Document:

<PAGE>

                                                                 EXECUTION COPY

                            ASSET PURCHASE AGREEMENT

                                   dated as of

                                   May 9, 2003

                                  by and among

                               TRIMAS CORPORATION,

                              METALDYNE CORPORATION

                                       and

                              METALDYNE COMPANY LLC

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                                TABLE OF CONTENTS

                                                                           Page

                                   ARTICLE I.

                                   DEFINITIONS

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<S>                    <C>                                                                              <C>
SECTION 1.1.           Definitions........................................................................1

                                   ARTICLE II.

                           SALE AND PURCHASE OF ASSETS

SECTION 2.1.           Sale and Purchase..................................................................7
SECTION 2.2.           Allocation of Purchase Price......................................................10
SECTION 2.3.           Payment of Sales, Use and Other Taxes.............................................10
SECTION 2.4.           Treatment of Restricted Stock Awards Held by Transferred Employees................10

                                  ARTICLE III.

                                     CLOSING

SECTION 3.1.           Time and Place....................................................................11
SECTION 3.2.           Deliveries at Closing.............................................................11
SECTION 3.3.           Adjustment to Purchase Price......................................................12

                                   ARTICLE IV.

                    REPRESENTATIONS AND WARRANTIES OF SELLERS

SECTION 4.1.           Corporate Existence and Power.....................................................13
SECTION 4.2.           Corporate Authorization...........................................................13
SECTION 4.3.           Governmental Authorization........................................................14
SECTION 4.4.           Non-Contravention.................................................................14
SECTION 4.5.           Absence of Certain Changes........................................................14
SECTION 4.6.           Compliance with Laws and Court Orders.............................................15
SECTION 4.7.           Litigation........................................................................15
SECTION 4.8.           Finders' Fee......................................................................15
SECTION 4.9.           Employee Benefit Plans............................................................15
SECTION 4.10.          Financial Statements..............................................................16
SECTION 4.11.          No Liabilities....................................................................16
SECTION 4.12.          Title to Assets...................................................................16
SECTION 4.13.          Disclaimer of Other Representations and Warranties................................16
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<TABLE>
<CAPTION>
                                   ARTICLE V.

                     REPRESENTATIONS AND WARRANTIES OF BUYER
<S>                  <C>                                                                              <C>
SECTION 5.1.           Corporate Existence and Power.....................................................17
SECTION 5.2.           Corporate Authorization...........................................................17
SECTION 5.3.           Governmental Authorization........................................................17
SECTION 5.4.           Non-Contravention.................................................................17
SECTION 5.5.           Finders' Fees.....................................................................18

                                   ARTICLE VI.

                            COVENANTS OF THE SELLERS

SECTION 6.1.           Conduct of the Acquired Business..................................................18
SECTION 6.2.           Access to Information.............................................................19
SECTION 6.3.           Reports...........................................................................19
SECTION 6.4.           Consultation with Buyer...........................................................19

                                  ARTICLE VII.

                         COVENANTS OF BUYER AND SELLERS

SECTION 7.1.           Commercially Reasonable Efforts...................................................19
SECTION 7.2.           Certain Filings...................................................................20
SECTION 7.3.           Public Announcements..............................................................20
SECTION 7.4.           Notices of Certain Events.........................................................20
SECTION 7.5.           Confidentiality...................................................................21
SECTION 7.6.           Plans.............................................................................21
SECTION 7.7.           Information; Cooperation..........................................................26
SECTION 7.8.           Further Assurances................................................................26

                                  ARTICLE VIII.

                     CONDITIONS TO OBLIGATIONS OF EACH PARTY

SECTION 8.2.           Conditions to the Obligations of Buyer............................................27
SECTION 8.3.           Conditions to the Obligations of Sellers..........................................27

                                   ARTICLE IX.

                            OBLIGATIONS AFTER CLOSING

SECTION 9.1.           Indemnification...................................................................28
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                                      -ii-

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<S>                  <C>                                                                              <C>
SECTION 9.2.           Procedures........................................................................29
SECTION 9.3.           Limitations on Indemnification....................................................29

                                   ARTICLE X.

                                   TERMINATION

SECTION 10.1.          Termination.......................................................................30
SECTION 10.2.          Effect of Termination.............................................................30

                                   ARTICLE XI.
                                  MISCELLANEOUS

SECTION 11.1.          Notices...........................................................................31
SECTION 11.2.          Survival of Representations and Warranties........................................31
SECTION 11.3.          Amendments; No Waivers............................................................31
SECTION 11.4.          Expenses..........................................................................32
SECTION 11.5.          Successors and Assigns............................................................32
SECTION 11.6.          Governing Law.....................................................................32
SECTION 11.7.          WAIVER OF JURY TRIAL..............................................................32
SECTION 11.8.          Counterparts; Effectiveness.......................................................32
SECTION 11.9.          Entire Agreement..................................................................32
SECTION 11.10.         Captions..........................................................................32
SECTION 11.11.         Severability......................................................................32
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                                     -iii-

<PAGE>

EXHIBITS

Exhibit A.........Form of Fittings Facility Sublease
Exhibit B.........Form of Trademark Assignment
Exhibit C.........Form of Bill of Sale
Exhibit D.........Form of Acknowledgment of Assumption of Liabilities
Exhibit E.........Form of Assignment and Assumption Agreement

SCHEDULES

Schedule 1.1(a)...- Assumed Contracts
Schedule 1.1(b)...- Knowledge of Officers
Schedule 2.1(a)...- Intellectual Property
Schedule 2.1(c)...- Assumed Liabilities
Schedule 3.3(b)...- Form of Preliminary Statement
Schedule 4.4......         - Non-Contravention
Schedule 7.6(a)...- Transferred Employees
Schedule 7.6(c)...- Sellers' Savings Plans

                                      -iv-

<PAGE>

                            ASSET PURCHASE AGREEMENT

         ASSET PURCHASE AGREEMENT dated as of May 9, 2003 by and among TriMas
Corporation, a Delaware corporation ("BUYER"), Metaldyne Corporation
("METALDYNE"), a Delaware corporation and Metaldyne Company LLC, a Delaware
limited liability company ("METALDYNE LLC" and together with Metaldyne, the
"SELLERS").

                              W I T N E S S E T H:

         WHEREAS, Sellers currently own a line of business principally relating
to designing, developing and manufacturing specialty tube nuts, fittings,
spacers and hollow extruded components conducted at that certain plant located
at 12955 Inkster Road, Livonia, Michigan, 48150 (the "FITTINGS FACILITY"), and
more particularly described in the Fittings Facility Sublease (the "ACQUIRED
BUSINESS;" provided, that the term Acquired Business shall not include any
business conducted at such location prior to the date hereof, including without
limitation, the Peerless business which was closed in September, 2000);

         WHEREAS, Sellers desire to sell to Buyer and Buyer desires to purchase
from Sellers the Purchased Assets (as defined below) and assume from Sellers the
Assumed Liabilities (as defined below) on the terms and conditions set forth in
this Agreement;

         NOW, THEREFORE, in consideration of the foregoing and the mutual
promises herein made, and in consideration of the representations, warranties
and covenants herein contained, the parties hereto hereby agree as follows:

                                   ARTICLE I.

                                   DEFINITIONS

         SECTION 1.1. DEFINITIONS. (a) The following terms, as used herein, have
the following meanings:

         "ACKNOWLEDGEMENT OF ASSUMPTION OF LIABILITIES" means the Acknowledgment
of Assumption of Liabilities executed by Buyer substantially in the form of
Exhibit D hereto.

         "ACQUIRED BUSINESS BALANCE SHEET" means the unaudited balance sheet
relating to the assets and liabilities of the Acquired Business as of March 31,
2003, prepared in accordance with the Applicable Accounting Principles.

         "ACTION" means any action, claim, suit, arbitration, subpoena,
discovery request, proceeding or investigation by or before any court or grand
jury, any Governmental Authority or arbitration tribunal.

<PAGE>

         "AFFILIATE" means, with respect to any Person, any other Person
directly or indirectly controlling, controlled by or under common control with
such Person including by management contract or similar instrument.

         "APPLICABLE ACCOUNTING PRINCIPLES" means the stand-alone accounting
principles historically used by Sellers in preparing financial statements for
divisions or lines of business owned by Sellers applied on a consistent basis.

         "ASSUMED CONTRACTS" means the contracts set forth on Schedule 1.1(a)
hereto.

         "BENEFIT PLAN" means any Plan existing at the Effective Time
established or to which contributions have at any time been made by any Seller
on behalf of Employees or Former Employees, under which any Employee, Former
Employee, or any beneficiary thereof, is covered, is eligible for coverage or
has benefit rights in respect of service to any Seller.

         "BILL OF SALE" means the Bill of Sale conveying certain assets of the
Acquired Business from the Sellers to the Buyer and its Affiliates, a form of
which is attached as Exhibit C.

         "BOARD OF DIRECTORS" means the Board of Directors or members, as the
case may be, of Buyer or the applicable Seller as the case may be.

         "BUSINESS DAY" means a day other than Saturday, Sunday or any other day
on which commercial banks in New York, New York are authorized or required by
law to close.

         "BUYER FAIRNESS OPINION" means an opinion of Valuation Research
Corporation, as to the fairness, from a financial point of view, of the
consideration to be paid by Buyer and the financial terms of the documents
entered into in connection with the Transactions.

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

         "EFFECTIVE TIME" means 11:59 p.m., Michigan time, on May 4, 2003.

         "EMPLOYEES" means the employees of the Sellers that perform services
exclusively for the Acquired Business as of the Effective Time.

         "ENTERPRISE VALUE" means $24,000,000.

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

         "ERISA AFFILIATE" of any Person means any other Person that, together
with such Person, would be treated as a single employer under Section 414 of the
Code.

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         "FITTINGS FACILITY SUBLEASE" means the sublease to be entered into by
Metaldyne LLC, as lessor, and Buyer or one of its Subsidiaries, as lessee, on
the Closing Date, in the form of Exhibit A hereto.

         "FITTINGS FACILITY SUBLEASE OBLIGATIONS" means the net present value
(at a discount rate of 12%) of all scheduled future rental payments to be made
under the Fittings Facility Sublease, such amount being equal to $1,292,000.

         "FORMER EMPLOYEE" means (a) any person who was employed exclusively in
the Acquired Business whose employment by any Seller was terminated on or before
the Closing Date (whether by retirement or otherwise), excluding persons who
were employed by any Seller or one of its Subsidiaries outside of the Acquired
Business subsequent to such termination prior to the Closing Date, and (b) an
Employee who is on short-term medical disability as of the Closing Date and who
thereafter becomes eligible for long-term medical disability.

         "GOVERNMENTAL AUTHORITY" means any federal, state or local government
or any court, administrative agency or commission or other governmental or
regulatory agency, authority or official, whether domestic, foreign or
supranational.

         "GUARANTEE" means a direct or indirect guarantee (other than by
endorsement of negotiable instruments for collection) by any Person of any
indebtedness of any other Person and includes any obligation, direct or
indirect, contingent or otherwise, of such Person: (1) to purchase or pay (or
advance or supply funds for the purchase or payment of) indebtedness of such
other Person (whether arising by virtue of partnership arrangements, or by
agreements to keep-well, to purchase assets, goods, securities or services
(unless such purchase arrangements are on arm's-length terms and are entered
into in the ordinary course of business), to take-or-pay, or to maintain
financial statement conditions or otherwise); or (2) entered into for purposes
of assuring in any other manner the obligee of such indebtedness of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or
in part). The amount of any Guarantee of any Person at any date shall be the
outstanding balance at such date of all unconditional obligations in respect of
which such Guarantee is made and the maximum liability of such other Person for
any such contingent obligations in respect of which such Guarantee is made at
such date. "GUARANTEE," when used as a verb, and "GUARANTEED" have correlative
meanings.

         "IRS" means the Internal Revenue Service.

         "KNOWLEDGE" of the Sellers means the actual knowledge of the senior
employees and officers of the Sellers listed on Schedule 1.1(b) attached hereto.

         "LIABILITIES" means any and all indebtedness, liabilities or
obligations, whether accrued, fixed or contingent, mature or inchoate, known or
unknown, reflected on a balance sheet or otherwise, including, but not limited
to, those arising under any law, rule, regulation, Action, order, injunction or
consent decree of any Governmental Authority or any judgment of any court of any
kind or any award of any arbitrator of any kind, and those arising under any
contract, commitment or undertaking.

                                      -3-
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         "LIEN" means, with respect to any property or asset, any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind in respect of
such property or asset.

         "LOSSES" means any and all damages, losses, deficiencies, Liabilities,
obligations, penalties, judgments, settlements, claims, payments, fines,
interest, costs and expenses (including, without limitation, the costs and
expenses of any and all Actions and demands, assessments, judgments, settlements
and compromises relating thereto and the reasonable costs and expenses of
attorneys', accountants', consultants' and other professionals' fees and
expenses incurred in the investigation or defense thereof or the enforcement of
rights hereunder), including direct and consequential damages, but excluding
punitive damages (other than punitive damages awarded to any third party against
an Indemnified Party).

         "MATERIAL ADVERSE EFFECT" means either (i) a material adverse effect on
the condition (financial or otherwise), business or results of operations of the
Acquired Business or (ii) an effect which is materially adverse to the ability
of any Seller to consummate the Transactions; provided that with respect to
subclause (i) of this definition, any such effect resulting or arising from (w)
this Agreement or the Transactions or the announcement thereof, (x) changes in
circumstances or conditions affecting industrial manufacturing companies in
general, and not specifically relating to the Acquired Business, (y) changes in
general economic, regulatory or political conditions or in financial markets in
the United States or Europe or (z) changes in generally accepted accounting
principles shall not be considered a Material Adverse Effect, and with respect
to subclause (ii) of this definition, any such effect resulting or arising from
subclause (x), (y) or (z) above shall not be considered a Material Adverse
Effect.

         "MULTIEMPLOYER PLAN" means a multiemployer plan within the meaning of
Section 4001(a)(3) of ERISA with respect to which any Seller has an obligation
to contribute on behalf of Employees or Former Employees or has or could have
withdrawal liability under Section 4201 of ERISA.

         "OFFICER'S CERTIFICATE" means a certificate signed by an officer of
Metaldyne or Buyer, as the case may be.

         "PBGC" means the Pension Benefit Guaranty Corporation established
pursuant to Section 4002 of ERISA, or any successor thereto.

         "PERSON" means an individual, corporation, partnership, limited
liability company, association, trust or other entity or organization, including
a Governmental Authority.

         "PLAN" means any bonus, incentive compensation, deferred compensation,
pension, profit sharing, retirement, stock purchase, stock option, stock
ownership, stock appreciation rights, phantom stock, leave of absence, layoff,
vacation, day or dependent care, legal services, cafeteria, life, health,
accident, disability, workmen's compensation or other insurance, severance,
separation, other employee benefit, employment, consulting or change of control
agreement, plan, practice, policy or arrangement of any kind, whether written or
oral, or whether for the benefit of a single individual or more than one
individual, including, without limitation, any

                                      -4-
<PAGE>

"employee benefit plan" within the meaning of Section 3(3) of ERISA (whether or
not subject thereto).

         "PURCHASE PRICE" means an amount equal to the Enterprise Value minus
the Fittings Facility Lease Obligations.

         "SELLER FAIRNESS OPINION" means an opinion of Klaris, Thomson &
Schroeder, Inc., as to the fairness, from a financial point of view, of the
consideration to be paid to Sellers and the financial terms of the documents
entered into in connection with the Transactions.

         "SELLER SHAREHOLDER AGREEMENT" means the shareholders agreement by and
among MascoTech, Inc., Masco Corporation, Richard Manoogian, certain of their
respective affiliates and other co-investors party thereto, dated as of November
28, 2000.

         "SUBSIDIARY" means, with respect to any Person, any corporation,
partnership, association, limited liability company or other organization,
whether incorporated or unincorporated, of which the securities or other
ownership interests having ordinary voting power to elect a majority of the
board of directors or other persons performing similar functions with respect to
such corporation, partnership, association, limited liability company or other
organization are at any time directly or indirectly owned or controlled by such
Person or by any one or more of its Subsidiaries, or by such Person and one or
more of its Subsidiaries.

         "TAX" or "TAXES" shall mean any and all taxes, charges, fees, levies or
other assessments, including income, gross receipts, excise, real or personal
property, sales, withholding, social security, retirement, unemployment,
occupation, use, goods and services, service use, license, value added, capital,
net worth, payroll, profits, franchise, transfer and recording taxes, fees and
charges, and any other taxes, assessments or similar charges imposed by the IRS
or any taxing authority (whether domestic or foreign including any state,
county, local or foreign government or any subdivision or taxing agency thereof
(including a United States possession)), whether computed on a separate,
consolidated, unitary, combined or any other basis; and such term shall include
any interest whether paid or received, fines, penalties or additional amounts
attributable to, or imposed upon, or with respect to, any such taxes, charges,
fees, levies or other assessments.

         "TAX BENEFIT" means the amount of any refund, credit or reduction in
otherwise required Tax payments, including any interest receivable thereon,
actually realized, provided that, for these purposes, Tax items shall be taken
into account in accordance with the ordering principles of the Code or other
applicable law.

         "TRADEMARK ASSIGNMENT" means the trademark assignment agreement to be
entered into by Metaldyne, as assignor, and Buyer or one of its Subsidiaries, as
assignee, on the Closing Date, in the form of Exhibit B hereto.

                                      -5-
<PAGE>

         "TRANSACTIONS" means the purchase and sale of the Purchased Assets, the
assumption by Buyer of the Assumed Liabilities, the entering into of the
Fittings Facility Sublease and each other transaction contemplated by this
Agreement.

         Any reference in this Agreement to a statute shall be to such statute
as amended from time to time and to the rules and regulations promulgated
thereunder.

         (b) Each of the following terms is defined herein in the Section set
forth opposite such term:

                TERM                                               SECTION

                Acquired Business............................      Recitals
                Actuary Firm.................................          7.6
                Assumed Liabilities..........................        2.1
                Buyer........................................      Recitals
                Buyer ABO....................................        7.6
                Buyer Indemnified Parties....................        9.1
                Buyer Representatives........................        7.2
                Buyer Welfare Plans..........................        7.6
                Buyer's Pension Plan.........................        7.6
                Buyer's Trustee..............................        7.6
                Buyer's Union Plan...........................        7.6
                Closing......................................        3.1
                Closing Date.................................        3.1
                End Date.....................................       10.1
                Excluded Assets..............................        2.1
                Excluded Liabilities.........................        2.1
                Fittings Facility............................      Recitals
                Indemnified Party............................        9.2
                Indemnifying Party...........................        9.2
                Independent Accountants......................        3.3
                Net Working Capital..........................        3.3
                Plan Effective Date..........................        7.6
                Preliminary Statement........................        3.3
                Purchased Assets.............................        2.1
                Purchase Price...............................        3.2
                Purchase Price Adjustment....................        3.3
                Restricted Stock Awards......................        2.4
                Sellers......................................      Recitals
                Seller Indemnified Parties...................        9.1
                Seller Representative........................        6.2
                Sellers' Savings Plans.......................        7.6
                Sellers' Trustee.............................        7.6

                                      -6-
<PAGE>

                Seller Welfare Plans.........................        7.6
                Shares.......................................      Recitals
                Transactions.................................      Recitals
                Transferred Employee.........................        7.6
                Union Agreement..............................        7.6
                Union Employees..............................        7.6
                Union Plan...................................        7.6

                                  ARTICLE II.

                           SALE AND PURCHASE OF ASSETS

         SECTION 2.1. SALE AND PURCHASE. (a) Subject to the terms and conditions
of this Agreement, at the Closing, Sellers shall transfer and deliver to Buyer
or one or more designated Subsidiaries of Buyer, and Buyer or one or more
designated Subsidiaries of Buyer shall acquire and accept from Sellers,
effective as of the Effective Time, all of Sellers' and all of the Sellers'
Subsidiaries' rights, title and interest, in and to the following assets free
and clear of all Liens (collectively the "PURCHASED ASSETS"):

         (i)    All tangible personal property owned by the Sellers and their
                Subsidiaries used primarily in the operation of the Acquired
                Business, including all furniture, machinery, office
                furnishings, and equipment at the Fittings Facility and all
                office and warehouse supplies existing at the Fittings Facility
                at the Effective Time or acquired thereafter;

         (ii)   All authorizations, permits and licenses used by Sellers and
                Sellers' Subsidiaries primarily to operate the Acquired Business
                as conducted at the Effective Time;

         (iii)  All rights of the Sellers and the Sellers' Subsidiaries under
                the Assumed Contracts including any and all security and other
                deposits, advance rents and any other payments made thereunder;

         (iv)   All guarantees and warranties relating to the Purchased Assets
                and all rights of the Sellers and the Sellers' Subsidiaries
                against vendors of tangible personal property and services to
                the Acquired Business other than with respect to claims made
                under any such guarantee or warranty prior to the Effective
                Time;

         (v)    All intangible assets used primarily in the operation of the
                Acquired Business, including, but not limited to, all patents,
                copyrights, trademarks, service marks and designs and those
                trade names and service names set forth on Schedule 2.1(a)
                hereto and

                                      -6-
<PAGE>

                all related goodwill, all domain names and telephone numbers of
                the Acquired Business and all trade secrets and inventions used
                or developed primarily by the Acquired Business (whether or not
                patentable or reduced to practice); provided, that any such
                trademark, trade name or service marks that contains the name
                "Metaldyne" shall not be a "Purchased Asset;"

         (vi)   All prepaid items including, without limitation, all equipment,
                lease and other deposits, relating primarily to the Acquired
                Business;

         (vii)  Copies of all customer lists, customer contracts and financial
                records relating primarily to the Acquired Business;

         (viii) Except for corporate documents, records and minutes, copies of
                all books, records and documents required for or primarily
                relating to the operation of the Acquired Business;

         (ix)   All inventory of the Acquired Business;

         (x)    Rights to ordered inventory and services and open customer
                orders of the Acquired Business from and after the Effective
                Time;

         (xi)   All accounts receivable of the Acquired Business arising after
                the Effective Time and any cash paid in respect thereof to the
                extent not used to invest in Purchased Assets or to reduce
                Assumed Liabilities;

         (xii)  The assets to be transferred pursuant to Section 7.6; and

         (xiii) Any and all other assets of whatever type or description, other
                than the Excluded Assets, which are used primarily in the
                operation of the Acquired Business including without limitation
                all rights title and interest of Metaldyne LLC being transferred
                pursuant to the Fittings Facility Sublease.

provided, that notwithstanding the foregoing, to the extent that the sale,
conveyance, transfer, assignment or delivery or attempted sale, conveyance,
transfer, assignment or delivery to Buyer of any Purchased Assets (including any
Assumed Contract) is prohibited by any applicable law or would require any
governmental or third-party authorizations, approvals, consents or waivers and
such authorizations, approvals, consents or waivers shall not have been obtained
prior to the Closing, this Agreement shall not constitute a sale, conveyance,
transfer, assignment or delivery, or an attempted sale, conveyance, transfer,
assignment or delivery, thereof, if any of the foregoing would constitute a
breach of applicable law or the rights of any third party. Following the
Closing, the parties shall use their commercially reasonable efforts, and shall
cooperate with each other, to obtain promptly such authorizations, approvals,
consents or waivers; provided, however, that neither Sellers nor Buyer nor any
of their respective Affiliates shall be required to pay any consideration
therefor, other than filing, recordation or similar fees payable to any
Governmental Authority, which fees shall be shared equally by

                                      -8-
<PAGE>

Sellers and Buyer. Pending or in the absence of such authorization, approval,
consent or waiver, the parties shall cooperate with each other in any reasonable
and lawful arrangements to provide to Buyer the benefits and liabilities of use
of such Purchased Assets. If such authorization, approval, consent or waiver for
the sale, conveyance, transfer, assignment or delivery of any such Purchased
Assets is obtained, Seller shall promptly convey, transfer, assign and deliver,
or cause to be conveyed, transferred, assigned and delivered, such Purchased
Assets to Buyer.

         (b) Notwithstanding anything to the contrary contained in this
Agreement, from and after the Closing but effective as of the Effective Time,
the Sellers and their Subsidiaries shall retain all of their rights, title and
interest in and to the following assets (the "EXCLUDED ASSETS"):

              (i) All accounts receivable of the Acquired Business arising prior
         to the Effective time;

              (ii) Any rights to income tax refunds and prepaid income taxes;

              (iii) Any right and interest of the Sellers in this Agreement,
         Sellers rights as landlord under the Fittings Facility Sublease and,
         after giving effect to the Fittings Facility Sublease, Metaldyne LLC's
         rights as tenant under the lease of the Fittings Facility;

              (iv) Any and all of the Seller's insurance policies, including all
         rights to coverage, all proceeds and all prepaid insurance under such
         policies;

              (v) Any other assets or property of the Sellers' which are not (A)
         used primarily in the Acquired Business or (B) located at the Fittings
         Facility.

         (c) Subject to the terms and conditions of this Agreement, as of the
Closing Date but effective as of the Effective Time, Buyer agrees to assume,
satisfy, perform, pay and discharge each of the following Liabilities (the
"ASSUMED LIABILITIES"):

              (i) Subject to Section 2.1(d) below and Section 7.6, all
         environmental, health or other Liabilities of any kind and nature to
         the extent arising from the businesses, operations and assets of the
         Acquired Business and regardless of whether such Liabilities shall
         arise prior to, on or after the Effective Time, including without
         limitation, those Liabilities set forth on Schedule 2.1(c); and

              (ii) All accounts payable of the Acquired Business arising after
         the Effective Time.

         (d) Notwithstanding anything contained in this Agreement to the
contrary, from and after the Closing Date but effective as of the Effective
Time, as between the Buyer and the Sellers, the Sellers shall retain all of the
following Liabilities (the "EXCLUDED LIABILITIES"):

                                      -9-
<PAGE>

              (i) All environmental, health or other Liabilities of any kind and
         nature to the extent arising from any businesses, operations and assets
         of any Seller or any of the Sellers' Subsidiaries other than the
         Acquired Business whenever such businesses, operations or assets shall
         have been conducted or owned and regardless of whether such Liabilities
         shall arise prior to, on or after the Effective Time, including,
         without limitation, any Liabilities relating to the Excluded Assets;

              (ii) All Liabilities of the Sellers under this Agreement, as
         landlord under the Fittings Facility Sublease and, after giving effect
         to the Fittings Facility Sublease, Seller's obligations as tenant under
         the lease of the Fittings Facility;

              (iii) All Liabilities for income Taxes and insurance coverage with
         respect to the operation of the Acquired Business by Sellers and
         Sellers' Subsidiaries; and

              (iv) All Liabilities of Sellers for accounts payable arising prior
         to the Effective Time.

         SECTION 2.2. ALLOCATION OF PURCHASE PRICE. The Purchase Price shall be
allocated among the Purchased Assets in accordance with Section 1060 of the
Code, and Buyer and Sellers agree (a) to report the sale and purchase of the
Purchased Assets for Tax purposes in accordance with such allocations and (b)
not to take any position inconsistent with such allocations on any of their
respective tax returns. Metaldyne shall initially determine and send written
notice to the Buyer of the allocation of the Purchase Price within 60 days
following the execution of this Agreement. The Buyer shall be deemed to have
accepted such allocation unless it provides written notice of disagreement to
Metaldyne within 10 days of receipt of Metaldyne's notice of allocation. If the
Buyer provides such notice of disagreement to Metaldyne, the parties shall
proceed in good faith to determine the allocation in dispute.

         SECTION 2.3. PAYMENT OF SALES, USE AND OTHER TAXES. The Sellers shall
pay all sales, use, transfer, value added and other related Taxes, if any,
arising out of the sale by the Sellers of the Purchased Assets and the transfer
of the Assumed Liabilities to the Buyer pursuant to this Agreement.

         SECTION 2.4. TREATMENT OF RESTRICTED STOCK AWARDS HELD BY TRANSFERRED
EMPLOYEES. Buyer shall promptly pay Transferred Employees on the redemption in
2004 of restricted share awards (at the rate of $20.28 per share) of Metaldyne
held by such Transferred Employees under Restricted Stock Awards dated November
17, 2000 (the "RESTRICTED STOCK AWARDS"). For purposes of the continued vesting
of Restricted Stock Awards, Buyer and Metaldyne will treat employment with the
Buyer or any Subsidiary of the Buyer as employment of the Transferred Employees
with Metaldyne.

                                      -10-
<PAGE>

                                  ARTICLE III.

                                     CLOSING

         SECTION 3.1. TIME AND PLACE. Unless this Agreement is earlier
terminated pursuant to Article X, the closing of the transactions contemplated
by Article II of this Agreement, including the purchase and sale of the
Purchased Assets and the assumption of the Assumed Liabilities (the "CLOSING"),
shall take place as promptly as practicable, but no later than five Business
Days following satisfaction or waiver of the conditions set forth in Articles
VIII, at 10:00 a.m. at the offices of Cahill Gordon & Reindel, 80 Pine Street,
New York, New York 10005, unless another time or place shall be agreed to by the
parties (the "CLOSING DATE").

         SECTION 3.2. DELIVERIES AT CLOSING.

         (a) Closing Deliveries by the Sellers. At the Closing, the Sellers
shall deliver or cause to be delivered to the Buyer:

              (i) the Bill of Sale executed by the Sellers;

              (ii) original signature pages to the Fittings Facility Sublease
         executed by Metaldyne LLC and the Trademark Assignment executed by
         Metaldyne;

              (iii) an unredacted, fully executed copy of each Assumed Contract,
         together with assignment and assumption agreements and/or subcontracts,
         as applicable, in form and substance reasonably acceptable to the
         Buyer, assigning to the Buyer all rights of the Sellers in and to such
         Assumed Contracts;

              (iv) copies of all consents set forth on Schedule 4.4;

              (v) the Officer's Certificate described in Section 8.2(a)(iii);
         and

              (vi) a FIRPTA affidavit for each Seller, if required by Section
         1445 of the Code.

         In addition, Sellers shall use commercially reasonable efforts to
deliver such other instruments and documents of conveyance and transfer as shall
be necessary and effective to transfer and assign to, and vest in, Buyer all of
Sellers' rights, title and interest in and to the Purchased Assets and such
other respective agreements and other documents, instruments and certificates in
addition to good standing certificates, certified resolutions, receipts and such
other items as may be reasonably requested by Buyer. Simultaneously with such
deliveries, all such commercially reasonable steps will be taken by Sellers as
may be required to put Buyer in actual possession and operating control of the
Purchased Assets.

                                      -11-
<PAGE>

         (b) Closing Deliveries by the Buyer. At the Closing, the Buyer will
deliver or cause to be delivered to the Sellers:

              (i) the Purchase Price in immediately available funds by wire
         transfer to an account or accounts that shall have been designated by
         the Sellers not less than two Business Days prior to the Closing Date;

              (ii) original signature pages to the Fittings Facility Sublease
         and the Trademark Assignment executed by Buyer or a Subsidiary of
         Buyer;

              (iii) the Officer's Certificate described in Section 8.3(a)(iii);
         and

              (iv) the Acknowledgement of Assumption of Liabilities executed by
         Buyer.

         Additionally, Buyer shall use its commercially reasonable efforts to
deliver such other respective agreements and other documents, instruments and
certificates in addition to good standing certificates, certified resolutions
and such other items as may be reasonably requested by Sellers.

         SECTION 3.3. ADJUSTMENT TO PURCHASE PRICE. The Purchase Price shall be
subject to adjustment after the Closing as follows:

              (a) If Net Working Capital, as finally determined as hereinafter
         provided in this Section 3.3, is less than $965,000, the Purchase Price
         shall be deemed reduced by such difference and Sellers shall pay Buyer
         an amount in cash equal to such difference. If Net Working Capital, as
         finally determined, is greater than $965,000, the Purchase Price shall
         be deemed increased by such difference and Buyer shall pay Sellers an
         amount in cash equal to such difference. Such reduction or increase in
         the Purchase Price shall be referred to herein as the "PURCHASE PRICE
         ADJUSTMENT." Any Purchase Price Adjustment shall be paid within five
         Business Days after such final determination.

              (b) Within 60 days after the Closing Date, Buyer will prepare and
         present to Metaldyne a statement in reasonable detail of Net Working
         Capital (as hereinafter defined) of the Acquired Business as of the
         Effective Time (the "PRELIMINARY STATEMENT") in the form and with the
         accounting categories and layout set forth in the example attached
         hereto as Schedule 3.3(b). "NET WORKING CAPITAL" shall mean (i) the sum
         of (A) inventory (before reserves and excluding accrued capitalized
         variances from standard costs) plus (B) prepaid expenses, less (ii)
         accrued expenses, all as determined in a manner consistent with the
         Applicable Accounting Principles. Net Working Capital shall be
         determined without giving effect to the transactions contemplated by
         this Agreement. Net Working Capital shall not reflect or include any
         amount with respect to any of the Excluded Assets or any Liabilities
         that are not Assumed Liabilities.

              (c) Sellers and their accountants shall have the right to review
         the work papers of Buyer utilized in preparing the Preliminary
         Statement and shall have full access to the

                                      -12-
<PAGE>

         books, records, properties and personnel of Buyer for purposes of
         verifying the accuracy and fairness of the presentation of Net Working
         Capital in the Preliminary Statement. The Preliminary Statement shall
         be binding on Sellers, unless Metaldyne presents to Buyer written
         notice of disagreement within 30 days after receipt of the Preliminary
         Statement specifying in reasonable detail the nature and extent of the
         disagreement.

              (d) If Buyer and Sellers are unable to resolve any such
         disagreement within 15 days after Buyer received notice of such
         disagreement, the disagreement shall be referred for final
         determination to an independent accounting firm as the parties shall
         mutually designate. The accounting firm so designated to make the final
         determination is hereinafter referred to as the "INDEPENDENT
         ACCOUNTANTS."

              (e) Net Working Capital shall be deemed to have been finally
         determined upon the first to occur of (i) written acceptance of the
         Preliminary Statement by Metaldyne, (ii) Metaldyne's failure to object
         thereto within 30 days of receipt thereof, or (iii) notification by the
         Independent Accountants of their final determination thereof.

              (f) The fees and disbursements of the accountants of Buyer shall
         be paid by Buyer. The fees and disbursements of Sellers' accountants
         shall be paid by Sellers. The fees and disbursements of the Independent
         Accountants incurred pursuant to this Section 3.3 shall be borne
         equally, one-half by Sellers and one-half by Buyer.

                                  ARTICLE IV.

                    REPRESENTATIONS AND WARRANTIES OF SELLERS

         Each Seller, jointly and severally, represents and warrants to Buyer
that, except as set forth in any disclosure schedule delivered by the Sellers to
Buyer immediately prior to execution of this Agreement:

         SECTION 4.1. CORPORATE EXISTENCE AND POWER. Each Seller is a
corporation or limited liability company duly formed, validly existing and in
good standing under the laws of the State of Delaware and has all organizational
powers and governmental licenses, authorizations, permits, consents and
approvals required to carry on the Acquired Business as now conducted, except
for those licenses, authorizations, permits, consents and approvals the absence
of which would not be reasonably expected to have, individually or in the
aggregate, a Material Adverse Effect. Each Seller is duly qualified to do
business as a foreign entity and is in good standing in each jurisdiction where
such qualification is necessary, except for those jurisdictions where failure to
be so qualified would not be reasonably expected to have, individually or in the
aggregate, a Material Adverse Effect.

         SECTION 4.2. CORPORATE AUTHORIZATION. The execution, delivery and
performance by the Sellers of this Agreement and the consummation by Sellers of
the Transactions

                                      -13-
<PAGE>

are within the Sellers' organizational powers and have been duly authorized by
all necessary organizational action on the part of the Sellers. This Agreement
constitutes a valid and binding agreement of each Seller enforceable against
each Seller in accordance with its terms except (i) to the extent enforceability
may be limited by bankruptcy laws, insolvency laws, reorganization laws,
moratorium laws or other laws affecting creditors' rights generally and (ii) to
the extent enforceability may be limited by general equity principles.

         SECTION 4.3. GOVERNMENTAL AUTHORIZATION. The execution, delivery and
performance by the Sellers of this Agreement and the consummation by the Sellers
of the Transactions require no action by or in respect of, or filing with, or
notification or reporting to, any Governmental Authority, other than any actions
or filings the absence of which would not be reasonably expected to have,
individually or in the aggregate, a Material Adverse Effect.

         SECTION 4.4. NON-CONTRAVENTION. The execution, delivery and performance
by the Sellers of this Agreement and the consummation of the Transactions by the
Sellers do not and will not (i) contravene, conflict with or result in any
violation or breach of any provision of the certificate of incorporation or
by-laws of the Sellers, (ii) contravene, conflict with or result in a violation
or breach of any provision of any applicable law, statute, ordinance, rule,
regulation, judgment, injunction, order or decree, (iii) except as set forth on
Schedule 4.4, require any consent or other action by any Person under,
constitute a default under or cause or permit the termination, cancellation,
acceleration or other change of any right or obligation or the loss of any
benefit to which the Acquired Business is entitled under any provision of any
agreement or other instrument binding upon any Seller or any license, franchise,
permit, certificate, approval or other similar authorization affecting, or
relating in any way to, the Acquired Business or (iv) result in the creation or
imposition of any Lien on any of the Purchased Assets, except for such
contraventions, conflicts and violations referred to in clause (ii) and except
for such failures to obtain any such consent or other action, defaults,
terminations, cancellations, accelerations, changes or losses referred to in
clause (iii) that would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect.

         SECTION 4.5. ABSENCE OF CERTAIN CHANGES. Since December 31, 2002,
except in connection with the Transactions, the Acquired Business has been
conducted in the ordinary course consistent with past practices and there has
not been:

              (a) any creation or other incurrence by any Seller of any Lien on
         any asset that is material to the Acquired Business, taken as a whole,
         other than in the ordinary course of business consistent with past
         practices;

              (b) any damage, destruction or other casualty loss (whether or not
         covered by insurance) affecting the Acquired Business that has or could
         be reasonably expected to have, individually or in the aggregate, a
         Material Adverse Effect; or

              (c) any loss of any material supplier or customer of the Acquired
         Business.

                                      -14-
<PAGE>

         SECTION 4.6. COMPLIANCE WITH LAWS AND COURT ORDERS. The Acquired
Business is, and since January 1, 2002 has been, in compliance with any
applicable law, statute, ordinance, rule, regulation, judgment, injunction,
order or decree, except for failures to comply or violations that have not had
and would not be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect.

         SECTION 4.7. LITIGATION. There is no Action, suit, investigation or
proceeding pending against, or, to the knowledge of the Sellers, threatened
against, any Seller, in either case, with respect to the Acquired Business, any
of the Purchased Assets or any of the Assumed Liabilities before any court or
arbitrator, or before or by any Governmental Authority, that would reasonably be
expected to have, individually or in the aggregate, together with all other such
Actions, suits, investigations or proceedings, a Material Adverse Effect.

         SECTION 4.8. FINDERS' FEE. There is no investment banker, broker,
finder or other intermediary that has been retained by or is authorized to act
on behalf of any Seller or any of their respective Subsidiaries that might be
entitled to any fee or commission from Buyer, or any of its Affiliates in
connection with the Transactions.

         SECTION 4.9. EMPLOYEE BENEFIT PLANS. (a) Copies of all written Benefit
Plans, summary plan descriptions, trust agreements, actuarial valuation reports
and the most recent annual return and IRS determination letters have been made
available to Buyer.

         (b) Except as would not be reasonably expected to have, individually or
in the aggregate, a Material Adverse Effect:

              (i) each Benefit Plan has at all times been maintained and
         administered in all respects in accordance with its terms and with the
         requirements of all applicable law, including ERISA and the Code. Each
         Benefit Plan intended to qualify under Section 401(a) of the Code has
         been determined by the IRS to be qualified under Section 401(a) of the
         Code, and the Sellers know of no fact or circumstance giving rise to a
         material likelihood that any Benefit Plan would not be treated as so
         qualified by the IRS;

              (ii) all required contributions to any Benefit Plans that are
         "defined benefit pension plans" required to be made by any Seller or
         any of its Subsidiaries in accordance with Section 302 of ERISA or
         Section 412 of the Code have been timely made; there has been no
         application for or waiver of the minimum funding standards imposed by
         Section 412 of the Code with respect to any Benefit Plan; and no
         Benefit Plan has incurred any "accumulated funding deficiency" within
         the meaning of Section 302 of ERISA or Section 412 of the Code;

              (iii) no "reportable event" (within the meaning of Section 4043 of
         ERISA) has occurred with respect to any Benefit Plan or any Plan
         maintained by an ERISA Affiliate since the effective date of said
         Section 4043;

                                      -15-
<PAGE>

              (iv) no liability has been incurred or is expected to be incurred
         by any Seller or any of its Subsidiaries under Title IV of ERISA with
         respect to any Benefit Plan, or with respect to any other Plan
         presently or heretofore maintained or contributed to during the 5 year
         period prior to the Closing Date by any ERISA Affiliate;

              (v) none of the Benefit Plans are Multiemployer Plans;

              (vi) neither the Sellers nor any of their ERISA Affiliates has
         incurred any liability for any tax imposed under Sections 4971 through
         4980E of the Code or civil liability under Section 502(i) or (l) of
         ERISA; and

              (vii) no action (excluding claims for benefits incurred in the
         ordinary course of Plan activities) has been brought or, to the
         knowledge of the Sellers, threatened against or with respect to any
         Benefit Plan.

         SECTION 4.10. FINANCIAL STATEMENTS. The Acquired Business Balance Sheet
in accordance with the Applicable Accounting Principles and the unaudited
statement of profit and loss for the Acquired Business for the three months
ended March 31, 2003 have been prepared in accordance with the Applicable
Accounting Principles and accurately reflect the financial position and results
of operations of the Acquired Business, as of and for the period then ended.

         SECTION 4.11. NO LIABILITIES. Except for the Liabilities incurred
subsequent to the date of the Acquired Business Balance Sheet in the ordinary
course of operation of the Acquired Business, there are no liabilities or
obligations of the Acquired Business of the type required to be disclosed or
provided for on the Acquired Business Balance Sheet in accordance with the
Applicable Accounting Principles that have not been disclosed on the Acquired
Business Balance Sheet. Except for Liabilities reflected on the Acquired
Business Balance Sheet or incurred subsequent to the date thereof in the
ordinary course of operation of the Acquired Business, there are no Liabilities
of the Acquired Business that would individually or in the aggregate have a
Material Adverse Effect.

         SECTION 4.12. TITLE TO ASSETS. At the Closing, Metaldyne and its
Subsidiaries own outright and have good title to all of the Purchased Assets. At
the Closing, the Buyer will acquire all of the right, title and interest in the
Purchased Assets, free and clear of any Liens. To the knowledge of the Sellers,
each of the Assumed Contracts is in full force and effect and constitutes a
legal, valid and binding obligation of each party thereto, enforceable against
each party thereto in accordance with its terms.

         SECTION 4.13. DISCLAIMER OF OTHER REPRESENTATIONS AND WARRANTIES. The
Sellers do not make, and have not made, any representations or warranties in
connection with the Transactions other than those expressly set forth herein. It
is understood that any data, any financial information or any memoranda or
offering materials or presentations are not and shall not be deemed to be or to
include representations or warranties of Sellers. Except as expressly set forth
herein, no Person has been authorized by any Seller to make any representation
or war-

                                      -16-
<PAGE>

ranty relating to any Seller or the Acquired Business or otherwise in connection
with the Transactions and, if made, such representation or warranty may not be
relied upon as having been authorized by any Seller.

                                   ARTICLE V.

                     REPRESENTATIONS AND WARRANTIES OF BUYER

         Buyer represents and warrants to the Sellers that:

         SECTION 5.1. CORPORATE EXISTENCE AND POWER. Buyer is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has all corporate powers and all material governmental licenses,
authorizations, permits, consents and approvals required to perform its
obligations with respect to the Transactions.

         SECTION 5.2. CORPORATE AUTHORIZATION. The execution, delivery and
performance by Buyer of this Agreement and the consummation of the Transactions
are within the corporate powers of Buyer and have been duly authorized by all
necessary corporate action. This Agreement constitutes a valid and binding
agreement of Buyer enforceable against Buyer in accordance with its terms except
(i) to the extent enforceability may be limited by bankruptcy laws, insolvency
laws, reorganization laws, moratorium laws or other laws affecting creditors'
rights generally and (ii) to the extent enforceability may be limited by general
equity principles.

         SECTION 5.3. GOVERNMENTAL AUTHORIZATION. The execution, delivery and
performance by Buyer of this Agreement and the consummation by Buyer of the
Transactions require no action by or in respect of, or filing with, or
notification or reporting to, any Governmental Authority other than any actions
or filings the absence of which would not be reasonably expected to have,
individually or in the aggregate, an effect which is materially adverse to the
ability of Buyer to consummate the Transactions.

         SECTION 5.4. NON-CONTRAVENTION. The execution, delivery and performance
by Buyer of this Agreement and the consummation by Buyer of the Transactions do
not and will not (i) contravene, conflict with or result in any violation or
breach of any provision of the certificate of incorporation or by-laws of Buyer,
(ii) contravene, conflict with or result in a violation or breach of any
provision of any law, rule, regulation, judgment, injunction, order or decree,
(iii) require any consent or other action by any Person under, constitute a
default under or cause or permit the termination, cancellation, acceleration or
other change of any right or obligation or the loss of any benefit to which
Buyer is entitled under any provision of any agreement or other instrument
binding upon Buyer or any license, franchise, permit, certificate, approval or
other similar authorization affecting, or relating in any way to, the assets or
business of Buyer or (iv) result in the creation or imposition of any Lien on
any asset of Buyer, except for such contraventions, conflicts and violations
referred to in clause (ii) and for such failures to obtain any such consent or
other action, defaults, terminations, cancellations, accelerations, changes,
losses

                                      -17-
<PAGE>

or Liens referred to in clauses (iii) and (iv) that would not be reasonably
expected to materially impair the ability of Buyer to consummate the
Transactions.

         SECTION 5.5. FINDERS' FEES. There is no investment banker, broker,
finder or other intermediary that has been retained by or is authorized to act
on behalf of Buyer or any of Buyer's Subsidiaries that might be entitled to any
fee or commission from any Seller or any of their Affiliates in connection with
the Transactions.

                                  ARTICLE VI.

                            COVENANTS OF THE SELLERS

         Sellers agree that:

         SECTION 6.1. CONDUCT OF THE ACQUIRED BUSINESS. Except as contemplated
by this Agreement or as expressly agreed to in writing by Buyer, during the
period from the date of this Agreement to the Closing Date, Sellers shall
operate the Acquired Business according to its ordinary and usual course of
business and consistent with past practice and use all commercially reasonable
efforts to preserve intact with respect to the Acquired Business, its current
business organizations, keep available the services of its current officers and
employees and preserve its relationships with customers, suppliers, licensors,
licensees, advertisers, distributors and others having business dealings with it
and preserve goodwill. Without limiting the generality of the foregoing, and
except as (x) otherwise expressly provided in this Agreement or (y) required by
law, prior to the Closing Date, Sellers shall not, without the consent of Buyer:

              (a) sell, lease, license or otherwise dispose of any material
         amount of assets, securities or property of the Acquired Business,
         taken as a whole, except pursuant to existing contracts or commitments
         or otherwise in the ordinary course consistent with past practice;

              (b) alter through merger, liquidation, reorganization,
         restructuring or in any other fashion the corporate structure or
         ownership of the Acquired Business;

              (c) incur any Lien on any Purchased Asset;

              (d) settle or compromise any material litigation (whether or not
         commenced prior to the date of this Agreement) relating to the Acquired
         Business or settle, pay or compromise any material claims not required
         to be paid relating to the Acquired Business, other than, in each case,
         relating to Taxes;

              (e) make any change with respect to management of inventory for
         the Acquired Business;

                                      -18-
<PAGE>

              (f) (i) take any action that would make any representation and
         warranty of Sellers hereunder inaccurate in any material respect at, or
         as of any time prior to, the Closing Date or (ii) omit to take any
         action necessary to prevent any such representation or warranty from
         being materially inaccurate in any respect at any such time; or

              (g) authorize, or commit or agree to take, any of the foregoing
         actions.

         SECTION 6.2. ACCESS TO INFORMATION. From the date of this Agreement
until the Closing Date, Sellers agree to and to cause the Acquired Business and
each of their respective officers, directors, employees, counsel, advisors and
representatives (collectively, the "SELLER REPRESENTATIVES") to give Buyer and
its officers, employees, counsel, advisors and representatives (collectively,
the "BUYER REPRESENTATIVES") reasonable access, upon reasonable notice and
during normal business hours, to the offices and other facilities and to the
books and records of the Acquired Business and shall cause the Seller
Representatives to furnish Buyer and the Buyer Representatives with such
financial and operating data and such other information with respect to the
Acquired Business as Buyer may from time to time reasonably request.

         SECTION 6.3. REPORTS. During the period from the date of this Agreement
to the Closing Date, Sellers shall provide Buyer with monthly financial
statements of the Acquired Business in the existing reporting format (balance
sheet, income statement and, if available, notes thereto), no later than the
fifteenth Business Day following the end of each calendar month following the
date of this Agreement.

         SECTION 6.4. CONSULTATION WITH BUYER. During the period from the date
of this Agreement to the Closing Date, Sellers shall consult with Buyer prior to
entering into any contract with respect to the Purchased Assets, Assumed
Liabilities or Transferred Employees that has a duration of over 90 days or that
would be reasonably likely to result in payments by or to Buyer in excess of
$250,000. In furtherance of the foregoing, Sellers covenant that they will
consult with and provide all relevant documents to Buyer between the date of
execution of this Agreement and the Closing Date with respect to all matters
relating to communications and negotiations, if any, with the United Automobile
Workers of America Local No. 36 regarding the terms and conditions of employment
of the Transferred Employees at the Fittings Facility and procedures for
negotiations thereof.

                                  ARTICLE VII.

                         COVENANTS OF BUYER AND SELLERS

         The parties hereto agree that:

         SECTION 7.1. COMMERCIALLY REASONABLE EFFORTS. Subject to the terms and
conditions of this Agreement, Buyer and Sellers will use all commercially
reasonable efforts to take, or cause to be taken, all necessary or appropriate
actions and to do, or cause to be done, all

                                      -19-
<PAGE>

things necessary or appropriate to satisfy the conditions to closing set forth
in Article VIII hereof and to consummate the Transactions on the terms and
conditions set forth in this Agreement including, without limitation, to use
commercially reasonable efforts to obtain any consents necessary to be obtained
prior to and after the Closing Date.

         SECTION 7.2. CERTAIN FILINGS. Prior to and after the Closing Date,
Buyer and Sellers shall use their commercially reasonable efforts to cooperate
with one another in (i) determining whether any action by or in respect of, or
filing with, any Governmental Authority is required, or any actions, consents,
approvals or waivers are required to be obtained from parties to any material
contracts, in connection with the consummation of the Transactions, and (ii)
taking such actions or making any such filings, furnishing information required
in connection therewith and seeking timely to obtain any such actions, consents,
approvals or waivers.

         SECTION 7.3. PUBLIC ANNOUNCEMENTS. Buyer and Sellers shall consult with
each other before issuing any press release or making any public statement with
respect to this Agreement or the Transactions and shall not issue any such press
release or make any such public statement without the consent of the other
parties hereto.

         SECTION 7.4. NOTICES OF CERTAIN EVENTS. Buyer and Sellers shall
promptly notify the other of:

              (a) any written notice or other written communication from any
         Person alleging that the consent of such Person is or may be required
         in connection with the Transactions;

              (b) any written notice or other written communication from any
         Governmental Authority in connection with the Transactions;

              (c) any Actions, suits, claims, investigations or proceedings
         commenced or, to its knowledge, threatened against, relating to or
         involving or otherwise affecting Sellers or the Acquired Business that,
         if pending on the date of this Agreement, would have been required to
         be disclosed pursuant to Section 4.7 hereof, or that relate to the
         consummation of the Transactions;

              (d) the occurrence or non-occurrence of any fact or event which
         would be reasonably likely:

                   (i) to cause any representation or warranty contained in this
              Agreement to be untrue or inaccurate in any material respect at
              any time from the date hereof to the Closing Date, or

                   (ii) to cause any covenant, condition or agreement under this
              Agreement not to be complied with or satisfied; and

                                      -20-
<PAGE>

              (e) any failure of Buyer or any Seller, as the case may be, to
         comply with or satisfy any covenant, condition or agreement to be
         complied with or satisfied by it hereunder; provided, however, that no
         such notification shall affect the representations or warranties of any
         party or the conditions to the obligations of any party hereunder.

         SECTION 7.5. CONFIDENTIALITY. Prior to the Closing Date and after any
termination of this Agreement, Buyer and each Seller will hold, and will use all
commercially reasonable efforts to cause its officers, directors, employees,
accountants, counsel, consultants, advisors and agents to hold, in confidence
all confidential documents and information concerning the other party furnished
to it or its Affiliates in connection with the Transactions.

         SECTION 7.6. PLANS.

              (a) Employment Status. Buyer shall employ all of the Employees who
         are actively employed by the Acquired Business on the Closing Date
         immediately after giving effect to the Transactions (each such employee
         being hereafter referred to as a "TRANSFERRED EMPLOYEE"), it being
         agreed that persons who are on layoff or leave and who have a right to
         return to work at the Acquired Business or who are on short-term (not
         more than six months) medical disability (including pregnancy leave)
         who do not thereafter become eligible for long-term medical disability
         or other authorized leave (such as military, family or other leaves
         where return to work is subject to statutory requirements) are to be
         considered Employees who are actively employed, and it is also agreed
         that persons on long-term medical disability or whose short-term
         medical disability thereafter becomes a long-term medical disability
         and persons whose employment has terminated or will terminate prior to
         the Closing Date without any right to return to work are not to be
         considered Employees who are actively employed; provided, however, that
         the provisions of this Section 7.6(a) shall not be construed to limit
         the ability of the Buyer to terminate any such Employee at any time for
         any reason. From and after the Effective Time, Buyer shall also assume
         responsibility to provide Former Employees with disability benefits in
         the same manner and to the same extent as such Former Employees would
         have been entitled to receive under Sellers' disability plans and Buyer
         shall assume the responsibility to provide Transferred Employees and
         Former Employees with continuing benefits and coverage required, if
         any, under Section 4980B of the Code and part 6 of Subtitle B of Title
         I of ERISA. Sellers hereby represent and warrant to Buyer that Schedule
         7.6(a) hereto contains a true and accurate list of all Transferred
         Employees, and (i) each of their respective compensation arrangements
         (ii) the date of hire of each such employee; and (iii) any employment,
         severance or other compensation agreement with any such employee. For
         purposes of this Agreement, the terms "layoff," "right to return to
         work," "short-term disability," "long-term disability" and "pregnancy
         leave" shall be construed in accordance with the personnel policies of
         Sellers and the collective bargaining agreements covering Transferred
         Employees, if applicable, both as in effect as of the date hereof.

                                      -21-
<PAGE>

              (b) Pension Plans. (i) Effective as of December 31, 2002, except
         for Employees included in the United Auto Workers Hi-Vol Livonia
         collective bargaining group (the "UNION EMPLOYEES") who participate in
         the MascoTech, Inc. Master Hourly Employees Pension Plan (the "UNION
         PLAN"), the Transferred Employees have ceased to participate in, or
         accrue any further benefits under, any tax-qualified defined benefit
         plan of Sellers or their Subsidiaries; provided, however, that, to the
         extent permitted by applicable law, and, except as otherwise elected in
         subsection (ii) below, the benefits of the Union Employees in the Union
         Plan shall be increased by crediting the service of such Transferred
         Employees with Buyer and its Subsidiaries through the earlier of (A)
         December 31, 2003 and (B) the Plan Effective Date (as defined below).
         Effective as of the Effective Time, except as otherwise provided
         herein, Buyer shall not have any responsibility for contributing to or
         under any tax-qualified defined benefit plan maintained by Sellers or
         their Subsidiaries. Except as otherwise provided below, all assets and
         liabilities of any tax-qualified defined benefit plan maintained by
         Sellers or any of their Subsidiaries attributable to any Employee or
         Former Employee of the Acquired Business shall be retained by Sellers.
         Notwithstanding the foregoing, if (A) on or before December 31, 2003,
         Buyer enters into a binding collective bargaining agreement (the "UNION
         AGREEMENT") with respect to the Union Employees; (B) such Union
         Agreement provides for the Union Employees to participate in a defined
         benefit pension plan sponsored by Buyer or its Subsidiaries (the "BUYER
         UNION PLAN"); and (C) the Buyer Union Plan credits service with Sellers
         for purposes of determining benefit accruals for Union Employees, then
         the following subsections (ii), (iii), (iv) and (v) shall apply.

                  (ii) Buyer shall, as soon as practicable after entering into
         the Union Agreement, notify Metaldyne thereof and advise Metaldyne as
         to whether the Union Agreement meets the requirements set forth in the
         last sentence of Section 7.6(b)(i) and, if applicable, of the date that
         is the Plan Effective Date. Buyer shall establish or maintain, as of
         the date the Buyer Union Plan or any other replacement plan becomes
         effective pursuant to the collective bargaining agreement with the
         Employees (the "PLAN EFFECTIVE DATE"), a tax-qualified defined benefit
         plan (the "BUYER'S PENSION PLAN") for Employees and Former Employees
         participating in the Union Plan. Subject to the transfer of assets
         described in Section 7.6(b)(iii), the Buyer's Pension Plan shall assume
         the liabilities as of the Plan Effective Date for the benefits of all
         Employees and Former Employees participating in the Union Plan.

                  (iii) On a day which is within 60 days after the later of (i)
         the date upon which the Buyer delivers to Metaldyne notice that the
         Buyer's actuaries, pursuant to Section 7.6(b)(v) hereof, have reviewed
         the calculations of Sellers' actuaries and are satisfied that such
         calculations are in accordance with this Agreement (or have failed to
         do so within the 60 day period provided for in Section 7.6(b)(v)), or
         (ii) the day upon which the Buyer delivers to Metaldyne a favorable IRS
         determination letter or an opinion of the Buyer's counsel, reasonably
         satisfactory to Metaldyne's counsel, to the effect that the terms of
         the Buyer's Pension Plan and its related trust qualify, as to form,
         under Section 401(a) and Section 501(a) of the Code, Sellers shall
         cause the trustee under the Un-

                                      -22-
<PAGE>

         ion Plan ("SELLERS' TRUSTEE") to transfer to the trustee of the Buyer's
         Pension Plan (the "BUYER'S TRUSTEE") cash assets or such other assets
         agreeable to the Buyer's Trustee and Sellers' Trustee in an amount
         equal to the amount necessary to satisfy the applicable requirements of
         Sections 414(1) and 401(a)(12) of the Code, computed based on the
         actuarial assumptions used by Sellers for financial disclosure purposes
         for the most recently completed fiscal year ending on or before the
         date of such transfer.

                  (iv) The amount transferred pursuant to Section 7.6(b)(iii)
         shall be adjusted for investment earnings or losses of the trust in
         which the Union Plan assets are held for the period between the Plan
         Effective Date and the actual date of transfer and reduced by the
         amount of any benefit payments actually paid from such plan to
         Employees and Former Employees during such period and a proportionate
         share of administrative expenses for such period if such administrative
         expenses are properly chargeable (and are actually charged) to the
         Union Plan. Sellers shall estimate such earnings as of the actual date
         of transfer and then within 90 days of the actual date of transfer,
         Sellers shall cause Sellers' Trustee to remit to the Company's Trustee
         or the Buyer shall cause the Buyer's Trustee to remit to Sellers'
         Trustee, as appropriate, an amount equal to the difference between the
         actual rate of earnings for such period and the estimated amount
         transferred as of the actual date of transfer (such difference to be
         adjusted for investment earnings at the State Street Bank short-term
         rate for the period between the actual date of transfer and the date
         such difference is paid to Sellers' Trustee or the Buyer's Trustee).
         Notwithstanding anything in this Section 7.6(b) to the contrary,
         following the Plan Effective Date and until the date of the respective
         transfers of assets to trusts under the Buyer's Pension Plan, Sellers
         shall cause Sellers' Trustee to continue to provide benefits to plan
         participants in accordance with the terms of the Union Plan to the
         extent that such benefits have accrued on or before the Plan Effective
         Date. To the extent that benefits have accrued after the Plan Effective
         Date, following the transfer of assets pursuant to Section 7.6(b)(iii),
         the Buyer shall pay such benefits to plan participants (retroactively,
         if applicable) in accordance with the terms of the Buyer's Pension
         Plan.

                  (v) The assets caused to be transferred pursuant to Section
         7.6(b)(iii) shall be calculated by Sellers' actuary, and shall be
         subject to review by the Buyer's actuary for the purpose of confirming
         that the calculation was made in accordance with (i) the actuarial
         assumptions and methods set forth in this Section 7.6(b) and (ii)
         generally accepted actuarial practice. As soon as practicable after
         receiving the notification from Buyer referred to in Section
         7.6(b)(ii), Sellers shall provide the Buyer with a detailed summary of
         the calculations described in this Section 7.6(b) and any back-up data
         reasonably requested by Buyer. If the Buyer or the Buyer's actuary do
         not notify Metaldyne to the contrary within 60 days after the delivery
         to Buyer of such detailed summary and data, the calculations of
         Sellers' actuary pursuant to this Section 7.6(b) shall be deemed to be
         final, conclusive and binding on the parties. If, however, Buyer
         notifies Metaldyne in writing within such period that it and its
         actuary believe that the calculations were not prepared in accordance
         with the requirements of this Section 7.6(b) and such notice specifies
         (i) the precise items of the calculations challenged, (ii) the basis of
         the challenge

                                      -23-
<PAGE>

         and (iii) the amount of the adjustment they propose with respect to
         each such item, the parties will then attempt to resolve their
         differences with respect thereto. If the parties are unable to resolve
         their dispute within 30 days after the date the Buyer notifies
         Metaldyne of the disputed items, the disputed items shall be referred
         to an international benefits consulting firm (the "ACTUARY FIRM")
         mutually acceptable to Buyer and Sellers. Sellers and Buyer shall
         request that the Actuary Firm resolve such disputes and report to
         Sellers and Buyer upon such remaining disputed items within 45 days
         after such referral. The decision of the Actuary Firm shall be final,
         conclusive and binding on the parties hereto. The fees and expenses of
         the Actuary Firm in conducting this assignment shall be borne equally
         by Sellers on the one hand and Buyer on the other.

              (c) Defined Contribution Plan. As soon as practical after the
         Closing Date, Sellers shall cause the trustee of Sellers' defined
         contribution plans listed on Schedule 7.6(c) hereof ("SELLERS' SAVINGS
         PLANS") to transfer all of the assets and liabilities thereof
         attributable to Employees and Former Employees of the Acquired Business
         to one or more defined contribution plans maintained by Buyer. Unless
         otherwise agreed by Sellers and Buyer, the assets to be transferred
         shall be cash and promissory notes for loans made to Employees and
         Former Employees of Buyer under the terms of the Sellers' Savings
         Plans. Sellers shall be responsible for making contributions to
         Sellers' Savings Plans for Employees and Former Employees for all
         periods prior to the Effective Time but not thereafter.

              (d) Severance and Other Liability. Buyer shall pay an amount to
         Sellers equal to the sum of (i) the excess of the "accumulated benefit
         obligation" of each of the MascoTech, Inc. Pension Plan and MascoTech,
         Inc. Master Hourly Employees Pension Plan attributable to Employees and
         Former Employees, over the amount of assets of each such plan
         attributable to Employees and Former Employees, all calculated as of
         the Effective Time, and (ii) the FAS 87 service cost resulting from
         Sellers' agreement to credit additional service and compensation set
         forth in Section 7.6(b)(i) hereof (determined using the actuarial
         assumptions and methods utilized by Sellers in determining the service
         cost for such plans). Such "accumulated benefit obligation" for each
         such plan shall be computed using a discount rate of 6.75%, compounded
         annually and the other actuarial assumptions and methods utilized by
         Sellers in determining the "accumulated benefit obligation" of such
         plans for FAS 87 purposes as of the Effective Time. The amount of plan
         assets allocable to the Employees and Former Employees shall be
         determined by multiplying the actual fair market value of the assets of
         each plan at the Effective Time by a fraction, the numerator of which
         is the "accumulated benefit obligation" (determined as set forth above)
         of the applicable plan attributable to the Employees and Former
         Employees (the "BUYER'S ABO"), and the denominator of which is the sum
         of the Buyer's ABO and the "projected benefit obligation" (computed
         using a discount rate of 6.75%, compounded annually and the other
         actuarial assumptions and methods utilized by Seller in determining the
         "projected benefit obligation" of such plans for FAS 87 purposes as of
         the Effective Time) attributable to participants and former
         participants in the plan other than the Employees and Former Employees.
         The computations shall be made by Sellers'

                                      -24-
<PAGE>

         actuary, and they shall be subject to review in accordance with the
         procedure set forth in Section 7.6(b)(v) above. Following final
         agreement on the calculations described herein, Sellers shall remit to
         the Buyer or the Buyer shall remit to Sellers, as appropriate, an
         amount equal to the difference between the actual amount owed and the
         estimated amount transferred as of Closing Date (such difference to be
         adjusted for investment earnings at the State Street Bank short-term
         rate for the period between the Closing Date and the date such
         difference is paid to Seller or Buyer).

              (e) Worker's Compensation Claims. The Buyer shall assume liability
         for all suits, claims, proceedings and actions pending as of or
         commenced after the Effective Time resulting from actual or alleged
         harm or injury to Employees or Former Employees regardless of when the
         incident or accident giving rise to such liability occurred or occurs.
         Buyer shall make all necessary arrangements to assume all worker's
         compensation claim files, whether open or closed, as of the Effective
         Time, and Buyer shall make the necessary arrangements for assuming the
         continued management of such liabilities.

              (f) Welfare Benefit Plans. (i) Coverage for all Transferred
         Employees and Former Employees (the "COVERED EMPLOYEES") and their
         respective eligible dependents under the welfare benefit plans (as
         defined in Section 3(1) of ERISA) maintained by the Sellers or their
         Affiliates for the benefit of Employees prior to the Closing Date (the
         "SELLER WELFARE PLANS") shall terminate effective as of the Effective
         Time. Subject to the satisfaction of any conditions, limitations or
         waiting periods referred to in subsection (ii) below, the welfare
         benefit plans (as defined in Section 3(1) of ERISA) maintained by Buyer
         or its Affiliates (the "BUYER WELFARE PLANS") shall provide coverage
         and benefits to such Covered Employees (and the eligible dependents of
         such Covered Employees) in substantially the same manner as provided by
         seller prior to the Effective Time. The Seller Welfare Plans shall be
         liable only for claims incurred prior to the Effective Time, and the
         Buyer shall be liable for any claims incurred by Covered Employees (and
         the eligible dependents of such Covered Employees) after the Effective
         Time. The Covered Employees shall be entitled to apply deductibles and
         out of pocket payments expended for covered medical and dental expenses
         under the Seller Welfare Plans in the plan fiscal year ending December
         31, 2003, to the deductibles and out of pocket maximums under the Buyer
         Welfare Plans, if any, for the plan fiscal year which ends on December
         31, 2003. If requested by the Buyer, the Sellers shall furnish the
         Buyer with a schedule setting forth the deductibles and out of pocket
         maximums for each Covered Employee. The Seller Welfare Plans shall be
         liable only for claims incurred prior to or as of the Effective Time,
         and the Sellers shall be liable for any claims incurred by Covered
         Employees (and the eligible dependents of such Covered Employees) under
         the Buyer Welfare Plans after the Effective Time.

              (ii) No pre-existing condition limitations, exclusions or waiting
         periods applicable with respect to life and accident death and
         dismemberment insurance, disability, sickness and accident and medical
         benefits under the Buyer Welfare Plan shall apply to

                                      -25-
<PAGE>

         the Covered Employees to the extent that such limitations, exclusions
         or waiting periods exceed those in effect under the Seller Welfare
         Plans as of the Effective Time.

              (g) To the extent that Buyer or Sellers are unable to, with
         reasonably diligent effort and at reasonable expense, perform their
         obligations in the manner contemplated by this Section 7.6, Buyer and
         Sellers shall cooperate in order to achieve the most economic transfer
         reasonably practicable and Buyer on the one hand and Sellers on the
         other agree to indemnify each other for any incremental expenses
         incurred by the other as a result of any accommodation by either such
         party from the respective responsibilities assigned to the parties by
         this Section 7.6.

         SECTION 7.7. INFORMATION; COOPERATION. If after the Closing, in order
properly to prepare documents or reports required to be filed with Governmental
Authorities or financial statements, it is necessary that Buyer or Sellers be
furnished with additional information relating to the Acquired Business and such
information is in possession of any party hereto, such party will use its
reasonable efforts to furnish, or cause to be furnished, such information to the
party requesting information.

         SECTION 7.8. FURTHER ASSURANCES. In case at any time after the Closing
Date any further action is necessary or desirable to fully and effectively
transfer the benefits of the Purchased Assets to Buyer and to fully and
effectively provide for the assumption of the Assumed Liabilities by Buyer or
otherwise to carry out the purposes of this Agreement, the proper officers and
directors of Buyer and Sellers shall execute such further documents (including
assignments, acknowledgments and consents and other instruments of transfer) and
shall take and cause their respective employees and agents to take such further
actions as may be necessary or desirable in order to carry out the intent of
this Agreement.

                                 ARTICLE VIII.

                     CONDITIONS TO OBLIGATIONS OF EACH PARTY

         The obligations of Buyer and Sellers to consummate the Transactions are
subject to the satisfaction of the following conditions:

              (a) no provision of any applicable law or regulation and no
         judgment, injunction, order or decree shall prohibit the consummation
         of the Closing;

              (b) no court, arbitrator or Governmental Authority shall have
         issued any order, and there shall not be any statute, rule or
         regulation, restraining or prohibiting the consummation of the Closing
         or the effective operation of any material portion of the Acquired
         Business after the Closing Date;

                                      -26-
<PAGE>

              (c) all licenses, permits, qualifications, consents, waivers,
         approvals, authorizations or orders required to permit the consummation
         of the Closing shall have been obtained and made, except where the
         failure to receive such licenses, permits, qualifications, consents,
         waivers, approvals, authorizations or orders, individually or in the
         aggregate with all other such failures, would not be reasonably
         expected to have a Material Adverse Effect (either before or after
         giving effect to the Transactions).

         SECTION 8.2. CONDITIONS TO THE OBLIGATIONS OF BUYER. The obligations of
Buyer to consummate the Closing are subject to the satisfaction of the following
further conditions:

              (a) (i) Sellers shall have performed in all material respects all
         of their obligations hereunder required to be performed by them at or
         prior to the Closing, (ii) the representations and warranties of
         Sellers contained in this Agreement and in any certificate or other
         writing delivered by Sellers pursuant hereto that are qualified by
         materiality or Material Adverse Effect shall be true, and all other
         such representations and warranties of Seller shall be true in all
         material respects, in each case at and as of the Closing Date as if
         made at and as of the Closing Date (except to the extent that a
         representation or warranty expressly speaks as of a specified date or
         period of time), and (iii) Buyer shall have received a certificate
         signed by a duly authorized officer of Metaldyne to the foregoing
         effect; and

              (b) all actions shall have been taken, or consents obtained, with
         respect to permits, licenses, authorizations and contracts relating to
         the Purchased Assets such that the Closing of the Transactions will not
         constitute a default under or cause or permit the termination,
         cancellation, acceleration or other change of any right or obligation
         or the loss of any benefit to which the Buyer would be entitled under
         any provision of any agreement or other instrument to be transferred to
         Buyer hereby or relating to the Acquired Business except for such
         failures to obtain any such consent or other action, defaults,
         terminations, cancellations, accelerations, changes or losses that
         would not be reasonably expected to have, individually or in the
         aggregate, a Material Adverse Effect;

              (c) Buyer shall have obtained debt or equity financing on terms
         and conditions reasonably satisfactory to it sufficient to pay the
         Purchase Price and related fees and expenses; and

              (d) Buyer shall have received the Buyer Fairness Opinion in form
         and substance reasonably satisfactory to Buyer and such opinion shall
         be in full force and effect as of the Closing Date.

         SECTION 8.3. CONDITIONS TO THE OBLIGATIONS OF SELLERS. The obligations
of Sellers to consummate the Closing are subject to the satisfaction of the
following further conditions:

                                      -27-
<PAGE>

              (a) (i) Buyer shall have performed in all material respects all of
         its obligations hereunder required to be performed by it at or prior to
         the Closing, (ii) the representations and warranties of Buyer contained
         in this Agreement and in any certificate or other writing delivered by
         Buyer pursuant hereto that are qualified by materiality shall be true,
         and all other such representations or warranties of Buyer shall be true
         in all material respects, in each case at and as of the Closing Date as
         if made at and as of the Closing Date (except to the extent that a
         representation or warranty expressly speaks as of a specified date or
         period of time), and (iii) Sellers shall have received a certificate
         signed by a duly authorized officer of Buyer to the foregoing effect;

              (b) the Transactions shall have been approved in accordance with
         the terms of the Seller Shareholder Agreement; and

              (c) Sellers shall have received the Seller Fairness Opinion in
         form and substance reasonably satisfactory to Seller and such opinion
         shall be in full force and effect as of the Closing Date.

                                  ARTICLE IX.

                            OBLIGATIONS AFTER CLOSING

         SECTION 9.1. INDEMNIFICATION.

              (a) Indemnification by Sellers. Subject to the other provisions of
         this Article VIII, Sellers shall jointly and severally indemnify Buyer
         and its directors, officers, managers, members, employees and agents
         (collectively, the "BUYER INDEMNIFIED PARTIES") from and against and
         shall reimburse such Buyer Indemnified Parties in respect of any and
         all Losses resulting from or arising out of (i) any Excluded
         Liabilities (whether arising prior to or after the Closing), (ii) the
         failure of Sellers to perform any of their obligations under this
         Agreement in any material respect or any breach of any representation
         or warranty of Sellers in this Agreement, (iii) all Liabilities arising
         out of the business, operations and assets of Sellers' and their
         Subsidiaries after the Closing and (iv) the breach of any
         representation, warranty or covenant of Metaldyne LLC in the Fittings
         Facility Sublease.

              (b) Indemnification by Buyer. Except as otherwise provided in
         Sections 7.6 and subject to the other provisions of this Article 8,
         Buyer shall indemnify Sellers, their Subsidiaries and their present and
         former directors, officers, managers, members, employees and agents
         (collectively, the "SELLER INDEMNIFIED PARTIES") from and against and
         shall reimburse such Seller Indemnified Parties in respect of any and
         all Losses resulting from or arising out of (i) any of the Assumed
         Liabilities (whether arising prior to or after the Closing), (ii) the
         failure of Buyer to perform any of its obligations under this Agreement
         in any material respect or any breach of any representation or warranty
         of Buyer in this Agreement, and (iii) all Liabilities arising out of
         the business, operations and assets of Buyer and its Subsidiaries after
         the Closing.

                                      -28-
<PAGE>

         SECTION 9.2. PROCEDURES. The party seeking indemnification under
Section 9.1 (the "INDEMNIFIED PARTY") agrees to give prompt notice to the party
against whom indemnity is sought (the "INDEMNIFYING PARTY") of the assertion of
any claim or the commencement of any suit, action or proceeding in respect of
which indemnity may be sought under such Section. The Indemnifying Party may at
the request of the Indemnified Party participate in and control the defense of
any such suit, action or proceeding at its own expense. The Indemnifying Party
shall not be liable under Section 9.1 for any settlement effected without its
consent of any claim, litigation or proceeding in respect of which indemnity may
be sought hereunder.

         SECTION 9.3. LIMITATIONS ON INDEMNIFICATION. (a) Sellers shall have no
obligation to indemnify any Buyer Indemnified Party from and against any Losses
until the aggregate Losses suffered by all Buyer Indemnified Parties exceed
$25,000, at which time Sellers shall be liable to the Buyer Indemnified Parties
for the entire amount of all aggregate Losses suffered by all Buyer Indemnified
Parties.

         (b) Buyer shall have no obligation to indemnify any Seller Indemnified
Party from and against any Losses until the aggregate Losses suffered by all
Seller Indemnified Parties exceed $25,000, at which time Buyer shall be liable
to the Seller Indemnified Parties for the entire amount of all aggregate Losses
suffered by all Seller Indemnified Parties.

         (c) There shall be no time limit on claims under this Agreement.

         (d) The liability of Sellers or Buyer under this Article VIII shall be
reduced by an amount equal to (i) any net Tax Benefit realized by the
Indemnified Party (resulting from any Loss suffered by the Indemnified Party
that forms the basis of the Indemnifying Party's obligation hereunder), giving
effect to any Tax liabilities of the Indemnified Party arising as a result of
any payments made by an Indemnifying Party with respect to such claim for
indemnification; and (ii) the value of any insurance benefit realized by the
Indemnified Party in connection with any Loss suffered by such Person that forms
the basis of the Indemnifying Party's obligation hereunder. Buyer and each
Seller shall use its commercially reasonable efforts to pursue any insurance
benefits covering any Loss suffered by any Indemnified Party that forms the
basis of such Indemnified Party's claim against such Indemnifying Party.

         (e) Each party agrees that from and after the Closing, its sole remedy
with respect to any claims for money damages relating to the Transactions or the
subject matter of this Agreement shall be pursuant to the express
indemnification provisions set forth in this Agreement.

                                      -29-
<PAGE>

                                   ARTICLE X.

                                   TERMINATION

         SECTION 10.1. TERMINATION. This Agreement may be terminated at any time
prior to the Closing:

         (a) by mutual written agreement of Buyer and Metaldyne; or

         (b) by either Buyer or Metaldyne, if:

                    (i) the Closing has not been consummated on or before June
              30, 2003 (the "END DATE"), provided that the right to terminate
              this Agreement pursuant to this Section 10.1(b)(i) shall not be
              available to any party whose breach of any provision of this
              Agreement results in the failure of the Transactions to be
              consummated by such time;

                    (ii) there shall be any law or regulation that makes
              consummation of the Transactions illegal or otherwise prohibited
              or any judgment, injunction, order or decree of any Governmental
              Authority having competent jurisdiction enjoining Buyer or any
              Seller from consummating the Transactions is entered and such
              judgment, injunction, order or decree shall have become final and
              nonappealable; or

              (c) by Buyer, if a breach of or failure to perform any
         representation, warranty, covenant or agreement set forth in this
         Agreement shall have occurred that would cause the condition set forth
         in Section 8.2(a) hereof not to be satisfied, and such condition is
         incapable of being satisfied by the End Date; or

              (d) by Metaldyne, if a breach of or failure to perform any
         representation, warranty, covenant or agreement on the part of Buyer
         set forth in this Agreement shall have occurred that would cause the
         condition set forth in Section 8.3(a) hereof not to be satisfied, and
         such condition is incapable of being satisfied by the End Date.

         The party desiring to terminate this Agreement pursuant to this Section
10.1 (other than pursuant to Section 10.1(a)) shall give notice of such
termination to the other parties.

         SECTION 10.2. EFFECT OF TERMINATION. If this Agreement is terminated
pursuant to Section 10.1 hereof, this Agreement shall become void and of no
effect without liability of any party (or any stockholder, member, manager,
director, officer, employee, agent, consultant or representative of such party)
to the other parties hereto. The provisions of Sections 7.5, 11.6 and 11.7 shall
survive any termination hereof pursuant to Section 10.1.

                                      -30-
<PAGE>

                                  ARTICLE XI.

                                  MISCELLANEOUS

         SECTION 11.1. NOTICES. All notices, requests and other communications
to any party hereunder shall be in writing (including facsimile transmission)
and shall be given,

                  if to Buyer, to:

                           TriMas Corporation
                           39400 North Woodward Avenue, Suite 130
                           Bloomfield Hills, Michigan  48304
                           Fax:  (248) 631-5455
                           Attn: General Counsel

                  if to any Seller, to it, care of:

                           Metaldyne Corporation
                           47603 Halyard Drive
                           Plymouth, Michigan  48170
                           Fax:  (734) 207-6729
                           Attn: General Counsel

or such other address or facsimile number as such party may hereafter specify
for the purpose by notice to the other parties hereto. All such notices,
requests and other communications shall be deemed received on the date of
receipt by the recipient thereof if received prior to 5:00 p.m., and such day is
a Business Day in the place of receipt. Otherwise, any such notice, request or
communication shall be deemed not to have been received until the next
succeeding Business Day in the place of receipt.

         SECTION 11.2. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The
representations and warranties and agreements contained herein and in any
certificate or other writing delivered pursuant hereto shall not survive the
Closing Date of this Agreement, except for the agreements set forth in Sections
2.1, 2.2, 2.4, 7.4, 7.5, 7.6, 7.7, 7.8, Article IX and Article XI.

         SECTION 11.3. AMENDMENTS; NO WAIVERS. (a) Any provision of this
Agreement may be amended or waived prior to the Closing Date if, but only if,
such amendment or waiver is in writing and is signed, in the case of an
amendment, by each party to this Agreement or, in the case of a waiver, by each
party against whom the waiver is to be effective.

         (b) No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

                                      -31-
<PAGE>

         SECTION 11.4. EXPENSES. Except as otherwise provided for in this
Agreement, all costs and expenses incurred in connection with this Agreement
shall be paid by the party incurring such cost or expense.

         SECTION 11.5. SUCCESSORS AND ASSIGNS. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, provided that no party may assign, delegate
or otherwise transfer any of its rights or obligations under this Agreement
without the consent of each other party hereto, except that Buyer may transfer
or assign, from time to time in whole or in part, to one or more of its
Subsidiaries, the right to purchase the Purchased Assets, employ the Transferred
Employees and assume the Assumed Liabilities hereunder, but any such transfer or
assignment will not relieve Buyer of its obligations owed hereunder to Sellers
(it being understood, however, that Buyer shall not have any obligation to any
third party with respect to any assets, liabilities or employees assigned by it
prior to the Closing). Any such assignee shall, by virtue of purchasing the
Purchased Assets, be deemed to have made severally, with respect to itself, the
representations and warranties set forth in Article V hereof.

         SECTION 11.6. GOVERNING LAW. The validity, construction and effect of
this Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of Delaware, without giving effect to the principles
of conflicts of law of such state.

         SECTION 11.7. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS.

         SECTION 11.8. COUNTERPARTS; EFFECTIVENESS. This Agreement may be signed
in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.
This Agreement shall become effective when each party hereto shall have received
counterparts hereof signed by all of the other parties hereto. No provision of
this Agreement is intended to confer any rights, benefits, remedies, obligations
or liabilities hereunder upon any Person other than the parties hereto and their
respective successors and assigns.

         SECTION 11.9. ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter of this
Agreement and supersedes agreements and understandings, both oral and written,
between the parties with respect to the subject matter of this Agreement.
Exhibits referred to herein are incorporated by reference herein and shall
constitute a part of this Agreement.

         SECTION 11.10. CAPTIONS. The captions herein are included for
convenience of reference only and shall be ignored in the construction or
interpretation hereof.

         SECTION 11.11. SEVERABILITY. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void

                                      -32-
<PAGE>

or unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall
in no way be affected, impaired or invalidated. Upon such a determination, the
parties shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the parties as closely as possible in an acceptable
manner so that the Transactions be consummated as originally contemplated to the
fullest extent possible.

                                      -33-
<PAGE>

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

                             TRIMAS CORPORATION

                             By: /s/ Todd R. Peters
                                 -------------------------------------
                                 Name:  Todd R. Peters
                                 Title:    Executive Vice President

                             METALDYNE CORPORATION

                             By: /s/ Karen A. Radtke
                                 -------------------------------------
                                 Name:  Karen A. Radtke
                                 Title: Treasurer

                             METALDYNE COMPANY LLC

                             By: /s/ Karen A. Radtke
                                 --------------------------------------
                                 Name:  Karen A. Radtke
                                 Title:    Vice President and Treasurer

                                      -34-
<PAGE>

                                    EXHIBIT A

                       FORM OF FITTINGS FACILITY SUBLEASE

         THIS SUBLEASE is made and entered into as of this 9th day of May, 2003,
by and between Metaldyne Company LLC, a Delaware limited liability company
("LANDLORD"), and __________ a Delaware limited liability company ("TENANT").

1.       DEFINITIONS.

A.   Premises: That certain land (the "LAND") situated in the City of Livonia,
County of Wayne and State of Michigan and more particularly described in Annex 1
attached hereto, together with a building containing approximately 60,390 square
feet (the ------- "Building") and all other existing and future improvements and
rights described in the Prime Lease as the "DEMISED PREMISES."

B.   Tenant's Address (for notices): 39400 Woodward Avenue, Suite 130,
Bloomfield Hills, MI 48304.

C.   Landlord's Address (for notices): 47603 Halyard Drive, Plymouth, Michigan
48170, Attn: Chief Financial Officer.

D.   Prime Landlord: Kojaian MD Livonia, L.L.C.

E.   Prime Landlord's Address (for notices): c/o Kojaian Management Corporation,
39400 Woodward Avenue, Suite 250, Bloomfield Hills, Michigan 48304, Attn: C.
Michael Kojaian.

F.   Prime Lease and all amendments thereto: Lease dated, January 23, 2002, by
and between Prime Landlord and Landlord, and all amendments, amendments and
restatements and supplements thereto, in accordance with the provisions of this
Sublease.

G.   Master Lease: That certain Master Lease Agreement referenced in the Prime
Lease, as amended by that certain Amendment to Master Lease Agreement, dated
June 6, 2002, and all further amendments, amendments and restatements and
supplements thereto, in accordance with the provisions of this Sublease.

H.   Term: For the remainder of the term of the Prime Lease (including all
renewal terms exercised pursuant to the provisions of the Prime Lease), minus
one (1) day.

I.   Commencement Date:  The Effective Time (as defined in the Asset Purchase
Agreement).

J.   Termination Date: One (1) day less than the term of the Prime Lease,
including all renewal terms exercised pursuant to the terms and conditions of
this Sublease.

                                      -35-
<PAGE>

K.   Rent: The "RENT," as defined in the Prime Lease, and all other payment
obligations of the Landlord under the Prime Lease including but not limited to,
(i) the asset management fee described in Section (a)(i) of the Prime Lease and
(ii) the obligation to pay Taxes and utilities as described in Section 5 of the
Prime Lease.

L.   Payee of Rent: The Prime Landlord.

M.   Address for Payment of Rent: c/o Kojaian Management Corporation, 39400
Woodward Avenue, Suite 250, Bloomfield Hills, Michigan 48304, Attn: C. Michael
Kojaian.

N.   Security Deposit: Forty Three Thousand Five Hundred and Three 00/100
Dollars ($43,503.00) in the form of cash or a letter of credit issued by an
"APPROVED BANK" as defined in the Prime Lease.

O.   Tenant's Use: All uses permitted by the Prime Lease.

P.   Asset Purchase Agreement: The Asset Purchase Agreement, dated as of May 9,
2003, by and among Trimas Corporation, Metaldyne Corporation and Metaldyne
Company LLC.

Q.   Losses: Any and all damages, losses, deficiencies, Liabilities,
obligations, penalties, judgments, settlements, claims, payments, fines,
interest, costs and expenses (including, without limitation, the costs and
expenses of any and all Actions (as defined in the Asset Purchase Agreement) and
demands, assessments, judgments, settlements and compromises relating thereto
and the reasonable costs and expenses of attorneys', accountants', consultants'
and other professionals' fees and expenses incurred in the investigation or
defense thereof or the enforcement of rights hereunder), including direct and
consequential damages, but excluding punitive damages (other than punitive
damages awarded to any third party against an Indemnified Party or a Tenant
Indemnified Party).

R.   Liabilities: Any and all indebtedness, liabilities or obligations, whether
accrued, fixed or contingent, mature or inchoate, known or unknown, reflected on
a balance sheet or otherwise, including, but not limited to, those arising under
any law, rule, regulation, Action (as defined in the Asset Purchase Agreement),
order, injunction or consent decree of any Governmental Authority (as defined in
the Asset Purchase Agreement) or any judgment of any court of any kind or any
award of any arbitrator of any kind, and those arising under any contract,
commitment or undertaking.

2.   PRIME LEASE. Landlord is the tenant under the Prime Lease identified in
Section 1(F), bearing the date specified in Section 1(F). Landlord represents
and warrants to Tenant that (a) Landlord has delivered to Tenant a full and
complete copy of the Prime Lease, the Master Lease and all amendments thereto,
and all other agreements between Prime Landlord and Landlord relating to the
leasing, use and occupancy of the Premises, (b) the Prime Lease is, as of the
date hereof, in full force and effect and (c) no event of default has occurred
under the Prime Lease and, to Landlord's knowledge, no event has occurred and is
continuing which would constitute

                                      -36-
<PAGE>

an event of default but for the requirement of the giving of notice and/or the
expiration of the period of time to cure.

3.   SUBLEASE. Landlord, for and in consideration of the rents herein reserved
and of the covenants and agreements herein contained on the part of the Tenant
to be performed, hereby subleases to the Tenant, and the Tenant accepts from the
Landlord the Premises identified in Section 1(A).

4.   TERM AND TERMINATION.

A.   The Term of this Lease is identified in Section 1(H). The Commencement Date
is identified in Section 1(I). The Termination Date is identified in Section
1(J).

B.   This Lease shall terminate in the event of the termination of the Prime
Lease.

5.   POSSESSION. Landlord agrees to deliver possession of the Premises on or
before the Commencement Date in its condition as of the execution and delivery
hereof, reasonable wear and tear excepted. Landlord has made no representations
or warranties with respect to the condition of the Premises and Tenant
acknowledges that it is leasing the Premises in its "AS IS" condition.

6.   TENANT'S USE. The Premises shall be used and occupied only for the Tenant's
Use set forth in Section 1(O).

7.   RENT. Beginning on the Commencement Date, Tenant agrees to pay the Rent set
forth in Section 1(K) to the Payee specified in Section 1(L),at the address
specified in Section 1(M), or to such other payee (which shall be the Landlord
or its nominee) or at such other address as may be designated by notice in
writing from Landlord to Tenant, without prior demand therefor and without any
deduction or setoff whatsoever. During the Term hereof, Rent shall be paid in
accordance with the Prime Lease. Tenant's covenant to pay Rent is independent of
every other covenant in this Sublease. If Rent is not paid when due, Tenant
shall pay, relative to the delinquent payment, an amount equal to the sum which
would be payable by Landlord to Prime Landlord for an equivalent default under
the Prime Lease. If any installment of Rent provided for herein is not paid when
due, Tenant shall pay any late charge or interest obligation required to be paid
by Landlord under the Prime Lease.

8.   UTILITIES AND SERVICES. Landlord shall not be responsible for providing
Tenant with any utilities or services to the Premises. The Premises shall be
provided utilities and services as set forth in the Prime Lease.

9.   TENANT'S OBLIGATIONS. Tenant shall at all times perform each and every
obligation of Landlord under the Prime Lease during the entire Term of this
Sublease and shall promptly notify Landlord of any material failure to so
perform.

                                      -37-
<PAGE>

10.   QUIET ENJOYMENT. Landlord represents that is it has full power and
authority to enter into this Sublease. So long as Tenant is not in default in
the performance of its covenants and agreements in this Sublease, Tenant's quiet
and peaceable enjoyment of the Premises shall not be disturbed or interfered
with by Landlord, or by any person claiming by, through, or under Landlord.

11.   TENANT'S INSURANCE. Tenant shall procure and maintain, at its own cost and
expense, such liability insurance (including commercial general liability,
business automobile liability, workers' compensation and employer's liability)
as is required to be carried by Landlord under the Prime Lease, naming Landlord,
Prime Landlord and Prime Landlord's mortgagee, as additional insureds (except as
to Workers' Compensation and Employer's Liability), and in accordance with the
requirements of the Prime Lease. Tenant shall also maintain such commercial
property insurance, boiler and machinery insurance and business interruption
insurance as is required to be maintained by Landlord under the Prime Lease,
naming Prime Landlord and its mortgagee as loss payees, where required, and in
accordance with the requirements of the Prime Lease. To the extent the Prime
Lease requires Landlord to insure leasehold improvements, then Tenant shall
insure such leasehold improvements as are currently located in the Premises, as
well as leasehold improvements in the Premises made by Tenant. Tenant shall
furnish to Landlord certificates or evidence of insurance (as applicable) of
insurance required hereunder prior to Tenant taking possession of the Premises.
Landlord and Tenant each agree to include in any of their "special form" (or
other property and casualty) insurance policies the agreement of the issuer
thereof that such policy shall not be invalidated by a waiver of claims by the
insured against the Landlord or Tenant, as the case may be, and each will
furnish evidence thereof to the other. Landlord and Tenant each hereby waive any
claim against the other for any loss resulting from any cause, including the
negligence of the other, to the extent of the insurance proceeds available
therefore or required to be available by the terms of this Sublease.

12.  ASSIGNMENT OR SUBLETTING.

A.   To the extent provided under the Prime Lease, Tenant shall not (i) assign,
convey, mortgage or hypothecate this Sublease or any interest under it, (ii)
allow any transfer thereof or any lien upon Tenant's interest by operation of
law, (iii) further sublet the Premises or any part thereof or (iv) permit the
occupancy of the Premises or any part thereof by anyone other than Tenant.
Landlord's consent to an assignment of this Sublease or a further sublease of
the Premises shall not be unreasonably withheld, conditioned or delayed, and if
Landlord consents thereto, Landlord shall use reasonable efforts to obtain the
consent of Prime Landlord if such consent is required to be obtained under the
Prime Lease. Any cost of obtaining Prime Landlord's consent shall be borne by
Tenant.

B.   Notwithstanding the provisions of subsection (A) of this Section 12, and
only to the extent permitted under Section 13 of the Prime Lease, Tenant may
assign its interests herein or further sublet the Premises or any portion
thereof, without Landlord's consent and without providing any additional rent to
Landlord, to any entity which, at the time of the initial assignment or
sublease, controls, is controlled by or is under common control with Tenant, or
any entity result-

                                      -38-
<PAGE>

ing from the merger or consolidation with Tenant, or to any person or entity
which acquires all or substantially all the assets or capital stock of Tenant,
in any such case as a going concern of the business that is being conducted on
the Premises, provided that said assignee assumes, in full, the obligations of
Tenant under this Sublease in an agreement delivered to Landlord.

C.   No permitted assignment shall be effective and no permitted sublease shall
commence unless and until any default by Tenant hereunder shall have been cured.
No permitted assignment or subletting shall relieve Tenant from Tenant's
obligations and agreements hereunder and Tenant shall continue to be liable as a
principal and not as a guarantor or surety to the same extent as though no
assignment or subletting had been made.

13.   MAINTENANCE AND REPAIRS. During the Term hereof, all obligations of
Landlord under the Prime Lease for the maintenance, repair and/or replacement of
any portion of the Premises shall be the responsibility of the Tenant.

14.   FIRE OR CASUALTY OR EMINENT DOMAIN. In the event of a fire or other
casualty affecting the Premises, or of a taking of all or a part of the Building
or Premises under the power of eminent domain, Landlord shall not exercise any
right which may have the effect of terminating the Prime Lease without first
obtaining the prior written consent of Tenant. In the event Landlord is
entitled, under the Prime Lease, to a rent abatement as a result of a fire or
other casualty or as a result of a taking under the power of eminent domain,
then Tenant shall be entitled to such rent abatement. If the Prime Lease imposes
on Landlord the obligation to repair or restore leasehold improvements or
alterations, Tenant shall be responsible for the repair or restoration of such
leasehold improvements or alterations.

15.   ALTERATIONS. Tenant may make any alterations in or additions or
improvements to the Premises ("ALTERATIONS"), but only after obtaining
Landlord's and Prime Landlord's written consent if and to the extent such
consent is required to be obtained by Landlord under the Prime Lease. Tenant
shall make Alterations in compliance with all of the covenants of Landlord
contained in the Prime Lease pertaining to the performance of such Alterations.
In addition, Tenant shall indemnify, defend and hold harmless Landlord against
liability, loss, cost, damage, liens and expense imposed on Landlord arising out
of the performance of Alterations by Tenant.

16.   SURRENDER. Upon the expiration of this Sublease, or upon the termination
of the Sublease or of the Tenant's right to possession of the Premises, Tenant
will at once surrender and deliver up the Premises, together with all
improvements thereon, only to the extent required under the Prime Lease, to
Landlord in the condition required under the Prime Lease and pursuant to the
requirements of the Prime Lease, including the removal of any alterations made
by Landlord or Tenant, to the extent Prime Landlord requires their removal.

17.   REMOVAL OF TENANT'S PROPERTY. Upon the expiration of this Sublease, Tenant
shall remove Tenant's articles of personal property incident to Tenant's
business ("TRADE FIXTURES"); provided, however, that Tenant shall repair any
injury or damage to the Premises which may result from such removal, and shall
restore the Premises to the same condition as prior to the

                                      -39-
<PAGE>

installation thereof. If Tenant does not remove Tenant's Trade Fixtures from the
Premises prior to the expiration or earlier termination of the Term, Landlord
may, at its option, remove the same (and repair any damage occasioned thereby
and restore the Premises as aforesaid) and dispose thereof or deliver the same
to any other place of business of Tenant, or warehouse the same, and Tenant
shall pay the cost of such removal, repair, restoration, delivery or warehousing
to Landlord on demand, or Landlord may treat said Trade Fixtures as having been
conveyed to Landlord with this Sublease as a bill of sale, without further
payment or credit by Landlord to Tenant.

18.   HOLDING OVER. Tenant shall have no right to occupy the Premises or any
portion thereof after the expiration of this Sublease or after termination of
this Sublease or of Tenant's right to possession in consequence of an Event of
Default hereunder. In the event Tenant or any party claiming by, through or
under Tenant holds over, thereafter the tenancy shall be from month to month in
the absence of a written agreement to the contrary, and Tenant shall pay to
Prime Landlord a daily occupancy charge equal to five percent (5%) of the Basic
Rental (as defined in the Prime Lease) for the last lease year (plus all other
charges payable by Tenant under this Sublease) from each day from the expiration
or termination of this Sublease until the date the Premises are delivered in the
condition required herein, and Landlord's right to damages for such illegal
occupancy shall survive

19.   ENCUMBERING TITLE. Tenant shall not do any act which shall in any way
encumber the title of Prime Landlord in and to the Premises, nor shall the
interest or estate of Prime Landlord or Landlord be in any way subject to any
claim by way of lien or encumbrance, whether by operation of law, by virtue of
any express or implied contract by Tenant or by reason of any other act or
omission of Tenant. Any claim to, or lien upon the Premises arising from any act
or omission of Tenant shall accrue only against the subleasehold estate of
Tenant and shall be subject and subordinate to the paramount title and rights of
Prime Landlord in and to the Premises and the interest of Landlord in the
Premises leased pursuant to the Prime Lease. Without limiting the generality of
the foregoing, Tenant shall not permit the Premises to become subject to any
mechanic's or other lien, charge or order for the payment of money filed against
Landlord or Prime Landlord as a result of any act or omission of Tenant;
provided, however, that if so permitted under the Prime Lease, Tenant shall have
the right to contest in good faith and with reasonable diligence, the validity
of any such lien or claimed lien; provided further, however, that Tenant shall,
at its own cost and expense, cause the same to be discharged of record or bonded
within thirty (30) days after written notice from Landlord or Prime Landlord to
Tenant of the filing thereof; and Tenant shall indemnify and save and hold
harmless Landlord, and if so required by the Prime Lease, Prime Landlord,
against and from all costs, liabilities, suits, penalties, claims and demands,
including reasonable attorneys' fees, resulting therefrom.

20.  INDEMNITY.

A.   Tenant agrees to indemnify, forever save and hold Landlord and each of
Landlord's agents, contractors, licensees, employees, managers, members,
directors, officers, partners, trustees and invitees (collectively, the
"INDEMNIFIED PARTIES;" each, an "INDEMNIFIED PARTY") harmless from and against
any and all Losses which any Indemnified Party may suffer or incur

                                      -40-
<PAGE>

arising out of or in connection with this Sublease, including, without
limitation, (i) Tenant's failure to comply with the provisions of this Sublease;
(ii) Tenant's or Tenant's employees' or Tenant's successors or assigns use of
the Premises; (iii) the conduct of Tenant's business, any activity, work or
things done, permitted or suffered by Tenant, its agents, contractors,
licensees, employees, directors, officers, partners, trustees, successors or
assigns (other than work performed by Landlord) in or about the Premises or the
Building (as defined in the Prime Lease); (iv) Tenant's employees nonobservance
or nonperformance or any statute, law, ordinance, rule or regulation; (v) any
negligence or other wrongful act or omission on the part of Tenant or any of its
agents, contractors, licensees, employees, directors, officers, partners,
trustees, successors or assigns or (vii) any accident, injury or damage to any
person or property occurring in, on or about the Premises or any part thereof
during the Term of this Sublease, except to the extent caused by the negligence
or willful misconduct of any Indemnified Party.

B.   Landlord agrees to indemnify, forever save and hold Tenant and each of
Tenant's agents, contractors, licensees, employees, managers, members,
directors, officers, partners, trustees and invitees (collectively, the "TENANT
INDEMNIFIED PARTIES;" each, a "TENANT INDEMNIFIED PARTY") harmless from and
against any and all Losses which any Tenant Indemnified Party may suffer or
incur arising out of, (i) Landlord's failure to comply with the provisions of
this Sublease; (ii) Landlord's employees nonobservance or nonperformance of any
statute, law, ordinance, rule or regulation; (iii) any negligence or other
wrongful act or omission on the part of Landlord or any of its agents,
contractors, licensees, employees, directors, officers, partners, trustees,
successors or assigns or (iv) any accident, injury or damage to any person or
property occurring in, on or about the Premises or any part thereof during the
term of this Sublease to the extent caused by the negligence or willful
misconduct of Landlord (with respect to a claim against Tenant).

C.   The parties hereto acknowledge and agree that any claim for indemnification
hereunder and the obligations owed to the Indemnified Party or the Tenant
Indemnified Party, as the case may be, shall be subject to the provisions of
Sections 9.2 and 9.3 of the Asset Purchase Agreement.

21.  LANDLORD'S RESERVED RIGHTS. Landlord shall have the same access rights as
Prime Landlord under the Prime Lease.

22.  DEFAULTS. Tenant agrees that any one or more of the following events shall
be considered Events of Default as said term is used herein:

A.   Tenant shall be adjudged an involuntary bankrupt, or a decree or order
approving, as properly filed, a petition or answer filed against Tenant asking
reorganization of Tenant under the Federal bankruptcy laws as now or hereafter
amended, or under the laws of any State, shall be entered, and any such decree
or judgment or order shall not have been vacated or stayed or set aside within
ninety (90) days from the date of the entry or granting thereof; or

                                      -41-
<PAGE>

B.   Tenant shall file any petition in bankruptcy, or any petition pursuant or
purporting to be pursuant to the Federal bankruptcy laws now or hereafter
amended, or Tenant shall institute any proceedings for relief of Tenant under
any bankruptcy or insolvency laws or any laws relating to the relief of debtors,
readjustment of indebtedness, reorganization, arrangements, composition or
extension; or

C.   Tenant shall make any assignment for the benefit of creditors or shall file
an answer admitting or fail timely to contest or acquiesce in the appointment of
any trustee, receiver or liquidator of Tenant or any material part of its
properties; or

D.   Tenant shall admit in writing its inability to pay its debts as they become
due; or

E.   A decree or order appointing a receiver of the property of Tenant shall be
made and such decree or order shall not have been vacated, stayed or set aside
within ninety (90) days from the date of entry or granting thereof; or

F.   Tenant shall default in any payment of Rent required to be made by Tenant
hereunder when due as herein provided and such default shall continue for more
than ten (10) days after notice thereof in writing to Tenant; or

G.   Tenant shall default in securing insurance or in providing evidence of
insurance as set forth in Section 11 of this Sublease or shall default with
respect to lien claims as set forth in Section 19 of this Sublease and either
such default shall continue for fifteen (15) days after notice thereof in
writing to Tenant; or

H.   Tenant shall, by its act or omission to act, cause a default under the
Prime Lease and such default shall not be cured within the time, if any,
permitted for such cure under the Prime Lease; or

I.   Tenant shall default in any of the other covenants and agreements herein
contained to be kept, observed and performed by Tenant, and such default shall
continue for thirty (30) days after notice thereof in writing to Tenant, and
Tenant shall not within such 30-day period commence with due diligence and
dispatch the curing of such default or having so commenced, shall thereafter
fail or neglect to prosecute or complete with due diligence and dispatch the
curing of such default.

23.   REMEDIES. Upon the occurrence of any one or more Events of Default,
Landlord may exercise any remedy against Tenant which Prime Landlord may
exercise for default by Landlord under the Prime Lease.

24.   NOTICES AND CONSENTS. All notices, demands, requests, consents or
approvals which may or are required to be given by either party to the other
shall be in writing and shall be deemed given when received or refused if sent
by United States registered or certified mail, postage prepaid, return receipt
requested or if sent by overnight commercial courier service (a) if to Tenant,
addressed to Tenant at the address specified in Section 1(B) or at such other
place as

                                      -42-
<PAGE>

Tenant may from time to time designate by notice in writing to Landlord or (b)
if for Landlord, addressed to Landlord at the address specified in Section 1(C)
or at such other place as Landlord may from time to time designate by notice in
writing to Tenant. Each party agrees to promptly deliver a copy of each notice,
demand, request, consent or approval from such party to Prime Landlord and
promptly to deliver to the other party a copy of any notice, demand, request,
consent or approval received from Prime Landlord. Such copies shall be delivered
by overnight commercial courier.

25.   PROVISIONS REGARDING SUBLEASE. This Sublease and all the rights of parties
hereunder are subject and subordinate to the Prime Lease. Each party agrees that
it will not, by its act or omission to act, cause a default under the Prime
Lease. In furtherance of the foregoing, the parties hereby confirm, each to the
other, that it is not practical in this Sublease agreement to enumerate all of
the rights and obligations of the various parties under the Prime Lease and
specifically to allocate those rights and obligations in this Sublease
agreement. Accordingly, in order to afford to Tenant the benefits of this
Sublease and of those provisions of the Prime Lease which by their nature are
intended to benefit the party in possession of the Premises, and in order to
protect Landlord against a default by Tenant which might cause a default or
event of default by Landlord under the Prime Lease:

A.   To the extent Prime Landlord requires payment directly from Landlord and
provided Tenant timely pays all Rent when and as due under this Sublease,
Landlord shall pay, when and as due, any and all base rent, additional rent and
other charges payable by Landlord to Prime Landlord to the extent required under
the Prime Lease.

B.   Landlord shall promptly provide Tenant with copies of all notices received
by Landlord under the Prime Lease from Prime Landlord or its mortgagee.

C.   Except as otherwise expressly provided for herein, during the Term hereof
Tenant shall perform all affirmative covenants of Landlord under the Prime Lease
and shall refrain from performing any act which is prohibited by the negative
covenants of the Prime Lease.

D.   Landlord shall not agree to any amendment to the Prime Lease unless
Landlord shall first obtain Tenant's prior written approval thereof, which
approval shall not be unreasonably withheld, conditioned or delayed.

E.   Except as otherwise provided herein, Tenant shall be entitled to the rights
of Landlord, as tenant under the Prime Lease. Without limiting the generality of
the foregoing, Landlord hereby grants to Tenant the right to receive all of the
services and benefits with respect to the Premises which are to be provided by
Prime Landlord under the Prime Lease. Landlord shall have no duty to perform any
obligations of Prime Landlord which are, by their nature, the obligation of an
owner or manager of real property. For example, Landlord shall not be required
to provide the services or repairs, if any, which the Prime Landlord is required
to provide under the Prime Lease. Landlord shall have no responsibility for or
be liable to Tenant for any default, failure or delay on the part of Prime
Landlord in the performance or observance by Prime Landlord of any

                                      -43-

<PAGE>

of its obligations under the Prime Lease, nor shall such default by Prime
Landlord affect this Sublease or waive or defer the performance of any of
Tenant's obligations hereunder except to the extent that such default by Prime
Landlord excuses performance by Landlord, under the Prime Lease. Notwithstanding
the foregoing, the parties contemplate that Prime Landlord shall, in fact,
provide the services and benefits and perform its obligations under the Prime
Lease and in the event of any default or failure of such provision or
performance by Prime Landlord, Landlord agrees that it will, upon notice from
Tenant, make demand upon, deliver notices to and request consents or approvals
from Prime Landlord to provide such services or benefits and perform its
obligations under the Prime Lease and, provided that Tenant specifically agrees
to pay all reasonable costs and expenses of Landlord and provides Landlord with
security reasonably satisfactory to Landlord to pay such costs and expenses,
Landlord will take appropriate legal action to enforce the Prime Lease.

F.   Tenant shall have the right to exercise all renewal rights granted to
Landlord under the Prime Lease.

G.   Landlord shall cooperate with Tenant to cause Prime Landlord to provide
services required by Tenant in addition to those otherwise required to be
provided by Prime Landlord under the Prime Lease. Tenant shall pay Prime
Landlord's charge for such services promptly after having been billed therefor
by Prime Landlord or by Landlord.

26.   SECURITY DEPOSIT.

A.   To secure the faithful performance by Tenant of all the covenants,
conditions and agreements in this Sublease set forth and contained on the part
of Tenant to be fulfilled, kept, observed and performed including, but not by
way of limitation, such covenants and agreements in this Sublease which become
applicable upon the termination of the same by re-entry or otherwise, Tenant
shall deposit with Landlord the Security Deposit as specified in Section 1(N) on
the understanding that: (a) the Security Deposit or any portion thereof not
previously applied, or from time to time, such one or more portions thereof, may
be applied to the curing of any default that may then exist, without prejudice
to any other remedy or remedies which Landlord may have on account thereof, and
upon such application Tenant shall pay Landlord on demand the amount so applied
which shall be added to the Security Deposit so the same may be restored to its
original amount; (b) should the Prime Lease be assigned by Landlord, the
Security Deposit or any portion thereof not previously applied may be turned
over to Landlord's assignee and if the same be turned over as aforesaid, Tenant
hereby releases Landlord from any and all liability with respect to the Security
Deposit and/or its application or return; (c) if permitted by law, Landlord or
its successor shall not be obligated to hold the Security Deposit as a separate
fund, but on the contrary may commingle the same with its other funds; (d) if
Tenant shall faithfully fulfill, keep, perform and observe all of the covenants,
conditions and agreements in this Sublease set forth and contained on the part
of Tenant to be fulfilled, kept, performed and observed, the sum deposited or
the portion thereof not previously applied, shall be returned to Tenant without
interest no later than thirty (30) days after the expiration of the Term of this
Sublease or any renewal or extension thereof, provided Tenant has vacated the
Premises and surrendered possession thereof to

                                      -44-
<PAGE>

Landlord at the expiration of the Term or any extension or renewal thereof as
provided herein; (e) in the event that Landlord terminates this Sublease or
Tenant's right to possession by reason of an Event of Default by Tenant,
Landlord may apply the Security Deposit against damages suffered to the date of
such termination and/or may retain the Security Deposit to apply against such
damages as may be suffered or shall accrue thereafter by reason of Tenant's
default; and (f) in the event any bankruptcy, insolvency, reorganization or
other creditor-debtor proceedings shall be instituted by or against Tenant, or
its successors or assigns, the Security Deposit shall be deemed to be applied
first to the payment of any Rent due Landlord for all periods prior to the
institution of such proceedings, and the balance, if any, of the Security
Deposit may be retained or paid to Landlord in partial liquidation of Landlord's
damages.

B.   Notwithstanding the above, Tenant shall have the right to post a letter of
credit in place of the cash security deposit required in Section 26(A) of this
Sublease in the same manner as Landlord has the right to post a letter of credit
rather than cash security pursuant to Section 39(c) of the Prime Lease. In
addition, Tenant shall have the obligation to post a letter of credit as
additional security for this Sublease in the same manner as Landlord is
obligated to post additional security for the Prime Lease pursuant to Section
39(b) of the Prime Lease (except that the test shall be the Moody's and/or
Standard & Poors rating of TriMas Company, LLC, the guarantor, rather than
Landlord).

27.   PRIME LANDLORD'S CONSENT. The parties acknowledge that, pursuant to
Section 13(d) of the Prime Lease, Prime Landlord's consent to this Sublease is
not required.

28.   BROKERAGE. Each party warrants to the other that it has had no dealings
with any broker or agent in connection with this Sublease.

29.   FORCE MAJEURE. Neither Landlord nor Tenant shall be deemed in default with
respect to any of the terms, covenants and conditions of this Sublease if such
parties failure to timely perform same is due in whole or in part to any strike,
lockout, labor trouble (whether legal or illegal), civil disorder, failure of
power, restrictive governmental laws and regulations, riots, insurrections, war,
shortages, accidents, casualties, acts of God, or any other cause beyond the
reasonable control of such party.

30.   TRIMAS GUARANTEE. As a condition to Landlord entering into the Sublease,
Tenant shall obtain the unconditional guarantee of this Sublease by TriMas
Company LLC in the form attached hereto as Annex 2.

31.   CERTIFICATES. Each party shall, without charge, at any time and from time
to time hereafter, within ten (10) days after written request of the other
party, certify to the best of its knowledge by written instrument duly executed
and acknowledged to any mortgagee or purchaser, or proposed mortgagee or
proposed purchaser, of any other person, firm or corporation specified in such
request: (a) as to whether this Sublease has been supplemented or amended, and
if so, the substance and manner of such supplement or amendment; (b) as to the
validity and force and effect of this Sublease, in accordance with its tenor as
then continued; (c) as to the ex-

                                      -45-
<PAGE>

istence of any default thereunder; (d) as to the existence of any offsets,
counterclaims or defenses hereto on the part of such other party; (e) as to the
commencement and expiration dates of the Term hereof and (f) as to any other
matters as may reasonably be so requested. Any such certificate may be relied
upon by the party requesting it and any other person, firm or corporation to
whom the same may be exhibited or delivered, and the contents of such
certificate shall be binding on the party executing same.

32.  MISCELLANEOUS. The laws of the State of Michigan shall govern the validity,
performance, and enforcement of this Sublease. The invalidity or
unenforceability of any provision of this Sublease shall not affect or impair
any other provision of this Sublease or the Sublease itself. The submission of
this document for examination does not constitute an offer to lease, or a
reservation of or option for the Premises, and becomes effective only upon
execution and delivery thereof by Landlord and Tenant. All negotiations,
considerations, representations, and understandings between the parties are
incorporated herein and may be modified or altered only by agreement in writing
between the parties. This Sublease shall not be recorded. A memorandum of lease
describing the property, giving the commencement date and term of this Sublease
and renewal rights, and referring to this Sublease, may be executed and may be
recorded by either party. The agreements, terms, covenants, and conditions
herein shall bind and inure to the benefit of Landlord and Tenant and their
respective successors and, except as otherwise provided herein, their assigns.

The parties have executed this Sublease the day and year first above written.

                               LANDLORD:
                               METALDYNE COMPANY LLC

                               By:
                                  --------------------------------------
                               Printed Name:
                                            ----------------------------
                               Its:
                                   -------------------------------------

                               TENANT:
                               [              ]

                               By:
                                  --------------------------------------
                               Printed Name:
                                            ----------------------------
                               Its:
                                   -------------------------------------

                                      -46-
<PAGE>

STATE OF DELAWARE                   )
                                    )  ss.
COUNTY OF                           )

         The foregoing instrument was acknowledged before me this ___ day of
_______, 2003 by ____________, the ___________________ of METALDYNE COMPANY LLC,
a Delaware limited liability company, on behalf of said limited liability
company.

                                        -----------------------------------
                                        Notary Public, State of

                                        Printed Name:
                                                     ----------------------

Commission Expires:

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

STATE OF DELAWARE                   )
                                    )  ss.
COUNTY OF___________                )

         The foregoing instrument was acknowledged before me this ___ day of
_______, 2003 by ______________________________, the
____________________________ of [_______________], a Delaware limited liability
company, on behalf of said company.

                                        -----------------------------------
                                        Notary Public, State of

                                        Printed Name:
                                                     ----------------------

Commission Expires:

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

<PAGE>

                                     ANNEX 1

         Property situated in City of Livonia, County of Wayne, State of
Michigan described as:

         That part of the Northeast 1/4 of Section 25, Town 1 South, Range 9
East, city of Livonia, Wayne County, Michigan, described as beginning at a point
on the East line of said Section distant South 0 degrees 26 minutes 50 seconds
East 820.0 feet from the Northeast corner of Section 25 and proceeding thence
South 0 degrees 26 minutes 50 seconds East along said East line, 500.0 feet;
thence North 89 degrees 52 minutes 20 seconds West 494.56 feet; thence North 0
degrees 20 minutes 47 seconds West 499.99 feet calculated and measured (North 0
degrees 20 minutes 49 seconds West 500.0 feet recorded;) thence South 89 degrees
52 minutes 20 seconds East 493.68 feet to the point of beginning. EXCEPT the
East 60 feet thereof, which was deeded to the Wayne County Board of Road
Commissioners.

         Commonly known as 12955 Inkster

         Tax Item No. 097-99-0006-000

<PAGE>

                                     ANNEX 2

                                    GUARANTY

         The undersigned, TRIMAS COMPANY LLC, a Delaware limited liability
company ("GUARANTOR"), whose address is 39400 Woodward Avenue, Suite 130,
Bloomfield Hills, Michigan 48304, in consideration of the leasing of the leased
Premises described in that certain sublease (the "SUBLEASE") of even date
herewith between METALDYNE COMPANY LLC ("LANDLORD") and
_________________________________ ("TENANT"), does hereby covenant and agree as
follows:

A.   The undersigned does hereby guarantee the full, faithful and timely payment
     and performance by Tenant of all of the payments, covenants and other
     obligations of Tenant under or pursuant to the Sublease. If Tenant shall
     default at any time in the payment of any rent or any other sums, costs or
     charges whatsoever, or in the performance of any of the other covenants and
     obligations of Tenant, under or pursuant to the Sublease, then the
     undersigned, at its expense, shall on demand of Landlord fully and promptly
     pay all rent, sums, costs and charges to be paid by Tenant, and perform all
     of the other covenants and obligations to be performed by Tenant, under or
     pursuant to the Sublease and, in addition, shall, on Landlord's demand, pay
     to Landlord any and all sums due to Landlord, including all interest on
     past due obligations of Tenant and costs advanced by Landlord, that may
     arise in consequence of Tenant's default.

B.   A separate action or actions may, at Landlord's option, be brought and
     prosecuted against the undersigned, whether or not any action is first or
     subsequently brought against Tenant, or whether or not Tenant is joined in
     any such action, and the undersigned may be joined in any action or
     proceeding commenced by Landlord against Tenant arising out of, in
     connection with or based upon the Sublease.

C.   Subject to the provisions of the immediately following paragraph, this
     Guaranty shall remain and continue in full force and effect and shall not
     be discharged in whole or in part notwithstanding (whether prior or
     subsequent to the execution hereof) any alteration, renewal, extension,
     modification, amendment or assignment of, or subletting, concession,
     franchising, licensing or permitting under, the Sublease. The undersigned
     agrees that the liability of the undersigned hereunder shall be based upon
     the obligations of Tenant set forth in the Sublease as the same may be
     altered, renewed, extended, modified, amended or assigned.

D.   This Guaranty shall remain in full force and effect notwithstanding the
     institution by or against Tenant, of bankruptcy, reorganization,
     readjustment, receivership or

<PAGE>

     insolvency proceedings of any nature, or the disaffirmance of the Sublease
     in any such proceedings or otherwise.

E.   Neuter terms should also refer, where applicable, to the feminine gender
     and the masculine gender; the singular reference shall also include the
     plural of any word if the context so requires.

F.   This Guaranty shall be applicable to and binding upon the heirs, executors,
     administrators, representatives, successors and assigns of Landlord, Tenant
     and the undersigned.

G.   The execution of this Guaranty prior to execution of the Sublease shall not
     invalidate this Guaranty or lessen the obligations of Guarantor hereunder.

H.   This Guaranty is made pursuant to, and shall be interpreted and applied in
     accordance with, the laws of the State of Michigan. Any legal action or
     proceeding with respect to this Guaranty may be brought in the Courts of
     the State of Michigan, or the District Court of the United States of
     America for the Eastern District of Michigan, and, by execution and
     delivery of this Guaranty, the Guarantor hereby irrevocably accepts for
     itself the jurisdiction of the aforesaid courts. The Guarantor hereby
     irrevocably consents to the service of process out of any of the
     aforementioned courts in any such action or proceeding by the mailing of
     copies thereof by registered mail, return receipt requested, to the
     Guarantor at the addresses provided herein, such service to become
     effective 30 days after such mailing, or such earlier time as may be
     provided by applicable law. The Guarantor hereby irrevocably waives any
     objection which it may now or hereafter have to the laying of venue of any
     of the aforesaid actions or proceedings arising out of or in connection
     with this Guaranty brought in the courts referred to above and hereby
     further irrevocably waives and agrees not to plead or claim in any such
     court that such action or proceeding brought in any such court has been
     brought in an inconvenient forum.

I.   Landlord's address is 47603 Halyard Drive, Plymouth, Michigan 48170 and
     Tenant's address is 39400 Woodward Avenue, Suite 130, Bloomfield Hills,
     Michigan 48170.

J.   THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN
     ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
     GUARANTY.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

         IN WITNESS WHEREOF, the undersigned has executed this Guaranty as of
the ___ day of ____________, 2003.

                                     TRIMAS COMPANY LLC a
                                     Delaware limited liability company
                                     By:
                                        ----------------------------------
                                        Name:
                                        Title:

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

Agreed and Accepted by:

METALDYNE COMPANY LLC, a
Delaware limited liability company

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

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

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF                            )
                                    )  ss.:
COUNTY OF                           )

         On this ___ day of ________, 2003, before me personally appeared
_______________ and ____________________, to me personally known, who, being
duly sworn, did each for himself say that they are respectively the
___________________________ and ____________________________ of Trimas Company
LLC, a Delaware limited liability company, the limited liability company named
in and which executed the within instrument, and that said instrument was signed
and sealed in behalf of said limited liability company.

                                        -------------------------------
                                        Notary Public
                                                    County,
                                        My Commission expires:
                                                              -------------

STATE OF                            )
                                    )  ss.:
COUNTY OF                           )

         On this ___ day of ________, 2003, before me personally appeared
_______________ and ________________, to me personally known, who, being duly
sworn, did each for himself say that they are respectively the
_____________________ and ________________ of _____________________, a
_______________ limited liability company the limited liability company named in
and which executed the within instrument, and that said instrument was signed
and sealed in behalf of said limited liability company.

-------------------------------
Notary Public
            County,
My Commission expires:
                      -----------<PAGE>

                                                                     EXHIBIT 4.1

                                                                  EXECUTION COPY

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

                              AMENDED AND RESTATED
                                 TRUST AGREEMENT

                                     between

                         WFS RECEIVABLES CORPORATION 3,

                                       and

                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                                as Owner Trustee

                            Dated as of May 29, 2003

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
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                                                                                            ----
<S>                                                                                         <C>
                                           ARTICLE ONE

                                           DEFINITIONS

Section 1.01.  Capitalized Terms..........................................................    1
Section 1.02.  Other Definitional Provisions..............................................    4
Section 1.03.  Usage of Terms.............................................................    4

                                           ARTICLE TWO

                                           ORGANIZATION

Section 2.01.  Name.......................................................................    6
Section 2.02.  Office.....................................................................    6
Section 2.03.  Purposes and Powers........................................................    6
Section 2.04.  Appointment of Owner Trustee...............................................    7
Section 2.05.  Initial Capital Contribution of Owner Trust Estate.........................    7
Section 2.06.  Declaration of Trust.......................................................    7
Section 2.07.  Title to Trust Property....................................................    7
Section 2.08.  Situs of Trust.............................................................    8
Section 2.09.  Representations and Warranties of the Depositor............................    8
Section 2.10.  Federal Income Tax Allocations.............................................    9

                                          ARTICLE THREE

                           TRUST CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01.  Initial Ownership..........................................................   10
Section 3.02.  The Trust Certificates.....................................................   10
Section 3.03.  Authentication and Delivery of Trust Certificates..........................   10
Section 3.04.  Registration of Transfer and Exchange of Trust Certificates................   10
Section 3.05.  Mutilated, Destroyed, Lost or Stolen Trust Certificates....................   12
Section 3.06.  Persons Deemed Owners......................................................   12
Section 3.07.  Access to List of Certificateholders' Names and Addresses..................   13
Section 3.08.  Maintenance of Office or Agency............................................   13
Section 3.09.  Appointment of Paying Agent................................................   13
Section 3.10.  Ownership by WFSRC3 of Trust Certificates..................................   14
</TABLE>

                                       i

<PAGE>

<TABLE>
<CAPTION>
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                                                                                            ----
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                                           ARTICLE FOUR

                                     ACTIONS BY OWNER TRUSTEE

Section 4.01.  Prior Notice to Owners with Respect to Certain Matters.....................   15
Section 4.02.  Action by Owners with Respect to Certain Matters...........................   15
Section 4.03.  Action by Owners with Respect to Bankruptcy................................   16
Section 4.04.  Restrictions on Owners' Power..............................................   16
Section 4.05.  Majority Control...........................................................   16

                                           ARTICLE FIVE

                            APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 5.01.  Establishment of Trust Account.............................................   17
Section 5.02.  Application of Trust Funds.................................................   17
Section 5.03.  Method of Payment..........................................................   18
Section 5.04.  No Segregation of Monies; No Interest......................................   18
Section 5.05.  Accounting and Reports to the Noteholders, Owners, the Internal Revenue
               Service and Others.........................................................   18
Section 5.06.  Signature on Returns; Tax Matters..........................................   18

                                           ARTICLE SIX

                              AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01.  General Authority..........................................................   19
Section 6.02.  General Duties.............................................................   19
Section 6.03.  Action Upon Instruction....................................................   19
Section 6.04.  No Duties Except as Specified in this Agreement or in Instructions.........   20
Section 6.05.  No Action Except Under Specified Documents or Instructions.................   20
Section 6.06.  Restrictions...............................................................   20

                                          ARTICLE SEVEN

                                   CONCERNING THE OWNER TRUSTEE

Section 7.01.  Acceptance of Trusts and Duties............................................   22
Section 7.02.  Furnishing of Documents....................................................   23
Section 7.03.  Representations and Warranties.............................................   23
Section 7.04.  Reliance; Advice of Counsel................................................   24
Section 7.05.  Not Acting in Individual Capacity..........................................   24
</TABLE>

                                       ii

<PAGE>

<TABLE>
<CAPTION>
                                                                                            Page
                                                                                            ----
<S>                                                                                         <C>
Section 7.06.  Owner Trustee Not Liable for Trust Certificates, Notes or Contracts........   24
Section 7.07.  Owner Trustee May Own Trust Certificates and Notes.........................   25
Section 7.08.  Sales Finance Licenses.....................................................   25

                                          ARTICLE EIGHT

                                  COMPENSATION OF OWNER TRUSTEE

Section 8.01.  Owner Trustee's Fees and Expenses..........................................   26
Section 8.02.  Indemnification............................................................   26
Section 8.03.  Payments to the Owner Trustee..............................................   26

                                           ARTICLE NINE

                                  TERMINATION OF TRUST AGREEMENT

Section 9.01.  Termination of Trust Agreement.............................................   27

                                           ARTICLE TEN

                      SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 10.01.  Eligibility Requirements for Owner Trustee................................   29
Section 10.02.  Resignation or Removal of Owner Trustee...................................   29
Section 10.03.  Successor Owner Trustee...................................................   29
Section 10.04.  Merger or Consolidation of Owner Trustee..................................   30
Section 10.05.  Appointment of Co-Trustee or Separate Trustee.............................   30

                                          ARTICLE ELEVEN

                                          MISCELLANEOUS

Section 11.01.  Supplements and Amendments................................................   32
Section 11.02.  No Legal Title to Trust Estate in Owners..................................   33
Section 11.03.  Limitations on Rights of Others...........................................   33
Section 11.04.  Notices...................................................................   33
Section 11.05.  Severability of Provisions................................................   34
Section 11.06.  Counterparts..............................................................   34
Section 11.07.  Successors and Assigns....................................................   34
Section 11.08.  No Petition...............................................................   34
Section 11.09.  No Recourse...............................................................   35
Section 11.10.  Certificates Nonassessable and Fully Paid.................................   35
</TABLE>

                                      iii

<PAGE>

<TABLE>
<CAPTION>
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<S>                                                                                         <C>
Section 11.11.  Headings..................................................................   35
Section 11.12.  Governing Law.............................................................   35
Section 11.13.  Depositor Payment Obligation..............................................   35
Section 11.14.  Limited Recourse..........................................................   35

                                             EXHIBITS

Exhibit A - Form of Certificate of Trust..................................................  A-1
Exhibit B - Form of Trust Certificate.....................................................  B-1
</TABLE>

                                       iv

<PAGE>

         This AMENDED AND RESTATED TRUST AGREEMENT, dated as of May 29, 2003, is
between WFS RECEIVABLES CORPORATION 3, a California corporation (the
"Depositor"), and CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national
banking association, as trustee (the "Owner Trustee").

         WHEREAS, in connection herewith, the Depositor is willing to create a
trust and assume certain obligations pursuant hereto;

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

                                  ARTICLE ONE

                                   DEFINITIONS

         Section 1.01 Capitalized Terms. Except as otherwise provided in this
Agreement, whenever used in this Agreement the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

         "Administration Agreement" means the administration agreement, dated as
of May 1, 2003, among the Trust, the Depositor, the Indenture Trustee and the
Administrator, as the same may be amended or supplemented from time to time.

         "Administrator" means WFS, as specified in the Administration
Agreement.

         "Affiliate" has the meaning specified in the Sale and Servicing
Agreement.

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

         "Applicants" shall have the meaning assigned to such term in Section
3.07.

         "Bankruptcy Code" means Title 11 of the United States Code, as amended
from time to time.

         "Basic Documents" has the meaning specified in the Indenture.

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

         "Business Day" has the meaning specified in the Sale and Servicing
Agreement.

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

<PAGE>

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

         "Certificate Percentage Interest" has the meaning specified in the Sale
and Servicing Agreement.

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

         "Certificateholder" or "Holder" means the Person in whose name a Trust
Certificate is registered in the Certificate Register, except that, solely for
the purposes of giving any consent, waiver, request or demand pursuant to this
Agreement or the other Basic Documents, the interest evidenced by any Trust
Certificate registered in the name of the Depositor, WFS, or any of their
respective Affiliates shall not be taken into account in determining whether the
requisite percentage necessary to effect such consent, waiver, request or demand
in respect of the Trust Certificates shall have been obtained.

         "Closing Date" means May 29, 2003.

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

         "Commission" means the United States Securities and Exchange
Commission.

         "Contract" has the meaning specified in the Sale and Servicing
Agreement.

         "Contract Files" has the meaning specified in the Sale and Servicing
Agreement.

         "Depositor" means WFSRC3 in its capacity as a depositor hereunder, and
its successors.

         "Distribution Date" has the meaning specified in the Sale and Servicing
Agreement.

         "Eligible Account" has the meaning specified in the Sale and Servicing
Agreement.

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

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

         "Financed Vehicle" has the meaning specified in the Sale and Servicing
Agreement.

         "Fitch" has the meaning specified in the Sale and Servicing Agreement.

         "Grant" has the meaning specified in the Indenture.

         "Indemnified Parties" has the meaning specified in Section 8.02.

         "Indenture" means the indenture dated as of May 1, 2003, between the
Trust and Deutsche Bank Trust Company Americas, as Indenture Trustee, as the
same may be amended or supplemented from time to time.

                                       2

<PAGE>

         "Indenture Trustee" has the meaning specified in the Sale and Servicing
Agreement.

         "Master Servicer" has the meaning specified in the Sale and Servicing
Agreement.

         "Noteholder" has the meaning specified in the Indenture.

         "Notes" means the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D
Notes, in each case issued pursuant to the Indenture.

         "Opinion of Counsel" has the meaning specified in the Sale and
Servicing Agreement.

         "Outstanding Amount" has the meaning specified in the Sale and
Servicing Agreement.

         "Owner" means each Holder of a Trust Certificate.

         "Owner Trustee" means Chase Manhattan Bank USA, National Association, a
national banking association, not in its individual capacity but solely as owner
trustee under this Agreement, and any successor Owner Trustee hereunder.

         "Owner Trustee Corporate Trust Office" means the office of the Owner
Trustee at which its corporate trust business shall be administered, which
initially shall be Chase Manhattan Bank USA, National Association, c/o JP Morgan
Chase Bank, 500 Stanton Christiana Road, OPS4/3rd Floor, Newark, Delaware 19713,
Attention: Institutional Trust Services, or such other office at such other
address as the Owner Trustee may designate from time to time by notice to the
Certificateholders, the Master Servicer and the Depositor. The address of JP
Morgan Chase Bank at 4 New York Plaza, 6th Floor, New York, New York 10004-2477,
shall be its address for purposes of its acting as Certificate Registrar and as
agent of the Owner Trustee pursuant to Sections 3.04 and 3.08, or such other
office at such other address as the Owner Trustee may designate from time to
time by notice to the Certificateholders, the Master Servicer and the Depositor.

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

         "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

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

         "Record Date" means, with respect to any Distribution Date, the day
immediately preceding such Distribution Date.

         "Responsible Officer" has the meaning specified in the Sale and
Servicing Agreement.

         "Retained Trust Certificate Percentage" has the meaning specified in
Section 3.10.

                                       3

<PAGE>

         "Sale and Servicing Agreement" means the sale and servicing agreement,
dated as of May 1, 2003, among the Trust, as Issuer, the Depositor, as Seller,
and WFS, as Master Servicer, as the same may be amended or supplemented from
time to time.

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

         "Seller" means WFSRC3, in its capacity as seller under the Sale and
Servicing Agreement, and its successors.

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

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

         "Trust" means the trust established by this Agreement.

         "Trust Accounts" has the meaning specified in the Sale and Servicing
Agreement.

         "Trust Certificates" means the trust certificates evidencing the
beneficial interest of an Owner in the Trust, substantially in the form of
Exhibit B.

         "Trust Estate" means all right, title and interest of the Trust in and
to the property and rights assigned to the Trust pursuant to Article Two of the
Sale and Servicing Agreement, all funds on deposit from time to time in the
Trust Accounts and all other property of the Trust from time to time, including
any rights of the Owner Trustee and the Trust pursuant to the Sale and Servicing
Agreement and the Administration Agreement; provided, however, that any amount
contributed to the Trust for the purposes of investing in accordance with
Section 2.03(b) and any proceeds thereof shall not constitute part of the Trust
Estate and shall not be subject to the lien of the Indenture.

         "United States" has the meaning specified in the Sale and Servicing
Agreement.

         "WFS" means WFS Financial Inc, and its successors.

         "WFSRC3" means WFS Receivables Corporation 3, and its successors.

         Section 1.02 Other Definitional Provisions. Capitalized terms used that
are not otherwise defined herein shall have the meanings ascribed thereto in the
Sale and Servicing Agreement or, if not defined therein, in the Indenture.

         Section 1.03 Usage of Terms. With respect to all terms in this
Agreement, 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 in the United States; (iii) "or" is not exclusive; (iv)
"including" means including without limitation; (v) words in the singular
include

                                       4

<PAGE>

the plural and words in the plural include the singular; (vi) any agreement,
instrument or statute defined or referred to herein or in any instrument or
certificate delivered in connection herewith means such agreement, instrument or
statute as from time to time amended, modified or supplemented and includes (in
the case of agreements or instruments) references to all attachments thereto and
instruments incorporated therein; (vii) references to a Person are also to its
permitted successors and assigns; (viii) the words "hereof," "herein" and
"hereunder" and words of similar import when used in this Agreement shall refer
to this Agreement as a whole and not to any particular provision of this
Agreement ; (ix) Section, subsection, Schedule and Exhibit, as applicable,
references contained in this Agreement are references to Sections, subsections,
Schedules and Exhibits in or to this Agreement unless otherwise specified; and
(x) references to "writing" include printing, typing, lithography and other
means of reproducing words in a visible form.

                                       5

<PAGE>

                                  ARTICLE TWO

                                  ORGANIZATION

         Section 2.01 Name. The Trust created hereby shall be known as "WFS
Financial 2003-2 Owner Trust", in which name the Owner Trustee may conduct the
activities of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

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

         Section 2.03 Purposes and Powers.

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

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

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

                  (iii)    to Grant the Trust Estate pursuant to the Indenture
         and to hold, manage and distribute to the Owners pursuant to the Sale
         and Servicing Agreement any portion of the Trust Estate released from
         the Lien of, and remitted to the Trust pursuant to, the Indenture;

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

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

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

         (b)      The Trust shall also have the power to actively invest, at its
discretion, in United States Treasury securities for the purposes of realizing a
gain; provided, however, that (i) the Trust must not invest more than $100,000
in such securities and (ii) the funds used to purchase such securities must not
be subject to the lien of the Indenture.

                                       6

<PAGE>

         (c)      The Trust shall not engage in any activities other than in
connection with the foregoing. Nothing contained herein shall be deemed to
authorize the Owner Trustee, on behalf of the Trust, to engage in any business
operations or any activities other than those set forth in Sections 2.03(a) and
2.03(b). Specifically, the Owner Trustee, on behalf of the Trust, shall have no
authority to engage in any business operations, acquire any assets other than
those specifically included in the Trust Estate under Section 1.01 or otherwise
vary the assets held by the Trust, except as set forth in this Section.
Similarly, the Owner Trustee shall have no discretionary duties other than
performing those ministerial acts set forth above necessary to accomplish the
purpose of the Trust as set forth in Sections 2.03(a) and 2.03(b).

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

         Section 2.05. Initial Capital Contribution of Owner Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the sum of $1.00. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of the
foregoing contribution, which shall constitute the initial Trust Estate and
shall be deposited in the Certificate Distribution Account. The Depositor shall
pay the organizational expenses of the Trust as they may arise or shall, upon
the request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

         Section 2.06. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions
set forth herein for the sole purpose of conserving the Trust Estate and
collecting and disbursing the periodic income therefrom for the use and benefit
of the Owners, subject to the obligations of the Trust under the Basic
Documents. It is the intention of the parties hereto that the Trust constitute a
statutory trust under the Statutory Trust Act and that this Agreement constitute
the governing instrument of such statutory trust. It is the intention of the
parties hereto that, solely for income and franchise tax purposes, the Trust
shall be treated as a disregarded entity or a partnership, with equity holders
of such entity being the Certificateholders. It is also the intention of the
parties hereto that the Notes be treated as debt of the Trust. The parties agree
that, unless otherwise required by appropriate tax authorities, the Trust will
file or cause to be filed annual or other necessary returns, reports and other
forms consistent with the foregoing characterization of the Trust for such tax
purposes. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Statutory Trust Act for
the sole purpose and to the extent necessary to accomplish the purpose of the
Trust as set forth in the introductory sentence of Section 2.03. This Agreement
amends and restates in full the trust agreement executed by the parties to this
Agreement, dated as of May 8, 2003.

         Section 2.07. Title to Trust Property. Legal title to the Trust Estate
shall be vested at all times in the Trust as a separate legal entity except
where applicable law in any jurisdiction requires title to any part of the Trust
Estate to be vested in a trustee or trustees, in which case title shall be
deemed to be vested in the Owner Trustee, a co-trustee or a separate trustee, as
the case may be.

                                       7

<PAGE>

         Section 2.08. Situs of Trust. The Trust will be located and
administered in the State of Delaware. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of California, the
State of Delaware or the State of New York. The Trust shall not have any
employees in any state other than Delaware; provided, however, that nothing
herein shall restrict or prohibit the Owner Trustee from having employees within
or without the State of Delaware. Payments will be received by the Trust only in
Delaware or New York and payments will be made by the Trust only from Delaware
or New York. The only office of the Trust will be at the Owner Trustee Corporate
Trust Office.

         Section 2.09. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee that:

                  (i)      the Depositor is duly organized and validly existing
         as a corporation organized and existing and in good standing under the
         laws of the State of California, with power and authority to own its
         properties and to conduct its business and had at all relevant times,
         and has, power, authority and legal right to acquire and own the
         Contracts;

                  (ii)     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 requires such
         qualifications;

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

                  (iv)     the consummation of the transactions contemplated by
         this Agreement and the fulfillment of the terms hereof do not conflict
         with, result in the breach of any of the terms and provisions of, nor
         constitute (with or without notice or lapse of time) a default under,
         the articles of incorporation or bylaws of the Depositor, or any
         indenture, agreement or other instrument to which the Depositor is a
         party or by which it is bound; nor result in the creation or imposition
         of any Lien upon any of the properties of the Depositor pursuant to the
         terms of any such indenture, agreement or other instrument (other than
         pursuant to the Basic Documents); nor violate any law or 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; and

                  (v)      there are no proceedings or investigations pending,
         or to the Depositor's best knowledge threatened, before any court,
         regulatory body, administrative agency or other governmental
         instrumentality having jurisdiction over the Depositor or its

                                       8

<PAGE>

         properties (A) asserting the invalidity of this Agreement, any of the
         other Basic Documents or the Trust Certificates, (B) seeking to prevent
         the issuance of the Trust Certificates or the consummation of any of
         the transactions contemplated by this Agreement or any of the other
         Basic Documents, (C) seeking any determination or ruling that might
         materially and adversely affect the performance by the Depositor of its
         obligations under, or the validity or enforceability of, this
         Agreement, any of the other Basic Documents or the Trust Certificates
         or (D) involving the Depositor and which might adversely affect the
         federal income tax or other federal, state or local tax attributes of
         the Trust Certificates.

         Section 2.10. Federal Income Tax Allocations.

         (a)      Net income of the Trust for any calendar quarter as determined
for federal income tax purposes (and each item of income, gain, loss and
deduction entering into the computation thereof) shall be allocated among the
Certificateholders as of the first day following the end of such quarter, in
proportion to their Certificate Percentage Interest on such date, net income in
an amount up to the sum any other amounts of income payable to the
Certificateholders for such quarter.

         (b)      Net losses of the Trust, if any, for any calendar quarter as
determined for federal income tax purposes (and each item of income, gain, loss
and deduction entering into the computation thereof) shall be allocated to the
Certificateholders in proportion to their Certificate Percentage Interest as of
the first day following the end of such quarter in proportion to their
Certificate Percentage Interest on such day. The Certificateholders are
authorized to modify the allocations in this paragraph if necessary or
appropriate, in their sole discretion, for the allocations to fairly reflect the
income, gain, loss and deduction to the Certificateholders, or as otherwise
required by the Code.

                                       9

<PAGE>

                                 ARTICLE THREE

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

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

         Section 3.02. The Trust Certificates. The Trust Certificates shall be
substantially in the form of Exhibit B. The Trust Certificates shall be executed
by the Owner Trustee on behalf of the Trust by manual or facsimile signature of
an authorized officer of the Owner Trustee and attested on behalf of the Owner
Trustee by the manual or facsimile signature of an authorized officer of the
Owner Trustee and shall be deemed to have been validly issued when so executed.
Trust Certificates bearing the manual or facsimile signatures of individuals who
were, at the time when such signatures were affixed, authorized to sign on
behalf of the Owner Trustee shall be valid and binding obligations of the Trust,
notwithstanding that such individuals or any of them have ceased to be so
authorized prior to the authentication and delivery of such Trust Certificates
or did not hold such offices at the date of such Trust Certificates. All Trust
Certificates shall be dated the date of their authentication.

         Section 3.03. Authentication and Delivery of Trust Certificates. The
Owner Trustee shall cause to be authenticated and delivered upon the order of
the Depositor, in exchange for the Contracts and the other assets of the Trust,
simultaneously with the sale, assignment and transfer to the Trust of the
Contracts, and the constructive delivery to the Owner Trustee of the Contract
Files and the other assets of the Trust, Trust Certificates duly authenticated
by the Owner Trustee, evidencing the entire ownership of the Trust and Notes
issued by the Owner Trustee and authenticated by the Indenture Trustee in
aggregate principal amount of, in the case of the (i) Class A-1 Notes,
$335,000,000, (ii) Class A-2 Notes, $291,000,000, (iii) Class A-3 Notes,
$395,000,000, (iv) Class A-4 Notes, $299,000,000, (v) Class B Notes,
$63,750,000, (vi) Class C Notes, $67,500,000 and (vii) Class D Notes,
$41,250,000. No Trust Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Trust
Certificate a certificate of authentication substantially in the form set forth
in the form of Trust Certificate attached as Exhibit B, executed by the Owner
Trustee or its authenticating agent, by manual signature, and such certificate
upon any Trust Certificate shall be conclusive evidence, and the only evidence,
that such Trust Certificate has been duly authenticated and delivered hereunder.
The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to any
authenticating agent hereunder. Upon issuance, authentication and delivery
pursuant to the terms hereof, the Trust Certificates will be entitled to the
benefits of this Agreement.

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

         (a)      The Certificate Registrar shall keep or cause to be kept, a
Certificate Register, subject to such reasonable regulations as it may
prescribe. The Certificate Register shall provide for the registration of Trust
Certificates and transfers and exchanges of Trust Certificates as provided
herein. JP Morgan Chase Bank, as agent for the Owner Trustee, is hereby
initially appointed Certificate Registrar for the purpose of registering Trust
Certificates and transfers and exchanges of Trust Certificates as herein
provided. In the event that, subsequent to the Closing

                                       10

<PAGE>

Date, the Owner Trustee notifies the Master Servicer that JP Morgan Chase Bank
is unable to act as Certificate Registrar, the Master Servicer shall appoint
another bank or trust company, having an office or agency located in The City of
New York, agreeing to act in accordance with the provisions of this Agreement
applicable to it, and otherwise acceptable to the Owner Trustee, to act as
successor Certificate Registrar hereunder. The provisions of Sections 7.01,
7.03, 7.04 and 8.01 shall apply to any Certificate Registrar hereunder.

         (b)      Upon surrender for registration of transfer of any Trust
Certificate at the office of the Certificate Registrar, the Owner Trustee shall
execute, authenticate and deliver (or shall cause its authenticating agent to
authenticate and deliver), in the name of the designated transferee or
transferees, one or more new Trust Certificates of a like Certificate Percentage
Interest.

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

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

         (e)      The Trust Certificates may not be acquired by or for the
account of a Benefit Plan. By accepting and holding a Trust Certificate or a
beneficial interest therein, the Certificateholder thereof shall be deemed to
have represented and warranted that it is not a Benefit Plan nor will it hold
such Trust Certificate or a beneficial interest therein for the account of a
Benefit Plan.

         Any person who is not an affiliate of the Seller and acquires more than
49.9% of the Trust Certificates will be deemed to represent that it is not a
party in interest (within the meaning of ERISA) or a disqualified person (within
the meaning of Section 4975(e)(2) of the Code) with respect to any Benefit Plan,
other than a Benefit Plan that it sponsors for the benefit of its employees, and
that no plan with respect to which it is a party in interest has or will acquire
any interest in the Notes.

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

                                       11

<PAGE>

         (g)      As a condition to the registration of any transfer of a Trust
Certificate, the prospective transferee shall be required to represent in
writing to the Owner Trustee, the Seller and the Certificate Registrar the
following:

                  (i)      It has neither acquired nor will it transfer any
         Trust Certificate it purchases (or any interest therein) or cause any
         such Trust Certificates (or any interest therein) to be marketed on or
         through an "established securities market" within the meaning of
         Section 7704(b)(1) of the Code, including, without limitation, an
         over-the-counter-market or an interdealer quotation system that
         regularly disseminates firm buy or sell quotations.

                  (ii)     It either (A) is not, and will not become, a
         partnership, Subchapter S corporation or grantor trust for United
         States federal income tax purposes or (B) is such an entity, but none
         of the direct or indirect beneficial owners of any of the interests in
         such transferee have allowed or caused, or will allow or cause, 50% or
         more (or such other percentage as the transferor may establish prior to
         the time of such proposed transfer) of the value of such interests to
         be attributable to such transferee's ownership of Trust Certificates.

                  (iii)    It is not a Benefit Plan nor will it hold the Trust
         Certificates being transferred for the account of a Benefit Plan.

         The provisions of this Section generally are intended, among other
things, to prevent the Trust from being characterized as a "publicly traded
partnership" within the meaning of Section 7704 of the Code, in reliance on
Treasury Regulations Sections 1.7704-1(e) and (h), and the Seller shall take
such intent into account in determining whether or not to consent to any
proposed transfer of any Trust Certificate.

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

         Section 3.06. Persons Deemed Owners. Prior to due presentation of a
Trust Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar, any Paying Agent and any of their respective agents may
treat the Person in whose name any Trust Certificate is registered as the owner
of such Trust Certificate for the purpose of receiving distributions

                                       12

<PAGE>

pursuant to Section 5.02 and for all other purposes whatsoever, and none of the
Owner Trustee, the Certificate Registrar, any Paying Agent or any of their
respective agents shall be affected by any notice to the contrary.

         Section 3.07. Access to List of Certificateholders' Names and
Addresses. The Owner Trustee shall furnish or cause to be furnished to the
Master Servicer and the Depositor, within 15 days after receipt by the
Certificate Registrar of a written request therefor from the Master Servicer,
the Certificateholders or the Depositor, a list, in such form as the Master
Servicer or the Depositor may reasonably require, of the names and addresses of
the Certificateholders as of the most recent Record Date. If three or more
Certificateholders, or one or more Holders of Trust Certificates evidencing not
less than 25% of the percentage interests of the Trust Certificates (hereinafter
referred to as "Applicants"), apply in writing to the Owner Trustee, and such
application states that the Applicants desire to communicate with other
Certificateholders with respect to their rights hereunder or under the Trust
Certificates and such application is accompanied by a copy of the communication
that such Applicants propose to transmit, then the Owner Trustee shall, within
five Business Days after the receipt of such application, afford such Applicants
access, during normal business hours, to the current list of Certificateholders.
Every Certificateholder, by receiving and holding a Trust Certificate, agrees
with the Master Servicer, the Depositor and the Owner Trustee that none of the
Master Servicer, the Depositor or the Owner Trustee shall be held accountable by
reason of the disclosure of any such information as to the names and addresses
of the Certificateholders hereunder, regardless of the source from which such
information was derived.

         Section 3.08. Maintenance of Office or Agency. JP Morgan Chase Bank, as
agent for the Owner Trustee, shall maintain in the Borough of Manhattan, The
City of New York, an office or offices or agency or agencies where Trust
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Owner Trustee in respect of the Trust
Certificates and the Basic Documents may be served. The Owner Trustee hereby
designates the office of JP Morgan Chase Bank at the address provided under the
definition of the term "Owner Trustee Corporate Trust Office" as its office for
such purposes. The Owner Trustee shall give prompt written notice to the
Depositor, the Master Servicer and to Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

         Section 3.09. Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders from the Certificate Distribution Account
pursuant to Section 5.02(a) and shall report the amounts of such distributions
to the Owner Trustee. Any Paying Agent shall have the revocable power to
withdraw funds from the Certificate Distribution Account for the purpose of
making the distributions referred to above. The Owner Trustee may revoke such
power and remove the Paying Agent if the Owner Trustee determines in its sole
discretion that the Paying Agent shall have failed to perform its obligations
under this Agreement in any material respect. The Paying Agent initially shall
be Western Financial Bank and any co-paying agent chosen by the Paying Agent
that is acceptable to the Owner Trustee. Each Paying Agent shall be permitted to
resign as Paying Agent upon 30 days' written notice to the Owner Trustee. In the
event that Western Financial Bank shall no longer be the Paying Agent, the Owner
Trustee shall appoint a successor to act as Paying Agent (which shall be a bank
or trust company). The Owner Trustee shall cause such successor Paying Agent or
any additional Paying Agent

                                       13

<PAGE>

appointed by the Owner Trustee to execute and deliver to the Owner Trustee an
instrument in which such successor Paying Agent or additional Paying Agent shall
agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent
or additional Paying Agent will hold all sums, if any, held by it for payment to
the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders. The
Paying Agent shall return all unclaimed funds to the Owner Trustee and upon
removal of a Paying Agent such Paying Agent shall also return all funds in its
possession to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04 and
8.01 shall apply to the Owner Trustee also in its role as Paying Agent, for so
long as the Owner Trustee shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this
Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise. If the long term debt rating of the Paying Agent
shall not be at least Baa3 from Moody's and BBB- from Standard & Poor's, the
Rating Agencies shall be given notice of such lower long term debt rating.

         Section 3.10. Ownership by WFSRC3 of Trust Certificates. WFSRC3 shall
on the Closing Date retain Trust Certificates representing at least 100% of the
Certificate Percentage Interest and shall thereafter retain beneficial and
record ownership of Trust Certificates representing at least 1% of the
Certificate Percentage Interest (the "Retained Trust Certificate Percentage").
Any attempted transfer of any Trust Certificate that would reduce the interest
of WFSRC3 in the Trust below the Retained Trust Certificate Percentage shall be
void. The Owner Trustee shall cause any Trust Certificate issued to WFSRC3 on
the Closing Date (and any Trust Certificate issued in exchange therefor) to
contain a legend stating "THIS TRUST CERTIFICATE IS NON-TRANSFERABLE EXCEPT AS
PROVIDED IN SECTION 3.10 OF THE TRUST AGREEMENT".

                                       14

<PAGE>

                                  ARTICLE FOUR

                            ACTIONS BY OWNER TRUSTEE

         Section 4.01. Prior Notice to Owners with Respect to Certain Matters.
Subject to the provisions and limitations of Section 4.04, with respect to the
following matters, the Owner Trustee shall not take action unless at least 30
days before the taking of such action, the Owner Trustee shall have notified the
Certificateholders in writing of the proposed action and the Holders of Trust
Certificates evidencing at least a majority of the aggregate Certificate
Percentage Interest shall not have notified the Owner Trustee in writing prior
to the 30th day after such notice is given that such Holders have withheld
consent or provided alternative direction:

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

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

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

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

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

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

         Section 4.02. Action by Owners with Respect to Certain Matters. Subject
to the provisions and limitations of Section 4.04, the Owner Trustee shall not
have the power, except upon the direction of the majority of the Owners, to (i)
remove the Administrator pursuant to Section 8 of the Administration Agreement,
(ii) appoint a successor Administrator pursuant to Section 8 of the
Administration Agreement, (iii) remove the Master Servicer pursuant to Section
8.01 of the Sale and Servicing Agreement, (iv) except as expressly provided in
the Basic Documents, sell the Contracts after the termination of the Indenture,
(v) initiate any claim, suit or proceeding by the Trust or compromise any claim,
suit or proceeding brought by or against the Trust, (vi) authorize the merger,
consolidation or conversion of the Trust with or into any other

                                       15

<PAGE>

statutory trust or entity (other than in accordance with Section 3.10 of the
Indenture) or (vii) amend the Certificate of Trust. The Owner Trustee shall take
the actions referred to in the preceding sentence only upon written instructions
signed by the Owners.

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

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

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

                                       16

<PAGE>

                                  ARTICLE FIVE

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         Section 5.01. Establishment of Trust Account. The Owner Trustee, for
the benefit of the Certificateholders, shall establish and maintain in the name
of the Trust an Eligible Account (the "Certificate Distribution Account"),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Certificateholders. The Certificate Distribution
Account initially shall be established with Western Financial Bank in the State
of California.

         The Owner Trustee shall possess all right, title and interest in funds
on deposit from time to time in the Certificate Distribution Account and in the
proceeds thereof. Except as otherwise expressly provided herein, the Certificate
Distribution Account shall be under the sole dominion and control of the Owner
Trustee for the benefit of the Certificateholders. If, at any time, the
Certificate Distribution Account ceases to be an Eligible Account, the Owner
Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate
Distribution Account is not then held by the Owner Trustee or an Affiliate
thereof) shall within ten Business Days (or such longer period, not to exceed 30
calendar days, as to which each Rating Agency) establish a new Certificate
Distribution Account as an Eligible Account and shall transfer any cash or any
investments to such new Certificate Distribution Account.

         Section 5.02. Application of Trust Funds.

         (a)      On each Distribution Date, the Owner Trustee, at the direction
of the Master Servicer, will distribute to Certificateholders, in proportion to
each Certificateholder's Certificate Percentage Interest, amounts deposited into
the Certificate Distribution Account pursuant to Sections 5.06 and 9.01 of the
Sale and Servicing Agreement and Sections 2.07(c) and 5.06(a) of the Indenture
with respect to such Distribution Date.

         (b)      On each Distribution Date, the Owner Trustee shall send to
each Certificateholder the statement or statements provided to the Owner Trustee
by the Master Servicer pursuant to Section 5.07 of the Sale and Servicing
Agreement with respect to such Distribution Date.

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

                                       17

<PAGE>

         Section 5.03. Method of Payment. Subject to Section 9.01(c) respecting
the final payment upon retirement of each Trust Certificate, distributions
required to be made to each Certificateholder of record on the related Record
Date shall be made by check mailed to such Certificateholder at the address of
such Holder appearing in the Certificate Register or by wire transfer of
immediately available funds.

         Section 5.04. No Segregation of Monies; No Interest. Subject to
Sections 5.01 and 5.02, monies received by the Owner Trustee hereunder need not
be segregated in any manner except to the extent required by law or the Sale and
Servicing Agreement and may be deposited under such general conditions as may be
prescribed by law, and the Owner Trustee shall not be liable for any interest
thereon.

         Section 5.05. Accounting and Reports to the Noteholders, Owners, the
Internal Revenue Service and Others. The Owner Trustee shall (i) maintain (or
cause to be maintained) the books of the Trust on a calendar year basis and the
accrual method of accounting, (ii) deliver to each Owner, as may be required by
the Code and applicable Treasury Regulations, such information as may be
required (including Schedule K-1) to enable each Owner to prepare its federal
and state income tax returns, (iii) file such tax returns relating to the Trust
(including a partnership information return, United States Internal Revenue
Service Form 1065) and make such elections as from time to time may be required
or appropriate under any applicable state or federal statute or any rule or
regulation thereunder so as to maintain the Trust's characterization as a
partnership or a disregarded entity for federal income tax purposes, (iv) cause
such tax returns to be signed in the manner required by law and (v) collect or
cause to be collected any withholding tax as described in and in accordance with
Section 5.02(c) with respect to income or distributions to Owners. The Owner
Trustee shall elect under Section 1278 of the Code to include in income
currently any market discount that accrues with respect to the Contracts. The
Owner Trustee shall not make the election provided under Section 754 of the
Code.

         Section 5.06. Signature on Returns; Tax Matters. WFSRC3 shall sign on
behalf of the Trust, the tax returns, if any are required, of the Trust and
shall ensure that any taxes incurred by the Trust, if any, are duly paid by the
Persons owing such taxes.

                                       18

<PAGE>

                                   ARTICLE SIX

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

         Section 6.01. General Authority. Subject to the provisions and
limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be
a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party and any
amendment, certificate or other agreement, as evidenced conclusively by the
Owner Trustee's execution thereof. In addition to the foregoing, the Owner
Trustee is authorized, but shall not be obligated, to take all actions required
of the Trust pursuant to the Basic Documents. The Owner Trustee is further
authorized from time to time to take such action as the Administrator recommends
with respect to the Basic Documents.

         Section 6.02. General Duties. Subject to the provisions and limitations
of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to
discharge (or cause to be discharged through the Administrator or such agents as
shall be appointed by it) all of its responsibilities pursuant to the terms of
this Agreement and the other Basic Documents to which the Trust is a party and
to administer the Trust in the interest of the Owners, subject to the Basic
Documents and in accordance with the provisions of this Agreement.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have
discharged its duties and responsibilities hereunder and under the other Basic
Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Owner Trustee
hereunder or under any Basic Document, regardless of whether the Administration
Agreement is subsequently terminated or rejected by the Administrator, and the
Owner Trustee shall not be held liable for the default or failure of the
Administrator to carry out its obligations under the Administration Agreement.

         Section 6.03. Action Upon Instruction.

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

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

         (c)      Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or under any other Basic Document, the Owner Trustee shall promptly
give notice (in such form as shall be appropriate under the circumstances) to
the Owners requesting instruction as to the course of action to be adopted, and
to the extent the Owner Trustee acts in good faith in accordance with any
written instruction of the Owners received, the Owner Trustee shall not be
liable on account of such action to any

                                       19

<PAGE>

Person. If the Owner Trustee shall not have received appropriate instruction
within ten days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from
taking such action not inconsistent with this Agreement and the other Basic
Documents, as it shall deem to be in the best interests of the Owners, and shall
have no liability to any Person for such action or inaction.

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

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

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

         Section 6.06. Restrictions. The Owner Trustee shall not take any action
(i) that is inconsistent with the purposes of the Trust set forth in Section
2.03 or (ii) that, to the actual

                                       20

<PAGE>

knowledge of a Responsible Officer in the Owner Trustee Corporate Trust Office,
would result in the Trust's becoming taxable as a corporation for federal or
state income tax purposes. The Owners shall not direct the Owner Trustee to take
action that would violate the provisions of this Section.

                                       21

<PAGE>

                                  ARTICLE SEVEN

                          CONCERNING THE OWNER TRUSTEE

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

                  (i)      the Owner Trustee shall not be liable for any error
         of judgment made by a Responsible Officer of the Owner Trustee;

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

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

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

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

                  (vi)     the Owner Trustee shall not be liable for the default
         or misconduct of the Administrator, WFSRC3, as Seller or Depositor, the
         Indenture Trustee or the Master Servicer under any of the Basic
         Documents or otherwise, and the Owner Trustee shall have no obligation
         or liability to perform the obligations of the Owner Trustee or the
         Trust under this Agreement or the other Basic Documents that are
         required to be performed by the Administrator under the Administration
         Agreement, the Indenture

                                       22

<PAGE>

         Trustee under the Indenture or the Master Servicer or WFSRC3, as Seller
         or Depositor, under the Sale and Servicing Agreement;

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

                  (viii)   notwithstanding anything to the contrary herein or in
         any other document, the Owner Trustee shall not be required to execute,
         deliver or certify on behalf of the Trust or any other Person any
         filings, certificates, affidavits or other instruments required under
         the Sarbanes-Oxley Act of 2002; notwithstanding any Person's right to
         instruct the Owner Trustee, neither the Owner Trustee nor any agent,
         employee, director or officer of the Owner Trustee shall have any
         obligation to execute any certificates or other documents required
         pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations
         promulgated thereunder and the refusal to comply with any such
         instructions shall not constitute a default or breach under any Basic
         Document.

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

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

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

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

                  (iii)    neither the execution nor the delivery by it of this
         Agreement, nor the consummation by it of the transactions contemplated
         hereby nor compliance by it with any of the terms or provisions hereof
         will contravene any federal or State of Delaware law, governmental rule
         or regulation governing the banking or trust powers of the Owner
         Trustee or any judgment or order binding on it, or constitute any
         default under its charter documents or bylaws or any indenture,
         mortgage, contract, agreement or instrument to

                                       23

<PAGE>

         which it is a party or by which any of its properties may be bound or
         result in the creation or imposition of any lien, charge or encumbrance
         on the Trust Estate resulting from actions by or claims against the
         Owner Trustee individually which are unrelated to this Agreement or the
         other Basic Documents.

         Section 7.04. Reliance; Advice of Counsel.

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

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

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

         Section 7.06. Owner Trustee Not Liable for Trust Certificates, Notes or
Contracts. The recitals contained herein and in the Trust Certificates (other
than the signature of the Owner Trustee and the certificate of authentication on
the Trust Certificates) shall be taken as the statements of the Depositor, and
the Owner Trustee assumes no responsibility for the correctness thereof. The
Owner Trustee makes no representations as to the validity or sufficiency of this
Agreement, any other Basic Document or the Trust Certificates (other than the
signature of the Owner Trustee and the certificate of authentication on the
Trust Certificates and the representations and warranties in Section 7.03) or
the Notes, or of any Contract or related documents. The Owner Trustee shall at
no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Contract, or the perfection and
priority of any security

                                       24

<PAGE>

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

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

         Section 7.08. Sales Finance Licenses. The Owner Trustee, in its
individual capacity, shall use its best efforts to maintain, and the Owner
Trustee shall cooperate with the Administrator in order to cause the Trust to
maintain, the effectiveness of all sales finance company licenses required under
the Maryland Code and all licenses required under the Pennsylvania Motor Vehicle
Sales Finance Act (including signing any license applications required to be
signed by the Trust) in connection with this Agreement and the other Basic
Documents and the transactions contemplated hereby and thereby until such time
as the Trust shall terminate in accordance with the terms hereof.

                                       25

<PAGE>

                                 ARTICLE EIGHT

                          COMPENSATION OF OWNER TRUSTEE

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

         Section 8.02. Indemnification. The Seller shall be liable as primary
obligor for, and shall indemnify the Owner Trustee and its successors, assigns,
agents and servants (collectively, the "Indemnified Parties") from and against,
any and all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, "Expenses") which may at any time be imposed on, incurred by or
asserted against the Owner Trustee or any Indemnified Party in any way relating
to or arising out of this Agreement, the other Basic Documents, the Trust
Estate, the administration of the Trust Estate or the action or inaction of the
Owner Trustee hereunder, except only that the Seller shall not be liable for or
required to indemnify an Indemnified Party from and against Expenses arising or
resulting from any of the matters described in the third sentence of Section
7.01. The indemnities contained in this Section shall survive the resignation or
termination of the Owner Trustee or the termination of this Agreement. In the
event of any claim, action or proceeding for which indemnity will be sought
pursuant to this Section, the Owner Trustee's choice of legal counsel shall be
subject to the approval of the Depositor, which approval shall not be
unreasonably withheld.

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

                                       26

<PAGE>

                                  ARTICLE NINE

                         TERMINATION OF TRUST AGREEMENT

         Section 9.01. Termination of Trust Agreement.

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

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

         (c)      Notice of any dissolution of the Trust, specifying the
Distribution Date upon which Certificateholders shall surrender their Trust
Certificates to the Paying Agent for payment of the final distribution and
cancellation, shall be given by the Owner Trustee by letter to
Certificateholders mailed within five Business Days of receipt of a termination
notice from the Master Servicer given pursuant to Section 9.01(c) of the Sale
and Servicing Agreement and no later than 20 days prior to such dissolution,
stating (i) the Distribution Date upon or with respect to which final payment of
the Trust Certificates shall be made upon presentation and surrender of the
Trust Certificates at the office of the Paying Agent in The City of New York
therein designated, (ii) the amount of any such final payment and (iii) that the
Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Trust
Certificates at the office of the Paying Agent therein specified. The Owner
Trustee shall give such notice to the Certificate Registrar (if other than the
Owner Trustee) and the Paying Agent at the time such notice is given to
Certificateholders. Upon presentation and surrender of the Trust Certificates,
the Paying Agent shall cause to be distributed to Certificateholders amounts
distributable on such Distribution Date pursuant to Section 5.02. In addition,
the Owner Trustee shall notify the Rating Agencies upon the final payment of the
Trust Certificates.

         (d)      In the event that all of the Certificateholders shall not
surrender their Trust Certificates for cancellation within six months after the
date specified in the above-mentioned written notice, the Owner Trustee shall
give a second written notice to the remaining Certificateholders to surrender
their Trust Certificates for cancellation and receive the final distribution
with respect thereto. If within one year after the second notice all the Trust
Certificates shall not have been surrendered for cancellation, the Owner Trustee
may take appropriate steps, or may appoint an agent to take appropriate steps,
to contact the remaining Certificateholders concerning surrender of their Trust
Certificates, and the cost thereof shall be paid out of the funds and other
assets that shall remain subject to this Agreement. Any funds remaining in the
Trust after exhaustion of such remedies at least 18 months after the date of
dissolution shall be distributed by the Owner Trustee to a charity designated by
the Master Servicer.

                                       27

<PAGE>

         (e)      Upon the winding up of the Trust and payment of its
liabilities or reasonable provision therefore in accordance with Section 3808 of
the Statutory Trust Act, the Owner Trustee shall cause the Certificate of Trust
to be cancelled by filing a certificate of cancellation with the Secretary of
State in accordance with the provisions of Section 3810 of the Statutory Trust
Act and this Agreement (other than Article Eight) and the Trust shall terminate.

                                       28

<PAGE>

                                  ARTICLE TEN

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         Section 10.01. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Statutory Trust Act; authorized to exercise corporate trust
powers; having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authorities; and
having (or having a parent that has) a rating of at least Baa3 by Moody's, A-1
by Standard & Poor's and F1 from Fitch. If such corporation shall publish
reports of condition at least annually pursuant to law or to the requirements of
the aforesaid supervising or examining authority, then for the purpose of this
Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Owner Trustee
shall resign immediately in the manner and with the effect specified in Section
10.02.

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

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

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

         Section 10.03. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to
the Administrator and to its

                                       29

<PAGE>

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

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

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

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

         Section 10.05. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Estate or any Financed Vehicle may at the time be located, the
Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Administrator and Owner Trustee to act as co-trustee, jointly
with the Owner Trustee, or as separate trustee or separate trustees, of all or
any part of the Trust Estate, and to vest in such Person, in such capacity, such
title to the Trust or any part thereof and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If the
Administrator shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
Owner Trustee pursuant to Section 10.01, except that such co-trustee or
successor trustee shall have (or have a parent that has) a rating of at least
Baa3 by Moody's and A-1 by Standard & Poor's, and

                                       30

<PAGE>

no notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.03.

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

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

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

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

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

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

                                       31

<PAGE>

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

         Section 11.01. Supplements and Amendments.

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

         (b)      This Agreement may also be amended from time to time by the
Depositor and the Owner Trustee, with the consent of the Holders of Trust
Certificates evidencing not less than a majority of the aggregate Certificate
Percentage Interest (which consent of any Holder of a Note or Trust Certificate
given pursuant to this Section or pursuant to any other provision of this
Agreement shall be conclusive and binding on such Holder and on all future
Holders of such Note or Trust Certificate, as the case may be, issued upon the
transfer thereof or in exchange thereof or in lieu thereof whether or not
notation of such consent is made thereon) and, if such amendment materially and
adversely affects the interests of the Noteholders, with the consent of Holders
(as such term is defined in the Indenture) of Notes evidencing not less than a
majority of the Outstanding Amount of the Notes for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement, or of modifying in any manner the rights of the Noteholders or
the Certificateholders; provided, however, that no such amendment shall increase
or reduce in any manner the amount of, or accelerate or delay the timing of, (i)
collections of payments on Contracts or distributions that shall be required to
be made for the benefit of the Noteholders or the Certificateholders or any
Interest Rate or (ii) reduce the aforesaid percentage of the Outstanding Amount
of the Notes and the Certificate Percentage Interest required to consent to any
such amendment, without the consent of the Holders of all outstanding Notes and
Trust Certificates.

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

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

                                       32

<PAGE>

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

         (f)      In connection with the execution of any amendment to this
Agreement or any other Basic Document to which the Issuer is a party and for
which amendment the Owner Trustee's consent is sought, the Owner Trustee shall
be entitled to receive and conclusively rely upon an Opinion of Counsel to the
effect that such amendment is authorized or permitted by the Basic Documents and
that all conditions precedent in the Basic Documents for the execution and
delivery thereof by the Issuer or the Owner Trustee, as the case may be, have
been satisfied. The Owner Trustee may, but shall not be obligated to, enter into
any such amendment that affects the Owner Trustee's own rights, duties or
immunities under this Agreement or otherwise.

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

         Section 11.03. Limitations on Rights of Others. Except for Section
2.07, the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Owners, the Administrator and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement (other than Section 2.07), whether express or implied,
shall be construed to give to any other Person any legal or equitable right,
remedy or claim in the Trust Estate or under or in respect of this Agreement or
any covenants, conditions or provisions contained herein.

         Section 11.04. Notices. Any notice, demand, report or other
communication given hereunder shall be in writing and addressed as follows:

         (a)      if to the Owner Trustee, to:

                  Chase Manhattan Bank USA, National Association
                  c/o JP Morgan Chase Bank
                  500 Stanton Christiana Road, OPS4/3rd Floor
                  Newark, Delaware 19713
                  Attention: Institutional Trust Services

         (b)      if to the WFSRC3, to:

                  WFS Receivables Corporation 3
                  444 East Warm Springs Road #116,
                  Las Vegas, Nevada 89119
                  Attention: Keith Ford

                                       33

<PAGE>

         (c)      if to the Certificate Registrar or the agent for the Owner
Trustee, to:

                  JP Morgan Chase Bank
                  500 Stanton Christiana Road, OPS4/3rd Floor
                  Newark, Delaware 19713
                  Attention: Institutional Trust Services

                  with a copy to:

                  JP Morgan Chase Bank
                  4 New York Plaza, 6th Floor
                  New York, New York 10004-2477

or to such other address as any party shall have provided to the other party in
writing. 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 receives such notice.

         Section 11.05. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Trust
Certificates or the rights of the Holders thereof.

         Section 11.06. Counterparts. This Agreement may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

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

         Section 11.08. No Petition.

         (a)      The Depositor will not at any time institute against the Trust
any bankruptcy proceedings under any United States federal or state bankruptcy
or similar law in connection with any obligations relating to the Trust
Certificates, the Notes, this Agreement or any of the other Basic Documents.

         (b)      The Owner Trustee, by entering into this Agreement, each
Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee
and each Noteholder, by accepting the benefits of this Agreement, hereby
covenant and agree that they will not at any time institute against the Seller,
the Depositor or the Trust, or join in any institution against the Seller, the

                                       34

<PAGE>

Depositor or the Trust of, any bankruptcy proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Trust Certificates, the Notes, this Agreement or any of the
other Basic Documents.

         Section 11.09. No Recourse. Each Certificateholder by accepting a Trust
Certificate acknowledges that such Certificateholder's Trust Certificates
represent beneficial interests in the Trust only and do not represent interests
in or obligations of the Depositor, the Master Servicer, the Seller, the
Administrator, the Owner Trustee, the Indenture Trustee or any of their
respective Affiliates and no recourse may be had against such parties or their
assets, except as may be expressly set forth or contemplated in this Agreement,
the Trust Certificates or the other Basic Documents.

         Section 11.10. 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, and, upon
authentication thereof pursuant to Section 3.03, the Certificates shall be
deemed fully paid.

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

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

         Section 11.13. Depositor Payment Obligation. The Depositor shall be
responsible for payment of the Administrator's compensation pursuant to Section
3 of the Administration Agreement and shall reimburse the Administrator for all
expenses and liabilities of the Administrator incurred thereunder.

         Section 11.14. Limited Recourse. Notwithstanding anything to the
contrary contained in this Agreement, the obligations of the Seller under
Sections 8.01 and 8.02 are solely the corporate obligations of the Seller and
shall be payable by the Seller, solely as provided in Sections 8.01 and 8.02.
The Seller shall only be required to pay any fees, expenses, indemnities or
other liabilities that it may incur under Section 8.01 or 8.02, as applicable,
(A) from funds available pursuant to, and in accordance with, the payment
priorities set forth in Section 5.05 of the Sale and Servicing Agreement and (B)
to the extent the Seller has additional funds available (other than funds
described in the preceding clause (A)) that would be in excess of amounts that
would be necessary to pay the debt and other obligations as they become due of
such entity incurred in accordance with its certificate of incorporation and all
financing documents to which it is a party. The agreement set forth in the
preceding sentence shall constitute a subordination agreement for purposes of
Section 510(a) of the Bankruptcy Code. In addition, no amount owing by the
Seller hereunder in excess of the liabilities that it is required to pay in
accordance with the preceding sentence shall constitute a "claim" (as defined in
Section 101(5) of the Bankruptcy Code) against it.

                                       35

<PAGE>

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

                                        WFS RECEIVABLES CORPORATION 3

                                        By: ___________________________________
                                            Name:
                                            Title:

                                        CHASE MANHATTAN BANK USA, NATIONAL
                                           ASSOCIATION,
                                           as Owner Trustee

                                        By: ___________________________________
                                            Name:
                                            Title:

                                            Amended and Restated Trust Agreement

<PAGE>

                                                                       EXHIBIT A

                             CERTIFICATE OF TRUST OF
                        WFS FINANCIAL 2003-2 OWNER TRUST

         This Certificate of Trust of WFS Financial 2003-2 Owner Trust (the
"Trust"), dated as of May 8, 2003, is being duly executed and filed by Chase
Manhattan Bank USA, National Association, a national association, as trustee, to
form a statutory trust under the Delaware Statutory Trust Act (12 Del. Code,
Section 3801 et seq.).

         1.       Name. The name of the statutory trust formed hereby is WFS
Financial 2003-2 Owner Trust.

         2.       Delaware Trustee. The name and business address of the trustee
of the Trust in the State of Delaware is Chase Manhattan Bank USA, National
Association, c/o JP Morgan Chase, Attn: Institutional Trust Services, 500
Stanton Christiana Rd., OPS4 /3rd Floor, Newark, Delaware 19713.

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

                                        CHASE MANHATTAN BANK USA, NATIONAL
                                           ASSOCIATION,
                                           not in its individual capacity but
                                           solely as Owner Trustee

                                        By: ___________________________________
                                            Name:
                                            Title:

                                       A-1

<PAGE>

                                                                       EXHIBIT B

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

                  [TO BE INSERTED ON THE RETAINED CERTIFICATE--
        THIS TRUST CERTIFICATE IS NON-TRANSFERABLE EXCEPT AS PROVIDED IN
                      SECTION 3.10 OF THE TRUST AGREEMENT]

                        WFS FINANCIAL 2003-2 OWNER TRUST

                       AUTO RECEIVABLE BACKED CERTIFICATE

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes, among other things, a pool of retail installment
sale contracts secured by new and used automobiles and light duty trucks
transferred to the Trust by WFS Receivables Corporation 3, a California
corporation (the "Depositor").

         (This Trust Certificate does not represent an interest in or obligation
of WFS Financial Inc., the Depositor or any of their respective affiliates, and
is not a deposit and is not insured by the Federal Deposit Insurance
Corporation).

NUMBER [C-1] [C-2]

         THIS CERTIFIES THAT WFS Receivables Corporation 3 is the registered
owner of [99%][1%] Certificate Percentage Interest nonassessable, fully-paid,
fractional undivided interest in the WFS Financial 2003-2 Owner Trust (the
"Trust") formed by the Depositor.

         The Trust was created pursuant to a Trust Agreement, dated as of May 8,
2003, as amended and restated as of May 29, 2003 (as amended and supplemented
from time to time, the "Trust Agreement"), between the Depositor and Chase
Manhattan Bank USA, National Association, as owner trustee (the "Owner
Trustee"), a summary of certain of the pertinent provisions of which is set
forth below. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Trust Agreement.

         This Trust Certificate is one of the duly authorized Trust Certificates
designated as "Auto Receivable Backed Certificates" (the "Trust Certificates").
Issued under the Indenture, dated as of May 1, 2003 (the "Indenture"), between
the Trust and Deutsche Bank Trust Company Americas, as Indenture Trustee, are
seven classes of Auto Receivable Backed Notes designated as "1.26% Class A-1
Notes", "1.32% Class A-2 Notes", "1.76% Class A-3 Notes", "2.41% Class A-4
Notes", "2.48% Class B Notes", "3.05% Class C Notes" and "3.80% Class D Notes"
(collectively, the "Notes"). This Trust Certificate is issued under and is
subject to the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the Holder of this Trust Certificate by virtue of its acceptance
hereof assents and by which such Holder is bound.

                                       B-1

<PAGE>

The property of the Trust includes, among other things, a pool of retail
installment sale contracts (the "Contracts") for new and used automobiles and
light duty trucks (the "Financed Vehicles").

         Under the Trust Agreement, there will be distributed on the 20th of
each month or, if any such day is not a Business Day, the next succeeding
Business Day (each, a "Distribution Date"), commencing on July 21, 2003 and
ending no later than December 20, 2010 to the person in whose name this Trust
Certificate is registered at the close of business on the last calendar day
immediately preceding the related Distribution Date (the "Record Date"), such
Certificateholder's Certificate Percentage Interest in the amount to be
distributed to Certificateholders on such Distribution Date.

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

         It is the intent of the Seller, the Master Servicer and the
Certificateholders that, for purposes of federal income, state and local income
and single business tax and any other income taxes, the Trust will be
disregarded for tax purposes or treated as a partnership and the
Certificateholders (including the Depositor) will be taxable individually or as
partners in a partnership. The Depositor and the other Certificateholders, by
acceptance of a Trust Certificate, agree to treat, and to take no action
inconsistent with the treatment of, the Trust Certificates for such tax purposes
as partnership interests in the Trust.

         Each Certificateholder, by its acceptance of a Trust Certificate
covenants and agrees that such Certificateholder will not at any time institute
against the Trust, the Seller or the Depositor, or join in any institution
against the Trust, the Seller 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 Trust Certificates, the
Notes, the Trust Agreement or any of the other Basic Documents.

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

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

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee, by manual signature,
this Trust Certificate shall not entitle the

                                       B-2

<PAGE>

holder hereof to any benefit under the Trust Agreement or any other Basic
Document or be valid for any purpose.

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

                                       B-3

<PAGE>

                            [REVERSE OF CERTIFICATE]

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

         The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
parties thereto and the rights of the Certificateholders under the Trust
Agreement at any time by the parties thereto with the consent of Holders of
Trust Certificates evidencing not less than a majority of the aggregate
Certificate Percentage Interest and, if such amendment materially and adversely
affects the interests of the Noteholders, with the consent of Holders of Notes
evidencing not less than a majority of the Outstanding Amount of the Notes. Any
such consent by the Holder of this Trust Certificate shall be conclusive and
binding on such Holder and on all future Holders of this Trust Certificate and
of any Trust Certificate issued upon the transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent is made upon this
Trust Certificate. The Trust Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Holders of any of the
Trust Certificates or the Notes.

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

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

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

                                       B-4

<PAGE>

         The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to Certificateholders
of all amounts required to be paid to them pursuant to the Trust Agreement and
the Sale and Servicing Agreement and the disposition of all property held as
part of the Trust Estate.

         The Seller may at the Seller's option purchase the Trust Estate at a
price specified in the Sale and Servicing Agreement, and such purchase of the
Contracts and other property of the Trust will effect early retirement of the
Trust Certificates; however, such right of purchase is exercisable only as of
any Distribution Date as of which the sum of the Principal Balances of the
Contracts is less than or equal to $150,000,000.

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

         Any person who is not an affiliate of the Seller and acquires more than
49.9% of the Trust Certificates will be deemed to represent that it is not a
party in interest (within the meaning of ERISA) or a disqualified person (within
the meaning of Section 4975(e)(2) of the Code) with respect to any Benefit Plan,
other than a Benefit Plan that it sponsors for the benefit of its employees, and
that no plan with respect to which it is a party in interest has or will acquire
any interest in the Notes.

                                       B-5

<PAGE>

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

Dated: May __, 2003                     WFS FINANCIAL 2003-2 OWNER TRUST

                                        By: CHASE MANHATTAN BANK USA, NATIONAL
                                            ASSOCIATION, not in its individual
                                            capacity but solely as Owner Trustee

                                        By: ____________________________________
                                                    Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

JP MORGAN CHASE BANK,                       CHASE MANHATTAN BANK USA,
as Authenticating Agent                     NATIONAL ASSOCIATION, not in its
                                            individual capacity but solely as
                                            Owner Trustee

                                       OR

By: _________________________________       By: ________________________________
           Authorized Signatory                      Authorized Signatory

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

________________________________________________________________________________

                                       B-6

<PAGE>

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

Dated: _____________________

Signature Guaranteed:

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

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