or not be
      cured, or the circumstance or condition in respect of which such
      misrepresentation or warranty was incorrect shall not have been eliminated
      or otherwise cured, for a period of 30 days after there shall have been
      given, by registered or certified mail, to the Issuer by the Indenture
      Trustee or to the Issuer and the Indenture Trustee by the Holders of at
      least 25% of the Outstanding Amount, a written notice specifying such
      default or incorrect representation or warranty and requiring it to be
      remedied and stating that such notice is a "Notice of Default" hereunder;

                                       28

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

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

The Issuer shall deliver to a Responsible Officer of the Indenture Trustee,
within five days after the occurrence thereof, written notice in the form of an
Officer's Certificate of any event which with the giving of notice and the lapse
of time would become an Event of Default under clause (iii) above, its status
and what action the Issuer is taking or proposes to take with respect thereto.

          Section 5.02.  Acceleration of Maturity, Rescission and Annulment.

      (a)   If an Event of Default should occur and be continuing, then and in
every such case the Indenture Trustee or the Holders of Notes representing not
less than a majority of the Outstanding Amount may declare all the Notes to be
immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the
unpaid principal amount of such Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable.

      (b)   At any time after such declaration of acceleration of maturity has
been made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article provided, the
Holders of Notes representing a majority of the Outstanding Amount, by written
notice to the Issuer and the Indenture Trustee, may rescind and annul such
declaration and its consequences if:

            (i)     the Issuer has paid or deposited with the Indenture
      Trustee a sum sufficient to pay:

                    (A)   all payments of principal of and interest on all
            Notes and all other amounts that would then be due hereunder or upon
            such Notes if the Event of Default giving rise to such acceleration
            had not occurred; and

                                       29

                    (B)   all sums paid or advanced by the Indenture
            Trustee hereunder and the reasonable compensation, expenses,
            disbursements and advances of the Indenture Trustee and its agents
            and counsel; and

            (ii)    all Events of Default, other than the nonpayment of the
      principal of the Notes that has become due solely by such acceleration,
      have been cured or waived as provided in Section 5.12.

No such rescission shall affect any subsequent default or impair any right
consequent thereto.

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

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

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

      (c)   If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.04, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders, by
such appropriate Proceedings as the Indenture Trustee shall deem most effective
to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy or legal or
equitable right vested in the Indenture Trustee by this Indenture or by law.

      (d)   In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in
the Owner Trust Estate, Proceedings under Title 11 of the United States Code or
any other applicable federal or state bankruptcy, insolvency or other similar
law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
or liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as

                                       30

therein expressed or by declaration or otherwise and irrespective of whether the
Indenture Trustee shall have made any demand pursuant to the provisions of this
Section, shall be entitled and empowered, by intervention in such Proceedings or
otherwise:

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

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

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

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

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent to the making of payments directly to such Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents, attorneys and counsel, and all other expenses and
liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee except as a result of negligence or bad faith.

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

      (f)   All rights of action and of asserting claims under this Indenture,
or under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceedings relative thereto, and any such action or Proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,

                                       31

disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes.

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

          Section 5.04.  Remedies, Priorities.

      (a)   If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may do one or more of the following (subject to Sections 5.02
and 5.05):

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

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

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

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

provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Owner Trust Estate following an Event of Default, other than an
Event of Default described in Section 5.01(i) or (ii), unless (A) the Holders of
100% of the Outstanding Amount consent thereto, (B) the proceeds of such sale or
liquidation distributable to the Noteholders are sufficient to discharge in full
all amounts then due and unpaid upon such Notes for principal and interest or
(C) the Indenture Trustee determines that the Owner Trust Estate will not
continue to provide sufficient funds for the payment of principal of and
interest on the Notes as would have become due if the Notes had not been
declared due and payable, and the Indenture Trustee obtains the consent of
Holders of 100% of the Outstanding Amount. In determining such sufficiency or
insufficiency with respect to clause (B) and (C) above, the Indenture Trustee
may, but need not, obtain, at the expense of the Issuer, and rely upon an
opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Owner Trust Estate for such purpose.

                                       32

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

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

            (ii)    to the Servicer, for amounts due and unpaid in respect of
      Nonrecoverable Advances under the Sale and Servicing Agreement;

            (iii)   to the Servicer, for amounts due and unpaid in respect of
      the Total Servicing Fee under the Sale and Servicing Agreement;

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

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

            (vi)    to the Holders of the Trust Certificates, the Certificate
      Interest Distributable Amount;

            (vii)   to the Holders of the Trust Certificates, the outstanding
      principal amount of the Trust Certificates; and

            (viii)  to the Seller, any remaining amount.

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

          Section 5.05.  Optional Preservation of the Receivables. If the Notes
  have been declared to be due and payable under Section 5.02 following an Event
  of Default and such declaration and its consequences have not been rescinded
  and annulled, the Indenture Trustee may, but need not, elect to maintain
  possession of the Owner Trust Estate. It is the desire of the parties hereto
  and the Noteholders that there be at all times sufficient funds for the
  payment of principal of and interest on the Notes, and the Indenture Trustee
  shall take such desire into account when determining whether or not to
  maintain possession of the Owner Trust Estate. In determining whether to
  maintain possession of the Owner Trust Estate, the Indenture Trustee may, but
  need not, obtain, at the expense of the Issuer, and rely upon an opinion of an
  Independent investment banking or accounting firm of national reputation as to
  the feasibility of such proposed action and as to the sufficiency of the Owner
  Trust Estate for such purpose.

                                       33

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

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

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

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

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

            (v)     no direction inconsistent with such written request has been
      given to the Indenture Trustee during such 60-day period by the Holders of
      a majority of the Outstanding Amount.

It is understood and intended that no one or more Holders of Notes shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Notes or to obtain or to seek to obtain priority or preference over
any other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

      In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than a majority of the Outstanding Amount, the Indenture
Trustee in its sole discretion may determine what action, if any, shall be
taken, notwithstanding any other provisions of this Indenture. The Indenture
Trustee shall not be liable for any such determination made in good faith.

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

          Section 5.08.  Restoration of Rights and Remedies. If the Indenture
  Trustee or any Noteholder has instituted any Proceeding to enforce any right
  or remedy under this Indenture and such Proceeding has been discontinued or
  abandoned for any reason or has been determined adversely to the Indenture
  Trustee or to such Noteholder, then and in every

                                       34

  such case the Issuer, the Indenture Trustee and the Noteholders shall, subject
  to any determination in such Proceeding, be restored severally and
  respectively to their former positions hereunder, and thereafter all rights
  and remedies of the Indenture Trustee and the Noteholders shall continue as
  though no such Proceeding had been instituted.

          Section 5.09.  Rights and Remedies Cumulative. No right or remedy
  herein conferred upon or reserved to the Indenture Trustee or to the
  Noteholders is intended to be exclusive of any other right or remedy, and
  every right and remedy shall, to the extent permitted by law, be cumulative
  and in addition to every other right and remedy given hereunder or now or
  hereafter existing at law or in equity or otherwise. The assertion or
  employment of any right or remedy hereunder, or otherwise, shall not prevent
  the concurrent assertion or employment of any other appropriate right or
  remedy.

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

          Section 5.11.  Control by Noteholders. The Holders of Notes
  representing a majority of the Outstanding Amount shall have the right to
  direct the time, method and place of conducting any Proceeding for any remedy
  available to the Indenture Trustee with respect to the Notes or exercising any
  trust or power conferred on the Indenture Trustee; provided that:

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

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

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

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

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

                                       35

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

          Section 5.13.  Undertaking for Costs. All parties to this Indenture
  agree, and each Holder of any Note by such Holder's acceptance thereof shall
  be deemed to have agreed, that any court may in its discretion require, in any
  suit for the enforcement of any right or remedy under this Indenture, or in
  any suit against the Indenture Trustee for any action taken, suffered or
  omitted by it as Indenture Trustee, the filing by any party litigant in such
  suit of an undertaking to pay the costs of such suit, and that such court may
  in its discretion assess reasonable costs, including reasonable attorneys'
  fees, against any party litigant in such suit, having due regard to the merits
  and good faith of the claims or defenses made by such party litigant; but the
  provisions of this Section shall not apply to (i) any suit instituted by the
  Indenture Trustee, (ii) any suit instituted by any Noteholder, or group of
  Noteholders, in each case holding in the aggregate more than 10% of the
  Outstanding Amount or (iii) any suit instituted by any Noteholder for the
  enforcement of the payment of principal of or interest on any Note on or after
  the respective due dates expressed in such Note and in this Indenture (or, in
  the case of redemption, on or after the Redemption Date).

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

          Section 5.15.  Action on Notes. The Indenture Trustee's right to seek
  and recover judgment on the Notes or under this Indenture shall not be
  affected by the seeking, obtaining or application of any other relief under or
  with respect to this Indenture. Neither the lien of this Indenture nor any
  rights or remedies of the Indenture Trustee or the Noteholders shall be
  impaired by the recovery of any judgment by the Indenture Trustee against the
  Issuer or by the levy of any execution under such judgment upon any portion of

                                       36

  the Owner Trust Estate or upon any of the assets of the Issuer. Any money or
  property collected by the Indenture Trustee shall be applied in accordance
  with Section 5.04(b).

          Section 5.16.  Performance and Enforcement of Certain Obligations.

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

      (b)   If an Event of Default has occurred and is continuing, the Indenture
Trustee may, and at the direction (which direction shall be in writing) of the
Holders of 66 2/3% of the Outstanding Amount shall, exercise all rights,
remedies, powers, privileges and claims of the Issuer against the Seller or the
Servicer under or in connection with the Sale and Servicing Agreement, including
the right or power to take any action to compel or secure performance or
observance by the Seller or the Servicer, of each of their obligations to the
Issuer thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale and Servicing Agreement, and any right of the
Issuer to take such action shall be suspended.

                                   ARTICLE SIX

                              THE INDENTURE TRUSTEE

          Section 6.01.  Duties of Indenture Trustee.

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

      (b)   Except during the continuance of an Event of Default of which a
Responsible Officer of the Indenture Trustee has actual knowledge:

                                       37

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

            (ii)    in the absence of bad faith on its part, the Indenture
      Trustee may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon certificates or
      opinions furnished to the Indenture Trustee and conforming to the
      requirements of this Indenture; however, the Indenture Trustee shall
      examine the certificates and opinions specifically required to be
      furnished pursuant to any provision of this Agreement to determine whether
      or not they conform to the requirements of this Indenture.

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

            (i)     this paragraph does not limit the effect of Section 6.01(b);

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

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

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

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

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

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

      (h)   Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section and to the provisions of the
TIA.

      (i)   The Indenture Trustee shall not be charged with knowledge of any
Event of Default unless either (i) a Responsible Officer shall have actual
knowledge of such Event of

                                       38

Default or (ii) written notice of such Event of Default shall have been received
by a Responsible Officer of the Indenture Trustee in accordance with the
provisions of this Indenture.

      (j)   The Indenture Trustee shall have no duty (A) to see to any
recording, filing, or depositing of this Indenture or any agreement referred to
herein or any financing statement or continuation statement evidencing a
security interest, or to see to the maintenance of any such recording or filing
or depositing or to any rerecording, refiling or redepositing of any thereof,
(B) to see to any insurance, (C) to see to the payment or discharge of any tax,
assessment, or other governmental charge or any lien or encumbrance of any kind
owing with respect to, assessed or levied against, any part of the Owner Trust
Estate, or (D) to confirm or verify the contents of any reports or certificates
of the Servicer delivered to the Indenture Trustee pursuant to this Indenture
believed by the Indenture Trustee to be genuine and to have been signed or
presented by the proper party or parties.

          Section 6.02.  Rights of Indenture Trustee.

      (a)   Except as otherwise provided in the second succeeding sentence, the
Indenture Trustee may conclusively rely on, and shall be protected in acting or
refraining from acting upon, any resolution, Officer's Certificate, Opinion of
Counsel, certificate of auditors, Independent Certificate or any other document
believed by it to be genuine and to have been signed or presented by the proper
person. The Indenture Trustee need not investigate any fact, calculation or
matter stated in the document. Notwithstanding the foregoing, the Indenture
Trustee, upon receipt of all resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Indenture
Trustee that shall be specifically required to be furnished pursuant to any
provision of this Indenture, shall examine them to determine whether they comply
as to form to the requirements of this Indenture.

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

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

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

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

                                       39

suffered by it hereunder in good faith and in accordance with the advice or
opinion of such counsel.

      (f)   The Indenture Trustee shall be under no obligation to exercise any
of the trusts or powers vested in it by this Indenture or to institute, conduct
or defend any litigation hereunder or in relation hereto at the request, order
or direction of any of the Noteholders, pursuant to the provisions of this
Indenture, unless such Noteholders shall have offered to the Indenture Trustee
security or indemnity reasonably satisfactory to the Indenture Trustee against
the costs, expenses and liabilities which may be incurred therein or thereby;
provided, however, nothing contained herein shall, however, relieve the
Indenture Trustee of the obligation, upon the occurrence of an Event of Default
of which a Responsible Officer of the Indenture Trustee shall have actual
knowledge (which has not been cured), to exercise such of the rights and powers
vested in it by this Indenture, and to use the same degree of care and skill in
their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

      (g)   The right of the Indenture Trustee to perform any discretionary act
enumerated in this Indenture shall not be construed as a duty, and the Indenture
Trustee shall not be answerable in the performance of such act for other than
its negligence or willful misconduct.

      (h)   The Indenture Trustee shall not be required to give any bond or
surety in respect of the execution of the Owner Trust Estate created hereby or
the powers granted hereunder.

      (i)   All rights of action and claims under this Indenture or the Note may
be prosecuted and enforced by the Indenture Trustee without the possession of
any of the Notes or the production thereof in any proceeding relating thereto,
any such proceeding instituted by the Indenture Trustee shall be brought in its
own name or in its capacity as Indenture Trustee. Any recovery of judgment
shall, after provision for the payments to the Indenture Trustee provided for in
Section 6.07, be for the ratable benefit of the Noteholders in respect of which
such judgment has been recovered.

          Section 6.03.  Individual Rights of Indenture Trustee. The Indenture
  Trustee in its individual or any other capacity may become the owner or
  pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with
  the same rights it would have if it were not Indenture Trustee. Any Paying
  Agent, Note Registrar, co-registrar or co-paying agent may do the same with
  like rights. However, the Indenture Trustee must comply with Sections 6.11 and
  6.12.

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

                                       40

          Section 6.05.  Notice of Defaults. If a Default occurs and is
  continuing and if it is known to a Responsible Officer of the Indenture
  Trustee, the Indenture Trustee shall mail to each Noteholder notice of the
  Default within 90 days after it occurs. Except in the case of a Default in
  payment of principal of or interest on any Note (including payments pursuant
  to the mandatory redemption provisions of such Note), the Indenture Trustee
  may withhold the notice if and so long as a committee of its Responsible
  Officers in good faith determines that withholding the notice is in the
  interests of Noteholders.

          Section 6.06.  Reports by Indenture Trustee to Holders. The Indenture
  Trustee shall make available to each Noteholder such information as may be
  required to enable each Noteholder to prepare its respective federal and state
  income tax returns. The Indenture Trustee will make documents or information
  which it is required to provide available to the Noteholders, including,
  without limitation, the Servicer's Certificate (as such term is defined in the
  Sale and Servicing Agreement), and the Indenture Trustee will post at
  https://www.tss.db.com/invr/ information regarding principal and interest due
  and paid on the Notes. The Indenture Trustee shall have the right to change
  the way such statements are distributed in order to make such distribution
  more convenient and/or more accessible to the above parties and the Indenture
  Trustee shall provide timely and adequate notification to all above parties
  regarding any such changes; provided, however, that the Indenture Trustee will
  also mail copies of any such statements to any Noteholders who so request in
  writing.

          Section 6.07.  Compensation and Indemnity. The Issuer shall, or shall
  cause the Administrator to, (i) pay to the Indenture Trustee from time to time
  reasonable compensation for its services, which compensation shall not be
  limited by any law on compensation of a trustee of an express trust, (ii)
  reimburse the Indenture Trustee for all reasonable out-of-pocket expenses
  incurred or made by it, including without limitation, costs of collection, in
  addition to the compensation for its services, which expenses shall include
  the reasonable compensation and expenses, disbursements and advances of the
  Indenture Trustee's agents, counsel, accountants and experts and (iii)
  indemnify the Indenture Trustee and its officers, directors, employees and
  agents against any and all loss, liability or expense (including reasonable
  attorneys' fees and expenses) incurred by it in connection with the
  administration of this trust and the performance of its duties hereunder not
  resulting from its own willful misconduct, negligence or bad faith. The
  Indenture Trustee shall notify the Issuer and the Administrator promptly of
  any claim for which it may seek indemnity. Failure by the Indenture Trustee to
  so notify the Issuer and the Administrator shall not relieve the Issuer or the
  Administrator of its obligations hereunder. The indemnities contained in this
  Section 6.07 shall survive the resignation or removal of the Indenture Trustee
  or the termination of this Indenture. Absent an Event of Default, in the event
  of any claim, action or proceeding for which indemnity will be sought pursuant
  to this Section 6.07, the Indenture Trustee's choice of legal counsel shall be
  subject to the approval of the Depositor (or if the Depositor is no longer an
  owner, the designee of the Depositor), which approval shall not be
  unreasonably withheld. Neither the Issuer nor the Administrator need reimburse
  any expense or indemnify against any loss, liability or expense incurred by
  the Indenture Trustee (1) through the Indenture Trustee's own willful
  misconduct, negligence or bad faith or (2) in the case of the

                                       41

  inaccuracy of any representation or warranty contained in Section 6.13
  expressly made by the Indenture Trustee.

      The Issuer's payment obligations to the Indenture Trustee pursuant to this
Section shall survive the discharge of this Indenture and the resignation or
discharge of the Indenture Trustee and shall extend to any co-trustee or
separate trustee appointed pursuant to Section 6.10 hereunder. When the
Indenture Trustee incurs expenses after the occurrence of a Default specified in
Section 5.01 (iv) or (v) with respect to the Issuer, the expenses are intended
to constitute expenses of administration under Title 11 of the United States
Code or any other applicable federal or state bankruptcy, insolvency or similar
law.

      Anything in this Indenture to the contrary notwithstanding, in no event
shall the Indenture Trustee be liable for special, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost
profits, other than interest due but not paid on the Notes), even if the
Indenture Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

          Section 6.08.Replacement of Indenture Trustee. No resignation or
  removal of the Indenture Trustee and no appointment of a successor Indenture
  Trustee shall become effective until the acceptance of appointment by the
  successor Indenture Trustee pursuant to this Section. The Indenture Trustee
  may resign at any time by so notifying the Issuer. Noteholders representing a
  majority of the Outstanding Amount may remove the Indenture Trustee at any
  time and appoint a successor Indenture Trustee by so notifying the Indenture
  Trustee in writing. The Issuer shall remove the Indenture Trustee if:

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

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

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

                                       42

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

      If the Indenture Trustee resigns or is removed or if a vacancy exists in
the office of the Indenture Trustee for any reason (the Indenture Trustee in
such event being referred to herein as the retiring Indenture Trustee), the
Issuer shall promptly appoint a successor Indenture Trustee.

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

      If a successor Indenture Trustee does not take office within 60 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the Holders of a majority in Outstanding Amount may
petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee.

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

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

          Section 6.09.  Successor Indenture Trustee by Merger. If the Indenture
  Trustee consolidates or merges with, converts or transfers all or
  substantially all its corporate trust business or assets to, another
  corporation or banking association, the resulting, surviving or transferee
  corporation shall, without any further act, be the successor Indenture
  Trustee; provided, that such corporation or banking association shall be
  otherwise qualified and eligible under Section 6.11. The Indenture Trustee
  shall provide each Rating Agency prior written notice of any such transaction.

      In case at the time such successor or successors by merger, conversion or
consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such

                                       43

cases such certificates shall have the full force as is provided anywhere in the
Notes or in this Indenture that the certificate of the Indenture Trustee shall
have.

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

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

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

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

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

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

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

                                       44

in its instrument of appointment, either jointly with the Indenture Trustee or
separately, as may be provided therein, subject to all the provisions of this
Indenture, specifically including every provision of this Indenture relating to
the conduct of, affecting the liability of, or affording protection to, the
Indenture Trustee. Every such instrument shall be filed with the Indenture
Trustee and a copy thereof given to the Administrator.

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

          Section 6.11.  Eligibility, Disqualification. The Indenture Trustee
  shall at all times satisfy the requirements of TIA ss. 310(a). The Indenture
  Trustee shall have a combined capital and surplus of at least $50,000,000 as
  set forth in its most recent published annual report of condition, and the
  time deposits of the Indenture Trustee shall be rated at least A-1 by Standard
  & Poor's and P-1 by Moody's. The Indenture Trustee shall comply with TIA ss.
  310(b); provided, however, that there shall be excluded from the operation of
  TIA ss. 310(b)(1) any indenture or indentures under which other securities of
  the Issuer are outstanding if the requirements for such exclusion set forth in
  TIA ss. 310(b)(1) are met.

      In the event that, (A) the Indenture Trustee (i) or any of its directors
or executive officers is an underwriter, or (ii) directly or indirectly,
controls or is controlled by, or is in common control with, an underwriter; and
(B) an Event of Default occurs, the Indenture Trustee shall comply with TIA ss.
310(b). For this purpose only and pursuant to TIA ss. 310(b), an "underwriter"
means any person who, within one year prior to the occurrence of the Event of
Default, was an underwriter of any of the notes outstanding at the time of such
Event of Default.

          Section 6.12.  Preferential Collection of Claims Against Issuer. The
  Indenture Trustee shall comply with TIA ss. 311 (a), excluding any creditor
  relationship listed in TIA ss. 311(b). An Indenture Trustee who has resigned
  or been removed shall be subject to TIA ss. 31l(a) to the extent indicated.

          Section 6.13.  Representations and Warranties of Indenture Trustee.
  The Indenture Trustee hereby makes the following representations and
  warranties on which the Issuer and Noteholders shall rely:

            (i)     it is a banking corporation duly organized, validly existing
      and in good standing under the laws of the State of New York;

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

                                       45

            (iii)   assuming the necessary authorization, execution and delivery
      thereof by the other parties thereto, the duties and obligations of the
      Indenture Trustee under the Indenture constitute the valid, legal and
      binding obligations of the Indenture Trustee enforceable in accordance
      with its terms except as enforcement may be limited by bankruptcy,
      insolvency, reorganization or similar laws or equitable principles
      limiting creditors' rights generally, and provided that no representation
      is expressed as to the availability of equitable remedies;

            (iv)    that to the best knowledge of the Indenture Trustee, the
      Indenture Trustee is not in breach of or default under any law or
      administrative rule or regulation of the United States of America or any
      department, division, agency or instrumentality thereof, or any applicable
      court or administrative decree or order, and which would materially impair
      the ability of the Indenture Trustee to perform its obligations under the
      Indenture; and

            (v)     that to the best knowledge of the Indenture Trustee, no
      authorization, consent or other order of any state or federal government
      authority or agency having jurisdiction over the trust powers of the
      Indenture Trustee are required to be obtained by the Indenture Trustee for
      the valid authorization, execution and delivery by the Indenture Trustee
      of the Indenture or the authentication of the Notes.

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

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

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

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

                                       46

      (b)   Noteholders may communicate pursuant to TIA ss. 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes.

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

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

          Section 7.03.  Reports by Issuer.

      (a)   The Issuer shall:

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

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

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

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

          Section 7.04.  Reports by Indenture Trustee. If required by TIA
  ss. 313(a), within 60 days after each December 15 beginning with December 15,
  2006, the Indenture Trustee shall mail to each Noteholder as required by TIA
  ss. 313(c) a brief report dated as of such date that complies with TIA ss.
  313(a). The Indenture Trustee also shall comply with TIA ss. 313(b).

      A copy of each report at the time of its mailing to Noteholders shall be
filed by the Indenture Trustee with the Commission and each stock exchange, if
any, on which the Notes are listed. The Issuer shall notify the Indenture
Trustee in writing if and when the Notes are listed on any stock exchange.

                                       47

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

          Section 8.01.  Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture
Trustee shall apply all such money received by it as provided in this Indenture.
Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument
that is part of the Owner Trust Estate, the Indenture Trustee may take such
action as may be appropriate to enforce such payment or performance, including
the institution and prosecution of appropriate Proceedings. Any such action
shall be without prejudice to any right to claim a Default or Event of Default
under this Indenture and any right to proceed thereafter as provided in Article
Five.

          Section 8.02.  Accounts.

      (a)   Pursuant to Section 4.01 of the Sale and Servicing Agreement, there
has been established and there shall be maintained an Eligible Account
(initially at Deutsche Bank Trust Company Americas) in the name, and under the
sole dominion and control, of the Indenture Trustee until the Outstanding Amount
has been reduced to zero, and thereafter, in the name, and under the sole
dominion and control, of the Owner Trustee, which is designated as the Yield
Supplement Account.

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

      (c)   On or before each Payment Date, with respect to the preceding
Collection Period, all amounts required to be deposited in the Collection
Account will be deposited as provided in Sections 4.02 and 4.05 of the Sale and
Servicing Agreement. On or before each Payment Date, all amounts required to be
deposited in the Note Distribution Account with respect to the preceding
Collection Period pursuant to Sections 4.06 and 4.07 of the Sale and Servicing
Agreement will be transferred from the Collection Account, the Reserve Fund, the
Payahead Account and/or the Yield Supplement Account to the Note Distribution
Account.

      (d)   On each Payment Date and Redemption Date, the Indenture Trustee
shall distribute all amounts on deposit in the Note Distribution Account to
Noteholders in respect of the Notes to the extent of amounts due and unpaid on
the Notes for principal and interest (including any premium) in the amounts and
order as set forth in the Servicer's Certificate which shall be in the following
amounts and in the following order of priority (except as otherwise provided in
Section 5.04(b)):

                                       48

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

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

            (iii)   notwithstanding clause (ii) above, on each Payment Date
      after the Notes have been accelerated as provided in Section 5.02(a)
      following the occurrence of an Event of Default, until such time as the
      Notes have been paid in full, the Note Principal Distributable Amount
      shall be paid first to the Class A-1 Notes until the Class A-1 Notes are
      paid in full and then to the Class A-2, Class A-3 and Class A-4 Notes on a
      pro rata basis based on the Outstanding Amount of each such Class of
      Notes; and

            (iv)    in the event that there are insufficient funds in the Note
      Distribution Account, an amount will be withdrawn from the Reserve Fund
      pursuant to Section 4.07(b) of the Sale and Servicing Agreement.

The Indenture Trustee shall, subject to Article VI, make the distributions on
the Notes in a manner consistent with the Servicer's Certificate and will, upon
the request of the Issuer, confirm to the Issuer that it has made such payments
in accordance with the Servicer's Certificate.

          Section 8.03.  General Provisions Regarding Accounts.

      (a)   So long as no Default or Event of Default shall have occurred and be
continuing, all or a portion of the funds in the Accounts shall be invested in
Eligible Investments and reinvested by the Indenture Trustee upon the written
direction of the Servicer, subject to the provisions of Section 4.01(b) of the
Sale and Servicing Agreement. Except as otherwise provided in Section 4.01 (b)
of the Sale and Servicing Agreement, all income or other gain from investments
of monies deposited in the Accounts shall be paid to the Servicer, and any loss
resulting from such investments shall be charged to the related Account.

      (b)   Subject to Section 6.01(c), the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in any of the Accounts
resulting from any loss on any Eligible Investment included therein except for
losses attributable to the Indenture Trustee's failure to make payments on such
Eligible Investments issued by the Indenture Trustee, in its commercial capacity
as principal obligor and not as trustee, in accordance with their terms.

      (c)   If (i) the Servicer shall have failed to give investment directions
for any funds on deposit in the Accounts to the Indenture Trustee by 2:00 P.M.,
New York Time (or such other time as may be agreed by the Issuer and the
Indenture Trustee) on any Business Day or (ii) to the knowledge of a Responsible
Officer of the Indenture Trustee a Default or Event of Default shall

                                       49

have occurred and be continuing with respect to the Notes but the Notes shall
not have been declared due and payable pursuant to Section 5.02 or (iii) if such
Notes shall have been declared due and payable following an Event of Default but
amounts collected or receivable from the Owner Trust Estate are being applied in
accordance with Section 5.05 as if there had not been such a declaration, then
the Indenture Trustee upon actual knowledge by a Responsible Officer of such
event shall, in the case of clause (i) above, maintain such funds in cash or, in
the case of clauses (ii) or (iii) above, to the fullest extent practicable,
invest and reinvest funds in the Accounts in the Eligible Investment listed in
clause (vii) of the definition thereof.

          Section 8.04.  Release of Owner Trust Estate.

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

      (b)   The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid, release any remaining portion of the Owner Trust Estate that secured
the Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Accounts. The Indenture
Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.04(b) only upon receipt of an Issuer Request accompanied by an
Officer's Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA ss.ss. 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.01. Such release shall be
deemed to have been made upon completion of the requirements set forth in the
foregoing sentence.

          Section 8.05.  Opinion of Counsel. The Indenture Trustee shall
receive at least seven days written notice when requested by the Issuer to take
any action pursuant to Section 8.04(a), accompanied by copies of any instruments
involved, and the Indenture Trustee shall also require, as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the
Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete the same, and concluding that all conditions
precedent to the taking of such action have been complied with and such action
will not materially and adversely impair the security for the Notes or the
rights of the Noteholders in contravention of the provisions of this Indenture;
provided, however, that such Opinion of Counsel shall not be required to express
an opinion as to the fair value of the Owner Trust Estate. Counsel rendering any
such opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action.

                                       50

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

          Section 9.01.  Supplemental Indentures Without Consent of Noteholders.

      (a)   Without the consent of the Holders of any Notes but with prior
notice to each Rating Agency, the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, at any time and from time to time, may enter into
one or more indentures supplemental hereto (which shall conform to the
provisions of the TIA as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

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

            (ii)    to evidence the succession, in compliance with the
      applicable provisions hereof, of another Person to the Issuer, and the
      assumption by any such successor of the covenants of the Issuer herein and
      in the Notes contained;

            (iii)   to add to the covenants of the Issuer, for the benefit of
      the Holder of any Notes, or to surrender any right or power herein
      conferred upon the Issuer;

            (iv)    to convey, transfer, assign, mortgage or pledge any property
      to or with the Indenture Trustee;

            (v)     to cure any ambiguity, to correct or supplement any
      provision herein or in any supplemental indenture that may be inconsistent
      with any other provision herein or in any supplemental indenture or the
      other Basic Documents or to make any other provisions with respect to
      matters or questions arising under this Indenture or in any supplemental
      indenture; provided, that such action shall not adversely affect the
      interests of the Holders of the Notes;

            (vi)    to evidence and provide for the acceptance of the
      appointment hereunder by a successor trustee with respect to the Notes and
      to add to or change any of the provisions of this Indenture as shall be
      necessary to facilitate the administration of the trusts hereunder by more
      than one trustee, pursuant to the requirements of Article Six; or

            (vii)   to modify, eliminate or add to the provisions of this
      Indenture to such extent as shall be necessary to effect the qualification
      of this Indenture under the TIA or under any similar federal statute
      hereafter enacted and to add to this Indenture such other provisions as
      may be expressly required by the TIA.

                                       51

      The Indenture Trustee is hereby authorized to join in the execution of any
such supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

      (b)   The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes but with
prior notice to each Rating Agency, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder.

          Section 9.02.  Supplemental Indentures With Consent of Noteholders.
  The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
  may, with prior notice to each Rating Agency and with the written consent of
  the Holders of not less than a majority of the Outstanding Amount, by Act of
  such Holders delivered to the Issuer and the Indenture Trustee, enter into an
  indenture or indentures supplemental hereto for the purpose of adding any
  provisions to, or changing in any manner or eliminating any of the provisions
  of, this Indenture or of modifying in any manner the rights of the Holders of
  the Notes under this Indenture; provided, however, that no such supplemental
  indenture shall, without the written consent of the Holder of each Outstanding
  Note affected thereby:

            (i)     change the date of payment of any installment of principal
      of or interest on any Note, or reduce the principal amount thereof, the
      Interest Rate thereon or the Redemption Price with respect thereto, change
      the provisions of this Indenture relating to the application of
      collections on, or the proceeds of the sale of, the Owner Trust Estate to
      payment of principal of or interest on the Notes, or change any place of
      payment where, or the coin or currency in which, any Note or the interest
      thereon is payable, or impair the right to institute suit for the
      enforcement of the provisions of this Indenture requiring the application
      of funds available therefor, as provided in Article Five, to the payment
      of any such amount due on the Notes on or after the respective due dates
      thereof (or, in the case of redemption, on or after the Redemption Date);

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

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

            (iv)    reduce the percentage of the Outstanding Amount required to
      direct the Indenture Trustee to direct the Issuer to sell or liquidate the
      Owner Trust Estate pursuant to Section 5.04 or amend the provisions of
      this Article which specify the percentage of the Outstanding Amount
      required to amend this Indenture or the other Basic Documents;

                                       52

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

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

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

      The Administrator shall certify to the Indenture Trustee whether or not
any Notes would be affected by any supplemental indenture and any such
certification shall be conclusive upon the Holders of all Notes, whether
theretofore or thereafter authenticated and delivered hereunder.

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

      Promptly after the execution by the Issuer and the Indenture Trustee of
any supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

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

          Section 9.04.  Effect of Supplemental Indenture. Upon the execution of
  any supplemental indenture pursuant to the provisions hereof, this Indenture
  shall be and shall be deemed to be modified and amended in accordance
  therewith with respect to the Notes affected thereby, and the respective
  rights, limitations of rights, obligations, duties, liabilities and immunities
  under this Indenture of the Indenture Trustee, the Issuer and the Holders of

                                       53

  the Notes shall thereafter be determined, exercised and enforced hereunder
  subject in all respects to such modifications and amendments, and all the
  terms and conditions of any such supplemental indenture shall be and be deemed
  to be part of the terms and conditions of this Indenture for any and all
  purposes.

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

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

                                   ARTICLE TEN

                               REDEMPTION OF NOTES

          Section 10.01.  Redemption. The Outstanding Notes are subject to
  redemption in whole, but not in part, pursuant to Section 8.01 of the Sale and
  Servicing Agreement, on any Payment Date on which the Servicer exercises its
  option to purchase the Owner Trust Estate pursuant to said Section, for a
  purchase price equal to the Redemption Price; provided that the Issuer has
  available funds sufficient to pay the Redemption Price. The Servicer or the
  Issuer shall furnish each Rating Agency notice of such redemption. If the
  outstanding Notes are to be redeemed pursuant to this Section, the Servicer or
  the Issuer shall furnish written notice of such election to the Indenture
  Trustee not later than 30 days prior to the Redemption Date and the Issuer
  shall deposit by 8:00 A.M., Los Angeles time, on the Redemption Date with the
  Indenture Trustee in the Note Distribution Account the Redemption Price of the
  Notes to be redeemed, whereupon all such Notes shall be due and payable on the
  Redemption Date upon the furnishing of a notice complying with Section 10.02
  to each Holder of the Notes.

          Section 10.02.  Form of Redemption Notice. Notice of redemption under
  Section 10.01 shall be given by the Indenture Trustee by first-class mail,
  postage prepaid, or by facsimile mailed or transmitted not later than ten days
  prior to the applicable Redemption Date to each Holder of Notes, as of the
  close of business on the Record Date preceding the applicable Redemption Date,
  at such Holder's address or facsimile number appearing in the Note Register.

      All notices of redemption shall include the following information:

                                       54

            (i)     the Redemption Date;

            (ii)    the Redemption Price;

            (iii)   the place where such Notes are to be surrendered for payment
      of the Redemption Price (which shall be the office or agency of the Issuer
      to be maintained as provided in Section 3.02); and

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

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

          Section 10.03.  Notes Payable on Redemption Date. The Notes or
  portions thereof to be redeemed shall, following notice of redemption as
  required by Section 10.02, on the Redemption Date become due and payable at
  the Redemption Price and (unless the Issuer shall default in the payment of
  the Redemption Price) no interest shall accrue on the Redemption Price for any
  period after the date to which accrued interest is calculated for purposes of
  calculating the Redemption Price.

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

          Section 11.01. Compliance Certificates and Opinions, etc.

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

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

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

                                       55

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

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

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

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

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

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

            (iv)    Whenever the Issuer is required to furnish to the Indenture
      Trustee an Officer's Certificate certifying or stating the opinion of any
      signer thereof as to the matters described in clause (iii) above, the
      Issuer shall also furnish to the Indenture Trustee an Independent
      Certificate as to the same matters if the fair value of the property or
      securities and of all other property (other than property described in
      clauses (A) or (B) of Section 11.01 (b)(v)) released from the lien of this
      Indenture since the commencement

                                       56

      of the then-current calendar year, as set forth in the certificates
      required by clause (iii) above and this clause (iv), equals 10% or more of
      the Outstanding Amount, but such certificate need not be furnished in the
      case of any release of property or securities if the fair value thereof as
      set forth in the related Officer's Certificate is less than $25,000 or
      less than one percent of the then Outstanding Amount.

            (v)     Notwithstanding Section 2.10 or any other provision of this
      Section, the Issuer may, without compliance with the requirements of the
      other provisions of this Section, (A) collect, liquidate, sell or
      otherwise dispose of Receivables and Financed Vehicles as and to the
      extent permitted or required by the Basic Documents and (B) make cash
      payments out of the Accounts as and to the extent permitted or required by
      the Basic Documents, so long as the Issuer shall deliver to the Indenture
      Trustee every six months, commencing June 15, 2007 an Officer's
      Certificate of the Issuer stating that all the dispositions of Collateral
      described in clauses (A) and (B) above that occurred during the preceding
      six calendar months were in the ordinary course of the Issuer's business
      and that the proceeds thereof were applied in accordance with the Basic
      Documents.

          Section 11.02. Form of Documents Delivered to Indenture Trustee. In
  any case where several matters are required to be certified by, or covered by
  an opinion of, any specified Person, it is not necessary that all such matters
  be certified by, or covered by the opinion of, only one such Person, or that
  they be so certified or covered by only one document, but one such Person may
  certify or give an opinion with respect to some matters and one or more other
  such Persons as to other matters, and any such Person may certify or give an
  opinion as to such matters in one or several documents.

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

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

      Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in

                                       57

such document shall in such case be conditions precedent to the right of the
Issuer to have such application granted or to the sufficiency of such
certificate or report. The foregoing shall not, however, be construed to affect
the Indenture Trustee's right to rely upon the truth and accuracy of any
statement or opinion contained in any such document as provided in Article Six.

          Section 11.03. Acts of Noteholders.

      (a)   Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.01) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided in
this Section.

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

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

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

          Section 11.04. Notices, etc., to Indenture Trustee, Issuer and Rating
  Agencies. Any request, demand, authorization, direction, notice, consent,
  waiver or Act of Noteholders or other documents provided or permitted by this
  Indenture shall be in writing and if such request, demand, authorization,
  direction, notice, consent, waiver or Act of Noteholders is to be made upon,
  given or furnished to or filed with:

            (i)     the Indenture Trustee by any Noteholder or by the Issuer
      shall be sufficient for every purpose hereunder if made, given, furnished
      or filed in writing and mailed first-class, postage prepaid, overnight
      courier or facsimile (followed by original) to or with the Indenture
      Trustee at its Corporate Trust Office, or

            (ii)    the Issuer by the Indenture Trustee or by any Noteholder
      shall be sufficient for every purpose hereunder if in writing and mailed
      first-class, postage prepaid, overnight courier or facsimile (followed by
      original) to the Issuer addressed to: Honda Auto Receivables 2006-2 Owner
      Trust, in care of U.S. Bank Trust National Association, 209 South LaSalle
      Street, Suite 300, Chicago, Illinois 60604, Attention:

                                       58

      Worldwide Securities Services - Honda 2006-2, or at any other address
      previously furnished in writing to the Indenture Trustee by the Issuer or
      the Administrator. The Issuer shall promptly transmit any notice received
      by it from the Noteholders to the Indenture Trustee.

      Notices required to be given to each Rating Agency by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, couriered or mailed by certified mail, return receipt requested, to
(i) in the case of Fitch, at the following address: One State Street Plaza, New
York, New York 10004, Attention: Asset Backed Surveillance Department and (ii)
in the case of Moody's, at the following address: Moody's Investors Service,
Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007; or
at such other address as shall be designated by written notice to the other
parties.

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

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

      In case, by reason of the suspension of regular mail service as a result
of a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a
sufficient giving of such notice.

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

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

                                       59

  Indenture Trustee a copy of each such agreement and the Indenture Trustee will
  cause payments to be made and notices to be given in accordance with such
  agreements.

          Section 11.07. Conflict with Trust Indenture Act. If any provision
  hereof limits, qualifies or conflicts with another provision hereof that is
  required to be included in this Indenture by any of the provisions of the
  Trust Indenture Act, such required provision shall control.

      The provisions of TIA Sections 310 through 317 that impose duties on any
person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

          Section 11.08. Effect of Headings and Table of Contents. The Article
  and Section headings herein and the Table of Contents are for convenience only
  and shall not affect the construction hereof.

          Section 11.09. Successors and Assigns. All covenants and agreements
  in this Indenture and the Notes by the Issuer shall bind its successors and
  assigns, whether so expressed or not. All agreements of the Indenture Trustee
  in this Indenture shall bind its successors, co-trustees and agents.

          Section 11.10. Separability. In case any provision in this Indenture
  or in the Notes shall be invalid, illegal or unenforceable, the validity,
  legality and enforceability of the remaining provisions of this Indenture and
  the Notes shall not in any way be affected or impaired thereby.

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

          Section 11.12. Legal Holidays. In any case where the date on which
  any payment is due shall not be a Business Day, then (notwithstanding any
  other provision of the Note's or this Indenture) payment need not be made on
  such date, but may be made on the next succeeding Business Day with the same
  force and effect as if made on the date on which nominally due, and no
  interest shall accrue for the period from and after any such nominal date.

          Section 11.13. Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN
  ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
  CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
  PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                       60

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

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

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

          Section 11.17. No Petition. The Indenture Trustee, by entering into
  this Indenture, and each Noteholder, by accepting a Note, hereby covenant and
  agree that they will not at any time institute against the Issuer, or join in
  any institution against the Issuer of, any bankruptcy, reorganization,
  arrangement, insolvency or liquidation proceedings, or other proceedings under
  any United States federal or state bankruptcy or similar law in connection
  with any obligations relating to the Notes, this Indenture or any of the other
  Basic Documents.

          Section 11.18. Inspection. The Issuer agrees that, on reasonable
  prior notice, it will permit any representative of the Indenture Trustee,
  during the Issuer's normal business hours, to examine all the books of
  account, records, reports and other papers of the Issuer, to make copies and
  extracts therefrom, to cause such books to be audited by Independent certified
  public accountants, and to discuss the Issuer's affairs, finances and accounts
  with the Issuer's officers, employees and Independent certified public
  accountants, all at such reasonable times and as often as may be reasonably
  requested. Notwithstanding anything herein to the contrary, the foregoing
  shall not be construed to prohibit (i) the disclosure of any and all

                                       61

  information that is or becomes publicly known, or information obtained by the
  Indenture Trustee from sources other than the Servicer or the Issuer, (ii) the
  disclosure of any and all information (A) if required to do so by any
  applicable law, rule or regulation, (B) to any government agency or regulatory
  body having or claiming authority to regulate or oversee any aspects of the
  Indenture Trustee's business or that of its affiliates, (C) pursuant to any
  subpoena, civil investigative demand or similar demand or request of any
  court, regulatory authority, arbitrator or arbitration to which the Indenture
  Trustee or any affiliate or an officer, director, employer or shareholder
  thereof is a party, (D) in any preliminary or final offering circular,
  registration statement or contract or other document pertaining to the
  transactions contemplated by the Agreement approved in advance by the Servicer
  or the Issuer or (E) to any affiliate, independent or internal auditor, agent,
  employee or attorney of the Indenture Trustee having a need to know the same,
  provided that the Indenture Trustee advises such recipient of the confidential
  nature of the information being disclosed, or (iii) any other disclosure
  authorized by the Servicer or the Issuer.

          Section 11.19. [Reserved]

          Section 11.20. Tax Treatment. Notwithstanding the foregoing or
  anything herein to the contrary, all persons (and their respective employees,
  representatives or other agents) may disclose to any and all persons, without
  limitation of any kind, the tax treatment and tax structure of the transaction
  described herein and all materials of any kind (including opinions or other
  tax analyses) that are provided to the recipient relating to such tax
  treatment and tax structure. However, any such information relating to the tax
  treatment or tax structure shall be required to be kept confidential to the
  extent necessary to comply with any applicable securities laws.

          Section 11.21. Intent of the Parties; Reasonableness.

      The Indenture Trustee and Issuer acknowledge and agree that the purpose of
Section 3.09 of this Agreement is to facilitate compliance by the Issuer and the
Depositor with the provisions of Regulation AB and related rules and regulations
of the Commission.

      Neither the Issuer nor the Administrator (acting on behalf of the Issuer)
shall exercise its right to request delivery of information or other performance
under these provisions other than in good faith, or for purposes other than
compliance with the Securities Act, the Exchange Act and the rules and
regulations of the Commission thereunder (or the provision in a private offering
of disclosure comparable to that required under the Securities Act). Each of the
parties hereto agrees that (a) the obligations of the parties hereunder shall be
interpreted in such a manner as to accomplish compliance with Regulation AB, (b)
the parties' obligations hereunder will be supplemented and modified as
necessary to be consistent with any such amendments, interpretive advice or
guidance from the Securities and Exchange Commission, convention or consensus
among active participants in the asset-backed securities markets, or otherwise
in respect of the requirements of Regulation AB as they may be applied by the
Securities and Exchange Commission to the Issuer in connection with the Notes
and (c) the parties shall comply with reasonable requests made by or on behalf
of the Issuer or the Indenture Trustee for delivery of additional or different
information, to the extent such information is available, as the person

                                       62

requesting such information may determine in good faith is necessary for it to
comply with the provisions of Regulation AB.

      The Issuer (or the Administrator, acting on behalf of the Issuer) shall
cooperate with the Indenture Trustee by providing timely notice of requests for
information under these provisions and by reasonably limiting such requests to
information required, in the reasonable judgment or the Issuer to comply with
Regulation AB.

                                       63

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

                                        HONDA AUTO RECEIVABLES 2006-2 OWNER
                                        TRUST,

                                        By:  U.S. BANK TRUST NATIONAL
                                             ASSOCIATION, not in its individual
                                             capacity but solely as Owner
                                             Trustee on behalf of the Trust,

                                        By:  ___________________
                                             Name:
                                             Title:

                                        DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                        not in its individual capacity but
                                        solely as Indenture Trustee,

                                        By:  ___________________
                                             Name:
                                             Title:

                                        By:  ___________________
                                             Name:
                                             Title:

                                       64

STATE OF _ _______              )
                                ) ss
COUNTY OF _ ______              )

      On _______, 2006 before me, _______________, Notary Public, personally
appeared _____________________, __________________________.

      |_|   personally known to me, or

      |_|   proved to me on the basis of satisfactory evidence to be the
            person(s) whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that she executed the same in her authorized capacity,
and that by her signature on the instrument the person, or the entity upon
behalf of which such person acted, executed the instrument.
WITNESS my hand and official seal.

Signature      ___________________      [Seal]

STATE OF _ _______              )
                                ) ss
COUNTY OF _ ______              )

      On    _______, 2006 before me, _______________, Notary Public, personally
appeared ______________________, ______________________.

      |_|   personally known to me, or

      |_|   proved to me on the basis of satisfactory evidence to be the
            person(s) whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that she executed the same in her authorized capacity,
and that by her signature on the instrument the person, or the entity upon
behalf of which such person acted, executed the instrument.WITNESS my hand and
official seal.

Signature      ___________________      [Seal]

                                                                      SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                    Provided to the Owner Trustee at Closing

                                      SA-1

                                                                       EXHIBIT A

                                  FORM OF NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                               $__________

No. R-__                                                 CUSIP NO. _______

                    HONDA AUTO RECEIVABLES 2006-2 OWNER TRUST

             ____% ASSET BACKED NOTES, CLASS [A-1] [A-2] [A-3] [A-4]

      Honda Auto Receivables 2006-2 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of _____________________ Dollars ($__________), payable to the
extent described in the Indenture referred to on the reverse hereof on each
Payment Date; provided, however, that the entire unpaid principal amount of this
Note shall be payable on the earlier of ________________ ___, 20__ (the "Class
[A-1] [A-2] [A-3] [A-4] Final Payment Date") and the Redemption Date, if any,
selected pursuant to the Indenture.

      The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), or on the Closing Date in the case of the first
Payment Date or if no interest has yet been paid, subject to certain limitations
contained in the Indenture. [[Interest on this Class A-1 Note will accrue for
each Payment Date from and including the immediately preceding Payment Date (or,
in the case of the first Payment Date, the Closing Date), to but excluding such
Payment Date]. [Interest on this [Class A-2,]

                                       A-1

[Class A-3,] [Class A-4] Note will accrue for each Payment Date from and
including the 21st day of the prior month (or, in the case of the first Payment
Date, the Closing Date) to but excluding the 21st day of the month of such
Payment Date] and will be computed on the basis of [the actual number of days in
the Interest Accrual Period with respect to the Class A-1 Notes divided by 360]
[a 360-day year consisting of twelve 30-day months in the case of the Class A-2,
Class A-3 and Class A-4 Notes]. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

      Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory
for any purpose.

                                       A-2

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer, as of the date set forth
below.

Date:                                   HONDA AUTO RECEIVABLES 2006-2 OWNER
                                        TRUST,

                                        By:  U.S. BANK TRUST NATIONAL
                                             ASSOCIATION, not in its individual
                                             capacity but solely as Owner
                                             Trustee on behalf of the Trust,

                                        By:  ___________________________________
                                                    Authorized Signatory

                                       A-3

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                                   DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                        not in its individual capacity but
                                        solely as Indenture Trustee,

                                        By:  ___________________________________
                                                    Authorized Signatory

                                       A-4

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its ___% Asset Backed Notes, Class [A- 1] [A-2] [A-3] [A-4] (the
"Class [A-1] [A-2] [A-3] [A-4] Notes"), all issued under the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Holders of the Notes. The Notes are subject to all
terms of the Indenture. Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Indenture.

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

      Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture and in the Sale and Servicing Agreement. As
described above, the entire unpaid principal amount of this Note will be payable
on the earlier of the Class [A-1] [A-2] [A-3] [A-4] Final Payment Date and the
Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the
foregoing, under certain circumstances, the entire unpaid principal amount of
the Class [A-1] [A-2] [A-3] [A-4] Notes shall be due and payable following the
occurrence and continuance of an Event of Default, as described in the
Indenture. All principal payments on the Class [A-1] [A-2] [A-3] [A-4] Notes
shall be made pro rata to the Class [A-1] [A-2] [A-3] [A-4] Noteholders entitled
thereto.

      Payments of principal and interest on this Note due and payable on each
Payment Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Depository (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the
Note Register as of the applicable Record Date without requiring that this Note
be submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) affected by any payments made
on any Payment Date or Redemption Date shall be binding upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of
the remaining unpaid principal amount of this Note on a Payment Date or
Redemption Date, then the Indenture Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the registered Holder hereof as of the
Record Date preceding such Payment Date or Redemption Date by notice mailed
within five days of such Payment Date or Redemption Date and the amount then due
and payable shall be payable only upon presentation and surrender of this Note
at the Corporate Trust Office of the Indenture Trustee or at the office of the
Indenture Trustee's agent appointed for such purposes located in The City of New
York.

      As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of

                                       A-5

this Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder hereof or such Holder's attorney duly authorized in
writing, with such signature guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar, which requirements include
membership or participation in the Securities Transfer Agent's Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended, and thereupon
one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any
time institute against the Seller or the Issuer, or join in any institution
against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

      Any Person that acquires a beneficial interest in this Note with the
assets of a Benefit Plan shall be deemed to represent that its acquisition and
holding of such beneficial interest is covered by a United States Department of
Labor prohibited transaction class exemption.

      The Issuer has entered into the Indenture and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Owner Trust Estate. Each Noteholder, by acceptance of a Note (and each Note
Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

                                       A-6

      Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or
any one or more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

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

      This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

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

                                       A-7

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

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

________________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

________________________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: ___________________              ______________________________________ *
                                          Signature Guaranteed:                *

                                        ________________________________________

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

                                       A-8

                                                                       EXHIBIT B

                        FORM OF NOTE DEPOSITORY AGREEMENT
                                [To be attached]

                                       B-1

                                                                       EXHIBIT C

         Servicing Criteria To Be Addressed In Assessment Of Compliance

      The assessment of compliance to be delivered by the Indenture Trustee,
shall address, at a minimum, the criteria identified as below as "Applicable
Servicing Criteria":

--------------------------------------------------------------------------------
   REFERENCE                                 CRITERIA
--------------------------------------------------------------------------------
                                CASH COLLECTION AND ADMINISTRATION
--------------------------------------------------------------------------------
1122(d)(2)(ii)    Disbursements made via wire transfer on behalf of an
                  obligor or to an investor are made only by authorized
                  personnel.
--------------------------------------------------------------------------------
                                INVESTOR REMITTANCES AND REPORTING
--------------------------------------------------------------------------------
1122(d)(3)(ii)    Amounts due to investors are allocated and remitted in
                  accordance with timeframes, distribution priority and other
                  terms set forth in the transaction agreements.
--------------------------------------------------------------------------------
1122(d)(3)(iii)   Disbursements made to an investor are posted within two
                  business days to the Servicer's investor records, or such
                  other number of days specified in the transaction
                  agreements.
--------------------------------------------------------------------------------
1122(d)(3)(iv)    Amounts remitted to investors per the investor reports
                  agree with cancelled checks, or other form of payment, or
                  custodial bank statements.
--------------------------------------------------------------------------------

                                       C-1EXHIBIT 4.2

                        AMERICAN HONDA RECEIVABLES CORP.,
                                  as Depositor,

                                       and

                      U.S. BANK TRUST NATIONAL ASSOCIATION,
                                as Owner Trustee

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

                              AMENDED AND RESTATED
                                 TRUST AGREEMENT

                              Dated August 22, 2006

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

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
                                   ARTICLE ONE

                                   DEFINITIONS

Section 1.01.   General Definitions............................................1
Section 1.02.   Other Definitional Provisions..................................5
Section 1.03.   Interpretive Provisions........................................5

                                   ARTICLE TWO

                                  ORGANIZATION

Section 2.01.   Name...........................................................5
Section 2.02.   Office.........................................................5
Section 2.03.   Purposes and Powers............................................5
Section 2.04.   Appointment of Owner Trustee...................................6
Section 2.05.   Initial Capital Contribution of Owner Trust Estate.............6
Section 2.06.   Declaration of Trust...........................................7
Section 2.07.   Liability of Owners............................................7
Section 2.08.   Title to Trust Property........................................7
Section 2.09.   Situs of Issuer................................................7
Section 2.10.   Representations and Warranties of the Depositor................8

                                  ARTICLE THREE

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01.   Initial Ownership..............................................9
Section 3.02.   The Trust Certificates.........................................9
Section 3.03.   Authentication and Delivery of Trust Certificates..............9
Section 3.04.   Registration of Transfer and Exchange of Trust Certificates...10
Section 3.05.   Mutilated, Destroyed, Lost or Stolen Trust Certificates.......12
Section 3.07.   Access to List of Certificateholders' Names and Addresses.....12
Section 3.08.   Maintenance of Office or Agency...............................12
Section 3.09.   Appointment of Paying Agent...................................12
Section 3.10.   Definitive Trust Certificates.................................13
Section 3.11.   Repayment of Trust Certificates...............................13

                      ARTICLE FOURACTIONS BY OWNER TRUSTEE

Section 4.01.   Prior Notice to Owners with Respect to Certain Matters........13
Section 4.02.   Action by Owners with Respect to Certain Matters..............14
Section 4.03.   Action by Owners with Respect to Bankruptcy...................14
Section 4.04.   Restrictions on Owners' Power.................................14
Section 4.05.   Majority Control..............................................15

                                        i

                                  ARTICLE FIVE

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 5.01.   Establishment of Trust Account................................15
Section 5.02.   Application of Trust Funds....................................15
Section 5.03.   Method of Payment.............................................16
Section 5.04.   No Segregation of Monies; No Interest.........................16
Section 5.05.   Accounting and Reports to Owners, Internal
                  Revenue Service and Others..................................16

                                   ARTICLE SIX

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01.   General Authority.............................................17
Section 6.02.   General Duties................................................17
Section 6.03.   Action Upon Instruction.......................................18
Section 6.04.   No Duties Except as Specified in this
                  Agreement or in Instructions................................19
Section 6.05.   No Action Except Under Specified Documents or Instructions....19
Section 6.06.   Restrictions..................................................19

                                  ARTICLE SEVEN

                          CONCERNING THE OWNER TRUSTEE

Section 7.01.   Acceptance of Trusts and Duties...............................19
Section 7.02.   Furnishing of Documents.......................................20
Section 7.03.   Representations and Warranties of the Owner Trustee...........21
Section 7.04.   Reliance, Advice of Counsel...................................21
Section 7.05.   Not Acting in Individual Capacity.............................22
Section 7.06.   Owner Trustee Not Liable for Trust
                  Certificates or Receivables.................................22
Section 7.07.   Owner Trustee May Own Trust Certificates and Notes............23

                                  ARTICLE EIGHT

                          COMPENSATION OF OWNER TRUSTEE

Section 8.01.   Owner Trustee's Fees and Expenses.............................23
Section 8.02.   Indemnification...............................................23
Section 8.03.   Payments to the Owner Trustee.................................23

                                  ARTICLE NINE

                         TERMINATION OF TRUST AGREEMENT

Section 9.01.   Termination of Trust Agreement................................24

                                       ii

                                   ARTICLE TEN

                     SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

Section 10.01.  Eligibility Requirements for Owner Trustee....................25
Section 10.02.  Resignation or Removal of Owner Trustee.......................25
Section 10.03.  Successor Owner Trustee.......................................26
Section 10.04.  Merger or Consolidation of Owner Trustee......................27
Section 10.05.  Appointment of Co-Trustee or Separate Trustee.................27

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

Section 11.01.  Supplements and Amendments....................................28
Section 11.02.  No Legal Title to Owner Trust Estate in Owner.................29
Section 11.03.  Limitations on Rights of Others...............................29
Section 11.04.  Notices.......................................................30
Section 11.05.  Severability..................................................30
Section 11.06.  Separate Counterparts.........................................30
Section 11.07.  Successors and Assigns........................................30
Section 11.08.  No Petition...................................................30
Section 11.09.  No Recourse...................................................31
Section 11.10.  Headings......................................................31
Section 11.11.  Governing Law.................................................31
Section 11.12.  Trust Certificates Nonassessable and Fully Paid...............31
Section 11.13.  Depositor Payment Obligation..................................31
Section 11.14.  Tax Treatment.................................................31

                                         EXHIBITS

Exhibit A - Form of Trust Certificate      A-1
Exhibit B - Form of Seller Certificate     B-1
Exhibit C - Form of Investment Letter      C-1
Exhibit D - Form of Rule 144A Letter       D-1

                                       iii

      This Amended and Restated Trust Agreement, dated August 22, 2006, is
between American Honda Receivables Corp., a California corporation, as depositor
(the "Depositor") and U.S. Bank Trust National Association, as owner trustee
(the "Owner Trustee").

      WHEREAS, Honda Auto Receivables 2006-2 Owner Trust has been created
pursuant to a trust agreement, dated as of July 14, 2006 between the Depositor
and the Owner Trustee (the "Initial Trust Agreement"); and

      WHEREAS, the parties hereto are entering into this amended and restated
trust agreement pursuant to which, among other things, the Initial Trust
Agreement will be amended and restated and $41,274,911.31, aggregate principal
amount of Asset Backed Certificates will be issued;

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

                                   ARTICLE ONE

                                   DEFINITIONS

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

      "Administration Agreement" means the administration agreement, dated as of
August 1, 2006, among the Issuer, the Indenture Trustee, the Depositor and AHFC,
as amended or supplemented from time to time.

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

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

      "AHFC" means American Honda Finance Corporation, and its successors.

      "AHRC" means American Honda Receivables Corp., and its successors.

      "Applicants" shall have the meaning specified in Section 3.07.

      "Benefit Plan Investor" means (i) an employee benefit plan (as such term
is defined in Section 3(3) of ERISA) whether or not 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 assets of a plan described in
(i) or (ii) by reason of such plan's investment in the entity.

      "Certificate Balance" means, with respect to any Trust Certificate, the
original certificate balance of such Trust Certificate minus all payments on
such Trust Certificate with respect to principal.

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

      "Certificate of Trust" means the Certificate of Trust filed for the Issuer
pursuant to Section 3810(a) of the Statutory Trust Statute, substantially in the
form of Exhibit A to the Initial Trust Agreement.

      "Certificate Rate" means 0.00% per annum calculated on the basis of a 360
day year of twelve 30 day months.

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

      "Certificateholder" or "Holder" means a Person in whose name a Trust
Certificate is registered.

      "Closing Date" means August 22, 2006.

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

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

      "Corporate Trust Office" means, with respect to the Owner Trustee, the
principal corporate trust office of the Owner Trustee located at 209 South
LaSalle Street, Suite 300, Chicago, IL 60604, or at such other address as the
Owner Trustee may designate by notice to the Owners and, the Depositor, or the
principal corporate trust office of any successor Owner Trustee at the address
designated by such successor Owner Trustee by notice to the Owners and the
Depositor.

      "Depositor" means AHRC in its capacity as depositor hereunder.

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

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

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

      "Expenses" means all liabilities, obligations, losses, damages, taxes,
claims, actions and suits, and any and all reasonable out of pocket costs,
expenses and disbursements (including reasonable legal fees and expenses) of any
kind and nature whatsoever.

                                        2

      "Indemnified Parties" means the Owner Trustee and its successors, assigns,
agents and any co-trustee.

      "Indenture" means the indenture dated as of August 1, 2006 between the
Issuer and Deutsche Bank Trust Company Americas, as indenture trustee.

      "Investment Letter" means a letter delivered in connection with the
transfer of a Trust Certificate pursuant to Section 3.04(a), substantially in
the form of Exhibit C.

      "Issuer" means the Honda Auto Receivables 2006-2 Owner Trust, and its
successors.

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

      "Original Certificate Balance" means $41,274,911.31.

      "Original Contribution Amount" means $1,000.

      "Owner" means each Holder of a Trust Certificate.

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

      "Owner Trustee" means U.S. Bank Trust National Association, not in its
individual capacity but solely as owner trustee under this Agreement, and any
successor Owner Trustee hereunder.

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

      "Payment Date" means the twenty-first calendar day of each month,
commencing September 21, 2006, or if such day is not a Business Day, then the
next succeeding Business Day.

      "Percentage Interest" means, as to any Trust Certificate, (i) the original
certificate balance for such Trust Certificate, as specified on the face
thereof, divided by (ii) the Original Certificate Balance; provided, that in
determining whether the Holders of the requisite portion or percentage of the
Trust Certificates have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any other Basic Document, Trust
Certificates owned by the Issuer, any other obligor upon the Certificates, the
Seller, the Servicer or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed to be excluded from

                                        3

the Certificate Balance (unless such Persons own 100% of the Trust
Certificates), except that, in determining whether the Indenture Trustee and
Owner Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver, only Trust Certificates
that a Responsible Officer of the Indenture Trustee and the Owner Trustee have
actual knowledge of being so owned shall be so disregarded. Trust Certificates
so owned that have been pledged in good faith may be regarded as included in the
Certificate Balance if the pledgee establishes to the satisfaction of the
Indenture Trustee or the Owner Trustee, as applicable, the pledgee's right so to
act with respect to such Trust Certificates and that the pledgee is not the
Issuer, any other obligor upon the Trust Certificates, the Seller or any
Affiliate of any of their respective Affiliates. Neither the Indenture Trustee
nor the Owner Trustee shall incur any liability to any person in determining
whether a pledgee has the right to act with respect to such Trust Certificates.

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

      "Record Date" means the day immediately preceding the Payment Date so long
as the securities are in book-entry form, and the last day of the month
preceding the Payment Date if the securities are issued in definitive form.

      "Required Rating" means, with respect to any entity, that such entity (or
the parent of such entity) has a rating of at least BBB- by Standard & Poor's
and at least Baa3 by Moody's.

      "Rule 144A Letter" means a letter delivered in connection with the
transfer of a Trust Certificate pursuant to Section 3.04(a), substantially in
the form attached hereto as Exhibit D.

      "Sale and Servicing Agreement" means the sale and servicing agreement,
dated as of August 1, 2006, among the Issuer, the Depositor and AHFC, as
servicer, as amended or supplemented from time to time.

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

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

      "Seller Certificate" means a certificate of transfer delivered in
connection with the transfer of a Trust Certificate pursuant to Section 3.04(a),
substantially in the form of Exhibit B.

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

      "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 Certificate" means a certificate evidencing the beneficial interest
of an Owner in the Trust, substantially in the form of Exhibit A.

                                        4

      Section 1.02. Other Definitional Provisions.

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

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

      Section 1.03. Interpretive Provisions.

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

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

                                   ARTICLE TWO

                                  ORGANIZATION

      Section 2.01. Name. The trust created hereby shall be known as the "Honda
Auto Receivables 2006-2 Owner Trust", in which name the Owner Trustee may
conduct the business of the Issuer, make and execute contracts and other
instruments and sue and be sued, to the extent herein provided.

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

      Section 2.03. Purposes and Powers.

                                        5

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

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

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

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

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

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

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

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

      Section 2.04. Appointment of Owner Trustee. The Depositor hereby appoints
the Owner Trustee as trustee of the Issuer effective as of the date hereof, to
have all the rights, powers and duties set forth herein, and the Owner Trustee
hereby accepts such appointment. The Owner Trustee may engage, in the name of
the Issuer or in its own name on behalf of the Issuer, in the activities of the
Issuer, make and execute contracts on behalf of the Issuer and sue on behalf of
the Issuer.

      Section 2.05. Initial Capital Contribution of Owner Trust Estate. The
Depositor hereby reaffirms its sale, assignment, transfer and conveyance to the
Owner Trustee, as of the date of the Initial Trust Agreement, the sum of
$1,000.00 (the "Original Contribution Amount"). The Owner Trustee hereby
reaffirms its receipt in trust from the Depositor, as of the date of the Initial
Trust Agreement, of the Original Contribution Amount, which constituted the
initial Owner Trust Estate and shall be on or before the date hereof deposited
in the Certificate Distribution Account. On the date hereof the Owner Trustee is
hereby directed to withdraw the Original

                                        6

Contribution Amount from the Certificate Distribution Account and transfer such
sums to the Depositor via wire transfer to the Depositor's account from which
the Original Contribution Amount was received. The Depositor shall pay
organizational expenses of the Issuer as they may arise or shall, upon the
request of the Owner Trustee, promptly reimburse the Owner Trustee for any such
expenses paid by the Owner Trustee.

      Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that
it will hold the Owner Trust Estate in trust upon and subject to the conditions
set forth herein for the sole purpose of conserving the Owner Trust Estate and
collecting and disbursing the periodic income therefrom for the use and benefit
of the Owners, subject to the obligations of the Issuer under the Basic
Documents. It is the intention of the parties hereto that the Issuer constitute
a statutory trust under the Statutory Trust Statute and that this Agreement
constitute the governing instrument of such statutory trust. It is the intention
of the parties hereto that, solely for income and franchise tax purposes, (i) so
long as there is a sole Owner, the Issuer shall be disregarded as an entity
separate from the owner, with the assets of the Issuer being the Receivables and
other assets held by the Issuer, the owner of the Receivables being the sole
Owner and the Notes being non-recourse debt of the sole Owner and (ii) if there
is more than one Owner, the Issuer shall be treated as a partnership for income
and franchise tax purposes, with the assets of the partnership being the
Receivables and other assets held by the Issuer and with the partners of the
partnership being the Owners and the Notes being debt of the partnership. The
parties agree that, unless otherwise required by appropriate tax authorities,
the Issuer will file or cause to be filed annual or other necessary returns,
reports and other forms consistent with the characterization of the Issuer as
provided in the preceding sentence for such tax purposes. Effective as of the
date hereof, the Owner Trustee shall have all rights, powers and duties set
forth herein and in the Statutory Trust Statute for the sole purpose and to the
extent necessary to accomplish the purpose of the Issuer as set forth in Section
2.03(a).

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

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

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

                                        7

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

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

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

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

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

      (e)   The execution, delivery and performance by the Depositor of this
Agreement and 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 articles of incorporation
or bylaws of the Depositor, or conflict with or violate any of the material
terms or provisions of, or constitute (with or without notice or lapse of time)
a default under, any indenture, agreement or other instrument to which the
Depositor is a party or by which it is bound; nor result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement or other instrument (other than pursuant to the Basic
Documents); nor violate any law or, to the best of the Depositor's knowledge,
any order, rule or regulation applicable to the Depositor of any court or of any
federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties; which
breach, default, conflict, lien or violation would have a material adverse
effect on the earnings, business affairs or business prospects of the Depositor.

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

                                        8

Certificates or the consummation of any of the transactions contemplated by this
Agreement or (iii) seeking any determination or ruling that might materially and
adversely affect the performance by the Depositor of its obligations under, or
the validity or enforceability of, this Agreement.

                                  ARTICLE THREE

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

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

      Section 3.02. The Trust Certificates. The Trust Certificates shall be
issued in minimum denominations of $100,000 and integral multiples thereof;
provided, however, that one Trust Certificate may be issued in such denomination
as required to include any residual amount. The Trust Certificates shall be
executed by the Owner Trustee on behalf of the Issuer by manual or facsimile
signature of an authorized officer of the Owner Trustee and shall have deemed to
have been validly issued when so executed and authenticated (as set forth in
Section 3.03 below). Trust Certificates bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures were
affixed, authorized to sign on behalf of the Owner Trustee, shall be validly
issued and binding obligations of the Issuer and entitled to the benefit of this
Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such
Trust Certificates or did not hold such offices at the date of authentication
and delivery of such Trust Certificates.

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

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

                                        9

Trust Certificates will be entitled to the benefits of this Agreement. Whenever,
in any Basic Document, a reference is made to authentication by the Owner
Trustee, such reference shall include authentication by the Owner Trustee or its
authenticating agent.

      Section 3.04. Registration of Transfer and Exchange of Trust Certificates.

      (a)   The Certificate Registrar shall keep or cause to be kept, at the
office or agency maintained pursuant to Section 3.08, a Certificate Register in
which, subject to such reasonable regulations as it may prescribe, it shall
provide for the registration of Trust Certificates and of transfers and
exchanges of Trust Certificates as herein provided. U.S. Bank Trust National
Association shall act as initial Certificate Registrar. The Owner Trustee may
appoint an agent to act as Certificate Registrar. Upon any resignation of the
Certificate Registrar, the Owner Trustee shall promptly appoint a successor
thereto.

      The Trust Certificates have not been registered under the Securities Act
or listed on any securities exchange. No transfer of a Trust Certificate shall
be made unless such transfer is made pursuant to an effective registration
statement under the Securities Act and any applicable state securities laws or
is exempt from the registration requirements under the Securities Act and such
state securities laws. In the event that a transfer is to be made in reliance
upon an exemption from the Securities Act and state securities laws, in order to
assure compliance with the Securities Act and such laws, the Holder desiring to
effect such transfer and such Holder's prospective transferee shall each certify
to the Issuer in writing the facts surrounding the transfer in the form of a
Seller Certificate and Investment Letter or a Rule 144A Letter. Except in the
case of a transfer as to which the proposed transferee has provided a Rule 144A
Letter, there shall also be delivered to the Issuer an Opinion of Counsel that
such transfer may be made pursuant to an exemption from the Securities Act and
an Opinion of Counsel or memorandum of law that such transfer may be made
pursuant to an exemption from state securities laws, which Opinion(s) of Counsel
and memorandum of law shall not be an expense of the Issuer or the Owner
Trustee. The Depositor shall provide to any Holder of a Trust Certificate and
any prospective transferee designated by any such Holder, information regarding
the Trust Certificates and the Receivables and such other information as shall
be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for transfer of any such Trust Certificate without registration
thereof under the Securities Act pursuant to the registration exemption provided
by Rule 144A. Each Holder of a Trust Certificate desiring to effect such a
transfer shall, and does hereby agree to, indemnify the Issuer, the Owner
Trustee and the Depositor against any liability that may result if the transfer
is not so exempt or is not made in accordance with federal and state securities
laws. The Owner Trustee on behalf of the Issuer shall cause each Trust
Certificate to contain a legend in the form set forth on the form of Trust
Certificate attached hereto as Exhibit A.

      (b)   Upon surrender for registration of transfer of any Trust Certificate
at the office of the Certificate Registrar and subject to the satisfaction of
the preceding paragraph, the Owner Trustee shall execute, authenticate and
deliver (or shall cause its authenticating agent to authenticate and deliver),
in the name of the designated transferee or transferees, one or more new Trust
Certificates in authorized denominations of a like aggregate original
certificate

                                       10

balance dated the date of authentication by the Owner Trustee or any
authenticating agent; provided that prior to such execution, authentication and
delivery, the Owner Trustee shall have received an Opinion of Counsel to the
effect that the proposed transfer will not cause the Issuer to be characterized,
as an association (or a publicly traded partnership) taxable as a corporation or
alter the tax characterization of the Notes for federal income tax purposes. At
the option of a Holder, Trust Certificates may be exchanged for other Trust
Certificates of authorized denominations of a like aggregate original
certificate balance upon surrender of the Trust Certificates to be exchanged at
the office or agency maintained pursuant to Section 3.08.

      (c)   At the option of a Certificateholder, Trust Certificates may be
exchanged for other Trust Certificates in authorized denominations of a like
aggregate original certificate balance upon surrender of the Trust Certificates
to be exchanged at the office of the Certificate Registrar. Whenever any Trust
Certificates are so surrendered for exchange, the Owner Trustee on behalf of the
Issuer shall execute, authenticate and deliver (or shall cause its
authenticating agent to authenticate and deliver) the Trust Certificates that
the Certificateholder making the exchange is entitled to receive. Every Trust
Certificate presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer in form satisfactory to
the Owner Trustee and the Certificate Registrar duly executed by the Holder or
such Holder's attorney duly authorized in writing.

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

      (e)   The Trust Certificates may not be acquired or held by or for the
account of a Benefit Plan Investor. No transfer of a Trust Certificate shall be
made unless the prospective transferee has certified to the Issuer in writing
that it is not a Benefit Plan Investor.

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

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

      Section 3.05. Mutilated, Destroyed, Lost or Stolen Trust Certificates. If
(i) any mutilated Trust Certificate is surrendered to the Certificate Registrar,
or the Certificate Registrar receives evidence to its satisfaction of the
destruction, loss or theft of any Trust Certificate and (ii) there is delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them harmless, then, in the absence of

                                       11

notice to a Responsible Officer of the Owner Trustee that such Trust Certificate
has been acquired by a bona fide purchaser, the Owner Trustee on behalf of the
Issuer shall execute and the Owner Trustee or its authenticating agent shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Certificate, a new Trust Certificate in an
authorized denomination and of a like original certificate balance. In
connection with the issuance of any new Trust Certificate under this Section,
the Owner Trustee may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection therewith. Any
duplicate Trust Certificate issued pursuant to this Section shall constitute
conclusive evidence of ownership in the Trust, as if originally issued, whether
or not the lost, stolen or destroyed Trust Certificate shall be found at any
time.

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

      Section 3.07. Access to List of Certificateholders' Names and Addresses.
The Certificate Registrar shall furnish or cause to be furnished to the Servicer
and the Depositor, within 15 days after receipt by the Certificate Registrar of
a written request therefor from the Servicer or the Depositor, a list, in such
form as the Servicer or the Depositor may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date. If three
or more Certificateholders, or one or more Certificateholders evidencing not
less than 51% of the Percentage Interests of the Trust Certificates (hereinafter
referred to as the "Applicants"), apply in writing to the Certificate Registrar,
and such application states that the Applicants desire to communicate with other
Certificateholders with respect to their rights under this Agreement or under
the Trust Certificates, then the Certificate Registrar shall, within five
Business Days after the receipt of such application, afford such Applicants
access during normal business hours to the current list of Certificateholders.
Each Holder, by receiving and holding a Trust Certificate, shall be deemed to
have agreed not to hold any of the Depositor, the Certificate Registrar or the
Owner Trustee accountable by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

      Section 3.08. Maintenance of Office or Agency. The Trust shall maintain an
office or offices or agency or agencies where Trust Certificates may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Owner Trustee or its agent in respect of the Trust
Certificates and the Basic Documents may be served. The Owner Trustee initially
designates 209 South LaSalle Street, Suite 300, Chicago, IL 60604 as its office
for such purposes. The Owner Trustee shall give prompt written notice to the
Depositor and to the Certificateholders of any change in the location of the
Certificate Register or any such office or agency.

                                       12

      Section 3.09. Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders from the Certificate Distribution Account
pursuant to Sections 5.02 and 5.03 and shall report the amounts of such
distributions to the Owner Trustee. Any Paying Agent shall have the revocable
power to withdraw funds from the Certificate Distribution Account for the
purpose of making the distributions referred to above. The Owner Trustee may
revoke such power and remove the Paying Agent if the Owner Trustee determines in
its sole discretion that the Paying Agent shall have failed to perform its
obligations under this Agreement in any material respect. U.S. Bank Trust
National Association shall act as the initial Paying Agent. Each Paying Agent
shall be permitted to resign as Paying Agent upon 30 days' written notice to the
Owner Trustee. In the event that U.S. Bank Trust National Association shall no
longer be the Paying Agent, the Owner Trustee shall appoint a successor to act
as Paying Agent (which shall be a bank or trust company). The Owner Trustee
shall cause such successor Paying Agent or any additional Paying Agent appointed
by the Owner Trustee to execute and deliver to the Owner Trustee an instrument
in which such successor Paying Agent or additional Paying Agent shall agree with
the Owner Trustee that, as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to
the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders. The
Paying Agent shall return all unclaimed funds to the Owner Trustee and upon
removal of a Paying Agent such Paying Agent shall also return all funds in its
possession to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04,
8.01 and 8.02 shall apply to the Owner Trustee also in its role as Paying Agent,
for so long as the Owner Trustee shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this
Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise.

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

      Section 3.11. Repayment of Trust Certificates. In the event of an optional
purchase pursuant to Section 8.01 (a) of the Sale and Servicing Agreement, the
Trust Certificates will be prepaid in whole, but not in part, at an aggregate
prepayment price equal to the aggregate Certificate Balance of all the Trust
Certificates plus accrued interest thereon at the Certificate Rate.

                                  ARTICLE FOUR

                            ACTIONS BY OWNER TRUSTEE

      Section 4.01. Prior Notice to Owners 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
Certificateholders in writing of the proposed action and the Owners shall not
have notified the Owner Trustee in writing prior to the 30th day after such
notice is given that such Owners have withheld consent or provided alternative
direction:

                                       13

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

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

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

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

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

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

      Section 4.02. Action by Owners 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 Owners, to (i) remove the
Administrator pursuant to Section 1.09 of the Administration Agreement, (ii)
appoint a successor Administrator pursuant to Section 1.09 of the Administration
Agreement, (iii) remove the Servicer pursuant to Section 7.01 of the Sale and
Servicing Agreement, (iv) except as expressly provided in the Basic Documents,
sell the Receivables after the termination of the Indenture, or (v) authorize
the merger or consolidation of the Issuer with or into any other statutory trust
or entity (other than in accordance with Section 3.10 of the Indenture). The
Owner Trustee shall take the actions referred to in the preceding sentence only
upon written instructions signed by the Owners.

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

      Section 4.04. Restrictions on Owners' Power. The Owners shall not direct
the Owner Trustee to take or to refrain from taking any action if such action or
inaction would be contrary to any obligation of the Issuer or the Owner Trustee
under this Agreement or any of the other

                                       14

Basic Documents or would be contrary to the purpose of the Issuer as set forth
in Section 2.03, nor shall the Owner Trustee be obligated to follow any such
direction, if given.

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

                                  ARTICLE FIVE

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

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

      The Issuer shall possess all right, title and interest in funds on deposit
from time to time in the Certificate Distribution Account and in the proceeds
thereof. Except as otherwise expressly provided herein, the Certificate
Distribution Account shall be under the sole dominion and control of the Owner
Trustee for the benefit of the Certificateholders. If, at any time, the
Certificate Distribution Account ceases to be an Eligible Account, the Owner
Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate
Distribution Account is not then held by the Owner Trustee or an Affiliate
thereof) shall within ten Business Days (or such longer period, not to exceed 30
calendar days, as to which each Rating Agency may consent) establish a new
Certificate Distribution Account as an Eligible Account and shall transfer any
cash and/or any investments to such new Certificate Distribution Account. Monies
on deposit in the Certificate Distribution Account may be invested in Eligible
Investments upon the terms set forth in Section 4.01 of the Sale and Servicing
Agreement, as if the Certificate Distribution Account were an "Account".
Earnings on investments of funds in the Certificate Distribution Account shall
be paid to the Servicer as part of the Supplemental Servicing Fee and any losses
and investment expenses shall be charged against the funds in such account.

      Section 5.02. Application of Trust Funds.

      (a)   On each Payment Date, the Paying Agent will distribute to
Certificateholders, on the basis of the Percentage Interest evidenced by their
Trust Certificates, amounts deposited in the Certificate Distribution Account
pursuant to Section 4.06 of the Sale and Servicing Agreement with respect to
such Payment Date.

                                       15

      (b)   On each Payment Date, the Paying Agent shall send to each
Certificateholder the statement or statements provided to the Owner Trustee by
the Servicer pursuant to Section 4.10 of the Sale and Servicing Agreement with
respect to such Payment Date.

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

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

      Section 5.04. No Segregation of Monies; No Interest. Subject to Sections
5.01 and 5.02, monies received by the Owner Trustee or the Paying Agent
hereunder need not be segregated in any manner except to the extent required by
law or the Sale and Servicing Agreement and may be deposited under such general
conditions as may be prescribed by law, and neither the Owner Trustee nor the
Paying Agent shall be liable for any interest thereon.

      Section 5.05. Accounting and Reports to Owners, Internal Revenue Service
and Others. The Owner Trustee shall maintain (or cause to be maintained) the
books of the Issuer on a fiscal year basis ending March 31 of each year and the
accrual method of accounting. In addition, the Issuer shall deliver to each
Owner such information, reports or statements prepared by the Administrator as
may be required by the Code and applicable Treasury Regulations and as may be
required to enable each Owner to prepare its federal and state income tax
returns. Consistent with the Issuer's characterization for tax purposes, as
disregarded as an entity separate from the Owner, no federal income tax return
shall be filed on behalf of the Issuer unless either (i) the Owner Trustee shall
receive an Opinion of Counsel that, based on a change in applicable law
occurring after the date hereof, the Code requires such a filing or (ii) the
Internal Revenue Service shall determine that the Issuer is required to file
such a return. Neither the Owner Trustee nor any Certificateholder will, under
any circumstances, and at any time, make an election on IRS Form 8832 or
otherwise, to classify the Trust as an association taxable as a

                                       16

corporation for federal, state or any other applicable tax purpose. In the event
that the Issuer is required to file tax returns, the Owner Trustee shall, to the
extent not undertaken by the Administrator pursuant to the Administration
Agreement, prepare or shall cause to be prepared any tax returns required to be
filed by the Issuer and shall remit such returns to the Depositor (or if the
Depositor no longer owns any Certificates, the Owner designated for such purpose
by the Depositor to the Owner Trustee in writing) at least five days before such
returns are due to be filed. The Depositor (or such designee Owner, as
applicable) shall promptly sign such returns and deliver such returns after
signature to the Owner Trustee and such returns shall be filed by the Owner
Trustee with the appropriate tax authorities. In no event shall the Owner
Trustee or the Depositor (or such designee Owner, as applicable) be liable for
any liabilities, costs or expenses of the Issuer or the Noteholders arising out
of the application of any tax law, including federal, state, foreign or local
income or excise taxes or any other tax imposed on or measured by income (or any
interest, penalty or addition with respect thereto or arising from a failure to
comply therewith) except for any such liability, cost or expense attributable to
any act or omission by the Owner Trustee or the Depositor (or such designee
Owner, as applicable), as the case may be, in breach of its obligations under
this Agreement.

      The Depositor is authorized and directed to execute on behalf of the
Issuer, and after execution to deliver to the Administrator for filing with the
Commission, all documents and forms required to be filed in accordance with
applicable law or the rules and regulations prescribed by the Commission.

                                   ARTICLE SIX

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

      Section 6.01. General Authority. Subject to the provisions and limitations
of Sections 2.03 and 2.06, the Owner Trustee is authorized and directed to
execute and deliver the Basic Documents to which the Issuer is to be a party and
each certificate or other document attached as an exhibit to or contemplated by
the Basic Documents to which the Issuer is to be a party and any amendment or
other agreement, 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 Issuer pursuant to
the Basic Documents. The Owner Trustee is further authorized from time to time
to take such action as the Administrator recommends with respect to the Basic
Documents.

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

                                       17

liable for the default or failure of the Administrator to carry out its
obligations under the Administration Agreement.

      Section 6.03. Action Upon Instruction.

      (a)   Subject to Article Four, in accordance with the terms of the Basic
Documents, the Owners may by written instruction direct the Owner Trustee in the
management of the Issuer. Such direction may be exercised at any time by written
instruction of the Owners pursuant to Article Four.

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

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

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

                                       18

      Section 6.04. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms
of this Agreement or in any document or written instruction received by the
Owner Trustee pursuant to Section 6.03; and no implied duties or obligations
shall be read into this Agreement or any other Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Commission filing for the Issuer or to
record this Agreement or any other Basic Document. The Owner Trustee
nevertheless agrees that it will, at its own cost and expense, promptly take all
action as may be necessary to discharge any liens (other than the lien of the
Indenture) on any part of the Owner Trust Estate that result from actions by, or
claims against, the Owner Trustee that are not related to the ownership or the
administration of the Owner Trust Estate.

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

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

                                  ARTICLE SEVEN

                          CONCERNING THE OWNER TRUSTEE

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

                                       19

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

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

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

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

      (e)   the Owner Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by the
Depositor or for the form, character, genuineness, sufficiency, value or
validity of any of the Owner Trust Estate, or for or in respect of the validity
or sufficiency of the Basic Documents, other than the certificate of
authentication on the Trust Certificates, and the Owner Trustee shall not in any
event assume or incur any liability, duty or obligation to any Noteholder or to
any Owner, other than as expressly provided for in the Basic Documents;

      (f)   the Owner Trustee shall not be liable for the default or misconduct
of the Administrator, the Seller, the Depositor, the Indenture Trustee or the
Servicer under any Basic Document or otherwise, and the Owner Trustee shall not
have any obligation or liability to perform the obligations of the Issuer under
this Agreement or the other Basic Documents that are required to be performed by
the Administrator under the Administration Agreement, the Indenture Trustee
under the Indenture or the Servicer or the Seller under the Sale and Servicing
Agreement or any other Person under any of the Basic Documents; and

      (g)   the Owner Trustee shall not be under any 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 any of the Owners, unless such Owners have offered to the Owner Trustee
security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Owner Trustee therein or thereby; the
right of the Owner Trustee to perform any discretionary act enumerated in this
Agreement or in any other Basic Document shall not be construed as a duty, and
the Owner Trustee shall not be answerable for other than its gross negligence,
bad faith or willful misconduct in the performance of any such act.

      Section 7.02. Furnishing of Documents.

                                       20

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

      Section 7.03. Representations and Warranties of the Owner Trustee. The
Owner Trustee hereby represents and warrants to the Depositor and the Owners,
that:

      (a)   it is a national banking association duly organized and validly
existing under the laws of the United States of America; 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; and

      (c)   neither the execution nor the delivery by it of this Agreement, nor
the consummation by it of the transactions contemplated hereby, nor compliance
by it with any of the terms or provisions hereof will contravene any federal or
Delaware, 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; and

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

      (e)   the execution, delivery and performance by the Owner Trustee of this
Agreement and 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 charter documents or
bylaws of the Owner Trustee; 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); and

      (f)   there are no proceedings or investigations pending or, to the Owner
Trustee's actual knowledge, threatened, before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Owner Trustee or its properties: (i) asserting the invalidity of this
Agreement or (ii) seeking any determination or ruling that might materially and
adversely affect the performance by the Owner Trustee of its obligations under,
or the validity or enforceability of, this Agreement.

      Section 7.04. Reliance, Advice of Counsel.

                                       21

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

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

      Section 7.06. Owner Trustee Not Liable for Trust Certificates or
Receivables. The recitals contained herein and in the Trust Certificates (other
than the signature of the Owner Trustee and the certificate of authentication on
the Trust Certificates) shall be taken as the statements of the Depositor, and
the Owner Trustee assumes no responsibility for the correctness thereof. The
Owner Trustee makes no representations as to the validity or sufficiency of this
Agreement, any other Basic Document or the Trust Certificates (other than the
signature of the Owner Trustee and the certificate of authentication on the
Trust Certificates and the representations and warranties in Section 7.03) or
the Notes, or of any Receivable or related documents. The Owner Trustee shall at
no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Receivable, or the perfection and
priority of any security interest created by any Receivable in any Financed
Vehicle or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the Owner Trust Estate or its ability to generate
the payments to be distributed to Certificateholders under this Agreement or the
Noteholders under the Indenture, including, without limitation, the existence,
condition and ownership of any Financed Vehicle; the existence and
enforceability of

                                       22

any insurance thereon; the existence and contents of any Receivable on any
computer or other record thereof; the validity of the assignment of any
Receivable to the Issuer or of any intervening assignment; the completeness of
any Receivable; the performance or enforcement of any Receivable; the compliance
by the Depositor or the Servicer with any warranty or representation made under
any Basic Document or in any related document or the accuracy of any such
warranty or representation, or any action of the Administrator, the Indenture
Trustee or the Servicer or any subservicer taken in the name of the Owner
Trustee.

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

                                  ARTICLE EIGHT
                          COMPENSATION OF OWNER TRUSTEE

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

      Section 8.02. Indemnification. The Issuer shall, or shall cause the
Administrator to, indemnify each Indemnified Party and its respective officers,
directors, employees and agents against any and all loss, liability or expense
(including reasonable attorneys' fees and expenses) incurred by it in connection
with the administration of the Issuer and the performance of its duties
hereunder not resulting from its own willful misconduct, gross negligence or bad
faith. The Indemnified Party shall notify the Issuer and the Administrator
promptly of any claim for which it may seek indemnity. 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
Depositor (or if the Depositor is no longer an owner, the designee of the
Depositor), which approval shall not be unreasonably withheld. Neither the
Issuer nor the Administrator need reimburse any expense or indemnify against any
loss, liability or expense incurred by any Indemnified Party (1) through such
party's own willful misconduct, gross negligence or bad faith or (2) in the case
of the inaccuracy of any representation or warranty contained in Section 7.03
expressly made by the Owner Trustee.

      Section 8.03. Payments to the Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article shall be deemed not to be a part of the Owner
Trust Estate immediately

                                       23

after such payment. Any amounts owing to the Owner Trustee under this Agreement
or the other Basic Documents shall constitute a claim against the Owner Trust
Estate.

                                  ARTICLE NINE

                         TERMINATION OF TRUST AGREEMENT

      Section 9.01. Termination of Trust Agreement.

      (a)   This Agreement (other than Article Eight) and the Issuer shall
terminate in accordance with Section 3808 of the Statutory Trust Statute and be
of no further force or effect upon the earlier to occur of (i) the purchase on
any Payment Date by the Servicer, or any successor Servicer, at its option,
pursuant to Section 8.01(a) of the Sale and Servicing Agreement, of the Owner
Trust Estate other than the Accounts and the Certificate Distribution Account,
(ii) the final distribution by the Owner Trustee of all monies or other property
or proceeds of the Owner Trust Estate in accordance with the terms of the
Indenture, the Sale and Servicing Agreement and Article Five or (iii) the
Payment Date next succeeding the month which is one year after the maturity or
other liquidation of the last Receivable and the disposition of any amount
received upon liquidation of any property remaining in the Owner Trust Estate.
The bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall
not (i) operate to terminate this Agreement or the Issuer, (ii) entitle such
Owner's legal representatives or heirs to claim an accounting or to take any
action or proceeding in any court for a partition or winding up of all or any
part of the Issuer or Owner Trust Estate or (iii) otherwise affect the rights,
obligations and liabilities of the parties hereto.

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

      (c)   The outstanding Trust Certificates are subject to redemption in
whole, but not in part, pursuant to Section 8.01 of the Sale and Servicing
Agreement; provided that the Issuer has available funds sufficient to pay the
aggregate Certificate Balance of all the Trust Certificates, together with
accrued interest at the Certificate Rate to but excluding the Payment Date.
Notice of any termination of the Issuer, specifying the Payment Date upon which
Certificateholders shall surrender their Trust Certificates to the Paying Agent
for payment of the final distribution and cancellation, shall be given by the
Owner Trustee by letter to Certificateholders mailed within five Business Days
of receipt of notice of such termination from the Servicer given pursuant to
Section 8.01(b) of the Sale and Servicing Agreement, stating (i) the Payment
Date upon or with respect to which final payment of the Trust Certificates shall
be made upon presentation and surrender of the Trust Certificates at the office
of the Paying Agent therein designated, (ii) the amount of any such final
payment and (iii) that the Record Date otherwise applicable to such Payment Date
is not applicable, payments being made only upon presentation and surrender of
the Trust Certificates at the office of the Paying Agent therein specified. The
Owner Trustee shall give such notice to the Certificate Registrar (if other than
the Owner Trustee) and the Paying Agent (if other than the Owner Trustee) at the
time such notice is given to Certificateholders. Upon presentation and surrender
of the Trust Certificates, the Paying

                                       24

Agent shall cause to be distributed to Certificateholders amounts distributable
on such Payment Date pursuant to Section 5.02. The Owner Trustee shall promptly
notify each Rating Agency upon the final payment of the Trust Certificates.

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

      (e)   Upon the winding up of the Issuer and its termination, the Owner
Trustee shall, upon the direction and at the expense of the Depositor, cause the
Certificate of Trust to be cancelled by filing a certificate of cancellation
with the Secretary of State in accordance with Section 3810 of the Statutory
Trust Statute.

                                   ARTICLE TEN

                     SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

      Section 10.01. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times (i) maintain its principal place of business in the
State of Delaware, (ii) be authorized to exercise corporate trust powers, (iii)
have a combined capital and surplus of at least $50,000,000, (iv) be subject to
supervision or examination by federal or state authorities and (v) have the
Required Rating. If such corporation shall publish reports of condition at least
annually pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance with
the provisions of this Section, the Owner Trustee shall resign immediately in
the manner and with the effect specified in Section 10.02.

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

                                       25

Owner Trustee may petition at the Issuer's expense any court of competent
jurisdiction for the appointment of a successor Owner Trustee.

      If at any time the Owner Trustee shall cease to be eligible in accordance
with Section 10.01 and shall fail to resign after written request therefor by
the Administrator, or 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
Administrator shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
outgoing Owner Trustee so removed and one copy to the successor Owner Trustee,
and shall pay all fees and expenses owed to the outgoing Owner Trustee.

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

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

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

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

      Section 10.04. Merger or Consolidation of Owner Trustee. Any Person into
which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person

                                       26

resulting from any merger, conversion or consolidation to which the Owner
Trustee shall be a party, or any Person succeeding to all or substantially all
of the corporate trust business of the Owner Trustee shall be the successor of
the Owner Trustee hereunder, without the execution or filing of any instrument
or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding; provided, that such Person shall be eligible
pursuant to Section 10.01 and, provided, further, that the Owner Trustee shall
mail notice of such merger or consolidation to each Rating Agency.

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

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

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

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

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

                                       27

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

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

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

      Section 11.01. Supplements and Amendments.

      (a)   This Agreement may be amended by the parties hereto with prior
written notice to each Rating Agency, without the consent of any
Securityholders, to cure any ambiguity, to correct or supplement any provisions
in this Agreement or for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions in this Agreement or of
modifying in any manner the rights of the Noteholders or the Certificateholders;
provided, however, that such action shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Noteholder or Certificateholder.

      (b)   This Agreement may also be amended from time to time by the parties
hereto, with prior written notice to each Rating Agency, with the consent of the
Holders of Trust Certificates evidencing not less than a majority of the
Percentage Interests evidenced by the Trust Certificates and, if such amendment
materially and adversely affects the interests of the Noteholders, with the
consent of Holders (as such term is defined in the Indenture) 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 or the Certificateholders; provided, however, that no such
amendment shall (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholders, (ii) increase or reduce any Interest Rate
or Certificate Rate or (iii) reduce the

                                       28

aforesaid percentage of the Outstanding Amount of the Notes or of the Percentage
Interests evidenced by the Trust Certificates required to consent to any such
amendment, without the consent of the Holders of all the outstanding Notes and
Trust Certificates affected thereby.

      (c)   Prior to 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 Indenture Trustee, the Administrator and each Rating Agency.

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

      (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)   In connection with the execution of any amendment to this Agreement
or any other basic Document to which the Issuer is a party and for which
amendment the Owner Trustee's consent is sought, the Owner Trustee shall be
entitled to receive and rely upon an Opinion of Counsel to the effect that the
execution of such amendment is authorized or permitted by this Agreement or such
other Basic Document, as the case may be, and that all conditions precedent in
this Agreement or such other Basic Document, as the case may be, for the
execution and delivery thereof by the Issuer or the Owner Trustee, as the case
may be, 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. No Legal Title to Owner Trust Estate in Owner. The Owner
shall not have legal title to any part of the Owner Trust Estate. The Owners
shall be entitled to receive distributions with respect to their undivided
ownership interest therein only in accordance with Articles Five and Nine. No
transfer, by operation of law or otherwise, of any right, title or interest of
the Owners to and in their ownership interest in the Owner 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 Owner Trust Estate.

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

                                       29

      Section 11.04. Notices.

      (a)   Unless otherwise expressly specified or permitted by the terms
hereof, all demands, notices and communications under this Agreement shall be in
writing, personally delivered, mailed by certified mail, return receipt
requested, or sent via facsimile transmission (followed by hard copy by
overnight delivery) and shall be deemed to have been duly given upon receipt (i)
in the case of the Owner Trustee, U.S. Bank Trust National Association, at its
Corporate Trust Office, Attention: Corporate Trust Services - Honda 2006-2, (ii)
in the case of the Depositor, to American Honda Receivables Corp., 20800 Madrona
Avenue, Torrance, California 90503, Attention: President or (iii) as to any
party, at such other address as shall be designated by such party in a written
notice to the other party.

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

      Section 11.05. Severability. 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 covenants, agreements, provisions or terms of this
Agreement or of the Trust Certificates or the rights of the Holders thereof.

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

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

      Section 11.08. No Petition. The Owner Trustee, by entering into this
Agreement, each Certificateholder, by accepting a Trust Certificate, and the
Indenture Trustee and each Noteholder, by accepting the benefits of this
Agreement, each hereby covenants and agrees that it will not at any time
institute against the Depositor or the Issuer, or join in any institution
against the Depositor or the Issuer of, any bankruptcy proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Trust Certificates, the Notes, this Agreement or any
other Basic Document.

      Section 11.09. No Recourse. Each Certificateholder by accepting a Trust
Certificate acknowledges that such Certificateholder's Trust Certificates
represent beneficial interests in the Issuer only and do not represent interests
in or obligations of the Depositor, the Seller, the

                                       30

Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of
their respective Affiliates and no recourse may be had against such parties or
their assets, except as may be expressly set forth or contemplated in the Trust
Certificates, this Agreement or any other Basic Document.

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

      Section 11.13. Depositor Payment Obligation. The Depositor shall be
responsible for payment of the Administrator's compensation under the
Administration Agreement and shall reimburse the Administrator for all expenses
and liabilities of the Administrator incurred thereunder. In addition, the
Depositor shall be responsible for the payment of all fees and expenses of the
Issuer and the Trustees paid by any of them in connection with any of their
obligations under the Basic Documents to obtain or maintain any required license
under the Pennsylvania Motor Vehicle Sales Finance Act and the Maryland Act (MD
Fin. Inst. Code Ann., Title 11, Subtitle 4).

      Section 11.14. Tax Treatment. Notwithstanding the foregoing or anything
herein to the contrary, all persons (and their respective employees,
representatives or other agents) may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of the transaction
described herein and all materials of any kind (including opinions or other tax
analyses) that are provided to the recipient relating to such tax treatment and
tax structure.

                                       31

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

                                        AMERICAN HONDA RECEIVABLES CORP.,
                                           as Depositor

                                        By: ____________________________________
                                             Name:
                                             Title:

                                        U.S. BANK TRUST NATIONAL ASSOCIATION,
                                           as Owner Trustee

                                        By: ____________________________________
                                             Name:
                                             Title:

                                       32

                                                                       EXHIBIT A

                            FORM OF TRUST CERTIFICATE

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

                  NUMBER: R-1    Initial Certificate Balance: $[    ]

                    HONDA AUTO RECEIVABLES 2006-2 OWNER TRUST

                          [  ]% ASSET BACKED CERTIFICATE

evidencing a fractional undivided interest in the Issuer, as defined below, the
property of which includes a pool of retail installment sale or conditional sale
contracts secured by new and used Honda and Acura motor vehicles.

      (This Trust Certificate does not represent an interest in or obligation of
American Honda Receivables Corp., American Honda Finance Corporation or any of
their respective affiliates.)

      THIS CERTIFIES THAT America Honda Receivables Corp. is the registered
owner of a 100 PERCENT nonassessable, fully-paid, undivided interest in the
Honda Auto Receivables 2006-2 Owner Trust (the "Issuer"), formed by American
Honda Receivables Corp., a California corporation (the "Depositor").

      The Issuer was created pursuant to a Trust Agreement dated as of July 14,
2006, as amended and restated by an Amended and Restated Trust Agreement dated
August 22, 2006 (as amended or supplemented from time to time, the "Trust
Agreement"), between the Depositor and U.S. Bank Trust National Association, as
owner trustee (the "Owner Trustee"); a summary of certain of the pertinent
provisions of which is set forth below. Capitalized terms used herein that are
not otherwise defined shall have the meanings ascribed thereto in the Trust
Agreement.

      This Trust Certificate is one of the duly authorized certificates
designated as "Asset Backed Certificates" (the "Trust Certificates"). Issued
under an Indenture dated as of August 1, 2006 (the "Indenture"), between the
Issuer and Deutsche Bank Trust Company Americas, as indenture trustee, are four
classes of Notes designated as "Class A-1 5.42500% Asset Backed

                                       A-1

Notes," "Class A-2 5.42% Asset Backed Notes", "Class A-3 5.30% Asset Backed
Notes" and "Class A-4 5.28% Asset Backed Notes" (collectively, the "Notes").
This Trust Certificate is issued under and is subject to terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Trust Certificate, by virtue of its acceptance thereof, assents and by which
such Holder is bound. The property of the Issuer includes, among other things, a
pool of retail installment sale or conditional sale contracts for new and used
Honda and Acura motor vehicles (collectively, the "Receivables"), all monies
received on or in respect of the Receivables on or after July 31, 2006, security
interests in the vehicles financed thereby, certain bank accounts and the
proceeds thereof, proceeds from claims on certain insurance policies and certain
other rights under the Trust Agreement and the Sale and Servicing Agreement and
all proceeds of the foregoing.

      It is the intent of the Depositor, the Servicer and the Certificateholder
that, solely for purposes of federal income, state and local income tax and any
other income taxes, the Issuer will be treated as a disregarded entity not
separate from the sole Certificateholder. The purchaser hereof, by acceptance of
the Trust Certificates, agrees to treat, and to take no action inconsistent with
the above treatment for so long as it is the sole Owner.

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

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

      Distributions on this Trust Certificate will be made as provided in the
Trust Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Trust 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 Trust Certificate will be made after due
notice by the Owner Trustee of the pendency of such distribution and only upon
presentation and surrender of this Trust Certificate at the office or agency
maintained for the purpose by the Owner Trustee.

      Reference is hereby made to the further provisions of this Trust
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.

                                       A-2

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

      THIS TRUST 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.

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

                                        HONDA AUTO RECEIVABLES 2006-2 OWNER
                                        TRUST

                                        By:  U.S. BANK TRUST NATIONAL
                                             ASSOCIATION,
                                             not in its individual capacity but
                                             solely as Owner Trustee on behalf
                                             of the Trust

                                        By: ____________________________________
                                             Authorized Signatory

            OWNER TRUSTEE'S OR AUTHENTICATING AGENT'S CERTIFICATE OF
                                 AUTHENTICATION

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

U.S. BANK TRUST NATIONAL                     U.S. BANK TRUST NATIONAL
ASSOCIATION,                                 ASSOCIATION, not in its individual
not in its individual capacity but           capacity but solely as Owner
solely as  Authenticating Agent on           Trustee on behalf of the Trust
behalf of the Trust

                                      OR...

By: _________________________________
     Authenticating Agent

By: _________________________________       ____________________________________
     Authorized Signatory

                                       A-3

                         [REVERSE OF TRUST CERTIFICATE]

      The Trust Certificates do not represent an obligations of, or an interest
in, the Depositor, the Servicer, the Owner Trustee or any of their respective
affiliates 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 Basic Documents. In addition, this Trust Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right
of payment to certain collections and recoveries with respect to the Receivables
(and certain other amounts), all as more specifically set forth herein and in
the Sale and Servicing Agreement. A copy of each of the Sale and Servicing
Agreement and the Trust Agreement may be examined by any Certificateholder upon
written request during normal business hours at the principal office of the
Depositor and at such other places, if any, designated by the Depositor.

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

      As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Trust Certificate is registrable in the
Certificate Register upon surrender of this Trust Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
by the Owner Trustee, accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by
the Holder hereof or such Holder's attorney duly authorized in writing, and
thereupon one or more new Trust Certificates evidencing the same original
certificate balance in the Issuer will be issued to the designated transferee.

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

      The Owner Trustee, the Certificate Registrar and any agent of the Owner
Trustee or the Certificate Registrar may treat the Person in whose name this
Trust 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.

                                       A-4

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

      The Trust Certificates may not be acquired or held by a Benefit Plan
Investor. By accepting and holding this Trust Certificate, the Holder hereof
shall be deemed to have represented and warranted that it is not a Benefit Plan
Investor.

                                       A-5

                                   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 Trust Certificate, and all rights thereunder, any hereby irrevocably

constitutes and appoints __________________, attorney, to transfer said Trust

Certificate on the books of the Certificate Registrar, with full power of

substitution in the premises.

                                        ________________________________________
                                                 Signature Guaranteed:

                                              ____________________________

____________________________

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

                                       A-6

                                                                       EXHIBIT B

                         FORM OF TRANSFEROR CERTIFICATE

                                          ________________,_____

[Seller]

________________________________

________________________________

________________________________

U.S. BANK TRUST NATIONAL ASSOCIATION
209 South LaSalle Street, Suite 300
Chicago, Illinois 60604
Attention: Corporate Trust Services

      Re:   Honda Auto Receivables 2006-2 Owner Trust
            Asset Backed Certificates

Dear Sirs:

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

                                        Very truly yours,

                                        [NAME OF TRANSFEROR]

                                        By
                                           _____________________________________
                                                    Authorized Officer

                                       B-1

                                                                       EXHIBIT C

                            FORM OF INVESTMENT LETTER

                                          ________________,_____

Seller

________________________________

________________________________

________________________________

U.S. BANK TRUST NATIONAL ASSOCIATION
209 South LaSalle Street, Suite 300
Chicago, Illinois 60604
Attention: Corporate Trust Services

      Re:   Honda Auto Receivables 2006-2 Owner Trust
            Asset Backed Certificates

Dear Sirs:

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

                                       C-1

Agreement dated as of August 22, 2006, between American Honda Receivables Corp.,
as depositor, and U.S. Bank Trust National Association, as Owner Trustee.

                                        Very truly yours,

                                        [NAME OF TRANSFEROR]

                                        By
                                           _____________________________________
                                                    Authorized Officer

                                       C-2

                                                                       EXHIBIT D

                            FORM OF RULE 144A LETTER

                                          ________________, 20_____

Seller

________________________________

________________________________

________________________________

U.S. BANK TRUST NATIONAL ASSOCIATION
209 South LaSalle Street, Suite 300
Chicago, Illinois 60604
Attention: Corporate Trust Services

      Re:   Honda Auto Receivables 2006-2 Owner Trust
            Asset Backed Certificates

Dear Sirs:

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

being made in reliance on Rule 144A or (ii) pursuant to another exemption from
registration under the Act.

                                        Very truly yours,

                                        [NAME OF TRANSFEREE]

                                        By
                                                    Authorized Officer

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