Document:

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                                                                     EXHIBIT 4.2

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                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                                      among

                      FORD CREDIT AUTO RECEIVABLES TWO L.P.

                                  as Depositor,

                        THE BANK OF NEW YORK (DELAWARE),

                               as Delaware Trustee

                                       and

                              THE BANK OF NEW YORK,

                                as Owner Trustee

                           Dated as of October 1, 2000

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                                TABLE OF CONTENTS

<TABLE>
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ARTICLE I

         DEFINITIONS AND USAGE......................................................................1

ARTICLE II

         ORGANIZATION OF THE TRUST..................................................................1
                  SECTION 2.1  Name.................................................................1
                  SECTION 2.2  Offices..............................................................2
                  SECTION 2.3  Purposes and Powers..................................................2
                  SECTION 2.4  Appointment of Owner Trustee.........................................3
                  SECTION 2.5  Appointment of Delaware Trustee......................................3
                  SECTION 2.6  Capital Contribution of Owner Trust Estate...........................3
                  SECTION 2.7  Declaration of Trust.................................................4
                  SECTION 2.8  Liability of the Depositor...........................................4
                  SECTION 2.9  Title to Trust Property..............................................5
                  SECTION 2.10  Situs of Trust......................................................5
                  SECTION 2.11  Representations and Warranties of the Depositor.....................5
                  SECTION 2.12  Federal Income Tax Matters..........................................6

ARTICLE III

         TRUST CERTIFICATES AND TRANSFER OF INTERESTS...............................................8
                  SECTION 3.1  Initial Beneficial Ownership.........................................8
                  SECTION 3.2  Capital Accounts.....................................................8
                  SECTION 3.3  The Certificates.....................................................8
                  SECTION 3.4  Authentication of Certificates.......................................9
                  SECTION 3.5  Registration of Certificates; Transfer and Exchange of
                  Certificates......................................................................9
                  SECTION 3.6  Mutilated, Destroyed, Lost or Stolen Certificates...................16
                  SECTION 3.7  Persons Deemed Owners of Certificates...............................16
                  SECTION 3.8  Access to List of Certificateholders Names and Addresses............16
                  SECTION 3.9  Maintenance of Office or Agency.....................................17
                  SECTION 3.10  Appointment of Certificate Paying Agent............................17
                  SECTION 3.11  Certain Rights of Depositor........................................18
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<S>                                                                                       <C>
ARTICLE IV

         ACTIONS BY OWNER TRUSTEE..................................................................18
                  SECTION 4.1  Prior Notice to Certificateholders with Respect to Certain
                  Matters..........................................................................18
                  SECTION 4.2  Action by Certificateholders with Respect to Certain
                  Matters..........................................................................19
                  SECTION 4.3  Action by Certificateholders with Respect to Bankruptcy.............19
                  SECTION 4.4  Restrictions on Certificateholders' Power...........................19
                  SECTION 4.5  Majority Control....................................................19

ARTICLE V

         APPLICATION OF TRUST FUNDS; CERTAIN DUTIES................................................20
                  SECTION 5.1  Establishment of Certificate Distribution Account...................20
                  SECTION 5.2  Application of Trust Funds..........................................20
                  SECTION 5.3  Method of Payment...................................................22
                  SECTION 5.4  No Segregation of Monies; No Interest...............................22
                  SECTION 5.5  Accounting and Reports to Noteholders,
                  Certificateholders, Internal Revenue Service and Others..........................22
                  SECTION 5.6  Signature on Returns; Tax Matters Partner...........................23

ARTICLE VI

         AUTHORITY AND DUTIES OF OWNER TRUSTEE.....................................................23
                  SECTION 6.1  General Authority...................................................23
                  SECTION 6.2  General Duties......................................................24
                  SECTION 6.3  Action upon Instruction.............................................24
                  SECTION 6.4  No Duties Except as Specified in this Agreement or in
                  Instructions.....................................................................25
                  SECTION 6.5  No Action Except Under Specified Documents or
                  Instructions.....................................................................25
                  SECTION 6.6  Restrictions........................................................26

ARTICLE VII

         REGARDING THE OWNER TRUSTEE AND THE DELAWARE
         TRUSTEE...................................................................................26
                  SECTION 7.1  Acceptance of Trusts and Duties.....................................26
                  SECTION 7.2  Furnishing of Documents.............................................27
                  SECTION 7.3  Representations and Warranties......................................28
                  SECTION 7.4  Reliance; Advice of Counsel.........................................29
                  SECTION 7.5  Not Acting in Individual Capacity...................................29
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<TABLE>

<S>                                                                                        <C>
                  SECTION 7.6  Owner Trustee Not Liable for Certificates or Receivables............29
                  SECTION 7.7  Co-Trustees May Own Certificates and Notes..........................30

ARTICLE VIII

         COMPENSATION AND INDEMNITY OF OWNER TRUSTEE...............................................30
                  SECTION 8.1  Owner Trustee's Fees and Expenses...................................30
                  SECTION 8.2  Indemnification.....................................................31
                  SECTION 8.3  Payments to Co-Trustees.............................................31

ARTICLE IX

         TERMINATION...............................................................................31
                  SECTION 9.1  Termination of Trust Agreement......................................31
                  SECTION 9.2  [Reserved]..........................................................33
                  SECTION 9.3  Prepayment of Certificates..........................................33

ARTICLE X

         SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER
         TRUSTEES..................................................................................34
                  SECTION 10.1  Eligibility Requirements for Owner Trustee and Delaware
                  Trustee..........................................................................34
                  SECTION 10.2  Resignation or Removal of Owner Trustee or the
                  Delaware Trustee.................................................................34
                  SECTION 10.3  Successor Owner Trustee or Delaware Trustee........................35
                  SECTION 10.4  Merger or Consolidation of Owner Trustee or Delaware
                  Trustee..........................................................................36
                  SECTION 10.6  Compliance with Business Trust Statute.............................38

ARTICLE XI

         MISCELLANEOUS.............................................................................38
                  SECTION 11.1  Supplements and Amendments.........................................38
                  SECTION 11.2  No Legal Title to Owner Trust Estate in
                  Certificateholders...............................................................40
                  SECTION 11.3  Limitation on Rights of Others.....................................40
                  SECTION 11.4  Notices............................................................40
                  SECTION 11.5  Severability.......................................................41
                  SECTION 11.6  Separate Counterparts..............................................41
                  SECTION 11.7  Successors and Assigns.............................................41
                  SECTION 11.8  No Petition........................................................41
                  SECTION 11.9  No Recourse........................................................41
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<TABLE>

<S>                                                                                         <C>
                  SECTION 11.10  Headings..........................................................41
                  SECTION 11.11  Governing Law.....................................................42
                  SECTION 11.12  Sale and Servicing Agreement Obligations..........................42

EXHIBIT A

         FORM OF CLASS C CERTIFICATE..............................................................A-1

EXHIBIT B

         FORM OF CLASS D CERTIFICATE..............................................................B-1

EXHIBIT C

         FORM OF INVESTMENT LETTER QUALIFIED INSTITUTIONAL
         BUYER....................................................................................C-1

EXHIBIT D

         FORM OF INVESTMENT LETTER
         INSTITUTIONAL ACCREDITED INVESTOR........................................................D-1

EXHIBIT E

         FORM OF RULE 144A TRANSFEROR
         CERTIFICATE..............................................................................E-1

EXHIBIT F

         FORM OF CERTIFICATE OF TRUST.............................................................F-1

APPENDIX A

         Definitions and Usage...................................................................AA-1
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         AMENDED AND RESTATED TRUST AGREEMENT, dated as of October 1, 2000 (as
from time to time amended, supplemented or otherwise modified and in effect,
this "Agreement"), among FORD CREDIT AUTO RECEIVABLES TWO L.P., a Delaware
limited partnership, as Depositor, having its principal executive office at One
American Road, Dearborn, Michigan 48126; THE BANK OF NEW YORK (DELAWARE), a
Delaware banking corporation not in its individual capacity but solely as
Delaware trustee under this Agreement (the "Delaware Trustee"), having its
principal corporate trust office at White Clay Center, Route 273, Newark,
Delaware 19711; and THE BANK OF NEW YORK, a New York banking corporation (the
"Bank"), not in its individual capacity but solely as trustee under this
Agreement (in such capacity, the "Owner Trustee"), having its principal
corporate trust office at 101 Barclay Street, Floor 12E, New York, New York
10286 for the purpose of establishing the Ford Credit Auto Owner Trust 2000-F.
Each of the Delaware Trustee and the Owner Trustee are referred to individually
as a "Co-Trustee" and collectively as the "Co-Trustees."

         WHEREAS, the parties hereto intend to amend and restate that certain
Trust Agreement, dated as of October 1, 2000, among the Depositor, the Delaware
Trustee and the Owner Trustee, on the terms and conditions hereinafter set
forth;

         NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the receipt and sufficiency of which are hereby acknowledged,
the Depositor, the Delaware Trustee and the Owner Trustee hereby agree as
follows:

                                   ARTICLE I

                             DEFINITIONS AND USAGE

         Except as otherwise specified herein or as the context may otherwise
require, capitalized terms used but not otherwise defined herein are defined in
Appendix A hereto, which also contains rules as to usage that shall be
applicable herein.

                                   ARTICLE II

                            ORGANIZATION OF THE TRUST

         SECTION 2.1 Name. The Trust created hereby shall be known as "Ford
Credit Auto Owner Trust 2000-F", in which name the Owner Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued on behalf of the Trust.

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         SECTION 2.2 Offices. The Delaware office of the Trust shall be in care
of the Delaware Trustee at the Corporate Trust Office or at such other address
in the State of Delaware as the Delaware Trustee may designate by written notice
to the Certificateholders and the Depositor. The New York office of the Trust
shall be in care of the Owner Trustee at the Corporate Trust Office or at such
other address in the State of New York as the Owner Trustee may designate by
written notice to the Certificateholders and the Depositor.

         SECTION 2.3 Purposes and Powers. (a) The purpose of the Trust is, and
the Trust shall have the power and authority, to engage in the following
activities:

         (i) to issue the Notes pursuant to the Indenture, and the Certificates
     pursuant to this Agreement, and to sell the Notes and the Certificates upon
     the written order of the Depositor;

         (ii) to enter into and perform its obligations under any interest rate
     protection agreement or agreements between the Trust and one or more
     counterparties, including any confirmations evidencing the transactions
     thereunder, each of which is an interest rate swap, an interest rate cap,
     an obligation to enter into any of the foregoing, or any combination of any
     of the foregoing;

         (iii) with the proceeds of the sale of the Notes and the Certificates,
     to fund the Reserve 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;

         (iv) to pay interest on and principal of the Notes and distributions on
     the Certificates;

         (v) to purchase on the Closing Date and from time to time thereafter
     one or more pools of receivables, consisting of motor vehicle retail
     installment sale contracts;

         (vi) to Grant the Owner Trust Estate (other than each Certificate
     Distribution Account and the proceeds thereof) to the Indenture Trustee
     pursuant to the Indenture;

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

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

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

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

         SECTION 2.4 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.

         SECTION 2.5 Appointment of Delaware Trustee. The Delaware Trustee is
appointed to serve as the trustee of the Trust in the State of Delaware for the
sole and limited purpose of satisfying the requirement of Section 3807 of the
Delaware Business Trust Statute that the Trust have at least one trustee with a
principal place of business in Delaware. It is understood and agreed by the
parties hereto and the Certificateholders that the Delaware Trustee shall have
none of the duties or liabilities of the Owner Trustee. The duties of the
Delaware Trustee shall be limited to (a) accepting legal process served on the
Trust in the State of Delaware and (b) the execution of any certificates
required to be filed with the Secretary of State of the State of Delaware which
the Delaware Trustee is required to execute pursuant to Section 3811 of the
Business Trust Statute, and the Delaware Trustee shall provide prompt notice to
the Owner Trustee of its performance of any such acts. The parties hereto and
the Certificateholders understand and agree that the Delaware Trustee shall not
be entitled to exercise any powers, nor shall the Delaware Trustee have any of
the duties and liabilities, of the Owner Trustee. The Delaware Trustee shall not
be liable for the acts or omissions of the Owner Trustee, the Depositor or the
Trust. To the extent that, at law or in equity, the Delaware Trustee has duties
(including fiduciary duties) and liabilities relating thereto to the Trust or to
the Certificateholders, it is hereby understood and agreed by the other parties
hereto and the Certificateholders that such duties and liabilities are replaced
by the duties and liabilities of the Delaware Trustee expressly set forth in
this Trust Agreement. The Delaware Trustee shall owe no fiduciary or other
duties to the Trust or to the Depositor except as expressly provided for herein.

         SECTION 2.6 Capital Contribution of Owner Trust Estate. As of October
1, 2000, the Depositor sold, assigned, transferred, conveyed and set over to the
Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in
trust from the Depositor, as of such date, of the foregoing contribution, which
shall constitute the initial Owner 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 or the Delaware Trustee, promptly

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reimburse the Owner Trustee or the Delaware Trustee for any such expenses paid
by the Owner Trustee or the Delaware Trustee. On the Closing Date, the Depositor
shall convey to the Trust the Trust Property and the Owner Trustee shall convey
to the Depositor the Notes and the Certificates.

         SECTION 2.7 Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Certificateholders,
subject to the obligations of the Trust under the Basic Documents. It is the
intention of the parties hereto that (i) the Trust constitute a business trust
under the Business Trust Statute and that this Agreement constitute the
governing instrument of such business trust and (ii) for income and franchise
tax purposes, the Trust shall be treated as a partnership, with the assets of
the partnership being the Receivables, the Trust's rights under the Interest
Rate Swap Agreements, and other assets held by the Trust, the partners of the
partnership being the Certificateholders and the Depositor and the Notes
constituting indebtedness of the partnership. The parties agree that, unless
otherwise required by the appropriate tax authorities, the Depositor, on behalf
of the Trust, will file or cause to be filed annual or other necessary returns,
reports and other forms consistent with the characterization of the Trust as a
partnership for such tax purposes. Effective as of the date hereof, the Owner
Trustee shall have the rights, powers and duties set forth herein and in the
Business Trust Statute with respect to accomplishing the purposes of the Trust.
Together with the Delaware Trustee, the Owner Trustee has filed the Certificate
of Trust with the Secretary of State.

         SECTION 2.8 Liability of the Depositor. (a) Notwithstanding Section
3803 of the Business Trust Statute, the Depositor in its capacity as the holder
of the interests described in Section 3.11 shall be liable directly to, and will
indemnify each injured party for, all losses, claims, damages, liabilities and
expenses of the Trust (including Expenses, to the extent that the assets of the
Trust that would remain if all of the Notes were paid in full would be
insufficient to pay any such losses, claims, damages, liabilities or expenses,
or to the extent that such losses, claims, damages, liabilities and expenses in
fact are not paid out of the Owner Trust Estate) that the Depositor would be
liable for if the Trust were a partnership under the Limited Partnership Act in
which the Depositor were a general partner; provided, however, that the
Depositor shall not be liable to or indemnify Noteholders or Note Owners for any
losses incurred by Noteholders or Note Owners in their capacity as holders of or
beneficial owners of interests in limited recourse debt secured by the Owner
Trust Estate or be liable to or indemnify Certificateholders for any losses
incurred by the Certificateholders if such losses would nevertheless have been
incurred if the Certificates were limited recourse debt secured by the Owner
Trust Estate. In addition, any third-party creditors of the Trust, or the
arrangement between the Depositor and the Trust (other than in connection with
the obligations described in the preceding sentence for which the Depositor
shall not be liable), shall be deemed third-party beneficiaries of this
paragraph.

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         (b) No Certificateholder other than the Depositor to the extent set
forth in paragraph (a) of this Section 2.8, shall have any personal liability
for any liability or obligation of the Trust.

         SECTION 2.9 Title to Trust Property. Legal title to the entirety of the
Owner 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 Owner Trust Estate to be vested in a trustee or trustees, in which
case title shall be deemed to be vested in the Owner Trustee, a co-trustee
and/or a separate trustee, as the case may be.

         SECTION 2.10 Situs of Trust. The Trust shall be administered in the
State of New York. All bank accounts maintained by the Owner Trustee on behalf
of the Trust shall be located in the State of Delaware or the State of New York.
The Trust shall not have any employees in any state other than the State of
Delaware; provided, however, that nothing herein shall restrict or prohibit the
Bank, the Delaware Trustee or 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 principal office of the Trust shall be in care of the Delaware
Trustee in the State of Delaware. The Trust shall also have an office in care of
the Owner Trustee in the State of New York.

         SECTION 2.11 Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee and the Delaware
Trustee that:

         (a) The Depositor is duly organized and validly existing as a limited
partnership in good standing under the laws of the State of Delaware, with power
and authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted.

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

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

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         (d) This Agreement constitutes a legal, valid, and binding obligation
of the Depositor, enforceable against the Depositor in accordance with its
terms, subject, as to enforceability, to applicable bankruptcy, insolvency,
reorganization, conservatorship, receivership, liquidation and other similar
laws and to general equitable principles.

         (e) The consummation of the transactions contemplated by this Agreement
and the fulfillment of the terms hereof do not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time or both) a default under, the Certificate of Limited
Partnership or the Limited Partnership Agreement, 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 its properties
pursuant to the terms of any such indenture, agreement or other instrument
(other than pursuant to the Basic Documents); nor violate any law or, to the
best of the Depositors knowledge, any order, rule or regulation applicable to
the Depositor of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties.

         (f) There are no proceedings or investigations pending or, to the
Depositors best knowledge, threatened before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties: (i) asserting the invalidity of this
Agreement, the Indenture, any of the other Basic Documents, the Notes or the
Certificates, (ii) seeking to prevent the issuance of the Notes or the
Certificates or the consummation of any of the transactions contemplated by this
Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the
performance by the Depositor of its obligations under, or the validity or
enforceability of, this Agreement or (iv) which might adversely affect the
federal income tax attributes, or Applicable Tax State franchise or income tax
attributes, of the Notes and the Certificates.

         (g) The representations and warranties of the Depositor in Section 3.1
of the Purchase Agreement are true and correct.

         SECTION 2.12 Federal Income Tax Matters. The Certificateholders
acknowledge that it is their intent and that they understand it is the intent of
the Depositor and the Servicer that, for purposes of federal income, state and
local income and franchise tax and any other income taxes, the Trust will be
treated as a partnership and the Certificateholders and the Depositor will be
treated as partners in that partnership. The Depositor hereby agrees and the
Certificateholders by acceptance of a Certificate agree to such treatment and
each agrees to take no action inconsistent with such treatment. For purposes of
federal income, state and local income and franchise tax and any other income
taxes each month:

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         (a) amounts paid to any Certificateholder pursuant to Section 5.2(a)(i)
shall be treated as a guaranteed payment within the meaning of Section 707(c) of
the Code;

         (b) to the extent the characterization provided for in paragraph (a) of
this Section 2.11 is not respected, gross ordinary income of the Trust for such
month as determined for federal income tax purposes shall be allocated among the
Certificateholders of each Class of Certificates as of the Record Date occurring
within such month, in proportion to their ownership of the Aggregate Certificate
Balance on such date, in an amount up to the sum of (i) the Accrued Class C
Certificate Interest or Accrued Class D Certificate Interest, as applicable, for
such Class for such month, (ii) the portion of the market discount on the
Receivables accrued during such month that is allocable to the excess, if any,
of the aggregate Initial Certificate Balance of such class of Certificates over
the initial aggregate issue price of such Class of Certificates and (iii) any
amount expected to be distributed to the Certificateholders of such Class
pursuant to Sections 4.6(c) and (d) of the Sale and Servicing Agreement (to the
extent not previously allocated pursuant to this paragraph (b)) to the extent
necessary to reverse any net loss previously allocated to Certificateholders of
such Class (to the extent not previously reversed pursuant to this clause
(iii)); and

         (c) thereafter all remaining net income of the Trust (subject to the
modifications set forth below) for such month as determined for federal income
tax purposes (and each item of income, gain, credit, loss or deduction entering
into the computation thereof) shall be allocated to the Depositor, to the extent
thereof.

If the gross ordinary income of the Trust for any month is insufficient for the
allocations described in paragraph (b) above, subsequent gross ordinary income
shall first be allocated to make up such shortfall before any allocation
pursuant to paragraph (c) above. Net losses of the Trust, if any, for any month
as determined for federal income tax purposes (and each item of income, gain,
credit, loss or deduction entering into the computation thereof) shall be
allocated to the Depositor to the extent the Depositor, in its capacity as
"general partner," is reasonably expected to bear the economic burden of such
net losses, and any remaining net losses shall be allocated among the
Certificateholders as of the Record Date occurring within such month in
proportion to their ownership of the Aggregate Certificate Balance on such
Record Date. The Depositor is authorized to modify the allocations in this
paragraph if necessary or appropriate, in its sole discretion, for the
allocations to fairly reflect the economic income, gain or loss to the Depositor
or the Certificateholders or as otherwise required by the Code.

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                                   ARTICLE III

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

         SECTION 3.1 Initial Beneficial Ownership. Upon the formation of the
Trust by the contribution by the Depositor pursuant to Section 2.5 and until the
issuance of the Certificates, the Depositor shall be the sole beneficial owner
of the Owner Trust Estate.

         SECTION 3.2 Capital Accounts. (a) The Owner Trustee shall establish and
maintain a separate bookkeeping account (a "Capital Account") for the Depositor
and each Certificateholder. The initial balance of the Capital Account for (i)
each Certificateholder shall be the amount initially paid for such
Certificateholders Certificates and (ii) the Depositor shall be (x) the fair
market value of the Receivables minus (y) the proceeds of the sale of Notes net
of the Reserve Initial Deposit. The Capital Account of the Depositor or each
Certificateholder shall also be increased by (i) the dollar amount of any
additional cash contributions made by the Depositor or such Certificateholder,
as the case may be, (ii) the fair market value of any property (other than cash)
contributed to the Trust by the Depositor or such Certificateholder, as the case
may be (net of any liabilities to which the property is subject), and (iii)
allocations to the Depositor or such Certificateholder, as the case may be, of
income and gain (including income exempt from tax). The Capital Account of the
Depositor or each Certificateholder shall be decreased by (i) the dollar amount
of any cash distributions made to the Depositor or such Certificateholder, as
the case may be, (ii) the fair market value of any property (other than cash)
distributed to the Depositor or such Certificateholder, as the case may be (net
of any liabilities to which the property is subject), (iii) allocations to the
Depositor or such Certificateholder, as the case may be, of loss or deductions
(or items thereof), and (iv) any allocations of expenditures of the Trust
described in Section 705(a)(2)(B) of the Code.

         (b) Notwithstanding any other provision of this Agreement to the
contrary, the foregoing provisions of this Section 3.2 regarding the maintenance
of Capital Accounts shall be construed so as to comply with the provisions of
the Treasury Regulations promulgated pursuant to Section 704 of the Code. The
Depositor is hereby authorized to modify these provisions to the minimum extent
necessary to comply with such regulations.

         SECTION 3.3 The Certificates. (a) The Class C Certificates and the
Class D Certificates shall each be issued in one or more registered, definitive,
physical certificates, in the form set forth in Exhibit A and Exhibit B,
respectively, in denominations of at least $20,000 and in integral multiples of
$1,000 in excess thereof. No Certificate may be sold, transferred, assigned,
participated, pledged, or otherwise disposed of (any such act, a "Transfer") to
any Person except in accordance with the provisions of

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Section 3.5 and any attempted Transfer in violation of Section 3.5 shall be null
and void (each a "Void Transfer").

         (b) The Certificates shall be executed on behalf of the Trust by manual
or facsimile signature of an authorized officer of the Owner Trustee.
Certificates bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, shall be validly issued and entitled to the benefits of
this Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of authentication and
delivery of such Certificates.

         (c) If Transfer of the Certificates is permitted pursuant to Section
3.5, a transferee of a Certificate shall become a Certificateholder, and shall
be entitled to the rights and subject to the obligations of a Certificateholder
hereunder upon such transferees acceptance of a Certificate duly registered in
such transferees name pursuant to Section 3.5.

         SECTION 3.4 Authentication of Certificates. Concurrently with the
initial sale of the Receivables to the Trust pursuant to the Sale and Servicing
Agreement, the Owner Trustee shall cause the Class C Certificates, in an
aggregate principal balance equal to the Initial Certificate Balance of such
Class C Certificates, and the Class D Certificates, in an aggregate principal
balance equal to the Initial Certificate Balance of such Class D Certificates,
to be executed on behalf of the Trust, authenticated and delivered to or upon
the written order of the Depositor, signed by the chairman of the board, the
president, any executive vice president, any vice president, the secretary, any
assistant secretary, the treasurer or any assistant treasurer of the General
Partner, without further action by the Depositor, in authorized denominations.
No Certificate shall entitle its Certificateholder to any benefit under this
Agreement, or shall be valid for any purpose, unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth
in Exhibit A or Exhibit B, as applicable, attached hereto executed by the Owner
Trustee by manual signature; such authentication shall constitute conclusive
evidence that such Certificate shall have been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

         SECTION 3.5 Registration of Certificates; Transfer and Exchange of
Certificates. (a) The Certificate Registrar shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.9, a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the Trust
shall provide for the registration of Certificates and of Transfers and
exchanges of Certificates as herein provided. The Bank shall be the initial
Certificate Registrar. No Transfer of a Certificate shall be recognized except
upon registration of such Transfer in the Certificate Register.

                                        9

<PAGE>   15

         (b) Each Class C Certificate and Class D Certificate shall bear a
legend to the following effect unless determined otherwise by the Administrator
(as certified to the Owner Trustee in an Officers Certificate) and the Owner
Trustee consistent with applicable law:

         "THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE
SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS
CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1)
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT
THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
MEANING OF RULE l44A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS IN FORMED, IN EACH CASE, THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
SUBJECT TO (A) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
CERTIFICATE SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT E TO THE TRUST
AGREEMENT AND (B) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT C TO THE TRUST AGREEMENT,
WITH SUCH CHANGES THEREIN AS MAY BE APPROVED BY THE DEPOSITOR, (2) PURSUANT TO
AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT
(IF AVAILABLE), SUBJECT TO THE RECEIPT BY THE TRUST, THE INITIAL PURCHASER AND
THE CERTIFICATE REGISTRAR OF SUCH EVIDENCE ACCEPTABLE TO THE TRUST AND THE
INITIAL PURCHASER THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER APPLICABLE LAWS, (3)
TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING THEREOF IN RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT TO
ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO (A) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT D TO THE TRUST AGREEMENT OR
(B) THE RECEIPT BY THE TRUST, THE INITIAL PURCHASER AND THE CERTIFICATE
REGISTRAR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE TRUST AND THE INITIAL
PURCHASER THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH
THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER APPLICABLE LAWS, OR (4) TO
THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN

                                       10

<PAGE>   16

ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND
SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES."

         As a condition to the registration of any Transfer of a Certificate,
the prospective transferee of such a Certificate shall be required to represent
in writing to the Owner Trustee, the Certificate Registrar and the Initial
Purchaser the following, unless determined otherwise by the Administrator (as
certified to the Owner Trustee in an Officers Certificate):

         (i) It understands that no subsequent Transfer of the Certificates are
     permitted unless it causes its proposed transferee to provide to the Trust,
     the Certificate Registrar and the Initial Purchaser a letter substantially
     in the form of Exhibit C or Exhibit D hereof (with such changes therein as
     may be approved by the Depositor), as applicable, or such other written
     statement as the Depositor shall prescribe.

         (ii) It is either:

         (A) not, and each account (if any) for which it is purchasing the
         Certificates are not (1) an employee benefit plan, as defined in
         Section 3(3) of ERISA, that is subject to Title I of ERISA, (2) a plan
         described in Section 4975(e)(1) of the Code that is subject to Section
         4975 of the Code, (3) a governmental plan, as defined in Section 3(32)
         of ERISA, subject to any federal, State or local law which is, to a
         material extent, similar to the provisions of Section 406 of ERISA or
         Section 4975 of the Code, (4) an entity whose underlying assets include
         plan assets by reason of a plans investment in the entity (within the
         meaning of Department of Labor Regulation 29 C.F.R. ss. 2510.3-101 or
         otherwise under ERISA) or (5) a person investing "plan assets" of any
         such plan (including without limitation, for purposes of this clause
         (5), an insurance company general account, but excluding any entity
         registered under the Investment Company Act of 1940, as amended); or

         (B) an insurance company acting on behalf of a general account and (1)
         on the date of purchase less than 25% (or such lower percentage as may
         be determined by the Depositor) of the assets of such general account
         (as reasonably determined by it) constitute "plan assets" for purposes
         of Title I of ERISA and Section 4975 of the Code, (2) the purchase and
         holding of such Certificates are eligible for exemptive relief under
         Sections (I) and (III) of Prohibited Transaction Class Exemption 95-60,
         and (3) the purchaser agrees that if, after the purchasers initial
         acquisition of the Certificates, at any time during any calendar
         quarter 25% (or such lower percentage

                                       11
<PAGE>   17

         as may be determined by the Depositor) or more of the assets of such
         general account (as reasonably determined by it no less frequently than
         each calendar quarter) constitute "plan assets" for purposes of Title I
         of ERISA or Section 4975 of the Code and no exemption or exception from
         the prohibited transaction rules applies to the continued holding of
         the Certificates under Section 401(c) of ERISA and the final
         regulations thereunder or under an exemption or regulation issued by
         the United States Department of Labor under ERISA, it will dispose of
         all Certificates then held in its general account by the end of the
         next following calendar quarter.

         (iii) It is a person who is (A) a citizen or resident of the United
     States, (B) a corporation or partnership organized in or under the laws of
     the United States or any political subdivision thereof, (c) an estate the
     income of which is includible in gross income for United States tax
     purposes, regardless of its source, (D) a trust if a U.S. court is able to
     exercise primary supervision over the administration of such trust and one
     or more persons described in clause (A), (B), (C) or (E) of this paragraph
     (iii) has the authority to control all substantial decisions of the trust
     or (E) a person not described in clauses (A) through (D) of this paragraph
     (iii) whose ownership of the Certificates is effectively connected with
     such persons conduct of a trade or business within the United States
     (within the meaning of the Code) and who provides the Trust and the
     Depositor with an IRS Form 4224 (and such other certifications,
     representations, or opinions of counsel as may be requested by the Trust or
     the Depositor).

         (iv) It understands that any purported Transfer of any Certificate (or
     any interest therein) in contravention of any of the restrictions and
     conditions contained in this Section will be a Void Transfer, and the
     purported transferee in a Void Transfer will not be recognized by the Trust
     or any other person as a Certificateholder for any purpose.

         (c) By acceptance of any Certificate, the Certificateholder thereof
specifically agrees with and represents to the Depositor, the Trust and the
Certificate Registrar, that no Transfer of such Certificate shall be made unless
the registration requirements of the Securities Act and any applicable State
securities laws are complied with, or such Transfer is exempt from the
registration requirements under the Securities Act because the Transfer
satisfies one of the following:

         (i) such Transfer is in compliance with Rule 144A under the Securities
     Act ("Rule 144A"), to a transferee who the transferor reasonably believes
     is a Qualified Institutional Buyer that is purchasing for its own account
     or for the account of a Qualified Institutional Buyer and to whom notice is
     given that such Transfer is being made in reliance upon Rule 144A under the
     Securities Act and

                                       12
<PAGE>   18

     (x) the transferor executes and delivers to the Trust and the Certificate
     Registrar, a Rule 144A transferor certificate substantially in the form
     attached as Exhibit E and (y) the transferee executes and delivers to the
     Trust and the Certificate Registrar an investment letter substantially in
     the form attached as Exhibit C;

         (ii) after the appropriate holding period, such Transfer is pursuant to
     an exemption from registration under the Securities Act provided by Rule
     144 under the Securities Act and the transferee, if requested by the Trust,
     the Certificate Registrar or the Initial Purchaser, delivers an Opinion of
     Counsel in form and substance satisfactory to the Trust and the Initial
     Purchaser; or

         (iii) such Transfer is to an institutional accredited investor as
     defined in rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated
     under the Securities Act in a transaction exempt from the registration
     requirements of the Securities Act, such Transfer is in accordance with any
     applicable securities laws of any State of the United States or any other
     jurisdiction, and such investor executes and delivers to the Trust and the
     Certificate Registrar an investment letter substantially in the form
     attached as Exhibit D.

         (d) The Depositor shall make available to the prospective transferor
and transferee of a Certificate information requested to satisfy the
requirements of paragraph (d) (4) of Rule 144A (the "Rule 144A Information").
The Rule 144A Information shall include any or all of the following items
requested by the prospective transferee:

         (i) the private placement memorandum, if any, relating to the
     Certificates, and any amendments or supplements thereto;

         (ii) each statement delivered to Certificateholders pursuant to Section
     5.2(b) on each Distribution Date preceding such request; and

         (iii) such other information as is reasonably available to the Owner
     Trustee in order to comply with requests for information pursuant to Rule
     144A under the Securities Act.

         None of the Depositor, the Certificate Registrar or the Owner Trustee
is under an obligation to register any Certificate under the Securities Act or
any other securities law.

         (e) Upon surrender for registration of Transfer of any Certificate at
the office or agency maintained pursuant to Section 3.9 and upon compliance with
any provisions of this Agreement relating to such Transfer, the Owner Trustee
shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized
denominations of a like Class and aggregate amount

                                       13
<PAGE>   19

dated the date of authentication by the Owner Trustee or any authenticating
agent. At the option of a Certificateholder, Certificates may be exchanged for
other Certificates of authorized denominations of a like Class and aggregate
amount upon surrender of the Certificates to be exchanged at the office or
agency maintained pursuant to Section 3.9.

         Every Certificate presented or surrendered for registration of Transfer
or exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar, duly executed
by the Certificateholder or his attorney in writing, with such signature
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company. Each Certificate surrendered for registration of Transfer or
exchange shall be cancelled and subsequently disposed of by the Certificate
Registrar in accordance with its customary practice.

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

         The preceding provisions of this Section 3.5 notwithstanding, the Owner
Trustee shall not make and the Certificate Registrar need not register any
Transfer or exchange of Certificates for a period of fifteen (15) days preceding
any Distribution Date for any payment with respect to the Certificates.

         SECTION 3.6 Mutilated, Destroyed, Lost or Stolen Certificates. If (a)
any mutilated Certificate shall be surrendered to the Certificate Registrar, or
if the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar and the 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 Certificate shall have been acquired by a protected purchaser,
the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee
shall authenticate and deliver, in exchange for, or in lieu of, any such
mutilated, destroyed, lost or stolen Certificate a new Certificate of like
Class, tenor and denomination. In connection with the issuance of any new
Certificate under this Section 3.6, the Owner Trustee or the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Certificate issued pursuant to this Section 3.6 shall constitute conclusive
evidence of ownership in the Trust, as if originally issued, whether or not the
lost, stolen or destroyed Certificate shall be found at any time.

         SECTION 3.7 Persons Deemed Owners of Certificates. Prior to due
presentation of a Certificate for registration of Transfer, the Owner Trustee,
the Certificate Registrar and any Certificate Paying Agent may treat the Person
in whose name any Certificate shall be registered in the Certificate Register as
the owner of such Certificate

                                       14
<PAGE>   20

for the purpose of receiving distributions pursuant to Section 5.2 and for all
other purposes whatsoever, and none of the Owner Trustee, the Certificate
Registrar or any Certificate Paying Agent shall be bound by any notice to the
contrary.

         SECTION 3.8 Access to List of Certificateholders Names and Addresses.
The Owner Trustee shall furnish or cause to be furnished to the Servicer and the
Depositor, or to the Indenture Trustee, within fifteen (15) days after receipt
by the Owner Trustee of a written request therefor from the Servicer or the
Depositor, or the Indenture Trustee, as the case may be, a list, in such form as
the requesting party may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. If three or more
Certificateholders or one or more Certificateholders of Certificates evidencing
not less than 25% of the Aggregate Certificate Balance 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 under
this Agreement or under the 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 (5) Business Days after the receipt of such
application, afford such applicants access during normal business hours to the
current list of Certificateholders. Each Certificateholder, by receiving and
holding a Certificate, shall be deemed to have agreed not to hold any of the
Depositor, the Certificate Registrar or the Owner Trustee accountable by reason
of the disclosure of its name and address, regardless of the source from which
such information was derived.

         SECTION 3.9 Maintenance of Office or Agency. The Owner Trustee shall
maintain in the State of New York, an office or offices or agency or agencies
where Certificates may be surrendered for registration of Transfer or exchange
and where notices and demands to or upon the Owner Trustee in respect of the
Certificates and the Basic Documents may be served. The Owner Trustee initially
designates The Bank of New York, l01 Barclay Street, Floor 12 East, New York,
New York 10286, Attention: Asset- Backed Finance Unit as its principal corporate
trust office for such purposes. The Owner Trustee shall give prompt written
notice to the Depositor and to the Certificateholders of any change in the
location of the Certificate Registrar or any such office or agency.

         SECTION 3.10 Appointment of Certificate Paying Agent. The Certificate
Paying Agent shall make distributions to Certificateholders from each
Certificate Distribution Account pursuant to Section 5.2 and shall report the
amounts of such distributions to the Owner Trustee. Any Certificate Paying Agent
shall have the revocable power to withdraw funds from each Certificate
Distribution Account for the purpose of making the distributions referred to
above. The Owner Trustee may revoke such power and remove the Certificate Paying
Agent if the Owner Trustee determines in its sole discretion that the
Certificate Paying Agent shall have failed to perform its obligations under this
Agreement in any material respect. The Certificate Paying Agent shall initially
be the Owner Trustee, and any co-paying agent chosen by the Owner Trustee. The
Owner Trustee shall be permitted to resign as Certificate Paying Agent upon
thirty (30) days written notice to the

                                       15
<PAGE>   21

Owner Trustee. In the event that the Bank shall no longer be the Certificate
Paying Agent, the Owner Trustee shall appoint a successor to act as Certificate
Paying Agent (which shall be a bank or trust company). The Owner Trustee shall
cause such successor Certificate Paying Agent or any additional Certificate
Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner
Trustee an instrument in which such successor Certificate Paying Agent or
additional Certificate Paying Agent shall agree with the Owner Trustee that as
Certificate Paying Agent, such successor Certificate Paying Agent or additional
Certificate 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
Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee
and upon removal of a Certificate Paying Agent such Certificate Paying Agent
shall also return all funds in its possession to the Owner Trustee. The
provisions of Sections 7.1, 7.3, 7.4 and 8.1 shall apply to the Owner Trustee
also in its role as Certificate Paying Agent, for so long as the Owner Trustee
shall act as Certificate Paying Agent and, to the extent applicable, to any
other paying agent appointed hereunder. Any reference in this Agreement to the
Certificate Paying Agent shall include any co-paying agent unless the context
requires otherwise.

         SECTION 3.11 Certain Rights of Depositor. The Depositor shall be
entitled to any amounts not needed on any Distribution Date to make payments on
the Notes or the Certificates or to make deposits to the Reserve Account
pursuant to Section 4.6 of the Sale and Servicing Agreement, and to receive
amounts remaining in the Reserve Account following the payment in full of the
aggregate principal amount of the Notes and the Aggregate Certificate Balance
and of all other amounts owing or to be distributed hereunder or under the
Indenture or the Sale and Servicing Agreement to Noteholders and
Certificateholders and the termination of the Trust. The Depositor may not
Transfer any such rights unless it shall have received an Opinion of Counsel
that such Transfer shall not cause the Trust to be classified as an association
(or publicly traded partnership) taxable as a corporation.

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

         SECTION 4.1 Prior Notice to Certificateholders with Respect to Certain
Matters. It is the intention of the Depositor and the Certificateholders that
the powers and duties of the Owner Trustee are ministerial and non-ministerial;
provided, however, that any non-ministerial action (including the taking of any
legal action) may only be taken by the Owner Trustee in accordance with this
Section 4.1. With respect to the following matters, the Owner Trustee shall not
take action unless, (I) at least thirty (30) days before the taking of such
action, the Owner Trustee shall have notified the Certificateholders and the
Rating Agencies in writing of the proposed action and (II) Certificateholders
holding

                                       16
<PAGE>   22

not less than a majority of the Aggregate Certificate Balance shall not have
notified the Owner Trustee in writing prior to the 30th day after such notice is
given that such Certificateholders have withheld consent or provided alternative
direction:

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

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

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

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

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

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

         SECTION 4.2 Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee may not, except upon the occurrence of an Event of
Servicing Termination subsequent to the payment in full of the Notes and in
accordance with the written direction of Certificateholders holding not less
than a majority of the Aggregate Certificate Balance, (a) remove the Servicer
under the Sale and Servicing Agreement pursuant to Article VIII thereof, (b)
appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing
Agreement, (c) remove the Administrator under the Administration Agreement
pursuant to Section 9 thereof or (d) appoint a successor Administrator pursuant
to Section 9 of the Administration Agreement.

         SECTION 4.3 Action by Certificateholders with Respect to Bankruptcy.
The Owner Trustee shall not have the power to commence a voluntary proceeding in

                                       17
<PAGE>   23

bankruptcy relating to the Trust unless the Notes have been paid in full and
each Certificateholder (other than the Depositor) approves of such commencement
in advance and delivers to the Owner Trustee a certificate certifying that such
Certificateholder reasonably believes that the Trust is insolvent.

         SECTION 4.4 Restrictions on Certificateholders' Power. The
Certificateholders shall not direct the Owner Trustee to take or 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 Section 2.3, nor shall the Owner Trustee be
obligated to follow any such direction, if given.

         SECTION 4.5 Majority Control. Except as expressly provided herein, any
action that may be taken by the Certificateholders under this Agreement may be
taken by the Certificateholders of Certificates evidencing not less than a
majority of the Aggregate Certificate Balance. Except as expressly provided
herein, any written notice of the Certificateholders delivered pursuant to this
Agreement shall be effective if signed by Certificateholders of Certificates
evidencing not less than a majority of the Aggregate Certificate Balance at the
time of the delivery of such notice.

                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         SECTION 5.1 Establishment of Certificate Distribution Account. Pursuant
to Section 4.1(c) of the Sale and Servicing Agreement, there has been
established and there shall be maintained two segregated trust accounts, each in
the name of "The Bank of New York, as Owner Trustee" at a Qualified Institution
or Qualified Trust Institution (which shall initially be the corporate trust
department of the Bank), which shall be designated as the "Certificate Interest
Distribution Account" and the "Certificate Principal Distribution Account,"
respectively (each of the Certificate Interest Distribution Account and the
Certificate Principal Distribution Account, a "Certificate Distribution
Account"). Except as expressly provided in Section 3.10, each Certificate
Distribution Account shall be under the sole dominion and control of the Owner
Trustee. All monies deposited from time to time in each Certificate Distribution
Account pursuant to the Sale and Servicing Agreement shall be applied as
provided in the Basic Documents. In the event that either Certificate
Distribution Account is no longer to be maintained at the corporate trust
department of the Bank, the Servicer shall, with the Owner Trustees assistance
as necessary, cause such Certificate Distribution Account to be moved to a
Qualified institution or a Qualified Trust Institution within ten (10) Business
Days (or such longer period not to exceed thirty (30) calendar days as to which
each Rating Agency may

                                       18
<PAGE>   24

consent). Each Certificate Distribution Account will be established and
maintained pursuant to an account agreement which specifies New York law as the
governing law.

         SECTION 5.2 Application of Trust Funds. (a) On each Distribution Date,
the Owner Trustee shall, based on the information contained in the Servicers
Certificate delivered on the relevant Determination Date pursuant to Section 3.9
of the Sale and Servicing Agreement:

         (i) withdraw the amounts deposited into the Certificate Interest
     Distribution Account pursuant to Section 4.6(c) of the Sale and Servicing
     Agreement on or prior to such Distribution Date and make or cause to be
     made distributions and payments in the following order of priority:

                  (1) first, to the Certificateholders of Class C Certificates,
         an amount equal to the Accrued Class C Certificate Interest, provided
         that if there are not sufficient funds available to pay the entire
         amount of the Accrued Class C Certificate Interest, the amounts
         available shall be applied to the payment of such interest on the Class
         C Certificates on a pro rata basis;

                  (2) second, to the Certificateholders of Class D Certificates,
         an amount equal to the Accrued Class D Certificate Interest; provided
         that if there are not sufficient funds available to pay the entire
         amount of the Accrued Class D Certificate Interest, the amounts
         available shall be applied to the payment of such interest on the Class
         D Certificates on a pro rata basis; and

                  (3) third, to the Depositor, any funds remaining on deposit in
         the Certificate Interest Distribution Account.

         (ii) withdraw the amounts deposited into the Certificate Principal
     Distribution Account pursuant to Section 4.6(c) and (d) of the Sale and
     Servicing Agreement on or prior to such Distribution Date and make or
     cause to be made distributions and payments in the following order of
     priority:

                  (1) first, to the Certificateholders of the Class C
         Certificates in reduction of the Certificate Balance of the Class C
         Certificates, until the Certificate Balance of the Class C Certificates
         has been reduced to zero; provided that if there are not sufficient
         funds available to reduce the Certificate Balance of the Class C
         Certificates to zero, the amounts avail able shall be applied to the
         reduction of the Certificate Balance of the Class C Certificates on a
         pro rata basis;

                                       19
<PAGE>   25

                  (2) second, to the Certificateholders of the Class D
         Certificates in reduction of the Certificate Balance of the Class D
         Certificates, until the Certificate Balance of the Class D Certificates
         has been reduced to zero; provided that if there are not sufficient
         funds available to reduce the Certificate Balance of the Class D
         Certificates to zero, the amounts available shall be applied to the
         reduction of the Certificate Balance of the Class D Certificates on pro
         rata basis; and

                  (3) third, to the Depositor, any funds remaining on deposit in
         the Certificate Principal Distribution Account.

         (b) On each Distribution Date, the Owner Trustee shall, or shall cause
the Certificate Paying Agent to, send to each Certificateholder as of the
related Record Date the statement provided to the Owner Trustee by the Servicer
pursuant to Section 4.9 of the Sale and Servicing Agreement with respect to such
Distribution Date.

         (c) In the event that any withholding tax is imposed on the Trusts
payment (or allocations of income) to a Certificateholder, such tax shall reduce
the amount otherwise distributable to such Certificateholder in accordance with
this Section 5.2. The Owner Trustee and each Certificate Paying Agent is hereby
authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any such withholding 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 a
Certificateholder shall be treated as cash distributed to such Certificateholder
at the time it is withheld by the Trust and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with
respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Owner Trustee may, in its sole discretion, withhold such
amounts in accordance with this paragraph (c). In the event that a
Certificateholder wishes to apply for a refund of any such withholding tax, the
Owner Trustee shall reasonably cooperate with such Certificateholder in making
such claim so long as such Certificateholder agrees to reimburse the Owner
Trustee for any out-of-pocket expenses incurred.

         SECTION 5.3 Method of Payment. Subject to Section 9.1(c), distributions
required to be made to Certificateholders on any Distribution Date shall be made
to each Certificateholder of record on the preceding Record Date either by wire
transfer, in immediately available funds, to the account of such
Certificateholder at a bank or other entity having appropriate facilities
therefor, if (i) such Certificateholder shall have provided to the Certificate
Registrar appropriate written instructions at least five (5) Business Days prior
to such Distribution Date and such Certificateholders Certificates in the
aggregate evidence a denomination of not less than $1,000,000, or (ii) such

                                       20
<PAGE>   26

Certificateholder is the Depositor or, if not, by check mailed to such
Certificateholder at the address of such Certificateholder appearing in the
Certificate Register. Notwithstanding the foregoing, the final distribution in
respect of any Certificate (whether on the applicable Final Scheduled
Distribution Date or otherwise) will be payable only upon presentation and
surrender of such Certificate at the office or agency maintained for that
purpose by the Owner Trustee pursuant to Section 3.9.

         SECTION 5.4 No Segregation of Monies; No Interest. Subject to Sections
5.1 and 5.2, monies received by the Owner Trustee hereunder need not be
segregated in any manner except to the extent required by law, the Indenture 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 5.5 Accounting and Reports to Noteholders, Certificateholders,
Internal Revenue Service and Others. The Owner Trustee shall, based on
information provided by or on behalf of the Depositor, (a) maintain (or cause to
be maintained) the books of the Trust on a calendar year basis on the accrual
method of accounting, (b) deliver (or cause to be delivered) to each
Certificateholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1) to
enable each Certificateholder to prepare its federal and State income tax
returns, (c) file (or cause to be filed) such tax returns relating to the Trust
(including a partnership information return, IRS Form 1065), and make such
elections as may from time to time be required or appropriate under any
applicable State or federal statute or rule or regulation thereunder so as to
maintain the Trusts characterization as a partnership for federal income tax
purposes, (d) cause such tax returns to be signed in the manner required by law
and (e) collect (or cause to be collected) any withholding tax as described in
and in accordance with Section 5.2(c) with respect to income or distributions to
Certificateholders. 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 Receivables. The Owner Trustee shall not make the election provided under
Section 754 of the Code.

         SECTION 5.6 Signature on Returns; Tax Matters Partner. (a) The
Depositor, as general partner for income tax purposes, shall prepare (or cause
to be prepared) and sign, on behalf of the Trust, the tax returns of the Trust.

         (b) The Depositor shall be designated the "tax matters partner" of the
Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury
Regulations.

                                       21
<PAGE>   27

                                   ARTICLE VI

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

         SECTION 6.1 General Authority. The Owner Trustee is authorized and
directed to execute and deliver on behalf of the Trust 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 or other agreement, in each case, in such form as
the Depositor shall approve, as evidenced conclusively by the Owner Trustee's
execution thereof and the Depositor's execution of this Agreement, and to direct
the Indenture Trustee to authenticate and deliver (i) Class A-1 Notes in the
aggregate principal amount of $906,000,000, (ii) Class A-2 Notes in the
aggregate principal amount of $701,000,000, (iii) Class A-3 Notes in the
aggregate principal amount of $520,000,000, (iv) Class A-4 Notes in the
aggregate principal amount of $343,000,000, (v) Class A-5 Notes in the aggregate
principal amount of $159,722,000, (vi) Variable Pay Term Notes in the aggregate
amounts as may be issued on Targeted Scheduled Distribution Dates to pay the
aggregate principal amount of a subclass of Class A Notes pursuant to the
Indenture, and (vii) Class B Notes in the aggregate principal amount of
$97,397,000. In addition to the foregoing, the Owner Trustee is authorized 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 on
behalf of the Trust as is permitted by the Basic Documents and which the
Servicer or the Administrator directs with respect to the Basic Documents,
except to the extent that this Agreement expressly requires the consent of
Certificateholders for such action.

         SECTION 6.2 General Duties. Subject to Section 4.1 hereof, it shall be
the duty of the Owner Trustee to discharge (or cause to be discharged) all of
its responsibilities pursuant to the terms of this Agreement and the other
Basic Documents to which the Trust is a party and to administer the Trust in the
interest of the Certificateholders, subject to the lien of the Indenture and in
accordance with the provisions of this Agreement and the other Basic Documents.
Notwithstanding anything else to the contrary in this Agreement, the Owner
Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Basic Documents to the extent the Administrator is
required in the Administration Agreement to perform any act or to discharge such
duty of the Owner Trustee or the Trust hereunder or under any other Basic
Document, and the Owner Trustee shall not be held liable for the default or
failure of the Administrator to carry out its obligations under the
Administration Agreement. Except as expressly provided in the Basic Documents,
the Owner Trustee shall have no obligation to administer, service or collect
the Receivables or to maintain, monitor or otherwise supervise the
administration, servicing or collection of the Receivables.

                                       22
<PAGE>   28

         SECTION 6.3 Action upon Instruction. (a) Subject to Article IV, and in
accordance with the terms of the Basic Documents, the Certificateholders may, by
written instruction, direct the Owner Trustee in the management of the Trust.

         (b) The Owner Trustee shall not be required to take any action
hereunder or under any 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 any
other Basic Document, the Owner Trustee shall promptly give notice (in such form
as shall be appropriate under the circumstances) to the Certificateholders
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 Certificateholders received, the Owner Trustee shall not be
liable on account of such action to any Person. If the Owner Trustee shall not
have received appropriate instruction within ten (10) days of such notice (or
within such shorter period of time as reasonably may be specified in such notice
or may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action, not inconsistent with this
Agreement or the other Basic Documents, as it shall deem to be in the best
interests of the Certificateholders, and shall have no liability to any Person
for such action or inaction.

         (d) In the event 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
Certificateholders 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 (10) days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action not inconsistent with this Agreement or the
other Basic Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such action or
inaction.

         SECTION 6.4 No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make

                                       23
<PAGE>   29

any payment with respect to, register, record, sell, dispose of, or otherwise
deal with the Owner Trust Estate, or to otherwise take or refrain from taking
any action under, or in connection with, any document contemplated hereby to
which the Owner Trustee or the Trust 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 6.3; 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 lien (other than the lien of the
Indenture) on any part of the Owner Trust Estate that results from actions by,
or claims against, the Owner Trustee that are not related to the ownership or
the administration of the Owner Trust Estate.

         SECTION 6.5 No Action Except Under Specified Documents or Instructions.
The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise
deal with any part of the Owner Trust Estate except (i) in accordance with the
powers granted to and the authority conferred upon the Owner Trustee pursuant to
this Agreement, (ii) in accordance with the other Basic Documents to which the
Trust or the Owner Trust is a party and (iii) in accordance with any document or
instruction delivered to the Owner Trustee pursuant to Section 6.3. Neither the
Depositor nor the Certificateholders shall direct the Trustee to take any action
that would violate the provisions of this Section 6.5.

         SECTION 6.6 Restrictions. The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section 2.3
or (b) that, to the actual knowledge of the Owner Trustee, would (i) affect the
treatment of the Notes as indebtedness for federal income or Applicable Tax
State income or franchise tax purposes, (ii) be deemed to cause a taxable
exchange of the Notes for federal income or Applicable Tax State income or
franchise tax purposes or (iii) cause the Trust or any portion thereof to be
taxable as an association (or publicly traded partnership) taxable as a
corporation for federal income or Applicable Tax State income or franchise tax
purposes. The Certificateholders shall not direct the Owner Trustee to take
action that would violate the provisions of this Section 6.6.

                                   ARTICLE VII

              REGARDING THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE

                  SECTION 7.1 Acceptance of Trusts and Duties. Each of the Owner
Trustee and the Delaware Trustee accept the trusts hereby created and each
agrees to

                                       24
<PAGE>   30

perform its duties hereunder with respect to such trusts but only upon the terms
of this Agreement. Each Co-Trustee also agrees to disburse all monies actually
received by it constituting part of the Owner Trust Estate upon the terms of
this Agreement and the other Basic Documents to which each Co-Trustee is a
party. Each Co-Trustee shall not be answerable or accountable hereunder or under
any other Basic Document under any circumstances, except (i) for its own willful
misconduct, bad faith or negligence or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 7.3 expressly made by either
Co-Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

         (a) the Co-Trustees shall not be liable for any error of judgment made
by a responsible officer of either of the Co-Trustees;

         (b) the Co-Trustees shall not be liable with respect to any action
taken or omitted to be taken by them in accordance with the instructions of any
Certificateholder, the Indenture Trustee, the Depositor, the Administrator or
the Servicer;

         (c) no provision of this Agreement or any other Basic Document shall
require the Co-Trustees to expend or risk funds or otherwise incur any financial
liability in the performance of any of their rights or powers hereunder or under
any other Basic Document if the Co-Trustees 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 them;

         (d) under no circumstances shall the Co-Trustees be liable for
indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes or amounts distributable on the
Certificates;

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

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

                                       25
<PAGE>   31

the Servicer under the Sale and Servicing Agreement or the Indenture Trustee
under the Indenture; and

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

         SECTION 7.2 Furnishing of Documents. The Owner Trustee shall furnish to
the Certificateholders, 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 7.3 Representations and Warranties. (a) The Owner Trustee
hereby represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

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

         (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 Delaware State 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 by-laws or any indenture, mortgage, contract, agreement or
     instrument to which it is a party or by which any of its properties may be
     bound.

                                       26
<PAGE>   32

         (b) The Delaware Trustee hereby represents and warrants to the
Depositor, for the benefit of the Certificateholders, that:

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

         (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.

         (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 Delaware State law, governmental rule or regulation
     governing the banking or trust powers of the Delaware Trustee or any
     judgment or order binding on it, or constitute any default under its
     charter documents or by-laws or any indenture, mortgage, contract,
     agreement or instrument to which it is a party or by which any of its
     properties may be bound.

         SECTION 7.4 Reliance; Advice of Counsel. (a) The Co-Trustees may rely
upon, shall be protected in relying upon, and 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 Co-Trustees may accept a certified copy of a resolution of the
board of directors or other governing body of any corporate party as conclusive
evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of the
determination of which is not specifically prescribed herein, the Co-Trustees
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 Co-Trustees 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 Co-Trustees (i) may act directly or through its agents or
attorneys pursuant to agreements entered into with any of them, and the
Co-Trustees 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
Co-Trustees with reasonable care, and (ii) may consult with counsel, accountants
and other skilled Persons to be selected with reasonable care and employed by

                                       27
<PAGE>   33

it. The Co-Trustees shall not be liable for anything done, suffered or omitted
in good faith by them 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 7.5 Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created, The Bank of New York
acts solely as Owner Trustee hereunder and The Bank of New York (Delaware) acts
solely as Delaware Trustee hereunder and not in their individual capacities, and
all Persons having any claim against the Co-Trustees by reason of the
transactions contemplated by this Agreement or any other Basic Document shall
look only to the Owner Trust Estate for payment or satisfaction thereof.

         SECTION 7.6 Owner Trustee Not Liable for Certificates or Receivables.
The recitals contained herein and in the Certificates (other than the signature
and counter signature of the Owner Trustee on the Certificates) shall be taken
as the statements of the Depositor, and the Owner Trustee assumes no
responsibility for the correctness thereof. The Co-Trustees make no
representations as to the validity or sufficiency of this Agreement, of any
other Basic Document or of the Certificates (other than the signature and
countersignature of the Owner Trustee on the Certificates) or the Notes, or of
any Receivable or related documents. The Owner Trustee, the Delaware Trustee,
The Bank of New York and The Bank of New York (Delaware) shall at no time have
any responsibility or liability for or with respect to the legality, validity
and enforceability of any Receivable, or the perfection and priority of any
security interest created by any Receivable in any Financed Vehicle or the
maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Owner Trust Estate or its ability to generate the payments to
be distributed to Certificateholders under this Agreement or the Noteholders
under the Indenture, including, without limitation: the existence, condition and
ownership of any Financed Vehicle; the existence and enforceability of any
insurance thereon; the existence and contents of any Receivable on any computer
or other record thereof; the validity of the assignment of any Receivable to the
Trust or any intervening assignment; the completeness of any Receivable; the
performance or enforcement of any Receivable; the compliance by the Depositor or
the Servicer with any warranty or representation made under any Basic Document
or in any related document, or the accuracy of any such warranty or
representation or any action of the Indenture Trustee, the Administrator or the
Servicer or any subservicer taken in the name of the Owner Trustee or the
Delaware Trustee.

         SECTION 7.7 Co-Trustees May Own Certificates and Notes. The Bank of New
York and The Bank of New York (Delaware), in their individual or any other
capacities, may become the owner or pledgee of Certificates or Notes and may
deal with the Depositor, the Servicer, the Administrator and the Indenture
Trustee in banking transactions with the same rights as they would have if
either of them were not the Owner Trustee or the Delaware Trustee.

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<PAGE>   34

                                  ARTICLE VIII

                   COMPENSATION AND INDEMNITY OF OWNER TRUSTEE

         SECTION 8.1 Owner Trustee's Fees and Expenses. The Co-Trustees shall
receive as compensation for their services hereunder such fees as have been
separately agreed upon before the date hereof between the Depositor and the
Co-Trustees, and the Co-Trustees shall be entitled to and reimbursed by the
Depositor for their other reasonable expenses hereunder, including the
reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Co-Trustees may employ in connection
with the exercise and performance of their rights and its duties hereunder. Such
amounts shall be treated for tax purposes as having been contributed to the
Trust by the Depositor and the tax deduction for such amounts shall be allocated
to the Depositor.

         SECTION 8.2 Indemnification. The Depositor shall be liable as prime
obligor for, and shall indemnify the Co-Trustees, The Bank of New York and The
Bank of New York (Delaware) and their respective 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 Co-Trustees, The Bank of New York and The Bank of New York
(Delaware) or any Indemnified Party in any way relating to or arising out of
this Agreement, the other Basic Documents, the Owner Trust Estate, the
administration of the Owner Trust Estate or the action or inaction of the Owner
Trustee hereunder; provided that the Depositor shall not be liable for or
required to indemnify an Indemnified Party from and against Expenses arising or
resulting from (i) the Indemnified Party's own willful misconduct, bad faith or
negligence, or (ii) the inaccuracy of any representation or warranty contained
in Section 7.3 expressly made by the Indemnified Party. The indemnities
contained in this Section 8.2 shall survive the resignation or termination of
the Co- Trustees 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 8.2, the Co- Trustees' choice of legal counsel shall be subject to the
approval of the Depositor, which approval shall not be unreasonably withheld.

         SECTION 8.3 Payments to Co-Trustees. Any amounts paid to the Co-
Trustees pursuant to this Article VIII shall be deemed not to be a part of the
Owner Trust Estate immediately after such payment.

                                       29
<PAGE>   35

                                   ARTICLE IX

                                   TERMINATION

         SECTION 9.1 Termination of Trust Agreement. (a) This Agreement (other
than the provisions of Article VIII) shall terminate and be of no further force
or effect and the Trust shall wind up and dissolve upon the earlier of (i) upon
the maturity or other liquidation of the last remaining Receivable and the
disposition of any amounts received upon such maturity or liquidation or (ii)
the payment to the Noteholders and the Certificateholders of all amounts
required to be paid to them pursuant to the terms of the Indenture, the Sale and
Servicing Agreement and Article V. Any Insolvency Event, liquidation,
dissolution, death or incapacity with respect to any Certificateholder shall
neither (x) operate to terminate this Agreement or the Trust, nor (y) entitle
such Certificateholder's legal representatives or heirs to claim an accounting
or to take any action or proceeding in any court for a partition or winding up
of all or any part of the Trust or Owner Trust Estate nor (z) otherwise affect
the rights, obligations and liabilities of the parties hereto. Upon dissolution
of the Trust, the Owner Trustee shall wind up the business and affairs of the
Trust as required by Section 3808 of the Business Trust Statute.

         (b) Neither the Depositor nor any Certificateholder shall be entitled
to revoke or terminate the Trust.

         (c) Notice of any termination of the Trust, specifying the Distribution
Date upon which the Certificateholders shall surrender their Certificates to the
Certificate Paying Agent for payment of the final distribution and cancellation,
shall be given by the Owner Trustee by letter to Certificateholders mailed
within five (5) Business Days of receipt of notice of such termination from the
Servicer, stating (i) the Distribution Date upon or with respect to which final
payment of the Certificates shall be made upon presentation and surrender of the
Certificates at the office of the Certificate Paying Agent therein designated,
(ii) the amount of any such final payment (after reservation of sums sufficient
to pay all claims and obligations, if any, known to the Owner Trustee and
payable by the Trust) 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 Certificates at the office of the Certificate
Paying Agent therein specified. The Owner Trustee shall give such notice to the
Certificate Registrar (if other than the Owner Trustee) and the Certificate
Paying Agent at the time such notice is given to Certificateholders. Upon
presentation and surrender of the Certificates, the Certificate Paying Agent
shall cause to be distributed to Certificateholders amounts distributable on
such Distribution Date pursuant to Section 5.2. Upon the satisfaction and
discharge of the Indenture, and receipt of a certificate from the Indenture
Trustee stating that all Noteholders have been paid in full and that the
Indenture Trustee is aware of no claims remaining against the Trust in respect
of the Indenture and the Notes, the Owner Trustee, in the absence of actual
knowledge of any other claim against the Trust, shall be deemed to have made

                                       30
<PAGE>   36

reasonable provision to pay all claims and obligations (including conditional,
contingent or unmatured obligations) for purposes of Section 3808(e) of the
Business Trust Statute.

         In the event that all of the Certificateholders shall not surrender
their Certificates for cancellation within six (6) 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
Certificates for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice all the 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 Certificates and
the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement. Subject to applicable escheat laws, any funds
remaining in the Trust after exhaustion of such remedies shall be distributed by
the Owner Trustee to the Depositor.

         (d) Upon final distribution of any funds remaining in the Trust, 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(c) of the Business Trust Statute.

         SECTION 9.2 [Reserved]

         SECTION 9.3 Prepayment of Certificates. (a) The Certificates shall be
prepaid in whole, but not in part, at the direction of the Servicer pursuant to
Section 9.1 of the Sale and Servicing Agreement, on any Distribution Date on
which the Servicer exercises its option to purchase the assets of the Trust
pursuant to said Section 9.1, and the amount paid by the Servicer shall be
treated as collections of Receivables and applied to pay the unpaid principal
amount of the Notes and the Aggregate Certificate Balance plus accrued and
unpaid interest (including any overdue interest) thereon. The Servicer shall
furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If
the Certificates are to be prepaid pursuant to this Section 9.3(a), the Servicer
shall furnish notice of such election to the Owner Trustee not later than twenty
(20) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M.
(New York City time) on the Prepayment Date in the Certificate Distribution
Account the Prepayment Price of the Certificates to be redeemed, whereupon all
such Certificates shall be due and payable on the Prepayment Date.

         (b) Notice of prepayment under Section 9.3(a) shall be given by the
Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or
transmitted immediately following receipt of notice from the Trust or Servicer
pursuant to Section 9.3(a), but not later than ten (10) days prior to the
applicable Prepayment Date, to each Certificateholder as of the close of
business on the Record Date preceding the applicable

                                       31
<PAGE>   37

Prepayment Date, at such Certificateholder's address or facsimile number
appearing in the Certificate Register.

         All notices of prepayment shall state:

         (i) the Prepayment Date;

         (ii) the Prepayment Price; and

         (iii) the place where such Certificates are to be surrendered for
    payment of the Prepayment Price (which shall be the office or agency of the
    Owner Trustee to be maintained as provided in Section 3.9).

Notice of prepayment of the Certificates shall be given by the Owner Trustee in
the name and at the expense of the Trust. Failure to give notice of prepayment,
or any defect therein, to any Certificateholder shall not impair or affect the
validity of the prepayment of any other Certificate.

         (c) Following notice of prepayment as required by Section 9.3(b), the
Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment
Price and (unless the Trust shall default in the payment of the Prepayment
Price) no interest shall accrue on the Prepayment Price for any period after the
date to which accrued interest is calculated for purposes of calculating the
Prepayment Price. Following payment in full of the Prepayment Price, this
Agreement and the Trust shall terminate.

                                    ARTICLE X

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

                  SECTION 10.1 Eligibility Requirements for Owner Trustee and
         Delaware Trustee. (a) The Owner Trustee shall at all times (i) be
         authorized to exercise corporate trust powers; (ii) have a combined
         capital and surplus of at least $50,000,000 and shall be subject to
         supervision or examination by federal or state authorities; and (iii)
         shall have (or shall have a parent that has) a long-term debt rating of
         investment grade by each of the Rating Agencies or be otherwise
         acceptable to the Rating Agencies. 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 10.1, 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 10.1, the
         Owner Trustee shall resign immediately in the manner and with the
         effect specified in Section 10.2.

                                       32
<PAGE>   38

         (b) The Delaware Trustee shall at all times be a corporation satisfying
the provisions of Section 3807(a) of the Business Trust Statute.

         SECTION 10.2 Resignation or Removal of Owner Trustee or the Delaware
Trustee. (a) The Owner Trustee or the Delaware 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 or Delaware
Trustee, as applicable, by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee or Delaware Trustee
and one copy to the applicable successor owner Trustee or Delaware Trustee. If
no successor Owner Trustee or Delaware Trustee shall have been so appointed and
have accepted appointment within thirty (30) days after the giving of such
notice of resignation, the resigning Owner Trustee or Delaware Trustee may
petition any court of competent jurisdiction for the appointment of a successor
Owner Trustee or Delaware Trustee; provided, however, that such right to appoint
or to petition for the appointment of any such successor shall in no event
relieve the resigning Owner Trustee or Delaware Trustee from any obligations
otherwise imposed on it under the Basic Documents until such successor has in
fact assumed such appointment.

         (b) If at any time the Owner Trustee or Delaware Trustee shall cease to
be eligible in accordance with the provisions of Section 10.1 or a Co-Trustee
resigns pursuant to Section 10.2 of this Agreement and the ineligible or
non-resigning Co-Trustee or either Co-Trustees shall fail to resign after
written request therefor by the Administrator, or if at any time the Owner
Trustee or Delaware Trustee shall be legally unable to act, or if at any time an
Insolvency Event with respect to the Owner Trustee or Delaware Trustee shall
have occurred and be continuing, then the Administrator may remove the
Co-Trustee that is insolvent or legally unable to act or may remove both
Co-Trustees. If the Administrator shall remove one or both of the Co-Trustees
under the authority of the immediately preceding sentence, the Administrator
shall promptly appoint a successor Co- Trustee or Co-Trustees, as applicable, by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Co-Trustee or Co-Trustees, as applicable, so removed
and one copy to the successor Co-Trustee or Co-Trustees, as applicable, and
shall pay all fees owed to the outgoing Co-Trustee or Co-Trustees, as
applicable.

         (c) Any resignation or removal of a Co-Trustee and appointment of a
successor Co-Trustee or Co-Trustees pursuant to any of the provisions of this
Section 10.2 shall not become effective until acceptance of appointment by the
successor Co-Trustee or Co-Trustees pursuant to Section 10.3, payment of all
fees and expenses owed to the outgoing Co-Trustee or Co-Trustees and the filing
of a certificate of amendment to the Certificate of Trust if required by the
Business Trust Statute. The Administrator shall provide notice of such
resignation or removal of the Co-Trustee or Co-Trustees to the

                                       33
<PAGE>   39

Certificateholders, the Indenture Trustee, the Noteholders, any remaining
Co-Trustee and each of the Rating Agencies.

         SECTION 10.3 Successor Owner Trustee or Delaware Trustee. (a) Any
successor Owner Trustee or Delaware Trustee appointed pursuant to Section 10.2
shall execute, acknowledge and deliver to the Administrator and to its
predecessor Owner Trustee or Delaware Trustee an instrument accepting such
appointment under this Agreement. Upon the resignation or removal of the
predecessor Owner Trustee or Delaware Trustee becoming effective pursuant to
Section 10.2, such successor Owner Trustee or Delaware 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 or Delaware Trustee. The
predecessor Owner Trustee or Delaware Trustee shall, upon payment of its fees
and expenses, deliver to the successor Owner Trustee or Delaware Trustee all
documents and statements and monies held by it under this Agreement, and the
Administrator and the predecessor Owner Trustee or Delaware 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 or Delaware Trustee all such rights, powers, duties, and
obligations.

         (b) No successor Owner Trustee or Delaware Trustee shall accept
appointment as provided in this Section 10.3 unless, at the time of such
acceptance, such successor Owner Trustee or Delaware Trustee shall be eligible
pursuant to Section 10.1.

         (c) Upon acceptance of appointment by a successor Owner Trustee or
Delaware Trustee pursuant to this Section 10.3, the Administrator shall mail
notice of the successor of such Owner Trustee or Delaware Trustee to all
Certificateholders, the Indenture Trustee, the Noteholders, any remaining
Co-Trustee and the Rating Agencies. If the Administrator shall fail to mail such
notice within ten (10) days after acceptance of appointment by the successor
Owner Trustee or De1aware Trustee, the successor Owner Trustee or Delaware
Trustee shall cause such notice to be mailed at the expense of the
Administrator.

         (d) Any successor Delaware Trustee appointed hereunder shall file the
amendments to the Certificate of Trust with the Secretary of State identifying
the name and principal place of business of such successor Delaware Trustee in
the State of Delaware.

         SECTION 10.4 Merger or Consolidation of Owner Trustee or Delaware
Trustee. Any corporation into which the Owner Trustee or Delaware 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 or Delaware Trustee shall be a party, or any corporation succeeding to
all or substantially all of the corporate trust business of the Owner Trustee or
Delaware Trustee, shall, without the

                                       34
<PAGE>   40

execution or filing of any instrument or any further act on the part of any of
the parties hereto, anything herein to the contrary notwithstanding, be the
successor of the Owner Trustee or Delaware Trustee hereunder; provided that such
corporation shall be eligible pursuant to Section 10.1; and provided further,
that (i) the Owner Trustee or Delaware Trustee shall mail notice of such merger
or consolidation to the Rating Agencies not less than fifteen (15) days prior to
the effective date thereof and (ii) the Delaware Trustee shall file an amendment
to the Certificate of Trust as required by Section 10.3.

         SECTION 10.5 Appointment of Co-Trustee or Separate Trustee. (a)
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Owner Trust Estate or any Financed Vehicle may at the time be located,
the Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Owner Trustee to act as co- trustee, jointly with the Owner
Trustee, or separate trustee or separate trustees, of all or any part of the
Trust, and to vest in such Person, in such capacity, such title to the Owner
Trust Estate, or any part thereof, and, subject to the other provisions of this
Section 10.5, 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 fifteen (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
trustee pursuant to Section 10.1 and no notice of the appointment of any co-
trustee or separate trustee shall be required pursuant to Section 10.3.

         (b) 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 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

                                       35
<PAGE>   41

         (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.

         (c) 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 X. 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.

         (d) 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 trustee.

         SECTION 10.6 Compliance with Business Trust Statute. Notwithstanding
anything herein to the contrary, the Trust shall at all times have at least one
trustee which meets the requirements of Section 3807(a) of the Business Trust
Statute.

                                   ARTICLE XI

                                  MISCELLANEOUS

         SECTION 11.1 Supplements and Amendments. (a) This Agreement may be
amended by the Depositor and the Owner Trustee, with prior written notice to the
Rating Agencies, without the consent of any of the Noteholders or the
Certificateholders or the Swap Counterparty, to cure any ambiguity, to correct
or supplement any provisions in this Agreement inconsistent with any other
provision of this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement;
provided, however, that such action shall not, as evidenced by an Opinion of
Counsel satisfactory to the Owner Trustee and the Indenture Trustee, adversely
affect the rights or obligations of any Swap Counterparty under the Interest
Rate Swap Agreement or impair the ability of the Trust to fully perform any of
its obligations under the related Interest Rate Swap Agreement or shall not, as
evidenced by an opinion

                                       36
<PAGE>   42

of Counsel satisfactory to the Owner Trustee and the Indenture Trustee,
adversely affect in any material respect the interests of any Noteholder or
Certificateholder; and provided further that an Opinion of Counsel shall be
furnished to the Indenture Trustee and the Owner Trustee to the effect that such
amendment (A) will not materially adversely affect the federal or any Applicable
Tax State income or franchise taxation of any outstanding Note or Certificate,
or any Noteholder or Certificateholder and (B) will not cause the Trust to be
taxable as a corporation for federal or any Applicable Tax State income or
franchise tax purposes. In addition, this Agreement may be amended by the
Depositor and the Owner Trustee, with prior notice to the Rating Agencies,
without the consent of any of the Noteholders or the Certificateholders, in
connection with the registration of the Certificates under the Securities Act,
in order to facilitate such registration, including with respect to the
modification of the restrictions applicable to the transfer of the Certificates
and modification of the legend set forth on the form of the Certificates.

         (b) This Agreement may also be amended from time to time by the
Depositor, the Owner Trustee and the Delaware Trustee, with prior written notice
to the Rating Agencies, with the consent of (i) the Indenture Trustee, to the
extent that its rights or obligations would be affected by such amendment, (ii)
the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Notes Outstanding, (iii) the Certificateholders of Certificates
evidencing not less than a majority of the Aggregate Certificate Balance and
(iv) each Swap Counterparty to the extent such amendment adversely affects the
rights or obligations of any such Swap Counterparty or modifies or impairs the
ability of the Trust to fully perform any of its obligations under the related
Interest Rate Swap Agreement, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment shall (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of, or
change the allocation or priority of, collections of payments on Receivables or
distributions that are required to be made for the benefit of the Noteholders or
the Certificateholders, or (ii) reduce the aforesaid percentage of the principal
amount of the Notes Outstanding and the Aggregate Certificate Balance required
to consent to any such amendment, without the consent of all the Noteholders and
Certificateholders affected thereby; and provided further, that an Opinion of
Counsel shall be furnished to the Indenture Trustee and the Owner Trustee to the
effect that such amendment (A) will not materially adversely affect the federal
or any Applicable Tax State income or franchise taxation of any outstanding Note
or Certificate, or any Noteholder or Certificateholder and (B) will not cause
the Trust to be taxable as a corporation for federal or any Applicable Tax State
income or franchise tax purposes. Any Swap Counterparty's consent will be deemed
to have been given if such Swap Counterparty does not object in writing within
ten Business Days of receipt of a written request for such consent.

         (c) Promptly after the execution of any such amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such
amendment or

                                       37
<PAGE>   43

consent to each Certificateholder, the Indenture Trustee (which shall promptly
furnish a copy to the Swap Counterparty) and each of the Rating Agencies.

         (d) It shall not be necessary for the consent of Certificateholders,
the Noteholders or the Indenture Trustee pursuant to this Section 11.1 to
approve the particular form of any proposed amendment or consent, but it shall
be sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents (and any other consents of Certificateholders provided
for in this Agreement or in any other Basic Document) and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable requirements as the Owner Trustee may prescribe.

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

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

         (g) In connection with the execution of any amendment to this Agreement
or any amendment to any other agreement to which the Trust is a party, 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 Trust or the Owner Trustee, as the case
may be, have been satisfied.

         SECTION 11.2 No Legal Title to Owner Trust Estate in
Certificateholders. The Certificateholders shall not have legal title to any
part of the Owner Trust Estate. The Certificateholders shall be entitled to
receive distributions with respect to their beneficial interests therein only in
accordance with Articles V and IX. No transfer, by operation of law or
otherwise, of any right, title, or interest of the Certificateholders to and in
their beneficial interest in the Owner Trust Estate shall operate to terminate
this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Owner
Trust Estate.

         SECTION 11.3 Limitation on Rights of Others. Except for Sections 2.7
and 11.1, the provisions of this Agreement are solely for the benefit of the
Owner Trustee, the Delaware Trustee, the Depositor, the Administrator, the
Certificateholders, the

                                       38
<PAGE>   44

Servicer and, to the extent expressly provided herein, the Indenture Trustee and
the Noteholders, and nothing in this Agreement (other than Section 2.7), whether
express or implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in the Owner Trust Estate or under or in
respect of this Agreement or any covenants, conditions or provisions contained
herein.

         SECTION 11.4 Notices. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt by the intended recipient or three (3) Business Days
after mailing if mailed by certified mail, postage prepaid (except that notice
to the Owner Trustee and the Delaware Trustee shall be deemed given only upon
actual receipt by the Owner Trustee and the Delaware Trustee, respectively), if
to the Owner Trustee or the Delaware Trustee, addressed to the respective
Corporate Trust Office; if to the Depositor, addressed to Ford Credit Auto
Receivables Two L.P. at the address of its principal executive office first
above written; or, as to each party, at such other address as shall be
designated by such party in a written notice to each other party.

         (b) Any notice required or permitted to be given to a Certificateholder
shall be given by first-class mail, postage prepaid, at the address of such
Certificateholder 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 11.5 Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

         SECTION 11.6 Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 11.7 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 its successors and each Certificateholder and
its successors and permitted assigns, all as herein provided. Any request,
notice, direction, consent, waiver or other instrument or action by a
Certificateholder shall bind the successors and assigns of such
Certificateholder.

         SECTION 11.8 No Petition. The Owner Trustee (not in its individual
capacity but solely as Owner Trustee), by entering into this Agreement, and each

                                       39
<PAGE>   45

Certificateholder, by accepting a Certificate, hereby covenants and agrees that
it will not, until after the Notes have been paid in full, institute against the
Depositor, the General Partner or the Trust, or join in any institution against
the Depositor, the General Partner or the Trust 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 Certificates, the Notes, this
Agreement or any of the other Basic Documents.

         SECTION 11.9 No Recourse. Each Certificateholder, by accepting a
Certificate, acknowledges that such Certificateholder's Certificates represent
beneficial interests in the Trust only and do not represent interests in or
obligations of the Depositor, the General Partner, the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate
thereof, and no recourse may be had against such parties or their assets, except
as may be expressly set forth or contemplated in this Agreement, the
Certificates or the other Basic Documents.

         SECTION 11.10 Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         SECTION 11.11 Governing Law. This Agreement shall be construed in
accordance with the laws of the State of Delaware and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

         SECTION 11.12 Sale and Servicing Agreement Obligations. Notwithstanding
any other provision of this Agreement, the Owner Trustee agrees that it will
comply with its obligations under Sections 3.1, 4.1 and 4.2 of the Sale and
Servicing Agreement.

                                       40
<PAGE>   46

         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.

                           FORD CREDIT AUTO RECEIVABLES
                           TWO L.P., as Depositor

                           By:      FORD CREDIT AUTO RECEIVABLES TWO, INC.,
                                    as General Partner

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

                           THE BANK OF NEW YORK (DELAWARE),
                           as Delaware Trustee

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

                           THE BANK OF NEW YORK,
                           as Owner Trustee

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

                                       41
<PAGE>   47

                                                                       EXHIBIT A

                           FORM OF CLASS C CERTIFICATE

NUMBER                                                               $[________]
R-1                                                            Private Placement

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF
ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS
CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1)
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT
THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
MEANING OF RULE 144A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
SUBJECT TO (A) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
CERTIFICATE SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT E TO THE TRUST
AGREEMENT AND (B) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT C TO THE TRUST AGREEMENT,
(2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), SUBJECT TO THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF SUCH EVIDENCE ACCEPTABLE TO THE TRUST
AND THE INITIAL PURCHASER THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN
COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER APPLICABLE
LAWS, (3) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING THEREOF
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT
PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUST AND THE CERTIFICATE
REGISTRAR OF A LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT D TO THE
TRUST AGREEMENT OR (B) THE RECEIPT BY THE TRUST, THE INITIAL PURCHASER AND THE
CERTIFICATE REGISTRAR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE TRUST AND THE
INITIAL PURCHASER THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER APPLICABLE LAWS, OR
(4) TO THE

                                      A-1
<PAGE>   48

DEPOSITOR, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED
STATES.

THE PRINCIPAL OF THIS CERTIFICATE IS DISTRIBUTABLE AS SET FORTH IN THE TRUST
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                      CLASS C [ ]% ASSET BACKED CERTIFICATE

evidencing a beneficial interest in the property of the Trust, as defined below,
which property includes a pool of motor vehicle retail installment sale
contracts, secured by security interests in the motor vehicles financed thereby,
conveyed to Ford Credit Auto Receivables Two L.P. by Ford Motor Credit Company
and conveyed by Ford Credit Auto Receivables Two L.P. to the Trust. The property
of the Trust has been pledged to the Indenture Trustee pursuant to the Indenture
to secure the payment of the Notes issued thereunder and the payments to the
Swap Counterparties under the Interest Rate Swap Agreements.

(This Certificate does not represent an interest in or obligation of Ford Motor
Credit Company, Ford Credit Auto Receivables Two L.P. or any of their respective
Affiliates, except to the extent described below.)

         THIS CERTIFIES THAT ____________ is the registered owner of
_______________ DOLLARS nonassessable, fully-paid, beneficial interest in Class
C Certificates of Ford Credit Auto Owner Trust 2000-F (the "Trust") formed by
Ford Credit Auto Receivables Two L.P., a Delaware limited partnership (the
"Depositor"). The Class C Certificates have an aggregate Initial Certificate
Balance of $55,656,000 and bear interest at a rate of [ ]% per annum (the "Class
C Rate").

         The Trust was created pursuant to an Amended and Restated Trust
Agreement, dated as of October 1, 2000 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Trust Agreement"), among
the Depositor, The Bank of New York (Delaware), not in its individual capacity
but solely as Delaware trustee (the "Delaware Trustee") and The Bank of New
York, not in its individual capacity but solely as owner trustee (the "Owner
Trustee"), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized terms
used herein have the meanings assigned to them in the Trust Agreement.

                                      A-2
<PAGE>   49

         This Certificate is one of the duly authorized Certificates designated
as "Class C [ ]% Asset Backed Certificates" (herein called the "Class C
Certificates") which, together with the Certificates designated as "Class D [ ]%
Asset Backed Certificates" (the "Class D Certificates" and, together with the
Class C Certificates, the "Certificates") are issued under and are subject to
the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Certificateholder of this Certificate by virtue of the acceptance
hereof assents and by which such Certificateholder is bound. Also issued under
the Indenture, dated as of October 1, 2000 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Indenture"), between the
Trust and The Chase Manhattan Bank, as indenture trustee (in such capacity, the
"Indenture Trustee"), are the Notes designated as "Class A-1 [ ]% Asset Backed
Notes", "Class A-2 [ ]% Asset Backed Notes", "Class A-3 [ ]% Asset Backed
Notes", "Class A-4 [ ]% Asset Backed Notes", "Class A-5 [ ]% Asset Backed
Notes", "Floating Rate Asset Backed Variable Pay Term Notes" issued from time to
time and "Class B [ ]% Asset Backed Notes" (collectively, the "Notes"). The
property of the Trust includes (i) pools of motor vehicle retail installment
sale contracts for new and used automobiles and light trucks and certain rights
and obligations thereunder purchased on the Closing Date and from time to time
thereafter, (the "Receivables"); (ii) with respect to Actuarial Receivables,
all monies due thereunder on or after the applicable Cutoff Date and, with
respect to Simple Interest Receivables, all monies due or received thereunder on
or after the applicable Cutoff Date; (iii) the security interests in the
Financed Vehicles granted by Obligors pursuant to the Receivables and any other
interest of the Trust in the Financed Vehicles; (iv) rights to proceeds from
claims on certain physical damage, credit life, credit disability or other
insurance policies, if any, covering Financed Vehicles or Obligors; (v) Dealer
Recourse; (vi) all of the Seller's rights to the Receivable Files; (vii) such
amounts as from time to time may be held in one or more accounts maintained
pursuant to the Sale and Servicing Agreement, dated as of October 1, 2000 (as
from time to time amended, supplemented or otherwise modified and in effect, the
"Sale and Servicing Agreement"), by and among the Trust, the Depositor, as
seller (in such capacity, the "Seller"), and Ford Motor Credit Company, as
servicer (the "Servicer"), including the Reserve Account; (viii) the Seller's
rights under the Sale and Servicing Agreement; (ix) the Seller's rights under
the Purchase Agreement; (x) payments and proceeds with respect to the
Receivables held by the Servicer; (xi) all property (including the right to
receive Liquidation Proceeds) securing a Receivable (other than a Receivable
repurchased by the Servicer or purchased by the Seller); (xii) rebates of
premiums and other amounts relating to insurance policies and other items
financed under the Receivables in effect as of the applicable Cutoff Date;
(xiii) the Issuer's rights under the Interest Rate Swap Agreements, and (xiv)
any and all proceeds of the foregoing. THE RIGHTS OF THE TRUST IN THE FOREGOING
PROPERTY OF THE TRUST HAVE BEEN PLEDGED TO THE INDENTURE TRUSTEE TO SECURE THE
PAYMENT OF THE NOTES AND AMOUNTS DUE TO THE SWAP COUNTERPARTIES.

         Under the Trust Agreement, there will be distributed on the fifteenth
day of each month, or if such fifteenth day is not a Business Day, the next
Business Day (each,

                                      A-3
<PAGE>   50

a "Distribution Date"), commencing November 15, 2000, to the Person in whose
name this Certificate is registered at the close of business on the last day of
the preceding month (the "Record Date") such Certificateholder's percentage
interest in the amount to be distributed to Class C Certificateholders on such
Distribution Date; provided, however, that principal will be distributed to the
Class C Certificateholders on each Distribution Date on (to the extent of funds
remaining after all classes of the Notes have been paid in full) and after the
date on which all classes of the Notes have been paid in full. In addition, no
principal will generally be distributed on the Notes until the end of the
Revolving Period which is scheduled to end on October 15, 2002. Notwithstanding
the foregoing, following the occurrence and during the continuation of an event
of default under the Indenture which has resulted in an acceleration of the
Notes, no distributions of principal or interest will be made on the
Certificates until all principal and interest on the Notes has been paid in
full.

         THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS
TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO THE
RIGHTS OF THE NOTEHOLDERS AND THE SWAP COUNTERPARTIES AS DESCRIBED IN THE SALE
AND SERVICING AGREEMENT, THE INDENTURE AND THE TRUST AGREEMENT.

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

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

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

                                      A-4
<PAGE>   51

at the office or agency maintained for the purpose by the Owner Trustee in New
York, New York.

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

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

         This Certificate shall be construed in accordance with the laws of the
State of Delaware and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

                                      A-5
<PAGE>   52

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

                                  FORD CREDIT AUTO OWNER
                                  TRUST 2000-F

                                  By:      THE BANK OF NEW YORK, not
                                           in its individual capacity but solely
                                           as Owner Trustee

                                  By:
                                     -------------------------------------------
                                          Authorized Officer

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: October [  ], 2000

                                  THE BANK OF NEW YORK, not in its
                                  individual capacity but solely as Owner
                                  Trustee

                                  By:
                                     -------------------------------------------
                                          Authorized Officer

                                      A-6
<PAGE>   53

                            [REVERSE OF CERTIFICATE]

         The Certificates do not represent an obligation of, or an interest in,
the Depositor, the General Partner, the Servicer, the Administrator, the Owner
Trustee or any Affiliates of any of them and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated
herein, in the Trust Agreement or in the other Basic Documents. In addition,
this Certificate is not guaranteed by any govern mental agency or
instrumentality and is limited in right of payment to certain collections with
respect to the Receivables (and certain other amounts), all as more specifically
set forth herein and in the Sale and Servicing Agreement.

         The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor and the rights of the Certificateholders under the Trust Agreement at
any time by the Depositor and the Owner Trustee with the consent of the
Noteholders and the Certificateholders evidencing not less than a majority of
the principal amount of the Notes Outstanding and the Aggregate Certificate
Balance, respectively, and the consent of the Swap Counterparty. Any such
consent by the Certificateholder of this Certificate shall be conclusive and
binding on such Certificateholder and on all future Certificateholders of this
Certificate and of any Certificate issued upon the registration of Transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Trust Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of any
of the Noteholders or the Certificateholders.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, the Transfer of the Certificates are registrable in the
Certificate Register upon surrender of this Certificate for registration of
Transfer at the offices or agencies maintained by The Bank of New York in its
capacity as Certificate Registrar, or by any successor Certificate Registrar, in
New York, 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 Certificates of authorized denominations evidencing
the same aggregate interest in the Trust will be issued to the designated
transferee.

         The Certificates are issuable as registered Certificates without
coupons in denominations of at least $20,000 and in integral multiples of $1,000
in excess thereof. Certificates are exchangeable for new Certificates of like
Class and authorized denominations evidencing the same aggregate denomination,
as requested by the Certificateholder 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

                                      A-7
<PAGE>   54

payment of a sum sufficient to cover any tax or governmental charge payable in
connection therewith.

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

         The Class C Certificates may be acquired only by an entity that is
either: (a) not, and each account (if any) for which it is purchasing the Class
C Certificates is not (i) an employee benefit plan (as defined in Section 3(3)
of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"))
that is subject to Title I of ERISA, (ii) a plan described in Section 4975(e)(1)
of the Internal Revenue Code of 1986, as amended (the "Code") that is subject to
Section 4975 of the Code, (iii) a governmental plan, as defined in Section 3(32)
of ERISA, subject to any federal, State or local law which is, to a material
extent, similar to the provisions of Section 406 of ERISA or Section 4975 of the
Code, (iv) an entity whose underlying assets include plan assets by reason of a
plan's investment in the entity (within the meaning of Department of Labor
Regulation 29 C.F.R. ss. 2510.3-101 or otherwise under ERISA) or (v) a person
investing "plan assets" of any such plan (including without limitation, for
purposes of this clause (v), an insurance company general account, but excluding
any entity registered under the Investment Company Act of 1940, as amended); or
(b) an insurance company acting on behalf of a general account and (i) on the
date of purchase less than 25% (or such lesser percentage as may be determined
by the Depositor) of the assets of such general account (as reasonably
determined by it) constitute "plan assets" for purposes of Title I of ERISA and
Section 4975 of the Code, (ii) the purchase and holding of such Class C
Certificates are eligible for exemptive relief under Sections (I) and (III) of
Prohibited Transaction Class Exemption 95-60, and (iii) the purchaser agrees
that if, after the purchaser's initial acquisition of the Class C Certificates,
at any time during any calendar quarter 25% (or such lesser percent age as may
be determined by the Depositor) or more of the assets of such general account
(as reasonably determined by it no less frequently than each calendar quarter)
constitute "plan assets" for purposes of Title I of ERISA or Section 4975 of the
Code and no exemption or exception from the prohibited transaction rules applies
to the continued holding of the Class C Certificates under Section 401(c) of
ERISA and the final regulations thereunder or under an exemption or regulation
issued by the United States Department of Labor under ERISA, it will dispose of
all Class C Certificates then held in its general account by the end of the next
following calendar quarter.

         In addition, the Certificates may not be acquired by or on behalf of a
Person other than (A) a citizen or resident of the United States, (B) a
corporation or partnership organized in or under the laws of the United States
or any political subdivision thereof, (C) an estate the income of which is
includible in gross income for United States tax purposes, regardless of its
source, (D) a trust if a U.S. court is able to exercise

                                      A-8
<PAGE>   55

primary supervision over the administration of such trust and one or more
Persons meeting the conditions of this paragraph has the authority to control
all substantial decisions of the trust or (E) a Person not described in clauses
(A) through (D) above whose ownership of the Certificates is effectively
connected with such Person's conduct of a trade or business within the United
States (within the meaning of the Code) and who provides the Owner Trustee and
the Depositor with an IRS Form 4224 (and such other certifications,
representations, or opinions of counsel as may be requested by the Owner Trustee
or the Depositor).

         The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate (i) upon the maturity or other
liquidation of the last remaining Receivable and the disposition of any amounts
received upon such maturity or liquidation or (ii) upon the payment to the
Noteholders, the Swap Counterparties and the Certificateholders of all amounts
required to be paid to them pursuant to the Indenture, the Trust Agreement, the
Interest Rate Swap Agreements and the Sale and Servicing Agreement, and upon
such termination any remaining assets of the Trust shall be distributed to the
Depositor. The Servicer of the Receivables may at its option purchase the assets
of the Trust at a price specified in the Sale and Servicing Agreement, and such
purchase of the Receivables and other property of the Trust will effect early
retirement of the Notes and the Certificates; however, such right of purchase is
exercisable only as of the last day of any Collection Period as of which the
Pool Balance is less than or equal to 10% of the Pool Balance as of the last day
of the Revolving Period.

                                      A-9
<PAGE>   56

                                   ASSIGNMENT

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

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

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

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

Dated:
      --------------

                                                                             */
                                        -------------------------------------
                                        Signature Guaranteed:

                                                                             */
                                        -------------------------------------

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

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

                                      A-10

<PAGE>   57

                                                                       EXHIBIT B

                           FORM OF CLASS D CERTIFICATE

NUMBER                                                                  $[_____]
R-1                                                            Private Placement

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR
BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING
THIS CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT
THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1)
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT
THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
MEANING OF RULE 144A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS IN FORMED, IN EACH CASE, THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
SUBJECT TO (A) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
CERTIFICATE SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT E TO THE TRUST
AGREEMENT AND (B) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT C TO THE TRUST AGREEMENT,
(2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), SUBJECT TO THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF SUCH EVIDENCE ACCEPTABLE TO THE
TRUST AND THE INITIAL PURCHASER THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER
APPLICABLE LAWS, (3) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE
MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUST AND
THE CERTIFICATE REGISTRAR OF A LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS
EXHIBIT D TO THE TRUST AGREEMENT OR (B) THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE
TRUST AND THE INITIAL PURCHASER THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
IN COMPLIANCE WITH THE

                                      B-1
<PAGE>   58

TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER APPLICABLE LAWS, OR (4) TO THE
DEPOSITOR, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED
STATES.

THE PRINCIPAL OF THIS CERTIFICATE IS DISTRIBUTABLE AS SET FORTH IN THE TRUST
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                       FORD CREDIT AUTO OWNER TRUST 2000-F

                      CLASS D [ ]% ASSET BACKED CERTIFICATE

evidencing a beneficial interest in the property of the Trust, as defined below,
which property includes a pool of motor vehicle retail installment sale
contracts, secured by security interests in the motor vehicles financed thereby,
conveyed to Ford Credit Auto Receivables Two L.P. by Ford Motor Credit Company
and conveyed by Ford Credit Auto Receivables Two L.P. to the Trust. The property
of the Trust has been pledged to the Indenture Trustee pursuant to the Indenture
to secure the payment of the Notes issued thereunder and the payments to the
Swap Counterparties under the Interest Rate Swap Agreements.

(This Certificate does not represent an interest in or obligation of Ford Motor
Credit Company, Ford Credit Auto Receivables Two L.P. or any of their respective
Affiliates, except to the extent described below.)

         THIS CERTIFIES THAT __________is the registered owner of _____________
DOLLARS nonassessable, fully-paid, beneficial interest in Class D Certificates
of Ford Credit Auto Owner Trust 2000-F (the "Trust") formed by Ford Credit Auto
Receivables Two L.P., a Delaware limited partnership (the "Depositor"). The
Class D Certificates have an aggregate Initial Certificate Balance of
$55,656,000 and bear interest at a rate of [ ]% per annum (the "Class D Rate").

         The Trust was created pursuant to an Amended and Restated Trust
Agreement, dated as of October 1, 2000 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Trust Agreement"), among
the Depositor, The Bank of New York (Delaware), not in its individual capacity
but solely as Delaware trustee (the "Delaware Trustee") and The Bank of New
York, not in its individual capacity but solely as owner trustee (the "Owner
Trustee"), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized terms
used herein have the meanings assigned to them in the Trust Agreement.

                                      B-2
<PAGE>   59

         This Certificate is one of the duly authorized Certificates designated
as "Class C [ ]% Asset Backed Certificates" (herein called the "Class C
Certificates") which, together with the Certificates designated as "Class D [ ]%
Asset Backed Certificates" (the "Class D Certificates" and, together with the
Class C Certificates, the "Certificates") are issued under and are subject to
the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Certificateholder of this Certificate by virtue of the acceptance
hereof assents and by which such Certificateholder is bound. Also issued under
the Indenture, dated as of October 1, 2000 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Indenture"), between the
Trust and The Chase Manhattan Bank, as indenture trustee (in such capacity, the
"Indenture Trustee"), are the Notes designated as "Class A-1 [ ]8% Asset Backed
Notes", "Class A- 2 [ ]% Asset Backed Notes", "Class A-3 [ ]% Asset Backed
Notes", "Class A-4 [ ]% Asset Backed Notes", "Class A-5 [ ]% Asset Backed
Notes", "Floating Rate Asset Backed Variable Pay Term Notes" issued from time to
time and "Class B [ ]% Asset Backed Notes" (collectively, the "Notes"). The
property of the Trust includes (i) pools of motor vehicle retail installment
sale contracts for new and used automobiles and light trucks and certain rights
and obligations thereunder purchased on the Closing Date and from time to time
thereafter, (the "Receivables"); (ii) with respect to Actuarial Receivables,
all monies due thereunder on or after the applicable Cutoff Date and, with
respect to Simple Interest Receivables, all monies due or received thereunder on
or after the applicable Cutoff Date; (iii) the security interests in the
Financed Vehicles granted by Obligors pursuant to the Receivables and any other
interest of the Trust in the Financed Vehicles; (iv) rights to proceeds from
claims on certain physical damage, credit life, credit disability or other
insurance policies, if any, covering Financed Vehicles or Obligors; (v) Dealer
Recourse; (vi) all of the Seller's rights to the Receivable Files; (vii) such
amounts as from time to time may be held in one or more accounts maintained
pursuant to the Sale and Servicing Agreement, dated as of October 1, 2000 (as
from time to time amended, supplemented or otherwise modified and in effect, the
"Sale and Servicing Agreement"), by and among the Trust, the Depositor, as
seller (in such capacity, the "Seller"), and Ford Motor Credit Company, as
servicer (the "Servicer"), including the Reserve Account; (viii) the Seller's
rights under the Sale and Servicing Agreement; (ix) the Seller's rights under
the Purchase Agreement; (x) payments and proceeds with respect to the
Receivables held by the Servicer; (xi) all property (including the right to
receive Liquidation Proceeds) securing a Receivable (other than a Receivable
repurchased by the Servicer or purchased by the Seller); (xii) rebates of
premiums and other amounts relating to insurance policies and other items
financed under the Receivables in effect as of the Cutoff Date; (xiii) the
Issuer's rights under the Interest Rate Swap Agreements, and (xiv) any and all
proceeds of the foregoing. THE RIGHTS OF THE TRUST IN THE FOREGOING PROPERTY OF
THE TRUST HAVE BEEN PLEDGED TO THE INDENTURE TRUSTEE TO SECURE THE PAYMENT OF
THE NOTES AND AMOUNTS DUE TO THE SWAP COUNTERPARTIES.

         Under the Trust Agreement, there will be distributed on the fifteenth
day of each month, or if such fifteenth day is not a Business Day, the next
Business Day (each,

                                      B-3
<PAGE>   60

a "Distribution Date"), commencing November 15, 2000, to the Person in whose
name this Certificate is registered at the close of business on the last day of
the preceding month (the "Record Date") such Certificateholder's percentage
interest in the amount to be distributed to Class D Certificateholders on such
Distribution Date; provided, however, that principal will be distributed to the
Class D Certificateholders on each Distribution Date on (to the extent of funds
remaining after all classes of the Notes and the Class C Certificates have been
paid in full) and after the date on which all classes of the Notes and the Class
C Certificates have been paid in full. In addition, no principal will generally
be distributed on the Notes until the end of the Revolving Period which is
scheduled to end on October 15, 2002. Notwithstanding the foregoing, following
the occurrence and during the continuation of an event of default under the
Indenture which has resulted in an acceleration of the Notes, no distributions
of principal or interest will be made on the Certificates until all principal
and interest on the Notes has been paid in full.

         THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS
TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO THE
RIGHTS OF THE NOTEHOLDERS, THE SWAP COUNTERPARTIES AND THE CLASS C
CERTIFICATEHOLDERS AS DESCRIBED IN THE SALE AND SERVICING AGREEMENT, THE
INDENTURE AND THE TRUST AGREEMENT.

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

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

         Distributions on this Certificate will be made as provided in the Trust
Agreement by the Owner Trustee or the Certificate Paying Agent by wire transfer
or check mailed to the Certificateholder of record in the Certificate Register
without the presentation or surrender of this Certificate or the making of any
notation hereon. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Owner Trustee of the

                                      B-4
<PAGE>   61

pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency maintained for the purpose by the Owner
Trustee in New York, New York.

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

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

         This Certificate shall be construed in accordance with the laws of the
State of Delaware and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

                                      B-5
<PAGE>   62

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

                                 FORD CREDIT AUTO OWNER
                                   TRUST 2000-F

                                 By:     THE BANK OF NEW YORK, not in its
                                         individual capacity but solely as Owner
                                                     Trustee

                                 By:
                                     -------------------------------------------
                                          Authorized Officer

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: October [  ], 2000

                                 THE BANK OF NEW YORK,
                                 not in its individual capacity but solely as
                                 Owner Trustee

                                 By:
                                     -------------------------------------------
                                          Authorized Officer

                                      B-6
<PAGE>   63

                            [REVERSE OF CERTIFICATE]

         The Certificates do not represent an obligation of, or an interest in,
the Depositor, the General Partner, the Servicer, the Administrator, the Owner
Trustee or any Affiliates of any of them and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated
herein, in the Trust Agreement or in the other Basic Documents. In addition,
this Certificate is not guaranteed by any govern mental agency or
instrumentality and is limited in right of payment to certain collections with
respect to the Receivables (and certain other amounts), all as more specifically
set forth herein and in the Sale and Servicing Agreement.

         The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor and the rights of the Certificateholders under the Trust Agreement at
any time by the Depositor and the Owner Trustee with the consent of the
Noteholders and the Certificateholders evidencing not less than a majority of
the principal amount of the Notes Outstanding and the Aggregate Certificate
Balance, respectively, and the consent of the Swap Counterparty. Any such
consent by the Certificateholder of this Certificate shall be conclusive and
binding on such Certificateholder and on all future Certificateholders of this
Certificate and of any Certificate issued upon the registration of Transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Trust Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of any
of the Noteholders or the Certificateholders.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, the Transfer of the Certificates are registrable in the
Certificate Register upon surrender of this Certificate for registration of
Transfer at the offices or agencies maintained by The Bank of New York in its
capacity as Certificate Registrar, or by any successor Certificate Registrar, in
New York, 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 Certificates of authorized denominations evidencing
the same aggregate interest in the Trust will be issued to the designated
transferee.

         The Certificates are issuable as registered Certificates without
coupons in denominations of at least $20,000 and in integral multiples of $1,000
in excess thereof. Certificates are exchangeable for new Certificates of like
Class and authorized denominations evidencing the same aggregate denomination,
as requested by the Certificateholder 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

                                      B-7
<PAGE>   64

payment of a sum sufficient to cover any tax or governmental charge payable in
connection therewith.

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

         The Class D Certificates may be acquired only by an entity that is
either: (a) not, and each account (if any) for which it is purchasing the Class
D Certificates is not (i) an employee benefit plan (as defined in Section 3(3)
of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"))
that is subject to Title I of ERISA, (ii) a plan described in Section 4975(e)(1)
of the Internal Revenue Code of 1986, as amended (the "Code") that is subject to
Section 4975 of the Code, (iii) a governmental plan, as defined in Section 3(32)
of ERISA, subject to any federal, State or local law which is, to a material
extent, similar to the provisions of Section 406 of ERISA or Section 4975 of the
Code, (iv) an entity whose underlying assets include plan assets by reason of a
plan's investment in the entity (within the meaning of Department of Labor
Regulation 29 C.F.R. ss. 2510.3-101 or otherwise under ERISA) or (v) a person
investing "plan assets" of any such plan (including without limitation, for
purposes of this clause (v), an insurance company general account, but excluding
any entity registered under the Investment Company Act of 1940, as amended); or
(b) an insurance company acting on behalf of a general account and (i) on the
date of purchase less than 25% (or such lesser percentage as may be determined
by the Depositor) of the assets of such general account (as reasonably
determined by it) constitute "plan assets" for purposes of Title I of ERISA and
Section 4975 of the Code, (ii) the purchase and holding of such Class D
Certificates are eligible for exemptive relief under Sections (I) and (III) of
Prohibited Transaction Class Exemption 95-60, and (iii) the purchaser agrees
that if, after the purchaser's initial acquisition of the Class D Certificates,
at any time during any calendar quarter 25% (or such lesser percent age as may
be determined by the Depositor) or more of the assets of such general account
(as reasonably determined by it no less frequently than each calendar quarter)
constitute "plan assets" for purposes of Title I of ERISA or Section 4975 of the
Code and no exemption or exception from the prohibited transaction rules applies
to the continued holding of the Class D Certificates under Section 401(c) of
ERISA and the final regulations thereunder or under an exemption or regulation
issued by the United States Department of Labor under ERISA, it will dispose of
all Class D Certificates then held in its general account by the end of the next
following calendar quarter.

                  In addition, the Certificates may not be acquired by or on
behalf of a Person other than (A) a citizen or resident of the United States,
(B) a corporation or partnership organized in or under the laws of the United
States or any political subdivision thereof, (C) an estate the income of which
is includible in gross income for United States tax purposes, regardless of its
source, (D) a trust if a U.S. court is able to exercise

                                      B-8
<PAGE>   65

primary supervision over the administration of such trust and one or more
Persons meeting the conditions of this paragraph has the authority to control
all substantial decisions of the trust or (E) a Person not described in clauses
(A) through (D) above whose ownership of the Certificates is effectively
connected with such Person's conduct of a trade or business within the United
States (within the meaning of the Code) and who provides the Owner Trustee and
the Depositor with an IRS Form 4224 (and such other certifications,
representations, or opinions of counsel as may be requested by the Owner
Trustee or the Depositor).

         The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate (i) upon the maturity or other
liquidation of the last remaining Receivable and the disposition of any amounts
received upon such maturity or liquidation or (ii) upon the payment to the
Noteholders, the Swap Counterparties and the Certificateholders of all amounts
required to be paid to them pursuant to the Indenture, the Trust Agreement, the
Interest Rate Swap Agreements and the Sale and Servicing Agreement, and upon
such termination any remaining assets of the Trust shall be distributed to the
Depositor. The Servicer of the Receivables may at its option purchase the assets
of the Trust at a price specified in the Sale and Servicing Agreement, and such
purchase of the Receivables and other property of the Trust will effect early
retirement of the Notes and the Certificates; however, such right of purchase is
exercisable only as of the last day of any Collection Period as of which the
Pool Balance is less than or equal to 10% of the Pool Balance as of the last day
of the Revolving Period.

                                      B-9
<PAGE>   66

                                   ASSIGNMENT

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

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

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

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

Dated:
      -------------------

                                                                              */
                                       ---------------------------------------
                                          Signature Guaranteed:

                                                                              */
                                       ---------------------------------------

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

                                      B-10
<PAGE>   67

                                                                       EXHIBIT C

                            FORM OF INVESTMENT LETTER
                          QUALIFIED INSTITUTIONAL BUYER

                                                                          [Date]

Ford Credit Auto Owner Trust 2000-F
  as Issuer
The Bank of New York
  as Owner Trustee and
  Certificate Registrar
101 Barclay Street
New York, New York 10286

                  Re:      Ford Credit Auto Owner Trust 2000-F
                           [Class C [   ]% Asset Backed Certificates]
                           [Class D [   ]% Asset Backed Certificates]

Ladies and Gentlemen:

         In connection with our proposed purchase of the [Class C [ ]% Asset
Backed Certificates] [Class D [ ]% Asset Backed Certificates] (the
"Certificates") of Ford Credit Auto Owner Trust 2000-F (the "Issuer"), a trust
formed by Ford Credit Auto Receivables Two L.P. (the "Depositor"), we confirm
that:

         1. The undersigned agrees to be bound by, and not to resell, transfer,
assign, participate, pledge or otherwise dispose of (any such act, a "Transfer")
the Certificates except in compliance with, the restrictions and conditions set
forth in the legend on the face of the Certificates and under the Securities Act
of 1933, as amended (the "Securities Act").

         2. We understand that no subsequent Transfer of the Certificates is
permitted unless we cause our proposed transferee to provide to the Issuer, the
Certificate Registrar and the Initial Purchaser a letter substantially in the
form of this letter or Exhibit D to the Trust Agreement, as applicable, or such
other written statement as the Depositor shall prescribe.

         3. We are a "qualified institutional buyer" (within the meaning of Rule
144A under the Securities Act) (a "QIB") and we are acquiring the Certificates
for our own account or for a single account (which is a QIB) as to which we
exercise sole investment discretion.

                                       C-1

<PAGE>   68

         4. We are either:

            (a) not, and each account (if any) for which we are purchasing the
            Certificates is not (i) an employee benefit plan (as defined in
            Section 3(3) of the Employee Retirement Income Security Act of 1974,
            as amended ("ERISA")) that is subject to Title I of ERISA, (ii) a
            plan described in Section 4975(e)(1) of the Internal Revenue Code of
            1986, as amended (the "Code") that is subject to Section 4975 of the
            Code, (iii) a governmental plan, as defined in Section 3(32) of
            ERISA, subject to any federal, state or local law which is, to a
            material extent, similar to the provisions of Section 406 of ERISA
            or Section 4975 of the Code, (iv) an entity whose underlying assets
            include plan assets by reason of a plan's investment in the entity
            (within the meaning of Department of Labor Regulation 29 C.F.R.
            Section 2510.3-101 or otherwise under ERISA) or (v) a person
            investing "plan assets" of any such plan (including without
            limitation, for purposes of this clause (v), an insurance company
            general account, but excluding an entity registered under the
            Investment Company Act of 1940, as amended), or

            (b) an insurance company acting on behalf of a general account and
            (i) on the date hereof less than 25% of the assets of such general
            account (as reasonably determined by us) constitute "plan assets"
            for purposes of Title I of ERISA and Section 4975 of the Code, (ii)
            the purchase and holding of such Certificates are eligible for
            exemptive relief under Sections (I) and (III) of Prohibited
            Transaction Class Exemption 95-60, and (iii) the undersigned agrees
            that if, after the undersigned's initial acquisition of the
            Certificates, at any time during any calendar quarter 25% or more of
            the assets of such general account (as reasonably determined by us
            no less frequently than each calendar quarter) constitute "plan
            assets" for purposes of Title I of ERISA or Section 4975 of the Code
            and no exemption or exception from the prohibited transaction rules
            applies to the continued holding of the Certificates under Section
            401(c) of ERISA and the final regulations thereunder or under an
            exemption or regulation issued by the DOL under ERISA, we will
            dispose of all Certificates then held in our general account by the
            end of the next following calendar quarter.

         5. We are a person who is (i) a citizen or resident of the United
States, (ii) a corporation or partnership organized in or under the laws of the
United States or any political subdivision thereof, (iii) an estate the income
of which is includible in gross income for United States tax purposes,
regardless of its source, (iv) a trust if a U.S. court is able to exercise
primary supervision over the administration of such trust and one or more
persons described in clauses (i) to (iii) above or clause (v) below has the
authority to control all substantial decisions of the trust or (v) a person not
described in clauses (i) to (iv) above whose ownership of the Certificates is
effectively connected with such person's

                                       C-2

<PAGE>   69

conduct of a trade or business within the United States (within the meaning of
the Code) and who provides the Issuer and the Depositor with a Form 4224 (and
such other certifications, representations, or opinions of counsel as may be
requested by the Issuer or the Depositor).

         6. We understand that any purported Transfer of any Certificate (or any
interest therein) in contravention of the restrictions and conditions above will
be null and void (each, a "Void Transfer"), and the purported transferee in a
Void Transfer will not be recognized by the Issuer or any other person as a
Certificateholder for any purpose.

         You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                                            Very truly yours,

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

Securities To Be Purchased:
$                           principal amount of Certificates

                                       C-3

<PAGE>   70

                                                                       EXHIBIT D

                            FORM OF INVESTMENT LETTER
                        INSTITUTIONAL ACCREDITED INVESTOR

                                                                          [Date]

Ford Credit Auto Owner Trust 2000-F
  as Issuer
The Bank of New York
  as Owner Trustee and
  Certificate Registrar
101 Barclay Street
New York, New York 10286

                  Re:      Ford Credit Auto Owner Trust 2000-F
                           [Class C [   ]% Asset Backed Certificates]
                           [Class D [   ]% Asset Backed Certificates]

Ladies and Gentlemen:

         In connection with our proposed purchase of the [Class C [ ]% Asset
Backed Certificates] [Class D [ ]% Asset Backed Certificates] (the
"Certificates") of Ford Credit Auto Owner Trust 2000-F (the "Issuer"), a trust
formed by Ford Credit Auto Receivables Two L.P. (the "Depositor"), we confirm
that:

                  1. The undersigned agrees to be bound by, and not to resell,
         transfer, assign, participate, pledge or otherwise dispose of (any such
         act, a "Transfer") the Certificates except in compliance with, the
         restrictions and conditions set forth in the legend on the face of the
         Class D Certificates and under the Securities Act of 1933, as amended
         (the "Securities Act").

                  2. We understand that no subsequent Transfer of the
         Certificates is permitted unless we cause our proposed transferee to
         provide to the Issuer, the Certificate Registrar and the Initial
         Purchaser a letter substantially in the form of this letter or Exhibit
         D to the Trust Agreement, as applicable, or such other written
         statement as the Depositor shall prescribe.

                  3. We are a "qualified institutional buyer" (within the
         meaning of Rule 144A under the Securities Act) (a "QIB") and we are
         acquiring the Certificates for our own account or for a single account
         (which is a QIB) as to which we exercise sole investment discretion.

                                       D-1

<PAGE>   71

                  4. We are either:

                  (a) not, and each account (if any) for which we are purchasing
                  the Certificates is not (i) an employee benefit plan (as
                  defined in Section 3(3) of the Employee Retirement Income
                  Security Act of 1974, as amended ("ERISA")) that is subject to
                  Title I of ERISA, (ii) a plan described in Section 4975(e)(1)
                  of the Internal Revenue Code of 1986, as amended (the "Code")
                  that is subject to Section 4975 of the Code, (iii) a
                  governmental plan, as defined in Section 3(32) of ERISA,
                  subject to any federal, state or local law which is, to a
                  material extent, similar to the provisions of Section 406 of
                  ERISA or Section 4975 of the Code, (iv) an entity whose
                  underlying assets include plan assets by reason of a plan's
                  investment in the entity (within the meaning of Department of
                  Labor Regulation 29 C.F.R. Section 2510.3-101 or otherwise
                  under ERISA) or (v) a person investing "plan assets" of any
                  such plan (including without limitation, for purposes of this
                  clause (v), an insurance company general account, but
                  excluding an entity registered under the Investment Company
                  Act of 1940, as amended), or

                  (b) an insurance company acting on behalf of a general account
                  and (i) on the date hereof less than 25% of the assets of such
                  general account (as reasonably determined by us) constitute
                  "plan assets" for purposes of Title I of ERISA and Section
                  4975 of the Code, (ii) the purchase and holding of such
                  Certificates are eligible for exemptive relief under Sections
                  (I) and (III) of Prohibited Transaction Class Exemption 95-60,
                  and (iii) the undersigned agrees that if, after the
                  undersigned's initial acquisition of the Certificates, at any
                  time during any calendar quarter 25% or more of the assets of
                  such general account (as reasonably determined by us no less
                  frequently than each calendar quarter) constitute "plan
                  assets" for purposes of Title I of ERISA or Section 4975 of
                  the Code and no exemption or exception from the prohibited
                  transaction rules applies to the continued holding of the
                  Certificates under Section 401(c) of ERISA and the final
                  regulations thereunder or under an exemption or regulation
                  issued by the DOL under ERISA, we will dispose of all
                  Certificates then held in our general account by the end of
                  the next following calendar quarter.

                  5. We are a person who is (i) a citizen or resident of the
         United States, (ii) a corporation or partnership organized in or under
         the laws of the United States or any political subdivision thereof,
         (iii) an estate the income of which is includible in gross income for
         United States tax purposes, regardless of its source, (iv) a trust if a
         U.S. court is able to exercise primary supervision over the
         administration of such trust and one or more persons described in
         clauses (i) to (iii) above or clause (v) below has the authority to
         control all substantial decisions of the trust or (v) a person not
         described in clauses (i) to (iv) above whose ownership of the
         Certificates

                                      D-2
<PAGE>   72

         is effectively connected with such person's conduct of a trade or
         business within the United States (within the meaning of the Code) and
         who provides the Issuer and the Depositor with a Form 4224 (and such
         other certifications, representations, or opinions of counsel as may
         be requested by the Issuer or the Depositor).

                  6. We understand that any purported Transfer of any
         Certificate (or any interest therein) in contravention of the
         restrictions and conditions above will be null and void (each, a "Void
         Transfer"), and the purported transferee in a Void Transfer will not be
         recognized by the Issuer or any other person as a Certificateholder for
         any purpose.

         You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                                            Very truly yours,

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

Securities To Be Purchased:
$                          principal amount of Certificates

                                       D-3

<PAGE>   73

                                                                       EXHIBIT E

                          FORM OF RULE 144A TRANSFEROR
                                   CERTIFICATE

                                                                          [Date]

The Bank of New York
  as Owner Trustee and
  Certificate Registrar
101 Barclay Street
New York, New York 10286

                  Re:      Ford Credit Auto Owner Trust 2000-F
                           [Class C [   ]% Asset Backed Certificates]
                           [Class D [   ]% Asset Backed Certificates]

Ladies and Gentlemen:

         This is to notify you as to the transfer of $ [*] in denomination of
[Class C [ ]% Asset Backed Certificates] [Class D [ ]% Asset Backed
Certificates] (the "Certificates") of Ford Credit Auto Owner Trust 2000-F (the
"Issuer").

         The undersigned is the holder of the Certificates and with this notice
hereby deposits with the Owner Trustee $[*] in denomination of Certificates and
requests that Certificates of the same class in the same aggregate denomination
be issued, executed and authenticated and registered to the purchaser on
___________, 200[], as specified in the Trust Agreement dated as of October 1,
2000 relating to the Certificates, as follows:

         Name:                              Denominations:
         Address:
         Taxpayer I.D. No:

         The undersigned represents and warrants that the undersigned (i)
reasonably believes the purchaser is a "qualified institutional buyer," as
defined in Rule 144A under the Securities Act of 1933 (the "Act"), (ii) such
purchaser has acquired the Certificates in a transaction effected in accordance
with the exemption from the registration requirements of the Act provided by
Rule 144A, (iii) if the purchaser has purchased the Certificates for an account
for which it is acting as fiduciary or agent, such account is a qualified
institutional buyer and (iv) the purchaser is acquiring Certificates for its
own account or for an institutional account for which it is acting as fiduciary
or agent.

                                       E-1

<PAGE>   74

                                                     Very truly yours,

                                                     [NAME OF HOLDER OF
                                                     CERTIFICATES]

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

[*] authorized denomination

                                       E-2

<PAGE>   75

                                                                       EXHIBIT F

                          FORM OF CERTIFICATE OF TRUST

                             CERTIFICATE OF TRUST OF
                       FORD CREDIT AUTO OWNER TRUST 2000-F

         This Certificate of Trust of Ford Credit Auto Owner Trust 2000-F (the
"Trust"), dated as of October 1, 2000, is being duly executed and filed by The
Bank of New York (Delaware), a Delaware banking corporation, as Delaware trustee
(the "Delaware Trustee") and The Bank of New York, a New York banking
corporation, as owner trustee (the "Owner Trustee"), to form a business trust
under the Delaware Business Trust Act (12 Delaware Code, ss. 3801 et seq.) (the
"Act").

         1. Name. The name of the business trust formed hereby is Ford Credit
Auto Owner Trust 2000-F.

         2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware is The Bank of New York (Delaware), White
Clay Center, Route 273, Newark, Delaware 19711.

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

                                       F-1

<PAGE>   76

         IN WITNESS WHEREOF, the undersigned, being the sole trustees of the
Trust, have executed this Certificate of Trust as of the date first above
written in accordance with Section 3811(a)(1) of the Act.

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Owner Trustee under a
                                            Trust Agreement dated as of October
                                            1, 2000

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

                                            THE BANK OF NEW YORK (DELAWARE), not
                                            in its individual capacity but
                                            solely as Delaware Trustee under a
                                            Trust Agreement dated as of October
                                            1, 2000

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

                                       F-2

<PAGE>   77
                                                                      APPENDIX A

                             Definitions and Usage

                                   SEE TAB 15

                                      AA-1<PAGE>   1
                                                                    EXHIBIT 10.1

                                    SCHEDULE
                                     TO THE
                              ISDA MASTER AGREEMENT

                         DATED AS OF OCTOBER [18 ], 2000
                                     BETWEEN
                                DEUTSCHE BANK AG
                 ACTING THROUGH ITS NEW YORK BRANCH ("PARTY A")
                                       AND
                 FORD CREDIT AUTO OWNER TRUST 2000-F ("PARTY B")

PART 1.  TERMINATION PROVISIONS.

(a)      "SPECIFIED ENTITY" means:

         (i)      in relation to Party A:  Not Applicable.

         (ii)     in relation to Party B:  Not Applicable.

(b)      "SPECIFIED TRANSACTION" shall have the meaning specified in Section 14
         of this Agreement.

(c)      The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Party
         A but not to Party B subject to amendment by adding at the end thereof
         the following words:

                  "and in either case, the other party determines in good faith
                  that it has reasonable grounds to conclude that the
                  performance of the Defaulting Party of its financial
                  obligations hereunder is endangered."

         For purposes of this clause (c) and with respect to Section 5(a)(vi),
         such determination will be made by the Indenture Trustee on behalf of
         Party B.

         With regard to Party A, "Threshold Amount" means 3% of its
         shareholders' equity (i.e., the sum of capital and disclosed reserves
         as reported in the most recently published annual audited consolidated
         financial statements of Deutsche Bank AG.)

(d)      The "CREDIT EVENT UPON MERGER" provision in Section 5(b)(iv), which
         applies to Party A but not to Party B, is hereby amended to read as
         follows:

                  "(iv) CREDIT EVENT UPON MERGER. "Credit Event Upon Merger"
                  means that a Designated Event (as defined below) occurs with
                  respect to a party, any Credit Support Provider of such party
                  or any applicable Specified Entity of such party (in each
                  case, "X") and such Designated Event does not constitute a
                  Merger Without Assumption under Section 5(a)(viii) hereof and,
                  in the reasonable opinion of the other party, the
                  creditworthiness of X or, if applicable, the successor,
                  surviving or transferee entity of X, after taking into account
                  any applicable Credit Support Document, is materially weaker
                  than X immediately prior to such action, (and, in such event,
                  such party or its successor, surviving or transferee entity,
                  as appropriate, will be the Affected Party). For purposes
                  hereof, a Designated Event with respect to X means that, after
                  the date of this Agreement:

                  (1)      X consolidates or amalgamates with, or merges into,
                           or transfers all or substantially all of its assets
                           (or any substantial part of the assets comprising the
                           business conducted by X as of the date of this
                           Agreement) to, or receives all or substantially all
                           the assets or obligations of, another entity;

                                       S-1
<PAGE>   2
                  (2)      any person or entity acquires directly or indirectly
                           the beneficial ownership of equity securities having
                           the power to elect a majority of the board of
                           directors of X or otherwise acquires directly or
                           indirectly the power to control the policy-making
                           decisions of X;

                  (3)      X effects any substantial change in its capital
                           structure by means of the issuance, incurrence or
                           guarantee of debt or the issuance of preferred stock
                           or other securities convertible into, or exchangeable
                           for, debt or preferred stock; or

                  (4)      X enters into any agreement providing for any of the
                           foregoing."

(e) The "TAX EVENT" provision of Section 5(b)(ii) will apply to Party B and will
not apply to Party A.

(f)      The "TAX EVENT UPON MERGER" provision of Section 5(b)(iii) will apply
         to Party B and will not apply to Party A.

(g)      The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not
         apply to Party A and will not apply to Party B.

(h)      PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
         Agreement:

         (i)      Market Quotation will apply unless Party B is the
                  Non-defaulting Party or the party which is not the Affected
                  Party, as the case may be, and Party B enters into a
                  replacement Transaction on or prior to the Early Termination
                  Date, in which event Loss will apply.
         (ii)     The Second Method will apply.

(i)      "TERMINATION CURRENCY" means United States Dollars.

(j)      "ADDITIONAL TERMINATION EVENT". The following shall constitute an
         Additional Termination Event:

         (i)      ACCELERATION OR LIQUIDATION OF THE NOTES. It shall be an
                  Additional Termination Event, with Party B the sole Affected
                  Party, if Party B, following an Event of Default as defined in
                  Section 5.1(i), Section 5.1(ii) or Section 5.1(iii) of the
                  Indenture which has resulted in acceleration of the Notes,
                  elects to terminate the Transactions. In such event, Party B
                  may, by not more than 20 days notice to the other party and
                  provided such Additional Termination Event is continuing,
                  designate a day not earlier than the day such notice is
                  effective as an Early Termination Date in respect of all
                  Affected Transactions. If an event or circumstance which would
                  constitute an Event of Default by Party A under this Agreement
                  gives rise to an Event of Default under the Indenture, it will
                  be treated as an Event of Default by Party A and not an
                  Additional Termination Event.

         (ii)     AMENDMENTS MADE WITHOUT CONSENT OF PARTY A. It shall be an
                  Additional Termination Event if any amendment or supplement to
                  the Indenture or to any of the Receivables Transfer and
                  Servicing Agreements which would adversely affect any of Party
                  A's rights or obligations under this Agreement or modify the
                  obligations of, or impair the ability of Party B to fully
                  perform any of Party B's obligations under, this Agreement is
                  made without the consent of Party A, which consent shall not
                  be unreasonably withheld, provided that Party A's consent will
                  be deemed to have been given if Party A does not object in
                  writing within ten Business Days of [confirmed] receipt of a
                  written request for such consent.

         (iii)    DOWNGRADE OF PARTY A. It shall be an Additional Termination
                  Event with Party A the Affected Party if the Credit Rating of
                  Party A is downgraded below "Aa3" by Moody's, "AA-" by Fitch
                  or "AA-" by S&P or is suspended or withdrawn by any such
                  Rating Agency, and, within 30 days of such downgrade,
                  suspension or withdrawal, Party A shall fail to either (1)
                  deliver or post collateral acceptable to Party B in amounts
                  sufficient to secure its obligations under this Agreement, (2)

                                       S-2
<PAGE>   3
                  assign its rights and obligations under this Agreement to a
                  replacement counterparty acceptable to Party B or (3)
                  establish other arrangements necessary, if any, in each case
                  so that the Rating Agencies confirm the ratings of the Notes
                  that were in effect immediately prior to such downgrade,
                  suspension or withdrawal.

PART 2. TAX REPRESENTATIONS.

(a)      PAYER TAX REPRESENTATIONS. For the purposes of Section 3(e) of this
         Agreement, Party A and Party B will each make the following
         representations to the other:

         It is not required by any applicable law, as modified by the practice
         of any relevant governmental revenue authority, of any Relevant
         Jurisdiction to make any deduction or withholding for or on account of
         any Tax from any payment (other than interest under Section 2(e),
         6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party
         under this Agreement. In making this representation, each party may
         rely on:

         (i)      the accuracy of any representations made by the other party
                  pursuant to Section 3(f) of this Agreement;

         (ii)     the satisfaction of the agreement of the other party contained
                  in Section 4(a)(i) or 4(a)(iii) of this Agreement and the
                  accuracy and effectiveness of any document provided by the
                  other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
                  Agreement, and

         (iii)    the satisfaction of the agreement of the other party contained
                  in Section 4(d) of this Agreement,

         provided that it shall not be a breach of this representation where
         reliance is placed on clause (ii) and the other party does not deliver
         a form or document under Section 4(a)(iii) by reason of material
         prejudice to its legal or commercial position.

(b)      PAYEE TAX REPRESENTATIONS.

         (i)      For the purpose of Section 3(f) of this Agreement, Party A
                  represents to Party B that, in respect of each Transaction
                  which it enters into through an Office or discretionary agent
                  in the United States of America ("U.S."), each payment
                  received or to be received by it under that Transaction will
                  be effectively connected with its conduct of a trade or
                  business in the U.S.

         (ii)     For the purpose of Section 3(f) of this Agreement, Party B
                  represents to Party A that it is a business trust organized
                  and existing under the laws of the State of Delaware and is
                  not a foreign corporation for United States tax purposes.

                  It is (A) a "UNITED STATES PERSON" as defined in Section
                  7701(a)(30) of the Internal Revenue Code of 1986, as amended,
                  or (B) wholly-owned by a "UNITED STATES PERSON" and
                  disregarded as an entity separate from its owner for U.S.
                  federal tax purposes.

PART 3.  DOCUMENTS TO BE DELIVERED.

(a)      For the purpose of Section 4(a)(i), the documents to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO           Form/Document/               Date by which to be          Section
DELIVER DOCUMENT            Certificate                  delivered                    3(d) Representation
<S>                         <C>                          <C>                          <C>
Party A                     An executed United                                        Applicable
                            States Internal Revenue
</TABLE>

                                       S-3
<PAGE>   4
<TABLE>
<S>                         <C>                          <C>                         <C>
                            Service Form W-8ECI
                            (or any successor

Party B                     An executed United           (i) Upon execution of        Applicable
                            States Internal Revenue      this Agreement, (ii)
                            Service Form W-9 (or         promptly upon
                            any successor thereto).      reasonable demand by
                                                         Party A and (iii)
                                                         promptly upon learning
                                                         that any such form
                                                         previously provided by
                                                         Party B has become
                                                         obsolete or incorrect.
</TABLE>

(b)      For the purposes of Section 4(a)(ii), the other documents to be
         delivered are as follows:

<TABLE>
<CAPTION>
PARTY REQUIRED TO          Form/Document/               Date by which to be               Section 3(d)
DELIVER DOCUMENT           Certificate                  delivered                         representation:
<S>                        <C>                          <C>                               <C>
Party A and  Party B       Evidence of the              Upon or prior to the execution    Applicable
                           authority, incumbency        and delivery of this Agreement
                           and specimen signature       and, with respect to any
                           of each person executing     Confirmation upon request by
                           this Agreement or any        the other party.
                           Confirmation, Credit
                           Support Document or
                           other document entered
                           into in connection with
                           this Agreement on its
                           behalf or on behalf of a
                           Credit Support Provider
                           or otherwise, as the case
                           may be.

Party A and Party B        Certified copies of          Upon request by the other         Applicable
                           documents evidencing         party.
                           each Party's capacity to
                           execute and deliver this
                           Agreement, each
                           Confirmation and any
                           Credit Support
                           Document (if
                           applicable), and to
                           perform its obligations
                           hereunder or thereunder
                           as may be reasonably
                           requested by the other
                           party.
</TABLE>

                                       S-4
<PAGE>   5
<TABLE>
<S>                        <C>                          <C>                               <C>
Party A                    A copy of the most           Promptly after request by         Applicable
                           recent annual report         Party B.
                           containing consolidated
                           financial statements  and
                           such other public
                           information respecting
                           the condition or
                           operations, financial or
                           otherwise of Party A as
                           Party B may reasonably
                           request from time to
                           time.

Party B                    Monthly reports to           On or prior to each Monthly       Applicable
                           noteholders and              Distribution Date.
                           certificateholders as
                           specified in the
                           Indenture.

Party A and Party B        A legal opinion in form      On or prior to the Closing        Not Applicable
                           and substance                Date.
                           satisfactory to the other
                           party.

Party A                    An officer's certificate     On or prior to the Closing        Not Applicable
                           affirming the                Date.
                           information describing
                           Deutsche Bank AG and
                           its New York Branch
                           provided to Party B for
                           use in Party B's offering
                           materials

Party B                    A copy of the executed       As soon as practical after the    Party B
                           Indenture and of each of     Closing Date.
                           the Receivables Transfer
                           and Servicing
                           Agreements.

Party A and Party B        Such other documents as      Promptly upon request of the      Not Applicable
                           the other party may          other party.
                           reasonably request.
</TABLE>

PART 4. MISCELLANEOUS.

(a)      ADDRESS FOR NOTICES. For the purpose of Section 12(a) of this
         Agreement, the addresses for notices and communications to Party A and
         Party B shall be as follows:

                                       S-5
<PAGE>   6
         TO PARTY A:

         (i)      All notices to Party A under Sections 5 or 6 (other than
                  notices under Section 5(a)(i)) shall be sent to:

                  Deutsche Bank AG, New York Branch
                  31 W. 52nd Street
                  New York, New York 10019
                  USA
                  Attn:  Swap Group
                  Tel:  (1)(212) 469-4338
                  Fax:  (1)(212) 469-4654
                  Telex:  429166
                  Answerback:  DEUTNYK

         TO PARTY B:

                  The Bank of New York,
                  as Owner Trustee for Ford Credit Auto Owner Trust 2000-F
                  101 Barclay Street
                  New York, New York 10286
                  United States
                  Attention: Asset-Backed Finance Unit

         With copies to:

                  The Chase Manhattan Bank,
                  as Indenture Trustee for Ford Credit Auto Owner Trust 2000-F
                  450 West 33rd Street
                  New York, New York 10001
                  United States
                  Attention:  Michael A. Smith
                  Tel.:  (212) 946-3949
                  Fax:  (212) 946-8302

                  and

                  Ford Motor Credit Company
                  One American Road,
                  Dearborn, Michigan 48121
                  United States
                  Attention: [              ], Assistant Treasurer
                  Tel:   (313) 322-7595
                  Fax:  (313) 322-0728

(b)      PROCESS AGENT.  For the purposes of Section 13(c) of this Agreement:

         Party A appoints as its Process Agent:               Party A.

         Party B appoints as its Process Agent:      The Bank of New York,
                                                              As Owner Trustee
                                                              for Ford Credit
                                                              Auto Owner Trust
                                                              2000-F

                                       S-6
<PAGE>   7
                                                              101 Barclay Street
                                                              New York, New York
                                                              10286

(c)      OFFICES.  The provisions of Section 10(a) will apply to this Agreement.

(d)      MULTIBRANCH PARTY.  For purposes of Section 10(c) of this Agreement:

         (i)      Party A is a not a Multibranch Party.

         (ii)     Party B is a not a Multibranch Party.

(e)      The CALCULATION AGENT shall be Ford Motor Credit Company, as
         Administrator of Party B pursuant to the Administration Agreement.

(f)      CREDIT SUPPORT DOCUMENTS.

         None.

(g)      CREDIT SUPPORT PROVIDER.

         Not applicable.

(h)      GOVERNING LAW. This Agreement shall be governed by, and construed and
         enforced in accordance with, the laws of the State of New York (without
         reference to its choice of law doctrine).

(i)      "AFFILIATE" will have the meaning specified in Section 14 of this
         Agreement.

PART 5. OTHER PROVISIONS.

(a)      REPRESENTATIONS.

         (i)      NON-RELIANCE, ETC. Each party will be deemed to represent to
                  the other party on the date that it enters into a Transaction
                  that (absent a written agreement between the parties that
                  expressly imposes affirmative obligations to the contrary for
                  that Transaction):

                  (1)      NON-RELIANCE. It is acting for its own account, and
                           it has made its own independent decisions to enter
                           into that Transaction and as to whether that
                           Transaction is appropriate or proper for it based
                           upon its own judgment and upon advice from such
                           advisers as it has deemed necessary. It is not
                           relying on any communication (written or oral) of the
                           other party as investment advice or as a
                           recommendation to enter into that Transaction; it
                           being understood that information and explanations
                           related to the terms and conditions of a Transaction
                           shall not be considered to be investment advice or a
                           recommendation to enter into that Transaction. No
                           communication (written or oral) received from the
                           other party shall be deemed to be an assurance or
                           guarantee as to the expected results of that
                           Transaction.

                  (2)      ASSESSMENT AND UNDERSTANDING. It is capable of
                           assessing the merits of and understanding (on its own
                           behalf or through independent professional advice),
                           and understands and accepts the terms and conditions
                           and risks of that Transaction. It is also capable of
                           assuming, and assumes, the risks of that Transaction.

                  (3)      STATUS OF PARTIES. The other party is not acting as a
                           fiduciary for or adviser to it in respect of that
                           Transaction.

                                      S-7
<PAGE>   8
         (ii)     COMMODITY EXCHANGE ACT. Each party represents to the other
                  party on and as of the date hereof and on each date on which a
                  Transaction is entered into between them that:

                  (1)      each Transaction is intended to be exempt from, or
                           otherwise not subject to regulation under, the
                           Commodity Exchange Act;

                  (2)      such party is an "eligible swap participant" within
                           the meaning of CFTC Regulation Section 35.1(b)(2);
                           and

                  (3)      such party is entering into each Transaction in
                           connection with its line of business and not for
                           purposes of speculation.

(b)      CONSENT TO RECORDING.

         Each party (i) consents to the recording of the telephone conversations
         of trading and marketing and/or other personnel of the parties and
         their Affiliates in connection with this Agreement or any potential
         Transaction (ii) agrees to obtain any necessary consent of and give
         notice of such recording to such personnel of it and its Affiliates;
         and (iii) agrees that recordings may be submitted in evidence in any
         Proceedings relating to this Agreement.

(c)      TAX PROVISIONS.

         (i)      The definition of Tax Event, Section 5 (b)(ii), is hereby
                  modified by adding the following provision at the end thereof:

                           "provided, however, that for purposes of
                           clarification, the parties acknowledge that the
                           introduction or proposal of legislation shall not, in
                           and of itself, give rise to a presumption that a Tax
                           Event has occurred."

         (ii)     Party B will not be required to pay additional amounts in
                  respect of an Indemnifiable Tax or be under any obligation to
                  pay to Party A any amount in respect of any liability of Party
                  A for or on account of any Tax.

(d)      NO SET OFF.

                  Notwithstanding any setoff right contained in any other
                  agreement between Party B or any affiliate or Credit Support
                  Provider of Party B, on the one hand, and Party A or any
                  Affiliate or Credit Support Provider of Party B, on the other,
                  whether now in existence or hereafter entered into unless such
                  agreement shall specifically refer to this paragraph (d), each
                  party agrees that all payments required to be made by it under
                  this Agreement shall be made without setoff or counterclaim
                  for, and that it shall not withhold payment or delivery under
                  this Agreement in respect of, any default by the other party
                  or any Affiliate or Credit Support Provider of the other party
                  under any such other agreement or any amount relating to any
                  such other agreement. For purposes of this paragraph (d),
                  "Affiliate" shall have the meaning specified in Section 14 of
                  this Agreement.

(e)      ADDITIONAL ACKNOWLEDGMENTS AND AGREEMENTS OF THE PARTIES.

         (i)      DEUTSCHE BANK SECURITIES INC. Each party acknowledges and
                  agrees that (i) Deutsche Bank Securities Inc. or another
                  designated Affiliate of Party A (the "Designated Agent") will
                  act as agent for Party A in connection with certain
                  Transactions when so specified in the Transaction
                  Confirmation; and (ii) the Designated Agent is acting solely
                  as agent and shall have no liability for the performance of
                  either party's obligations under this Agreement or any
                  Transaction, or for

                                       S-8
<PAGE>   9
                  costs, expenses, damages or claims arising out of the failure
                  of either party to perform any such obligation.

         (ii)     BANKRUPTCY CODE. Without limiting the applicability if any, of
                  any other provision of the U.S. Bankruptcy Code as amended
                  (the "Bankruptcy Code") (including without limitation Sections
                  362, 546, 556, and 560 thereof and the applicable definitions
                  in Section 101 thereof), the parties acknowledge and agree
                  that all Transactions entered into hereunder will constitute
                  "forward contracts" or "swap agreements" as defined in Section
                  101 of the Bankruptcy Code or "commodity contracts" as defined
                  in Section 761 of the Bankruptcy Code, that the rights of the
                  parties under Section 6 of this Agreement will constitute
                  contractual rights to liquidate Transactions, that any margin
                  or collateral provided under any margin, collateral, security,
                  pledge, or similar agreement related hereto will constitute a
                  "margin payment" as defined in Section 101 of the Bankruptcy
                  Code, and that the parties are entities entitled to the rights
                  under, and protections afforded by, Sections 362, 546, 556,
                  and 560 of the Bankruptcy Code.

         (iii)    NON-PETITION. Party A covenants and agrees that it will not,
                  prior to the date which is one year and one day following the
                  payment in full of all of the Notes, Class C Certificates and
                  Class D Certificates and the expiration of all applicable
                  preference periods under the United States Bankruptcy Code or
                  other applicable law relating to any such payment, acquiesce,
                  petition or otherwise invoke the process of any governmental
                  authority for the purpose of commencing a case (whether
                  voluntary or involuntary) against Party B under any
                  bankruptcy, insolvency or similar law or appointing a
                  receiver, liquidator, assignee, trustee, custodian,
                  sequestrator or other similar official of Party B or any
                  substantial part of its property or ordering the winding up or
                  liquidation of the affairs of Party B. Party A agrees that it
                  has recourse against Party B only to the extent of the assets
                  of the Party B and the proceeds thereof, and any claims
                  against Party B shall be extinguished when the assets of Party
                  B are exhausted.

         (iv)     NO TRANSFER WITHOUT PRIOR CONFIRMATION BY RATING AGENCIES.
                  Section 7 of this Agreement is hereby amended by inserting the
                  following immediately after the words "other party" and
                  immediately before the words ", except that:": "and unless
                  each of the Rating Agencies confirm that the transfer will not
                  cause the reduction, suspension or withdrawal of their then
                  current rating on any of the Class A Notes or Variable Pay
                  Term Notes" and by replacing subsection (a) of Section 7 with
                  the following: "except that no prior confirmation by Rating
                  Agencies or the other party is required in connection with a
                  consolidation or amalgamation with, or merger with or into, or
                  transfer of all or substantially all of Party A's assets to,
                  or reorganization, incorporation, reincorporation or
                  reconstitution into or as, another entity (but without
                  prejudice to any other right or remedy under this Agreement);
                  and".

         (v)      PARTY B PLEDGE. Notwithstanding Section 7 of this Agreement to
                  the contrary, Party A acknowledges that Party B will pledge
                  its rights under this Agreement to the Indenture Trustee (as
                  defined in the Indenture) for the benefit of the Noteholders
                  (as defined in the Indenture) pursuant to the Indenture and
                  agrees to such pledge. The Indenture Trustee shall not be
                  deemed to be a party to this Agreement, provided, however,
                  that the Indenture Trustee, acting on behalf of the holders of
                  the Notes, shall have the right to enforce this Agreement
                  against Party A. Party A shall be entitled to rely on any
                  notice or communication from the Indenture Trustee to that
                  effect. Party A acknowledges that Party B will pledge
                  substantially all its assets to the Indenture Trustee for the
                  benefit of the Noteholders and Party A and that all payments
                  hereunder will be made in accordance with the priority of
                  payment provisions of the Indenture and the Sale and Servicing
                  Agreement.

         (vi)     LIMITED RECOURSE. The liability of Party B in relation to this
                  Agreement and any Transaction hereunder is limited in recourse
                  to the assets of Party B and proceeds thereof applied in
                  accordance with the Indenture and the Sale and Servicing
                  Agreement. Upon exhaustion of the assets of Party B and
                  proceeds thereof in accordance with the Indenture and the Sale
                  and Servicing Agreement,

                                       S-9
<PAGE>   10
                  Party A shall not be entitled to take any further steps
                  against Party B to recover any sums due but still unpaid
                  hereunder or thereunder, all claims in respect of which shall
                  be extinguished. No recourse may be taken for the payment of
                  any amount owing in respect of any obligation of, or claim
                  against, Party B arising out of or based upon this Agreement
                  or any Transaction hereunder against any holder of a
                  beneficial interest, employee, officer or Affiliate thereof
                  and no recourse shall be taken for the payment of any amount
                  owing in respect of any obligation of, or claim against, Party
                  B based upon or arising out of this Agreement against the
                  Administrator, the Servicer, the Indenture Trustee, the Owner
                  Trustee, the Delaware Trustee or any stockholder, holder of a
                  beneficial interest, employee, officer, director, incorporator
                  or Affiliate thereof; provided, however, that the foregoing
                  shall not relieve any such person or entity from any liability
                  they might otherwise have as a result of willful misconduct,
                  bad faith or negligence.

         (vii)    NO AMENDMENT WITHOUT PRIOR CONFIRMATION BY RATING AGENCIES.
                  Section 9(b) of this Agreement is hereby amended by adding the
                  following at the end of such Section: ", and unless the Rating
                  Agencies confirm that such amendment will not cause the
                  reduction, suspension or withdrawal of their then current
                  rating on any of the Notes, the Class C Certificates or the
                  Class D Certificates, unless such amendment clarifies any term
                  or provision, corrects any inconsistency, cures any ambiguity,
                  or corrects any typographical error in the Agreement."

         (viii)   CONSENT BY PARTY A TO AMENDMENTS TO CERTAIN DOCUMENTS. Before
                  any amendment or supplement is made to the Receivables
                  Transfer and Servicing Agreements or to the Indenture which
                  would adversely affect any of Party A's rights or obligations
                  under this Agreement or modify the obligations of, or impair
                  the ability of Party B to fully perform any of Party B's
                  obligations under, this Agreement, Party B shall provide Party
                  A with a copy of the proposed amendment or supplement and
                  shall obtain the consent of Party A to such amendment or
                  supplement prior to its adoption, which consent shall not be
                  unreasonably withheld; provided that Party A's consent will be
                  deemed to have been given if Party A does not object in
                  writing within ten Business Days of [confirmed] receipt of a
                  written request for such consent.

         (ix)     SEVERABILITY. If any term, provision, covenant, or condition
                  of this Agreement, or the application thereof to any party or
                  circumstance, shall be held to be invalid or unenforceable (in
                  whole or in part) for any reason, the remaining terms,
                  provisions, covenants, and conditions hereof shall continue in
                  full force and effect as if this Agreement had been executed
                  with the invalid or unenforceable portion eliminated, so long
                  as this Agreement as so modified continues to express, without
                  material change, the original intentions of the parties as to
                  the subject matter of this Agreement (including without
                  limitation Sections 2, 5 and 6 of this Agreement) and the
                  deletion of such portion of this Agreement will not
                  substantially impair the respective benefits or expectations
                  of the parties to this Agreement.

(f)      WAIVER OF RIGHT TO TRIAL BY JURY. Each of the parties hereby
         irrevocably waives any and all right to a trial by jury with respect to
         any legal proceeding arising out of or relating to this Agreement or
         any Transaction.

(g)      DEFINITIONS. Unless otherwise specified in a Confirmation, this
         Agreement and the relevant Transaction between the parties are subject
         to the 1991 ISDA Definitions (the "Definitions"), as published by the
         International Swap Dealers Association, Inc., and will be governed in
         all relevant respects by the provisions set forth in the Definitions,
         without regard to any amendment to the Definitions subsequent to the
         date hereof. The provisions of the Definitions are incorporated by
         reference in and shall be deemed a part of this Agreement, except that
         references in the Definitions to a "Swap Transaction" shall be deemed
         references to a "Transaction" for purposes of this Agreement. In the
         event of any inconsistency between the provisions of this Agreement and
         the Definitions, this Agreement will prevail. In the event of any
         inconsistency between the provision of any Confirmation and this
         Agreement or the Definitions, such Confirmation will prevail for the
         purpose of the relevant Transaction.

(h)      ADDITIONAL DEFINITIONS.

                                      S-10
<PAGE>   11
                  "ADMINISTRATION AGREEMENT" shall mean the administration
         agreement (including Appendix A thereto) dated as of October 1, 2000,
         as amended, supplemented or otherwise modified and in effect, by and
         among Party B, Ford Motor Credit Company, and The Chase Manhattan Bank.

                  "CLASS A NOTES" means the Class A Notes issued by Party B
         pursuant to the Indenture.

                  "CLASS C CERTIFICATES" means the Class C Certificates issued
         by Party B pursuant to the Trust Agreement.

                  "CLASS D CERTIFICATES" means the Class D Certificates issued
         by Party B pursuant to the Trust Agreement.

                  "CLOSING DATE" shall mean October [25], 2000.

                  "CREDIT RATING" means, with respect to any person, the
         long-term senior unsecured, uninsured debt rating of such person
         without regard to whether or not such rating is under review with
         positive or negative implications.

                  "FITCH" means Fitch, Inc.

                  "INDENTURE" shall mean the indenture dated as of October 1,
         2000 (including Appendix A thereto), as amended, supplemented or
         otherwise modified and in effect, between Party B and The Chase
         Manhattan Bank, as Indenture Trustee.

                  "INDENTURE TRUSTEE" shall mean The Chase Manhattan Bank or any
         successor or replacement thereto pursuant to the Indenture.

                  "MOODY'S" shall mean Moody's Investors Service, Inc.

                  "NOTES" shall mean the Class A-1 Notes, the Class A-2 Notes,
         the Class A-3 Notes, the Class A-4 Notes, the Class A-5 Notes, the
         Variable Pay Term Notes and the Class B Notes issued by Party B
         pursuant to the Indenture.

                  "PROSPECTUS" shall mean the prospectus of Ford Credit Auto
         Owner Trust 2000-F dated as of October [ ], 2000

                  "PURCHASE AGREEMENT" shall mean the purchase agreement
         (including Appendix A thereto) dated as of October 1, 2000, as from
         time to time amended, supplemented or otherwise modified and in effect,
         between Ford Motor Credit Company and Ford Credit Auto Receivables Two
         L.P.

                  "RATING AGENCIES" shall mean Moody's, S&P and Fitch or any
         substitute rating agency that the Seller (as defined in the Indenture)
         requests to rate the Notes.

                  "RECEIVABLES TRANSFER AND SERVICING AGREEMENTS" shall mean
         collectively the Purchase Agreement, the Sale and Servicing Agreement,
         the Trust Agreement and the Administration Agreement.

                  "SALE AND SERVICING AGREEMENT" shall mean the sale and
         servicing agreement (including Appendix A thereto) dated as of October
         1, 2000, as amended, supplemented or otherwise modified and in effect,
         by and among Party B, Ford Auto Receivables Two L.P., as seller, and
         Ford Motor Credit Company, as servicer.

                  "S&P" shall mean Standard & Poor's Rating Services, a division
         of the McGraw-Hill Companies, Inc.

                                      S-11
<PAGE>   12
                  "TRUST AGREEMENT" shall mean the Amended and Restated Trust
         Agreement (including Appendix A thereto), dated as of October 1, 2000,
         as amended, supplemented or otherwise modified and in effect, by and
         among Ford Credit Auto Receivables Two L.P., the Bank of New York
         (Delaware), as Delaware Trustee and The Bank of New York, as Owner
         Trustee.

                  "VARIABLE PAY TERM NOTES" shall mean any of the Floating Rate
         Variable Pay Term Notes issued by Party B pursuant to the Indenture.

                                      S-12
<PAGE>   13
             IN WITNESS WHEREOF, the parties have executed this Schedule to the
Master Agreement on the respective dates specified below with effect from the
date specified on the first page of this document.

DEUTSCHE BANK AG                             FORD CREDIT AUTO OWNER TRUST 2000-F
                                             By:  THE BANK OF NEW YORK
                                                  not in its individual
                                                  capacity but solely as
                                                  Owner Trustee

By: ____________________                     By:  ____________________
Name:                                        Name:
Title:                                       Title:

Date:                                        Date:

By:_____________________________
Name:
Title:

Date:

                                      S-13
<PAGE>   14
EXHIBIT A - Form of Class A Note Confirmation
                                                                       [Date]

To:            Deutsche Bank AG
               New York Branch
Contact:       [                ]
               Fax:
               Telephone:

From:          Ford Credit Auto Owner Trust 2000-F
Contact:       [                 ]
               Fax:
               Tel

Re:  Interest Rate Swap Reference No. [                  ]

Ladies and Gentlemen:

                  The purpose of this letter agreement is to confirm the terms
and conditions of the Swap Transaction entered into between Deutsche Bank, AG,
acting through its New York Branch ("Party A") and Ford Credit Auto Owner Trust
2000-F ("Party B") on the Trade Date listed below (the "Transaction"). This
letter constitutes a "Confirmation" as referred to in the ISDA Agreement
specified below.

                  The definitions and provisions contained in the 1991 ISDA
Definitions (as published by the International Swap Dealers Association, Inc.)
are incorporated into this Confirmation. In the event of any inconsistency
between those definitions and this Confirmation, this Confirmation will govern.

                  1. This Confirmation supplements, forms part of, and is
subject to, the Master Agreement dated as of October [ ], 2000, as amended and
supplemented from time to time (the "Agreement") between you and us. All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below. Other capitalized terms used herein and not otherwise
defined shall have the meanings given them in the Indenture referred to in the
Agreement. In the event of any inconsistency between those terms and this
Confirmation, this Confirmation will govern.

                  2. The terms of the particular Transaction to which this
Confirmation relates are as follows:

               Party A:                               Deutsche Bank AG
                                                      New York Branch.

               Party B:                               Ford Credit Auto Owner
                                                      Trust 2000-F.

               Trade Date:                            October [        ], 2000.

               Effective Date:                        October [   ], 2000.

               Notional Amount:                       The Notional Amount
                                                      initially shall equal [ ]
                                                      and shall decrease by an
                                                      amount equal to the amount
                                                      of the reduction in the
                                                      aggregate principal
                                                      balance of the Class A-[ ]
                                                      Notes on each Monthly
                                                      Distribution Date.
                                                      Decreases in the Notional
                                                      Amount with respect to the
                                                      calculation of Fixed
                                                      Amounts shall

                                       A-1
<PAGE>   15
                                                      take effect as of the
                                                      Period End Date occurring
                                                      in the month of the
                                                      Monthly Distribution Date.
                                                      Party B shall determine
                                                      the Notional Amount and
                                                      shall inform Party A of
                                                      such determination by the
                                                      twelfth day of each
                                                      calendar month.

               Termination Date:                      The date the aggregate
                                                      outstanding principal
                                                      balance of the Class A-[ ]
                                                      Notes has been reduced to
                                                      zero.

               Fixed Amounts

                   Fixed Rate Payer:                  Party B.

                   Fixed Rate Payer
                   Payment Date:                      The 15th day of each
                                                      January, April, July and
                                                      October until the first
                                                      Monthly Distribution Date
                                                      after the Class A-[ ]
                                                      Notes convert to Monthly
                                                      Pay Class A Notes, in
                                                      which event the 15th day
                                                      of each calendar month,
                                                      subject in either case to
                                                      adjustment in accordance
                                                      with the Following
                                                      Business Day Convention.

                   Period End Date:                   The 15th day of each
                                                      January, April, July
                                                      and October until the
                                                      first Monthly Distribution
                                                      Date after the Class A-[ ]
                                                      Notes convert to Monthly
                                                      Pay Class A Notes, in
                                                      which event the 15th day
                                                      of each calendar month, in
                                                      either case with No
                                                      Adjustment.

                   Fixed Rate:                        [Initial Rate]% until the
                                                      last Period End Date
                                                      ending on or prior to
                                                      [Targeted Scheduled
                                                      Distribution Date] and
                                                      then either (i) [Initial
                                                      Rate]% for each
                                                      Calculation Period
                                                      thereafter if an Early
                                                      Amortization Event occurs
                                                      or an acceleration of the
                                                      notes resulting from an
                                                      Event of Default occurs
                                                      prior to [Targeted
                                                      Scheduled Distribution
                                                      Date] (as such terms are
                                                      defined in the Indenture),
                                                      or (2) [VPTN Fixed Rate]%
                                                      for each Calculation
                                                      Period thereafter if no
                                                      Early Amortization Event
                                                      occurs and no acceleration
                                                      of the notes resulting
                                                      from an Event of Default
                                                      occurs prior to [Targeted
                                                      Scheduled Distribution
                                                      Date].

                   Fixed Rate Day
                   Count Fraction:                    30/360.

               Floating Amounts

                   Floating Rate Payer:               Party A.

                   Floating Rate Payer
                   Payment Dates:                     The 15th day of each
                                                      January, April, July and
                                                      October until the first
                                                      Monthly Distribution Date
                                                      after the Class A-[ ]
                                                      Notes convert to Monthly
                                                      Pay Class A Notes, in
                                                      which event the 15th day
                                                      of each calendar month,
                                                      subject in either case to
                                                      adjustment in accordance
                                                      with the Following
                                                      Business Day Convention.
                  Floating Rate for initial
                  Calculation Period:                 [ ]%. [USD-LIBOR-BBA with
                                                      a Designated Maturity of

                                       A-2
<PAGE>   16
                                                three months.]

                   Floating Rate Option:        USD-LIBOR-BBA.

                   Designated Maturity:         Three months until the first
                                                Monthly Distribution Date after
                                                the Class A-[ ] Notes convert to
                                                Monthly Pay Class A Notes, and
                                                then one month thereafter.

                   Spread:                      [Spread] basis points
                                                until [Targeted Scheduled
                                                Distribution Date] and
                                                then either (i) [Spread]
                                                basis points for each
                                                Calculation Period
                                                thereafter if an Early
                                                Amortization Event occurs
                                                or an acceleration of the
                                                notes resulting from an
                                                Event of Default occurs
                                                prior to [Targeted
                                                Scheduled Distribution
                                                Date] or (ii) zero basis
                                                points for each
                                                Calculation Period
                                                thereafter if no Early
                                                Amortization Event occurs
                                                and no acceleration of the
                                                notes resulting from an
                                                Event of Default occurs
                                                prior to [Targeted
                                                Scheduled Distribution
                                                Date].

                   Floating Rate Day
                   Count Fraction:              Actual/360.

                   Reset Dates:                 The first day of each
                                                Floating Rate Payer
                                                Calculation Period.

               Business Days:                   New York and Delaware.

               Calculation Agent:               Ford Motor Credit Company,
                                                as Administrator for Party
                                                B.

               3.  Account Details

               Payments to Party A:             Deutsche Bank AG, New York
                                                Branch
                                                ABA#:
                                                Acct. #
                                                Acct. Name:
                                                Ref:  [                  ]

               Payments to Party B:              The Chase Manhattan Bank
                                                ABA# 021-000-21
                                                Account #:  910-2758100
                                                Account Name:  CMFS Incoming
                                                Wire House Account
                                                Ref:  [                  ]

               Party A Operations Contact:      [                        ]

               Party B Operations Contact:      The Chase Manhattan Bank
                                                Corporate Trust Administration
                                                450 West 33rd Street, 14th floor
                                                New York, New York 10001
                                                Attention:  Michael A. Smith
                                                Tel:  (212) 946-3346
                                                Fax:  (212)  946-8158

                                       A-3
<PAGE>   17
                   Please confirm that the foregoing correctly sets forth the
terms of our agreement by executing this Confirmation and returning it to us.

Best Regards,

               FORD CREDIT AUTO OWNER TRUST 2000-F
               By: THE BANK OF NEW YORK
                    not in its individual capacity but solely as Owner Trustee

               By:______________________________
               Name:
               Title:

               DEUTSCHE BANK AG
               NEW YORK BRANCH

               By:______________________________
               Name:
               Title:

                                       A-4

<PAGE>   18

EXHIBIT A-1 - Form of Class A-1 Note Confirmation

                                                                October 18, 2000

To:            Deutsche Bank AG
               New York Branch
               31 W. 52nd Street
               New York, New York 10017
Contact:       Jack Fonss
               Fax: (212) 469-4654
               Telephone: (212) 469-4338

From:          Ford Credit Auto Owner Trust 2000-F
               The Chase Manhattan Bank
               as Indenture Trustee for
               Ford Credit Auto Owner Trust 2000-F
               101 Barclay Street
               New York, NY 10286
Contact:       Michael A. Smith
               Fax: (212) 946-8302
               Tel (212) 946-3949

Re:  Interest Rate Swap Reference No. 2000F-1

Ladies and Gentlemen:

               The purpose of this letter agreement is to confirm the terms and
conditions of the Swap Transaction entered into between Deutsche Bank, AG,
acting through its New York Branch ("Party A") and Ford Credit Auto Owner Trust
2000-F ("Party B") on the Trade Date listed below (the "Transaction"). This
letter constitutes a "Confirmation" as referred to in the ISDA Agreement
specified below.

               The definitions and provisions contained in the 1991 ISDA
Definitions (as published by the International Swap Dealers Association, Inc.)
are incorporated into this Confirmation. In the event of any inconsistency
between those definitions and this Confirmation, this Confirmation will govern.

               1. This Confirmation supplements, forms part of, and is subject
to, the Master Agreement dated as of October 26, 2000, as amended and
supplemented from time to time (the "Agreement") between you and us. All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below. Other capitalized terms used herein and not otherwise
defined shall have the meanings given them in the Indenture referred to in the
Agreement. In the event of any inconsistency between those terms and this
Confirmation, this Confirmation will govern.

               2. The terms of the particular Transaction to which this
Confirmation relates are as follows:

<TABLE>
<S>                                                   <C>
               Party A:                               Deutsche Bank AG
                                                      New York Branch.

               Party B:                               Ford Credit Auto Owner Trust 2000-F.

               Trade Date:                            October 18, 2000.
</TABLE>

                                      A-1-1
<PAGE>   19
<TABLE>
<S>                                                   <C>
               Effective Date:                        October 26, 2000.

               Notional Amount:                       The Notional Amount initially shall equal $906,000,000 and
                                                      shall decrease by an amount equal to the amount of the
                                                      reduction in the aggregate principal balance of the Class A-1
                                                      Notes on each Monthly Distribution Date.  Decreases in the
                                                      Notional Amount with respect to the calculation of Fixed
                                                      Amounts shall take effect as of the Period End Date occurring
                                                      in the month of the Monthly Distribution Date.  Party B shall
                                                      determine the Notional Amount and shall inform Party A of
                                                      such determination by the twelfth day of each calendar month.

               Termination Date:                      The date the aggregate outstanding principal balance of the
                                                      Class A-1 Notes has been reduced to zero.

               Fixed Amounts

                   Fixed Rate Payer:                  Party B.

                   Fixed Rate Payer
                   Payment Date:                      The 15th day of each January, April, July and October until the
                                                      first Monthly Distribution Date after the Class A-1 Notes
                                                      convert to Monthly Pay Class A Notes, in which event the 15th
                                                      day of each calendar month, subject in either case to
                                                      adjustment in accordance with the Following Business Day
                                                      Convention.

                   Period End Date:                   The 15th day of each January, April, July and October until the first
                                                      Monthly Distribution Date after the Class A-[ ] Notes convert to Monthly
                                                      Pay Class A Notes, in which event the 15th day of each calendar month, in
                                                      either case with No Adjustment.

                   Fixed Rate:                        6.5925% until the last Period End Date ending on or prior to
                                                      October 15, 2002 and then either  (i) 6.5925% for each
                                                      Calculation Period thereafter if an Early Amortization Event
                                                      occurs or an acceleration of the notes resulting from an Event
                                                      of Default occurs prior to October 15, 2002 (as such terms are
                                                      defined in the Indenture), or (2)  6.5925% for each Calculation
                                                      Period thereafter if no Early Amortization Event occurs and no
                                                      acceleration of the notes resulting from an Event of Default
                                                      occurs prior to October 15, 2002.

                   Fixed Rate Day
                   Count Fraction:                    30/360.

               Floating Amounts

                   Floating Rate Payer:               Party A.

                   Floating Rate Payer
                   Payment Dates:                     The 15th day of each January, April, July and October until the
                                                      first Monthly Distribution Date after the Class A-1 Notes
                                                      convert to Monthly Pay Class A Notes, in which event the 15th
</TABLE>

                                      A-1-2
<PAGE>   20
<TABLE>
<S>                                                   <C>
                                                      day of each calendar month, subject in either case to adjustment in
                                                      accordance with the Following Business Day Convention.
                   Floating Rate for initial
                   Calculation Period:                Linear interpolation of USD-LIBOR-BBA with a Designated
                                                      Maturity of two months and a Designated Maturity of three
                                                      months.  USD-LIBOR-BBA with a Designated Maturity of
                                                      three months.

                   Floating Rate Option:              USD-LIBOR-BBA.

                   Designated Maturity:               Three months until the first Monthly Distribution Date after the
                                                      Class A-1 Notes convert to Monthly Pay Class A Notes, and then
                                                      one month thereafter.

                   Spread:                            6 (six) basis points until October 15, 2002 and then either (i) 6
                                                      (six) basis points for each Calculation Period thereafter if an
                                                      Early Amortization Event occurs or an acceleration of the
                                                      notes resulting from an Event of Default occurs prior to
                                                      October 15, 2002 or (ii) zero basis points for each Calculation
                                                      Period thereafter if no Early Amortization Event occurs and no
                                                      acceleration of the notes resulting from an Event of Default
                                                      occurs prior to October 15, 2002.

                   Floating Rate Day
                   Count Fraction:                    Actual/360.

                   Reset Dates:                       The first day of each Floating Rate Payer Calculation Period.

               Business Days:                         New York and Delaware.

               Calculation Agent:                     Ford Motor Credit Company, as Administrator for Party B.

               3.  Account Details

               Payments to Party A:                   Deutsche Bank AG, New York Branch
                                                      ABA#:
                                                      Acct. #
                                                      Acct. Name:
                                                      Ref:  [                           ]

               Payments to Party B:                    The Chase Manhattan Bank
                                                      ABA# 021-000-21
                                                      Account #:  910-2758100
                                                      Account Name:  CMFS Incoming Wire House Account
                                                      Ref:  [                        ]

               Party A Operations Contact:            Deutsche Bank AG
                                                      New York Branch
                                                      31 W. 52nd Street
                                                      New York, New York 10019
                                                      Attn:  Swap Group
                                                      Tel: (1) (212) 469-4338
</TABLE>

                                      A-1-3
<PAGE>   21
<TABLE>
<S>                                                   <C>
                                                      Fax: (1) (212) 469-4654

               Party B Operations Contact:            The Chase Manhattan Bank
                                                      Corporate Trust Administration
                                                      450 West 33rd Street, 14th floor
                                                      New York, New York 10001
                                                      Attention:  Michael A. Smith
                                                      Tel:  (212) 946-3346
                                                      Fax:  (212)  946-8158
</TABLE>

                                      A-1-4
<PAGE>   22
                   Please confirm that the foregoing correctly sets forth the
terms of our agreement by executing this Confirmation and returning it to us.

Best Regards,

               FORD CREDIT AUTO OWNER TRUST 2000-F
               By: THE BANK OF NEW YORK
                   not in its individual capacity but solely as Owner Trustee

               By:______________________________
               Name:
               Title:

               DEUTSCHE BANK AG
               NEW YORK BRANCH

               By:______________________________
               Name:
               Title:

                                      A-1-5
<PAGE>   23

EXHIBIT A-4 - Form of Class A-2 Note Confirmation

                                                                October 18, 2000

To:            Deutsche Bank AG
               New York Branch
               31 W. 52nd Street
               New York, New York 10017
Contact:       Jack Fonss
               Fax: (212) 469-4654
               Telephone: (212) 469-4338

From:          Ford Credit Auto Owner Trust 2000-F
               The Chase Manhattan Bank
               as Indenture Trustee for
               Ford Credit Auto Owner Trust 2000-F
               101 Barclay Street
               New York, NY 10286
Contact:       Michael A. Smith
               Fax: (212) 946-8302
               Tel (212) 946-3949

Re:  Interest Rate Swap Reference No. 2000F-4

Ladies and Gentlemen:

               The purpose of this letter agreement is to confirm the terms and
conditions of the Swap Transaction entered into between Deutsche Bank, AG,
acting through its New York Branch ("Party A") and Ford Credit Auto Owner Trust
2000-F ("Party B") on the Trade Date listed below (the "Transaction"). This
letter constitutes a "Confirmation" as referred to in the ISDA Agreement
specified below.

               The definitions and provisions contained in the 1991 ISDA
Definitions (as published by the International Swap Dealers Association, Inc.)
are incorporated into this Confirmation. In the event of any inconsistency
between those definitions and this Confirmation, this Confirmation will govern.

               1. This Confirmation supplements, forms part of, and is subject
to, the Master Agreement dated as of October 26, 2000, as amended and
supplemented from time to time (the "Agreement") between you and us. All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below. Other capitalized terms used herein and not otherwise
defined shall have the meanings given them in the Indenture referred to in the
Agreement. In the event of any inconsistency between those terms and this
Confirmation, this Confirmation will govern.

               2. The terms of the particular Transaction to which this
Confirmation relates are as follows:

<TABLE>
<S>                                                   <C>
               Party A:                               Deutsche Bank AG
                                                      New York Branch.

               Party B:                               Ford Credit Auto Owner Trust 2000-F.

               Trade Date:                            October 18, 2000.
</TABLE>

                                      A-4-1
<PAGE>   24
<TABLE>
<S>                                                   <C>
               Effective Date:                        October 26, 2000.

               Notional Amount:                       The Notional Amount initially shall equal $343,000,000 and
                                                      shall decrease by an amount equal to the amount of the
                                                      reduction in the aggregate principal balance of the Class A-4
                                                      Notes on each Monthly Distribution Date.  Decreases in the
                                                      Notional Amount with respect to the calculation of Fixed
                                                      Amounts shall take effect as of the Period End Date occurring
                                                      in the month of the Monthly Distribution Date.  Party B shall
                                                      determine the Notional Amount and shall inform Party A of
                                                      such determination by the twelfth day of each calendar month.

               Termination Date:                      The date the aggregate outstanding principal balance of the
                                                      Class A-4 Notes has been reduced to zero.

               Fixed Amounts

                   Fixed Rate Payer:                  Party B.

                   Fixed Rate Payer
                   Payment Date:                      The 15th day of each January, April, July and October until the
                                                      first Monthly Distribution Date after the Class A-4 Notes
                                                      convert to Monthly Pay Class A Notes, in which event the 15th
                                                      day of each calendar month, subject in either case to
                                                      adjustment in accordance with the Following Business Day
                                                      Convention.

                   Period End Date:                   The 15th day of each January, April, July and October until the
                                                      first Monthly Distribution Date after the Class A-[ ] Notes
                                                      convert to Monthly Pay Class A Notes, in which event the 15th day
                                                      of each calendar month, in either case with No Adjustment.

                   Fixed Rate:                        6.6505% until the last Period End Date ending on or prior to
                                                      April 15, 2004 and then either  (i) 6.6505% for each
                                                      Calculation Period thereafter if an Early Amortization Event
                                                      occurs or an acceleration of the notes resulting from an Event
                                                      of Default occurs prior to April 15, 2004 (as such terms are
                                                      defined in the Indenture), or (2)  6.5925% for each Calculation
                                                      Period thereafter if no Early Amortization Event occurs and no
                                                      acceleration of the notes resulting from an Event of Default
                                                      occurs prior to April 15, 2004.

                   Fixed Rate Day
                   Count Fraction:                    30/360.

               Floating Amounts

                   Floating Rate Payer:               Party A.

                   Floating Rate Payer
                   Payment Dates:                     The 15th day of each January, April, July and October until the
                                                      first Monthly Distribution Date after the Class A-4 Notes
                                                      convert to Monthly Pay Class A Notes, in which event the 15th
</TABLE>

                                      A-4-2
<PAGE>   25
<TABLE>
<S>                                                   <C>
                                                      day of each calendar
                                                      month, subject in either
                                                      case to adjustment in
                                                      accordance with the
                                                      Following Business Day
                                                      Convention.
                   Floating Rate for initial
                   Calculation Period:                Linear interpolation of USD-LIBOR-BBA with a Designated
                                                      Maturity of two months and a Designated Maturity of three
                                                      months.  USD-LIBOR-BBA with a Designated Maturity of
                                                      three months.

                   Floating Rate Option:              USD-LIBOR-BBA.

                   Designated                         Maturity: Three months
                                                      until the first Monthly
                                                      Distribution Date after
                                                      the Class A-1 Notes
                                                      convert to Monthly Pay
                                                      Class A Notes, and then
                                                      one month thereafter.

                   Spread:                            10 (ten) basis points until April 15, 2004 and then either (i) 10
                                                      (ten) basis points for each Calculation Period thereafter if an
                                                      Early Amortization Event occurs or an acceleration of the
                                                      notes resulting from an Event of Default occurs prior to April
                                                      15, 2004 or (ii) zero basis points for each Calculation Period
                                                      thereafter if no Early Amortization Event occurs and no
                                                      acceleration of the notes resulting from an Event of Default
                                                      occurs prior to April 15, 2004.

                   Floating Rate Day
                   Count Fraction:                    Actual/360.

                   Reset Dates:                       The first day of each Floating Rate Payer Calculation Period.

               Business Days:                         New York and Delaware.

               Calculation Agent:                     Ford Motor Credit Company, as Administrator for Party B.

               3.  Account Details

               Payments to Party A:                   Deutsche Bank AG, New York Branch
                                                      ABA#:
                                                      Acct. #
                                                      Acct. Name:
                                                      Ref:  [                           ]

               Payments to Party B:                    The Chase Manhattan Bank
                                                      ABA# 021-000-21
                                                      Account #:  910-2758100
                                                      Account Name:  CMFS Incoming Wire House Account
                                                      Ref:  [                        ]

               Party A Operations Contact:            Deutsche Bank AG
                                                      New York Branch
                                                      31 W. 52nd Street
                                                      New York, New York 10019
                                                      Attn:  Swap Group
                                                      Tel: (1) (212) 469-4338
</TABLE>

                                      A-4-3
<PAGE>   26
<TABLE>
<S>                                                   <C>
                                                      Fax: (1) (212) 469-4654

               Party B Operations Contact:            The Chase Manhattan Bank
                                                      Corporate Trust Administration
                                                      450 West 33rd Street, 14th floor
                                                      New York, New York 10001
                                                      Attention:  Michael A. Smith
                                                      Tel:  (212) 946-3346
                                                      Fax:  (212)  946-8158
</TABLE>

                                      A-4-4
<PAGE>   27
                   Please confirm that the foregoing correctly sets forth the
terms of our agreement by executing this Confirmation and returning it to us.

Best Regards,

               FORD CREDIT AUTO OWNER TRUST 2000-F
               By: THE BANK OF NEW YORK
                    not in its individual capacity but solely as Owner Trustee

               By:______________________________
               Name:
               Title:

               DEUTSCHE BANK AG
               NEW YORK BRANCH

               By:______________________________
               Name:
               Title:

                                      A-4-5
<PAGE>   28

EXHIBIT A-5 - Form of Class A-5 Note Confirmation

                                                                October 18, 2000

To:            Deutsche Bank AG
               New York Branch
               31 W. 52nd Street
               New York, New York 10017
Contact:       Jack Fonss
               Fax:                                    (212) 469-4654
               Telephone: (212) 469-4338

From:          Ford Credit Auto Owner Trust 2000-F
               The Chase Manhattan Bank
               as Indenture Trustee for
               Ford Credit Auto Owner Trust 2000-F
               101 Barclay Street
               New York, NY 10286
Contact:       Michael A. Smith
               Fax: (212) 946-8302
               Tel (212) 946-3949

Re:  Interest Rate Swap Reference No. [2000-F-5]

Ladies and Gentlemen:

               The purpose of this letter agreement is to confirm the terms and
conditions of the Swap Transaction entered into between Deutsche Bank, AG,
acting through its New York Branch ("Party A") and Ford Credit Auto Owner Trust
2000-F ("Party B") on the Trade Date listed below (the "Transaction"). This
letter constitutes a "Confirmation" as referred to in the ISDA Agreement
specified below.

               The definitions and provisions contained in the 1991 ISDA
Definitions (as published by the International Swap Dealers Association, Inc.)
are incorporated into this Confirmation. In the event of any inconsistency
between those definitions and this Confirmation, this Confirmation will govern.

               1. This Confirmation supplements, forms part of, and is subject
to, the Master Agreement dated as of October 26, 2000, as amended and
supplemented from time to time (the "Agreement") between you and us. All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below. Other capitalized terms used herein and not otherwise
defined shall have the meanings given them in the Indenture referred to in the
Agreement. In the event of any inconsistency between those terms and this
Confirmation, this Confirmation will govern.

               2. The terms of the particular Transaction to which this
Confirmation relates are as follows:

<TABLE>
<S>                                                   <C>
               Party A:                               Deutsche Bank AG
                                                      New York Branch.

               Party B:                               Ford Credit Auto Owner Trust 2000-F.

               Trade Date:                            October 18, 2000.
</TABLE>

                                      A-5-1
<PAGE>   29
<TABLE>
<S>                                                   <C>
               Effective Date:                        October 26, 2000.

               Notional Amount:                       The Notional Amount initially shall equal $159,722,000 and
                                                      shall decrease by an amount equal to the amount of the
                                                      reduction in the aggregate principal balance of the Class A-5
                                                      Notes on each Monthly Distribution Date.  Decreases in the
                                                      Notional Amount with respect to the calculation of Fixed
                                                      Amounts shall take effect as of the Period End Date occurring
                                                      in the month of the Monthly Distribution Date.  Party B shall
                                                      determine the Notional Amount and shall inform Party A of
                                                      such determination by the twelfth day of each calendar month.

               Termination Date:                      The date the aggregate outstanding principal balance of the
                                                      Class A-5 Notes has been reduced to zero.

               Fixed Amounts

                   Fixed Rate Payer:                  Party B.

                   Fixed Rate Payer
                   Payment Date:                      The 15th day of each January, April, July and October until the
                                                      first Monthly Distribution Date after the Class A-5 Notes
                                                      convert to Monthly Pay Class A Notes, in which event the 15th
                                                      day of each calendar month, subject in either case to
                                                      adjustment in accordance with the Following Business Day
                                                      Convention.

                   Period                             End Date: The 15th day of each January, April, July and October
                                                      until the first Monthly Distribution Date after the Class A-[ ]
                                                      Notes convert to Monthly Pay Class A Notes, in which event the
                                                      15th day of each calendar month, in either case with No
                                                      Adjustment.

                   Fixed Rate:                        6.6885% until the last Period End Date ending on or prior to
                                                      October 15, 2004 and then either  (i) 6.6885% for each
                                                      Calculation Period thereafter if an Early Amortization Event
                                                      occurs or an acceleration of the notes resulting from an Event
                                                      of Default occurs prior to October 15, 2004 (as such terms are
                                                      defined in the Indenture), or (2)  6.5925% for each Calculation
                                                      Period thereafter if no Early Amortization Event occurs and no
                                                      acceleration of the notes resulting from an Event of Default
                                                      occurs prior to October 15, 2004.

                   Fixed Rate Day
                   Count Fraction:                    30/360.

               Floating Amounts

                   Floating Rate Payer:               Party A.

                   Floating Rate Payer
                   Payment Dates:                     The 15th day of each January, April, July and October until the
                                                      first Monthly Distribution Date after the Class A5 Notes
                                                      convert to Monthly Pay Class A Notes, in which event the 15th
</TABLE>

                                      A-5-2
<PAGE>   30
<TABLE>
<S>                                                   <C>
                                                      day of each calendar month, subject in either case to adjustment in
                                                      accordance with the Following Business Day Convention.
                   Floating Rate for initial
                   Calculation Period:                Linear interpolation of USD-LIBOR-BBA with a Designated
                                                      Maturity of two months and a Designated Maturity of three
                                                      months.  USD-LIBOR-BBA with a Designated Maturity of
                                                      three months.

                   Floating Rate Option:              USD-LIBOR-BBA.

                   Designated                         Maturity: Three months until the first Monthly Distribution
                                                      Date after the Class A-5 Notes convert to Monthly Pay Class A
                                                      Notes, and then one month thereafter.

                   Spread:                            12 (twelve) basis points until October 15, 2004 and then either
                                                      (i) 12 (twelve) basis points for each Calculation Period
                                                      thereafter if an Early Amortization Event occurs or an
                                                      acceleration of the notes resulting from an Event of Default
                                                      occurs prior to October 15, 2002 or (ii) zero basis points for
                                                      each Calculation Period thereafter if no Early Amortization
                                                      Event occurs and no acceleration of the notes resulting from
                                                      an Event of Default occurs prior to October 15, 2002.

                   Floating Rate Day
                   Count Fraction:                    Actual/360.

                   Reset Dates:                       The first day of each Floating Rate Payer Calculation Period.

               Business Days:                         New York and Delaware.

               Calculation Agent:                     Ford Motor Credit Company, as Administrator for Party B.

               3.  Account Details

               Payments to Party A:                   Deutsche Bank AG, New York Branch
                                                      ABA#:
                                                      Acct. #
                                                      Acct. Name:
                                                      Ref:  [                           ]

               Payments to Party B:                    The Chase Manhattan Bank
                                                      ABA# 021-000-21
                                                      Account #:  910-2758100
                                                      Account Name:  CMFS Incoming Wire House Account
                                                      Ref:  [                        ]

               Party A Operations Contact:            Deutsche Bank AG
                                                      New York Branch
                                                      31 W. 52nd Street
                                                      New York, New York 10019
                                                      Attn:  Swap Group
                                                      Tel: (1) (212) 469-4338
</TABLE>

                                      A-5-3
<PAGE>   31
<TABLE>
<S>                                                   <C>
                                                      Fax: (1) (212) 469-4654

               Party B Operations Contact:            The Chase Manhattan Bank
                                                      Corporate Trust Administration
                                                      450 West 33rd Street, 14th floor
                                                      New York, New York 10001
                                                      Attention:  Michael A. Smith
                                                      Tel:  (212) 946-3346
                                                      Fax:  (212)  946-8158
</TABLE>

                                      A-5-4
<PAGE>   32
                   Please confirm that the foregoing correctly sets forth the
terms of our agreement by executing this Confirmation and returning it to us.

Best Regards,

               FORD CREDIT AUTO OWNER TRUST 2000-F
               By: THE BANK OF NEW YORK
                    not in its individual capacity but solely as Owner Trustee

               By:______________________________
               Name:
               Title:

               DEUTSCHE BANK AG
               NEW YORK BRANCH

               By:______________________________
               Name:
               Title:

                                      A-5-5
<PAGE>   33
EXHIBIT B - Form of Confirmation for Variable Pay Term Notes

                                                                October 18, 2000

To:            Deutsche Bank AG
               New York Branch
               31 W. 52nd Street
               New York, NY 10019
Contact:       Jack Fonss
               Fax: (212) 469-4654
               Telephone: (212) 469-4338

From:          Ford Credit Auto Owner Trust 2000-F
               The Chase Manhattan Bank,
               as Indenture Trustee for
               Ford Credit Auto Owner Trust 2000-F
               101 Barclay Street
               New York, NY 10286
Contact:       Michael A. Smith
               Fax: (212) 946-8302
               Tel: (212) 946-3949

Re:  Interest Rate Swap Reference No. 2000F-V

Ladies and Gentlemen:

               The purpose of this letter agreement is to confirm the terms and
conditions of the Swap Transaction entered into between Deutsche Bank, AG,
acting through its New York Branch ("Party A") and Ford Credit Auto Owner Trust
2000-F ("Party B") on the Trade Date listed below (the "Transaction"). This
letter constitutes a "Confirmation" as referred to in the ISDA Agreement
specified below.

               The definitions and provisions contained in the 1991 ISDA
Definitions (as published by the International Swap Dealers Association, Inc.)
are incorporated into this Confirmation. In the event of any inconsistency
between those definitions and this Confirmation, this Confirmation will govern.

               1. This Confirmation supplements, forms part of, and is subject
to, the Master Agreement dated as of October 26, 2000, as amended and
supplemented from time to time (the "Agreement") between you and us. All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below. Other capitalized terms used herein and not otherwise
defined shall have the meanings given them in the Indenture referred to in the
Agreement. In the event of any inconsistency between those terms and this
Confirmation, this Confirmation will govern.

               2. The terms of the particular Transaction to which this
Confirmation relates are as follows:

<TABLE>
<S>                                      <C>
               Party A:                  Deutsche Bank AG
                                         New York Branch.

               Party B:                  Ford Credit Auto Owner Trust 2000-F.
</TABLE>

                                       B-1
<PAGE>   34
<TABLE>
<S>                                      <C>
               Trade Date:               October 18, 2000.

               Effective Date:           October 26, 2000.

               Notional Amount:          The Notional Amount initially shall equal zero and shall increase on the
                                         date of issuance of each Variable Pay Term Note issued by Party B after the
                                         Closing Date by the principal balance of such additional Variable Pay Term
                                         Note and shall decrease by an amount equal to the amount of the reduction
                                         in the principal balance of each Variable Pay Term Note on each Monthly
                                         Distribution Date.  Increases and decreases in the Notional Amount with
                                         respect to the calculation of Fixed Amounts shall take effect as of the Period
                                         End Date occurring in the month of the Monthly Distribution Date.  Party B
                                         shall determine the Notional Amount and shall inform Party A of such
                                         determination by the twelfth day of each calendar month.

               Termination Date:         The date the outstanding principal balances of all the Class A Notes and
                                         Variable Pay Term Notes have been reduced to zero.
</TABLE>

               Fixed Amounts

<TABLE>
<S>                                      <C>                           <C>
                                         Fixed Rate Payer:             Party B.

                                         Fixed Rate Payer
                                         Payment Date:                 The 15th day of each month, subject to
                                                                       adjustment in accordance with the Following
                                                                       Business Day Convention.

                                         Period End Date:              The 15th day of each month with No
                                                                       Adjustment.

                                         Fixed Rate:                   6.5925%.

                                         Fixed Rate Day
                                         Count Fraction:               30/360.

               Floating Amounts

                                         Floating Rate Payer:          Party A.

                                         Floating Rate Payer
                                         Payment Dates:                The 15th day of month, subject to adjustment
                                                                       in accordance with the Following Business
                                                                       Day Convention.

                                         Floating Rate Option:         USD-LIBOR-BBA.

                                         Designated Maturity:          One Month.

                                         Spread:                       none.

                                         Floating Rate Day
                                         Count Fraction:               Actual/360.
</TABLE>

                                       B-2
<PAGE>   35
<TABLE>
<S>                                      <C>                           <C>
                                         Reset Dates:                  The first day of each Floating Rate Payer
                                                                       Calculation Period.
</TABLE>

<TABLE>
<S>                                      <C>
               Business Days:            New York and Delaware.

               Calculation Agent:        Ford Motor Credit Company, as Administrator for Party B.

               3.  Account Details

               Payments to Party A:                         Deutsche Bank AG, New York Branch
                                                           ABA#:
                                                           Acct. #
                                                           Acct. Name:
                                                           Ref:  [                           ]

               Payments to Party B:                        The Chase Manhattan Bank
                                                           ABA# 021-000-21
                                                           Account #:  910-2758100
                                                           Account Name:  CMFS Incoming Wire House Account
                                                           Ref:  [                        ]

               Party A Operations Contact:                 Deutsche Bank AG New York Branch
                                                           31 W. 52nd Street
                                                           New York, New York 10019
                                                           Attention:  Swap Group
                                                           Tel: (1)(212) 469-4338
                                                           Fax: (1)(212) 469-4654

               Party B Operations Contact:                 The Chase Manhattan Bank
                                                           Corporate Trust Administration
                                                           450 West 33rd Street, 14th floor
                                                           New York, New York 10001
                                                           Attention:  Michael A. Smith
                                                           Tel:  (212) 946-3346
                                                           Fax:  (212)  946-8158
</TABLE>

                                       B-3
<PAGE>   36
               Please confirm that the foregoing correctly sets forth the terms
of our agreement by executing this Confirmation and returning it to us.

Best Regards,

               FORD CREDIT AUTO OWNER TRUST 2000-F
               By:   THE BANK OF NEW YORK
                     not in its individual capacity but solely as Owner Trustee

               By:______________________________
               Name:
               Title:

               DEUTSCHE BANK AG
               NEW YORK BRANCH

               By:______________________________
               Name:
               Title:

                                       B-4

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