Document:

<PAGE>
                                                                     Exhibit 4.2

                     FORM OF POOLING AND SERVICING AGREEMENT

                    [NATIONAL CITY VEHICLE RECEIVABLES INC.]
                                 [as Depositor]

                               NATIONAL CITY BANK
                             as Seller and Servicer

                                       and

                          [--------------------------]
                                   as Trustee

                    Dated as of [__________________________]

                  NATIONAL CITY AUTO RECEIVABLES TRUST 200__-__

                   [___]% Asset Backed Certificates, Class [A]
                   [___]% Asset Backed Certificates, Class [B]

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                               PAGE

                                                ARTICLE I.

                                               Definitions
<S>                                                                                                             <C>
Section 1.01  Definitions.........................................................................................1
Section 1.02  Other Definitional Provisions......................................................................14

                                               ARTICLE II.

                                          Establishment of Trust

Section 2.01  Creation of Trust..................................................................................14
Section 2.02  Acceptance by Trustee..............................................................................14
Section 2.03  Conveyance of Receivables..........................................................................15

                                               ARTICLE III.

                                             The Receivables

Section 3.01  Representations and Warranties of the Seller.......................................................15
Section 3.02  Representations and Warranties of the Depositor....................................................16
Section 3.03  Repurchase Upon Breach.............................................................................16
Section 3.04  Custody of Receivable Files........................................................................17
Section 3.05  Duties of Servicer as Custodian....................................................................17
Section 3.06  Instructions; Authority to Act.....................................................................18
Section 3.07  Custodian's Indemnification........................................................................18
Section 3.08  Effective Period and Termination...................................................................18

                                               ARTICLE IV.

                               Administration and Servicing of Receivables

Section 4.01  Duties of Servicer.................................................................................19
Section 4.02  Collection and Allocation of Receivable Payments...................................................19
Section 4.03  Realization Upon Receivables.......................................................................20
Section 4.04  Physical Damage Insurance..........................................................................20
Section 4.05  Maintenance of Security Interests in Financed Assets...............................................20
Section 4.06  Covenants of Servicer..............................................................................20
Section 4.07  Purchase of Receivables Upon Breach................................................................20
Section 4.08  Servicing Fee......................................................................................21
Section 4.09  Servicer's Certificate.............................................................................21
Section 4.10  Annual Statement as to Compliance; Notice of Default...............................................21
</TABLE>

                                       i
<PAGE>

<TABLE>

<S>                                                                                                             <C>
Section 4.11  Annual Independent Certified Public Accountant's Report............................................21
Section 4.12  Access to Certain Documentation and Information Regarding Receivables..............................22
Section 4.13  Servicer Expenses..................................................................................22
Section 4.14  Appointment of Subservicer.........................................................................22

                                                ARTICLE V.

                     Distributions; Reserve Account; Statements to Certificateholders

Section 5.01  Establishment of Trust Accounts....................................................................23
Section 5.02  Collections........................................................................................24
Section 5.03  Application of Collections.........................................................................24
Section 5.04  Advances...........................................................................................25
Section 5.05  Additional Deposits................................................................................25
Section 5.06  Distributions......................................................................................26
Section 5.07  Reserve Account....................................................................................28
Section 5.08  Statements to Certificateholders...................................................................31
Section 5.09  Tax Returns........................................................................................32
Section 5.10  Net Deposits.......................................................................................33

                                               ARTICLE VI.

                                             The Certificates

Section 6.01  The Certificates...................................................................................33
Section 6.02  Authentication of Certificates.....................................................................33
Section 6.03  Registration of Transfer and Exchange of Certificates..............................................33
Section 6.04  Mutilated, Destroyed, Lost or Stolen Certificates..................................................34
Section 6.05  Persons Deemed Owners..............................................................................34
Section 6.06  Access to List of Certificateholders' Names and Addresses..........................................34
Section 6.07  Maintenance of Office or Agency....................................................................35
Section 6.08  Book-Entry Certificates............................................................................35
Section 6.09  Notices to Clearing Agency.........................................................................36
Section 6.10  Definitive Certificates............................................................................36

                                               ARTICLE VII.

                                              The Depositor

Section 7.01  Representations of Depositor.......................................................................36
Section 7.02  Corporate Existence................................................................................38
Section 7.03  Liabilities of Depositor; Indemnities..............................................................38
Section 7.04  Merger or Consolidation of, or Assumption of the Obligations of, Depositor.........................38
Section 7.05  Limitation on Liability of Depositor and Others....................................................39
Section 7.06  Depositor May Own Certificates.....................................................................39
Section 7.07  No Transfer of Excess Amounts......................................................................39
</TABLE>

                                       ii
<PAGE>

<TABLE>

                                              ARTICLE VIII.

                                               The Servicer
<S>                                                                                                             <C>
Section 8.01  Representations of Servicer........................................................................40
Section 8.02  Indemnities of Servicer............................................................................41
Section 8.03  Merger or Consolidation of, or Assumption of the Obligations of, Servicer..........................41
Section 8.04  Limitation on Liability of Servicer and Others.....................................................42

                                               ARTICLE IX.

                                                 Default

Section 9.01  Events of Default..................................................................................42
Section 9.02  Appointment of Successor...........................................................................43
Section 9.03  Repayment of Advances..............................................................................44
Section 9.04  Notification to Certificateholders.................................................................44
Section 9.05  Waiver of Past Defaults............................................................................44

                                                ARTICLE X.

                                               The Trustee

Section 10.01  Duties of Trustee.................................................................................44
Section 10.02  Certain Matters Affecting Trustee.................................................................45
Section 10.03  Trustee Not Liable for Certificates or Receivables................................................46
Section 10.04  Trustee May Own Certificates......................................................................47
Section 10.05  Trustee's Fees and Expenses.......................................................................47
Section 10.06  Eligibility Requirements for Trustee..............................................................47
Section 10.07  Resignation or Removal of Trustee.................................................................47
Section 10.08  Successor Trustee.................................................................................48
Section 10.09  Merger or Consolidation of Trustee................................................................48
Section 10.10  Appointment of Co-Trustee or Separate Trustee.....................................................48
Section 10.11  Representations and Warranties of Trustee.........................................................50
Section 10.12  No Bankruptcy Petition............................................................................50
Section 10.13  Trustee's Certificate.............................................................................50
Section 10.14  Trustee's Assignment of Repurchased Receivables...................................................50

                                               ARTICLE XI.

                                               Termination

Section 11.01  Termination of the Trust..........................................................................51
Section 11.02  Optional Purchase of All Receivables..............................................................51
</TABLE>

                                      iii
<PAGE>

<TABLE>

                                               ARTICLE XII.

                                         Miscellaneous Provisions
<S>                                                                                                             <C>
Section 12.01  Amendment.........................................................................................52
Section 12.02  Protection of Title to Trust......................................................................53
Section 12.03  Separate Counterparts.............................................................................54
Section 12.04  Limitation on Rights of Certificateholders........................................................54
Section 12.05  Governing Law.....................................................................................55
Section 12.06  Notices...........................................................................................55
Section 12.07  Severability of Provisions........................................................................55
Section 12.08  Assignment........................................................................................55
Section 12.09  Certificates Nonassessable and Fully Paid.........................................................55
Section 12.10  Limitations on Rights of Others...................................................................55
Section 12.11  Headings..........................................................................................56
Section 12.12  Nonpetition Covenants.............................................................................56
</TABLE>

Exhibit A            Form of Class [A] Certificate
Exhibit B            Form of Class [B] Certificate
Exhibit C            Form of Depository Agreement
Exhibit D            Form of Servicer's Certificate
SCHEDULE A           Schedule of Receivables
SCHEDULE B           Location of Receivable Files

                                       iv

<PAGE>

                  POOLING AND SERVICING AGREEMENT dated as of [_______________],
among NATIONAL CITY VEHICLE RECEIVABLES INC., a Delaware corporation, as
depositor (the "Depositor"), NATIONAL CITY BANK, a national banking association,
as servicer (the "Servicer"), and [TRUSTEE], a [_____] banking corporation, as
Trustee (the "Trustee").

                  WHEREAS, the Depositor has purchased a portfolio of
receivables arising in connection with a pool of [retail installment sales
contracts, retail installment loans, purchase money notes or other notes], (the
"Contracts") secured by [new and used automobiles, light-duty trucks,
motorcycles, recreational vehicles, vans, minivans and/or sport utility
vehicles] financed by those Contracts and originated or acquired by the Seller
in the ordinary course of their respective businesses; and

                  WHEREAS, the Depositor, the Servicer and the Trustee wish to
set forth the terms and conditions pursuant to which the Trust (as hereinafter
defined) will acquire the Contracts from the Depositor, and the Servicer will
service the Contracts on behalf of the Trust;

                  NOW, THEREFORE, in consideration of the premises and the
mutual agreements hereinafter set forth, the Depositor, the Servicer and the
Trustee agree as follows:

                                   ARTICLE I

                                   Definitions

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

                  "ADVANCE" means either a Precomputed Advance or a Simple
Interest Advance or both, as applicable.

                  "AGREEMENT" means this Pooling and Servicing Agreement.

                  "AMOUNT FINANCED" means with respect to a Receivable, the
amount advanced under such Receivable toward the purchase price of the Financed
Asset and any related costs, exclusive of any amount allocable to the premium of
force-placed physical damage insurance covering the Financed Asset.

                  "ANNUAL PERCENTAGE RATE" or "APR" of a Receivable means the
annual rate of finance charges stated in the related Contract.

                  "BOOK-ENTRY CERTIFICATES" means, unless otherwise specified in
this Agreement, a beneficial interest in the Class [A] or Class [B]
Certificates, ownership and transfers of which shall be registered through book
entries by a Clearing Agency as described in Section 6.08.

                  "BUSINESS DAY" means any day other than a Saturday, a Sunday
or a day on which banking institutions or trust companies in Portland, Oregon or
the city in which the Corporate Trust Office is located, are authorized or
obligated by law, regulation or executive order to be closed.

<PAGE>

                  "CERTIFICATE BALANCE" means, as of any date, the aggregate
outstanding principal amount of the Certificates at such date.

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

                  "CERTIFICATE REGISTER" and "CERTIFICATE REGISTRAR" mean the
register maintained and the registrar appointed pursuant to Section 6.03.

                  "CERTIFICATEHOLDER" or "HOLDER" means a Person in whose name a
Certificate is registered in the Certificate Register.

                  "CLASS [A] CERTIFICATE" means a [___]% Asset Backed
Certificate, Class [A], evidencing a beneficial interest in the Trust,
substantially in the form of Exhibit A hereto.

                  "CLASS [A] CERTIFICATE BALANCE" means, as of any date of
determination, the Initial Class [A] Certificate Balance reduced by all amounts
previously distributed to Holders of Class [A] Certificates and allocable to
principal.

                  "CLASS [A] DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, the sum of the Class [A] Principal Distributable Amount and
the Class [A] Interest Distributable Amount for such date.

                  "CLASS [A] INTEREST CARRYOVER SHORTFALL" means, with respect
to any Distribution Date, the excess of the sum of the Class [A] Monthly
Interest Distributable Amount for the preceding Distribution Date and any
outstanding Class [A] Interest Carryover Shortfall on such preceding
Distribution Date, over the amount in respect of interest that Holders of the
Class [A] Certificates actually received on such preceding Distribution Date,
plus 30 days' interest on such excess, to the extent permitted by law, at the
Class [A] Pass-Through Rate.

                  "CLASS [A] INTEREST DISTRIBUTABLE AMOUNT" means, with respect
to any Distribution Date, 30 days of interest at the Class [A] Pass-Through Rate
on the Class [A] Certificate Balance on the last day of the preceding Collection
Period.

                  "CLASS [A] PASS-THROUGH RATE" means [_____]% per annum.

                  "CLASS [A] PERCENTAGE" means [_____]%.

                  "CLASS [A] POOL FACTOR" means, as of the close of business on
the last day of any Collection Period, a seven-digit decimal figure equal to the
Class [A] Certificate Balance as of such Record Date divided by the Initial
Class [A] Certificate Balance.

                  "CLASS [A] PRINCIPAL CARRYOVER SHORTFALL" means, as of the
close of any Distribution Date, the excess of the Class [A] Monthly Principal
Distributable Amount and any outstanding Class [A] Principal Carryover Shortfall
from the preceding Distribution Date, over

                                       2
<PAGE>

the amount in respect of principal that is actually distributed to Holders of
the Class [A] Certificates on such current Distribution Date.

                  "CLASS [A] PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect
to any Distribution Date, the Class [A] Percentage of the Principal Distribution
Amount. In addition, on the Final Scheduled Distribution Date, the principal
required to be included in the Class [A] Principal Distributable Amount will
include the lesser of (a) the Class [A] Percentage of (i) any Scheduled Payments
of principal due and remaining unpaid on each Precomputed Receivable and (ii)
any principal due and remaining unpaid on each Simple Interest Receivable, in
each case, in the Trust as of the Final Scheduled Maturity Date or (b) the
amount that is necessary (after giving effect to the other amounts to be
deposited in the Distribution Account on such Distribution Date and allocable to
principal) to reduce the Class [A] Certificate Balance to zero.

                  "CLASS [B] CERTIFICATE" means a [___]% Asset Backed
Certificate, Class [B], evidencing a beneficial interest in the Trust,
substantially in the form of Exhibit B hereto.

                  "CLASS [B] CERTIFICATE BALANCE" means, as of any date of
determination, the Initial Class [B] Certificate Balance reduced by all amounts
previously distributed to Holders of Class [B] Certificates (or deposited in the
Reserve Account, exclusive of the Reserve Account Initial Deposit) and allocable
to principal and by Realized Losses to the extent of the amount of such Realized
Losses paid from the Class [B] Percentage of the Principal Distribution Amount.

                  "CLASS [B] DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, the sum of the Class [B] Principal Distributable Amount and
the Class [B] Interest Distributable Amount.

                  "CLASS [B] INTEREST CARRYOVER SHORTFALL" means, with respect
to any Distribution Date, the excess of the sum of the Class [B] Interest
Distributable Amount for the preceding Distribution Date and any outstanding
Class [B] Interest Carryover Shortfall on such preceding Distribution Date, over
the amount in respect of interest that Holders of the Class [B] Certificates
actually received on such preceding Distribution Date, plus 30 days' interest on
such excess, to the extent permitted by law, at the Class [B] Pass-Through Rate.

                  "CLASS [B] INTEREST DISTRIBUTABLE AMOUNT" means, with respect
to any Distribution Date, the sum of the Class [B] Monthly Interest
Distributable Amount for such Distribution Date and the Class [B] Interest
Carryover Shortfall for such Distribution Date. Unless otherwise specified in
this Agreement, interest with respect to the Class [B] Certificates shall be
computed on the basis of a 360-day year consisting of twelve 30-day months.

                  "CLASS [B] MONTHLY INTEREST DISTRIBUTABLE AMOUNT" means, with
respect to any Distribution Date, 30 days of interest at the Class [B]
Pass-Through Rate on the Class [B] Certificate Balance on the last day of the
preceding Collection Period.

                  "CLASS [B] PASS-THROUGH RATE" means [___]% per annum.

                  "CLASS [B] PERCENTAGE" means [___]%.

                                       3
<PAGE>

                  "CLASS [B] POOL FACTOR" means, as of the close of business on
the last day of any Collection Period, a seven-digit decimal figure equal to the
Class [B] Certificate Balance as of such Record Date divided by the Initial
Class [B] Certificate Balance.

                  "CLASS [B] PRINCIPAL CARRYOVER SHORTFALL" means, as of the
close of any Distribution Date, the excess of the Class [B] Monthly Principal
Distributable Amount and any outstanding Class [B] Principal Carryover Shortfall
from the preceding Distribution Date, over the amount in respect of principal
that is actually distributed to Holders of the Class [B] Certificates on such
current Distribution Date.

                  "CLASS [B] PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect
to any Distribution Date, the Class [B] Percentage of the Principal Distribution
Amount. In addition, on the Final Scheduled Distribution Date, the principal
required to be included in the Class [B] Principal Distributable Amount will
include the lesser of (a) the Class [B] Percentage of (i) any Scheduled Payments
of principal due and remaining unpaid on each Precomputed Receivable and (ii)
any principal due and remaining unpaid on each Simple Interest Receivable, in
each case, in the Trust as of the Final Scheduled Maturity Date or (b) the
amount that is necessary (after giving effect to the other amounts to be
deposited in the Distribution Account on such Distribution Date and allocable to
principal) to reduce the Class [B] Certificate Balance to zero.

                  "CLEARING AGENCY" means an organization registered as a
"clearing agency" pursuant to Section 17A of the Securities Exchange Act of
1934, as amended.

                  "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 [______________________].

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

                  "COLLECTION ACCOUNT" means the account designated as such,
established and maintained pursuant to Section 5.01(a)(i).

                  "COLLECTION PERIOD" means a calendar month (or in the case of
the first Distribution Date, the period from and including the Cutoff Date to
and including the last day of the calendar month in which the Closing Date
occurs). Any amount stated as of the last day of a Collection Period or as of
the first day of a Collection Period shall give effect to the following
calculations as determined as of the close of business on such last day: (1) all
applications of collections, (2) all current and previous Payaheads, (3) all
applications of Payahead Balances, (4) all Advances and reductions of Advances
and (5) all distributions to be made on the following Distribution Date.

                  "CONTRACT" means a [retail installment sales contract, retail
installment loan, purchase money note or other note].

                  "CORPORATE TRUST OFFICE" shall have the meaning set forth in
the Indenture.

                                       4
<PAGE>

                  "CUTOFF DATE" means, with respect to any Receivable, the date
as of which collections on such Receivable will be included in a Trust or the
related Trust Account pursuant to the related Agreement.

                  "DEALER" means the dealer who sold a Financed Asset to an
Obligor and who originated and assigned the related Receivable to an Originator.

                  "DEFINITIVE CERTIFICATES" shall have the meaning specified in
Section 6.10.

                  "DELIVERY" when means:

                  (a) with respect to bankers' acceptances, commercial paper,
negotiable certificates of deposit and other obligations that constitute
"instruments" within the meaning of Section 9-105(1)(i) of the UCC and are
susceptible of physical delivery, transfer thereof to the Trustee or its nominee
or custodian by physical delivery to the Trustee or its nominee or custodian
endorsed to, or registered in the name of, the Trustee or its nominee or
custodian or endorsed in blank, and, with respect to a certificated security (as
defined in Section 8-102(4) of the UCC) transfer thereof (i) by delivery of such
certificated security endorsed to, or registered in the name of, the Trustee or
its nominee or custodian or endorsed in blank to a securities intermediary (as
defined in Section 8-102(14) of the UCC) and the making by such securities
intermediary of entries on its books and records identifying such certificated
securities as belonging to the Trustee or its nominee or custodian and the
sending by such securities intermediary of a confirmation of the purchase of
such certificated security by the Trustee or its nominee or custodian, or (ii)
by delivery thereof to a "clearing corporation" (as defined in Section 8-102(5)
of the UCC) and the making by such clearing corporation of appropriate entries
on its books reducing the appropriate securities account of the transferor and
increasing the appropriate securities account of a securities intermediary by
the amount of such certificated security, the identification by the clearing
corporation of the certificated securities for the sole and exclusive account of
the securities intermediary, the maintenance of such certificated securities by
such clearing corporation or its nominee, subject to the clearing corporation's
exclusive control, the sending of a confirmation by the securities intermediary
of the purchase by the Trustee or its nominee or custodian of such securities
and the making by such securities intermediary of entries on its books and
records identifying such certificated securities as belonging to the Trustee or
its nominee or custodian (all of the foregoing, "Physical Property"), and, in
any event, any such Physical Property in registered form shall be in the name of
the Trustee or its nominee or custodian; and such additional or alternative
procedures as may hereafter become appropriate to effect the complete transfer
of ownership of any such Trust Account Property to the Trustee or its nominee or
custodian, consistent with changes in applicable law or regulations or the
interpretation thereof;

                  (b) with respect to any securities issued by the U.S.
Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National
Mortgage Association that are book-entry securities held through the Federal
Reserve System pursuant to federal book-entry regulations, the following
procedures, all in accordance with applicable law, including applicable federal
regulations and Articles 8 and 9 of the UCC: book-entry registration of such
Trust Account Property to an appropriate book-entry account maintained with a
Federal Reserve Bank by a securities intermediary that is also a "depository"
pursuant to applicable federal regulations

                                       5
<PAGE>

and issuance by such securities intermediary of a deposit advice or other
written confirmation of such book-entry registration to the Trustee or its
nominee or custodian of the purchase by the Trustee or its nominee or custodian
of such book-entry securities; the identification by the Federal Reserve Bank of
such book-entry securities on its record being credited to the securities
intermediary's participant's securities account; the making by such securities
intermediary of entries in its books and records identifying such book-entry
security held through the Federal Reserve System pursuant to federal book-entry
regulations as being credited to the Trustee's securities account or custodian's
securities account and indicating that such custodian holds such Trust Account
Property solely as agent for the Trustee or its nominee or custodian; and such
additional or alternative procedures as may hereafter become appropriate to
effect complete transfer of ownership of any such Trust Account Property to the
Trustee or its nominee or custodian, consistent with changes in applicable law
or regulations or the interpretation thereof; and

                  (c) with respect to any item of Trust Account Property that is
an uncertificated security under Section 8-102(18) of the UCC and that is not
governed by clause (b) above, registration on the books and records of the
issuer thereof in the name of the securities intermediary, the sending of a
confirmation by the securities intermediary of the purchase by the Trustee or
its nominee or custodian of such uncertificated security, the making by such
securities intermediary of entries on its books and records identifying such
uncertificated certificates as belonging to the Trustee or its nominee or
custodian.

                  "DEPOSITOR" means [National City Vehicle Receivables Inc., a
Delaware corporation] [the Seller], and its successors in interest to the extent
permitted hereunder.

                  "DEPOSITORY AGREEMENT" means the agreement dated
[_____________], among the Trustee and The Depository Trust Company, as the
initial Clearing Agency, substantially in the form attached as Exhibit C hereto.

                  "DETERMINATION DATE" means, unless otherwise specified in this
Agreement, the [______] Business Day of each calendar month.

                  "DISTRIBUTION ACCOUNT" means the account designated as such,
established and maintained pursuant to Section 5.01(a)(iii).

                  "DISTRIBUTION DATE" means, with respect to each Collection
Period, the [_______] day of the following calendar month or, if such day is not
a Business Day, the immediately following Business Day, commencing on
[_________________].

                  "ELIGIBLE DEPOSIT ACCOUNT" means either (a) a segregated
account with an Eligible Institution or (b) a segregated trust account with the
corporate trust department of a depository institution organized under the laws
of the United States of America or any one of the states thereof or the District
of Colombia (or any domestic branch of a foreign bank), having corporate trust
powers and acting as trustee for funds deposited in such account, so long as any
of the securities of such depository institution shall have a credit rating from
each Rating Agency in one of its generic rating categories that signifies
investment grade.

                                       6
<PAGE>

                  "ELIGIBLE INSTITUTION" means (a) the corporate trust
department of the Trustee or any other entity specified in this Agreement or (b)
a depository institution organized under the laws of the United States of
America or any one of the states thereof or the District of Columbia (or any
domestic branch of a foreign bank), which (i) has either (A) a long-term
unsecured debt rating of [AAA] or better by [RATING AGENCY] and [A1] or better
by [RATING AGENCY] or (B) a certificate of deposit rating of [A-1+] by [RATING
AGENCY] and [P-1] or better by [RATING AGENCY] or any other long-term,
short-term or certificate of deposit rating acceptable to the Rating Agencies
and (ii) whose deposits are insured by the FDIC. If so qualified, the Trustee or
any such other entity specified in this Agreement may be considered an Eligible
Institution for the purposes of clause (b) of this definition.

                  "ELIGIBLE INVESTMENTS" mean book-entry securities, negotiable
instruments or securities represented by instruments in bearer or registered
form which evidence:

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

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

                  (c) commercial paper, variable amount notes or other short
term debt obligations, having, at the time of the investment or contractual
commitment to invest therein, a rating from each of the Rating Agencies in the
highest applicable rating category granted thereby;

                  (d) investments in money market or common trust funds having a
rating from each of the Rating Agencies in the highest applicable rating
category granted thereby (including funds for which the Trustee or any of its
Affiliates is investment manager or advisor);

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

                  (f) repurchase obligations with respect to any security that
is a direct obligation of, or fully guaranteed by, the United States of America
or any agency or instrumentality thereof the obligations of which are backed by
the full faith and credit of the United States of America, in either case
entered into with a depository institution or trust company (acting as
principal) described in clause (b);

                  (g) any other investment with respect to which the Trustee or
the Servicer has received written notification from the Rating Agencies that the
acquisition of such investment as

                                       7
<PAGE>

an Eligible Investment will not result in a withdrawal or downgrading of the
ratings of the Certificates.

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

                  "EVENT OF DEFAULT" means an event specified in Section 9.01.

                  "FDIC" means the Federal Deposit Insurance Corporation.

                  "FINAL SCHEDULED DISTRIBUTION DATE" means
[______________________].

                  "FINAL SCHEDULED MATURITY DATE" means
[______________________].

                  "FINANCED ASSET" means a new and used automobile, light-duty
truck, motorcycle, recreational vehicle, van, minivan or sport utility vehicle,
together with all accessions thereto, securing an Obligor's indebtedness under
the related Contract.

                  "INITIAL CERTIFICATE BALANCE" means $[______________________].

                  "INITIAL CLASS [A] BALANCE" means $[______________________].

                  "INITIAL CLASS [B] BALANCE" means $[______________________].

                  "INITIAL COLLECTION PERIOD" means the period beginning on, and
including, [_______________] to and including [________________].

                  "INSOLVENCY EVENT" means, with respect to a specified Person,
(a) the filing of a decree or order for relief by a court having jurisdiction in
the premises in respect of such Person or any substantial part of its property
in an involuntary case under any applicable 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 for such Person or for any substantial part of its property, or
ordering the winding-up or liquidation or such Person's affairs, and such decree
or order shall remain unstayed and in effect for a period of 60 consecutive
days; or (b) the commencement by such Person of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or the consent by such Person to the entry of an order for
relief in an involuntary case under any such law, or the consent by such Person
to the appointment of or taking possession by, a receiver, liquidator, assignee,
custodian, trustee, sequestrator, or similar official for such Person or for any
substantial part of its property, or the making by such Person of any general
assignment for the benefit of creditors, or the failure by such Person generally
to pay its debts as such debts become due, or the taking of action by such
Person in furtherance of any of the foregoing.

                  "INTEREST DISTRIBUTION AMOUNT" means, with respect to any
Distribution Date, the sum of the following amounts in respect of the
Receivables and the preceding Collection Period: (i) that portion of all
collections on Receivables (including Payaheads that have become due during such
Collection Period) allocable to interest, (ii) Liquidation Proceeds with respect
to the Receivables to the extent allocable to interest due thereon in accordance
with the Servicer's

                                       8
<PAGE>

customary servicing procedures; (iii) all Advances made by the Servicer of
interest due on Receivables, (iv) the Purchase Amount of each Receivable that
became a Purchased Receivable during the related Collection Period to the extent
attributable to accrued interest on such Receivable and (v) Recoveries for such
Collection Period; provided, however, that in calculating the Interest
Distribution Amount the following will be excluded: (i) amounts received on
Precomputed Receivables to the extent that the Servicer has previously made an
unreimbursed Precomputed Advance of interest; (ii) Liquidation Proceeds with
respect to a particular Precomputed Receivable to the extent of any unreimbursed
Precomputed Advances of interest; (iii) all payments and proceeds (including
Liquidation Proceeds) of any Purchased Receivables the Purchase Amount of which
has been included in the Interest Distribution Amount in a prior Collection
Period; (v) the sum for all Simple Interest Receivables of collections on each
such Simple Interest Receivable received during the preceding Collection Period
in excess of the amount of interest that would be due on the aggregate Principal
Balance of the Simple Interest Receivables during such Collection Period at
their respective APRs if a payment were received on each Simple Interest
Receivable during such Collection Period on the date payment is due under the
terms of the related Contract; (vi) Liquidation Proceeds with respect to a
Simple Interest Receivable attributable to accrued and unpaid interest thereon
(but not including interest for the then current Collection Period) but only to
the extent of any unreimbursed Simple Interest Advances; and (vii) amounts
released from the Pre-Funding Account.

                  "INVESTMENT EARNINGS" means, with respect to any Distribution
Date, the investment earnings (net of losses and investment expenses) on amounts
on deposit in the Trust Accounts to be deposited to the Distribution Account on
such Distribution Date pursuant to Section 5.01(b).

                  "LIEN" means a security interest, lien, charge, pledge,
equity, or encumbrance of any kind, other than tax liens, mechanics' liens and
any liens that attach to the respective Receivable or Financed Asset, as
applicable, by operation of law as a result of any act or omission by the
related Obligor.

                  "LIQUIDATED RECEIVABLE" means any Receivable liquidated by the
Servicer through sale of a Financed Asset or otherwise.

                  "LIQUIDATION PROCEEDS" means, with respect to a Liquidated
Receivable, the monies collected in respect thereof, from whatever source,
during the Collection Period in which such Receivable became a Liquidated
Receivable, net of the sum of any amounts expended by the Servicer in connection
with such liquidation, plus any amounts required by law to be remitted to the
Obligor.

                  "OBLIGOR" on a Receivable means the purchaser or co-purchasers
of the Financed Asset and any other Person who owes payments under the
Receivable.

                  "OFFICERS' CERTIFICATE" means a certificate signed by the (a)
chairman of the board, the president, any executive vice president or any vice
president and (b) any treasurer, assistant treasurer, secretary or assistant
secretary of the Depositor or the Servicer, as appropriate.

                                       9
<PAGE>

                  "OPINION OF COUNSEL" means one or more written opinions of
counsel, who may be an employee of or counsel to the Depositor or the Servicer,
which counsel shall be acceptable to the Trustee or Rating Agencies, as
applicable.

                  "ORIGINAL POOL BALANCE" means the sum, as of any date, of the
Pool Balance as of the Cutoff Date.

                  "ORIGINATOR" means [____________________________] which
purchased a Contract from a Dealer and sold such Contract to the Seller.

                  "OUTSTANDING PRECOMPUTED ADVANCES" on the Precomputed
Receivables means the sum, as of the close of business on the last day of a
Collection Period, of all Precomputed Advances, reduced as provided by Section
5.04(a).

                  "OUTSTANDING SIMPLE INTEREST ADVANCES" on the Simple Interest
Receivables means the sum, as of the close of business on the last day of a
Collection Period, of all Simple Interest Advances, reduced as provided in
Section 5.04(b).

                  "PAYAHEAD" on a Receivable that is a Precomputed Receivable
means the amount, as of the close of business on the last day of a Collection
Period, computed in accordance with Section 5.03 with respect to such
Receivable.

                  "PAYAHEAD ACCOUNT" means the account designated as such,
established and maintained pursuant to Section 5.01(c)(i).

                  "PAYAHEAD BALANCE" on a Precomputed Receivable means the sum,
as of the close of business on the last day of a Collection Period, of all
Payaheads made by or on behalf of the Obligor with respect to such Precomputed
Receivable, as reduced by applications of previous Payaheads with respect to
such Precomputed Receivable, pursuant to Sections 5.03 and 5.04.

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

                  "PHYSICAL PROPERTY" has the meaning assigned to such term in
the definition of "Delivery" above.

                  "POOL BALANCE" means, as of the close of business on the last
day of a Collection Period, the aggregate Principal Balance of the Receivables
as of such date (excluding Purchased Receivables and Liquidated Receivables).

                  "PRECOMPUTED ADVANCE" means the amount, as of the close of
business on the last day of a Collection Period, which the Servicer is required
to advance on any Precomputed Receivable pursuant to Section 5.04(a).

                  "PRECOMPUTED RECEIVABLE" means any Receivable under which the
portion of each payment allocable to earned interest (which may be referred to
in the Receivable as an add-on finance charge) and the portion allocable to the
Amount Financed are determined according to

                                       10
<PAGE>

the sum of periodic balances or the sum of monthly balances or any equivalent
method, or which is a monthly actuarial receivable.

                  "PRINCIPAL BALANCE" means the Amount Financed minus the sum,
as of the close of business on the last day of a Collection Period, of (a) with
respect to a Precomputed Receivable (i) that portion of all Scheduled Payments
due on or prior to such day allocable to principal using the actuarial or
constant yield method, (ii) any refunded portion of extended warranty protection
plan costs or of physical damage, credit life or disability insurance premiums
included in the Amount Financed, (iii) any payment of the Purchase Amount
allocable to principal and (iv) any prepayment in full or any partial
prepayments applied to reduce the Principal Balance and (b) with respect to a
Simple Interest Receivable (i) the portion of all payments made by or on behalf
of the related Obligor on or prior to such day and allocable to principal using
the Simple Interest Method and (ii) any payment of the Purchase Amount allocable
to principal.

                  "PRINCIPAL DISTRIBUTION AMOUNT" means, for any Distribution
Date, the sum of the following amounts with respect to the preceding Collection
Period: (i) that portion of all collections on Receivables (including amounts
withdrawn from the Payahead Account but excluding amounts deposited into the
Payahead Account) allocable to principal; (ii) all Liquidation Proceeds
attributable to the principal amount of Receivables that became Liquidated
Receivables during the Collection Period in accordance with the Servicer's
customary servicing procedures, plus the amount of Realized Losses with respect
to such Liquidated Receivables; (iii) all Precomputed Advances made by the
Servicer of principal due on the Precomputed Receivables; (iv) to the extent
attributable to principal, the Purchase Amount received with respect to each
Receivable that became a Purchased Receivable during the related Collection
Period; (v) partial prepayments relating to refunds of extended warranty
protection plan costs or of physical damage, credit life or disability insurance
policy premiums, but only if such costs or premiums were financed by the
respective Obligor as of the date of the original Contract; and (vi) on the
Final Scheduled Distribution Date, any amounts advanced by the Servicer on such
Final Scheduled Distribution Date with respect to principal on the Receivables;
provided, however, that in calculating the Principal Distribution Amount the
following will be excluded: (i) amounts received on Precomputed Receivables to
the extent that the Servicer has previously made an unreimbursed Precomputed
Advance of principal; (ii) Liquidation Proceeds with respect to a particular
Precomputed Receivable to the extent of any unreimbursed Precomputed Advances of
principal; (iii) all payments and proceeds (including Liquidation Proceeds) of
any Purchased Receivables the Purchase Amount of which has been included in the
Principal Distribution Amount in a prior Collection Period, and (iv) Recoveries.

                  "PURCHASE AMOUNT" means the amount, as of the close of
business on the last day of a Collection Period, required to prepay in full a
Receivable under the terms thereof including interest to the end of the month of
purchase.

                  "PURCHASED RECEIVABLE" means a Receivable purchased as of the
close of business on the last day of a Collection Period by the Servicer
pursuant to Section 4.07 by the Depositor pursuant to Section 3.02 or by the
Seller pursuant to Section 3.01.

                                       11
<PAGE>

                  "RATING AGENCY" means [RATING AGENCY] and [RATING AGENCY]. If
no such organization or successor is any longer in existence, "Rating Agency"
shall mean any nationally recognized statistical rating organization or other
comparable Person designated by the Depositor, notice of which designation shall
be given to the Trustee and the Servicer.

                  "RATING AGENCY CONDITION" means, with respect to any action,
that each Rating Agency shall have been given 10 days' (or such shorter period
as shall be acceptable to each Rating Agency) prior notice thereof and that each
of the Rating Agencies shall have notified the Depositor, the Servicer and the
Trustee in writing that such action will not result in a reduction or withdrawal
of the then current rating of the Certificates.

                  "REALIZED LOSSES" means, with respect to any Receivable that
becomes a Liquidated Receivable, the excess of the Principal Balance of such
Liquidated Receivable over Liquidation Proceeds to the extent allocable to
principal.

                  "RECEIVABLE" means any Contract transferred to the Trust on
the Closing Date that is listed on Schedule A to this Agreement (which schedule
may be in the form of microfiche).

                  "RECEIVABLE FILES" means the documents specified in Section
3.04.

                  ["RECEIVABLES PURCHASE AGREEMENT" means the purchase agreement
dated as of [_______] between the Seller, as seller and the Depositor, as
purchaser.]

                  "RECORD DATE" with respect to each Distribution Date means the
first day of the calendar month in which such Distribution Date occurs, unless
otherwise specified in this Agreement.

                  "RECOVERIES" means, with respect to any Receivable that
becomes a Liquidated Receivable, monies collected in respect thereof, from
whatever source, during any Collection Period following the Collection Period in
which such Receivable became a Liquidated Receivable, net of the sum of any
amounts expended by the Servicer for the account of the Obligor and any amounts
required by law to be remitted to the Obligor.

                  "RESERVE ACCOUNT" means the account designated as such,
established and maintained pursuant to Section 5.07.

                  "RESERVE ACCOUNT INITIAL DEPOSIT" means, with respect to the
Closing Date and taking into account any transfer of Subsequent Receivables on
such date, an amount equal to the Specified Reserve Account Balance on the
Closing Date (which is equal to $[________________]) and, with respect to each
Subsequent Transfer Date after the Closing Date, an amount equal to [___]% of
the Principal Balance of the Subsequent Receivables transferred to the Trust on
such Subsequent Transfer Date.

                  "RESERVE ACCOUNT PROPERTY" has the meaning assigned thereto in
Section 5.07(b).

                  "SCHEDULED PAYMENT" on a Precomputed Receivable means that
portion of the payment required to be made by the Obligor during each Collection
Period sufficient to amortize

                                       12
<PAGE>

the Principal Balance thereof under the actuarial method over the term of the
Receivable and to provide interest at the APR.

                  "SELLER" means National City Bank, a national banking
association, and its successors in interest.

                  "SERVICER" means National City Bank, as the servicer of the
Receivables, and each successor Servicer pursuant to Section 8.03 or 9.02.

                  "SERVICER'S CERTIFICATE" means an Officers' Certificate of the
Servicer delivered pursuant to Section 4.09, substantially in the form of
Exhibit D.

                  "SERVICING FEE" means the fee payable to the Servicer for
services rendered during each Collection Period, determined pursuant to Section
4.08.

                  "SERVICING RATE" means [___]% per annum.

                  "SIMPLE INTEREST ADVANCE" means the amount of interest, as of
the close of business on the last day of a Collection Period, which the Servicer
is required to advance on the Simple Interest Receivables pursuant to Section
5.04(b).

                  "SIMPLE INTEREST METHOD" means the method of allocating a
fixed level payment to principal and interest, pursuant to which the portion of
such payment that is allocated to interest is equal to the product of the fixed
rate of interest multiplied by the unpaid principal balance multiplied by the
period of time elapsed since the preceding payment of interest was made and the
remainder of such payment is allocable to principal.

                  "SIMPLE INTEREST RECEIVABLE" means any Receivable under which
the portion of a payment allocable to interest and the portion allocable to
principal is determined in accordance with the Simple Interest Method.

                  "SPECIFIED RESERVE ACCOUNT BALANCE" means [STATE FORMULA].

                  "TOTAL DISTRIBUTION AMOUNT" means, for each Distribution Date,
the sum of the Interest Distribution Amount and the Principal Distribution
Amount (other than the portion thereof attributable to Realized Losses).

                  "TRUST" shall have the meaning set forth in this Agreement.

                  "TRUSTEE" means [TRUSTEE], a [_____], not in its individual
capacity, but as Trustee under this pooling and servicing agreement, or, its
successors in interest and any successor Trustee hereunder.

                  "TRUSTEE OFFICER" means the chairman or vice-chairman of the
board of directors, the chairman or vice-chairman of the executive committee of
the board of directors, the president, any vice president, the secretary, any
assistant secretary, the treasurer, any assistant treasurer, the cashier, any
assistant cashier, any trust officer or assistant trust officer, the controller
and any assistant controller or any other officer of the Trustee customarily
performing

                                       13
<PAGE>

functions similar to those performed by any of the above designated officers and
also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of such officer's knowledge of
and familiarity with the particular subject.

                  "UCC" means the Uniform Commercial Code as in effect in the
relevant jurisdiction on the date thereof.

                  Section 1.02 OTHER DEFINITIONAL PROVISIONS. (a) All terms
defined in this Agreement shall have the defined meanings when used in any
certificate or other document made or delivered pursuant hereto or thereto
unless otherwise defined therein.

                  (b) As used herein and in any certificate or other document
made or delivered pursuant hereto, accounting terms not defined herein or in any
such certificate or other document, and accounting terms partly defined herein
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 herein or in
any such certificate or other document are inconsistent with the meanings of
such terms under generally accepted accounting principles, the definitions
contained herein, or in any such certificate or other document shall control.

                  (c) The words "hereof," "herein," "hereunder" and word of
similar import when used herein shall refer to this Agreement as a whole and not
to any particular provision of this Agreement; Article, Section, Schedule and
Exhibit references contained in this Agreement are references to Articles,
Sections, Schedules and Exhibits in or to this Agreement, respectively; and the
term "including" and its variations shall mean "including without limitation".

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

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

                                   ARTICLE II

                             Establishment of Trust

                  Section 2.01 CREATION OF TRUST. Upon the execution of this
Agreement by the parties hereto, there is hereby created a separate trust, which
shall be known as National City Auto Receivables Trust 200__-__ (the "Trust").
The Trust shall be administered pursuant to the provisions of this Agreement for
the benefit of the Certificateholders.

                  Section 2.02 ACCEPTANCE BY TRUSTEE. The Trustee hereby accepts
all consideration conveyed by the Depositor pursuant to Section 2.03 and
declares that it will hold

                                       14
<PAGE>

such consideration upon the trusts set forth herein for the benefit of the
Certificateholders, subject to the terms and provisions of this Agreement.

                  Section 2.03 CONVEYANCE OF RECEIVABLES. In consideration of
the Trustee's delivery on the Closing Date to or upon the order of the Depositor
of Class [A] Certificates in an initial aggregate principal amount equal to the
Initial Class [A] Balance and Class [B] Certificates in an initial aggregate
principal amount equal to the Initial Class [B] Balance, the Depositor does
hereby sell, transfer, assign, set over and otherwise convey to the Trustee for
the benefit of the Certificateholders, without recourse (subject to the
obligations set forth herein), all right, title and interest of the Depositor in
and to:

                    (1) the Receivables, and all moneys due thereon on or after
                    __________, in the case of Precomputed Receivables, and all
                    moneys received thereon on and after __________, in the case
                    of Simple Interest Receivables;

                    (2) the security interests in the Financed Assets granted by
                    Obligors pursuant to the Receivables and any other interest
                    of the Seller or the Depositor in such Financed Assets;

                    (3) any proceeds with respect to the Receivables from claims
                    on any physical damage, credit life or disability insurance
                    policies covering Financed Assets or Obligors;

                    (4) any proceeds from recourse to Dealers on Receivables
                    with respect to which the Servicer has determined in
                    accordance with its customary servicing procedures that
                    eventual payment in full is unlikely;

                    (5) any Financed Asset that shall have secured any such
                    Receivable and shall have been acquired by or on behalf of
                    the Seller, the Depositor, the Servicer or the Trust;

                    (6) all right, title and interest of the Depositor under the
                    Receivables Purchase Agreement, including, without
                    limitation, the right of the Depositor to cause the Seller
                    to purchase Receivables under certain circumstances.

                    (7) the proceeds of any and all of the foregoing.

                                  ARTICLE III

                                 The Receivables

                 Section 3.01 REPRESENTATIONS AND WARRANTIES OF THE SELLER. (a)
The Seller has made each of the representations and warranties set forth under
Section 3.02(b) of the Receivables Purchase Agreement and has consented to the
assignment by the Depositor to the Trust of the Depositor's rights with respect
thereto. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, but shall survive the
sale, transfer and assignment of the Receivables to the Trust. Pursuant to
Section 2.02 of this Agreement, the Depositor has sold, assigned, transferred
and conveyed to the Trust, as part of the

                                       15
<PAGE>

assets of the Trust, its rights under the Receivables Purchase Agreement,
including the representations and warranties of the Seller in Section 3.02(b)
therein, upon which the Trustee relies in accepting the Receivables and
delivering the Certificates, together with all rights of the Depositor with
respect to any breach thereof, including the right to require the Seller to
repurchase Receivables in accordance with the Receivables Purchase Agreement. It
is understood and agreed that the representations and warranties referred to in
this Section shall survive the delivery of the Receivable Files to the Trustee
or any custodian.

                 (b) the Seller hereby agrees that the Trustee shall have the
right, on behalf of the Trust and the Certificateholders, to enforce any and all
rights under the Receivables Purchase Agreement assigned to the Trust herein,
including the right to cause the Sellers to repurchase any Receivable with
respect to which it is in breach of any of its representations and warranties
set forth in Section 3.02(b) therein, directly against the Sellers as though the
Trustee, as trustee of the Trust, were a party to the Receivables Purchase
Agreement, and the Trustee shall not be obligated to exercise any such rights
indirectly through the Depositor.

                 Section 3.02 REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR.
The Depositor makes the following representations and warranties as to the
Receivables on which the Trustee relies in accepting the Receivables and
delivering the Certificates and the Security Insurer relies in issuing the
Policy. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, but shall survive the
sale, transfer and assignment of the Receivables by the Depositor to the Trust.

                 (a) TITLE. It is the intention of the Depositor that (i) the
transfer and assignment herein contemplated constitute a sale of the Receivables
from the Depositor to the Trust, conveying good title thereto, free and clear of
any Liens or rights of other Persons and (ii) the beneficial interest in and
title to the Receivables not be part of the debtor's estate in the event of the
filing of a bankruptcy petition by or against the Depositor under any bankruptcy
law. No Receivable has been sold, transferred, assigned or pledged by the
Depositor to any Person other than the Trust. Immediately prior to the transfer
and assignment herein contemplated, the Depositor had good and marketable title
to each Receivable, free and clear of all Liens and rights of others and,
immediately upon the transfer thereof, the Trust shall have good and marketable
title to each such Receivable, free and clear of all Liens and rights of others;
and the transfer has been perfected under the UCC.

                 (b) ALL FILINGS MADE. All filings (including UCC filings)
necessary in any jurisdiction to give the Trust a first perfected ownership
interest in the Receivables shall have been made.

                 Section 3.03 REPURCHASE UPON BREACH. The Depositor, the
Servicer or the Trustee, as the case may be, shall inform the other parties to
this Agreement promptly, in writing, upon the discovery of any breach of the
Depositor's representations and warranties made pursuant to Section 3.01 of this
Agreement or Section [___] of the Receivable Purchase Agreement or of the
Depositor's representations and warranties made pursuant to Section 3.02 above.
Unless any such breach shall have been cured by the last day of the second
Collection Period following the discovery thereof by the Trustee or receipt by
the Trustee of notice from the Depositor or the Servicer of such breach, the
Depositor shall be obligated to repurchase any

                                       16
<PAGE>

Receivable materially and adversely affected by any such breach as of such last
day (or, at the Depositor's option, the last day of the first Collection Period
following such discovery or notice). In consideration of the repurchase of any
Receivable, the Depositor shall remit the Purchase Amount, in the manner
specified in Section 5.05 provided, however, that the obligation of the
Depositor to repurchase any receivable arising solely as a result of a breach of
the Seller's representations and warranties under Section 3.02 of the
Receivables Purchase Agreement is subject to the receipt by the Depositor of the
Purchase Amount from the Seller. Subject to the provisions of Section 7.03, the
sole remedy of the Trustee, the Trust or the Certificateholders with respect to
a breach of representations and warranties pursuant to Section 3.01 and 3.02 and
the Agreement contained in this Section shall be to require the Depositor to
repurchase Receivables pursuant to this Section, subject to the conditions
contained herein or to enforce the Seller's obligation to the Depositor to
repurchase such Receivables pursuant to the Receivables Purchase Agreement.

                 Section 3.04 CUSTODY OF RECEIVABLE FILES. To assure uniform
quality in servicing the Receivables and to reduce administrative costs, the
Trustee, upon the execution and delivery of this Agreement, hereby revocably
appoints the Servicer, and the Servicer hereby accepts such appointment, to act
as the agent of the Trustee as custodian of the following documents or
instruments which are hereby constructively delivered to the Trustee as of the
Cutoff Date with respect to each Receivable:

                    (i) the original of the Receivable;

                    (ii) the original credit application fully executed by the
               Obligor;

                    (iii) the original certificate of title or such documents
               that the Servicer or the Depositor shall keep on file, in
               accordance with its customary procedures, evidencing the security
               interest of the Depositor in the Financed Asset; and

                    (iv) any and all other documents that the Servicer or the
               Depositor shall keep on file, in accordance with its customary
               procedures, relating to a Receivable, an Obligor or a Financed
               Asset.

                 Section 3.05 DUTIES OF SERVICER AS CUSTODIAN. (a) SAFEKEEPING.
The Servicer shall hold the Receivable Files as custodian on behalf of the
Trustee for the benefit of all present and future Certificateholders, and shall
maintain such accurate and complete accounts, records and computer systems
pertaining to each Receivable File as shall enable the Trustee to comply with
this Agreement. In performing its duties as custodian the Servicer shall act
with reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to the receivable files relating to all comparable [new
and used automobiles, light-duty trucks, motorcycles, recreational vehicles,
vans, minivans and/or sport utility vehicles] receivables that the Servicer
services for itself or others. The Servicer shall conduct, or cause to be
conducted, periodic audits of the Receivable Files held by it under this
Agreement, and of the related accounts, records and computer systems, in such a
manner as shall enable the Trustee to verify the accuracy of the Servicer's
record keeping. The Servicer shall promptly report to the Trustee any failure on
its part to hold the Receivable Files and maintain its accounts, records and
computer systems as herein provided and shall promptly take appropriate action
to remedy any

                                       17
<PAGE>

such failure. Nothing herein shall be deemed to require an initial review or any
periodic review by the Trustee of the Receivable Files.

                  (b) MAINTENANCE OF AND ACCESS TO RECORDS. The Servicer shall
maintain each Receivable File at one of its offices specified in Schedule B to
this Agreement or at such other office as shall be specified to the Trustee by
written notice not later than 30 days after any change in location. The Servicer
shall make available to the Trustee or its duly authorized representatives,
attorneys or auditors a list of locations of the Receivable Files and the
related accounts, records and computer systems maintained by the Servicer at
such times during normal business hours as the Trustee shall instruct.

                 (c) RELEASE OF DOCUMENTS. Upon instruction from the Trustee,
the Servicer shall release any Receivable File to the Trustee, the Trustee's
agent or the Trustee's designee, as the case may be, at such place or places as
the Trustee may designate, as soon as practicable.

                 Section 3.06 INSTRUCTIONS; AUTHORITY TO ACT. The Servicer shall
be deemed to have received proper instructions with respect to the Receivable
Files upon its receipt of written instructions signed by a Trustee Officer.

                 Section 3.07 CUSTODIAN'S INDEMNIFICATION. The Servicer as
custodian shall indemnify the Trustee and each of its officers, directors,
employees and agents for any and all liabilities, obligations, losses,
compensatory damages, payments, costs, or expenses of any kind whatsoever that
may be imposed on, incurred by or asserted against the Trustee or any of its
officers, directors, employees or agents as the result of any improper act or
omission in any way relating to the maintenance and custody by the Servicer as
custodian of the Receivable Files; provided, however, that the Servicer shall
not be liable to the Trustee or any such officers, director, employee or agent
of the Trustee for any portion of any such amount resulting from the willful
misfeasance, bad faith or negligence of the Trustee or any such officer,
director, employee or agent of the Trustee.

                 Section 3.08 EFFECTIVE PERIOD AND TERMINATION. The Servicer's
appointment as custodian shall become effective as of the Cutoff Date and shall
continue in full force and effect until terminated pursuant to this Section. If
__________ shall resign as Servicer in accordance with the provisions hereof, or
if all of the rights and obligations of any Servicer shall have been terminated
under Section 9.01, the appointment of such Servicer as custodian shall be
terminated by the Trustee or by Holders of the Class [A] Certificates evidencing
not less than [___]% of the Class [A] Certificate Balance, in the same manner as
the Trustee or such Holders may terminate the rights and obligations of the
Servicer under Section 9.01. The Trustee may terminate the Servicer's
appointment as custodian, with cause, at any time upon written notification to
the Servicer, and without cause upon 30 days' prior written notification. As
soon as practicable after any termination of such appointment, the Servicer
shall deliver the Receivable Files to the Trustee or the Trustee's agent at such
place or places as the Trustee may reasonably designate.

                                       18
<PAGE>

                                  ARTICLE IV.

                   Administration and Servicing of Receivables

                 Section 4.01 DUTIES OF SERVICER. The Servicer, as agent for the
Trustee (to the extent provided herein), shall manage, service, administer and
make collections on the Receivables (other than Purchased Receivables) with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to all comparable receivables that it services for itself
or others. The Servicer's duties shall include collection and posting of all
payments, responding to inquiries of Obligors on such Receivables, investigating
delinquencies, sending payment coupons to Obligors, reporting tax information to
Obligors, accounting for collections, furnishing monthly and annual statements
to the Trustee with respect to distributions, and making Advances pursuant to
Section 5.04. Subject to the provisions of Section 4.02, the Servicer shall
follow its customary standards, policies and procedures in performing its duties
as Servicer. Without limiting the generality of the foregoing, the Servicer is
authorized and empowered by the Trustee to execute and deliver, on behalf of
itself, the Trust, the Certificateholders, the Trustee, or any of them, any and
all instruments of satisfaction or cancellation, or partial or full release or
discharge, and all other comparable instruments, with respect to such
Receivables or to the Financed Assets securing such Receivables. If the Servicer
shall commence a legal proceeding to enforce a Receivable, the Trustee (in the
case of any Receivable other than a Purchased Receivable) shall thereupon be
deemed to have automatically assigned, solely for the purpose of collection,
such Receivable to the Servicer. If in any enforcement suit or legal proceeding
it shall be held that the Servicer may not enforce a Receivable on the ground
that it shall not be a real party in interest or a holder entitled to enforce
such Receivable, the Trustee shall, at the Servicer's expense and direction,
take steps to enforce such Receivable, including bringing suit in its name or
the name of the Certificateholders. The Trustee shall, upon written request of
the Servicer, furnish the Servicer with any powers of attorney and other
documents reasonably necessary or appropriate to enable the Servicer to carry
out its servicing and administrative duties hereunder.

                 Section 4.02 COLLECTION AND ALLOCATION OF RECEIVABLE PAYMENTS.
The Servicer shall make reasonable efforts to collect all payments called for
under the terms and provisions of the Receivables as and when the same shall
become due and shall follow such collection procedures as it follows with
respect to all comparable [new and used automobiles, light-duty trucks,
motorcycles, recreational vehicles, vans, minivans and/or sport utility
vehicles] receivables that it services for itself or others. The Servicer shall
allocate collections between principal and interest in accordance with the
customary servicing procedures it follows with respect to all comparable [new
and used automobiles, light-duty trucks, motorcycles, recreational vehicles,
vans, minivans and/or sport utility vehicles] receivables that it services for
itself or others. The Servicer may grant extensions, rebates or adjustments on a
Receivable, which shall not, for the purposes of this Agreement, modify the
original due dates or amounts of the Scheduled Payments on a Precomputed
Receivable or the original due dates or amounts of the originally scheduled
payments of interest on Simple Interest Receivables; provided, however, that if
the Servicer extends the date for final payment by the Obligor of any Receivable
beyond the Final Scheduled Maturity Date, it shall promptly repurchase such
Receivable from the Trust in accordance with the terms of Section 4.07. The
Servicer may in its discretion waive any late payment charge or any other fees
that may be collected in the ordinary course of servicing a

                                       19
<PAGE>

Receivable. The Servicer shall not agree to any alteration of the interest rate
on any Receivable or of the amount of any Scheduled Payment on Precomputed
Receivables or the originally scheduled payments on Simple Interest Receivables.

                 Section 4.03 REALIZATION UPON RECEIVABLES. On behalf of the
Trust, the Servicer shall use its best efforts, consistent with its customary
servicing procedures, to repossess or otherwise convert the ownership of the
Financed Asset securing any Receivable as to which the Servicer shall have
determined eventual payment in full is unlikely. The Servicer shall follow such
customary and usual practices and procedures as it shall deem necessary or
advisable in its servicing of such receivables, which shall include reasonable
efforts to realize upon any recourse, if any, to Dealers and selling the
Financed Asset at public or private sale. The foregoing shall be subject to the
provision that, in any case in which the Financed Asset shall have suffered
damage, the Servicer shall not expend funds in connection with the repair or the
repossession of such Financed Asset unless it shall determine in its discretion
that such repair and/or repossession will increase the Liquidation Proceeds by
an amount greater than the amount of such expenses.

                 Section 4.04 PHYSICAL DAMAGE INSURANCE. The Servicer, in
accordance with its customary servicing procedures, shall require that each
Obligor shall have obtained physical damage insurance covering the Financed
Asset as of the execution of the Receivable.

                 Section 4.05 MAINTENANCE OF SECURITY INTERESTS IN FINANCED
ASSETS. The Servicer shall, in accordance with its customary servicing
procedures, take such steps as are necessary to maintain perfection of the
security interest created by each Receivable in the related Financed Asset. The
Trustee hereby authorizes the Servicer to take such steps as are necessary to
re-perfect such security interest on behalf of the Trust in the event of the
relocation of a Financed Asset or for any other reason.

                 Section 4.06 COVENANTS OF SERVICER. The Servicer shall not
release the Financed Asset securing any Receivable from the security interest
granted by such Receivable in whole or in part except in the event of payment in
full by the Obligor thereunder or repossession, nor shall the Servicer impair
the rights of the Trust or the Certificateholders in such Receivables, nor shall
the Servicer increase the number of scheduled payments due under a Receivable.

                 Section 4.07 PURCHASE OF RECEIVABLES UPON BREACH. The Servicer
or the Trustee shall inform the other party and the Depositor promptly, in
writing, upon the discovery of any breach pursuant to Section 4.02, 4.05 or
4.06. Unless the breach shall have been cured by the last day of the second
Collection Period following such discovery (or, at the Servicer's election, the
last day of the first following Collection Period), the Servicer shall purchase
any Receivable materially and adversely affected by such breach as of such last
day. If the Servicer takes any action in any Collection Period pursuant to
Section 4.02 that impairs the right of the Trustee, the Trust or the
Certificateholders in any Receivable or as otherwise provided in Section 4.02,
the Servicer shall purchase such Receivable as of the last day of such
Collection Period. In consideration of the purchase of any such Receivable
pursuant to either of the two preceding sentences, the Servicer shall remit the
Purchase Amount in the manner specified in Section 5.05. For purposes of this
Section, the Purchase Amount shall consist in part of a release by the Servicer
of all rights of reimbursement with respect to Outstanding Precomputed Advances
or

                                       20
<PAGE>

Outstanding Simple Interest Advances on the Receivable. Subject to Section 8.02,
the sole remedy of the Trustee, the Trust or the Certificateholders with respect
to a breach pursuant to Section 4.02, 4.05 or 4.06 shall be to require the
Servicer to repurchase Receivables pursuant to this Section. The Trustee shall
have no duty to conduct any affirmative investigation as to the occurrence of
any condition requiring the repurchase of any Receivable pursuant to this
Section.

                 Section 4.08 SERVICING FEE. The Servicing Fee for a
Distribution Date shall equal the product of (a) one twelfth, (b) the Servicing
Rate and (c) the Pool Balance as of the first day of the preceding Collection
Period. The Servicer shall also be entitled to all late fees, prepayment charges
(including, in the case of a Receivable that provides for payments according to
the "Rule of 78s" and that is prepaid in full, the difference between the
Principal Balance of such Receivable (plus accrued interest to the date of
prepayment) and the principal balance of such Receivable computed according to
the "Rule of 78s") and other administrative fees or similar charges allowed by
applicable law with respect to the Receivables, collected (from whatever source)
on the Receivables, plus any reimbursement pursuant to Section 8.02.

                 Section 4.09 SERVICER'S CERTIFICATE. Not later than [11:00 a.m.
(New York time)] on each Determination Date, the Servicer shall deliver to the
Trustee, the Rating Agencies and the Depositor, a Servicer's Certificate
containing all information necessary to make the distributions on the related
Distribution Date pursuant to Section 5.06 (including, if required, withdrawals
from any Reserve Account, withdrawals from or deposits to the Payahead Account
and Precomputed Advances by the Servicer pursuant to Section 5.04) for the
related Collection Period. Receivables to be purchased by the Servicer or to be
repurchased by the Depositor or the Seller shall be identified by the Servicer
by account number with respect to such Receivable (as specified in Schedule A).

                 Section 4.10 ANNUAL STATEMENT AS TO COMPLIANCE; NOTICE OF
DEFAULT. (a) The Servicer shall deliver to the Trustee, on or before
[___________] of each year, an Officers' Certificate, dated as of
[_____________] of the preceding year, stating that (A) a review of the
activities of the Servicer during the preceding 12-month period (or such shorter
period as shall have elapsed since the Closing Date) and of its performance
hereunder and under this Agreement has been made under such officers'
supervision and (B) to the best of such officers' knowledge, based on such
review, the Servicer has fulfilled all its obligations under this Agreement
throughout such year or, if there has been a default in the fulfillment of any
such obligation, specifying each such default known to such officers and the
nature and status thereof. The Trustee shall send a copy of such certificate and
the report referred to in Section 4.11 to the Rating Agencies. A copy of such
certificate and the report referred to in Section 4.11 may be obtained by any
Certificateholder by a request in writing to the Trustee addressed to the
Corporate Trust Office.

                 (b) The Servicer shall deliver to the Trustee and to the Rating
Agencies, promptly after having obtained knowledge thereof, but in no event
later than 5 Business Days thereafter, written notice in an Officers'
Certificate of any event which with the giving of notice or lapse of time, or
both, would become an Event of Default under Section 9.01, clause (a) or (b).

                 Section 4.11 ANNUAL INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT'S
REPORT. The Servicer shall cause a firm of independent certified public
accountants, which may also render

                                       21
<PAGE>

other services to the Servicer, the Depositor or their Affiliates, to deliver to
the Owner Trustee and the Trustee on or before [__________] of each year
beginning [________ ], [ ], a report addressed to the Board of Directors of the
Servicer, to the effect that such firm has examined the financial statements of
the Servicer and issued its report thereon and that such examination (1) was
made in accordance with generally accepted auditing standards and accordingly
included such tests of the accounting records and such other auditing procedures
as such firm considered necessary in the circumstances; (2) included tests
relating to [automotive] [recreation vehicle] loans serviced for others in
accordance with the requirements of the Uniform Single Attestation Program for
Mortgage Bankers (the "Program"), to the extent the procedures in such Program
are applicable to the servicing obligations set forth in this Agreement; and (3)
except as described in the report, disclosed no exceptions or errors in the
records relating to [automobile and light-duty truck] [recreational vehicle]
loans serviced for others that, in the firm's opinion, paragraph four of such
Program requires such firm to report.

                  Such report will also indicate that the firm is independent of
the Servicer within the meaning of the Code of Professional Ethics of the
American Institute of Certified Public Accountants.

                  Section 4.12 ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION
REGARDING RECEIVABLES. The Servicer shall provide to the Certificateholders
access to the Receivable Files in such cases where the Certificateholder shall
be required by applicable statutes or regulations to review such documentation.
Access shall be afforded without charge, but only upon reasonable request and
during the normal business hours at the offices of the Servicer. Nothing in this
Section shall affect the obligation of the Servicer to observe any applicable
law prohibiting disclosure of information regarding the Obligors, and the
failure of the Servicer to provide access to information as a result of such
obligation shall not constitute a breach of this Section.

                  Section 4.13 SERVICER EXPENSES. The Servicer shall be required
to pay all expenses incurred by it in connection with its activities hereunder,
including fees and disbursements of independent accountants, taxes imposed on
the Servicer and expenses incurred in connection with distributions and reports
to Certificateholders.

                  Section 4.14 APPOINTMENT OF SUBSERVICER. The Servicer may at
any time appoint a subservicer to perform all or any portion of its obligations
as Servicer hereunder; provided that the Rating Agency Condition shall have been
satisfied in connection therewith; and, provided, further, that the Servicer
shall remain obligated and shall be liable to the Trustee and the
Certificateholders for the servicing and administering of the Receivables in
accordance with the provisions hereof without diminution of such obligation and
liability by virtue of the appointment of such subservicer and to the same
extent and under the same terms and conditions as if the Servicer alone were
servicing and administering the Receivables. The fees and expenses of the
subservicer shall be as agreed between the Servicer and its subservicer from
time to time, and none of the Trust, the Trustee or the Certificateholders shall
have any responsibility therefor.

                                       22
<PAGE>

                                    ARTICLE V

                         Distributions; Reserve Account;
                        Statements to Certificateholders

                  Section 5.01 ESTABLISHMENT OF TRUST ACCOUNTS. (a) (i) The
Servicer, for the benefit of the Certificateholders, shall establish and
maintain in the name of the Trustee an Eligible Deposit Account (the "Collection
Account"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Certificateholders. Investment earnings
on funds in the Collection Account shall be paid to the Servicer as additional
servicing compensation.

                        (ii) The Servicer, for the benefit of the
          Certificateholders, shall establish and maintain in the name of the
          Trustee a non-interest bearing account (the "Distribution Account"),
          bearing a designation clearly indicating that the funds deposited
          therein are held for the benefit of the Certificateholders.

                  (b) Funds on deposit in the Collection Account shall be
invested by the Trustee in Eligible Investments selected in writing by the
Servicer or an investment manager selected by the Servicer, which investment
manager shall have agreed to comply with the terms of this Agreement as they
relate to investing such funds; provided, however, that it is understood and
agreed that the Trustee shall not be liable for any loss arising from such
investment in Eligible Investments. All such Eligible Investments shall be held
by the Trustee for the benefit of the Servicer, and on each Distribution Date
all interest and other investment income (net of losses and investment expenses)
on funds on deposit therein shall be paid to the Servicer. Other than as
permitted by the Rating Agencies, funds on deposit in the Collection Account
shall be invested in Eligible Investments that will mature (A) not later than
the Business Day immediately preceding the next Distribution Date or (B) on such
next Distribution Date if either (x) such investment is held in the corporate
trust department of the institution with which the Collection Account is then
maintained and is invested in a time deposit of (the Trustee) rated at least
[A-1] by [RATING AGENCY] and [P-1] by [RATING AGENCY] (such account being
maintained within the corporate trust department of the Trustee) or (y) the
Trustee (so long as the short-term unsecured debt obligations of the Trustee are
either (1) rated at least [P-1] by [RATING AGENCY] and [A-1] by [RATING AGENCY]
on the date such investment is made or (2) guaranteed by an entity whose
short-term unsecured debt obligations are rated at least [P-1] by [RATING
AGENCY] and [A-1] by [RATING AGENCY] on the date such investment is made) has
agreed to advance funds on such Distribution Date to the Distribution Account in
the amount payable on such investment on such Distribution Date pending receipt
thereof to the extent necessary to make distributions on such Distribution Date.
The guarantee referred to in clause (y) of the preceding sentence shall be
subject to the Rating Agency Condition. For the purpose of the foregoing, unless
the Trustee affirmatively agrees in writing to make such advance with respect to
such investment prior to the time an investment is made, it shall not be deemed
to have agreed to make such advance. Funds deposited in the Collection Account
upon the maturity of any Eligible Investments on the day immediately preceding a
Distribution Date are not required to be invested overnight. If, at any time,
the Collection Account ceases to be an Eligible Deposit Account, the Trustee (or
the Servicer on its behalf) shall within 10 Business Days (or such longer
period, not to exceed 30 calendar days, as to which each Rating Agency

                                       23
<PAGE>

may consent) establish a new Collection Account as an Eligible Deposit Account
and shall transfer any cash and/or any investments to such new account.

                  (c) (i) The Servicer shall establish and maintain with the
Trustee an Eligible Deposit Account (the "Payahead Account"). The Payahead
Account shall not be property of the Trust.

                      (ii) The Servicer shall on or prior to each Distribution
          Date (and prior to deposits to the Distribution Account) transfer from
          the Collection Account to the Payahead Account all Payaheads as
          described in Section 5.03 received by the Servicer during the
          Collection Period. Notwithstanding the foregoing and the first
          sentence of Section 5.02, for so long as the Servicer is permitted to
          make monthly remittances to the Collection Account pursuant to Section
          5.02, Payaheads need not be remitted to and deposited in the Payahead
          Account but instead may be remitted to and held by the Servicer. So
          long as such condition is met, the Servicer shall not be required to
          segregate or otherwise hold separate any Payaheads remitted to the
          Servicer as aforesaid but shall be required to remit Payaheads to the
          Collection Account in accordance with Section 5.06(a).

                  Section 5.02 COLLECTIONS. The Servicer shall remit within two
Business Days of receipt thereof to the Collection Account all payments by or on
behalf of the Obligors with respect to the Receivables (other than Purchased
Receivables) and all Liquidation Proceeds, both as collected during the
Collection Period. Notwithstanding the foregoing, for so long as (i) National
City Bank remains the Servicer, (ii) no Event of Default shall have occurred and
be continuing and (iii)(x) National City Bank maintains a short-term rating of
at least [A-1] by [RATING AGENCY] and [P-1] by [RATING AGENCY] (and for five
Business Days following a reduction in either such rating) or (y) prior to
ceasing daily remittances, the Rating Agency Condition shall have been satisfied
(and any conditions or limitations imposed by the Rating Agencies in connection
therewith are complied with), the Servicer shall remit such collections with
respect to the preceding calendar month to the Collection Account on the
Determination Date immediately preceding the related Distribution Date. For
purposes of this Article V the phrase "payments by or on behalf of Obligors"
shall mean payments made with respect to the Receivables by Persons other than
the Servicer or the Depositor.

                  Section 5.03 APPLICATION OF COLLECTIONS. All collections for
the Collection Period shall be applied by the Servicer as follows:

                  With respect to each Receivable (other than a Purchased
                  Receivable), payments by or on behalf of the Obligor shall be
                  applied first, in the case of Precomputed Receivables, to
                  reduce Outstanding Precomputed Advances as described in
                  Section 5.04(a) and, in the case of Simple Interest
                  Receivables, to reduce Outstanding Simple Interest Advances to
                  the extent described in Section 5.04(b). Next, any excess
                  shall be applied, in the case of Precomputed Receivables, to
                  the Scheduled Payment and, in the case of Simple Interest
                  Receivables, to interest and principal in accordance with the
                  Simple Interest Method. With respect to Precomputed
                  Receivables, any remaining excess shall be added to the
                  Payahead Balance, and shall be applied to prepay the
                  Precomputed Receivable, but only if

                                       24
<PAGE>

               the sum of such excess and the previous Payahead Balance shall be
               sufficient to prepay the Receivable in full. Otherwise, any such
               remaining excess payments shall constitute a Payahead and shall
               increase the Payahead Balance.

                  Section 5.04 ADVANCES. (a) As of the close of business on the
last day of each Collection Period, if the payments by or on behalf of the
Obligor on a Precomputed Receivable (other than a Purchased Receivable) shall be
less than the Scheduled Payment, the Payahead Balance shall be applied by the
Servicer to the extent of the shortfall and such Payahead Balance shall be
reduced accordingly. Next, the Servicer shall advance any remaining shortfall
(such amount a "Precomputed Advance"), to the extent that the Servicer, at its
sole discretion, shall determine that the Precomputed Advance shall be
recoverable from the Obligor, the Purchase Amount, Liquidation Proceeds or
proceeds of any other Precomputed Receivables. With respect to each Precomputed
Receivable, the Precomputed Advance shall increase Outstanding Precomputed
Advances. Outstanding Precomputed Advances shall be reduced by subsequent
payments by or on behalf of the Obligor, collections of Liquidation Proceeds in
respect of Precomputed Receivables, or payments of the Purchase Amount in
respect of Precomputed Receivables.

                  If the Servicer shall determine that an Outstanding
Precomputed Advance with respect to any Precomputed Receivable shall not be
recoverable as aforesaid, the Servicer shall be reimbursed from any collections
made on other Precomputed Receivables in the Trust, and Outstanding Precomputed
Advances with respect to such Precomputed Receivable shall be reduced
accordingly.

                  (b) As of the close of business on the last day of each
Collection Period, the Servicer shall advance an amount equal to the amount of
interest due on the Simple Interest Receivables at their respective APR's for
the related Collection Period (assuming the Simple Interest Receivables pay on
their respective due dates) minus the amount of interest actually received on
the Simple Interest Receivables during the related Collection Period (such
amount, a "Simple Interest Advance"). With respect to each Simple Interest
Receivable, the Simple Interest Advance shall increase Outstanding Simple
Interest Advances. If such calculation results in a negative number, an amount
equal to the absolute value of such negative number shall be paid to the
Servicer and the amount of Outstanding Simple Interest Advances shall be reduced
by such amount. In addition, in the event that a Simple Interest Receivable
becomes a Liquidated Receivable, Liquidation Proceeds with respect to such
Simple Interest Receivable attributable to accrued and unpaid interest thereon
(but not including interest for the then current Collection Period) shall be
paid to the Servicer to reduce Outstanding Simple Interest Advances, but only to
the extent of any Outstanding Simple Interest Advances. The Servicer shall not
make any advance with respect to principal of Simple Interest Receivables.

                  Section 5.05 ADDITIONAL DEPOSITS. The Servicer shall deposit
in the Collection Account the aggregate Advances pursuant to Section 5.04. To
the extent that the Servicer fails to make a Simple Interest Advance pursuant to
Section 5.04(b) on the date required, the Trustee shall withdraw such amount
(or, if determinable, such portion of such amount as does not represent advances
for delinquent interest) from the Reserve Account and deposit such amount in the
Collection Account. The Servicer and the Depositor shall deposit or cause to be
deposited in the Collection Account the aggregate Purchase Amount with respect
to Purchased Receivables,

                                       25
<PAGE>

and the Servicer shall deposit therein all amounts to be paid under Section
11.02. The Servicer shall deposit the aggregate Purchase Amount with respect to
Purchased Receivables when such obligations are due, unless the Servicer shall
not be required to make daily deposits pursuant to Section 5.02.

                  Section 5.06 DISTRIBUTIONS. (a) On each Distribution Date, the
Trustee shall cause to be transferred:

                        (i) From the Payahead Account, or from the Servicer in
          the event that the second and third sentences of Section 5.01(c)(ii)
          are applicable, to the Collection Account, in immediately available
          funds, the aggregate previous Payaheads to be applied to Scheduled
          Payments for the related Collection Period on, or as prepayments in
          full of, Precomputed Receivables or prepayments for the related
          Collection Period, pursuant to Sections 5.03 and 5.04, in the amounts
          set forth in the Servicer's Certificate delivered on the related
          Determination Date. A single, net transfer may be made.

                        (ii) From the Collection Account to the Distribution
          Account, in immediately available funds, the entire amount then on
          deposit in the Collection Account; provided, however, that in the
          event that the Servicer is required to make deposits to the Collection
          Account on a daily basis pursuant to Section 5.02, the amount of the
          funds transferred from the Collection Account to the Distribution
          Account will include only those funds that were deposited in the
          Collection Account for the Collection Period related to such
          Distribution Date.

                  (b) On or prior to each Determination Date, the Servicer shall
calculate the Total Distribution Amount, the Interest Distribution Amount, the
Principal Distribution Amount, the Class [A] Distributable Amount, and the Class
[B] Distributable Amount, and, based on the Total Distribution Amount and the
other amounts to be distributed on the related Distribution Date, determine the
amount distributable to Holders of each class of Certificates.

                  (c) On each Distribution Date, the Trustee (based on the
information contained in the Servicer's Certificate delivered on the related
Determination Date pursuant to Section 5.09) shall distribute amounts on deposit
in the Distribution Account and, if applicable, the Reserve Account, in the
manner and priority set forth below:

                        (i) to the Servicer, from the Interest Distribution
          Amount, the Servicing Fee and all unpaid Servicing Fees from prior
          Collection Periods;

                        (ii) to the Class [A] Certificateholders:

                             (A) from the Class [A] Percentage of the Interest
               Distribution Amount (as such Interest Distribution Amount has
               been reduced by Servicing Fee payments), the sum of the Class [A]
               Interest Distributable Amount and the Class [A] Interest
               Carryover Shortfall as of the close of the preceding Distribution
               Date;

                             (B) from the Class [A] Percentage of the Principal
               Distribution Amount (other than the portion thereof attributable
               to Realized Losses), the sum

                                       26
<PAGE>

               of the Class [A] Principal Distributable Amount and the Class [A]
               Principal Carryover Shortfall as of the close of the preceding
               Distribution Date;

                        (iii) to the Class [B] Certificateholders:

                              (A) from the Class [B] Percentage of the Interest
               Distribution Amount (as such Interest Distribution Amount has
               been reduced by Servicing Fee payments), the sum of the Class [B]
               Interest Distributable Amount and the Class [B] Interest
               Carryover Shortfall as of the close of the preceding Distribution
               Date; and

                              (B) from the Class [B] Percentage of the Principal
               Distribution Amount, the sum of the Class [B] Principal
               Distributable Amount and the Class [B] Principal Carryover
               Shortfall as of the close of the preceding Distribution Date.

                  (d) The rights of the Class [B] Certificateholders to receive
distributions in respect of the Class [B] Certificates shall be and hereby are
subordinated to the rights of the Class [A] Certificateholders to receive
distributions in respect of the Class [A] Certificates and the rights of the
Servicer to receive the Servicing Fee (and any accrued and unpaid Servicing Fees
from prior Collection Periods) in the event of delinquency or defaults on the
Receivables. In addition, the Class [A] Certificateholders and the Class [B]
Certificateholders shall have the respective rights to receive funds from the
Reserve Account in the order of priority set forth below. Such subordination and
withdrawals from the Reserve Account shall be effected as follows, and all
payments shall be effected by applying funds in the following order:

                      (i) If the Class [A] Percentage of the Interest
          Distribution Amount (as such Interest Distribution Amount has been
          reduced by Servicing Fee payments) is less than the sum of the Class
          [A] Interest Distributable Amount and any Class [A] Interest Carryover
          Shortfall from the preceding Distribution Date, the Class [A]
          Certificateholders shall be entitled to receive distributions in
          respect of such deficiency first, from the Class [B] Percentage of the
          Interest Distribution Amount; second, if such amounts are
          insufficient, from amounts on deposit in the Reserve Account; and
          third, if such amounts are insufficient, from the Class [B] Percentage
          of the Principal Distribution Amount (other than the portion thereof
          attributable to Realized Losses).

                      (ii) If the Class [A] Percentage of the Principal
          Distribution Amount (other than the portion thereof attributable to
          Realized Losses) is less than the sum of the Class [A] Principal
          Distributable Amount and the Class [A] Principal Carryover Shortfall
          from the preceding Distribution Date, the Class [A] Certificateholders
          shall be entitled to receive distributions in respect of such
          deficiency first, from the Class [B] Percentage of the Principal
          Distribution Amount (other than the portion thereof attributable to
          Realized Losses); second, if such amounts are insufficient, from
          amounts on deposit in the Reserve Account; and third, if such amounts
          are insufficient, from the Class [B] Percentage of the Interest
          Distribution Amount.

                                       27
<PAGE>

                      (iii) If the Class [B] Percentage of the Interest
          Distribution Amount, less the portion thereof, if any, distributed to
          the Class [A] Certificateholders pursuant to clause (i) above, is less
          than the Class [B] Interest Distributable Amount, the Class [B]
          Certificateholders shall be entitled to receive such deficiency from
          amounts on deposit in the Reserve Account (after giving effect to any
          withdrawals therefrom pursuant to clauses (i) and (ii) above).

                      (iv) If the Class [B] Percentage of the Principal
          Distribution Amount (other than the portion thereof attributable to
          Realized Losses), less the portion thereof, if any, distributed to the
          Class [A] Certificateholders pursuant to clause (ii) above, is less
          than the Class [B] Principal Distributable Amount, the Class [B]
          Certificateholders shall be entitled to receive such deficiency from
          amounts on deposit in the Reserve Account (after giving effect to any
          withdrawals therefrom pursuant to clauses (i), (ii) and (iii) above).

                  (e) On each Distribution Date, the Trustee shall distribute
any amounts remaining in the Distribution Account after making the distributions
described in Sections 5.06(c) and (d) above in the following amounts and in the
following order of priority: (i) into the Reserve Account until the amount on
deposit therein equals the Specified Reserve Account Balance and (ii) to the
Depositor.

                  (f) Subject to Section 11.01 respecting the final payment upon
retirement of each Certificate, the Servicer shall on each Distribution Date
instruct the Trustee to distribute to each Certificateholder of record on the
preceding Record Date either 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
Servicer appropriate instructions prior to such Distribution Date and such
Holder's Certificates of either Class in the aggregate evidence a denomination
of not less than $1,000,000, or, if not, by check mailed to such
Certificateholder at the address of such Holder appearing in the Certificate
Register, the amounts to be distributed to such Certificateholder pursuant to
such Holder's Certificates.

                  Section 5.07 RESERVE ACCOUNT. (a) In order to effectuate the
subordination provided for herein and to assure that sufficient amounts to make
required distributions to Certificateholders will be available, the Servicer
shall establish and maintain an Eligible Deposit Account (the "Reserve
Account"), bearing a designation clearly indicating that the funds deposited
therein are held in trust for the benefit of the Certificateholders. The Reserve
Account will include the money and other property deposited and held therein
pursuant to Section 5.06(e), 5.08(a) and this Section.

                  On or prior to the Closing Date, the Seller shall deposit an
amount equal to the Reserve Account Initial Deposit into the Reserve Account.
The Reserve Account and the Reserve Account Property shall not be part of the
Trust, but instead will be held by the Trustee, as collateral agent, for the
benefit of the Holders of the Certificates. The Seller hereby acknowledges that
the Reserve Account Initial Deposit (and any investment earnings thereon) is
owned directly by it, and the Seller hereby agrees to treat the same as its
assets (and earnings) for federal income tax and all other purposes.

                                       28
<PAGE>

                  (b) In order to give effect to the subordination provided for
herein and to assure the availability of the amounts maintained in the Reserve
Account, the Seller hereby sells, conveys and transfers to the Trustee, as
collateral agent, and its successors and assigns, the Reserve Account Initial
Deposit and all proceeds thereof and hereby pledges to the Trustee as collateral
agent, and its successors and assigns, all other amounts deposited in or
credited to the Reserve Account from time to time under this Agreement, all
Eligible Investments made with amounts on deposit therein, all earnings and
distributions thereon and proceeds thereof (other than proceeds constituting net
investment earnings attributable to the Reserve Account Property) subject,
however, to the limitations set forth below, and solely for the purpose of
securing and providing for payment of the Class [A] Distributable Amount and the
Class [B] Distributable Amount in accordance with Section 5.06 and this Section
(all the foregoing, subject to the limitations set forth below, the "Reserve
Account Property"), to have and to hold all the aforesaid property, rights and
privileges unto the Trustee, its successors and assigns, in trust for the uses
and purposes, and subject to the terms and provisions, set forth in this
Section. The Trustee hereby acknowledges such transfer and accepts the trusts
hereunder and shall hold and distribute the Reserve Account Property in
accordance with the terms and provisions of this Section.

                  (c) Consistent with the limited purposes for which such trust
is granted, the amounts on deposit in the Reserve Account on each Distribution
Date shall be available for distribution as provided in Section 5.06, in
accordance with and subject to the following: if the amount on deposit in the
Reserve Account (after giving effect to all deposits thereto and withdrawals
therefrom on such Distribution Date) is greater than the Specified Reserve
Account Balance, the Trustee shall release and distribute all such amounts to
the Seller. Upon any such distribution to the Seller, the Certificateholders
will have no further rights in, or claims to, such amounts.

                  (d) Funds on deposit in the Reserve Account shall be invested
by the Trustee, as collateral agent, in Eligible Investments selected in writing
by the Seller or an investment manager selected by the Servicer, which
investment manager shall have agreed to comply with the terms of this Agreement
as they relate to investing such funds; provided, however, that it is understood
and agreed that the Trustee shall not be liable for any loss arising from such
investment in Eligible Investments. Other than as permitted by the Rating
Agencies, funds on deposit in the Reserve Account shall be invested in Eligible
Investments that will mature (A) not later than the Business Day immediately
preceding the next Distribution Date or (B) on such next Distribution Date if
either (x) such investment is held in the corporate trust department of the
institution with which the Reserve Account is then maintained and is invested in
a time deposit of (the Trustee) rated at least [A-1] by [RATING AGENCY] and
[P-1] by [RATING AGENCY] (such account being maintained within the corporate
trust department of the Trustee) or (y) the Trustee (so long as the short-term
unsecured debt obligations of the Trustee are either (1) rated at least [P-1] by
[RATING AGENCY] and [A-1] by [RATING AGENCY] on the date such investment is made
or (2) guaranteed by an entity whose short-term unsecured debt obligations are
rated at least [P-1] by [RATING AGENCY] and [A-1] by [RATING AGENCY] on the date
such investment is made) has agreed to advance funds on such Distribution Date
to the Distribution Account in the amount payable on such investment on such
Distribution Date pending receipt thereof to the extent necessary to make
distributions on such Distribution Date. The guarantee referred to in clause (y)
of the preceding sentence shall be subject to the Rating

                                       29
<PAGE>

Agency Condition. For the purpose of the foregoing, unless the Trustee
affirmatively agrees in writing to make such advance with respect to such
investment prior to the time an investment is made, it shall not be deemed to
have agreed to make such advance. Funds deposited in the Reserve Account upon
the maturity of any Eligible Investments on the day immediately preceding a
Distribution Date are not required to be invested overnight. If, at any time,
the Reserve Account ceases to be an Eligible Deposit Account, the Trustee as
collateral agent (or the Servicer on its behalf) shall within 10 Business Days
(or such longer period, not to exceed 30 calendar days, as to which each Rating
Agency may consent) establish a new Reserve Account as an Eligible Deposit
Account and shall transfer any cash and/or any investments to such new account.

                  Investment earnings attributable to the Reserve Account
Property shall not be available to satisfy the subordination provisions of this
Agreement and shall not otherwise be subject to any claims or rights of the
Certificateholders or the Servicer. All such investments shall be made in the
name of the Trustee or its nominee, as collateral agent, and all net income and
gain realized thereon shall be solely for the benefit of the Seller and shall be
payable by the Trustee to the Seller on each Distribution Date. Realized losses,
if any, on investments of the Reserve Account Property shall be charged first
against undistributed investment earnings attributable to the Reserve Account
Property and then against the Reserve Account Property.

                  (e) With respect to the Reserve Account Property, the Seller,
on behalf of itself, its successors and assigns, and the Trustee agree that:

                      (i) Any Reserve Account Property that is held in deposit
          accounts shall be held solely in the name of the Trustee, as
          collateral agent, at an Eligible Institution. Each such deposit
          account shall be subject to the exclusive custody and control of the
          Trustee, and the Trustee shall have sole signature authority with
          respect thereto.

                      (ii) Any Reserve Account Property that constitutes
          Physical Property shall be delivered to the Trustee, as collateral
          agent, in accordance with paragraph (a) of the definition of
          "Delivery" and shall be held, pending maturity or disposition, solely
          by the Trustee, as collateral agent, or a securities intermediary (as
          such term is defined in Section 8-102(14) of the UCC) acting solely
          for the Trustee, as collateral agent.

                      (iii) Any Reserve Account Property that is a book-entry
          security held through the Federal Reserve System pursuant to federal
          book-entry regulations shall be delivered in accordance with paragraph
          (b) of the definition of "Delivery" and shall be maintained by the
          Trustee, as collateral agent, pending maturity or disposition, through
          continued book-entry registration of such Reserve Account Property as
          described in such paragraph.

                      (iv) Any Reserve Account Property that is an
          "uncertificated security" under Section 8-102(18) of the UCC and that
          is not governed by clause (C) above shall be delivered to the Trustee,
          as collateral agent, in accordance with paragraph (c) of the
          definition of "Delivery" and shall be maintained by the Trustee, as
          collateral agent, pending maturity or disposition, through continued
          registration of the Trustee's (or its

                                       30
<PAGE>

          custodian's or its nominee's) ownership of such security, in its
          capacity as collateral agent.

                  Effective upon Delivery of any Reserve Account Property in the
form of Physical Property, book-entry securities or uncertificated securities,
the Trustee shall be deemed to have purchased such Reserve Account Property for
value, in good faith and without notice of any adverse claim thereto.

                  (f) Each of the Seller and the Servicer agrees to take or
cause to be taken such further actions, to execute, deliver and file or cause to
be executed, delivered and filed such further documents and instruments
(including any UCC financing statements or this Agreement) as may be determined
to be necessary in an Opinion of Counsel to the Seller delivered to the Trustee
in order to perfect the interests created by this Section and otherwise fully to
effectuate the purposes, terms and conditions of this Section. The Seller shall:

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

                      (ii) file the necessary financing statements or amendments
          thereto within five days, and promptly notify the Trustee of any such
          filing, after the occurrence of any of the following: (1) any change
          in its corporate name or any trade name; (2) any change in the
          location of its chief executive office or principal place of business;
          and (3) any merger or consolidation or other change in its identity or
          corporate structure and promptly notify the Trustee of any such
          filings.

                  (g) The Trustee shall not enter into any subordination or
inter-creditor agreement with respect to the Reserve Account Property.

                  (h) Following the payment in full of the Certificate Balance
and of all other amounts owing or to be distributed under this Agreement to
Certificateholders and the termination of the Trust, any amount remaining on
deposit in the Reserve Account shall be distributed to the Seller.

                  Section 5.08 STATEMENTS TO CERTIFICATEHOLDERS. On each
Distribution Date, the Servicer shall provide to the Trustee for the Trustee to
forward to each Certificateholder of record as of the most recent Record Date, a
statement setting forth at least the following information as to each Class of
Certificates to the extent applicable:

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

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

                     (iii) the Pool Balance as of the close of business on the
          last day of the preceding Collection Period;

                                       31
<PAGE>

                      (iv) the Class [A] Certificate Balance and Class [B]
          Certificate Balance and the Class [A] Pool Factor and Class [B] Pool
          Factor after giving effect to all payments reported under clause (i)
          above on such date;

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

                      (vi) the amount of the Class [A] Principal Carryover
          Shortfall and Class [A] Interest Carryover Shortfall and Class [B]
          Principal Carryover Shortfall and Class [B] Interest Carryover
          Shortfall, as applicable, if any, on such Distribution Date and the
          change in the Class [A] Principal Carryover Shortfall and Class [A]
          Interest Carryover Shortfall and Class [B] Principal Carryover
          Shortfall and Class [B] Interest Carryover Shortfall, as applicable,
          from the preceding Distribution Date;

                      (vii) the amount of aggregate Realized Losses, if any,
          for the second preceding Collection Period;

                      (viii) the aggregate Purchase Amounts for Receivables,
          if any, that were repurchased in such period;

                      (ix) the amount otherwise distributable to the Class [B]
          Certificateholders that is distributed to Class [A] Certificateholders
          on such Distribution Date;

                      (x) the balance of the Reserve Account on such
          Distribution Date, after giving effect to deposits and withdrawals
          made on such Distribution Date;

                      (xi) the aggregate Payahead Balance and the change in
          such balance from the preceding Distribution Date;

                       (xii) for Distribution Dates during the Funding Period
          (if any), the remaining Pre-Funded Amount; and

                       (xiii) for the first Distribution Date that is on or
          immediately following the end of the Funding Period (if any), the
          amount of any remaining Pre-Funded Amount that has not been used to
          fund the purchase of Subsequent Receivables and is passed through as
          payments of principal of the Certificates.

Each amount set forth pursuant to subclauses (i), (ii), (v) or (vi) above shall
be expressed as a dollar amount per $1,000 of original principal balance of a
Class [A] or Class [B] Certificate, as applicable.

                  Section 5.09 TAX RETURNS. The Trustee shall deliver to each
Holder of a Certificate, as may be required by the Code and applicable Treasury
Regulations, such information as may be required to enable each Holder to
prepare its federal and state income tax returns.

                                       32
<PAGE>
                  Section 5.10 NET DEPOSITS. As an administrative convenience,
unless the Servicer is required to remit collections daily, the Servicer will be
permitted to make the deposit of collections on the Receivables, aggregate
Advances and Purchase Amounts for or with respect to each Collection Period net
of distributions to be made to the Servicer with respect to such Collection
Period. The Servicer, however, will account to the Trustee and to the
Certificateholders as if all deposits, distributions and transfers were made
individually.

                                  ARTICLE VI.

                                The Certificates

                  Section 6.01 THE CERTIFICATES. Unless otherwise specified in
this Agreement, the Certificates shall be issued in fully registered form in
minimum denominations of $1,000. The Certificates shall be executed on behalf of
the Trust by manual or facsimile signature of an authorized officer of the
Trustee. Certificates bearing the manual or facsimile signatures of individuals
who were, at the time when such signatures shall have been affixed, authorized
to sign on behalf of the Trust, shall be validly issued and entitled to the
benefit of this Agreement, notwithstanding that such individuals or any of them
shall have ceased to be so authorized prior to the authentication and delivery
of such Certificates or did not hold such offices at the date of authentication
and delivery of such Certificates.

                  A transferee of a Certificate shall become a Certificateholder
and shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferee's acceptance of a Certificate
duly registered in such transferee's name pursuant to Section 6.03.

                  Section 6.02 AUTHENTICATION OF CERTIFICATES. The Trustee shall
cause the Certificates to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Depositor, signed by its chairman
of the board, its president, any vice president, secretary, or assistant
treasurer, without further corporate action by the Depositor, in authorized
denominations, pursuant to this Agreement. No Certificate shall entitle its
Holder to any benefit under this Agreement or shall be valid for any purpose
unless there shall appear on such Certificate a certificate of authentication
substantially in the form set forth in Exhibit A or Exhibit B, as appropriate,
executed by the Trustee by manual signature. Such authentication shall
constitute conclusive evidence that such Certificate shall have been duly
authenticated and delivered hereunder. All Certificates shall be dated the date
of their authentication.

                  Section 6.03 REGISTRATION OF TRANSFER AND EXCHANGE OF
CERTIFICATES. The Certificate Registrar shall keep or cause to be kept, at the
office or agency maintained pursuant to Section 6.08, a Certificate Register in
which, subject to such reasonable regulations as it may prescribe, the Trustee
shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as herein provided. Unless otherwise specified in this
Agreement, the Trustee shall be the initial Certificate Registrar.

                  Upon surrender for registration of transfer of any Certificate
at the Corporate Trust Office, the Trustee shall execute, authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Certificates in authorized denominations of a like

                                       33
<PAGE>

aggregate amount dated the date of authentication by the Trustee. At the option
of a Holder, Certificates may be exchanged for other Certificates of authorized
denominations of a like aggregate amount upon surrender at the Corporate Trust
Office of the Certificates to be exchanged.

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

                  No service charge shall be made for any registration of
transfer or exchange of Certificates, but the 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 Certificates.

                  Section 6.04 MUTILATED, DESTROYED, LOST OR STOLEN
CERTIFICATES. If (a) any mutilated Certificate shall be surrendered to the
Certificate Registrar, or if the Certificate Registrar shall receive evidence to
its satisfaction of the destruction, loss or theft of any Certificate and (b)
there shall be delivered to the Certificate Registrar and the Trustee such
security or indemnity as may be required by them to save each of them harmless,
then in the absence of notice that such Certificate has been acquired by a bona
fide purchaser, the Trustee on behalf of the Trust shall execute, and the
Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
tenor and denomination. In connection with the issuance of any new Certificate
under this Section, the Trustee and the Certificate Registrar may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection therewith. Any duplicate Certificate issued
pursuant to this Section shall constitute conclusive evidence of ownership in
the Trust, as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time.

                  Section 6.05 PERSONS DEEMED OWNERS. Prior to due presentation
of a Certificate for registration of transfer, the Trustee or the Certificate
Registrar may treat the Person in whose name any Certificate shall be registered
as the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 5.06 and for all other purposes whatsoever, and neither the
Trustee nor the Certificate Registrar shall be bound by any notice to the
contrary.

                  Section 6.06 ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND
ADDRESSES. The Trustee shall furnish or cause to be furnished to the Servicer,
within 15 days after receipt by the Trustee of a request therefor from the
Servicer in writing, a list, in such form as the Servicer 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 Holders
of Class [A] Certificates evidencing not less than 25% of the Certificate
Balance apply in writing to the Trustee, and such application states that the
applicants desire to communicate with other Certificateholders with respect to
their rights under this Agreement or under the Certificates and such application
shall be accompanied by a copy of the communication that such applicants propose
to transmit, then the Trustee shall, within five Business Days after the receipt
for such

                                       34
<PAGE>

application, afford such applicants access during normal business hours to the
current list of Certificateholders. Each Holder, by receiving and holding a
Certificate, shall be deemed to have agreed to hold neither the Servicer nor the
Trustee accountable by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

                  Section 6.07 MAINTENANCE OF OFFICE OR AGENCY. The Trustee
shall maintain in the Borough of Manhattan, The City of New York, an office or
offices or agency or agencies where Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Trustee in respect of the Certificates and this Agreement may be served. The
Trustee initially designates the Corporate Trust Office as specified in this
Agreement as its office for such purposes. The Trustee shall give prompt written
notice to the Servicer and to Certificateholders of any change in the location
of the Certificate Register or any such office or agency.

                  Section 6.08 BOOK-ENTRY CERTIFICATES. The Class [A]
Certificates and, if so specified in this Agreement, the Class [B] Certificates
may be issued in the form of one or more typewritten Certificates representing
Book-Entry Certificates, to be delivered by, or on behalf of, the Depositor to
the initial Clearing Agency, which, unless otherwise specified in this
Agreement, shall be The Depository Trust Company. In such case, the Certificates
delivered to the Depository Trust Company shall initially be registered on the
Certificate Register in the name of Cede & Co., the nominee of the initial
Clearing Agency, and no Certificate Owner will receive a definitive certificate
representing such Certificate Owner's interest in the Certificates, except as
provided in Section 6.10. Unless and until definitive, fully registered
Certificates (the "Definitive Certificates") have been issued to such
Certificate Owners pursuant to Section 6.10:

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

                      (ii) the Depositor, the Servicer, the Certificate
          Registrar and the Trustee may deal with the Clearing Agency for all
          purposes (including the making of distributions on such Certificates)
          as the sole Holder of such Certificates and shall have no obligation
          to the related Certificate Owners;

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

                      (iv) the rights of such Certificate Owners shall be
          exercised only through the Clearing Agency and shall be limited to
          those established by law and agreements between such Certificate
          Owners and the Clearing Agency and/or the Clearing Agency
          Participants. Pursuant to the Depository Agreement, unless and until
          Definitive Certificates are issued pursuant to Section 6.10, the
          initial Clearing Agency will make book-entry transfers among the
          Clearing Agency Participants and receive and transmit distributions of
          principal and interest on such Certificates to such Clearing Agency
          Participants; and

                      (v) whenever this Agreement requires or permits actions
          to be taken based upon instructions or directions of Holders of
          Certificates evidencing a specified percentage of the Certificate
          Balance, the Clearing Agency shall be deemed to represent

                                       35
<PAGE>

          such percentage only to the extent that it has received instructions
          to such effect from Certificate Owners and/or Clearing Agency
          Participants owning or representing, respectively, such required
          percentage of the beneficial interest in such Certificates and has
          delivered such instructions to the Trustee.

                  Section 6.09 NOTICES TO CLEARING AGENCY. Whenever notice or
other communication to the Certificateholders is required under this Agreement,
unless and until Definitive Certificates shall have been issued to Certificate
Owners pursuant to Section 6.10, the Trustee and the Servicer shall give all
such notices and communications specified herein to be given to Certificate
Owners to the Clearing Agency.

                  Section 6.10 DEFINITIVE CERTIFICATES. If (i) the Servicer
advises the Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities under the Depository Agreement
and the Trustee or the Depositor is unable to locate a qualified successor, (ii)
the Depositor at its option advises the 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, Certificate Owners representing beneficial
interests aggregating not less than a majority of the aggregate outstanding
principal amount of the Book-Entry Certificates advise the Trustee and 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 the Certificate
Owners, then the Clearing Agency shall notify all Certificate Owners and the
Trustee of the occurrence of such event and of the availability of Definitive
Certificates to Certificate Owners requesting the same. Upon surrender to the
Trustee of the typewritten Certificates representing the Book-Entry Certificates
by the Clearing Agency, accompanied by registration instructions, the Trustee
shall execute and authenticate the Definitive Certificates in accordance with
the instructions of the Clearing Agency. None of the Depositor, the Certificate
Registrar or the 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 Certificates, the Trustee
shall recognize the Holders of the Definitive Certificates as Certificateholders
hereunder. The Definitive Certificates shall be printed, lithographed or
engraved or may be produced in any other manner as is reasonably acceptable to
the Trustee, as evidenced by its execution thereof.

                                  ARTICLE VII.

                                  The Depositor

                  Section 7.01 REPRESENTATIONS OF DEPOSITOR. The Depositor makes
the following representations on which the Trustee shall be deemed to have
relied in accepting the Receivables in trust and executing and authenticating
the Certificates. The representations speak as of the execution and delivery of
this Agreement and as of the Closing Date, in the case of Initial Receivables
and as of the applicable Subsequent Transfer Date, in the case of Subsequent
Receivables, if any, and shall survive the sale of the Receivables to the
Trustee.

                      (i) ORGANIZATION AND GOOD STANDING. The Depositor is duly
          organized and validly existing as a corporation in good standing under
          the laws of the State of Oregon, with power and authority to own its
          properties and to conduct its business as

                                       36
<PAGE>

          such properties are currently owned and such business is presently
          conducted, and had at all relevant times, and has, the corporate
          power, authority and legal right to acquire and own the Receivables.

                      (ii) DUE QUALIFICATION. 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 property or the conduct of its
          business shall require such qualifications.

                      (iii) POWER AND AUTHORITY. The Depositor has the corporate
          power and authority to execute and deliver this Agreement and to carry
          out its respective terms; the Depositor has full power and authority
          to sell and assign the property to be sold and assigned to and
          deposited with the Trustee as part of the Trust, and the Depositor
          shall have duly authorized such sale and assignment to the Trustee, as
          applicable, by all necessary corporate action; and the execution,
          delivery and performance of this Agreement and of each Subsequent
          Transfer Assignment or Eligible Investment Transfer Assignment, as
          applicable, shall have been duly authorized by the Depositor by all
          necessary corporate action.

                      (iv) BINDING OBLIGATION. This Agreement, each Subsequent
          Transfer Assignment and Eligible Investment Transfer Assignment, when
          executed and delivered by the Depositor, shall constitute legal, valid
          and binding obligations of the Depositor enforceable in accordance
          with their respective terms.

                      (v) NO VIOLATION. The consummation of the transactions
          contemplated by this Agreement and the fulfillment of the terms hereof
          and thereof do not conflict with, result in any breach of any of the
          terms and provisions of, or constitute (with or without notice or
          lapse of time) a default under, the articles of incorporation or
          bylaws of the Depositor, or any indenture, agreement or other
          instrument to which the Depositor is a party or by which it is bound;
          or result in the creation or imposition of any Lien upon any of its
          properties pursuant to the terms of any such indenture, agreement or
          other instrument (other than pursuant to this Agreement); or 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.

                      (vi) NO PROCEEDINGS. To the Depositor's best knowledge,
          there are no proceedings or investigations pending, or threatened,
          before any court, regulatory body, administrative agency or other
          governmental instrumentality having jurisdiction over the Depositor or
          its properties: (i) asserting the invalidity of this Agreement or the
          Certificates; (ii) seeking to prevent the issuance of the Certificates
          or the consummation of any of the transactions contemplated by this
          Agreement; (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 or the Certificates, or (iv) that might adversely affect the
          federal income tax attributes of the Certificates.

                                       37
<PAGE>

                  Section 7.02 CORPORATE EXISTENCE. During the term of this
Agreement, the Depositor will keep in full force and effect its existence,
rights and franchises as a corporation under the laws of the jurisdiction of its
incorporation and will obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Agreement and each other
instrument or agreement necessary or appropriate to the proper administration of
this Agreement and the transactions contemplated hereby and thereby.

                  Section 7.03 LIABILITIES OF DEPOSITOR; INDEMNITIES. The
Depositor shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Depositor under this Agreement.

                      (i) The Depositor shall indemnify, defend and hold
          harmless the Trustee and the Trust from and against any taxes that may
          at any time be asserted against the Trustee or the Trust with respect
          to the transactions contemplated in this Agreement, including any
          sales, gross receipts, general corporation, tangible personal
          property, privilege, or license taxes (but, in the case of the Trust,
          not including any taxes asserted with respect to, and as the date of,
          the sale of the Receivables to the Trust or the issuance and original
          sale of the Certificates, or asserted with respect to ownership of the
          Receivables, or federal or other income taxes arising out of the
          distributions on the Certificates) and costs and expenses in defending
          against the same.

                      (ii) The Depositor shall indemnify, defend and hold
          harmless the Trustee and the Certificateholders from and against any
          loss, liability or expense incurred by reason of (a) the Depositor's
          willful misfeasance, bad faith or negligence in the performance of its
          duties under this Agreement, or by reason of reckless disregard of its
          obligations and duties under this Agreement, and (b) the Depositor's
          or Trust's violation of federal or state securities laws in connection
          with the offering and sale of the Certificates.

                      (iii) The Depositor shall indemnify, defend and hold
          harmless the Trustee and its officers, directors, employees and agents
          from and against all costs, expenses, losses, claims, damages and
          liabilities arising out of or incurred in connection with the
          acceptance or performance of the trusts and duties in this Agreement
          contained, except to the extent that such cost, expense, loss, claim,
          damage or liabilities shall be due to the willful misfeasance, bad
          faith or negligence (except for errors in judgment) of the Trustee.

                  Indemnification under this Section shall survive the
resignation or removal of the Trustee and the termination of this Agreement and
shall include reasonable fees and expenses of counsel and expenses of
litigation. If the Depositor shall have made any indemnity payments to the
Trustee pursuant to this Section and the Trustee thereafter shall collect any of
such amounts from others, the Trustee shall promptly repay such amounts to the
Depositor, without interest.

                  Section 7.04 MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, DEPOSITOR. Any Person (a) into which the Depositor may be merged
or consolidated, (b) which may result from any merger or consolidation to which
the Depositor shall be a party or (c) which

                                       38
<PAGE>

may succeed to the properties and assets of the Depositor substantially as a
whole, which Person in any of the foregoing cases executes an agreement of
assumption to perform every obligation of the Depositor under this Agreement,
shall be the successor to the Depositor hereunder without the execution or
filing of any document or any further act by any of the parties to this
Agreement; provided, however, that (i) immediately after giving effect to such
transaction, no representation or warranty made pursuant to Section 3.01 shall
have been breached and no Event of Default, and no event which, after notice or
lapse of time, or both, would become an Event of Default shall have happened and
be continuing, (ii) the Depositor shall have delivered to the Trustee an
Officers' Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply with
this Section and that all conditions precedent, if any, provided for in this
Agreement relating to such transaction have been complied with, (iii) the Rating
Agency Requirement shall have been satisfied with respect to such transaction
and (iv) the Depositor shall have delivered to the Trustee an Opinion of Counsel
stating that, in the opinion of such Counsel, either (A) all financing
statements and continuation statements and amendments thereto have been executed
and filed that are necessary fully to preserve and protect the interest of the
Trustee in the Receivables and reciting the details of such filings or (B) no
such action shall be necessary to preserve and protect such interest.
Notwithstanding anything herein to the contrary, the execution of the foregoing
agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv)
above shall be conditions to the consummation of the transactions referred to in
clauses (a), (b) or (c) above.

                  Section 7.05 LIMITATION ON LIABILITY OF DEPOSITOR AND OTHERS.
The Depositor and any director, officer, employee or agent of the Depositor may
rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Depositor shall not be under any obligation to appear in,
prosecute or defend any legal action that shall not be incidental to its
obligations under this Agreement and that in its opinion may involve it in any
expense or liability.

                  Section 7.06 DEPOSITOR MAY OWN CERTIFICATES. The Depositor and
any Affiliate thereof may in its individual or any other capacity become the
owner or pledgee of Certificates with the same rights as it would have if it
were not the Depositor or an Affiliate thereof, except as otherwise provided
herein.

                  Section 7.07 NO TRANSFER OF EXCESS AMOUNTS. The Depositor
hereby covenants that, except as otherwise provided in this Agreement, it will
not transfer, pledge or assign to any Person any part of its right to receive
any amounts in excess of the Reserve Account Specified Amount pursuant to
Section 5.07(c) and (h) unless it has first delivered to the Trustee and each
Rating Agency an Opinion of Counsel in form and substance satisfactory to the
Trustee stating that such transfer will not (i) adversely affect the status of
the Trust as a grantor trust pursuant to subpart E, part I of subchapter J of
the Code or (ii) cause the Reserve Account to be taxable as a corporation under
the Code. The Depositor shall give written notice to each Rating Agency of any
proposed transfer, pledge or assignment to any Person of all or any part of its
right to receive such excess amounts.

                                       39
<PAGE>

                                 ARTICLE VIII.

                                  The Servicer

                  Section 8.01 REPRESENTATIONS OF SERVICER. The Servicer makes
the following representations on which the Trustee shall be deemed to have
relied in accepting the Receivables in trust and executing and authenticating
the Certificates. The representations speak as of the execution and delivery of
this Agreement and as of the Closing Date, in the case of the Initial
Receivables and as of the applicable Subsequent Transfer Date, in the case of
the Subsequent Receivables, if any, and shall survive the sale of the
Receivables to the Trustee.

                  (a) ORGANIZATION AND GOOD STANDING. The Servicer is a national
banking association duly organized and validly existing as a banking institution
under the laws of the United States and continues to hold a valid certificate to
do business as such. The Servicer is duly authorized to own its properties and
transact its business and is in good standing in each jurisdiction in which the
character of the business transacted by it or any properties owned or leased by
it requires such authorization and in which the failure to be so authorized
would have a material adverse effect on the business, properties, assets, or
condition (financial or other) of the Servicer and its subsidiaries, considered
as one enterprise. The Servicer has, and at all relevant times had, the power,
authority and legal right to acquire, own, and service the Receivables.

                  (b) DUE QUALIFICATION. The Servicer has obtained all necessary
licenses and approvals, in all jurisdictions where the failure to do so would
materially and adversely affect the Servicer's ability to acquire, own and
service the Receivables.

                  (c) POWER AND AUTHORITY. The Servicer has the power and
authority to execute and deliver this Agreement and to carry out their
respective terms; and the execution, delivery and performance of this Agreement
has been duly authorized by the Servicer by all necessary corporate action.

                  (d) BINDING OBLIGATION. This Agreement constitutes the legal,
valid and binding obligations of the Servicer enforceable in accordance with
their respective terms.

                  (e) NO VIOLATION. The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof and
thereof shall not conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time) a default
under, the articles of association or bylaws of the Servicer, or any indenture,
agreement or other instrument to which the Servicer is a party or by which it is
bound; or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other
instrument (other than this Agreement); or violate any law or, to the best of
the Servicer's knowledge, any order, rule or regulation applicable to the
Servicer of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the
Servicer or its properties.

                  (f) NO PROCEEDINGS. To the Servicer's best knowledge, there
are no proceedings or investigations pending, or threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Servicer or its

                                       40
<PAGE>

properties: (i) asserting the invalidity of this Agreement or the Certificates,
(ii) seeking to prevent the issuance of the Certificates or the consummation of
any of the transactions contemplated by this Agreement, (iii) seeking any
determination or ruling that might materially and adversely affect the
performance by the Servicer of its obligations under, or the validity or
enforceability of, this Agreement or the Certificates, or (iv) relating to the
Servicer and which might adversely affect the federal income tax attributes of
the Certificates.

                  (g) NO INSOLVENT OBLIGORS. As of the related Cutoff Date, no
Obligor on a Receivable shall be shown on the Receivable Files as the subject of
a bankruptcy proceeding.

                  Section 8.02 INDEMNITIES OF SERVICER. The Servicer shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement.

                  (a) The Servicer shall defend, indemnify and hold harmless the
Trustee, the Trust, the Certificateholders and the Depositor from and against
any and all costs, expenses, losses, damages, claims, and liabilities, arising
out of or resulting from the use, ownership or operation by the Servicer or any
Affiliate thereof of a Financed Asset.

                  (b) The Servicer shall indemnify, defend and hold harmless the
Trustee, the Depositor, the Trust and the Certificateholders from and against
any and all costs, expenses, losses, claims, damages, and liabilities to the
extent that such cost, expense, loss, claim, damage, or liability arose out of,
or was imposed upon any such Person through, the negligence, willful misfeasance
or bad faith of the Servicer in the performance of its duties under this
Agreement or by reason of reckless disregard of its obligations and duties under
this Agreement.

                  For purposes of this Section, in the event of the termination
of the rights and obligations of U.S. Bank (or any successor thereto pursuant to
Section 8.03) as Servicer pursuant to Section 9.01, or a resignation by such
Servicer pursuant to this Agreement, such Servicer shall be deemed to be the
Servicer pending appointment of a successor Servicer (other than the Trustee)
pursuant to Section 9.02.

                  Indemnification under this Section shall survive the
resignation or removal of the Trustee or the termination of this Agreement and
shall include reasonable fees and expenses of counsel and expenses of
litigation. If the Servicer shall have made any indemnity payments pursuant to
this Section and the recipient thereafter collects any of such amounts from
others, such Person shall promptly repay such amounts to the Servicer, without
interest.

                  Section 8.03 MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, SERVICER. Any Person (a) into which the Servicer may be merged
or consolidated, (b) which may result from any merger or consolidation to which
the Servicer shall be a party, (c) which may succeed to the properties and
assets of the Servicer substantially as a whole or (d) which may execute an
agreement of assumption to perform every obligation of the Servicer hereunder
shall be the successor to the Servicer under this Agreement without further act
on the part of any of the parties to this Agreement; provided, however, that (i)
immediately after giving effect to such transaction, no Event of Default and no
event which, after notice or lapse of time, or both, would become an Event of
Default shall have happened and be continuing, (ii) the Servicer shall have

                                       41
<PAGE>

delivered to the Trustee an Officers' Certificate and an Opinion of Counsel each
stating that such consolidation, merger or succession and such agreement of
assumption comply with this Section and that all conditions precedent provided
for in this Agreement relating to such transaction have been complied with,
(iii) the Rating Agency Condition shall have been satisfied with respect to such
transaction and (iv) the Servicer shall have delivered to the Trustee an Opinion
of Counsel stating that, in the opinion of such counsel, either (A) all
financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary fully to preserve and protect the
interest of the Trustee in the Receivables and reciting the details of such
filings or (B) no such action shall be necessary to preserve and protect such
interest. Notwithstanding anything herein to the contrary, the execution of the
foregoing agreement of assumption and compliance with clauses (i), (ii), (iii)
and (iv) above shall be conditions to the consummation of the transactions
referred to in clauses (a), (b) or (c) above.

                  Section 8.04 LIMITATION ON LIABILITY OF SERVICER AND OTHERS.
Neither the Servicer nor any of the directors, officers, employees or agents of
the Servicer shall be under any liability to the Trust or the
Certificateholders, except as provided under this Agreement, for any action
taken or for refraining from the taking of any action pursuant to this Agreement
or for errors in judgment; provided, however, that this provision shall not
protect the Servicer or any such Person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of duties or by reason of reckless disregard of obligations
and duties under this Agreement. The Servicer and any director, officer,
employee or agent of the Servicer may rely in good faith on any document of any
kind prima facie properly executed and submitted by any Person respecting any
matters arising under this Agreement.

                  Except as provided in this Agreement, the Servicer shall not
be under any obligation to appear in, prosecute or defend any legal action that
shall not be incidental to its duties to service the Receivables in accordance
with this Agreement and that in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may undertake any reasonable
action that it may deem necessary or desirable in respect of this Agreement and
the rights and duties of the parties to this Agreement and the interests of the
Certificateholders under this Agreement.

                                  ARTICLE IX.

                                     Default

                  Section 9.01 EVENTS OF DEFAULT. If any one of the following
events ("Events of Default") shall occur and be continuing:

                  (a) Any failure by the Servicer to deliver to the Trustee for
deposit to the Collection Account or the Distribution Account any proceeds or
payment required to be so delivered under the terms of the Certificates and this
Agreement that shall continue unremedied for a period of three Business Days
after written notice of such failure is received by the Servicer from the
Trustee or after discovery of such failure by an officer of the Servicer; or

                  (b) Failure by the Servicer or the Depositor, as the case may
be, duly to observe or to perform in any material respect any other covenants or
agreements of the Servicer

                                       42
<PAGE>

or the Depositor (as the case may be) set forth in the Certificates or in this
Agreement, which failure shall (a) materially and adversely affect the rights of
Certificateholders and (b) continue unremedied for a period of 60 days after the
date on which written notice of such failure, requiring the same to be remedied,
shall have been given (1) to the Servicer or the Depositor (as the case may be)
by the Trustee or (2) to the Servicer or the Depositor (as the case may be) and
to the Trustee by the Holders of Class [A] Certificates evidencing not less than
25% of the Class [A] Certificate Balance; or

                  (c) The occurrence of an Insolvency Event with respect to the
Servicer or the Depositor;

then, and in each and every case, so long as the Event of Default shall not have
been remedied, either the Trustee or the Holders of Class [A] Certificates
evidencing not less than 25% of the Class [A] Certificate Balance, by notice
then given in writing to the Servicer (and to the Trustee if given by
Certificateholders) may terminate all of the rights and obligations (other than
the obligations set forth in Section 8.02) of the Servicer under this Agreement.
On or after the receipt by the Servicer of such written notice, all authority
and power of the Servicer under this Agreement, whether with respect to the
Certificates or the Receivables or otherwise, shall, without further action,
pass to and be vested in the Trustee or such successor Servicer as may be
appointed under Section 9.02; and, without limitation, the Trustee is hereby
authorized and empowered to execute and deliver, on behalf of the predecessor
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the Receivables and related documents,
or otherwise. The predecessor Servicer shall cooperate with the successor
Servicer and the Trustee in effecting the termination of the responsibilities
and rights of the predecessor Servicer under this Agreement, including the
transfer to the successor Servicer for administration by it of all cash amounts
that shall at the time be held by the predecessor Servicer for deposit, or shall
thereafter be received with respect to any Receivable. All reasonable costs and
expenses (including attorneys' fees) incurred in connection with transferring
the Receivable Files to the successor Servicer and amending this Agreement to
reflect such succession as Servicer pursuant to this Section shall be paid by
the predecessor Servicer upon presentation of reasonable documentation of such
costs and expenses. Upon receipt of notice of the occurrence of an Event of
Default, the Trustee shall give notice thereof to the Rating Agencies.

                  Section 9.02 APPOINTMENT OF SUCCESSOR. (a) Upon the Servicer's
receipt of notice of termination pursuant to Section 9.01 or the Servicer's
resignation in accordance with the terms of this Agreement, the predecessor
Servicer shall continue to perform its functions as Servicer under this
Agreement, in the case of termination, only until the date specified in such
termination notice or, if no such date is specified in a notice of termination,
until receipt of such notice and, in the case of resignation, until the later of
(x) the date 45 days from the delivery to the Trustee of written notice of such
resignation (or written confirmation of such notice) in accordance with the
terms of this Agreement and (y) the date upon which the predecessor Servicer
shall become unable to act as Servicer, as specified in the notice of
resignation and accompanying Opinion of Counsel. In the event of the Servicer's
termination hereunder, the Trustee shall appoint a successor Servicer, and the
successor Servicer shall accept its appointment by a written assumption in form
acceptable to the Trustee. In the event that a successor Servicer has not

                                       43
<PAGE>

been appointed at the time when the predecessor Servicer has ceased to act as
Servicer in accordance with this Section, the Trustee without further action
shall automatically be appointed the successor Servicer and shall be entitled to
the Servicing Fee. Notwithstanding the above, the Trustee shall, if it shall be
legally unable so to act, appoint, or petition a court of competent jurisdiction
to appoint, any established institution having a net worth of not less than
$100,000,000 and whose regular business shall include the servicing of [new and
used automobiles, light-duty trucks, motorcycles, recreational vehicles, vans,
minivans and/or sport utility vehicles] receivables as the successor to the
Servicer under this Agreement.

                  (b) Upon appointment, the successor Servicer (including the
Trustee acting as successor Servicer) shall be the successor in all respects to
the predecessor Servicer and shall be subject to all the responsibilities,
duties and liabilities arising thereafter relating thereto placed on the
predecessor Servicer and shall be entitled to the Servicing Fee and all of the
rights granted to the predecessor Servicer by the terms and provisions of this
Agreement.

                  (c) The Servicer may not resign unless it is prohibited from
serving as such by law.

                  Section 9.03 REPAYMENT OF ADVANCES. If the Servicer shall
change, the predecessor Servicer shall be entitled to receive reimbursement for
Outstanding Advances pursuant to Sections 5.03 and 5.04 with respect to all
Advances made by the predecessor Servicer.

                  Section 9.04 NOTIFICATION TO CERTIFICATEHOLDERS. Upon any
termination of, or appointment of a successor to, the Servicer pursuant to this
Article XVIII, the Trustee shall give prompt written notice thereof to
Certificateholders and to the Rating Agencies.

                  Section 9.05 WAIVER OF PAST DEFAULTS. The Holders of Class [A]
Certificates evidencing not less than a majority of the Class [A] Certificate
Balance may, on behalf of all Holders of Certificates, waive any default by the
Servicer in the performance of its obligations hereunder and its consequences,
except a default in making any required deposits to or payments from the Trust
Accounts in accordance with this Agreement. Upon any such waiver of a past
default, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver shall extend to any subsequent or other default or
impair any right consequent thereon.

                                   ARTICLE X.

                                   The Trustee

                  Section 10.01 DUTIES OF TRUSTEE. (a) If an Event of Default
has occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Agreement 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
Trustee shall assume the duties of the Servicer pursuant to Section 9.02, the
Trustee in performing such duties shall use the degree of skill and attention
customarily exercised by a servicer with respect to automobile receivables that
it services for itself or others.

                                       44
<PAGE>

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

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

                      (ii) in the absence of bad faith on its part, the 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 Trustee and conforming to the requirements
          of this Agreement; provided, however, that the Trustee shall examine
          the certificates and opinions to determine whether or not they conform
          to the requirements of this Agreement.

                  (c) The Trustee shall take and maintain custody of the
Schedule of Receivables included as an exhibit to this Agreement and shall
retain all Servicer's Certificates identifying Receivables that become Purchased
Receivables and Liquidated Receivables.

                  (d) The Trustee shall not be liable with respect to any action
taken, suffered or omitted to be taken in good faith in accordance with this
Agreement or at the direction of the Holders of Class [A] Certificates
evidencing not less than 25% of the Class [A] Certificate Balance relating to
the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee
under this Agreement;

                  (e) The 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 clause (d)
          of this Section;

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

                      (iii) the 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 this Agreement.

                  (f) No provision of this Agreement shall require the 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.

                  Section 10.02 CERTAIN MATTERS AFFECTING TRUSTEE. Except as
otherwise provided in Section 10.01:

                                       45
<PAGE>

                  (a) The Trustee may rely on any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee
need not investigate any fact or matter stated in any such document.

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

                  (c) The Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Agreement, or to institute, conduct
or defend any litigation under this Agreement at the request, order or direction
of any of the Certificateholders pursuant to the provisions of this Agreement,
unless such Certificateholders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities that may be
incurred therein or thereby.

                  (d) The Trustee shall not be liable for any action taken,
suffered or omitted by it in good faith which it believes to be authorized or
within its rights or powers conferred upon it by this Agreement; provided, that
such conduct does not constitute willful misconduct, bad faith or negligence on
the part of the Trustee.

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

                  Section 10.03 TRUSTEE NOT LIABLE FOR CERTIFICATES OR
RECEIVABLES. The recitals contained herein and in the Certificates (other than
the certificate of authentication on the Certificates) shall be taken as the
statements of the Depositor or the Servicer, as the case may be, and the Trustee
assumes no responsibility for the correctness thereof. The Trustee shall make no
representations as to the validity or sufficiency of this Agreement or of the
Certificates (other than the certificate of authentication on the Certificates),
or of any Receivable or related document. The 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 Asset or the maintenance of
any such perfection and priority, or for or with respect to the efficacy of the
Trust or its ability to generate the payments to be distributed to
Certificateholders under this Agreement, including, without limitation: the
existence, condition and ownership of any Financed Asset; the existence and
enforceability of any insurance thereon; the existence and contents of any
Receivable or any computer or other record thereof; the validity of the
assignment of any Receivable to the Trust or of any intervening assignment; the
completeness of any Receivable; the performance or enforcement of any
Receivable; the compliance by the Depositor or the Servicer with any warranty or
representation made under this Agreement or in any related document and the
accuracy of any such warranty or representation or any action of the Servicer
taken in the name of the Trustee.

                                       46
<PAGE>

                  Section 10.04 TRUSTEE MAY OWN CERTIFICATES. The Trustee in its
individual or any other capacity may become the owner or pledgee of Certificates
and may deal with the Depositor and the Servicer in banking transactions with
the same rights as it would have if it were not Trustee.

                  Section 10.05 TRUSTEE'S FEES AND EXPENSES. The Servicer shall
pay to the Trustee, and the Trustee shall be entitled to receive, reasonable
compensation as shall have been separately agreed upon before the date of this
Agreement between the Seller and the Trustee (which shall not be limited by any
provision of law regarding the compensation of a trustee of an express trust)
for all services rendered by it in the execution of the trusts created by this
Agreement and in the exercise and performance of any of the Trustee's powers and
duties under this Agreement. The Trustee shall be entitled to be reimbursed by
the Seller for its reasonable expenses under this Agreement, including the
reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Trustee may employ in connection
with the exercise and performance of its rights and duties under this Agreement.

                  Section 10.06 ELIGIBILITY REQUIREMENTS FOR TRUSTEE. The
Trustee shall at all times be a corporation having an office in the same state
as the location of the Corporate Trust Office; organized and doing business
under the laws of such state or the United States of America; authorized under
such laws to exercise corporate trust powers; having a combined capital and
surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authorities; and having (or having a parent that has) a rating
of at least [Baa3] by [RATING AGENCY]. 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 Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section 10.07.

                  Section 10.07 RESIGNATION OR REMOVAL OF TRUSTEE. The Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Servicer. Upon receiving such notice of
resignation, the Servicer shall promptly appoint a successor Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Trustee and one copy to the successor Trustee. If no successor Trustee
shall have been so appointed and have accepted appointment within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

                  If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 10.06 and shall fail to resign after
written request therefor by the Servicer, or if at any time the Trustee shall be
legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Servicer
may remove the Trustee. If the Servicer shall remove the Trustee under the
authority of the immediately preceding sentence, the Servicer shall promptly
appoint a successor Trustee by written instrument, in duplicate, one copy

                                       47
<PAGE>

of which instrument shall be delivered to the outgoing Trustee so removed and
one copy to the successor Trustee, and shall pay all fees owed to the outgoing
Trustee.

                  Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Trustee
pursuant to Section 10.08 and payment of all fees and expenses owed to the
outgoing Trustee. The Servicer shall provide notice of such resignation or
removal of the Trustee to each of the Rating Agencies.

                  Section 10.08 SUCCESSOR TRUSTEE. Any successor Trustee
appointed pursuant to Section 10.07 shall execute, acknowledge and deliver to
the Servicer and to its predecessor Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of
the predecessor Trustee shall become effective and such successor 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 Trustee. The predecessor
Trustee shall upon payment of its fees and expenses deliver to the successor
Trustee all documents and statements and monies held by it under this Agreement;
and the Servicer and the predecessor 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 Trustee all such rights,
powers, duties and obligations.

                  No successor Trustee shall accept appointment as provided in
this Section unless at the time of such acceptance such successor Trustee shall
be eligible pursuant to Section 10.06.

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

                  Section 10.09 MERGER OR CONSOLIDATION OF TRUSTEE. Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be eligible pursuant to Section 10.06, 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. The Trustee shall mail
notice of any such merger or consolidation to the Rating Agencies

                  Section 10.10 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust or any Financed Asset may at the time be located, the Servicer and
the Trustee acting jointly shall have the power and shall execute and deliver
all instruments to appoint one or more Persons approved by the Trustee to act as
co-trustee, jointly with the Trustee, or separate trustee or separate trustees,
of all or any part of the Trust, and to vest in such Person, in such capacity
and for the benefit of the

                                       48
<PAGE>

Certificateholders, 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 Servicer and the Trustee may consider necessary or desirable.
If the Servicer shall not have joined in such appointment within 15 days after
the receipt by it of a request so to do, the 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 Trustee
pursuant to Section 10.06 and no notice of the appointment of any co-trustee or
separate trustee shall be required pursuant to Section 10.08.

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

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

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

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

                  Any notice, request or other writing given to the 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 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
Trustee. Each such instrument shall be filed with the Trustee and a copy thereof
given to the Servicer.

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

                                       49
<PAGE>

                  Section 10.11 REPRESENTATIONS AND WARRANTIES OF TRUSTEE. The
Trustee shall make the following representations and warranties on which the
Depositor and Certificateholders shall be deemed to rely:

                      (i) The Trustee is a banking corporation duly organized,
          validly existing and in good standing under the laws of its place of
          incorporation.

                      (ii) The Trustee has full corporate power, authority and
          legal right to execute and deliver, and to perform its obligations
          under, this Agreement, and shall have taken all necessary action to
          authorize the execution and delivery of, and the performance of its
          obligations under, this Agreement.

                      (iii) This Agreement shall have been duly executed and
          delivered by the Trustee.

                  Section 10.12 NO BANKRUPTCY PETITION. The Trustee, by entering
into this Agreement, and each Certificateholder, by accepting a Certificate,
hereby covenant and agree that they will not at any time institute against, or
join any other Person in instituting against, the Depositor or the Trust any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other similar proceedings under any federal or state bankruptcy or similar
law in connection with the Certificates or this Agreement.

                  Section 10.13 TRUSTEE'S CERTIFICATE. On or as soon as
practicable after each Record Date as of which Receivables shall be assigned to
the Depositor or the Servicer pursuant to Section 10.14, the Trustee shall
execute a Trustee's Certificate, based on the information contained in the
Servicer's Certificate for the related Collection Period, amounts deposited to
the Collection Account and notices received pursuant to this Agreement,
identifying the Receivables repurchased by the Depositor pursuant to Section
3.02 or purchased by the Servicer pursuant to Section 4.07 or Section 11.02
during such Collection Period, and shall deliver such Trustee's Certificate,
accompanied by a copy of the Servicer's Certificate for such Collection Period,
to the Depositor or the Servicer, as applicable. The Trustee's Certificate
submitted with respect to such Distribution Date shall operate, as of such
Distribution Date, as an assignment, without recourse, representation or
warranty, to the Depositor or the Servicer, as applicable, of all the Trustee's
right, title and interest in and to any such Repurchased Receivable and to the
other property conveyed to the Trust with respect thereto, and all security and
documents relating thereto, such assignment being an assignment outright and not
for security.

                  Section 10.14 TRUSTEE'S ASSIGNMENT OF REPURCHASED RECEIVABLES.
With respect to all Receivables repurchased by the Depositor pursuant to Section
3.02 or purchased by the Servicer pursuant to Section 4.07 or Section 11.02, the
Trustee shall by a Trustee's Certificate assign, without recourse,
representation or warranty, to the Depositor or the Servicer, as applicable, all
the Trustee's right, title and interest in and to any such Receivable and the
other property conveyed to the Trust with respect thereto, and all security and
documents relating thereto, such assignment being an assignment outright and not
for security.

                                       50
<PAGE>

                                  ARTICLE XI.

                                   Termination

                  Section 11.01 TERMINATION OF THE TRUST. (a) The respective
obligations and responsibilities of the Depositor, the Servicer and the Trustee
created hereby and the Trust created by this Agreement shall terminate (i) upon
the payment to Certificateholders of all amounts required to be paid to them
pursuant to this Agreement and the disposition of all property held as part of
the Trust and (ii) at the time provided in Section 11.02; provided, however,
that in no event shall the trust created by this Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late ambassador of the United States to the Court of St.
James's, living on the date of this Agreement. The Servicer shall promptly
notify the Trustee of any prospective termination pursuant to this Section.

                  (b) Except as provided in Section 11.01(a), neither the
Depositor nor any Owner shall be entitled to revoke or terminate the Trust.

                  (c) Notice of any termination of the Trust, specifying the
Distribution Date upon which Certificateholders shall surrender their
Certificates to the Trustee for payment of the final distribution and
cancellation of the Certificates, shall be given by the Trustee by letter to
Certificateholders mailed not earlier than the 15th day and not later than the
25th day of the month next preceding the specified Distribution Date stating (A)
the Distribution Date upon which final payment of the Certificates shall be made
upon presentation and surrender of the Certificates at the office of the Trustee
therein designated, (B) the amount of such final payment and (C) that the Record
Date otherwise applicable to such Distribution Date is not applicable, payments
being made only upon presentation and surrender of the Certificates at the
office of the Trustee therein specified. The Trustee shall give such notice to
the Certificate Registrar (if other than the Trustee) at the time such notice is
given to Certificateholders. Upon presentation and surrender of the
Certificates, the Trustee shall cause to be distributed to Certificateholders
amounts distributable on such Distribution Date pursuant to Section 5.06.

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

                  Section 11.02 OPTIONAL PURCHASE OF ALL RECEIVABLES. On the
last day of any Collection Period as of which the Pool Balance shall be less
than or equal to [ ]% of the Original Pool Balance, the Servicer shall have the
option to purchase the corpus of the Trust; provided, however, that the Servicer
may not effect any such purchase if at such time the rating

                                       51
<PAGE>

of ____________'s long-term debt obligations is less than [Baa3] by [RATING
AGENCY], unless the Trustee shall have received an Opinion of Counsel to the
effect that such purchase would not constitute a fraudulent conveyance. To
exercise such option, the Servicer shall deposit an amount into the Collection
Account pursuant to Section 5.05 equal to the aggregate Purchase Amount for the
Receivables (including defaulted Receivables), plus the appraised value of any
other property held by the Trust, such value to be determined by an appraiser
mutually agreed upon by the Servicer and the Trustee. The Servicer thereafter
shall succeed to all interests in and to the Trust.

                                  ARTICLE XII.

                            Miscellaneous Provisions

                  Section 12.01 AMENDMENT. This Agreement may be amended by the
Depositor, the Servicer and the Trustee, without the consent of the
Certificateholders, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any provision in this Agreement or of
modifying in any manner the rights of the Certificateholders; provided, however,
that such action shall not, as evidenced by an Opinion of Counsel delivered to
the Trustee, adversely affect in any material respect the interests of any
Certificateholder.

                  This Agreement may also be amended from time to time by the
Depositor, the Servicer and the Trustee with the consent of the Holders of Class
[A] Certificates and Class [B] Certificates (which consent shall be conclusive
and binding on such Holders and on all future Holders of such Certificates and
of any Certificates issued upon the transfer therefor or in exchange thereof or
in lieu thereof, whether or not notation of such consent is made upon the
Certificates), each voting as a class, evidencing not less than a majority of
the Class [A] Certificate Balance and Class [B] Certificate Balance,
respectively, 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 Certificateholders; provided, however, that no
such amendment shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that shall be required to be made on any Certificate or (b) reduce
the aforesaid percentage of the Class [A] Certificate Balance and Class [B]
Certificate Balance required to consent to any such amendment without the
consent of the Holders of all Certificates then outstanding.

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

                  It shall not be necessary for the consent of
Certificateholders 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) and of
evidencing the authorization of any action by Certificateholders shall be
subject to such reasonable requirements as the Trustee may prescribe.

                                       52
<PAGE>

                  Prior to the execution of any amendment to this Agreement, the
Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating
that the execution of such amendment is authorized or permitted by this
Agreement and the Opinion of Counsel referred to in this Section 12.01. The
Trustee may, but shall not be obligated to, enter into any such amendment that
affects the Trustee's own rights, duties or immunities under this Agreement or
otherwise.

                  Section 12.02 PROTECTION OF TITLE TO TRUST. (a) The Depositor
shall execute and file such financing statements and cause to be executed and
filed such continuation statements, all in such manner and in such places as may
be required by law fully to preserve, maintain and protect the interest of the
Certificateholders and the Trustee in the Receivables and in the proceeds
thereof. The Depositor shall deliver (or cause to be delivered) to the Trustee
file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing.

                  (b) Neither the Depositor nor the Servicer shall change its
name, identity or corporate structure in any manner that would, could or might
make any financing statement or continuation statement filed in accordance with
paragraph (a) above seriously misleading within the meaning of Section 9-402(7)
of the UCC, unless it shall have given the Trustee at least five days' prior
written notice thereof and shall have promptly filed appropriate amendments to
all previously filed financing statements or continuation statements.

                  (c) Each of the Depositor and the Servicer shall have an
obligation to give the Trustee at least 60 days' prior written notice of any
relocation of its principal executive office if, as a result of such relocation,
the applicable provisions of the UCC would require the filing of any amendment
of any previously filed financing or continuation statement or of any new
financing statement, and shall promptly file any such amendment or new financing
statement. The Servicer shall at all times maintain its principal executive
office and each office from which it shall service Receivables within the United
States of America.

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

                  (e) The Servicer shall maintain its computer systems so that,
from and after the time of sale under this Agreement of the Receivables to the
Trustee, the Servicer's master computer records (including any back-up archives)
that refer to a Receivable shall indicate clearly the interest of the Trust, in
such Receivable, and that such Receivable is owned by the Trustee. Indication of
the Trustee's ownership of a Receivable shall be deleted from or modified on the
Servicer's computer systems when, and only when, such Receivable shall have been
paid in full or repurchased.

                  (f) If at any time the Depositor or the Servicer shall propose
to sell, grant a security interest in, or otherwise transfer any interest in
automotive receivables to, any

                                       53
<PAGE>

prospective purchaser, lender or other transferee, the Servicer shall give to
such prospective purchaser, lender or other transferee computer tapes, records
or print-outs (including any restored from back-up archives) that, if they shall
refer in any manner whatsoever to any Receivable, shall indicate clearly that
such Receivable has been sold and is owned by the Trustee.

                  (g) The Servicer shall permit the Trustee and its agents at
any time during normal business hours to inspect, audit and make copies of and
abstracts from the Servicer's records regarding any Receivable.

                  (h) Upon request, the Servicer shall furnish to the Trustee,
within five Business Days, a list of all Receivables (by contract number and
name of Obligor) then held as part of the Trust, together with a reconciliation
of such list to the Schedule of Receivables and to each of the Servicer's
Certificates furnished before such request indicating removal of Receivables
from the Trust.

                  Section 12.03 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 12.04 LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS. (a)
The death or incapacity of any Certificateholder shall not operate to terminate
this Agreement or the Trust, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the Trust,
nor otherwise affect the rights, obligations and liabilities of the parties to
this Agreement or any of them.

                  (b) No Certificateholder shall have any right to vote (except
as provided in Section 12.01 or 9.05) or in any manner otherwise control the
operation and management of the Trust or the obligations of the parties to this
Agreement; nor shall any provision in this Agreement or contained in the
Certificates be construed so as to constitute the Certificateholders from time
to time as partners or members of an association; nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken pursuant to any provision of this Agreement.

                  (c) No Certificateholder shall have any right to institute any
suit, action or proceeding in equity or at law upon or under or with respect to
this Agreement, unless: (i) such Holder previously shall have given to the
Trustee written notice of a continuing Event of Default; (ii) the Holders of
Certificates evidencing not less than 25% of the Certificate Balance shall have
made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee under this Agreement and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby; (iii) the
Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity shall have neglected or refused to institute any such action, suit or
proceeding; and (iv) during such 60-day period no request or waiver inconsistent
with such written request shall have been given to the Trustee by Holders
representing a majority of the Certificate Balance. It is understood and
intended that no one or more Holders of Certificates shall have any right in any
manner whatever by virtue of, or by availing of, any provisions of this
Agreement to affect,

                                       54
<PAGE>

disturb or prejudice the rights of any other Holders of Certificates, or to
obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under this Agreement, except in the manner provided in
this Agreement.

                  Section 12.05 GOVERNING LAW. This Agreement 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 UNDER This Agreement SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                  Section 12.06 NOTICES. All demands, notices and communications
upon or to the Depositor, the Servicer, the Trustee or the Rating Agencies under
this Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given upon
receipt (a) in the case of the Depositor, to National City Vehicle Receivables
Inc., 1900 East 9th Street, Cleveland, Ohio 44114, Attention of David L.
Zoeller, (216) 575-2000; (b) in the case of the Servicer, to National City Bank,
1900 East 9th Street, Cleveland, Ohio 44114, Attention of David L. Zoeller,
(216) 575-2000; (c) in the case of the Trustee, at the Corporate Trust Office;
(d) in the case of [RATING AGENCY], to [RATING AGENCY], [ADDRESS]; and (e) in
the case of [RATING AGENCY], to [RATING AGENCY] [ADDRESS], Attention: [ ]. Any
notice required or permitted to be mailed 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 shall receive such notice.

                  Section 12.07 SEVERABILITY OF PROVISIONS. Any provision of
this Agreement that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this
Agreement, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other
jurisdiction.

                  Section 12.08 ASSIGNMENT. Notwithstanding anything to the
contrary contained herein, except as provided in Sections 7.04 and 8.03 and as
provided in the provisions of this Agreement concerning the resignation of the
Servicer, this Agreement may not be assigned by the Depositor or the Servicer
without the prior written consent of the Trustee and the Holders of Certificates
evidencing not less than 66% of the Certificate Balance.

                  Section 12.09 CERTIFICATES NONASSESSABLE AND FULLY PAID.
Certificateholders shall not be personally liable for obligations of the Trust.
The interests represented by the Certificates shall be nonassessable for any
losses or expenses of the Trust or for any reason whatsoever.

                  Section 12.10 LIMITATIONS ON RIGHTS OF OTHERS. The provisions
of this Agreement are solely for the benefit of the Depositor, the Servicer, the
Trustee and the Certificateholders, and nothing in this Agreement, whether
express or implied, shall be construed to give any other Person any legal or
equitable right, remedy or claim in respect of the Trust or under or in respect
of this Agreement or any covenants, conditions or provisions contained herein.

                                       55
<PAGE>

                  Section 12.11 HEADINGS. The headings of the various Articles
and Sections herein are for convenience of reference only and shall not define
or limit any of the terms or provisions hereof.

                  Section 12.12 NONPETITION COVENANTS. (a) Notwithstanding any
prior termination of this Agreement, the Servicer and the Depositor shall not,
prior to the date that is one year and one day after the termination of this
Agreement with respect to the Trust, acquiesce to, petition or otherwise invoke
or cause the Trust to invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Trust under any
federal or state bankruptcy, insolvency or similar law, or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator, or other
similar official of the Trust or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Trust.

                  (b) Notwithstanding any prior termination of this Agreement,
the Servicer shall not, prior to the date that is one year and one day after the
termination of this Agreement with respect to the Depositor, acquiesce to,
petition or otherwise invoke or cause the Depositor to invoke the process of any
court or government authority for the purpose of commencing or sustaining a case
against the Depositor under any federal or state bankruptcy, insolvency or
similar law, appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator, or other similar official of the Depositor or any substantial part
of its property, or ordering the winding up or liquidation of the affairs of the
Depositor.

                                *      *     *

                                       56
<PAGE>

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

                                 NATIONAL CITY VEHICLE RECEIVABLES INC.,
                                 as Depositor

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

                                 [TRUSTEE], as Trustee

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

                                 NATIONAL CITY BANK, as Seller and Servicer

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

                                       57
<PAGE>

                                                                       EXHIBIT A

                          FORM OF CLASS [A] CERTIFICATE

UNLESS THIS CERTIFICATE 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 CERTIFICATE
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.

DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CLASS [A]
CERTIFICATE WILL BE MADE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS [B] CERTIFICATE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

--------------------------------------------------------------------------------
NUMBER                                                            $
--------------------------------------------------------------------------------
R-                                                                CUSIP NO.
--------------------------------------------------------------------------------

                   NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                   [____]% ASSET BACKED CERTIFICATE, CLASS [A]

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of [retail installment sales contracts, retail
installment loans, purchase money notes or other notes] secured by [new and used
automobiles, light-duty trucks, motorcycles, recreational vehicles, vans,
minivans and/or sport utility vehicles] financed by those contracts.

(This Class [A] Certificate does not represent an interest in or obligation of
National City Vehicle Receivables Inc., except to the extent described below.)

                  THIS CERTIFIES THAT _______________________________________ is
the registered owner of [______________________________________] DOLLARS
nonassessable, fully-paid, fractional undivided interest in National City Auto
Receivables Trust 200_-_ (the "Trust") formed pursuant to the Pooling and
Servicing Agreement (the "Agreement") dated as of [_________________], among
National City Vehicle Receivables Inc., a Delaware corporation, as depositor
(the "Depositor"), National City Bank, as servicer (the "Servicer") and
[Trustee], a [_______] banking corporation, as trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth below. To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Agreement.

                  This Certificate is one of a duly authorized series of
Certificates, designated as the [_____]% Asset Backed Certificates, Class [A]
(herein called the "Class [A] Certificates"), all

                                      A-1

<PAGE>

issued under the Agreement, to which Agreement reference is hereby made for a
statement of the respective rights and obligations thereunder of the Depositor,
the Servicer, the Trustee and Holders of the Certificates. The Class [A]
Certificates are subject to all terms of the Agreement.

                  The property of the Trust includes a pool of [retail
installment sales contracts, retail installment loans, purchase money notes or
other notes] secured by [new and used automobiles, light-duty trucks,
motorcycles, recreational vehicles, vans, minivans and/or sport utility
vehicles] (the "Receivables") financed by those contracts, all monies due under
such Receivables on or after the related Cutoff Date, in the case of Precomputed
Receivables, or received on or after the related Cutoff Date, in the case of
Simple Interest Receivables, security interests in the assets financed thereby,
certain bank accounts and the proceeds thereof, proceeds from claims on certain
insurance policies and all proceeds of the foregoing.

                  Under the Agreement, there will be distributed on the [______]
day of each month or, if such [______] day is not a Business Day, the next
Business Day (each, a "Distribution Date"), commencing on
[______________________], to the Person in whose name this Class [A] Certificate
is registered at the close of business on the first day of the month in which
such Distribution Date occurs (the "Record Date"), such Certificateholder's
fractional undivided interest in the amount to be distributed to Class [A]
Certificateholders on such Distribution Date.

                  It is the intent of the Depositor, the Servicer, the Trustee
and the Certificateholders that, for purposes of federal income, state and local
income and single business tax and any other income taxes, the Trust will be
treated as a grantor trust and the Certificates will be treated as interests in
a grantor trust. The Depositor, the Servicer, the Trustee and the
Certificateholders, by acceptance of a Certificate or of a beneficial interest
in a Certificate, as the case may be, agree to treat, and to take no action
inconsistent with the treatment of, the Certificates for such tax purposes as
interests in a grantor trust.

                  Distributions on this Class [A] Certificate will be made as
provided in the Agreement by the Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Class [A] Certificate or the making of any notation hereon,
except that with respect to Class [A] Certificates registered on the Record Date
in the name of the nominee of the Clearing Agency (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. Except as otherwise provided in
the Agreement and notwithstanding the above, the final distribution on this
Class [A] Certificate will be made after due notice by the Trustee of the
pendency of such distribution and only upon presentation and surrender of this
Class [A] Certificate at the office or agency maintained for that purpose by the
Trustee in the Borough of Manhattan, The City of New York.

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

                  Unless the certificate of authentication hereon shall have
been executed by an authorized officer of the Trustee, by manual signature, this
Class [A] Certificate shall not entitle the Holder hereof to any benefit under
the Agreement or be valid for any purpose.

                                      A-2

<PAGE>

                  THIS TRUST CERTIFICATE 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.

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

Date:                                    NATIONAL CITY AUTO RECEIVABLES
                                           TRUST 200__-__

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

                                         By:
                                              ---------------------------------
                                                    Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

This is one of the Class [A] Certificates referred to in the within-mentioned
Agreement.

Date:

                                         [TRUSTEE],
                                         as Trustee

                                         By:
                                             -----------------------------------
                                                     Authorized Signatory

                                      A-3

<PAGE>

                       (REVERSE OF CLASS [A] CERTIFICATE)

                  The Class [A] Certificates do not represent an obligation of,
or an interest in, the Depositor, the Servicer, the Trustee or any affiliates of
any of them, and no recourse may be had against such parties or their assets
except as expressly set forth or contemplated herein or in the Agreement. In
addition, this Class [A] 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 Agreement. A copy
of the 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 Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor, the Servicer and the Trustee and the rights of the
Certificateholders at any time by the Depositor, the Servicer and the Trustee
with the consent of the Holders of Certificates evidencing not less than a
majority of the Certificate Balance. Any such consent by the Holder of this
Class [A] Certificate shall be conclusive and binding on such Holder and on all
future Holders of this Certificate and of any Class [A] 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 Class [A] Certificate. The Agreement
also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Class [A] Certificate is
registerable in the Certificate Register upon surrender of this Class [A]
Certificate for registration of transfer at the offices or agencies of the
Certificate Registrar maintained by the Trustee in the Borough of Manhattan, The
City of New York, accompanied by a written instrument of transfer in form
satisfactory to the 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 Class [A] Certificates of authorized denominations
evidencing the same aggregate interest in the Trust will be issued to the
designated transferee. The initial Certificate Registrar appointed under the
Agreement is [________________________________].

                  Except as provided in the Agreement, the Class [A]
Certificates are issuable only as registered certificates without coupons in a
minimum denomination of $[________]. As provided in the Agreement and subject to
certain limitations therein set forth, Class [A] Certificates are exchangeable
for new Class [A] Certificates of authorized denominations evidencing the same
aggregate denomination, as requested by the Holder surrendering the same. No
service charge will be made for any such registration of transfer or exchange,
but the Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

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

                                      A-4
<PAGE>

                  The obligations and responsibilities created by the Agreement
and the Trust created thereby shall terminate upon the payment to
Certificateholders of all amounts required to be paid to them pursuant to the
Agreement and the disposition of all property held by the Trust. The Servicer of
the Receivables may at its option purchase the Trust property at a price
specified in the Agreement, and such purchase of the Receivables and other
property of the Trust will effect early retirement of the Certificates; 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 [__]% of the
Original Pool Balance.

                                      A-5

<PAGE>

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

the within Class [A] Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing _________________________ to transfer said Class [A]
Certificate on the books of the Certificate Registrar, with full power of
substitution in the premises.

Dated:
       ____________________________*/

                              Signature Guaranteed:

                         ____________________________*/

-----------------------
*    NOTICE: The signature to this assignment must correspond with the name as
     it appears upon the face of the within Class [A] Certificate in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by a member firm of the New York Stock
     Exchange or a commercial bank or trust company.

                                      A-6

<PAGE>

                                                                       EXHIBIT B

                          FORM OF CLASS [B] CERTIFICATE

THIS CLASS [B] CERTIFICATE IS SUBORDINATE TO THE PRIOR RIGHTS OF THE CLASS [A]
CERTIFICATES IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT REFERRED TO
BELOW.

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON THAT IS AN
EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1074, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1086, AS AMENDED (THE "CODE"), OR
ANY GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY
FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE
FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A "PLAN") OR ANY PERSON
INVESTING THE ASSETS OF A PLAN EXCEPT AS PROVIDED IN THE AGREEMENT REFERRED TO
HEREIN.

DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CLASS [B]
CERTIFICATE WILL BE MADE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS [B] CERTIFICATE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

--------------------------------------------------------------------------------
NUMBER                                                                     $
--------------------------------------------------------------------------------
R-                                                                 CUSIP NO.
--------------------------------------------------------------------------------

                   NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                   [____]% ASSET BACKED CERTIFICATE, CLASS [B]

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of [retail installment sales contracts, retail
installment loans, purchase money notes or other notes] secured by [new and used
automobiles, light-duty trucks, motorcycles, recreational vehicles, vans,
minivans and/or sport utility vehicles] financed by those contracts.

(This Class [B] Certificate does not represent an interest in or obligation of
National City Vehicle Receivables Inc., except to the extent described below.)

                  THIS CERTIFIES THAT ____________________________________ is
the registered owner of [____________________________] DOLLARS nonassessable,
fully-paid, fractional undivided interest in National City Auto Receivables
Trust 200_-_ (the "Trust") formed pursuant to a Pooling and Servicing Agreement
(the "Agreement") dated as of [_________________], among National City Vehicle
Receivables Inc., a Delaware corporation, as depositor (the "Depositor"),
National City Bank, as servicer (the "Servicer") and [Trustee], a [Jurisdiction]
banking corporation, as trustee (the "Trustee"), a summary of certain of the

                                      B-1
<PAGE>

pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to
them in the Agreement.

                  This Certificate is one of a duly authorized series of
Certificates, designated as the [____]% Asset Backed Certificates, Class [B]
(herein called the "Class [B] Certificates") all, issued under the Agreement, to
which Agreement reference is hereby made for a statement of the respective
rights and obligations thereunder of the Depositor, the Servicer, the Trustee
and Holders of the Certificates. The Class [B] Certificates are subject to all
terms of the Agreement.

                  The property of the Trust includes a pool of [retail
installment sales contracts, retail installment loans, purchase money notes or
other notes] secured by [new and used automobiles, light-duty trucks,
motorcycles, recreational vehicles, vans, minivans and/or sport utility
vehicles] (the "Receivables") financed by those contracts, all monies due under
such Receivables on or after [___________________], in the case of Precomputed
Receivables, or received on or after [__________________], in the case of Simple
Interest Receivables, security interests in the vehicles financed thereby,
certain bank accounts and the proceeds thereof, proceeds from claims on certain
insurance policies and all proceeds of the foregoing.

                  Under the Agreement, there will be distributed on the
[________] day of each month or, if such [_______] day is not a Business Day,
the next Business Day (each, a "Distribution Date"), commencing on
[______________________], to the Person in whose name this Class [B] Certificate
is registered at the close of business on the first day of the month in which
such Distribution Date occurs (the "Record Date"), subject to the prior rights
of the Class [A] Certificateholders, such Certificateholder's fractional
undivided interest in the amount to be distributed to Class [B]
Certificateholders on such Distribution Date.

                  It is the intent of the Depositor, the Servicer, the Trustee
and the Certificateholders that, for purposes of federal income, state and local
income and single business tax and any other income taxes, the Trust will be
treated as a grantor trust and the Certificates will be treated as interests in
a grantor trust. The Depositor, the Servicer, the Trustee and the
Certificateholders, by acceptance of a Certificate or of a beneficial interest
in a Certificate, as the case may be, agree to treat, and to take no action
inconsistent with the treatment of, the Certificates for such tax purposes as
interests in a grantor trust.

                  Distributions on this Class [B] Certificate will be made as
provided in the Agreement by the Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Class [B] Certificate or the making of any notation hereon,
except that with respect to Class [B] Certificates registered on the Record Date
in the name of the nominee of the Clearing Agency (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. Except as otherwise provided in
the Agreement and notwithstanding the above, the final distribution on this
Class [B] Certificate will be made after due notice by the Trustee of the
pendency of such distribution and only upon presentation and surrender of this
Class [B] Certificate at the office or agency maintained for that purpose by the
Trustee in the Borough of Manhattan, The City of New York.

                                      B-2
<PAGE>

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

                  Unless the certificate of authentication hereon shall have
been executed by an authorized officer of the Trustee, by manual signature, this
Class [B] Certificate shall not entitle the Holder hereof to any benefit under
the Agreement or be valid for any purpose.

                  THIS CLASS [B] CERTIFICATE 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.

                                      B-3

<PAGE>

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

Date:                                   NATIONAL CITY AUTO RECEIVABLES
TRUST 200__-__

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

                                        By:
                                           ------------------------------------
                                                    Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Class [B] Certificates referred to in the
within-mentioned Trust Agreement.

Date:                                   [TRUSTEE], as Trustee

                                        By:
                                           ------------------------------------
                                                    Authorized Signatory

                                      B-4

<PAGE>

                       (REVERSE OF CLASS [B] CERTIFICATE)

                  The Class [B] Certificates do not represent an obligation of,
or an interest in, the Depositor, the Servicer, the Trustee or any affiliates of
any of them, and no recourse may be had against such parties or their assets
except as expressly set forth or contemplated herein or in the Agreement. In
addition, this Class [B] 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 Agreement. A copy
of the 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 Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing not less than a majority of the Certificate Balance. Any such consent
by the Holder of this Class [B] Certificate shall be conclusive and binding on
such Holder and on all future Holders of this Class [B] Certificate and of any
Class [B] 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 Class
[B] Certificate. The Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

                  Except as provided in the Agreement, the Class [B]
Certificates are issuable only as registered certificates without coupons in a
minimum denominations of $[________]. As provided in the Agreement and subject
to certain limitations therein set forth, Class [B] Certificates are
exchangeable for new Class [B] Certificates of authorized denominations
evidencing the same aggregate denomination, as requested by the Holder
surrendering the same. No service charge will be made for any such registration
of transfer or exchange, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith.

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

                  The obligations and responsibilities created by the Agreement
and the Trust created thereby shall terminate upon the payment to
Certificateholders of all amounts required to be paid to them pursuant to the
Agreement and the disposition of all property by the Trust. The Servicer of the
Receivables may at its option purchase the Trust property at a price specified
in the Agreement, and such purchase of the Receivables and other property of the
Trust will effect early retirement of the Class [B] Certificates; 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 [ ]% of the
Original Pool Balance.

                                      B-5
<PAGE>

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

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

the within Class [B] Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing ________________________ to transfer said Class [B]
Certificate on the books of the Certificate Registrar, with full power of
substitution in the premises.

Dated:

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

                                        Signature Guaranteed:

                                        ____________________________*/

-----------------------
*    NOTICE: The signature to this assignment must correspond with the name as
     it appears upon the face of the within Class [B] Certificate in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by a member firm of the New York Stock
     Exchange or a commercial bank or trust company.

                                      B-6

<PAGE>

                                                                       EXHIBIT C

                         (FORM OF DEPOSITORY AGREEMENT)

                            Letter of Representations
                     (To be Completed by Issuer and Trustee)

                                (Name of Issuer)

                                (Name of Trustee)

                                                               ----------------
                                                                     (Date)

Attention: General Counsel's Office
THE DEPOSITORY TRUST COMPANY
55 Water Street; 49th Floor
New York, NY 10041-0099

         Re:
            -----------------------------------------

                           --------------------------
                               (Issue Description)

Ladies and Gentlemen:

                  This letter sets forth our understanding with respect to
certain matters relating to the above-referenced issue (the "Securities").
Trustee will act as trustee with respect to the Securities pursuant to a trust
indenture dated __, 200_ (the "Document"). _________________________________
 (the "Underwriter") is distributing the Securities through The Depository Trust
Company ("DTC").

                  To induce DTC to accept the Securities as eligible for deposit
at DTC, and to act in accordance with its Rules with respect to the Securities,
Issuer and Trustee make the following representations to DTC:

                  (1) Prior to closing on the Securities on ________________,
200_, there shall be deposited with DTC one Security certificate registered in
the name of DTC's nominee, Cede & Co., for each stated maturity of the
Securities in the face amounts set forth on Schedule A hereto, the total of
which represents 100% of the principal amount of such Securities. If, however,
the aggregate principal amount of any maturity exceeds $[ ] million, one
certificate will be issued with respect to each $[ ] million of principal amount
and an additional

                                      C-1
<PAGE>

certificate will be issued with respect to any remaining principal amount. Each
$[ ] million certificate shall bear the following legend:

               Unless this certificate is presented by an authorized
               representative of The Depository Trust Company, a New York
               corporation ("DTC"), to Issuer or its agent for registration of
               transfer, exchange, or payment, and any certificate 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.

                  (2) In the event of any solicitation of consents from or
voting by holders of the Securities, Issuer or Trustee shall establish a record
date for such purposes (with no provision for revocation of consents or votes by
subsequent holders) and shall, to the extent possible, send notice of such
record date to DTC not less than 15 calendar days in advance of such record
date. Notices to DTC pursuant to this Paragraph by telecopy shall be sent to
DTC's Reorganization Department at (212) 709-6896 or (212) 709-6897, and receipt
of such notices shall be confirmed by telephoning (212) 709-6870. Notices to DTC
pursuant to this Paragraph by mail or by any other means shall be sent to DTC's
Reorganization Department as indicated in Paragraph 4.

                  (3) In the event of a full or partial redemption, Issuer or
Trustee shall send a notice to DTC specifying: (a) the amount of the redemption
or refunding; (b) in the case of a refunding, the maturity date(s) established
under the refunding; and (c) the date such notice is to be mailed to Security
holders or published (the "Publication Date"). Such notice shall be sent to DTC
by a secure means (e.g., legible telecopy, registered or certified mail,
overnight delivery) in a timely manner designed to assure that such notice is in
DTC's possession no later than the close of business on the business day before
or, if possible, two business days before the Publication Date. Issuer or
Trustee shall forward such notice either in a separate secure transmission for
each CUSIP number or in a secure transmission for multiple CUSIP numbers (if
applicable) which includes a manifest or list of each CUSIP number submitted in
that transmission. (The party sending such notice shall have a method to verify
subsequently the use of such means and the timeliness of such notice.) The
Publication Date shall be not less than 30 days nor more than 60 days prior to
the redemption date or, in the case of an advance refunding, the date that the
proceeds are deposited in escrow. Notices to DTC pursuant to this Paragraph by
telecopy shall be sent to DTC's Call Notification Department at (516) 227-4039
or (516) 227-4190. If the party sending the notice does not receive a telecopy
receipt from DTC confirming that the notice has been received, such party shall
telephone (516) 227-4070. Notices to DTC pursuant to this Paragraph by mail or
by any other means shall be sent to:

                          Manager; Call Notification Department
                          The Depository Trust Company
                          711 Stewart Avenue
                          Garden City, NY 11530-4719

                                      C-2
<PAGE>

                  (4) In the event of an invitation to tender the Securities,
notice by Issuer or Trustee to Security holders specifying the terms of the
tender and the Publication Date of such notice shall be sent to DTC by a secure
means in the manner set forth in the preceding Paragraph. Notices to DTC
pursuant to this Paragraph and notices of other corporate actions (including
mandatory tenders, exchanges, and capital changes) by telecopy shall be sent to
DTC's Reorganization Department at (212) 709-1093 or (212) 709-1094, and receipt
of such notices shall be confirmed by telephoning (212) 709-6884. Notices to DTC
pursuant to the above by mail or by any other means shall be sent to:

                              Manager; Reorganization Department
                              Reorganization Window
                              The Depository Trust Company
                              7 Hanover Square; 23rd Floor
                              New York, NY 10004-2695

                  (5) All notices and payment advices sent to DTC shall contain
the CUSIP number of the Securities.

                  (6) Trustee shall send DTC written notice with respect to the
dollar amount per $1,000 original face value (or other minimum authorized
denomination if less than $1,000 face value) payable on each payment date
allocated as to the interest and principal portions thereof preferably 5, but
not less than 2, business days prior to such payment date. Such notices, which
shall also contain the current pool factor and Trustee contact's name and
telephone number, shall be sent by telecopy to DTC's Dividend Department at
(212) 709-1723, or if by mail or by any other means to:

                              Manager; Announcements
                              Dividend Department
                              The Depository Trust Company
                              7 Hanover Square; 22nd Floor
                              New York, NY 10004-2695

                  (7) (NOTE: ISSUER MUST REPRESENT ONE OF THE FOLLOWING, AND
CROSS OUT THE OTHER:) (The interest accrual period is record date to record
date.) (The interest accrual period is payment date to payment date.)

                  (8) Interest payments and principal payments that are part of
periodic principal-and-interest payments shall be received by Cede & Co., as
nominee of DTC, or its registered assigns in same-day funds on each payment date
(or the equivalent in accordance with existing arrangements between Issuer or
Trustee and DTC). Such payments shall be made payable to the order of Cede & Co.
Absent any other existing arrangements, such payments shall be addressed as
follows:

                              Manager; Cash Receipts
                              Dividend Department
                              The Depository Trust Company
                              7 Hanover Square; 24th Floor

                                      C-3
<PAGE>

                              New York, NY 10004-2695

                  (9) (NOTE: ISSUER MUST REPRESENT ONE OF THE FOLLOWING, AND
CROSS OUT THE OTHER:)

                  Securities Eligible for DTC's Same-Day Funds Settlement
("SDFS") System. Other principal payments (redemption payments) shall be made in
same-day funds by Trustee in the manner set forth in the SDFS Paying Agent
Operating Procedures, a copy of which previously has been furnished to Trustee.

                  Securities Eligible for DTC's Next-Day Funds Settlement
("NDFS") System. Other principal payments (redemption payments) shall be made in
next-day funds by Trustee to Cede & Co., as nominee of DTC, or its registered
assigns, on each payment date. Such payments shall be made payable to the order
of Cede & Co., and shall be addressed as follows:

                              NDFS Redemptions Manager
                              Reorganization/Redemptions Department
                              The Depository Trust Company
                              7 Hanover Square; 23rd Floor
                              New York, NY 10004-2695

                  (10) DTC may direct Issuer or Trustee to use any other number
or address as the number or address to which notices or payments of interest or
principal may be sent.

                  (11) In the event of a redemption, acceleration, or any other
similar transaction (e.g., tender made and accepted in response to Issuer's or
Trustee's invitation) necessitating a reduction in the aggregate principal
amount of Securities outstanding or an advance refunding of part of the
Securities outstanding, DTC, in its discretion: (a) may request Issuer or
Trustee to issue and authenticate a new Security certificate; or (b) may make an
appropriate notation on the Security certificate indicating the date and amount
of such reduction in principal except in the case of final maturity, in which
case the certificate will be presented to Issuer or Trustee prior to payment, if
required.

                  (12) In the event that Issuer determines that beneficial
owners of Securities shall be able to obtain certificated Securities, Issuer or
Trustee shall notify DTC of the availability of certificates. In such event,
Issuer or Trustee shall issue, transfer, and exchange certificates in
appropriate amounts, as required by DTC and others.

                  (13) DTC may discontinue providing its services as securities
depository with respect to the Securities at any time by giving reasonable
notice to Issuer or Trustee (at which time DTC will confirm with Issuer or
Trustee the aggregate principal amount of Securities outstanding). Under such
circumstances, at DTC's request Issuer and Trustee shall cooperate fully with
DTC by taking appropriate action to make available one or more separate
certificates evidencing Securities to any DTC Participant having Securities
credited to its DTC accounts.

                  (14) Issuer: (a) understands that DTC has no obligation to,
and will not, communicate to its Participants or to any person having an
interest in the Securities any

                                      C-4
<PAGE>

information contained in the Security certificate(s); and (b) acknowledges that
neither DTC's Participants nor any person having an interest in the Securities
shall be deemed to have notice of the provisions of the Security certificates by
virtue of submission of such certificate(s) to DTC.

                  (15) Nothing herein shall be deemed to require Trustee to
advance funds on behalf of Issuer.

Notes:                                      Very truly yours,

A.  If there is a Trustee (as               (Authorized Officer's Signature)
defined in this Letter of
Representations), Trustee as well as
Issuer must sign this Letter.  If
there is no Trustee, in signing this        ------------------------------------
Letter Issuer itself undertakes to                      (Issuer)
perform all of the obligations set
forth herein.

                                            By:
                                               ---------------------------------
                                                (Authorized Officer's Signature)

                                      C-5
<PAGE>

B.  Schedule B contains
statements that DTC believes
accurately describe DTC,                 ---------------------------------------
the method of effecting                                 (Trustee)
book-entry transfers of
securities distributed
through DTC, and certain
related matters.
                                         By:
                                            ------------------------------------
                                              (Authorized Officer's Signature)

                                               [-------------------------------]
                                                         (Administrator)

                                         By:
                                            ------------------------------------
                                              (Authorized Officer's Signature)

Received and Accepted:
THE DEPOSITORY TRUST COMPANY

By:
   ----------------------------

cc:   Underwriter
      Underwriter's Counsel

                                      C-6

<PAGE>

                                                                      SCHEDULE A

                                (Describe Issue)

<TABLE>
<CAPTION>

CUSIP                           Principal Amount             Maturity Date                Interest Rate
-----------------               --------------------         ----------------             ----------------
<S>                             <C>                          <C>                          <C>

</TABLE>

                                      C-7

<PAGE>

                                    EXHIBIT D

                         FORM OF SERVICER'S CERTIFICATE

                  NATIONAL CITY AUTO RECEIVABLES TRUST 200__-__
                   [___]% Asset Backed Certificates, Class [A]
                   [___]% Asset Backed Certificates, Class [B]

Distribution Date:

Collection Period:

                  Under the Pooling and Servicing Agreement dated as of
[_____________] by and among National City Vehicle Receivables Inc., as
Depositor, National City Bank, as Servicer, and [Trustee], as Trustee, the
Servicer is required to prepare certain information each month regarding current
distributions to Certificateholders and the performance of the Trust during the
previous month. The information that is required to be prepared with respect to
the Distribution Date and Collection Period listed above is set forth below.
Certain of the information is presented on the basis of an original principal
amount of $[ ] per Class [A] Certificate or Class [B] Certificate, as
appropriate, and certain other information is presented based upon the aggregate
amounts for the Trust as a whole.

A.   Information Regarding the Current Monthly Distribution.

     1.   Class [A] Certificates.

               (a)  The aggregate amount of the distribution

         ......................................................................

               (b)  The amount of the distribution set forth in

                                paragraph A.1.(a) above in respect of interest

               $[__________]

               (c)  The amount of the distribution set forth in

                                paragraph A.1.(a) above in respect of principal

               $[__________]

               (d)  The amount of the distribution set forth in

                                paragraph A.1.(a) above per $[       ] interest

               $[__________]

                                      D-1

<PAGE>

               (e)  The amount of the distribution set forth in

                                paragraph A.1.(b) above per $[       ] interest

               $[__________]

               (f)  The amount of the distribution set forth in

                                paragraph A.1.(c) above per $[       ] interest

               $[__________]

2.   Class [B] Certificates.

     (a)  The aggregate amount of the distribution

.................................................................................

               $[__________]

     (b)  The amount of the distribution set forth in

                                paragraph A.2(a) above in respect of
                                interest    $[_________]

     (c)  The amount of the distribution set forth in

                                paragraph A.2(a) above in respect of principal
                                $[__________]

     (d)  The amount of the distribution set forth in

                                paragraph A.2(a) above per $[        ] interest

               $[__________]

     (e)  The amount of the distribution set forth in

                                paragraph A.2(b) above per $[        ] interest

               $[__________]

     (f)  The amount of the distribution set forth in

                                paragraph A.2(c) above per $[        ] interest

               $[__________]

                                      D-2
<PAGE>

B.   Information Regarding the Performance of the Trust.

     1.   Pool Balance and Certificate Balances.

          (a)  The Pool Balance close of business on the last

                          day of the preceding Collection Period   $[________]

          (b)  The Class [A] Certificate Balance as of the

         close of business on the last day of the
         preceding Collection Period, after giving
         effect to payments allocated to principal
                          set forth in Paragraph A.  [_________]

          (c)  The Class [B] Certificate Balance as of the

         close of business of the last day of the
         preceding Collection Period, after giving
         effect to payments allocated to principal
                          set forth in paragraph A.2(c) above $[_________]

          (d)  The Class [A] Pool Factor and the

         Class [B] Pool Factor as of the close
         of business on the last day of the

.................................................................................

     2.   Servicing Fee and Advances.

          (a)  The aggregate amount of the Servicing

         Fee paid to the Servicer with respect
                          to the preceding Collection Period  $[_________]

          (b)  The amount of such Servicing Fee per

.................................................................................

          (c)  The amount of any unpaid Servicing Fee $[_________]

          (d)  The change in the amount of any unpaid

     Servicing Fee from the previous

.................................................................................

          (e)  Aggregate Advances on such

.................................................................................

                                      D-3
<PAGE>

     3.   Payment Shortfalls.

          (a)  The amount of the Class [A] Interest Carryover

                          Shortfall after giving effect to the payments

                          set forth in paragraph A.1(b) above $[_________]

          (b)  The amount of the Class [A] Principal Carryover

                          Shortfall after giving effect to the payment

                          set forth in paragraph A.1(c) above $[_________]

          (c)  The amount of the Class [B] Interest Carryover

                          Shortfall after giving effect to the payments

                          set forth in paragraph A.2(b) above $[_________]

          (d)  The amount of the Class [B] Principal Carryover

                          Shortfall after giving effect to the payments

                          set forth in paragraph A.2(c) above $[_________]

          (e)  The amount otherwise distributable to

                          Class [B] Certificateholders that is distributed

................................................................................

     4.   Payahead Account.

          (a)  The aggregate Payahead Balance $[_________]

          (b)  The change in the Payahead Balance from

................................................................................

     5.   Reserve Account.

          (a)  The Reserve Account balance after

     giving effect to distributions made on

.................................................................................

                                      D-4
<PAGE>

          (b)  The change in the Reserve Account

.................................................................................

                                      D-5

<PAGE>

                                                                      SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                                      D-6

<PAGE>

                                                                      SCHEDULE B

                          LOCATION OF RECEIVABLE FILES

                                      D-7<PAGE>
                                                                     Exhibit 4.3

                                FORM OF INDENTURE

                                     between

                  NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_,
                                    as Issuer

                                       and

                              [INDENTURE TRUSTEE],
                              as Indenture Trustee

                               Dated as of [_____]

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

<TABLE>
                                   ARTICLE I.
                   DEFINITIONS AND INCORPORATION BY REFERENCE

<S>                        <C>                                                                                   <C>
         Section 1.01.     Definitions............................................................................2
         Section 1.02.     Rules of Construction..................................................................8
         Section 1.03.     Incorporation by Reference of Trust Indenture Act......................................8

                                   ARTICLE II.
                                    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.     [Reserved]............................................................................12
         Section 2.06.     Mutilated, Destroyed, Lost or Stolen Notes............................................12
         Section 2.07.     Persons Deemed Owners.................................................................13
         Section 2.08.     Payment of Principal and Interest; Defaulted Interest.................................13
         Section 2.09.     Cancellation..........................................................................14
         Section 2.10.     Book-Entry Notes......................................................................14
         Section 2.11.     Notices to Clearing Agency............................................................15
         Section 2.12.     Definitive Notes......................................................................15
         Section 2.13.     Tax Treatment.........................................................................16

                                  ARTICLE III.
                                    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 Trust Estate............................................................19
         Section 3.06.     Opinions as to Trust Estate...........................................................19
         Section 3.07.     Performance of Obligations; Servicing of Receivables..................................20
         Section 3.08.     Negative Covenants....................................................................21
         Section 3.09.     Annual Statement as to Compliance.....................................................22
         Section 3.10.     Issuer May Consolidate, etc...........................................................22
         Section 3.11.     Successor or Transferee...............................................................23
         Section 3.12.     No Other Business.....................................................................24
         Section 3.13.     No Borrowing..........................................................................24
         Section 3.14.     Servicer's Obligations................................................................24
         Section 3.15.     Guarantees, Loans, Advances and Other Liabilities.....................................24
         Section 3.16.     Capital Expenditures..................................................................24
         Section 3.17.     Removal of Administrator..............................................................24
         Section 3.18.     Restricted Payments...................................................................24
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                        <C>                                                                                   <C>
         Section 3.19.     Notice of Events of Default...........................................................25
         Section 3.20.     Further Instruments and Acts..........................................................25

                                   ARTICLE IV.
                           SATISFACTION AND DISCHARGE

         Section 4.01.     Satisfaction and Discharge of Indenture...............................................26
         Section 4.02.     Application of Trust Money............................................................27
         Section 4.03.     Repayment of Moneys Held by Paying Agent..............................................27
         Section 4.04.     Release of Collateral.................................................................27

                                   ARTICLE V.
                                    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;
                           Authority of the  ntrolling Party.....................................................30
         Section 5.04.     Remedies; Priorities..................................................................32
         Section 5.05.     Optional Preservation of the Receivables..............................................34
         Section 5.06.     Limitation of Suits...................................................................34
         Section 5.07.     Unconditional Rights of Noteholders To Receive Principal and Interest.................35
         Section 5.08.     Restoration of Rights and Remedies....................................................35
         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......................................................37
         Section 5.15.     Action on Notes.......................................................................37
         Section 5.16.     Performance and Enforcement of Certain Obligations....................................37

                                   ARTICLE VI.
                              THE INDENTURE TRUSTEE

         Section 6.01.     Duties of Indenture Trustee...........................................................39
         Section 6.02.     Rights of Indenture Trustee...........................................................40
         Section 6.03.     Individual Rights of Indenture Trustee................................................41
         Section 6.04.     Indenture Trustee's Disclaimer........................................................42
         Section 6.05.     Notice of Defaults....................................................................42
         Section 6.06.     Reports by Indenture Trustee to Holders...............................................42
         Section 6.07.     Compensation and Indemnity............................................................42
         Section 6.08.     Replacement of Indenture Trustee......................................................43
         Section 6.09.     Successor Indenture Trustee by Merger.................................................43
         Section 6.10.     Appointment of Co-Indenture Trustee or Separate Indenture Trustee.....................44
         Section 6.11.     Eligibility; Disqualification.........................................................45
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                        <C>                                                                                   <C>
         Section 6.12.     [Reserved]............................................................................45
         Section 6.13.     Preferential Collection of Claims Against Issuer......................................45
         Section 6.14.     Waiver of Setoffs.....................................................................45

                                  ARTICLE VII.
                         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 to Noteholders............................46
         Section 7.03.     Reports by Issuer.....................................................................46
         Section 7.04.     Reports by Indenture Trustee..........................................................47

                                  ARTICLE VIII.
                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

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

                                   ARTICLE X.
                               REDEMPTION OF NOTES

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

                                   ARTICLE XI.
                                  MISCELLANEOUS

         Section 11.01.    Compliance Certificates and Opinions, etc.............................................56
         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...............................................60
         Section 11.07.    Effect of Headings and Table of Contents..............................................60
</TABLE>

                                      iii
<PAGE>

<TABLE>
<S>                        <C>                                                                                   <C>
         Section 11.08.    Successors and Assigns................................................................60
         Section 11.09.    Separability..........................................................................60
         Section 11.10.    Benefits of Indenture.................................................................60
         Section 11.11.    Legal Holidays........................................................................60
         Section 11.12.    GOVERNING LAW.........................................................................60
         Section 11.13.    Counterparts..........................................................................60
         Section 11.14.    Recording of Indenture................................................................61
         Section 11.15.    Trust Obligation......................................................................61
         Section 11.16.    No Petition...........................................................................61
         Section 11.17.    Inspection............................................................................61
         Section 11.18.    Conflict with Trust Indenture Act.....................................................62
         Section 11.19.    Limitation of Liability...............................................................62
</TABLE>

SCHEDULE A                 Schedule of Receivables
EXHIBIT A-1                Form of Class [A-1] Note
EXHIBIT A-2                Form of Class [A-2] Note
EXHIBIT A-3                Form of Class [A-3] Note
EXHIBIT A-4                Form of Class [A-4] Note
EXHIBIT B                  Form of Class [B] Note

                                       iv
<PAGE>

         THIS INDENTURE, dated as of [DATE], is between NATIONAL CITY AUTO
RECEIVABLES TRUST 200_-_, a Delaware business trust (the "Issuer"), and
[INDENTURE TRUSTEE NAME], a [________], as indenture trustee and not in its
individual capacity (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 [___]% Asset Backed
Notes, Class [A-1] (the "Class [A-1] Notes"), [___]% Asset Backed Notes, Class
[A-2] (the "Class [A-2] Notes"), [___]% Asset Backed Notes, Class [A-3] (the
"Class [A-3] Notes"), [___]% Asset Backed Notes, Class [A-4] (the "Class [A-4]
Notes" and, together with the Class [A-1] Notes, Class [A-2] Notes and Class
[A-3] Notes, the "Class [A] Notes") and [___]% Asset Backed Notes, Class [B]
(the "Class [B] Notes" and, together with the Class [A] Notes, the "Notes"):

                                 GRANTING CLAUSE

         The Issuer hereby Grants to the Indenture Trustee at the Closing Date,
as Indenture Trustee for the benefit of the Holders of the Notes, all of the
Issuer's right, title and interest in and to (a) the Receivables listed on
Schedule A and all moneys received thereon after the Initial Cutoff Date in the
case of Receivables originated on or before the Initial Cutoff Date and all
moneys received thereon after the date of origination, in the case of
Receivables originated after the Initial Cutoff Date; (b) the security interests
in the Financed Vehicles and any accessions thereto granted by Obligors pursuant
to the Receivables and any other interest of the Issuer in such Financed
Vehicles; (c) any Liquidation Proceeds and any other proceeds with respect to
the Receivables from insurance policies covering Financed Vehicles or the
related Obligors; (d) any property that shall have secured a Receivable and that
shall have been acquired by or on behalf of the Seller, the Servicer, or the
Issuer; (e) all documents and other items contained in the Receivable Files; (f)
all funds on deposit from time to time in the Trust Accounts and in all
investments and proceeds thereof (including all income thereon); (g) the
Issuer's rights and benefits, but none of its obligations, under the Sale and
Servicing Agreement (including the Issuer's right to cause the Seller, or the
Servicer, as the case may be, to repurchase Receivables from the Issuer under
the circumstances described therein); [(h) the Issuer's rights and benefits
under the Receivables Purchase Agreement, including the representations and
warranties and the cure and repurchase obligations of the Seller under the
Receivables Purchase Agreement;] (i) all right, title and interest in all funds
on deposit from time to time in the Trust Accounts and all investments and
proceeds thereof (including all investment earnings therein); and (j) all
present and future claims, demands, causes of action and choses in action in
respect of any or all of the foregoing and 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 that at any time constitute all or part of or are included in the
proceeds of any of the foregoing (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,

<PAGE>

priority or  distinction,  and to secure  compliance with the provisions of this
Indenture, all as provided in this Indenture.

         The 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 required
in this Indenture to the best of its ability to the end that the interests of
the Holders of the Notes may be adequately and effectively protected.

                                   ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01 DEFINITIONS.

(a) DEFINITIONS. 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" has the meaning specified in Section 11.03(a).

         "ADMINISTRATION AGREEMENT" means the Owner Trust Administration
Agreement, dated as of [DATE], among the Administrator, the Issuer and the
Indenture Trustee.

         "ADMINISTRATOR" means [ADMINISTRATOR], or any successor Administrator
under the Administration Agreement.

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

         "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 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).

         "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 2.10.

         "CERTIFICATE OF TRUST" means the certificate of trust of the Issuer
substantially in the form of Exhibit A to the Trust Agreement.

                                       2
<PAGE>

         "CLASS [A] NOTE" means a Class [A-1] Note, a Class [A-2] Note, a Class
[A-3] Note, or a Class [A-4] Note, as the context may require.

         "CLASS [A-1] NOTES" means the [___]% Asset Backed Notes, Class [A-1],
substantially in the form of Exhibit A-1.

         "CLASS [A-1] RATE" means [___]% per annum, computed on the basis of the
actual number of days in the related Interest Accrual Period and a 360-day year.

         "CLASS [A-2] NOTES" means the [___]% Asset Backed Notes, Class [A-2],
substantially in the form of Exhibit A-2.

         "CLASS [A-2] RATE" means a [___]% per annum computed on the basis of a
360-day year consisting of twelve 30-day months.

         "CLASS [A-3] NOTES" means the [___]% Asset Backed Notes, Class [A-3],
substantially in the form of Exhibit A-3.

         "CLASS [A-3] RATE" means [___]% per annum, computed on the basis of a
360-day year consisting of twelve 30-day months.

         "CLASS [A-4] NOTES" means the [___]% Asset Backed Notes, Class [A-4],
substantially in the form of Exhibit A-4.

         "CLASS [A-4] RATE" means [___]% per annum, computed on the basis of a
360-day year consisting of twelve 30-day months.

         "CLASS [B] NOTES" means the [___]% Asset Backed Notes, Class [B],
substantially in the form of Exhibit B.

         "CLASS [B] RATE" means [___]% per annum, computed on the basis of a
360-day year consisting of twelve 30-day months.

         "CLEARING AGENCY" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

         "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 [DATE].

         "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.

         "CONTROLLING CLASS" means (i) if the Class [A] Notes have not been paid
in full, the Class [A] Notes, and (ii) if the Class [A] Notes have been paid in
full, the Class [B] Notes.

                                       3
<PAGE>

         "CONTROLLING PARTY" means the Indenture Trustee acting at the direction
of at least a majority in Outstanding Amount of the Noteholders of the
Controlling Class or, if the Notes have been paid in full, the Owner Trustee
acting at the direction of at least a majority in aggregate principal amount of
the Certificateholders.

         "CORPORATE TRUST OFFICE" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business is
administered, which office at the date of execution of this Agreement is located
at [ADDRESS] (facsimile number [___]); Attention: [___], 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.

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

         "DEFINITIVE NOTES" has the meaning specified in Section 2.10.

         "EVENT OF DEFAULT" has the meaning specified in Section 5.01.

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

         "EXECUTIVE OFFICER" means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
any Executive Vice President, any Senior Vice President, any Vice President, the
Secretary, the Controller or the Treasurer of such corporation; 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
moneys 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" or "NOTEHOLDER" means a Person in whose name a Note is
registered on the Note Register.

         "INDENTURE TRUSTEE" means [INDENTURE TRUSTEE], a [__________], not in
its individual capacity, but 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 such Person (a) is in fact independent of the Issuer, any other obligor on
the Notes, the Seller and any Affiliate of any of the foregoing Persons, (b)
does not have any direct financial interest or any

                                       4
<PAGE>

material indirect financial interest in the Issuer, any such other obligor, the
Seller or any Affiliate of any of the foregoing Persons and (c) is not connected
with the Issuer, any such other obligor, the Seller or any Affiliate of any of
the foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions.

         "INDEPENDENT CERTIFICATE" 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 in the exercise of reasonable care, and such
opinion or certificate shall state that the signer has read the definition of
"Independent" in this Indenture and that the signer is Independent within the
meaning thereof.

         "INTEREST RATE" means the Class [A-1] Rate, the Class [A-2] Rate, the
Class [A-3] Rate, the Class [A-4] Rate or the Class [B] Rate, as the context may
require.

          "ISSUER" means National City Auto Receivables Trust 200_-_ 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 one of its Authorized Officers and
delivered to the Indenture Trustee.

         "NATIONAL CITY BANK" means National City Bank, a national banking
association, and its successors.

         "NOTE" means a Class [A-1] Note, a Class [A-2] Note, a Class [A-3]
Note, a Class [A-4] Note or a Class [B] Note, as the context may require.

         "NOTE DEPOSITORY AGREEMENT" means the agreement dated [DATE], among the
Issuer, the Administrator, the Indenture Trustee and The Depository Trust
Company, as the initial Clearing Agency, relating to the Class [A-1] Notes, the
Class [A-2] Notes, the Class [A-3] Notes, the Class [A-4] Notes, the Class [B]
Notes and the Certificates.

         "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 RATE" means the Class [A-1] Rate, the Class [A-2] Rate, the Class
[A-3] Rate, the Class [A-4] Rate or the Class [B] Rate, as applicable.

         "NOTE REGISTER" and "NOTE REGISTRAR" have the respective meanings
specified in Section 2.04.

         "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

                                       5
<PAGE>

reference in this Indenture to an Officer's Certificate shall be to an Officer's
Certificate of any Authorized Officer of the Issuer.

         "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, 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 any 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 purchaser;

provided, however, that in determining whether the Holders of the requisite
Outstanding Amount of the Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any Basic Document,
Notes owned by the Issuer, any other obligor on the Notes, the Seller or any
Affiliate of any of the foregoing Persons shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Indenture Trustee shall
be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that a Responsible Officer of 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 on the Notes, the Seller or any Affiliate of any of
the foregoing Persons.

         "OUTSTANDING AMOUNT" means, as of any date of determination and as to
any Notes, the aggregate principal amount of such Notes Outstanding as of such
date of determination and, as of any date of determination and as to any
Certificates, the aggregate principal amount of such Certificates Outstanding as
of such date of determination.

         "OWNER TRUSTEE" means [OWNER TRUSTEE], not in its individual capacity
but solely as Owner Trustee under the Trust Agreement, or any successor Owner
Trustee under the Trust Agreement.

         "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, the Note Interest Distribution

                                       6
<PAGE>

Account, the Principal Distribution Account and the Reserve Account, including
payments of principal of or interest on the Notes on behalf of the Issuer.

         "PAYMENT DATE" means a Distribution Date.

         "PERSON" means any individual, corporation, estate, partnership,
limited liability company, joint venture, association, joint stock company,
trust or business trust (including any beneficiary thereof), 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 2.06 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.

         "RECORD DATE" means, with respect to a Distribution Date or Redemption
Date, the close of business on the day immediately preceding such Distribution
Date or Redemption Date.

         "REDEMPTION DATE" means, as the context requires, in the case of a
redemption of the Notes pursuant to Section 10.01, the Distribution 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 applicable Note
Rate plus interest on any overdue interest at the applicable Note Rate (to the
extent lawful) for each Note 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.

         "RESPONSIBLE OFFICER" means, with respect to the Indenture Trustee or
Owner Trustee, as applicable, any officer within the Corporate Trust Office of
the Indenture Trustee or the Owner Trustee, including any Vice President,
Assistant Vice President, Assistant Treasurer, Assistant Secretary or any other
officer of the Indenture Trustee or the Owner Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer's knowledge of and familiarity with the
particular subject, in each case having direct responsibility for the
administration of the Basic Documents.

         "SALE AND SERVICING AGREEMENT" means the Sale and Servicing Agreement,
dated as of [DATE], among the Issuer, the Depositor, National City Bank, as
Seller, Servicer, Custodian and Administrator, and the Indenture Trustee.

                                       7
<PAGE>

         "SCHEDULE OF RECEIVABLES" means the lists of Receivables set forth in
Schedule A (which Schedule may be in the form of microfiche).

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

         "SELLER" means National City Bank, in its capacity as seller under [the
Receivables Purchase Agreement and] the Sale and Servicing Agreement, and its
successors in interest.

         "SERVICER" means National City Bank, in its capacity as servicer under
the Sale and Servicing Agreement, and any Successor Servicer thereunder.

         "STATE" means any one of the 50 states of the United States of America,
or the District of Columbia.

         "SUCCESSOR SERVICER" has the meaning specified in Section 3.07(f).

         "TRUST ESTATE" means all money, instruments, rights and other property
that are subject or intended to be subject to the lien and security interest of
this Indenture for the benefit of the Noteholders (including, without
limitation, all property and interests Granted to the Indenture Trustee),
including all proceeds thereof.

         "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.

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

         Section 1.02 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) definitions are applicable to the singular and plural forms of
such terms and to the masculine, feminine and neuter genders of such terms; and

              (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;
references to a Person are also to its permitted successors and assigns.

                                       8
<PAGE>

         Section 1.03 INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.
Whenever this Indenture refers to a provision of the TIA, such provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

         "Commission" means the Securities and Exchange Commission.

         "indenture securities" means the Notes.

         "indenture 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.

                                       9
<PAGE>

                                   ARTICLE II.

                                    THE NOTES

         Section 2.01. FORM. The Class [A-1] Notes, the Class [A-2] Notes, the
Class [A-3] Notes, the Class [A-4] Notes and the Class [B] Notes, in each case
together with the Indenture Trustee's certificate of authentication, shall be in
substantially the form set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3,
Exhibit A-4 and Exhibit B, respectively, 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 the 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 such Note.

         The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the 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 set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and
Exhibit B are part of 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
Class [A-1] Notes for original issue in an aggregate principal amount of $[___],
Class [A-2] Notes for original issue in an aggregate principal amount of $[___],
Class [A-3] Notes for original issue in an aggregate principal amount of $[___],
Class [A-4] Notes for original issue in an aggregate principal amount of $[___]
and Class [B] Notes for original issue in an aggregate principal amount of
$[___]. The aggregate principal amount of Class [A-1] Notes, Class [A-2] Notes,
Class [A-3] Notes, Class [A-4] Notes and Class [B] Notes outstanding at any time
may not exceed such respective amounts except as provided in Section 2.06.

         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

                                       10
<PAGE>

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.

         Section 2.03. TEMPORARY NOTES. Pending the preparation of Definitive
Notes, 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 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 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 Note Registrar 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
conclusively 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, if the
requirements of Section 8-401(1) 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, if the requirements of
Section 8-401(1) of the UCC are met, the Issuer shall execute, and the

                                       11
<PAGE>

Indenture Trustee, without having to verify that the requirements of 8-401(1)
have been met, shall authenticate and the Noteholder shall obtain from the
Indenture Trustee, the Notes that 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 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 9.05 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.

         The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the transfer of
Notes.

         Section 2.05. [RESERVED].

         Section 2.06. 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, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless, then, in the absence of notice to the Issuer, the Note Registrar or
the Indenture Trustee that such Note has been acquired by a bona fide purchaser,
and provided that the requirements of Section 8-405 of the UCC are met, the
Issuer shall execute, and upon an Issuer Order 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 15 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, a bona
fide purchaser of the original Note in lieu of which such replacement Note was
issued presents for payment such original Note, the Issuer and the Indenture
Trustee shall be entitled to

                                       12
<PAGE>

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
bona fide purchaser, 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 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) 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 2.07. PERSONS DEEMED OWNERS. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
agent of the Issuer or the Indenture Trustee may treat the Person in whose name
any Note is registered (as of the day of determination) as the 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 agent of the
Issuer or the Indenture Trustee shall be affected by notice to the contrary.

         Section 2.08. PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST.

              (a) The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3]
Notes, the Class [A-4] Notes and the Class [B] Notes shall accrue interest at
the Class [A-1] Rate, the Class [A-2] Rate, the Class [A-3] Rate, the Class
[A-4] Rate and the Class [B] Rate, respectively, as set forth in Exhibit A-1,
Exhibit A-2, Exhibit A-3, Exhibit A-4, and Exhibit B, respectively, and such
interest shall be payable on each Distribution Date as specified therein,
subject to Section 3.01. Any installment of interest or principal payable on a
Note that is punctually paid or duly provided for by the Issuer on the
applicable Distribution 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 2.12, 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 shall be made by wire transfer in immediately
available funds to the account designated by such nominee; provided, however,
that the final installment of principal payable with respect to such Note on a
Distribution Date or on the related Final Scheduled Distribution Date (including
the Redemption Price for any Note called for redemption pursuant to Section
10.01) shall be payable as provided

                                       13
<PAGE>

in paragraph (b) below. The funds represented by any such checks returned
undelivered shall be held in accordance with Section 3.03.

              (b) The principal of each Note shall be payable in installments on
each Distribution Date as provided in Section 3.01 hereof and the forms of the
Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and
Exhibit B. Notwithstanding the foregoing, the entire unpaid principal amount of
each Class of Notes may be declared immediately due and payable, if not
previously paid, in the manner provided in Section 5.02 on any date on which an
Event of Default shall have occurred and be continuing by the Indenture Trustee
or the Indenture Trustee acting at the direction of the Holders of Notes
representing not less than a majority of the Outstanding Amount of the
Controlling Class. All principal payments on each Class of Notes shall be made
pro rata to the Noteholders of each Class entitled thereto. Upon written notice
thereof, the Indenture Trustee shall notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the
Distribution Date on which the Issuer expects the final installment of principal
of and interest on such Note to be paid. Such notice 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.

              (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 on the next Distribution Date.

         Section 2.09. 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 that 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 2.10. BOOK-ENTRY NOTES. The Notes, upon original issuance, will
be issued in the form of typewritten Notes representing the Book-Entry Notes, to
be delivered to The Depository Trust Company, the initial Clearing Agency, by,
or on behalf of, the Issuer. The Book-Entry Notes shall be registered initially
on the Note Register in the name of Cede & Co., the nominee of the initial
Clearing Agency, and no Owner thereof will receive a Definitive Note
representing such Note Owner's interest in such Note, except as provided in
Section 2.12. Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to such Note Owners pursuant to Section
2.12:

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

                                       14
<PAGE>

              (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 or the Clearing Agency
Participants pursuant to the Note Depository Agreement. Unless and until
Definitive Notes are issued pursuant to Section 2.12, the initial 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 of the Notes (or any Class
thereof, including the Controlling Class), 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 or Clearing Agency Participants
owning or representing, respectively, such required percentage of the beneficial
interest in the Outstanding Amount of the Notes (or Class thereof, including the
Controlling Class) and has delivered such instructions to the Indenture Trustee.

         Section 2.11. 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 2.12, 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 2.12. DEFINITIVE NOTES. If (i) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes and the Administrator is unable to locate a qualified successor or (ii)
after the occurrence of an Event of Default or a Servicer Termination Event,
Owners of the Book-Entry Notes representing beneficial interests aggregating at
least a majority of the Outstanding Amount of such Notes advise the Clearing
Agency in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interests of such Note Owners, then the
Clearing Agency shall notify all Note Owners, the Administrator and the
Indenture Trustee of the occurrence of any such event and of the availability of
Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by
the Clearing Agency, accompanied by registration instructions, the Issuer shall
execute and the Indenture Trustee upon an Issuer Order shall authenticate the
Definitive Notes in accordance with the written instructions of the Clearing
Agency. None of the Issuer, the Note Registrar, the Administrator 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.

                                       15
<PAGE>

Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

         Section 2.13. TAX TREATMENT. The Issuer has entered into this
Indenture, and the Notes will be issued, with the intention that, for federal,
state and local income, single business and franchise tax purposes, the Notes
will qualify as indebtedness of the Issuer secured by the 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 federal, state and
local income and franchise tax purposes as indebtedness.

                                       16
<PAGE>

                                  ARTICLE III.

                                    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), on each Distribution Date, the Issuer
will cause to be distributed all amounts deposited pursuant to the Sale and
Servicing Agreement into the Note Interest Distribution Account and the
Principal Distribution Account (i) for the benefit of the Class [A-1] Notes, to
the Class [A-1] Noteholders, (ii) for the benefit of the Class [A-2] Notes, to
the Class [A-2] Noteholders, (iii) for the benefit of the Class [A-3] Notes, to
the Class [A-3] Noteholders, (iv) for the benefit of the Class [A-4] Notes, to
the Class [A-4] Noteholders and (v) for the benefit of the Class [B] Notes, to
the Class [B] Noteholders. 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. Such office will initially be located at [ADDRESS]. 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.

         Section 3.03. MONEY FOR PAYMENTS TO BE HELD IN TRUST. All payments of
amounts due and payable with respect to any Notes that are to be made from
amounts withdrawn from the Collection Account, the Note Interest Distribution
Account, the Principal Distribution Account and the Reserve Account 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, the Note
Interest Distribution Account, the Principal Distribution Account or the Reserve
Account for payments of Notes shall be paid over to the Issuer except as
provided in this Section.

         On or before the Business Day preceding each Distribution Date and
Redemption Date, the Issuer shall deposit or cause to be deposited in the Note
Interest Distribution Account and the Principal Distribution Account 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 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 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:

                                       17
<PAGE>

              (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 on 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 upon Issuer Request to the Issuer; 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 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 repaid to the Issuer. The Indenture
Trustee shall also adopt and employ, at the expense and 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 moneys 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).

                                       18
<PAGE>

         Section 3.04. EXISTENCE. The Issuer will keep in full effect its
existence, rights and franchises as a business 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 of America,
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 Trust Estate.

         Section 3.05. PROTECTION OF 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, and will take such other action necessary or advisable
to:

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

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

              (iii) enforce any of the Collateral; or

              (iv) preserve and defend title to the Trust Estate and the rights
of the Indenture Trustee and the Noteholders in such Trust Estate against the
claims of all persons and parties.

The Issuer hereby designates the Indenture Trustee, as its agent and
attorney-in-fact, to execute upon an Issuer Order any financing statement,
continuation statement or other instrument required to be executed pursuant to
this Section 3.05.

         Section 3.06. OPINIONS AS TO TRUST ESTATE.

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

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

                                       19
<PAGE>

interest. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto
and any other requisite documents and the execution and filing of any financing
statements and continuation statements that will, in the opinion of such
counsel, be required to maintain the lien and security interest of this
Indenture until [MONTH AND DAY] in the following calendar year.

         Section 3.07. PERFORMANCE OF OBLIGATIONS; SERVICING OF RECEIVABLES.

              (a) The Issuer will not take any action and will use its
reasonable 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 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 Sale and
Servicing Agreement or such other instrument or agreement.

              (b) The Issuer may contract with other Persons acceptable to the
Controlling Party and with notification to the Rating Agencies 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 punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Basic Documents and
in the instruments and agreements included in the Trust Estate, including but
not limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of this Indenture and
the Sale and Servicing Agreement in accordance with and within the time periods
provided for herein and therein. Except as otherwise expressly provided therein,
the Issuer shall not waive, amend, modify, supplement or terminate any Basic
Document or any provision thereof without the consent of either the Indenture
Trustee or the Holders of at least a majority of the Outstanding Amount of each
Class of Notes, voting separately.

              (d) If the Issuer shall have knowledge of the occurrence of a
Servicer Termination Event under the Sale and Servicing Agreement, the Issuer
shall promptly notify the Indenture Trustee and the Rating Agencies thereof, and
shall specify in such notice the action, if any, the Issuer is taking with
respect to such default.

              (e) [Reserved]

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

              (g) Without limitation of the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer hereby agrees (i) except to extent
otherwise provided in any Basic Documents, that it will not,

                                       20
<PAGE>

without the prior written consent of the Indenture Trustee acting at the
direction of the Holders of at least a majority in Outstanding Amount of the
Notes, amend, modify, waive, supplement, terminate or surrender, or agree to any
amendment, modification, supplement, termination, waiver or surrender of, the
terms of any Collateral or the Basic Documents, or waive timely performance or
observance by the Servicer or the Seller under the Sale and Servicing Agreement;
and (ii) that any such amendment shall not (A) increase or reduce in any manner
the amount of, or accelerate or delay the timing of, distributions that are
required to be made for the benefit of the Noteholders or (B) reduce the
aforesaid percentage of the Notes that is required to consent to any such
amendment, without the consent of the Holders of all Outstanding Notes. If the
Indenture Trustee acting at the direction of such Holders agrees to any such
amendment, modification, supplement or waiver, the Indenture Trustee agrees,
promptly following a request by the Issuer to do so, to execute and deliver, at
the Issuer's own expense, such agreements, instruments, consents and other
documents as the Issuer may deem necessary or appropriate in the circumstances.

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

              (i) except as expressly permitted by this Indenture [, the
Receivables Purchase Agreement] or the Sale and Servicing Agreement, sell,
transfer, exchange or otherwise dispose of any of the properties or assets of
the Issuer, including those included in the Trust Estate, unless directed to do
so by the Controlling Party;

              (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 assert any claim against any
present or former Noteholder by reason of the payment of the taxes levied or
assessed upon any part of the Trust Estate; or

              (iii) (A) permit the validity or effectiveness of this Indenture
to be impaired, or permit the lien of this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be
released from any covenants or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (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 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 of 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 Trust Estate.

         Section 3.09. ANNUAL STATEMENT AS TO COMPLIANCE. The Issuer will
deliver to the Indenture Trustee and the Rating Agencies, within 120 days after
the end of each fiscal year of the Issuer (commencing with the fiscal year
[YEAR]), 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

                                       21
<PAGE>

              (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.

         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 of America or any State and shall expressly assume, by
an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of and interest on all Notes and the performance or
observance of every agreement and covenant of this Indenture on the part of the
Issuer to be performed or observed, all as provided herein;

              (ii) immediately after giving effect to such 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 each stating that such
consolidation or merger and such supplemental indenture comply with this Article
III and that all conditions precedent herein provided for relating to such
transaction have been complied with (including any filing required by the
Exchange Act) in all material respects.

            (b) The Issuer shall not convey or transfer any of its properties
or assets, including those included in the Trust Estate, to any Person, unless:

              (i) the Person that acquires by conveyance or transfer the
properties and assets of the Issuer the conveyance or transfer of which is
hereby restricted (A) shall be a United States citizen or a Person organized and
existing under the laws of the United States of America or any State, (B)
expressly assumes, 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 on
the part of the Issuer to be performed or observed,

                                       22
<PAGE>

all as provided herein, (C) expressly agrees 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 agrees to
indemnify, defend and hold harmless the Issuer and the Indenture Trustee against
and from any loss, liability or expense arising under or related to this
Indenture and the Notes and (E) expressly agrees by means of such supplemental
indenture that such Person (or, if a group of Persons, 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 each stating that such
conveyance or transfer and such supplemental indenture comply with this Article
III and that all conditions precedent herein provided for relating to such
transaction have been complied with (including any filing required by the
Exchange Act) in all material respects.

         Section 3.11. SUCCESSOR OR TRANSFEREE.

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

              (b) Upon a conveyance or transfer of all the assets and properties
of the Issuer pursuant to Section 3.10(b), National City Auto Receivables Trust
200_-_ will be released from every covenant and agreement of this Indenture to
be observed by 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 National City Auto Receivables Trust 200_-_ 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 Basic Documents
and any activities incidental thereto. The Issuer shall not fund the purchase of
any receivables other than the Receivables.

                                       23
<PAGE>

              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 the Notes.

         Section 3.14. SERVICER'S OBLIGATIONS. The Issuer shall cause the
Servicer to comply with Sections 4.09, 4.10, 4.11 and Article VII of the Sale
and Servicing Agreement.

         Section 3.15. GUARANTEES, LOANS, ADVANCES AND OTHER LIABILITIES. Except
as contemplated by the Trust Agreement, the Sale and Servicing Agreement or this
Indenture, 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 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 unless the Rating
Agency Condition shall have been satisfied in connection with such removal and
the Indenture Trustee receives written notice of the foregoing and consents
thereto.

         Section 3.18. RESTRICTED PAYMENTS. Except with respect to the proceeds
from issuance of the Notes, 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 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, distributions as
contemplated by, and to the extent funds are available for such purpose under,
the Sale and Servicing Agreement, this Indenture or the Trust Agreement. The
Issuer will not, directly or indirectly, make payments to or distributions from
the Note Interest Distribution Account, the Principal Distribution Account, the
Collection Account or the Reserve Account except in accordance with this
Indenture and the Basic Documents.

         Section 3.19. NOTICE OF EVENTS OF DEFAULT. The Issuer shall give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event of
Default hereunder, and of 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.

                                       24
<PAGE>

                                  ARTICLE IV.

                           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, 3.11, 3.12, 3.13, 3.15, 3.16 and 3.18, (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 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

              (A) either:

                   (1) 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 2.06 and (ii) Notes for the payment of
which 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

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

                           a. have become due and payable,

                           b. will become due and payable at the Class [B] Final
                  Scheduled Distribution Date within one year or

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

         and the Issuer, in the case of a, b, or c above, has irrevocably
         deposited or caused to be irrevocably deposited with the Indenture
         Trustee cash or direct obligations of or obligations guaranteed by the
         United States of America (that 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 applicable Final Scheduled Distribution Date or
         Redemption Date (if Notes shall have been called for redemption
         pursuant to Section 10.01), as the case may be;

                                       25
<PAGE>

                  (B) the Issuer has paid or caused to be paid all other sums
                  payable hereunder by the Issuer including, but not limited to,
                  fees and expenses due to the Indenture Trustee; and

                  (C) 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.

         Section 4.02. APPLICATION OF TRUST MONEY. All moneys deposited with the
Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and
applied by it in accordance with the provisions of the Notes 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 moneys have been deposited with the Indenture Trustee,
of all sums due and to become due thereon for principal and interest; but such
moneys need not be segregated from other funds except to the extent required
herein, in the Sale and Servicing Agreement or by law.

         Section 4.03. REPAYMENT OF MONEYS HELD BY PAYING AGENT. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all moneys then held by any Paying Agent other than the Indenture Trustee under
the provisions of this Indenture with respect to such Notes shall, upon written
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 moneys.

         Section 4.04. RELEASE OF COLLATERAL. Subject to Section 11.01 and the
terms of the Basic Documents, the Indenture Trustee shall release property from
the lien of this Indenture only upon receipt by it 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.

                                       26
<PAGE>

                                   ARTICLE V.

                                    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 in the payment of any interest on any Note of the
Controlling Class when the same becomes due and payable, and such default shall
continue for a period of five days;

              (ii) default 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 of the Controlling Class, 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;

              (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 Trust Estate in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the
appointment of a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuer or for any substantial part of
the Trust Estate, or the ordering of 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 of or taking of possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuer or
for any substantial part of the Trust Estate, or the making by the Issuer of 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.

                                       27
<PAGE>

The Issuer shall promptly deliver to the Indenture Trustee written notice in the
form of an Officer's Certificate of any event that with the giving of notice and
the lapse of time would become an Event of Default under clause (iii), 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 shall occur and be continuing, then and in every such case
the Indenture Trustee may or the Indenture Trustee as directed in writing by the
Holders of Notes representing not less than a majority of the Outstanding Amount
of the Controlling Class shall declare all the Notes to be then 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 Outstanding Amount
of such Notes, together with accrued and unpaid interest thereon through the
date of acceleration, shall become immediately due and payable pursuant to the
last paragraph of Section 5.06 of the Sale and Servicing Agreement.

              (b) [Reserved].

              (c) If an Event of Default under this Indenture shall have
occurred and be continuing at any time when the Indenture Trustee is the
Controlling Party, the Indenture Trustee in its discretion may, or if so
requested in writing by Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Class, shall, declare by written notice to
the Issuer all of the Notes to be immediately due and payable, and upon any such
declaration, the Outstanding Amount of the Notes, together with accrued interest
thereon through the date of acceleration, shall become immediately due and
payable as provided in the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit
A-3, Exhibit A-4 and Exhibit B. Notwithstanding anything to the contrary in this
paragraph (c), if an Event of Default specified in clauses (iv) or (v) of
Section 5.01 shall have occurred and be continuing at any time when the
Indenture Trustee is the Controlling Party, the Notes shall become immediately
due and payable at par, together with accrued interest thereon.

              (d) 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 V
provided, the Holders of Notes representing a majority of the Outstanding Amount
of the Controlling Class, 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

                        B. all sums paid by the Indenture Trustee hereunder and
the reasonable compensation, expenses and disbursements of the Indenture Trustee
and its agents and counsel and the reasonable compensation, expenses and
disbursements of the Owner Trustee and its agents and counsel; and

                                       28
<PAGE>

                   (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; AUTHORITY OF THE CONTROLLING PARTY.

              (a) The Issuer covenants that if (i) a default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five Business Days or, (ii) default is
made in the payment of the principal of or any installment of the principal of
any Note when the same becomes due and payable, the Issuer will, upon demand of
the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes,
the entire amount then due and payable on such Notes in respect of 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 and disbursements 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 on such Notes and
collect in the manner provided by law out of the Trust Estate or the property of
any other obligor on such Notes, wherever situated, the moneys adjudged or
decreed to be payable.

              (c) If an Event of Default occurs, the Indenture Trustee may, as
more particularly provided in Section 5.04, in its discretion or shall at the
directions of the Holders of at least a majority of the Outstanding Amount of
the Notes proceed to protect and enforce its rights and the rights of the
Noteholders, by such appropriate Proceedings as the Indenture Trustee or the
Indenture Trustee at the direction of the Holders of at least a majority of the
Outstanding Amount of the Notes shall reasonably 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 on the Notes or any Person having or claiming an ownership
interest in the 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 Proceedings relative to
the Issuer or other obligor on the Notes, or to the creditors or property of the
Issuer or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any

                                       29
<PAGE>

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
reasonable out-of-pocket expenses and liabilities incurred, 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 or regulation, to
vote on behalf of the Holders of Notes in any election of a trustee, a standby
trustee or a Person performing similar functions in any such Proceedings;

                   (iii) to collect and receive any moneys 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 or 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 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
Proceedings relative thereto, and any such Proceedings instituted by the
Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes.

                                       30
<PAGE>

              (g) In any Proceedings brought by the Indenture Trustee (and also
any Proceedings involving the interpretation of any provision of this Indenture
to which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the 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 Section
5.05):

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

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

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

                   (iv) sell the 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 Trust Estate following an Event of Default, other than an Event of
Default described in Section 5.01(i) or (ii), unless, (I) with respect to any
Event of Default described in Section 5.01(iv) and (v), (A) the Holders of 100%
of the Outstanding Amount of the Controlling Class consent thereto, or (B) the
proceeds of such sale or liquidation distributable to the Noteholders are
sufficient to discharge in full all amounts then due and unpaid on such Notes in
respect of principal and interest, or (C) the Indenture Trustee determines that
the Trust Estate will not continue to provide sufficient funds for the payment
of principal of and interest on the Notes as they would have become due if the
Notes had not been declared due and payable, and the Indenture Trustee obtains
the consent of Holders of at least two thirds of the Outstanding Amount of the
Controlling Class or (II) with respect to an Event of Default described in
Section 5.01(iii), (A) the Noteholders of all Outstanding Notes and the
Certificateholders of all Outstanding Certificates consent thereto; or (B) the
proceeds of such sale or liquidation are sufficient to pay in full the principal
of and accrued interest on the Outstanding Notes and Outstanding Certificates.

         In determining such sufficiency or insufficiency with respect to clause
(B) and (C), the Indenture Trustee may, at the Issuer's expense and paid in the
priority set forth in Section 5.06(b) of the Sale and Servicing Agreement, but
need not, obtain and conclusively rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

                                       31
<PAGE>

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

                  FIRST:   to the Indenture Trustee for amounts due under
                  Section 6.07;

                  SECOND: to the Class [A] Noteholders for amounts due and
                  unpaid on the Notes in respect of interest  (including any
                  premium),  ratably, without preference or priority of any
                  kind, according to the amounts due and payable on the Class
                  [A] Notes in respect of interest (including any premium);

                  THIRD: to Holders of the Class [A-1] Notes for amounts due and
                  unpaid on the Class [A-1] Notes in respect of principal,
                  ratably, without preference or priority of any kind, according
                  to the amounts due and payable on the Class [A-1] Notes in
                  respect of principal, until the Outstanding Amount of the
                  Class [A-1] Notes is reduced to zero;

                  FOURTH: to Holders of the Class [A-2] Notes for amounts due
                  and unpaid on the Class [A-2] Notes in respect of principal,
                  ratably, without preference or priority of any kind, according
                  to the amounts due and payable on the Class [A-2] Notes in
                  respect of principal, until the Outstanding Amount of the
                  Class [A-2] Notes is reduced to zero;

                  FIFTH: to Holders of the Class [A-3] Notes for amounts due and
                  unpaid on the Class [A-3] Notes in respect of principal,
                  ratably, without preference or priority of any kind, according
                  to the amounts due and payable on the Class [A-3] Notes in
                  respect of principal, until the Outstanding Amount of the
                  Class [A-3] Notes is reduced to zero;

                  SIXTH: to Holders of the Class [A-4] Notes for amounts due and
                  unpaid on the Class [A-4] Notes in respect of principal,
                  ratably, without preference or priority of any kind, according
                  to the amounts due and payable on the Class [A-4] Notes in
                  respect of principal, until the Outstanding Amount of the
                  Class [A-4] Notes is reduced to zero;

                  SEVENTH: to the Class [B] Noteholders for amounts due and
                  unpaid on the Notes in respect of interest (including any
                  premium), ratably, without preference or priority of any kind,
                  according to the amounts due and payable on the Class [B]
                  Notes in respect of interest (including any premium);

                  EIGHTH: to Holders of the Class [B] Notes for amounts due and
                  unpaid on the Class [B] Notes in respect of principal,
                  ratably, without preference or priority of any kind, according
                  to the amounts due and payable on the Class [B] Notes in
                  respect of principal, until the Outstanding Amount of the
                  Class [B] Notes is reduced to zero; and

                  NINTH: as further provided pursuant to Sections 5.06(b)
                  through 5.06(e) of the Sale and Servicing Agreement.

                                       32
<PAGE>

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
Indenture Trustee is the Controlling Party and 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 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 Trust Estate. In
determining whether or not to maintain possession of the Trust Estate, the
Indenture Trustee may, at the expense of the Issuer and paid in the priority set
forth in Section 5.06(b) of the Sale and Servicing Agreement, but need not,
obtain and conclusively rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Trust Estate for such purpose.

         Section 5.06. 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 of the Controlling Class have made written request to the Indenture
Trustee to institute such Proceeding in respect of such Event of Default in its
own name as Indenture Trustee hereunder;

                   (iii) such Holder or Holders have offered to the Indenture
Trustee reasonable indemnity against the costs, expenses and liabilities that
may 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 of the Controlling Class.

It is understood and intended that no one or more Holders of Notes shall have
any right in any manner whatsoever 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
pursuant to this Section, each

                                       33
<PAGE>

representing less than a majority of the Outstanding Amount of the Controlling
Class, the Indenture Trustee shall act at the direction of the group
representing the greater percentage of the Outstanding Amount of Notes and if
there is no such group then in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture.

         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 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 V or by law
to the Indenture Trustee or to the Noteholders may be exercised from time to
time, and as often as may be deemed expedient, by the Indenture Trustee or the
Noteholders, as the case may be.

         Section 5.11. CONTROL BY CONTROLLING CLASS. If the Indenture Trustee is
the Controlling Party, the Holders of a majority of the Outstanding Amount of
the Controlling Class 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;

                                       34
<PAGE>

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

                   (iii) if the conditions set forth in Section 5.05 have been
satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant
to such Section, then any written direction to the Indenture Trustee by Holders
of Notes representing less than 100% of the Outstanding Amount of the
Controlling Class to sell or liquidate the 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 that it determines
might involve it in liability or might materially adversely affect the rights of
any Noteholders not consenting to such action.

         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 of the
Controlling Class may, waive any past Default or Event of Default and its
consequences except a Default (a) in payment of principal of or interest on any
of the Notes or (b) in respect of a covenant or provision hereof that 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 be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereto.

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

         Section 5.13. UNDERTAKING FOR COSTS. All parties to this Indenture
agree, and each Holder of a 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 (a) any suit instituted by the
Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes (or, in the case of a right or remedy under
this Indenture which is instituted by the Controlling Class, more than 10% of
the Controlling Class) or (c) 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).

                                       35
<PAGE>

         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 the Trust Estate
or upon any of the assets of the Issuer. Any money or property collected by the
Indenture Trustee shall be applied in accordance with Section 5.04(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 [or the Receivables Purchase Agreement, as applicable,] 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 [or
the Receivables Purchase Agreement] to the extent and in the manner directed by
the Indenture Trustee, including the transmission of notices of default on the
part of the 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 [or the Receivables Purchase Agreement]; provided, however, nothing
herein shall in any way impose on the Indenture Trustee the duty to monitor the
performance of the Seller or the Servicer of any of their liabilities, duties or
obligations under any Basic Document.

              (b) If an Event of Default has occurred, the Indenture Trustee
may, and at the direction (which direction shall be in writing) of the Holders
of not less than a majority of the Outstanding Amount of the Controlling Class
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 [and the Receivables Purchase Agreement] including the
right or power to take any action to compel or secure performance or observance
by the Seller or the Servicer, as the case may be, 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 the
Receivables Purchase Agreement, as the case may be,] and any right of the Issuer
to take such action shall be suspended.

                                       36

<PAGE>

                                  ARTICLE VI.

                              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.

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

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

               (ii) in the absence of bad faith or negligence 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 the face value of the
certificates, reports, resolutions, documents, orders, opinions or other
instruments furnished to the Indenture Trustee and conforming to the
requirements of this Indenture; provided, however, that the Indenture Trustee
shall not be responsible for the accuracy or content of any such resolution,
certificate, statement, opinion, report, document, order or other instrument;
however, the Indenture Trustee shall examine the certificates and opinions to
determine whether or not they conform to the requirements of this Indenture. If
any such instrument is found not to conform in any material respect to the
requirements of this Agreement, the Indenture Trustee shall notify the
Noteholders of such instrument in the event that the Indenture Trustee, after so
requesting, does not receive a satisfactorily corrected instrument.

         (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 paragraph (b) of
this Section;

               (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 the terms of this Indenture or any other
Basic Document.

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

         (e) The Indenture Trustee shall not be liable for indebtedness
evidenced by or arising under any of the Basic Documents, including principal of
or interest on the Notes, or

                                       37
<PAGE>

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 advance, 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) In no event shall the Indenture Trustee be required to perform, or
be responsible for the manner of performance of, any of the obligations of the
Servicer or any other party under the Sale and Servicing Agreement.

         (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, or (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 Trust
Fund.

     For purposes of this Section 6.01 and Section 8.03(c), the Indenture
Trustee, or a Responsible Officer thereof, shall be charged with actual
knowledge of any default or an Event of Default if a Responsible Officer
actually knows of such default or Event of Default or the Indenture Trustee
receives written notice of such default or Event of Default from the Issuer, the
Servicer or Noteholders owning Notes aggregating not less than 10% of the
Outstanding Amount of the Notes. Notwithstanding the foregoing, the Indenture
Trustee shall not be required to take notice and in the absence of such actual
notice and knowledge, the Indenture Trustee may conclusively assume that there
is no such default or Event of Default.

     Section 6.02. RIGHTS OF INDENTURE TRUSTEE.

         (a) The Indenture Trustee may conclusively rely on the face value of
any 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 or
matter stated in the document.

         (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel from the appropriate
party. 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 from the appropriate party. The right of the Indenture Trustee to
perform any discretionary act enumerated in this Indenture or in any Basic
Document shall not

                                       38
<PAGE>

be construed as a duty of the Indenture Trustee and the Indenture Trustee shall
not be answerable for other than its negligence or willful misconduct in the
performance of such discretionary act.

         (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 any such
agent, attorney or custodian appointed by the Indenture Trustee with due care.

         (d) The Indenture Trustee shall not be liable for any action it takes
or omits to take in good faith that 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, at the Issuer's expense and paid
in the priority set forth in Section 5.06(b) of the Sale and Servicing
Agreement, with counsel, and the written advice or opinion of counsel with
respect to legal matters relating to this Indenture and the Notes shall be full
and complete authorization and protection from liability in respect to any
action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel.

         (f) In the event that the Indenture Trustee is also acting as Paying
Agent, Note Registrar or collateral agent, the rights and protections afforded
to the Indenture Trustee pursuant to this Article 6 shall be afforded to such
Paying Agent, Note Registrar or collateral agent.

         (g) 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
reasonable security or indemnity against the costs, expenses and liabilities
which may be incurred therein or thereby.

         (h) 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 for other than its negligence or willful
misconduct in the performance of such act.

         (i) The Indenture Trustee shall not be required to give any bond or
surety in respect of the powers granted hereunder.

     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 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 the Indenture, any Basic

                                       39
<PAGE>

Document or in any document issued in connection with the sale of the Notes or
in the Notes other than the Indenture Trustee's certificate of authentication.

     Section 6.05. NOTICE OF DEFAULTS. If a Default occurs and is continuing and
if it is actually known to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder notice of the Default within 30
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 to
Noteholders 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 deliver to each Noteholder such information as may be required to
enable such holder to prepare its federal and state income tax returns.

     Section 6.07. COMPENSATION AND INDEMNITY. The Issuer shall cause the
Administrator to pay to the Indenture Trustee from time to time reasonable
compensation for its services. The Indenture Trustee's compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Issuer
shall cause the Administrator to reimburse the Indenture Trustee for all
reasonable out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses
shall include the reasonable out-of-pocket compensation and expenses,
disbursements and advances of the Indenture Trustee's agents, counsel,
accountants and experts. The Issuer shall cause the Administrator to indemnify
the Indenture Trustee against any and all loss, liability or expense (including
attorneys' fees and expenses) incurred by it in connection with the
administration of this trust and the performance of its duties hereunder or
under the Sale and Servicing Agreement or under any other Basic Document. 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 if no prejudice to the Issuer or the
Administrator shall have resulted from such failure. The Issuer shall, or shall
cause the Administrator to, defend any such claim, and the Indenture Trustee may
have separate counsel and the Issuer shall, or shall cause the Administrator to,
pay the fees and expenses of such counsel. Neither the Issuer nor the
Administrator need reimburse any expense or indemnify against any loss,
liability or expense incurred by the Indenture Trustee through the Indenture
Trustee's own willful misconduct, negligence or bad faith.

     The Issuer's payment obligations to the Indenture Trustee and the
Administrator's indemnities to the Indenture Trustee pursuant to this Section
shall survive the discharge of this Indenture or the earlier resignation or
removal of the Indenture Trustee. When the Indenture Trustee incurs expenses
after the occurrence of a Default specified in Section 5.01(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.

     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 6.08. The Indenture Trustee may
resign at any time by so notifying the Issuer and each

                                       40
<PAGE>

Rating Agency. The Holders of a majority in Outstanding Amount of the
Controlling Class may remove the Indenture Trustee by so notifying the Indenture
Trustee and may appoint a successor Indenture Trustee. The Issuer shall remove
the Indenture Trustee if:

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

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

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

               (iv) the Indenture Trustee otherwise becomes incapable of acting;
or

               (v) the Indenture Trustee breaches any representation, warranty
or covenant made by it under any Basic Document.

If the Indenture Trustee resigns or is removed or if a vacancy exists in the
office of Indenture Trustee for any reason (the Indenture Trustee in such event
being referred to herein as the retiring Indenture Trustee), the Issuer shall
promptly appoint 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 retiring Indenture Trustee
shall be paid all amounts owed to it upon its resignation or removal. The
successor Indenture Trustee shall mail a notice of its succession to
Noteholders. The retiring Indenture Trustee shall promptly transfer all property
held by it as Indenture Trustee to the successor Indenture Trustee. The retiring
Indenture Trustee shall not be liable for the acts or omissions of any 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 of the
Controlling Class 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.

     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 with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee; provided, that
such corporation or banking association shall be qualified and eligible under
Section 6.11. The Indenture Trustee shall provide the Rating Agencies notice of
any such transaction.

                                       41
<PAGE>

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

     Section 6.10. APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE INDENTURE
TRUSTEE.

         (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate may at the time be located, the Indenture
Trustee shall have the power and may execute and deliver all instruments to
appoint one or more Persons 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 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. 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 hereof.

         (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
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 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 VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property

                                       42
<PAGE>

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

         (d) Any separate 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 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 Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

     Section 6.11. ELIGIBILITY; DISQUALIFICATION. (a) 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 [RATING] by [RATING
AGENCY] and [RATING] by [RATING AGENCY]. The Indenture Trustee shall comply with
TIA ss. 310(b), including the optional provision permitted by the second
sentence of TIA ss. 310(b)(9); 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.

         (b) Within ninety (90) days after ascertaining the occurrence of an
Event of Default which shall not have been cured or waived, unless authorized by
the Commission, the Indenture Trustee shall resign with respect to the Class [A]
Notes and/or the Class [B] Notes in accordance with Section 6.08 of this
Indenture, and the Issuer shall appoint a successor Indenture Trustee for one or
both of such Classes, as applicable, so that there will be separate Indenture
Trustees for the Class [A] Notes and the Class [B] Notes. In the event the
Indenture Trustee fails to comply with the terms of the preceding sentence, the
Indenture Trustee shall comply with clauses (ii) and (iii) of TIA Section
310(b).

         (c) In the case of the appointment hereunder of a successor Indenture
Trustee with respect to any Class of Notes pursuant to this Section 6.11, the
Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with
respect to such Class of Notes shall execute and deliver an indenture
supplemental hereto wherein each successor Indenture Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, the successor Indenture
Trustee all the rights, powers, trusts and duties of the retiring Indenture
Trustee with respect to the Notes of the Class to which the appointment of such
successor Indenture Trustee relates, (ii) if the retiring Indenture Trustee is
not retiring with respect to all Classes of Notes, shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Indenture Trustee with respect to the
Notes of each Class as to which the retiring Indenture Trustee is not retiring
shall continue to be vested in the Indenture Trustee and (iii) shall add to or
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
Indenture Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Indenture

                                       43
<PAGE>

Trustees co-trustees of the same trust and that each such Indenture Trustee
shall be a trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Indenture Trustee; and
upon the removal of the retiring Indenture Trustee shall become effective to the
extent provided herein.

     Section 6.12. [RESERVED].

     Section 6.13. 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. 311(a) to the extent indicated.

     Section 6.14. WAIVER OF SETOFFS. The Indenture Trustee hereby expressly
waives any and all rights of setoff that the Indenture Trustee may otherwise at
any time have under applicable law with respect to any Trust Account and agrees
that amounts in the Trust Accounts shall at all times be held and applied solely
in accordance with the provisions hereof and of the other Basic Documents.

                                       44
<PAGE>

                                  ARTICLE VII.

                         NOTEHOLDERS' LISTS AND REPORTS

     Section 7.01. ISSUER TO FURNISH INDENTURE TRUSTEE NAMES AND ADDRESSES OF
NOTEHOLDERS. The Issuer will furnish or cause to be furnished to the Indenture
Trustee (a) not more than five days after the earlier of (i) each Record Date
and (ii) 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 (b) 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 10 days prior to the time such list is furnished; provided, however,
that so long as the Indenture Trustee is the Note Registrar, no such list shall
be required to be furnished.

     Section 7.02. PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS.

         (a) The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.01 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. The Indenture Trustee shall make such list available
to the Owner Trustee on written request, and to the Noteholders upon written
request of three or more Noteholders or one or more Noteholders evidencing not
less than 25% of the Outstanding Amount of the Notes. Upon receipt by the
Indenture Trustee of any request by a Noteholder to receive a copy of the
current list of Noteholders, the Indenture Trustee shall promptly notify the
Administrator thereof by providing to the Administrator a copy of such request
and a copy of the list of Noteholders in response thereto.

         (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 TIAss. 312(c).

     Section 7.03. REPORTS BY ISSUER.

         (a) The Issuer shall:

               (i) file with the Indenture Trustee, within 15 days after the
Issuer is required (if at all) to file the same with the Commission, copies of
the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time
to time by rules and regulations prescribe) 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

                                       45
<PAGE>

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 December 31 of each year.

     Section 7.04. REPORTS BY INDENTURE TRUSTEE. If required by TIA ss. 313(a),
within 60 days after each [MONTH AND DAY] beginning with [DAY], 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 if and when the Notes are listed on any stock exchange.

                                       46
<PAGE>

                                 ARTICLE VIII.

                      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 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 V.

     Section 8.02. TRUST ACCOUNTS.

         (a) On or prior to the Closing Date, the Issuer shall cause the
Servicer to establish and maintain, in the name of the Indenture Trustee, for
the benefit of the Noteholders and, in the case of the Collection Account and
the Reserve Account, the Certificateholders, the Trust Accounts as provided in
Section 5.01 of the Sale and Servicing Agreement.

         (b) On the day required by Section 5.02 of the Sale and Servicing
Agreement, the Total Distribution Amount (net of the Servicing Fee for such
Distribution Date and any previously unpaid Servicing Fees and any other
distributable amounts that are to be allocated for distribution or release to
the Seller) with respect to the preceding Collection Period will be deposited in
the Collection Account as provided in Section 5.02 of the Sale and Servicing
Agreement. On or before each Distribution Date, all amounts required to be
deposited in the Note Interest Distribution Account and the Principal
Distribution Account with respect to the related Collection Period pursuant to
Section 5.06 of the Sale and Servicing Agreement will be transferred from the
Collection Account to the Note Interest Distribution Account or the Principal
Distribution Account, as applicable.

         (c) On each Distribution Date and Redemption Date, the Indenture
Trustee shall distribute all amounts on deposit in the Note Interest
Distribution Account and the Principal Distribution Account to the Noteholders
in respect of the Notes to the extent of amounts due and unpaid on the Notes for
principal and interest, respectively (including any premium) in the following
amounts and in the following order of priority (except as otherwise provided in
Section 5.04(b)):

               (i) from the Note Interest Distribution Account, accrued and
unpaid interest on the Class [A] Notes; provided, that if there are not
sufficient funds allocated in the Collection Account for distribution to the
Class [A] Noteholders to pay the entire amount of accrued and unpaid interest
then due on the Class [A] Notes, the amount on deposit in the Note Interest
Distribution Account shall be applied to the payment of such interest on the
Class [A] Notes pro rata on the basis of the total such interest due on the
Class [A] Notes; and

                                       47
<PAGE>

               (ii) from the Principal Distribution Account, the First
Allocation of Principal, if any, in the following order of priority:

                    (1) to the Holders of the Class [A-1] Notes on account of
principal until the Outstanding Amount of the Class [A-1] Notes is reduced to
zero;

                    (2) to the Holders of the Class [A-2] Notes on account of
principal until the Outstanding Amount of the Class [A-2] Notes is reduced to
zero;

                    (3) to the Holders of the Class [A-3] Notes on account of
principal until the Outstanding Amount of the Class [A-3] Notes is reduced to
zero; and

                    (4) to the Holders of the Class [A-4] Notes on account of
principal until the Outstanding Amount of the Class [A-4] Notes is reduced to
zero;

               (iii) from the Note Interest Distribution Account, accrued and
unpaid interest on the Class [B] Notes; provided, that if there are not
sufficient funds allocated in the Collection Account for distribution to the
Class [B] Noteholders to pay the entire amount of accrued and unpaid interest
then due on the Class [B] Notes, the amount on deposit in the Note Interest
Distribution Account shall be applied to the payment of such interest on the
Class [B] Notes pro rata on the basis of the total such interest due on the
Class [B] Notes; and

               (iv) from the Principal Distribution Account, the Second
Allocation of Principal, if any, to the Holders of the Class [B] Notes on
account of principal until the Outstanding Amount of the Class [B] Notes is
reduced to zero.

         After making the distributions from the Collection Account to the Note
Interest Distribution Account and the Principal Distribution Account and subject
to Section 8.04, the Indenture Trustee shall make the distributions from the
Collection Account and the Principal Distribution Account, as applicable, if
any, to the Certificateholders, the Indenture Trustee, the Owner Trustee and
National City Bank called for pursuant to Sections 5.06(b)(iv), (v), (ix) and
(x) of the Sale and Servicing Agreement; provided that if the Owner Trustee has
removed the Indenture Trustee as the paying agent for the Issuer, the Indenture
Trustee shall distribute such amounts to the paying agent for the Issuer as
instructed by the Owner Trustee.

Notwithstanding any other provision of this Article VIII, and subject to Section
5.04(b), (A) following the occurrence and during the continuation of an Event of
Default specified in Section 5.01(i), 5.01(ii), 5.01(iv) or 5.01(v) which has
resulted in an acceleration of the Notes (or following the occurrence of any
such event after an Event of Default specified in Section 5.01(iii) has occurred
and the Notes have been accelerated), the Servicer shall instruct the Indenture
Trustee to transfer the funds on deposit in the Collection Account remaining
after the application of clause (i) above to the Principal Distribution Account
to the extent necessary to reduce the principal amount of all the Class [A]
Notes to zero, (B) following the occurrence and during the continuation of an
Event of Default specified in Section 5.01(iii), which has resulted in an
acceleration of the Notes, the Servicer shall instruct the Indenture Trustee to
transfer the funds on deposit in the Collection Account remaining after the
application of clauses (i), (ii) and (iii) above to the Principal Distribution
Account to the extent necessary to reduce the principal amount of all the Notes
to zero, and (C) in the case of an event described in clause (A) or (B), the

                                       48
<PAGE>

Certificateholders will not receive any distributions of principal or interest
until the principal amount and accrued interest on all the Notes has been paid
in full.

     Section 8.03. GENERAL PROVISIONS REGARDING ACCOUNTS. The Indenture Trustee
shall not in any way be held liable by reason of any insufficiency in any of the
Trust Accounts resulting from any loss on any Eligible Investment included
therein except for losses attributable to the Indenture Trustee's failure to
make payments on such Eligible Investments issued by the Indenture Trustee, in
its commercial capacity as principal obligor and not as trustee, in accordance
with their terms.

     Section 8.04. RELEASE OF 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 VIII shall be bound to ascertain the Indenture
Trustee's authority, inquire into the satisfaction of any conditions precedent
or see to the application of any moneys.

         (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 in full, release any remaining portion of the 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 Trust
Accounts. The Indenture Trustee shall release property from the lien of this
Indenture pursuant to this Section 8.04(b) only upon receipt by it 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.

         (c) The Issuer agrees, upon request by the Servicer and representation
by the Servicer that it has complied with the procedure in Section 9.01 of the
Sale and Servicing Agreement, to render the Issuer Request to the Indenture
Trustee in accordance with Section 4.04, and take such other actions as are
required in that Section.

     Section 8.05. OPINION OF COUNSEL. The Indenture Trustee shall receive at
least seven days prior written notice when requested by the Issuer to take any
action pursuant to Section 8.04(b), 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 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.

                                       49
<PAGE>

                                  ARTICLE IX.

                             SUPPLEMENTAL INDENTURES

     Section 9.01. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.

         (a) Without the consent of the Holders of any Notes but with prior
written notice to the Rating Agencies (with copy to the Indenture Trustee), 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 supplemental indentures
hereto (which shall conform to the provisions of the Trust Indenture Act 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 to the lien of this
Indenture additional property;

               (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 Holders of the 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 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 VI; 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.

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.

                                       50
<PAGE>

         (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 the Rating Agencies, 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; provided further, that such action shall not be deemed to
adversely affect in any material respect the interests of any Noteholder and no
Opinion of Counsel to that effect shall be required if the person requesting
such amendment obtains a letter from the Rating Agencies stating that the
amendment would not result in the downgrading or withdrawal of the ratings then
assigned to the Notes.

     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 the Rating Agencies and with the consent of the Holders of
not less than a majority of the Outstanding Amount of the Notes, 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 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 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 V, 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 of the Notes
or of the Controlling Class, 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 (x) the provisions of the proviso to the
definition of the term "Outstanding" or (y) the definition of "Controlling
Class";

               (iv) reduce the percentage of the Outstanding Amount of the Notes
or of the Controlling Class required to direct the Indenture Trustee to direct
the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04;

               (v) modify any provision of this Section except to increase any
percentage specified herein or to provide that certain additional provisions of
this Indenture or the Basic

                                       51
<PAGE>

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 Distribution Date (including the calculation of
any of the individual components of such calculation) or to 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 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 Indenture Trustee may in its discretion or at the advice of counsel
determine whether or not any Notes would be affected by any supplemental
indenture and any such determination shall be conclusive upon the Holders of all
Notes, whether theretofore or thereafter authenticated and delivered hereunder.
The Indenture Trustee shall not be liable for any such determination made in
good faith.

     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 IX 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. The Administrator shall provide a fully executed copy of
any supplemental indentures to this Indenture to each Rating Agency.

     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 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

                                       52
<PAGE>

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

     Section 9.06. CONFORMITY WITH TRUST INDENTURE ACT. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect
so long as this Indenture shall then be qualified under the Trust Indenture Act.

                                       53
<PAGE>

                                   ARTICLE X.

                               REDEMPTION OF NOTES

     Section 10.01. REDEMPTION. The Class [A] Notes and the Class [B] Notes are
subject to redemption in whole, but not in part, at the direction of the
Servicer pursuant to Section 9.01 of the Sale and Servicing Agreement, on any
Distribution Date on which the Servicer exercises its option to purchase the
Trust Estate pursuant to said Section 9.01, 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 the Rating
Agencies and the Indenture Trustee notice of such redemption. If the Class [A]
Notes and the Class [B] Notes are to be redeemed pursuant to this Section 10.01,
the Servicer shall furnish notice of such election to the Indenture Trustee not
later than 20 days prior to the Redemption Date and shall deposit the Business
Day prior to the Redemption Date with the Indenture Trustee in the Note Interest
Distribution Account and the Principal Distribution Account, as applicable, the
Redemption Price of the Class [A] Notes and the Class [B] Notes to be redeemed,
whereupon all such Class [A] Notes and Class [B] 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 Class [A] Notes and the Class [B] 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 10 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 state:

               (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 interest on the Notes shall cease to accrue on 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 (in the case of redemption pursuant to Section 10.01), 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.

                                       54

<PAGE>
                                   ARTICLE XI.

                                  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 and (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;

                      (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

                                       55
<PAGE>

certificates delivered pursuant to clause (i) above and this clause (ii), is 10%
or more of the Outstanding Amount of the Notes, but such a certificate need not
be furnished with respect to any securities so deposited, if the fair value
thereof to the Issuer as set forth in the related Officer's Certificate is less
than $25,000 or less than one percent of the Outstanding Amount of the Notes.

                      (iii) 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) Other than with respect to the release of any
Purchased Receivable, 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 as contemplated by clause (v) below, or securities released from
the lien of this Indenture since the commencement of the then-current calendar
year, as set forth in the certificates required by clause (iii) above and this
clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such
certificate need not be furnished in the case of any release of property or
securities if the fair value thereof as set forth in the related Officer's
Certificate is less than $25,000 or less than one percent of the then
Outstanding Amount of the Notes.

                      (v) Notwithstanding Section 4.04 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 Trust
Accounts as and to the extent permitted or required by 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,

                                       56
<PAGE>

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

         Section 11.03. 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:

                                       57
<PAGE>

                  (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 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 to the Issuer addressed to: National City Auto
Receivables Trust 200_-_, in care of [OWNER TRUSTEE], as Owner Trustee,
[ADDRESS], Attention: [___], 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 the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally delivered
or mailed by certified mail, return receipt requested, to (i) in the case of
[RATING AGENCY], at the following address: [ADDRESS] and (ii) in the case of
[RATING AGENCY], at the following address: [ADDRESS]; or as to each of the
foregoing, 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 the Rating Agencies,
failure to give such notice shall not affect any other rights or obligations
created hereunder, and shall not under any circumstance constitute 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

                                       58
<PAGE>

provided for in this Indenture for such payments or notices. The Issuer will
furnish to the 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. The Indenture Trustee shall provide a copy of any request
made pursuant to this Section 11.06 to the Owner Trustee.

         Section 11.07. 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 11.08. 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 11.09. SEPARABILITY. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

         Section 11.10. 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 Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

         Section 11.11. 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 Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

         Section 11.12. 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.

         Section 11.13. 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 11.14. 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 the expense of the Servicer 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.

                                       59
<PAGE>

          Section 11.15. 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, including the Seller, 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). 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 Article VI, VII and VIII of the Trust Agreement.

         Section 11.16. 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 the
Depositor, or join in any institution against the Issuer or 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
Notes, this Indenture or any of the Basic Documents.

         Section 11.17. 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; PROVIDED, HOWEVER,
that the Indenture Trustee may only cause the books of the Issuer to be audited
on an annual basis, unless there occurs an Event of Default hereunder. The
Indenture Trustee shall, and shall cause its representatives to, hold in
confidence all such information except to the extent such information is
publicly available or such disclosure may be required by law (and all reasonable
applications for confidential treatment are unavailing) and except to the extent
that the Indenture Trustee may reasonably determine with the advice of counsel
and after consultation with the Issuer that such disclosure is consistent with
its obligations hereunder.

         Section 11.18. 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 secs. 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.

                                       60
<PAGE>

         Section 11.19. LIMITATION OF LIABILITY. It is expressly understood and
agreed by the parties hereto that (a) this Indenture is executed and delivered
by [OWNER TRUSTEE], not individually or personally but solely as Owner Trustee
of National City Auto Receivables Trust 200_-_, in the exercise of the powers
and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and
intended not as personal representations, undertakings and agreements by [OWNER
TRUSTEE] but is made and intended for the purpose for binding only the Issuer,
(c) nothing herein contained shall be construed as creating any liability on
[OWNER TRUSTEE], individually or personally, to perform any covenant either
expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through or
under the parties hereto and (d) under no circumstances shall [OWNER TRUSTEE] be
personally liable for the payment of any indebtedness or expenses of the Issuer
or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Issuer under this Indenture or
any other related documents.

                           *   *   *   *   *

                                       61
<PAGE>

         IN WITNESS WHEREOF, the Issuer and the Indenture Trustee 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.

                               National City Auto Receivables Trust 200_-_,

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

                                      by:
                                         ---------------------------------------
                                         Name:
                                         Title:

                               [INDENTURE TRUSTEE], not in its individual
                               capacity but solely as Indenture Trustee,

                               by:
                                  ---------------------------------------------
                                  Name:
                                  Title:

                                       62
<PAGE>

STATE OF NEW YORK       }
                        }  ss.:
COUNTY OF NEW YORK      }

         BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared _________________, a
_________________ of [OWNER TRUSTEE], not in its individual capacity but solely
as Owner Trustee of National City Auto Receivables Trust 200_-_, a Delaware
Business Trust (the "Trust") known to me to be the person and officer whose name
is subscribed to the foregoing instrument and acknowledged to me that the same
was the act of the said Trust, and that s/he executed the same as the act of
said business trust for the purpose and consideration therein expressed, and in
the capacities therein stated.

         GIVEN UNDER MY HAND AND SEAL OF OFFICE, this _____ day of [MONTH,
YEAR].

                                -----------------------------------------------
                                Notary Public in and for the State of New York.

My commission expires:

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

                                       63
<PAGE>

STATE OF NEW YORK       }
                        }  ss.:
COUNTY OF NEW YORK      }

         BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared _________________, known to me
to be the person and officer whose name is subscribed to the foregoing
instrument and acknowledged to me that the same was the act of [INDENTURE
TRUSTEE], a [________], and that s/he executed the same as the act of said
corporation for the purpose and consideration therein stated.

GIVEN UNDER MY HAND AND SEAL OF OFFICE, this _____ day of [MONTH, YEAR].

                                -----------------------------------------------
                                Notary Public in and for the State of New York.

My commission expires:

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

                                       64
<PAGE>

                                                                      SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                      [On file with the Indenture Trustee]

                                       65
<PAGE>

                                                                     EXHIBIT A-1

                           [FORM OF CLASS [A-1] NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, 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 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.

         THIS NOTE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN INTEREST
IN THE NATIONAL CITY BANK OR ANY OF ITS AFFILIATES.

         THIS NOTE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY GOVERNMENTAL AGENCY.

                                       66
<PAGE>

REGISTERED        $           (1)
                   -----------

No. R-_____                                                 CUSIP NO. _________

                   NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                      [___]% ASSET BACKED NOTE, CLASS [A-1]

         NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_, a business trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to ___________________, or
registered assigns, the principal sum of __________ DOLLARS, payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $ [INSERT INITIAL PRINCIPAL AMOUNT OF NOTE]
and the denominator of which is $________ by (ii) the aggregate amount, if any,
payable from the Principal Distribution Account in respect of principal on the
Class [A-1] Notes pursuant to Section 3.01 of the Indenture dated as of [DATE]
(the "Indenture"), between the Issuer and [INDENTURE TRUSTEE], a [______], as
Indenture Trustee (the "Indenture Trustee"); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of
[DATE] (the "Class [A-1] Final Scheduled Distribution Date") and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. Capitalized terms used
but not defined herein are defined in the Indenture, which also contains rules
as to construction that shall be applicable herein.

         The Issuer will pay interest on this Note at the rate per annum set
forth above, on each Distribution 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 Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain
limitations contained in Section 3.01 of the Indenture. Interest on this Note
will accrue for each Distribution Date from and including the prior Distribution
Date (or, in the case of the first Distribution Date, from the Closing Date) to
but excluding such Distribution Date. Interest will be computed on the basis of
the actual number of days in the related Interest Accrual Period and a 360-day
year. 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.

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

                                       67
<PAGE>

         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.

                                       68
<PAGE>

         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:                               NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                                            By:  [OWNER TRUSTEE], not in its
                                                 individual capacity but solely
                                                 as Owner Trustee under the
                                                 Trust Agreement,

                                                 By:
                                                    ---------------------------
                                                        Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                               [INDENTURE TRUSTEE], not in its individual
                                    capacity but solely as Indenture Trustee,

                                    By:
                                       ----------------------------------------
                                              Authorized Signatory

                                       69
<PAGE>

                           REVERSE OF CLASS [A-1] NOTE

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [___]% Asset Backed Notes, Class [A-1] (herein called the
"Class [A-1] 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 Class [A-1] Notes are subject to all
terms of the Indenture.

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

         Principal of the Class [A-1] Notes will be payable on each Distribution
Date in an amount described on the face hereof. "Distribution Date" means the
[15th] day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing [DATE].

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class [A-1] Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the Outstanding
Amount of the Class [A] Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class [A-1] Notes shall be made pro rata to the Class [A-1]
Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, 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 each Record Date,
except that 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.),
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) effected by any payments made on any
Distribution 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 then
remaining unpaid principal amount of this Note on a Distribution 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
Distribution Date by notice mailed or transmitted by facsimile prior to such
Distribution Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture

                                       70
<PAGE>

Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [A-1] Rate to the extent lawful.

         As provided in Section 10.01 of the Indenture, the Class [A] Notes and
the Class [B] Notes may be redeemed in whole, but not in part, at the option of
the Servicer on any Distribution Date on or after the date on which the Pool
Balance is less than or equal to [___]% of the Initial Pool Balance.

         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 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 subject to certain exceptions set forth in the
Indenture.

         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 Seller, the Servicer, the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Seller, the Servicer,
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, 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 Issuer, or join in any institution against
the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings under any United States federal or state bankruptcy or

                                       71
<PAGE>

similar law in connection with any obligations relating to the Notes, the
Indenture or the other Basic Documents.

         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 of the Issuer
secured by the 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.

         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 Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or of the Class [A]
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 term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         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.

                                       72
<PAGE>

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [OWNER TRUSTEE] in its individual
capacity, [INDENTURE TRUSTEE] in its individual capacity, any owner of a
beneficial interest in the Issuer, the Seller, the Servicer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                       73
<PAGE>

                                   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 whatsoever. 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.

                                       74
<PAGE>

                                                                     EXHIBIT A-2

                           [FORM OF CLASS [A-2] NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, 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 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.

         THIS NOTE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN INTEREST
IN THE NATIONAL CITY BANK OR ANY OF ITS AFFILIATES.

         THIS NOTE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY GOVERNMENTAL AGENCY.

                                       75
<PAGE>

REGISTERED        $_____________(2)

No. R-________                                              CUSIP NO. _________

                   NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                      [___]% ASSET BACKED NOTE, CLASS [A-2]

         NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_, a business trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to ____________________,
or registered assigns, the principal sum of __________ DOLLARS, payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $ [INSERT INITIAL PRINCIPAL AMOUNT OF NOTE]
and the denominator of which is $_____ by (ii) the aggregate amount, if any,
payable from the Principal Distribution Account in respect of principal on the
Class [A-2] Notes pursuant to Section 3.01 of the Indenture dated as of [DATE]
(the "Indenture"), between the Issuer and [INDENTURE TRUSTEE], a [______], as
Indenture Trustee (the "Indenture Trustee"); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of
[DATE] (the "Class [A-2] Final Scheduled Distribution Date") and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. No payments of
principal of the Class [A-2] Notes shall be made until the Class [A-1] Notes
have been paid in full. Capitalized terms used but not defined herein are
defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.

         The Issuer will pay interest on this Note at the rate per annum set
forth above, on each Distribution 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 Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain
limitations contained in the last sentence of Section 3.01 of the Indenture.
Interest on this Note will accrue for each Distribution Date from and including
the [15th] day of the preceding calendar month (or, in the case of the first
Distribution Date, from the Closing Date) to and including the [14th] day of the
calendar month in which such Distribution Date occurs. Interest will be computed
on the basis of [a 360-day year of twelve 30-day months]. Such principal of and
interest on this Note shall be paid in the manner specified 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.

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

                                       76
<PAGE>

         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.

                                       77
<PAGE>

         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:                               NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                                    By:      [OWNER TRUSTEE], not in its
                                             individual capacity but solely
                                             as Owner Trustee under the Trust
                                             Agreement,

                                             By:
                                                --------------------------------
                                                    Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                               [INDENTURE TRUSTEE], not in its
                                    individual capacity but
                                    solely as Indenture Trustee,

                                    By:
                                       ------------------------------------
                                              Authorized Signatory

                                       78
<PAGE>

                           REVERSE OF CLASS [A-2] NOTE

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [___]% Asset Backed Notes, Class [A-2] (herein called the
"Class [A-2] 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 Class [A-2] Notes are subject to all
terms of the Indenture.

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

         Principal of the Class [A-2] Notes will be payable on each Distribution
Date in an amount described on the face hereof only after the Class [A-1] Notes
are paid in full and have no Principal Balance. "Distribution Date" means the
[15th] day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing [DATE].

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class [A-2] Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the Outstanding
Amount of the Class [A] Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class [A-2] Notes shall be made pro rata to the Class [A-2]
Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, 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 each Record Date,
except that 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.),
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) effected by any payments made on any
Distribution 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 then
remaining unpaid principal amount of this Note on a Distribution 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
Distribution Date by notice mailed or transmitted by facsimile prior to such
Distribution Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture

                                       79
<PAGE>

Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [A-2] Rate to the extent lawful.

         As provided in Section 10.01 of the Indenture, the Class [A] Notes and
the Class [B] Notes may be redeemed in whole, but not in part, at the option of
the Servicer on any Distribution Date on or after the date on which the Pool
Balance is less than or equal to [___]% of the Initial Pool Balance.

         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 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 subject to certain exceptions set forth in the
Indenture.

         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 Seller, the Servicer, the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Seller, the Servicer,
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Issuer, the Seller, the Servicer, 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 Issuer, or join in any institution against
the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings under any United States federal or state bankruptcy or

                                       80
<PAGE>

similar law in connection with any obligations relating to the Notes, the
Indenture or the other Basic Documents.

         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 of the Issuer
secured by the 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.

         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 Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or of the Class [A]
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 term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         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.

                                       81
<PAGE>

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [OWNER TRUSTEE] in its individual
capacity, [INDENTURE TRUSTEE] in its individual capacity, any owner of a
beneficial interest in the Issuer, the Seller, the Servicer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                       82
<PAGE>

                                   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 whatsoever. 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.

                                       83
<PAGE>

                                                                     EXHIBIT A-3

                           [FORM OF CLASS [A-3] NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, 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 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.

         THIS NOTE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN INTEREST
IN THE NATIONAL CITY BANK OR ANY OF ITS AFFILIATES.

         THIS NOTE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY GOVERNMENTAL AGENCY.

                                       84
<PAGE>

REGISTERED        $_____________(3)

No. R-________                                              CUSIP NO. _________

                   NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                      [___]% ASSET BACKED NOTE, CLASS [A-3]

         NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_, a business trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to ____________________,
or registered assigns, the principal sum of __________ DOLLARS, payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $ [INSERT INITIAL PRINCIPAL AMOUNT OF NOTE]
and the denominator of which is $_____ by (ii) the aggregate amount, if any,
payable from the Principal Distribution Account in respect of principal on the
Class [A-3] Notes pursuant to Section 3.01 of the Indenture dated as of [DATE]
(the "Indenture"), between the Issuer and [INDENTURE TRUSTEE], a [_______], as
Indenture Trustee (the "Indenture Trustee"); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of
[DATE] (the "Class [A-3] Final Scheduled Distribution Date") and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. No payments of
principal of the Class [A-3] Notes shall be made until the Class [A-1] Notes and
the Class [A-2] Notes have been paid in full. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to
construction that shall be applicable herein.

         The Issuer will pay interest on this Note at the rate per annum set
forth above, on each Distribution 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 Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain
limitations contained in Section 3.01 of the Indenture. Interest on this Note
will accrue for each Distribution Date from and including the [15th]day of the
preceding calendar month (or, in the case of the first Distribution Date, from
the Closing Date) to and including the [14th]day of the calendar month in which
such Distribution Date occurs. Interest will be computed on the basis of [a
360-day year of twelve 30-day months]. Such principal of and interest on this
Note shall be paid in the manner specified 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.

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

                                       85
<PAGE>

         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.

                                       86
<PAGE>

         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:                             NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                                            By:    [OWNER TRUSTEE], not in its
                                                   individual capacity but
                                                   solely as Owner Trustee under
                                                   the Trust Agreement,

                                               By:
                                                  ------------------------------
                                                       Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                             [INDENTURE TRUSTEE], not in its individual
                                  capacity but solely as Indenture Trustee,

                                            By:
                                                -------------------------------
                                                        Authorized Signatory

                                       87
<PAGE>

                           REVERSE OF CLASS [A-3] NOTE

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [___]% Asset Backed Notes, Class [A-3] (herein called the
"Class [A-3] 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 Class [A-3] Notes are subject to all
terms of the Indenture.

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

         Principal of the Class [A-3] Notes will be payable on each Distribution
Date in an amount described on the face hereof only after the Class [A-1] Notes
and the Class [A-2] Notes are paid in full and have no Principal Balance.
"Distribution Date" means the [15th] day of each month, or, if any such date is
not a Business Day, the next succeeding Business Day, commencing [DATE].

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class [A-3] Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the Outstanding
Amount of the Class [A] Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class [A-3] Notes shall be made pro rata to the Class [A-3]
Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, 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 each Record Date,
except that 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.),
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) effected by any payments made on any
Distribution 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 then
remaining unpaid principal amount of this Note on a Distribution 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
Distribution Date by notice mailed or transmitted by facsimile prior to such
Distribution Date, and the amount then due and

                                       88
<PAGE>

payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee's principal Corporate Trust Office or at the office of the
Indenture Trustee's agent appointed for such purposes located in The City of New
York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [A-3] Rate to the extent lawful.

         As provided in Section 10.01 of the Indenture, the Class [A] Notes and
the Class [B] Notes may be redeemed in whole, but not in part, at the option of
the Servicer on any Distribution Date on or after the date on which the Pool
Balance is less than or equal to [___]% of the Initial Pool Balance.

         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 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 subject to certain exceptions set forth in the
Indenture.

         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 Seller, the Servicer, the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Seller, the Servicer,
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Issuer, the Seller, the Servicer, 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 Issuer, or join in any institution against
the Issuer of, any bankruptcy, reorganization, arrangement,

                                       89
<PAGE>

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.

         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 of the Issuer
secured by the 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.

         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 Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or of the Class [A]
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 term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         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.

                                       90
<PAGE>

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [OWNER TRUSTEE] in its individual
capacity, [INDENTURE TRUSTEE] in its individual capacity, any owner of a
beneficial interest in the Issuer, the Seller, the Servicer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                       91
<PAGE>

                                   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 whatsoever. 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.

                                       92
<PAGE>

                                                                     EXHIBIT A-4

                           [FORM OF CLASS [A-4] NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, 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 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.

         THIS NOTE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN INTEREST
IN THE NATIONAL CITY BANK OR ANY OF ITS AFFILIATES.

         THIS NOTE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY GOVERNMENTAL AGENCY.

                                       93
<PAGE>

REGISTERED        $_____________(4)

No. R-________                                              CUSIP NO. _________

                   NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                      [___]% ASSET BACKED NOTE, CLASS [A-4]

         NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_, a business trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to ____________________,
or registered assigns, the principal sum of __________ DOLLARS, payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $ [INSERT INITIAL PRINCIPAL AMOUNT OF NOTE]
and the denominator of which is $_____ by (ii) the aggregate amount, if any,
payable from the Principal Distribution Account in respect of principal on the
Class [A-4] Notes pursuant to Section 3.01 of the Indenture dated as of [DATE]
(the "Indenture"), between the Issuer and [INDENTURE TRUSTEE], a [_______], as
Indenture Trustee (the "Indenture Trustee"); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of
[DATE] (the "Class [A-4] Final Scheduled Distribution Date") and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. No payments of
principal of the Class [A-4] Notes shall be made until the Class [A-1] Notes,
the Class [A-2] Notes and the Class [A-3] Notes have been paid in full.
Capitalized terms used but not defined herein are defined in the Indenture,
which also contains rules as to construction that shall be applicable herein.

         The Issuer will pay interest on this Note at the rate per annum set
forth above, on each Distribution 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 Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain
limitations contained in Section 3.01 of the Indenture. Interest on this Note
will accrue for each Distribution Date from and including the [15th] day of the
preceding calendar month (or, in the case of the first Distribution Date, from
the Closing Date) to and including the [14th] day of the calendar month in which
such Distribution Date occurs. Interest will be computed on the basis of [a
360-day year of twelve 30-day months]. Such principal of and interest on this
Note shall be paid in the manner specified 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.

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

                                       94
<PAGE>

         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.

                                       95
<PAGE>

         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:                   NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                                By:     [OWNER TRUSTEE], not in its individual
                                        capacity but solely as Owner Trustee
                                        under the Trust Agreement,

                                    By:
                                       -----------------------------------------
                                                Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                   [INDENTURE TRUSTEE], not in its individual capacity but
                        solely as Indenture Trustee,

                                By:
                                    -----------------------------------------
                                            Authorized Signatory

                                       96
<PAGE>

                           REVERSE OF CLASS [A-4] NOTE

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [___]% Asset Backed Notes, Class [A-4] (herein called the
"Class [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 Class [A-4] Notes are subject to all
terms of the Indenture.

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

         Principal of the Class [A-4] Notes will be payable on each Distribution
Date in an amount described on the face hereof only after the Class [A-1] Notes,
the Class [A-2] Notes and the Class [A-3] Notes are paid in full and have no
Principal Balance. "Distribution Date" means the [15th] day of each month, or,
if any such date is not a Business Day, the next succeeding Business Day,
commencing [DATE].

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class [A-4] Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the Outstanding
Amount of the Class [A] Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class [A-4] Notes shall be made pro rata to the Class [A-4]
Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, 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 each Record Date,
except that 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.),
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) effected by any payments made on any
Distribution 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 then
remaining unpaid principal amount of this Note on a Distribution 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
Distribution Date by notice mailed or transmitted by facsimile prior to such
Distribution Date, and the amount then due and

                                       97
<PAGE>

payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee's principal Corporate Trust Office or at the office of the
Indenture Trustee's agent appointed for such purposes located in The City of New
York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [A-4] Rate to the extent lawful.

         As provided in Section 10.01 of the Indenture, the Class [A] Notes and
the Class [B] Notes may be redeemed in whole, but not in part, at the option of
the Servicer on any Distribution Date on or after the date on which the Pool
Balance is less than or equal to [___]% of the Initial Pool Balance.

         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 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 subject to certain exceptions set forth in the
Indenture.

         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 Seller, the Servicer, the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Seller, the Servicer,
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Issuer, the Seller, the Servicer, 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 Issuer, or join in any institution against
the Issuer of, any bankruptcy, reorganization, arrangement,

                                       98
<PAGE>

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.

         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 of the Issuer
secured by the 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.

         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 Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or of the Class [A]
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 term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         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.

                                       99
<PAGE>

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [OWNER TRUSTEE] in its individual
capacity, [INDENTURE TRUSTEE] in its individual capacity, any owner of a
beneficial interest in the Issuer, the Seller, the Servicer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                      100
<PAGE>

                                   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:

                                                                        */

                                      101
<PAGE>

                                                                       EXHIBIT B

                            [FORM OF CLASS [B] NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, 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 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.

         THIS NOTE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN INTEREST
IN THE NATIONAL CITY BANK OR ANY OF ITS AFFILIATES.

         THIS NOTE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY GOVERNMENTAL AGENCY.

                                      102
<PAGE>

REGISTERED        $_____________(5)

No. R-________                                              CUSIP NO. _________

                   NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                       [___]% ASSET BACKED NOTE, CLASS [B]

         NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_, a business trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to ____________________,
or registered assigns, the principal sum of __________ DOLLARS, payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $ [INSERT INITIAL PRINCIPAL AMOUNT OF NOTE]
and the denominator of which is $_____ by (ii) the aggregate amount, if any,
payable from the Principal Distribution Account in respect of principal on the
Class [B] Notes pursuant to Section 3.01 of the Indenture dated as of [DATE]
(the "Indenture"), between the Issuer and [INDENTURE TRUSTEE], a [______], as
Indenture Trustee (the "Indenture Trustee"); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of
[DATE] (the "Class [B] Final Scheduled Distribution Date") and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. No payments of
principal of the Class [B] Notes shall be made until the Class [A-1] Notes, the
Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes have been
paid in full. Capitalized terms used but not defined herein are defined in the
Indenture, which also contains rules as to construction that shall be applicable
herein.

         The Issuer will pay interest on this Note at the rate per annum set
forth above, on each Distribution 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 Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain
limitations contained in Section 3.01 of the Indenture. Interest on this Note
will accrue for each Distribution Date from and including the [15th] day of the
preceding calendar month (or, in the case of the first Distribution Date, from
the Closing Date) to and including the [14th day of the calendar month in which
such Distribution Date occurs. Interest will be computed on the basis of [a
360-day year of twelve 30-day months]. Such principal of and interest on this
Note shall be paid in the manner specified 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.

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

                                      103
<PAGE>

         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.

                                      104
<PAGE>

         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:                       NATIONAL CITY AUTO RECEIVABLES TRUST 200_-_

                                   By:     [OWNER TRUSTEE], not in its
                                           individual capacity but solely
                                           as Owner Trustee under the Trust
                                           Agreement,

                                      By:
                                         --------------------------------------
                                                  Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                        [INDENTURE TRUSTEE], not in its individual
                             capacity but solely as Indenture Trustee,

                                  By:
                                     ----------------------------------------
                                                Authorized Signatory

                                      105
<PAGE>

                            REVERSE OF CLASS [B] NOTE

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [___]% Asset Backed Notes, Class [B] (herein called the "Class
[B] 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 Class [B] Notes are subject to all
terms of the Indenture.

         The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3] Notes,
the Class [A-4] Notes and the Class [B] Notes (collectively, the "Notes") are
and will be secured by the collateral pledged as security therefor as provided
in the Indenture. The Class [B] Notes are subordinated in right of payment to
the Class [A] Notes as and to the extent provided in the Indenture.

         Principal of the Class [B] Notes will be payable on each Distribution
Date in an amount described on the face hereof only after the Class [A-1] Notes,
the Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes are paid
in full and have no Principal Balance. "Distribution Date" means the [15th] day
of each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing [DATE].

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class [B] Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the Outstanding
Amount of the Controlling Class have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class [B] Notes shall be made pro rata to the Class
[B] Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, 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 each Record Date,
except that 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.),
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) effected by any payments made on any
Distribution 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 then
remaining unpaid principal amount of this Note on a Distribution Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the

                                      106
<PAGE>

Registered Holder hereof as of the Record Date preceding such Distribution Date
by notice mailed or transmitted by facsimile prior to such Distribution Date,
and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's principal Corporate Trust
Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [B] Rate to the extent lawful.

         As provided in Section 10.01 of the Indenture, the Class [A] Notes and
the Class [B] Notes may be redeemed in whole, but not in part, at the option of
the Servicer on any Distribution Date on or after the date on which the Pool
Balance is less than or equal to [___]% of the Initial Pool Balance.

         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 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 subject to certain exceptions set forth in the
Indenture.

         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 Seller, the Servicer, the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Seller, the Servicer,
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Issuer, the Seller, the Servicer, 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

                                      107
<PAGE>

Indenture that such Noteholder or Note Owner 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
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.

         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 of the Issuer
secured by the 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.

         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 Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or of the
Controlling Class, 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 term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         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

                                      108
<PAGE>

principal of and interest on this Note at the times, place and rate, and in the
coin or currency herein prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [OWNER TRUSTEE] in its individual
capacity, [INDENTURE TRUSTEE] in its individual capacity, any owner of a
beneficial interest in the Issuer, the Seller, the Servicer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                      109
<PAGE>

                                   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 whatsoever. 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.

                                      110

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]