Document:

exv10w23

 

Exhibit 10.23

1 Circle Star Way, Suite 200

San Carlos, CA 94070

tel (650) 226-4600

fax (650) 556-1190

www.demandtec.com

May 29, 2007

Mr. William R. Phelps

Dear Bill:

     DemandTec, Inc. (the “Company”) is pleased to offer you employment on the following terms:

          1. Position. The Company will employ you in a full-time position. Your title will be Senior
Vice President, Professional Services and you will initially report to the Company’s Chief
Executive Officer.
By signing this letter agreement, you confirm to the Company that you have no contractual
commitments or other
legal obligations that would prohibit you from performing your duties for the Company.

          2. Base Salary. The Company will pay you a starting salary at the rate of $225,000 per
year, less applicable taxes, payable in accordance with the Company’s standard payroll
schedule.

          3. Variable Compensation. In addition to your base salary, you will be eligible to receive
additional variable compensation as outlined under the company’s Variable Incentive
Compensation Plan. The
annual variable compensation payment is targeted to be $112,500 upon 100% achievement and
payout of the
Plan. Your eligibility to participate in the Plan starts on your hire date.

          4. Employee Benefits. As a regular employee of the Company, you will be eligible to
participate in a number of Company-sponsored benefits. These benefits are described in the
employee benefit
summary that will be presented to you upon your first day of employment. In addition, you
will be entitled to
paid vacation in accordance with the Company’s vacation policy, as in effect from time to
time.

          5. Stock Options. So that you may participate in the Company’s success, you will be
granted an option to purchase 500,000 shares of the Company’s Common Stock, subject to the
approval of the
Company’s Board of Directors. The exercise price of such shares will be equal to the fair
market value per
share on the date the option is granted, as determined by the Company’s Board of Directors.
The option will be
subject to the terms and conditions applicable to options granted under the Company’s 1999
Equity Incentive
Plan (the “Plan”), as described in the Plan and the applicable Stock Option Agreement. You
will vest in 12.5%
of the option shares after six months of continuous service, and the balance will vest in
equal monthly
installments over the next 42 months of continuous service, as described in the applicable
Stock Option
Agreement.

If the Company is subject to a Change of Control (as defined in the Plan) and you are subject to
a Constructive Termination within 12 months of that Change in Control, then you will be vested
in an additional 50% of your unvested option shares as of the date of your termination of
employment and the Company will continue to pay your base salary for a period of 3 months
following the date of your termination of employment. In the event you are enrolled in the
Company’s health plans and should you be subject to a Constructive Termination within 12 months
of that Change in Control, the Company will pay you an after-tax amount equal to three (3)
months of COBRA expense for your health insurance in effect at the time of your termination.

 

 

“Constructive Termination” means either (a) that your service is terminated by the Company
without Cause, or (b) that you resign because (i) you have been assigned to duties which
reflect a material adverse change in your authority or responsibility with the Company or any
successor, (ii) the annual rate of your base salary was reduced by the Company, or (iii) the
Company has relocated your principal place of work by a distance of 35 miles or more. “Cause”
means (a) any breach of the Proprietary Information and Inventions Agreement between you and
the Company; (b) conviction of, or a plea of “guilty” or “no contest” to a felony under the
laws of the United States or any State or any crime involving moral turpitude; (c) your
participation in any fraud against the Company; or (d) your intentional damage to any material
property of the Company or other gross misconduct. The foregoing, however, is not an exclusive
list of all acts or omissions that the Company may consider as grounds for discharging any
person in its service.

          6. Proprietary Information and Inventions Agreement. Like all Company employees,
you will be required, as a condition to your employment with the Company, to sign the
Company’s standard
Employee Proprietary Information and Inventions Agreement, a copy of which is attached
hereto as Exhibit A.

          7. Employment Relationship. Employment with the Company is for no specific period of
time. Your employment with the Company will be “at will,” meaning that either you or the
Company may
terminate your employment at any time and for any reason, with or without cause. Any
contrary representations
that may have been made to you are superseded by this offer. This is the full and complete
agreement between
you and the Company on this term. Although your job duties, title, compensation and
benefits, as well as the
Company’s personnel policies and procedures, may change from time to time, the “at will”
nature of your
employment may only be changed in an express written agreement signed by you and the Chief
Executive
Officer of the Company.

          8. Outside Activities. While you render services to the Company, you agree that you will
not engage in any other employment, consulting or other business activity without the
written consent of the
Company. While you render services to the Company, you also will not assist any person or
entity in competing
with the Company, in preparing to compete with the Company or in hiring any employees or
consultants of the
Company.

          9. Withholding Taxes. All forms of compensation referred to in this letter agreement are
subject to reduction to reflect applicable withholding and payroll taxes and other
deductions required by law.

          10. Entire Agreement. This letter agreement supersedes and replaces any prior
understandings or agreements, whether oral or written, between you and the Company regarding the
subject matter described in this letter agreement.

     We hope that you find the foregoing terms acceptable. You may indicate your agreement with
these terms and accept this offer by signing and dating both the enclosed duplicate original of
this letter agreement and the enclosed Employee Proprietary Information and Inventions Agreement
and returning them to me. This offer, if not accepted, will expire at the close of business on
Thursday, May 31, 2007. As required by law, your employment with the Company is contingent upon
your providing legal proof of your identity and authorization to work in the United States. Your
employment is also contingent upon your starting work with the
Company on or before June 18, 2007.

If you have any questions, please call Mark Culhane at 650-226-4800.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	/s/ Mark A Culhane
 	 
	 	Mark A. Culhane 	 
	 	Executive Vice President and Chief
Financial Officer

DemandTec, Inc 	 

 

 

	 	 	 	 	 

I have read and accept this employment offer

	 	 	 
	                        /s/ William R. Phelps
	 	                    5/30/07
	 

	 	 
	Signature of William R. Phelps

	 	                    Dated:

Attachment

Exhibit A: Employee Proprietary Information and Inventions AgreementUnassociated Document

    
      
        Exhibit
          4.1

         

        EXECUTION
          COPY

         

         

         

         

      

       

       

       

       

      WACHOVIA
        AUTO
        OWNER TRUST 2007-A, 
as Issuer,

       

      and

       

      U.S. BANK
        NATIONAL ASSOCIATION, 
as Indenture Trustee

       

       

       

      
        
          

        

      

       

       

      INDENTURE

       

      Dated as
        of June
        1, 2007

       

      
        
          
            

          

        

      

       

       

       

       

      $132,000,000
        5.34013% Class A‐1 Asset Backed
        Notes
$169,000,000 5.38% Class A‐2 Asset Backed Notes
$185,000,000
        5.39% Class A-3 Asset Backed Notes

      $142,875,000
        5.49% Class A‐4 Asset Backed Notes
$16,125,000
        5.80% Class B Asset Backed Notes

       

       

       

       

      
      

    

    
      
        
           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

             

          

          CROSS
            REFERENCE TABLE*

           

          
            	
                       TIA

                    Section

                  	
                    
                      Indenture

                      Section

                       

                    

                  
	
                    310(a)(1)

                  	
                    6.11

                  
	
                    (a)(2)

                  	
                    6.11

                  
	
                    (a)(3)

                  	
                    6.10;
                      6.11

                  
	
                    (a)(4)

                  	
                    N.A**

                  
	
                    (a)(5)

                  	
                    6.11

                  
	
                    (b)

                  	
                    6.08;
                      6.11

                  
	
                    (c)

                  	
                    N.A.

                  
	
                    311(a)

                  	
                    6.12

                  
	
                    (b)

                  	
                    6.12

                  
	
                    (c)

                  	
                    N.A.

                  
	
                    312(a)

                  	
                    7.01

                  
	
                    (b)

                  	
                    7.02

                  
	
                    (c)

                  	
                    7.02

                  
	
                    313(a)

                  	
                    7.04

                  
	
                    (b)(1)

                  	
                    7.04

                  
	
                    (b)(2)

                  	
                    7.04

                  
	
                    (c)

                  	
                    7.04;
                      11.05

                  
	
                    (d)

                  	
                    7.04

                  
	
                    314(a)

                  	
                    3.09;
                      7.03

                  
	
                    (b)

                  	
                    3.06;
                      11.15

                  
	
                    (c)(1)

                  	
                    11.01

                  
	
                    (c)(2)

                  	
                    11.01

                  
	
                    (c)(3)

                  	
                    11.01

                  
	
                    (d)

                  	
                    11.01

                  
	
                    (e)

                  	
                    11.01

                  
	
                    (f)

                  	
                    11.01

                  
	
                    315(a)

                  	
                    6.01

                  
	
                    (b)

                  	
                    6.05;
                      11.01

                  
	
                    (c)

                  	
                    6.01

                  
	
                    (d)

                  	
                    6.01

                  
	
                    (e)

                  	
                    5.13

                  
	
                    316(a)

                  	
                    1.01

                  
	
                    (a)(1)(A)

                  	
                    5.11

                  
	
                    (a)(1)(B)

                  	
                    5.12

                  
	
                    (a)(2)

                  	
                    N.A.

                  
	
                    (b)

                  	
                    5.07

                  
	
                    (c)

                  	
                    N.A.

                  
	
                    317(a)(1)

                  	
                    5.03

                  
	
                    (a)(2)

                  	
                    5.03

                  
	
                    (b)

                  	
                    3.03

                  
	
                    318(a)

                  	
                    11.07

                  

          

          

          __________________ 

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

          

          
            **N.A.
              means Not Applicable.

             

             

            
              
                
                

              

              
                i

                
                  

                

              

              
                
                

              

            

             

          

          TABLE
            OF
            CONTENTS

           

          Page

           

          ARTICLE
            ONE

           

          DEFINITIONS
            AND INCORPORATION BY REFERENCE

           

          
            	
                    Section
                      1.01.

                  	
                    Definitions.

                  	
                    2

                  
	
                    Section
                      1.02.

                  	
                    Incorporation
                      by Reference of Trust Indenture Act

                  	
                    13

                  
	
                    Section
                      1.03.

                  	
                    Interpretive
                      Provisions

                  	
                    14

                  

          

           

          ARTICLE
            TWO

           

          THE
            NOTES

           

          
            	
                    Section
                      2.01.

                  	
                    Form.

                  	
                    15

                  
	
                    Section
                      2.02.

                  	
                    Execution,
                      Authentication and Delivery.

                  	
                    15

                  
	
                    Section
                      2.03.

                  	
                    Temporary
                      Notes.

                  	
                    16

                  
	
                    Section
                      2.04.

                  	
                    Tax
                      Treatment

                  	
                    16

                  
	
                    Section
                      2.05.

                  	
                    Registration;
                      Registration of Transfer and Exchange.

                  	
                    16

                  
	
                    Section
                      2.06.

                  	
                    Mutilated,
                      Destroyed, Lost or Stolen Notes.

                  	
                    18

                  
	
                    Section
                      2.07.

                  	
                    Persons
                      Deemed Owner

                  	
                    19

                  
	
                    Section
                      2.08.

                  	
                    Payment
                      of Principal and Interest.

                  	
                    19

                  
	
                    Section
                      2.09.

                  	
                    Cancellation

                  	
                    23

                  
	
                    Section
                      2.10.

                  	
                    Book-Entry
                      Notes

                  	
                    24

                  
	
                    Section
                      2.11.

                  	
                    Notices
                      to Clearing Agency

                  	
                    24

                  
	
                    Section
                      2.12.

                  	
                    Definitive
                      Notes

                  	
                    24

                  
	
                    Section
                      2.13.

                  	
                    Release
                      of Collateral

                  	
                    25

                  
	
                    Section
                      2.14.

                  	
                    Employee
                      Benefit Plans

                  	
                    25

                  
	
                    Section
                      2.15.

                  	
                    Authenticating
                      Agents

                  	
                    26

                  

          

           

          ARTICLE
            THREE

           

          COVENANTS

           

          
            	
                    Section
                      3.01.

                  	
                    Payment
                      of Principal and Interest

                  	
                    27

                  
	
                    Section
                      3.02.

                  	
                    Maintenance
                      of Office or Agency

                  	
                    27

                  
	
                    Section
                      3.03.

                  	
                    Money
                      for Payments to be Held in Trust.

                  	
                    27

                  
	
                    Section
                      3.04.

                  	
                    Existence

                  	
                    29

                  
	
                    Section
                      3.05.

                  	
                    Protection
                      of Trust Estate

                  	
                    29

                  
	
                    Section
                      3.06.

                  	
                    Opinions
                      as to Trust Estate.

                  	
                    29

                  
	
                    Section
                      3.07.

                  	
                    Performance
                      of Obligations; Servicing of Receivables.

                  	
                    30

                  
	
                    Section
                      3.08.

                  	
                    Negative
                      Covenants

                  	
                    32

                  
	
                    Section
                      3.09.

                  	
                    Annual
                      Statement as to Compliance

                  	
                    33

                  
	
                    Section
                      3.10.

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

                  	
                    33

                  
	
                    Section
                      3.11.

                  	
                    Successor
                      or Transferee.

                  	
                    34

                  

          

           

           

          
            
              
              

            

            
              i

              
                

              

            

            
              
              

            

          

          
 

          
            	
                    Section
                      3.12.

                  	
                    No
                      Other Business

                  	
                    35

                  
	
                    Section
                      3.13.

                  	
                    No
                      Borrowing

                  	
                    35

                  
	
                    Section
                      3.14.

                  	
                    Master
                      Servicer’s Obligations

                  	
                    35

                  
	
                    Section
                      3.15.

                  	
                    Guarantees,
                      Loans, Advances and Other Liabilities

                  	
                    35

                  
	
                    Section
                      3.16.

                  	
                    Capital
                      Expenditures

                  	
                    35

                  
	
                    Section
                      3.17.

                  	
                    Removal
                      of Administrator

                  	
                    35

                  
	
                    Section
                      3.18.

                  	
                    Restricted
                      Payments

                  	
                    35

                  
	
                    Section
                      3.19.

                  	
                    Notice
                      of Events of Default

                  	
                    36

                  
	
                    Section
                      3.20.

                  	
                    Further
                      Instruments and Acts

                  	
                    36

                  
	
                    Section
                      3.21.

                  	
                    Compliance
                      with Laws

                  	
                    36

                  
	
                    Section
                      3.22.

                  	
                    Amendments
                      of Sale and Servicing Agreement and Trust Agreement

                  	
                    36

                  

          

           

          ARTICLE
            FOUR

           

          SATISFACTION
            AND DISCHARGE

           

          
            	
                    Section
                      4.01.

                  	
                    Satisfaction
                      and Discharge of Indenture

                  	
                    37

                  
	
                    Section
                      4.02.

                  	
                    Satisfaction,
                      Discharge and Defeasance of the Notes.

                  	
                    38

                  
	
                    Section
                      4.03.

                  	
                    Application
                      of Trust Money

                  	
                    39

                  
	
                    Section
                      4.04.

                  	
                    Repayment
                      of Monies Held by Paying Agent

                  	
                    39

                  

          

           

          ARTICLE
            FIVE

           

          EVENTS
            OF
            DEFAULT; REMEDIES

           

          
            	
                    Section
                      5.01.

                  	
                    Events
                      of Default

                  	
                    40

                  
	
                    Section
                      5.02.

                  	
                    Acceleration
                      of Maturity; Rescission and Annulment.

                  	
                    41

                  
	
                    Section
                      5.03.

                  	
                    Collection
                      of Indebtedness and Suits for Enforcement by Indenture
                      Trustee.

                  	
                    42

                  
	
                    Section
                      5.04.

                  	
                    Remedies.

                  	
                    44

                  
	
                    Section
                      5.05.

                  	
                    Optional
                      Preservation of the Receivables

                  	
                    45

                  
	
                    Section
                      5.06.

                  	
                    Limitation
                      of Suits

                  	
                    45

                  
	
                    Section
                      5.07.

                  	
                    Unconditional
                      Rights of Noteholders to Receive Principal and Interest

                  	
                    46

                  
	
                    Section
                      5.08.

                  	
                    Restoration
                      of Rights and Remedies

                  	
                    46

                  
	
                    Section
                      5.09.

                  	
                    Rights
                      and Remedies Cumulative

                  	
                    46

                  
	
                    Section
                      5.10.

                  	
                    Delay
                      or Omission Not a Waiver

                  	
                    46

                  
	
                    Section
                      5.11.

                  	
                    Control
                      by Noteholders of the Controlling Class

                  	
                    46

                  
	
                    Section
                      5.12.

                  	
                    Waiver
                      of Past Defaults

                  	
                    47

                  
	
                    Section
                      5.13.

                  	
                    Undertaking
                      for Costs

                  	
                    47

                  
	
                    Section
                      5.14.

                  	
                    Waiver
                      of Stay or Extension Laws

                  	
                    47

                  
	
                    Section
                      5.15.

                  	
                    Action
                      on Notes

                  	
                    48

                  
	
                    Section
                      5.16.

                  	
                    Performance
                      and Enforcement of Certain Obligations.

                  	
                    48

                  

          

           

           

          
            
              
              

            

            
              ii

              
                

              

            

            
              
              

            

          

           

          ARTICLE
            SIX

           

          THE
            INDENTURE TRUSTEE

           

          
            	
                    Section
                      6.01.

                  	
                    Duties
                      of Indenture Trustee.

                  	
                    50

                  
	
                    Section
                      6.02.

                  	
                    Rights
                      of Indenture Trustee.

                  	
                    51

                  
	
                    Section
                      6.03.

                  	
                    Individual
                      Rights of Indenture Trustee

                  	
                    52

                  
	
                    Section
                      6.04.

                  	
                    Indenture
                      Trustee’s Disclaimer

                  	
                    52

                  
	
                    Section
                      6.05.

                  	
                    Notice
                      of Defaults

                  	
                    52

                  
	
                    Section
                      6.06.

                  	
                    Reports
                      by Indenture Trustee to Noteholders

                  	
                    52

                  
	
                    Section
                      6.07.

                  	
                    Compensation
                      and Indemnity.

                  	
                    52

                  
	
                    Section
                      6.08.

                  	
                    Replacement
                      of Indenture Trustee.

                  	
                    53

                  
	
                    Section
                      6.09.

                  	
                    Successor
                      Indenture Trustee by Merger.

                  	
                    54

                  
	
                    Section
                      6.10.

                  	
                    Appointment
                      of Co-Trustee or Separate Trustee.

                  	
                    55

                  
	
                    Section
                      6.11.

                  	
                    Eligibility;
                      Disqualification

                  	
                    56

                  
	
                    Section
                      6.12.

                  	
                    Preferential
                      Collection of Claims Against Issuer

                  	
                    57

                  
	
                    Section
                      6.13.

                  	
                    Representations
                      and Warranties of Indenture Trustee

                  	
                    57

                  

          

           

          ARTICLE
            SEVEN

           

          NOTEHOLDERS’
            LISTS AND REPORTS

           

          
            	
                    Section
                      7.01.

                  	
                    Issuer
                      to Furnish Indenture Trustee Names and Addresses of
                      Noteholders

                  	
                    58

                  
	
                    Section
                      7.02.

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

                  	
                    58

                  
	
                    Section
                      7.03.

                  	
                    Reports
                      by Issuer.

                  	
                    58

                  
	
                    Section
                      7.04.

                  	
                    Reports
                      by Indenture Trustee.

                  	
                    59

                  

          

           

          ARTICLE
            EIGHT

           

          ACCOUNTS,
            DISBURSEMENTS AND RELEASES

           

          
            	
                    Section
                      8.01.

                  	
                    Collection
                      of Money

                  	
                    60

                  
	
                    Section
                      8.02.

                  	
                    Accounts.

                  	
                    60

                  
	
                    Section
                      8.03.

                  	
                    General
                      Provisions Regarding Accounts.

                  	
                    61

                  
	
                    Section
                      8.04.

                  	
                    Release
                      of Trust Estate.

                  	
                    61

                  
	
                    Section
                      8.05.

                  	
                    Opinion
                      of Counsel

                  	
                    62

                  

          

           

          ARTICLE
            NINE

           

          SUPPLEMENTAL
            INDENTURES

           

          
            	
                    Section
                      9.01.

                  	
                    Supplemental
                      Indentures Without Consent of Noteholders.

                  	
                    63

                  
	
                    Section
                      9.02.

                  	
                    Supplemental
                      Indentures With Consent of Noteholders

                  	
                    64

                  

          

           

           

          
            
              
              

            

            
              iii

              
                

              

            

            
              
              

            

          

          
 

          
            	
                    Section
                      9.03.

                  	
                    Execution
                      of Supplemental Indentures

                  	
                    66

                  
	
                    Section
                      9.04.

                  	
                    Effect
                      of Supplemental Indenture

                  	
                    66

                  
	
                    Section
                      9.05.

                  	
                    Conformity
                      with Trust Indenture Act

                  	
                    66

                  
	
                    Section
                      9.06.

                  	
                    Reference
                      in Notes to Supplemental Indentures

                  	
                    66

                  

          

           

          ARTICLE
            TEN

           

          REDEMPTION
            OF NOTES

           

          
            	
                    Section
                      10.01.

                  	
                    Redemption.

                  	
                    67

                  
	
                    Section
                      10.02.

                  	
                    Form
                      of Redemption Notice

                  	
                    67

                  
	
                    Section
                      10.03.

                  	
                    Notes
                      Payable on Redemption Date

                  	
                    68

                  

          

           

          ARTICLE
            ELEVEN

           

          MISCELLANEOUS

           

          
            	
                    Section
                      11.01.

                  	
                    Compliance
                      Certificates and Opinions, etc.

                  	
                    69

                  
	
                    Section
                      11.02.

                  	
                    Form
                      of Documents Delivered to Indenture Trustee.

                  	
                    70

                  
	
                    Section
                      11.03.

                  	
                    Acts
                      of Noteholders.

                  	
                    71

                  
	
                    Section
                      11.04.

                  	
                    Notices,
                      etc., to Indenture Trustee, Issuer, Depositor and Rating
                      Agencies

                  	
                    72

                  
	
                    Section
                      11.05.

                  	
                    Notices
                      to Noteholders; Waiver

                  	
                    72

                  
	
                    Section
                      11.06.

                  	
                    Alternate
                      Payment and Notice Provisions

                  	
                    73

                  
	
                    Section
                      11.07.

                  	
                    Conflict
                      with Trust Indenture Act

                  	
                    73

                  
	
                    Section
                      11.08.

                  	
                    Effect
                      of Headings and Table of Contents

                  	
                    73

                  
	
                    Section
                      11.09.

                  	
                    Successors
                      and Assigns

                  	
                    73

                  
	
                    Section
                      11.10.

                  	
                    Severability

                  	
                    74

                  
	
                    Section
                      11.11.

                  	
                    Benefits
                      of Indenture; Third Party Beneficiaries

                  	
                    74

                  
	
                    Section
                      11.12.

                  	
                    Legal
                      Holidays

                  	
                    74

                  
	
                    Section
                      11.13.

                  	
                    GOVERNING
                      LAW

                  	
                    74

                  
	
                    Section
                      11.14.

                  	
                    Counterparts

                  	
                    74

                  
	
                    Section
                      11.15.

                  	
                    Recording
                      of Indenture

                  	
                    74

                  
	
                    Section
                      11.16.

                  	
                    Trust
                      Obligation

                  	
                    74

                  
	
                    Section
                      11.17.

                  	
                    No
                      Petition

                  	
                    75

                  
	
                    Section
                      11.18.

                  	
                    Inspection

                  	
                    75

                  
	
                    Section
                      11.19.

                  	
                    Subordination
                      Agreement

                  	
                    75

                  
	
                    Section
                      11.20.

                  	
                    Security
                      Interest Matters.

                  	
                    75

                  

          

          

          EXHIBITS

           

          
            	
                    Exhibit A
                      – Form of Notes

                  	
                    A-1

                  

          

           

          
            
              
              

            

            
              iv

              
                

              

            

            
              
              

            

          

          
 

          This
            Indenture, dated as of June 1, 2007, is between Wachovia Auto Owner Trust
            2007-A, a Delaware statutory trust (the “Issuer”), and U.S. Bank National
            Association, a national banking association, not in its individual capacity
            but
            solely as trustee (the “Indenture Trustee”).

           

          Each
            party agrees as follows for the benefit of the other party and for the
            equal and
            ratable benefit of the holders of the Issuer’s 5.34013% Class A-1 Asset
            Backed Notes (the “Class A-1 Notes”), 5.38% Class A-2 Asset Backed
            Notes (the “Class A-2 Notes”), 5.39% Class A-3 Asset Backed Notes (the
“Class A-3 Notes”), 5.49% Class A-4 Asset Backed Notes (the “Class A-4
            Notes”) and 5.80% Class B Asset Backed Notes (the “Class B Notes”)
            and, together with the Class A-1 Notes, the Class A-2 Notes, the
            Class A-3 Notes and the Class A-4 Notes, the “Notes”):

           

          GRANTING
            CLAUSE

           

          The
            Issuer hereby Grants to the Indenture Trustee on the Closing Date, on
            behalf of
            and for the benefit of the Noteholders, without recourse, all of the
            Issuer’s
            right, title and interest in, to and under, whether now owned or existing
            or
            hereafter acquired or arising, (i) the Receivables, (ii) all amounts
            due and collected on or in respect of the Receivables (including proceeds
            of the
            repurchase of Receivables by the Seller pursuant to the Receivables Purchase
            Agreement) after the Cutoff Date, (iii) the security interests in the
            Financed Vehicles granted by the Obligors pursuant to the Receivables,
            (iv) all proceeds from claims on and refunds of premiums of any physical
            damage or theft insurance policies and extended warranties covering the
            Financed
            Vehicles and any proceeds and refunds of premiums of any credit life
            or credit
            disability insurance policies relating to the Receivables, the Financed
            Vehicles
            or the Obligors, (v) the Receivable Files, (vi) the Collection
            Account, the Note Payment Account, the Reserve Fund, and all amounts,
            securities, Financial Assets, investments and other property deposited
            in or
            credited to any of the foregoing and all proceeds thereof, (vii) all rights
            of the Depositor under the Receivables Purchase Agreement, including
            the right
            to require the Seller to repurchase Receivables from the Depositor,
            (viii) any proceeds of Dealer Recourse, (ix) all rights of the Issuer
            under the Sale and Servicing Agreement, including the right to require
            the
            Seller to repurchase or the Master Servicer to purchase Receivables from
            the
            Issuer, (x) the right to realize upon any property (including the right to
            receive future Net Liquidation Proceeds and Recoveries) that shall have
            secured
            a Receivable and have been repossessed by or on behalf of the Issuer,
            (xi) all of the Issuer’s rights and benefits under the First Tier
            Assignment (but none of its obligations or burdens) and (xii) all
            present and future claims, demands, causes of action and choses in action
            in
            respect of any or all of the foregoing, and all payments on or under
            and all
            proceeds of every kind and nature whatsoever in respect of any or all
            of the
            foregoing, including all proceeds of the conversion thereof, voluntary
            or
            involuntary, into cash or other liquid property, all accounts, accounts
            receivable, general intangibles, chattel paper, documents, money, investment
            property, deposit accounts, notes, drafts, acceptances, letters of credit,
            letter of credit rights, Insurance Proceeds, condemnation awards, rights
            to
            payment of any and every kind and other forms of obligations and receivables,
            instruments and other property which at any time constitute all or part
            of or
            are included in the proceeds of any of the foregoing (collectively, the
            “Collateral”).

           

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

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

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

           

          ARTICLE
            ONE

           

          DEFINITIONS
            AND INCORPORATION BY REFERENCE

           

          Section
            1.01.  Definitions.

           

          (a)           Whenever
            used in this Indenture, the following words and phrases, unless the context
            otherwise requires, shall have the following meanings.

           

          “Accounts”
            has the meaning specified in the Sale and Servicing Agreement.

           

          “Act”
            has the meaning specified in Section 11.03(a).

           

          “Additional
            Servicing Fee” means, for any Collection Period, if a Successor Master
            Servicer is appointed pursuant to Section 7.02 of the Sale and Servicing
            Agreement, the amount, if any, by which (i) the compensation payable
            to such Successor Master Servicer for such Collection Period exceeds
            (ii) the Monthly Servicing Fee for such Collection Period.

           

          “Administration
            Agreement” means the administration agreement, dated as of June 1, 2007
            among the Administrator, the Issuer, the Depositor and the Indenture
            Trustee.

           

          “Administrator”
            means Wachovia Bank, in its capacity as administrator under the Administration
            Agreement, and its successors in such capacity.

           

          “Affiliate”
            has the meaning specified in the Sale and Servicing Agreement.

           

          “Aggregate
            Principal Distributable Amount” means, with respect to any Distribution
            Date, the Priority Principal Distributable Amount and the Secondary Principal
            Distributable Amount.

           

          “Authenticating
            Agent” has the meaning specified in Section 2.15.

           

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

           

           

          
            
              
              

            

            
              2

              
                

              

            

            
              
              

            

          

           

          “Available
            Collections” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Available
            Funds” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Basic
            Documents” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Benefit
            Plan” means (i) employee benefit plans (as defined in Section 3(3)
            of ERISA) that are subject to Title I of ERISA, (ii) plans described
            in Section 4975(e)(1) of the Code, including individual retirement accounts
            or Keogh Plans that are not exempt under Section 4975(g) of the Code, and
            (iii) any entities whose underlying assets include plan assets by reason of
            a plan’s investment in such entities.

           

          “Book-Entry
            Notes” means a beneficial interest in the Notes, ownership and transfers
            of
            which shall be made through book entries by a Clearing Agency as described
            in
            Section 2.10.

           

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

           

          “Certificate
            Payment Account” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Certificateholder”
            has the meaning specified in the Trust Agreement.

           

          “Class”
            means a class of Notes, which may be the Class A-1 Notes, the
            Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes or the
            Class B Notes, as the context may require.

           

          “Class A
            Noteholder” means the Person in whose name a Class A Note is registered
            in the Note Register.

           

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

           

          “Class
            A-1 Final Scheduled Distribution Date” means July 18, 2008.

           

          “Class A-1
            Interest Rate” means 5.34013% per annum (computed on the basis of the actual
            number of days in the related Interest Period divided by 360).

           

          “Class A-1
            Noteholder” means the Person in whose name a Class A-1 Note is
            registered in the Note Register.

           

          “Class A-1
            Notes” means the 5.34013 Class A-1 Asset Backed Notes, substantially in
            the form of Exhibit A.

           

          “Class A-2
            Final Scheduled Distribution Date” means the April 20,
            2010 Distribution Date.

           

          
            
              
              

            

            
              3

              
                

              

            

            
              
              

            

          

           

          “Class A-2
            Interest Rate” means 5.38% per annum (computed on the basis of a 360-day
            year consisting of twelve 30-day months).

           

          “Class A-2
            Notes” means the 5.38% Class A-2 Asset Backed Notes, substantially in
            the form of Exhibit A.

           

          “Class A-3
            Final Scheduled Distribution Date” means the September 20,
            2011 Distribution Date.

           

          “Class A-3
            Interest Rate” means 5.39% per annum (computed on the basis of a 360-day
            year consisting of twelve 30-day months).

           

          “Class A-3
            Notes” means the 5.39% Class A-3 Asset Backed Notes, substantially in
            the form of Exhibit A.

           

          “Class A-4
            Final Scheduled Distribution Date” means the April 22,
            2013 Distribution Date.

           

          “Class A-4
            Interest Rate” means 5.49% per annum (computed on the basis of a 360-day
            year consisting of twelve 30-day months).

           

          “Class A-4
            Notes” means the 5.49% Class A-4 Asset Backed Notes, substantially in
            the form of Exhibit A.

           

           “Class B
            Final Scheduled Distribution Date” means the January 20,
            2015 Distribution Date.

           

          “Class B
            Interest Rate” means 5.80% per annum (computed on the basis of a 360-day
            year consisting of twelve 30-day months).

           

          “Class B
            Noteholder” means the Person in whose name a Class B Note is registered
            in the Note Register.

           

          “Class B
            Notes” means the 5.80% Class B Asset Backed Notes, substantially in the
            form of Exhibit A.

           

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

           

          “Clearing
            Agency Custodian” means the Indenture Trustee, as custodian for the Clearing
            Agency.

           

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

           

          “Closing
            Date” means June 28, 2007.

           

          
            
              
              

            

            
              4

              
                

              

            

            
              
              

            

          

           

          “Code”
            means the Internal Revenue Code of 1986 and the Treasury Regulations
            promulgated
            thereunder.

           

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

           

          “Collection
            Account” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Collection
            Period” means, with respect to any Distribution Date, the immediately
            preceding calendar month (or, in the case of the first Collection Period,
            the
            period from but excluding the Cutoff Date to and including the last day of
            the month immediately preceding the month in which the first Distribution
            Date
            occurs).

           

          “Commission” has
            the meaning specified in the Sale and Servicing Agreement.

           

          “Controlling
            Class” means the Class A Notes so long as any Class A Notes are
            Outstanding and thereafter the Class B Notes.

           

          “Corporate
            Trust Office” means the principal office of the Indenture Trustee at which
            at any particular time its corporate trust business shall be administered,
            which
            office at the date of execution of this Indenture is located at 60 Livingston
            Avenue, EP MN WS3D, St. Paul Minnesota 55107, Attention: Structured Finance
–
WAOT 2007-A, or at such other address as the Indenture Trustee may designate
            from time to time by written notice to the Noteholders and the Issuer,
            or the
            principal corporate trust office of any successor Indenture Trustee at
            the
            address designated by such successor Indenture Trustee by written notice
            to the
            Noteholders and the Issuer.

           

          “Cumulative
            Net Loss Percentage” means, with respect to any Distribution Date and the
            related Collection Period, the percentage equivalent of a fraction, (i) the
            numerator of which is equal to the excess, if any, of (a) the
            aggregate Principal Balance of all Receivables that became Defaulted
            Receivables during such Collection Period and all prior Collection Periods
            (in
            each case as of the day that each such Receivable became a Defaulted
            Receivable)
            over (b) the aggregate Net Liquidation Proceeds and Recoveries received by
            the Master Servicer during such Collection Period and all prior Collection
            Periods and (ii) the denominator of which is the Cutoff Date Pool
            Balance.

           

          “Cutoff
            Date” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Cutoff
            Date Pool Balance” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Dealer
            Recourse” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Default”
            means any event that with notice or the lapse of time or both would become
            an
            Event of Default.

           

          “Defaulted
            Receivable” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Definitive
            Notes” has the meaning specified in Section 2.10.

           

          
            
              
              

            

            
              5

              
                

              

            

            
              
              

            

          

           

          “Depositor”
            has the meaning specified in the Trust Agreement.

           

          “Distribution
            Date” means the 20th day of each month, or if such 20th day is not a
            Business Day, the following Business Day, commencing on August 20, 2007;
            provided, however, if the Class A-1 Notes remain Outstanding following
            the June
            2008 Distribution Date, the portion of Available Funds to be distributed
            on the
            July 2008 Distribution Date necessary to pay interest on and principal
            of the
            Class A-1 Notes in full, if any, will be paid on the Class A-1 Final
            Scheduled
            Distribution Date and, with respect to the Class A-1 Notes only, for
            the July
            2008 Distribution Date, the term “Distribution Date” shall mean and refer to the
            Class A-1 Final Scheduled Distribution Date.

           

          “Eligible
            Institution” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Eligible
            Investments” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “ERISA”
            means the Employee Retirement Income Security Act of 1974.

           

          “Event
            of Default” has the meaning specified in Section 5.01.

           

          “Excess
            Collections” has the meaning specified in
            Section 2.08(a)(x).

           

          “Exchange
            Act” means the Securities Exchange Act of 1934.

           

          “Exchange
            Act Reports” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Executive
            Officer” means, with respect to any (i) corporation, limited liability
            company or depository institution, the chief executive officer, the chief
            operating officer, the chief financial officer, the president, any Vice
            President, the secretary or the treasurer of such corporation, limited
            liability
            company or depository institution and (ii) partnership, any general partner
            thereof.

           

          “Final
            Scheduled Distribution Date” means the Class A-1 Final Scheduled
            Distribution Date, the Class A-2 Final Scheduled Distribution Date, the
            Class A-3 Final Scheduled Distribution Date, the Class A-4 Final
            Scheduled Distribution Date or the Class B Final Scheduled Distribution
            Date, as the context may require.

           

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

           

          “Financial
            Asset” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “First
            Tier Assignment” means the first tier assignment in substantially the form
            attached as Exhibit B to the Receivables Purchase Agreement.

           

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

           

          
            
              
              

            

            
              6

              
                

              

            

            
              
              

            

          

           

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

           

          “Indenture”
            means this Indenture.

           

          “Indenture
            Trustee” means U.S. Bank National Association, a national banking
            association, as Indenture Trustee under this Indenture, and any successor
            in
            such capacity.

           

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

           

          “Independent
            Certificate” means a certificate or opinion to be delivered to the Indenture
            Trustee under the circumstances described in, and otherwise complying
            with, the
            applicable requirements of Section 11.01, made by an Independent appraiser
            or other expert appointed by an Issuer Order and acceptable to the Indenture
            Trustee in the exercise of reasonable care, and such opinion or certificate
            shall state that the signer has read the definition of “Independent” in this
            Indenture and that the signer is Independent within the meaning
            thereof.

           

          “Insurance
            Proceeds” has the meaning set forth in the Sale and Servicing
            Agreement.

           

          “Interest
            Carryover Shortfall Amount” means, with respect to any Distribution Date and
            a Class of Notes, the excess, if any, of the Interest Distributable Amount
            for
            that Class of Notes on the immediately preceding Distribution Date over
            the
            amount in respect of interest that is actually deposited in the Note
            Payment
            Account with respect to that Class of Notes on that preceding Distribution
            Date,
            plus, to the extent permitted by applicable law, interest on the amount
            of
            interest due but not paid to such Noteholders on that preceding Distribution
            Date at the applicable Interest Rate.

           

          “Interest
            Distributable Amount” means, with respect to any Distribution Date and a
            Class of Notes, the sum of the Monthly Interest Distributable Amount
            and the
            Interest Carryover Shortfall Amount for that Class of Notes for that
            Distribution Date.

           

          “Interest
            Period” means, with respect to any Distribution Date and the
            (i) Class A-1 Notes, the period from, and including, the prior
            Distribution Date (or from, and including, the Closing Date with respect
            to the
            first Distribution Date) to, but excluding, the current Distribution
            Date and
            (ii) Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes
            and the Class B Notes, the period from, and including the 20th day of the
            month of the prior Distribution Date (or from, and including, the Closing
            Date
            with respect to the first Distribution Date) to, but excluding, the 20th
            day of
            the month of the current Distribution Date (assuming each month has 30
            days).

           

          
            
              
              

            

            
              7

              
                

              

            

            
              
              

            

          

           

          “Interest
            Rate” means the Class A-1 Interest Rate, the Class A-2 Interest
            Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate and the
            Class B Interest Rate, as applicable.

           

          “Investment
            Company Act” means the Investment Company Act of 1940.

           

          “Issuer”
            means Wachovia Auto Owner Trust 2007-A until a successor replaces it
            and,
            thereafter, means the successor and, for purposes of any provision contained
            herein and required by the TIA, each other obligor on the Notes.

           

          “Issuer
            Order” or “Issuer Request” means a written order or request signed in
            the name of the Issuer by any Authorized Officer of the Issuer and delivered
            to
            the Indenture Trustee by the Administrator, if signed by an officer of
            the
            Administrator, or at the written direction of the Depositor, if signed
            by an
            officer of the Owner Trustee.

           

          “Lien”
            has the meaning specified in the Sale and Servicing Agreement.

           

          “Maryland
            Vehicle Sales Finance Act” means Maryland Code Annotated, Financial
            Institutions §11-401 et seq.

           

          “Master
            Servicer” means Wachovia Bank, in its capacity as master servicer under the
            Sale and Servicing Agreement, and its successors in such capacity.

           

          “Monthly
            Interest Distributable Amount” means, with respect to any Distribution Date
            and any Class of Notes, the interest due on that Class of Notes for the
            related
            Interest Period calculated based on the Interest Rate for that Class
            of Notes
            and the principal amount of that Class of Notes on the preceding Distribution
            Date, after giving effect to all payments of principal on such Class
            of Notes on
            or prior to that Distribution Date, or, in the case of the first Distribution
            Date, on the original principal amount of that Class of Notes as of the
            Closing
            Date.

           

          “Monthly
            Payment” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Monthly
            Servicing Fee” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Monthly
            Trustee Fees” means the monthly fees and expenses payable to each of the
            Trustees on each Distribution Date for the related Collection Period
            for
            performing their respective obligations under the Basic Documents.

           

          “Moody’s”
            means Moody’s Investors Service, Inc.

           

          “Net
            Liquidation Proceeds” has the meaning specified in the Sale and Servicing
            Agreement.

           

          
            
              
              

            

            
              8

              
                

              

            

            
              
              

            

          

           

          “Nonrecoverable
            Advance” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Note
            Balance” means, at any time, the aggregate principal amount of all Notes
            that are Outstanding at such time or the aggregate principal amount of
            all Notes
            of the Controlling Class or a particular Class that are Outstanding at
            such
            time, as the context requires.

           

          “Note
            Depository Agreement” means the agreement, dated the Closing Date, between
            the Issuer and The Depository Trust Company, as the initial Clearing
            Agency,
            relating to the Notes.

           

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

           

          “Note
            Payment Account” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Note
            Register” and “Note Registrar” have the respective meanings specified
            in Section 2.05(a).

           

          “Notes”
            means the Class A-1 Notes, the Class A-2 Notes, the Class A-3
            Notes, the Class A-4 Notes and the Class B Notes.

           

          “Obligor”
            has the meaning specified in the Sale and Servicing Agreement.

           

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

           

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

           

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

           

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

           

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

           

          
            
              
              

            

            
              9

              
                

              

            

            
              
              

            

          

           

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

           

          provided,
            however, that in determining whether the Noteholders of the requisite
            principal
            amount of the Notes Outstanding have given any request, demand, authorization,
            direction, notice, consent or waiver hereunder or under any other Basic
            Document, Notes owned by the Issuer, any other obligor upon the Notes,
            the
            Depositor, the Seller, the Master Servicer or any of their respective
            Affiliates
            shall be disregarded and deemed not to be Outstanding unless all of the
            Notes of
            the related Class or Classes are owned by the Issuer, any other obligor
            upon the Notes, the Depositor, the Seller, the Master Servicer or any
            of their
            respective Affiliates, except that, in determining whether the Indenture
            Trustee
            shall be protected in relying on any such request, demand, authorization,
            direction, notice, consent or waiver, only Notes that a Responsible Officer
            of
            the Indenture Trustee knows to be so owned shall be so
            disregarded.  Notes so owned that have been pledged in good faith may
            be regarded as Outstanding if the pledgee establishes to the satisfaction
            of the
            Indenture Trustee the pledgee’s right so to act with respect to such Notes and
            that the pledgee is not the Issuer, any other obligor upon the Notes,
            the
            Depositor, the Seller, the Master Servicer or any of their respective
            Affiliates.

           

          “Owner
            Trustee” has the meaning specified in the Trust Agreement.

           

          “Paying
            Agent” means the Indenture Trustee or any other Person that meets the
            eligibility standards specified in Section 6.11 and is authorized by the
            Issuer to make or cause to be made payments to and distributions from
            the
            Collection Account, the Note Payment Account, the Certificate Payment
            Account
            and the Reserve Fund, including payments of principal or interest on
            the Notes
            on behalf of the Issuer.  The Indenture Trustee shall be the initial
            Paying Agent hereunder.

           

          “Pennsylvania
            Motor Vehicle Sales Finance Act” means 69 P.S. § 601
et seq.

           

          “Person”
            has the meaning specified in the Sale and Servicing Agreement.

           

          “Pool
            Balance” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Predecessor
            Note” means, with respect to any particular Note, every previous Note
            evidencing all or a portion of the same debt as that evidenced by such
            particular Note; and, for the purpose of this definition, any Note authenticated
            and delivered under Section 2.06 in lieu of a mutilated, lost, destroyed or
            stolen Note shall be deemed to evidence the same debt as the mutilated,
            lost,
            destroyed or stolen Note.

           

          “Principal
            Balance” has the meaning specified in the Sale and Servicing
            Agreement.

           

          
            
              
              

            

            
              10

              
                

              

            

            
              
              

            

          

           

          “Priority
            Principal Distributable Amount” means, with respect to any Distribution
            Date, the excess, if any, of the Note Balance of the Class A Notes as of
            such Distribution Date (before giving effect to any payments made to
            Noteholders
            on that Distribution Date) over the Pool Balance as of the last day of
            the
            preceding Collection Period; provided, however, that the Priority Principal
            Distributable Amount for each Distribution Date on and after the Final
            Scheduled
            Distribution Date for any Class of Class A Notes will not be less than the
            amount that is necessary to reduce the outstanding principal balance of
            such Class of Class A Notes to zero.

           

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

           

          “Protected
            Purchaser” has the meaning specified in Section 8-303 of the
            UCC.

           

          “PTCE”
            means Prohibited Transaction Class Exemption.

           

          “Rating
            Agency” means Moody’s or Standard & Poor’s; provided, however, that
            if either of Moody’s and Standard & Poor’s cease to exist, Rating
            Agency shall mean any nationally recognized statistical rating organization
            or
            other comparable Person designated by the Issuer to replace such Person,
            written
            notice of which designation shall have been given to the Depositor, the
            Master
            Servicer and the Trustees.

           

          “Rating
            Agency Condition” means, with respect to any action, that each Rating
            Agency shall have been given ten days (or such shorter period as is
            acceptable to such Rating Agency) prior notice thereof and that each
            such Rating
            Agency shall have notified the Depositor, the Master Servicer and the
            Trustees
            in writing that such action will not result in a qualification, reduction
            or
            withdrawal of the then-current rating assigned by such Rating Agency
            to any
            Class of Notes.

           

          “Receivable”
            has the meaning specified in the Receivables Purchase Agreement.

           

          “Receivable
            Files” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Receivables
            Purchase Agreement” means the receivables purchase agreement, dated as of
            June 1, 2007, between the Seller and WDS Receivables, as purchaser.

           

          “Record
            Date” shall mean, with respect to the Notes and any Distribution Date or
            Redemption Date, the close of business on the Business Day preceding
            such
            Distribution Date or Redemption Date, provided, however, that if Definitive
            Notes have been issued pursuant to Section 2.12, Record Date shall mean,
            with respect to any Distribution Date or Redemption Date, the last day
            of the
            preceding Collection Period.

           

          “Recoveries”
            has the meaning specified in the Sale and Servicing Agreement.

           

          “Redemption
            Date” means, in the case of a redemption of the Notes pursuant to
            Section 10.01, the Distribution Date specified by the Master Servicer
            pursuant to such Section.

           

          “Redemption
            Price” means, in the case of a redemption of the Notes pursuant to
            Section 10.01, an amount equal to the unpaid principal amount of the Notes
            redeemed plus accrued and unpaid interest thereon through the related
            Interest
            Period at the related Interest Rates.

           

          
            
              
              

            

            
              11

              
                

              

            

            
              
              

            

          

           

          “Reserve
            Fund” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Reserve
            Fund Amount” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Reserve
            Fund Deficiency” means, as of any date, the excess of the Reserve Fund
            Required Amount over the Reserve Fund Amount.

           

          “Reserve
            Fund Draw Amount” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Reserve
            Fund Required Amount” has the meaning specified in the Sale and Servicing
            Agreement.

           

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

           

          “Sale
            and Servicing Agreement” means the sale and servicing agreement, dated as of
            June 1, 2007, among the Issuer, the Depositor, the Seller and the Master
            Servicer.

           

          “Secondary
            Principal Distributable Amount” means, with respect to any Distribution
            Date, the excess, if any, of the Note Balance of the Class A Notes and
            Class B Notes on that Distribution Date (before giving effect to any
            payments made to holders of the Notes on that Distribution Date) over
            the sum of
            the Priority Principal Distributable Amount and the Pool Balance as of
            the last
            day of the related Collection Period; provided, however, that on and
            after the
            Final Scheduled Distribution Date for the Class B Notes, the Secondary
            Principal
            Distributable Amount will be not less than the amount that is necessary
            to
            reduce the outstanding principal balance of the Class B Notes to
            zero.

           

          “Securities
            Act” means the Securities Act of 1933.

           

          “Securityholders”
            has the meaning specified in the Sale and Servicing Agreement

           

          “Seller”
            has the meaning specified in the Receivables Purchase Agreement.

           

          “Servicer
            Termination Event” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Standard &
            Poor’s” means Standard & Poor’s Ratings Services, a
            Division of The McGraw-Hill Companies, Inc.

           

          “State”
            means any of the 50 states of the United States or the District of
            Columbia.

           

          “Successor
            Master Servicer” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Total
            Servicing Fee” has the meaning specified in the Sale and Servicing
            Agreement.

           

          
            
              
              

            

            
              12

              
                

              

            

            
              
              

            

          

           

          “Total
            Trustee Fees” means, for any Collection Period and the related Distribution
            Date, with respect to each of the Trustees, the sum of (i) the Monthly
            Trustee Fees for such Collection Period and (ii) all accrued but unpaid
            Monthly Trustee Fees for the previous Collection Period.

           

          “Transition
            Costs” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Treasury
            Regulations” has the meaning specified in the Trust Agreement.

           

          “Trust
            Agreement” means the second amended and restated trust agreement, dated as
            of June 1, 2007, between the Depositor and the Owner Trustee.

           

          “Trust
            Estate” means all money, instruments, rights, and other property that are
            subject or intended to be subject to the lien and security interest of
            this
            Indenture for the benefit of the Noteholders (including all property
            and
            interests Granted to the Indenture Trustee), including all proceeds
            thereof.

           

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

           

          “Trustees”
            means the Owner Trustee and the Indenture Trustee.

           

          “UCC”
            means, unless the context otherwise requires, the Uniform Commercial
            Code, as in
            effect in the relevant jurisdiction.

           

          “United
            States” means the United States of America.

           

          “Vice
            President” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Wachovia
            Bank” has the meaning specified in the Sale and Servicing
            Agreement.

           

          “Wachovia
            Dealer Services” means Wachovia Dealer Services, Inc.

           

          “WDS
            Receivables” has the meaning specified in the Receivables Purchase
            Agreement.

           

          (b)           Except
            as otherwise specified herein or as the context may otherwise require,
            for all
            purposes of this Indenture, capitalized terms used herein that are not
            otherwise
            defined shall have the meanings ascribed thereto in the Sale and Servicing
            Agreement or the Trust Agreement, as the case may be.

           

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

           

          “indenture
            securities” means the Notes.

           

          “indenture
            security holder” means a Noteholder.

           

          “indenture
            to be qualified” means this Indenture.

           

          
            
              
              

            

            
              13

              
                

              

            

            
              
              

            

          

           

          “indenture
            trustee” or “institutional trustee” means the Indenture
            Trustee.

           

          “obligor”
            on the indenture securities means the Issuer and any other obligor on
            the
            indenture securities.

           

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

           

          Section
            1.03.  Interpretive Provisions.  With respect to all
            terms in this Indenture, unless the context otherwise requires: (i) a term
            has the meaning assigned to it; (ii) an accounting term not otherwise
            defined has the meaning assigned to it in accordance with generally accepted
            accounting principles as in effect from time to time in the United States;
            (iii) “or” is not exclusive; (iv) “including” means including without
            limitation; (v) words in the singular include the plural and words in the
            plural include the singular; (vi) any agreement, instrument or statute
            defined or referred to herein or in any instrument or certificate delivered
            in
            connection herewith means such agreement, instrument or statute as from
            time to
            time amended, modified or supplemented and includes (in the case of agreements
            or instruments) references to all attachments thereto and instruments
            incorporated therein; (vii) references to a Person are also to its
            successors and permitted assigns; (viii) the words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Indenture shall refer
            to this Indenture as a whole and not to any particular provision of this
            Indenture; (ix) references contained in this Indenture to Section, Schedule
            and Exhibit, as applicable, are references to Sections, Schedules and
            Exhibits
            in or to this Indenture unless otherwise specified; (x) references to
“writing” include printing, typing, lithography and other means of reproducing
            words in a visible form; and (xi) the term “proceeds” has the meaning set
            forth in the applicable UCC.

           

          
            
              
              

            

            
              14

              
                

              

            

            
              
              

            

          

           

          ARTICLE
            TWO

           

          THE
            NOTES

           

          Section
            2.01.  Form.

           

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

           

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

           

          (c)           Each
            Note shall be dated the date of its authentication.  The terms of the
            Notes as set forth in Exhibit A are part of the terms of this Indenture and
            are incorporated herein by reference.

           

          (d)           The
            aggregate principal amount of the Notes may from time to time be increased
            or
            decreased by adjustments made on the records of the Indenture Trustee
            or the
            Clearing Agency or its nominee, as the case may be, as hereinafter
            provided.

           

          (e)           Except
            as provided in Section 2.12 hereof, owners of beneficial interests in
            Book-Entry
            Notes will not be entitled to receive physical delivery of Definitive
            Notes.

           

          Section
            2.02.  Execution, Authentication and Delivery.

           

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

           

          (b)           The
            Indenture Trustee shall, upon Issuer Order, authenticate and deliver
            for
            original issue the following aggregate principal amounts of Notes:
            (i) $132,000,000 of Class A-1 Notes, (ii) $169,000,000 of
            Class A-2 Notes, (iii) $185,000,000 of Class A-3 Notes, (iv)
            $142,875,000 of Class A-4 Notes and (v) $16,125,000 of Class B
            Notes.  The aggregate principal amount of Class A-1 Notes,
            Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B
            Notes Outstanding at any time may not exceed such respective amounts except
            as provided in Section 2.06.

           

          
            
              
              

            

            
              15

              
                

              

            

            
              
              

            

          

           

          (c)           Each
            Note shall be dated the date of its authentication.  The Notes shall
            be issuable as registered Notes in minimum denominations of $2,000 and
            in
            integral multiples of $1,000 in excess thereof.

           

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

           

          Section
            2.03.  Temporary Notes.

           

          (a)           Pending
            the preparation of Definitive Notes pursuant to Section 2.12, the Issuer
            may execute, and upon receipt of an Issuer Order the Indenture Trustee
            shall
            authenticate and deliver, temporary Notes that are printed, lithographed,
            typewritten, mimeographed or otherwise produced, of the tenor of the
            Definitive
            Notes in lieu of which they are issued and with such variations not inconsistent
            with the terms of this Indenture as the officers executing such Notes
            may
            determine, as evidenced by their execution of such Notes.

           

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

           

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

           

          Section
            2.05.  Registration; Registration of Transfer and
            Exchange.

           

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

           

          
            
              
              

            

            
              16

              
                

              

            

            
              
              

            

          

           

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

           

          (c)           Upon
            surrender for registration of transfer of any Note at the office or agency
            of
            the Issuer to be maintained as provided in Section 3.02, provided that the
            requirements of Section 8-401 of the UCC are met, the Issuer shall execute,
            and the Indenture Trustee shall authenticate and deliver to the Noteholder
            making such surrender and the Noteholder shall obtain from the Indenture
            Trustee, in the name of the designated transferee or transferees, one
            or more
            new Notes of the same Class in any authorized denomination and a like
            aggregate
            principal amount.  The Indenture Trustee may rely upon the
            Administrator with respect to the determination of whether the requirements
            of
            Section 8-401 of the UCC are met.

           

          (d)           At
            the option of the related Holder, Notes may be exchanged for other Notes
            of the
            same Class in any authorized denominations, of a like aggregate principal
            amount, upon surrender of the Notes to be exchanged at such office or
            agency.  Whenever any Notes are so surrendered for exchange, provided
            that the requirements of Section 8-401 of the UCC are met (as determined by
            the Issuer), the Issuer shall execute, and the Indenture Trustee shall
            authenticate and deliver to the Noteholder making such exchange, the
            Notes which
            such Noteholder is entitled to receive.  The Indenture Trustee may
            rely upon the Administrator with respect to the determination of whether
            the
            requirements of Section 8-401 of the UCC are met.

           

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

           

          (f)           Each
            Note presented or surrendered for registration of transfer or exchange
            shall be
            duly endorsed by, or be accompanied by a written instrument of transfer
            in form
            satisfactory to the Indenture Trustee duly executed by, the Holder thereof
            or
            such Holder’s attorney duly authorized in writing, with such signature
            guaranteed by an “eligible guarantor institution” meeting the requirements of
            the Note Registrar.

           

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

           

          (h)           The
            preceding provisions of this Section notwithstanding, the Issuer shall
            not be
            required to make, and the Note Registrar need not register, transfers
            or
            exchanges of Notes with respect to which the due date for any payment
            will occur
            within 15 days.

           

           

          
            
              
              

            

            
              17

              
                

              

            

            
              
              

            

          

           

          (i)           Each
            Person to whom a Class A Note is transferred will be required to represent,
            in
            the case of a Definitive Note, or deemed to represent, in the case of
            a
            Book-Entry Note, that (i) such Person is not a Benefit Plan or (ii)
            such Person is acquiring a Note and the Person’s acquisition, holding and
            disposition of the Note are and will be eligible for relief under
            PTCE 84-14, 90-1, 91-38, 95-60 or 96-23.  Each Person to whom a
            Class B Note is transferred will be required to represent, in the case
            of a
            Definitive Note, or deemed to represent, in the case of a Book-Entry
            Note,
            that such Person is not a Benefit Plan.

           

          (j)           The
            Indenture Trustee shall not be responsible for ascertaining whether any
            transfer
            complies with, or for otherwise monitoring or determining compliance
            with, the
            requirements or terms of the Securities Act, applicable state securities
            laws,
            ERISA, the Code or the Investment Company Act; except that if a certificate
            is
            specifically required by the terms of this Section 2.05 to be provided
            to the
            Indenture Trustee by a prospective transferor or transferee, the Indenture
            Trustee shall be under a duty to receive and examine the same to determine
            whether it conforms substantially on its face to the applicable requirements
            of
            this Section 2.05.

           

          Any
            purported transfer of a Note not in
            accordance with this Section 2.05 shall be null and void and shall not
            be given
            effect for any purpose whatsoever.

           

          Section
            2.06.  Mutilated, Destroyed, Lost or Stolen Notes.

           

          (a)           If
            (i) any mutilated Note is surrendered to the Indenture Trustee, or the
            Indenture Trustee receives evidence to its satisfaction of the destruction,
            loss
            or theft of any Note, (ii) there is delivered to the Indenture Trustee such
            security or indemnity as may be required by it to hold the Issuer and
            the
            Indenture Trustee harmless and (iii) the requirements of Section 8-405
            of the UCC are met, then, in the absence of notice to the Issuer, the
            Note
            Registrar or the Indenture Trustee that such Note has been acquired by
            a
            Protected Purchaser, the Issuer shall execute, and upon its request the
            Indenture Trustee shall authenticate and deliver, in exchange for or
            in lieu of
            any such mutilated, destroyed, lost or stolen Note, a replacement Note
            of the
            same Class; provided, however, that if any such destroyed, lost or stolen
            Note,
            but not a mutilated Note, shall have become or within seven days of the
            Indenture Trustee’s receipt of evidence to its satisfaction of such destruction,
            loss or theft shall be due and payable, or shall have been called for
            redemption
            pursuant to Section 10.01, instead of issuing a replacement Note, the
            Issuer may pay such destroyed, lost or stolen Note when so due or payable
            or
            upon the Redemption Date without surrender thereof.  The Indenture
            Trustee may rely upon the Administrator with respect to the determination
            of
            whether the requirements of Section 8-405 of the UCC are
            met.  If, after the delivery of such replacement Note or payment of a
            destroyed, lost or stolen Note pursuant to the proviso to the preceding
            sentence, a Protected Purchaser of the original Note in lieu of which
            such
            replacement Note was issued presents for payment such original Note,
            the Issuer
            and the Indenture Trustee shall be entitled to recover such replacement
            Note (or
            such payment) from the Person to whom such replacement Note was delivered
            or any
            Person taking such replacement Note from such Person to whom such replacement
            Note was delivered or any assignee of such Person, except a Protected
            Purchaser,
            and shall be entitled to recover upon the security or indemnity provided
            therefor to the extent of any loss, damage, cost or expense incurred
            by the
            Issuer or the Indenture Trustee in connection therewith.

           

          
            
              
              

            

            
              18

              
                

              

            

            
              
              

            

          

           

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

           

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

           

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

           

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

           

          Section
            2.08.  Payment of Principal and Interest.

           

          (a)           On
            each Distribution Date, prior to the acceleration of the Notes following
            the
            occurrence of an Event of Default, upon receipt of written instructions
            from the
            Master Servicer pursuant to Section 4.09(c) of the Sale and Servicing
            Agreement, the Indenture Trustee shall apply the Available Funds on deposit
            in
            the Collection Account to make the following payments and deposits in
            the
            following order of priority:

           

          (i)                 to
            the Master Servicer, the Total Servicing Fee and any Nonrecoverable Advances
            for
            the related Collection Period;

           

          (ii)                 to
            the Trustees pro rata, the Total Trustee Fees, provided; however, that
            the
            aggregate amount to be paid to the Trustees for such fees and expenses
            pursuant
            to this clause shall not exceed $100,000 in any given calendar
            year;

           

          (iii)                 to
            the Note Payment Account, for payment to the Class A Notes, the Interest
            Distributable Amount, ratably, for each Class of Class A
            Notes;

           

          (iv)                 to
            the Note Payment Account, for payment of principal on the Notes in the
            priority
            set forth in Section 2.08(b), the Priority Principal Distributable Amount,
            if any;

           

          (v)                 to
            the Note Payment Account, for payment to the Class B Notes, the Interest
            Distributable Amount for the Class B Notes;

           

          
            
              
              

            

            
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          (vi)                 to
            the Note Payment Account, for payment of principal on the Notes in the
            priority
            set forth in Section 2.08(b), the Secondary Principal Distributable Amount,
            if any;

           

          (vii)                 to
            the Reserve Fund, the Reserve Fund Deficiency for such Distribution Date,
            if
            any;

           

          (viii)                 if
            a Successor Master Servicer has been appointed pursuant to Section 7.02 of
            the Sale and Servicing Agreement, to such Successor Master Servicer,
            any
            Transition Costs due in connection with such transfer of servicing and
            not paid
            pursuant to Section 7.01 of the Sale and Servicing Agreement, plus the
            Additional Servicing Fee, if any, for the related Collection
            Period;

           

          (ix)                 to
            the Trustees, pro rata, the Total Trustee Fees, to the extent that they
            have not
            previously been paid; and

           

          (x)                 to
            the Certificate Payment Account, for payment to the Certificateholders,
            any
            remaining Available Funds (the “Excess Collections”).

           

          Notwithstanding
            the foregoing, following the occurrence and during the continuation of
            an Event
            of Default which has resulted in an acceleration of the Notes, all Available
            Funds shall be deposited into the Note Payment Account and applied in
            accordance
            with Section 2.08(f).  Any distributions to be made by the
            Indenture Trustee under the Basic Documents may be made by the Paying
            Agent.

           

          For
            the
            July 2008 Distribution Date, the portion of items (iii) and (iv) in the
            second
            preceding paragraph, necessary to pay interest on and principal of the
            Class A-1
            Notes in full, if any, will be paid on the Class A-1 Final Scheduled
            Distribution Date, with the balance of the distributions with respect
            to the
            July 2008 Distribution Date to be made on the July 2008 Distribution
            Date.

           

          The
            Reserve Fund Draw Amount shall be used to make the payments described
            in Section
            4.02 of the Sale and Servicing Agreement.

           

          If
            the
            amount on deposit in the Note Payment Account (including any portion
            of the
            Reserve Fund Draw Amount) on any Distribution Date is less than the amount
            described in clause (iii) above for such Distribution Date, the
            Indenture Trustee, either directly or through the Paying Agent, shall
            pay the
            available amount to the Noteholders of each Class of Class A Notes pro rata
            based on the Interest Distributable Amount payable to such Class on such
            Distribution Date.

           

          If
            on any
            Distribution Date, the aggregate amount on deposit in the Collection
            Account and
            the Reserve Fund equals or exceeds the Note Balance of all Notes Outstanding
            as
            of the last day of the related Collection Period, the accrued and unpaid
            interest thereon and all amounts due to the Master Servicer and the Trustees,
            the Master Servicer shall provide written notification thereof to the
            Indenture
            Trustee and shall direct the Indenture Trustee to apply all such amounts
            to
            retire the Notes and to pay all such amounts due to the Master Servicer
            and the
            Trustees in accordance with the provisions of this Section.

           

          
            
              
              

            

            
              20

              
                

              

            

            
              
              

            

          

           

          (b)           The
            principal of each Note shall be payable in installments on each Distribution
            Date in an aggregate amount (unless the Notes have been declared immediately
            due
            and payable following an Event of Default) for all Classes of Notes equal
            to the
            Aggregate Principal Distributable Amount.  On each Distribution Date,
            upon receipt of instructions from the Master Servicer pursuant to
            Section 4.09(c) of the Sale and Servicing Agreement and subject to
            Section 2.08(f), the Indenture Trustee shall either directly or through a
            Paying Agent apply or cause to be applied the amount on deposit in the
            Note
            Payment Account on such Distribution Date in respect of the Aggregate
            Principal
            Distributable Amount, to make the following payments in the following
            order of
            priority:

           

          (i)                 to
            the Class A-1 Notes, until the principal amount of the Class A-1 Notes
            has been
            paid in full;

           

          (ii)                 to
            the Class A-2 Notes until the principal amount of the Class A-2 Notes
            has been
            paid in full;

           

          (iii)                 to
            the Class A-3 Notes until the principal amount of the Class A-3 Notes
            has been
            paid in full;

           

          (iv)                 to
            the Class A-4 Notes until the principal amount of the Class A-4 Notes
            has been
            paid in full; and

           

          (v)                 to
            the Class B Notes until the principal amount of the Class B Notes has
            been paid
            in full.

           

          (c)           The
            unpaid principal amount, to the extent not previously paid of the
            (i) Class A-1 Notes shall be due and payable on the Class A-1
            Final Scheduled Distribution Date, (ii) Class A-2 Notes shall be due
            and payable on the Class A-2 Final Scheduled Distribution Date,
            (iii) Class A-3 Notes shall be due and payable on the Class A-3
            Final Scheduled Distribution Date, (iv) Class A-4 Notes shall be due
            and payable on the Class A-4 Final Scheduled Distribution Date and
            (viii) Class B Notes shall be due and payable on the Class B
            Final Scheduled Distribution Date.

           

          (d)           Each
            Class of Notes shall accrue interest during each Interest Period at the
            related
            Interest Rate, and such interest shall be due and payable on each Distribution
            Date.  Interest on the Class A-1 Notes shall be calculated on the
            basis of the actual number of days elapsed and a 360-day
            year.  Interest on the Class A-2 Notes, the Class A-3
            Notes, the Class A-4 Notes and the Class B Notes shall be calculated
            on the basis of a 360-day year of twelve 30-day months.  Subject to
            Section 3.01, any installment of interest or principal, if any, payable on
            any Note that is punctually paid or duly provided for on the applicable
            Distribution Date shall be paid to the Person in whose name such Note
            (or one or
            more Predecessor Notes) is registered on the related Record Date by check
            mailed
            first-class postage prepaid to such Person’s address as it appears on the Note
            Register on such Record Date; provided, however, that, unless Definitive
            Notes
            have been issued pursuant to Section 2.12, with respect to Notes registered
            on the Record Date in the name of the nominee of the Clearing Agency
            (initially,
            such nominee to be Cede & Co.), payment shall be made by wire transfer
            in immediately available funds to the account designated by such nominee,
            and
            except for the final installment of principal payable with respect to
            such Note
            on a Distribution Date or on the related Final Scheduled Distribution
            Date (and
            except for the Redemption Price for any Note called for redemption in
            whole
            pursuant to Section 10.01), which shall be payable as provided
            below.  The funds represented by any such checks returned undelivered
            shall be held in accordance with Section 3.03.  The Indenture
            Trustee, either directly or through the Paying Agent, shall pay all Interest
            Distributable Amounts for any Distribution Date to the Noteholders on
            the
            related Record Date even if a portion of such Interest Distributable
            Amount
            relates to an earlier Distribution Date.

           

          
            
              
              

            

            
              21

              
                

              

            

            
              
              

            

          

           

          (e)           All
            principal and interest payments on a Class of Notes shall be made pro
            rata to
            the Noteholders of such Class.  Except as otherwise provided herein,
            the Indenture Trustee shall, before the Distribution Date on which the
            Issuer
            expects to pay the final installment of principal of and interest on
            any Note,
            notify the Holder of such Note as of the related Record Date of such
            final
            installment.  Such notice shall be mailed or transmitted by facsimile
            and shall specify that such final installment shall be payable only upon
            presentation and surrender of such Note and shall specify the place where
            such
            Note may be presented and surrendered for payment of such
            installment.  Notices in connection with redemption of Notes shall be
            sent by mail to Noteholders as provided in Section 10.02.

           

          (f)           Notwithstanding
            the foregoing, the unpaid principal amount of the Notes and all other
            amounts
            due hereunder shall be due and payable, to the extent not previously
            paid, on
            the date on which an Event of Default shall have occurred and be continuing,
            if
            the Indenture Trustee or the Holders of Notes evidencing not less than
            51% of
            the Note Balance of the Controlling Class have declared the Notes to
            be
            immediately due and payable in the manner provided in
            Section 5.02(a).  On each Distribution Date following
            acceleration of the Notes, upon receipt of instructions from the Master
            Servicer
            pursuant to Section 4.09(c) of the Sale and Servicing Agreement, the
            Indenture Trustee or the Paying Agent shall deposit all Available Funds
            into the
            Note Payment Account and shall apply or cause to be applied all such
            amounts to
            make the following payments and deposits in the following order of
            priority:

           

          (i)                 first,
            to the Master Servicer, the Total Servicing Fee and any Nonrecoverable
            Advances
            for the related Collection Period;

           

          (ii)                 second,
            to the Trustees, the Total Trustee Fees;

           

          (iii)                 third,
            to the Class A Noteholders, the Interest Distributable Amount for each
            Class of Class A Notes;

           

          (iv)  (a)           fourth,
            if an Event of Default described in Section 5.01(i), (ii), (v) or
            (vi) has occurred, in the following order of priority:

           

          (A)           to
            the Class A-1 Noteholders, payments of principal until the principal amount
            of the Class A-1 Notes has been paid in full;

           

          (B)           to
            the Holders of each Class of remaining Class A Notes, pro rata based on the
            outstanding principal amount of each such Class of Class A Notes as of such
            Distribution Date, payments of principal until the principal amount of
            each such
            Class of remaining Class A Notes has been paid in full;

           

          
            
              
              

            

            
              22

              
                

              

            

            
              
              

            

          

           

          (C)           to
            the Class B Noteholders, the Interest Distributable Amount for the
            Class B Notes; and

           

          (D)           to
            the Class B Noteholders, payments of principal until the principal amount
            of the Class B Notes has been paid in full;

           

          (iv)(b)                      fourth,
            if an Event of Default described in Section 5.01(iii) or (iv) has
            occurred, in the following order of priority:

           

          (A)           to
            the Class B Noteholders, the Interest Distributable Amount for the
            Class B Notes;

           

          (B)           to
            the Class A-1 Noteholders, payments of principal until the principal amount
            of the Class A-1 Notes has been paid in full;

           

          (C)           to
            the Holders of each Class of remaining Class A Notes, pro rata based on the
            outstanding principal amount of each such Class of Class A Notes as of such
            Distribution Date, payments of principal until the principal amount of
            each such
            Class of remaining Class A Notes has been paid in full; and

           

          (D)           to
            the Class B Noteholders, payments of principal until the principal amount
            of the Class B Notes has been paid in full;

           

          (v)                 fifth,
            if a Successor Master Servicer has been appointed pursuant to Section 7.02
            of the Sale and Servicing Agreement, to such Successor Master Servicer,
            any
            Transition Costs due in connection with such transfer of servicing and not paid
            pursuant to Section 7.01 of the Sale and Servicing Agreement plus the
            Additional Servicing Fee, if any, for the related Collection Period;
            and

           

          (vi)                 sixth,
            to the Certificateholders, any remaining amounts.

           

          (g)           The
            Indenture Trustee shall transfer or shall cause the Master Servicer to
            transfer,
            amounts from the Reserve Fund and deposit amounts transferred therefrom
            at the
            written direction of the Master Servicer in accordance with the Sale
            and
            Servicing Agreement.

           

          Section
            2.09.  Cancellation.  All Notes surrendered for
            payment, registration of transfer, exchange or redemption in whole pursuant
            to
            Section 10.01 shall, if surrendered to any Person other than the Indenture
            Trustee, be delivered to the Indenture Trustee and shall be promptly
            cancelled
            by the Indenture Trustee.  The Issuer may at any time deliver to the
            Indenture Trustee for cancellation any Notes previously authenticated
            and
            delivered hereunder which the Issuer may have acquired in any manner
            whatsoever,
            and all Notes so delivered shall be promptly cancelled by the Indenture
            Trustee.  No Notes shall be authenticated in lieu of or in exchange
            for any Notes cancelled as provided in this Section, except as expressly
            permitted by this Indenture.  All cancelled Notes may be held or
            disposed of by the Indenture Trustee in accordance with its standard
            retention
            or disposal policy as in effect at the time unless the Issuer shall direct
            by an
            Issuer Order that they be destroyed or returned to it; provided, that
            such
            Issuer Order is timely and the Notes have not been previously disposed
            of by the
            Indenture Trustee.

           

          
            
              
              

            

            
              23

              
                

              

            

            
              
              

            

          

           

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

           

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

           

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

           

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

           

          (iv)                 the
            rights of Note Owners shall be exercised only through the Clearing Agency
            and
            shall be limited to those established by law and agreements between such
            Note
            Owners and the Clearing Agency or the Clearing Agency Participants; pursuant
            to
            the Note Depository Agreement, unless and until Definitive Notes are
            issued
            pursuant to Section 2.12, the Clearing Agency will make book-entry
            transfers among the Clearing Agency Participants and receive and transmit
            payments of principal of and interest on the Notes to such Clearing Agency
            Participants; and

           

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

           

          Section
            2.11.  Notices to Clearing Agency.  Whenever a notice
            or other communication to the Noteholders is required under this Indenture,
            unless and until Definitive Notes shall have been issued to such Note
            Owners
            pursuant to Section 2.12, the Indenture Trustee shall give all such notices
            and communications specified herein to be given to the Noteholders to
            the
            Clearing Agency, and shall have no obligation to such Note Owners.

           

          Section
            2.12.  Definitive Notes.  Definitive Notes will be
            issued only in the following circumstances:

           

          (a)           If:

           

          
            
              
              

            

            
              24

              
                

              

            

            
              
              

            

          

           

          (i)                 (A) the
            Clearing Agency is no longer willing or able to properly discharge its
            respon­sibilities with respect to the Book-Entry Notes and (B) the
            Indenture Trustee is not able to locate a qualified successor; or

           

          (ii)                 after
            the occurrence of an Event of Default or a Servicer Termination Event,
            owners of
            Book-Entry Notes representing beneficial interests aggregating not less
            than 51%
            of the principal amount of a Class of Notes advise the Indenture Trustee
            and the
            Clearing Agency Participant through the Clearing Agency, in writing that
            the
            continuation of a book-entry system through the Clearing Agency is no
            longer in
            the best interests of such Note Owners;

           

          then,
            in
            each case, the Indenture Trustee shall notify such Note Owners of the
            related
            Class of Notes through the Clearing Agency of the occurrence of any such
            event
            and of the availability of Definitive Notes of the related Class of Notes
            to
            Note Owners requesting the same.

           

          (b)           Upon
            surrender to the Indenture Trustee of the Note or Notes representing
            the
            Book-Entry Notes by the Clearing Agency, accompanied by registration
            instructions, the Issuer at its own expense shall execute and deliver
            the
            Definitive Notes to the Indenture Trustee and the Indenture Trustee shall
            authenticate the Definitive Notes in accordance with the instructions
            of the
            Clearing Agency.  None of the Issuer, the Note Registrar or the
            Indenture Trustee shall be liable for any delay in delivery of such instructions
            and may conclusively rely on, and shall be protected in relying on, such
            instructions.  Upon the issuance of Definitive Notes of a Class, the
            Indenture Trustee shall recognize the Noteholders of the Definitive Notes
            as
            Noteholders hereunder.

           

          Section
            2.13.  Release of Collateral.  Subject to
            Section 11.01 and the terms of the other Basic Documents, the Indenture
            Trustee shall release property from the lien of this Indenture only upon
            receipt
            of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of
            Counsel and, if required by Section 11.01, Independent Certificates in
            accordance with Sections 314(c) and 314(d)(1) of the TIA or an Opinion
            of
            Counsel in lieu of such Independent Certificates to the effect that the
            TIA does
            not require any such Independent Certificates.  If the Commission
            shall issue an exemptive order under TIA Section 304(d) modifying the
            Indenture
            Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the Indenture
            Trustee shall release property from the lien of this Indenture in accordance
            with the conditions and procedures set forth in such exemptive
            order.

           

          Section
            2.14.  Employee Benefit Plans.  The Class A Notes
            may, in general, be purchased by, or on behalf of, or with “plan assets” of a
            Benefit Plan.  A fiduciary of a Benefit Plan purchasing the Class A
            Notes or a beneficial interest in such Notes, with the assets of a Benefit
            Plan
            is deemed to represent that the purchase of one or more such Notes or
            a
            beneficial interest therein is consistent with its fiduciary duties under
            ERISA
            and does not result in a nonexempt prohibited transaction as defined
            in
            Section 406 of ERISA or Section 4975 of the Code.  If the
            Depositor, the Seller, the Master Servicer, the Indenture Trustee, the
            Owner
            Trustee or any of their respective Affiliates (i) has investment or
            administrative discretion with respect to the assets of a Benefit Plan,
            (ii) has authority or responsibility to give, or regularly gives,
            investment advice with respect to such Benefit Plan assets, for a fee
            and
            pursuant to an agreement or understanding that such advice will (a) serve
            as a primary basis for investment decisions with respect to such Benefit
            Plan
            assets and (b) be based on the particular investment needs for such Benefit
            Plan or (iii) is an employer maintaining or contributing to such Benefit
            Plan, then a purchase of the Notes by such a Benefit Plan may represent
            a
            conflict of interest or act of self-dealing by the fiduciary.  The
            Class B Notes may not be purchased by, or on behalf of, or with “plan assets” of
            a Benefit Plan.

           

          
            
              
              

            

            
              25

              
                

              

            

            
              
              

            

          

           

          Section
            2.15.  Authenticating Agents.  The Indenture Trustee
            may appoint one or more Persons (each, an “Authenticating Agent”) with power to
            act on its behalf and subject to its direction in the authentication
            of Notes in
            connection with issuance, transfers and exchanges under Sections 2.02,
            2.03, 2.05 and 2.06, as fully to all intents and purposes as though each
            such
            Authenticating Agent had been expressly authorized by those Sections
            to
            authenticate such Notes.  For all purposes of this Indenture, the
            authentication of Notes by an Authenticating Agent pursuant to this Section
            shall be deemed to be the authentication of Notes “by the Indenture
            Trustee”.

           

          Any
            corporation into which any Authenticating Agent may be merged or converted
            or
            with which it may be consolidated, or any entity resulting from any merger,
            consolidation or conversion to which any Authenticating Agent shall be
            a party,
            or any corporation succeeding to all or substantially all of the corporate
            trust
            business of any Authenticating Agent, shall be the successor of such
            Authenticating Agent hereunder, without the execution or filing of any
            document
            or any further act on the part of the parties hereto or such Authenticating
            Agent or such successor corporation.

           

          Any
            Authenticating Agent may at any time resign by giving written notice
            of
            resignation to the Trustees.  The Indenture Trustee may at any time
            terminate the agency of any Authenticating Agent by giving written notice
            of
            termination to such Authenticating Agent and the Owner Trustee.  Upon
            receiving such notice of resignation or upon such a termination, the
            Indenture
            Trustee may appoint a successor Authenticating Agent and shall give written
            notice of any such appointment to the Owner Trustee.

           

          The
            Administrator agrees to pay to each Authenticating Agent from time to
            time,
            reasonable compensation for its services.  The provisions of Sections
            2.09 and 6.04 shall be applicable to any Authenticating Agent.

           

          
            
              
              

            

            
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          ARTICLE
            THREE

           

          COVENANTS

           

          Section
            3.01.  Payment of Principal and Interest.  The Issuer
            will duly and punctually pay the principal of and interest, if any, on
            the Notes
            in accordance with the terms of the Notes and this Indenture.  Amounts
            properly withheld under the Code by any Person from a payment to any
            Noteholder
            of interest or principal shall be considered as having been paid by the
            Issuer
            to such Noteholder for all purposes of this Indenture.

           

          Section
            3.02.  Maintenance of Office or Agency.  The Issuer
            will maintain in the Borough of Manhattan, The City of New York, an office
            or agency where Notes may be surrendered for registration of transfer
            or
            exchange, and where notices and demands to or upon the Issuer in respect
            of the
            Notes and this Indenture may be served.  The Issuer hereby appoints
            the Indenture Trustee to serve as its agent for the foregoing
            purposes.  The Issuer shall give prompt written notice to the
            Depositor and the Indenture Trustee of the location, and of any change
            in the
            location, of any such office or agency.  If at any time the Issuer
            shall fail to maintain any such office or agency or shall fail to furnish
            the
            Indenture Trustee with the address thereof, such surrenders, notices
            and demands
            may be made or served at the Corporate Trust Office and the Issuer hereby
            appoints the Indenture Trustee as its agent to receive all such surrenders,
            notices and demands.

           

          Section
            3.03.  Money for Payments to be Held in Trust.

           

          (a)           As
            provided in Section 8.02, all payments of amounts due and payable with
            respect to any Notes that are to be made from amounts withdrawn from
            the
            Accounts shall be made on behalf of the Issuer by the Indenture Trustee
            or by
            the Paying Agent, and no amounts so withdrawn from the Accounts for payments
            of
            Notes shall be paid over to the Issuer except as provided in this
            Section.

           

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

           

          (c)           The
            Issuer will cause each Paying Agent other than the Indenture Trustee
            to execute
            and deliver to the Indenture Trustee an instrument in which such Paying
            Agent
            shall agree with the Indenture Trustee (and if the Indenture Trustee
            acts as
            Paying Agent, it hereby so agrees), subject to the provisions of this
            Section,
            that such Paying Agent will:

           

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

           

          
            
              
              

            

            
              27

              
                

              

            

            
              
              

            

          

           

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

           

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

           

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

           

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

           

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

           

          (e)           If
            Definitive Notes are issued, subject to applicable laws with respect
            to escheat
            of funds, any money held by the Indenture Trustee or any Paying Agent
            in trust
            for the payment of any amount due with respect to any Note and remaining
            unclaimed for two years after such amount has become due and payable
            shall be
            discharged from such trust and be paid to the Issuer on Issuer Request;
            and such
            Noteholder shall thereafter, as an unsecured general creditor, look only
            to the
            Issuer for payment thereof (but only to the extent of the amounts so
            paid to the
            Issuer), and all liability of the Indenture Trustee or such Paying Agent
            with
            respect to such trust money shall thereupon cease; provided, however,
            that the
            Indenture Trustee or such Paying Agent, before being required to make
            any such
            repayment, shall at the expense and written direction of the Issuer cause
            to be
            published once, in a newspaper published in the English language, customarily
            published on each Business Day and of general circulation in The City
            of
            New York, notice that such money remains unclaimed and that, after a date
            specified therein, which shall not be less than 30 days from the date of
            such publication, any unclaimed balance of such money then remaining
            will be
            repaid to or for the account of the Issuer.  The Indenture Trustee
            shall also adopt and employ, at the expense and written direction of
            the Issuer,
            any other reasonable means of notification of such repayment (including
            mailing
            notice of such repayment to Holders whose Notes have been called but
            have not
            been surrendered for redemption in whole pursuant to Section 10.01 or whose
            right to or interest in monies due and payable but not claimed is determinable
            from the records of the Indenture Trustee or of any Paying Agent, at
            the last
            address of record for each such Holder).

           

          
            
              
              

            

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

           

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

           

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

           

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

           

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

           

          (iv)                 enforce
            any of the Collateral; or

           

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

           

          The
            Issuer hereby authorizes the Indenture Trustee to file any financing
            statement
            or continuation statement required pursuant to this Section and designates
            the
            Indenture Trustee as its agent and attorney-in-fact to execute any other
            instrument required under this Section.

           

          Section
            3.06.  Opinions as to Trust Estate.

           

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

           

          
            
              
              

            

            
              29

              
                

              

            

            
              
              

            

          

           

          (b)           Within
            90 days after the beginning of each fiscal year of the Issuer beginning
            with the first fiscal year beginning more than three months after the
            Cutoff
            Date, the Issuer shall furnish to the Indenture Trustee an Opinion of
            Counsel either stating that, in the opinion of such counsel, such action
            has
            been taken with respect to the recording, filing, re-recording and refiling
            of
            this Indenture, any indentures supplemental hereto and any other requisite
            documents and with respect to the authorization and filing of any financing
            statements and continuation statements as is necessary to maintain the
            lien and
            security interest created by this Indenture and reciting the details
            of such
            action or stating that in the opinion of such counsel no such action
            is
            necessary to maintain such lien an security interest.  Such Opinion of
            Counsel shall also describe the recording, filing, re-recording and refiling
            of
            this Indenture, any indentures supplemental hereto and any other requisite
            documents and the authorization and filing of any financing statements
            and
            continuation statements that shall, in the opinion of such counsel, be
            required
            to maintain the lien and security interest of this Indenture until March 31
            in the following calendar year.

           

          Section
            3.07.  Performance of Obligations; Servicing of
            Receivables.

           

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

           

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

           

          (c)           The
            Issuer will and will cause the Administrator to, punctually perform and
            observe
            all of its obligations and agreements contained in this Indenture, the
            other
            Basic Documents and in the instruments and agreements included in the
            Trust
            Estate, including filing or causing to be filed all UCC financing statements
            and
            continuation statements required to be filed by the terms of this Indenture
            and
            the other Basic Documents in accordance with and within the time periods
            provided for herein and therein.

           

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

           

          
            
              
              

            

            
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          (e)           As
            promptly as possible after the giving of notice of termination to the
            Master
            Servicer of the Master Servicer’s rights and powers pursuant to
            Section 7.01 of the Sale and Servicing Agreement, the Issuer may (subject
            to the rights of the Indenture Trustee to direct such appointment pursuant
            to
            Section 7.02 of the Sale and Servicing Agreement) appoint a Successor
            Master Servicer, and such Successor Master Servicer shall accept its
            appointment
            by a written assumption in a form acceptable to the Indenture
            Trustee.  In the event that a Successor Master Servicer has not been
            appointed and has not accepted its appointment at the time when the Master
            Servicer ceases to act as Master Servicer, the Indenture Trustee without
            further
            action shall be the successor to the Master Servicer in all respects
            in
            accordance with Section 7.02 of the Sale and Servicing
            Agreement.  The Indenture Trustee may resign as the Successor Master
            Servicer by giving written notice of such resignation to the Issuer and
            the
            Depositor and in such event will be released from such duties and obligations,
            such release not to be effective until the date a new Master Servicer
            enters
            into a servicing agreement as provided below. Upon delivery of any such
            notice to the Issuer, the Issuer shall obtain a new Master Servicer as
            the
            Successor Master Servicer.  In each case of either the appointment of
            the Indenture Trustee (or any Affiliate as provided below) as Successor
            Master
            Servicer, or resignation of the Indenture Trustee as Master Servicer,
            the
            Indenture Trustee shall provide to the Depositor, in writing, such information
            as reasonably requested by the Depositor to comply with its reporting
            obligation
            under the Exchange Act with respect to a Successor Master Servicer or
            the
            resignation of the Master Servicer. Any Successor Master Servicer other
            than the Indenture Trustee shall (i) be an established financial
            institution having a net worth of not less than $50,000,000 and whose
            regular
            business includes the servicing of retail motor vehicle installment sale
            contracts, (ii) enter into a servicing agreement with the Issuer and the
            Depositor having substantially the same provisions as the provisions
            of the Sale
            and Servicing Agreement applicable to the Master Servicer, and (iii)
            shall
            provide to the Depositor, in writing, such information as reasonably
            requested
            by the Depositor to comply with its reporting obligation under the Exchange
            Act
            with respect to a Successor Master Servicer.  If within 30 days
            after the delivery of the notice referred to above, the Issuer shall
            not have
            obtained such a new Master Servicer, the Indenture Trustee may appoint,
            or may
            petition a court of competent jurisdiction to appoint, a Successor Master
            Servicer.  In connection with any such appointment, the Indenture
            Trustee may make such arrangements for the compensation of such successor
            as it
            and such successor shall agree with, subject to the limitations set forth
            below
            and in the Sale and Servicing Agreement, and in accordance with
            Section 7.02 of the Sale and Servicing Agreement, the Issuer shall enter
            into an agreement with such successor for the servicing of the Receivables
            (such
            agreement to be in form and substance satisfactory to the Indenture
            Trustee).  If the Indenture Trustee shall succeed to the duties of the
            Master Servicer as provided herein, it shall do so in its individual
            capacity
            and not in its capacity as Indenture Trustee and, accordingly, except
            as
            otherwise provided in the proviso to Section 6.01(a), the provisions of
            Article Six shall be inapplicable to the Indenture Trustee in its duties as
            the successor to the Master Servicer and the servicing of the
            Receivables.  In case the Indenture Trustee shall become successor to
            the Master Servicer under the Sale and Servicing Agreement, the Indenture
            Trustee shall be entitled to appoint as Master Servicer any one of its
            Affiliates or agents; provided that the Indenture Trustee, in its capacity
            as
            Master Servicer, shall be fully liable for the actions and omissions
            of such
            Affiliate or agent in such capacity as Successor Master
            Servicer.  Notwithstanding any other provisions of this Indenture to
            the contrary, in no event shall the Indenture Trustee be liable for any
            servicing fee or for any differential in the amount of the servicing
            fee paid
            under the Sale and Servicing Agreement and the amount necessary to induce
            any
            Successor Master Servicer to act as Successor Master Servicer under the
            Sale and
            Servicing Agreement.

           

          
            
              
              

            

            
              31

              
                

              

            

            
              
              

            

          

           

          (f)           The
            Issuer shall promptly notify the Depositor, the Trustees and the Rating
            Agencies, in writing of (i) any termination of the Master Servicer pursuant
            to the Sale and Servicing Agreement and (ii) the appointment of each
            Successor Master Servicer, including the name and address of such Successor
            Master Servicer.

           

          (g)           The
            Issuer shall not waive timely performance or observance by the Depositor,
            the
            Master Servicer or the Seller of their respective duties or obligations
            under
            the Basic Documents if such waiver would reasonably be expected to materially
            adversely affect the Noteholders.

           

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

           

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

           

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

           

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

           

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

           

          (v)                 engage
            in any activities other than those permitted by Section 2.03 of the Trust
            Agreement and financing, acquiring, owning, pledging and managing the
            Receivables as contemplated by the Basic Documents and activities incidental
            to
            such activities; or

           

          
            
              
              

            

            
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          (vi)                 incur,
            assume or guarantee any indebtedness other than the indebtedness evidenced
            by
            the Notes or indebtedness otherwise permitted by the Basic
            Documents.

           

          Section
            3.09.  Annual Statement as to Compliance.  The Issuer
            will deliver to the Depositor and the Indenture Trustee, on or before
            June 30 of each year (commencing with the June 30 that is at least six
            months after the Closing Date), an Officer’s Certificate stating, as to the
            Authorized Officer signing such Officer’s Certificate, that:

           

          (a)           a
            review of the activities of the Issuer during the preceding year (or
            such
            shorter period in the case of the first such Officer’s Certificate) and of its
            performance under this Indenture has been made under such Authorized
            Officer’s
            supervision; and

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          (vi)                 the
            Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
            and an Opinion of Counsel each stating that such consolidation or merger
            and
            such supplemental indenture comply with this Article and that all
            conditions precedent provided for in this Indenture relating to such
            transaction
            have been complied with (including any filing required by the Exchange
            Act).

           

          
            
              
              

            

            
              33

              
                

              

            

            
              
              

            

          

           

          (b)           Other
            than as specifically contemplated by the Basic Documents, the Issuer
            shall not
            convey or transfer all or substantially all of its properties or assets,
            including those included in the Trust Estate, to any other Person,
            unless:

           

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

           

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

           

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

           

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

           

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

           

          (vi)                 the
            Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
            and an Opinion of Counsel each stating that such conveyance or transfer
            and such
            supplemental indenture comply with this Article and that all conditions
            precedent provided for in this Indenture relating to such transaction
            have been
            complied with (including any filing required by the Exchange Act).

           

          Section
            3.11.  Successor or Transferee.

           

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

           

          
            
              
              

            

            
              34

              
                

              

            

            
              
              

            

          

           

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

           

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

           

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

           

          Section
            3.14.  Master Servicer’s
            Obligations.  The Issuer shall cause the Master Servicer to comply
            with the Sale and Servicing Agreement.

           

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

           

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

           

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

           

          Section
            3.18.  Restricted Payments.  Except as expressly
            permitted by the Basic Documents, the Issuer shall not, directly or indirectly,
            (i) pay any dividend or make any distribution (by reduction of capital or
            otherwise), whether in cash, property, securities or a combination thereof,
            to
            the Owner Trustee or any owner of a beneficial interest in the Issuer
            or
            otherwise with respect to any ownership or equity interest or security
            in or of
            the Issuer or to the Master Servicer, (ii) redeem, purchase, retire or
            otherwise acquire for value any such ownership or equity interest or
            security or
            (iii) set aside or otherwise segregate any amounts for any such purpose;
            provided, however, that the Issuer may make, or cause to be made,
            (a) distributions as contemplated by, and to the extent funds are available
            for such purpose under, the Sale and Servicing Agreement or the Trust
            Agreement
            and (b) payments to the Indenture Trustee pursuant to
            Section 1.02(b)(ii) of the Administration Agreement.  The Issuer
            will not, directly or indirectly, make payments to or distributions from
            the
            Collection Account, the Note Payment Account, the Certificate Payment
            Account or
            the Reserve Fund, except in accordance with this Indenture and the other
            Basic
            Documents.

           

          
            
              
              

            

            
              35

              
                

              

            

            
              
              

            

          

           

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

           

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

           

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

           

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

              

          
            
              
              

            

            
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          ARTICLE
            FOUR

           

          SATISFACTION
            AND DISCHARGE

           

          Section
            4.01.  Satisfaction and Discharge of Indenture.  This
            Indenture shall cease to be of further effect with respect to the Notes
            except
            as to (i) rights of registration of transfer and exchange,
            (ii) substitution of mutilated, destroyed, lost or stolen Notes,
            (iii) rights of Noteholders to receive payments of principal thereof and
            interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12,
            3.13, 3.16 and 3.17, (v) the rights, obligations and immunities of the
            Indenture Trustee hereunder (including the rights of the Indenture Trustee
            under
            Section 6.07 and the obligations of the Indenture Trustee under
            Section 4.02) and (vi) the rights of Noteholders as beneficiaries
            hereof with respect to the property so deposited with the Indenture Trustee
            payable to all or any of them, and the Indenture Trustee, on demand of
            and at
            the expense of the Issuer, shall execute proper instruments acknowledging
            satisfaction and discharge of this Indenture with respect to the Notes,
            when:

           

          (a)           either:

           

          (i)                 all
            Notes theretofore authenticated and delivered (other than Notes (1) that
            have been destroyed, lost or stolen and that have been replaced or paid
            as
            provided in Section 2.06 and (2) for whose payment money has
            theretofore been deposited in trust or segregated and held in trust by
            the
            Issuer and thereafter repaid to the Issuer or discharged from such trust,
            as
            provided in Section 3.03) have been delivered to the Indenture Trustee for
            cancellation; or

           

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

           

          (A)           have
            become due and payable,

           

          (B)           will
            become due and payable at the Class B Final Scheduled Distribution Date
            within one year or

           

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

           

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

           

          
            
              
              

            

            
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          (b)           the
            Issuer has paid or caused to be paid all other sums payable by the Issuer
            hereunder and under this Indenture and the other Basic Documents;

           

          (c)           the
            Issuer has delivered to the Depositor and the Indenture Trustee an
            Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or
            Section 11.01) an Independent Certificate, each meeting the applicable
            requirements of Section 11.01(a) and, subject to Section 11.02, each
            stating that all conditions precedent provided for in this Indenture
            relating to
            the satisfaction and discharge of this Indenture have been complied with;
            and

           

          (d)           the
            Issuer has delivered to the Depositor and the Indenture Trustee an Opinion
            of
            Counsel to the effect that the satisfaction and discharge of this Indenture
            pursuant to this Section will not cause any Noteholder to be treated
            as having
            sold or exchanged any of its Notes for purposes of Section 1001 of the
            Code.

           

          Section
            4.02.  Satisfaction, Discharge and Defeasance of the
            Notes.

           

          (a)           Upon
            satisfaction of the conditions set forth in Section 4.02(b), the Issuer
            shall be deemed to have paid and discharged the entire indebtedness on
            all the
            Notes Outstanding, and the provisions of this Indenture, as it relates
            to such
            Notes, shall no longer be in effect (and the Indenture Trustee, at the
            expense
            of the Issuer, shall execute proper instruments acknowledging the same),
            except
            as to:

           

          (i)                 the
            rights of the Noteholders to receive, from the trust funds described
            in
            Section 4.02(b)(i), payment of the principal of and interest on the Notes
            Outstanding at maturity of such principal or interest;

           

          (ii)                 the
            obligations of the Issuer with respect to the Notes under Sections 2.05,
            2.06, 3.02 and 3.03;

           

          (iii)                 the
            obligations of the Administrator to the Indenture Trustee under
            Section 6.07; and

           

          (iv)                 the
            rights, powers, trusts and immunities of the Indenture Trustee hereunder
            and the
            duties of the Indenture Trustee hereunder.

           

          (b)           The
            satisfaction, discharge and defeasance of the Notes pursuant to
            Section 4.02(a) is subject to the satisfaction of all of the following
            conditions:

           

          (i)                 the
            Issuer has deposited or caused to be deposited irrevocably (except as
            provided
            in Section 4.04) with the Indenture Trustee as trust funds in trust,
            specifically pledged as security for, and dedicated solely to, the benefit
            of
            the Noteholders, which, through the payment of interest and principal
            in respect
            thereof in accordance with their terms will provide, not later than one
            day
            prior to the due date of any payment referred to below, money in an amount
            sufficient, in the opinion of a nationally recognized firm of Independent
            certified public accountants expressed in a written certification thereof
            delivered to the Indenture Trustee, to pay and discharge the entire indebtedness
            on the Notes Outstanding, for principal thereof and interest thereon
            to the date
            of such deposit (in the case of Notes that have become due and payable)
            or to
            the maturity of such principal and interest, as the case may be;

           

          
            
              
              

            

            
              38

              
                

              

            

            
              
              

            

          

           

          (ii)                 such
            deposit will not result in a breach or violation of, or constitute an
            event of
            default under, any Basic Document or other agreement or instrument to
            which the
            Issuer is bound;

           

          (iii)                 no
            Event of Default has occurred and is continuing on the date of such deposit
            or
            on the 91st day after such date;

           

          (iv)                 the
            Issuer has delivered to the Depositor and the Indenture Trustee an Opinion
            of
            Counsel to the effect that the satisfaction, discharge and defeasance
            of the
            Notes pursuant to this Section will not cause any Noteholder to be treated
            as
            having sold or exchanged any of its Notes for purposes of Section 1001 of
            the Code; and

           

          (v)                 the
            Issuer has delivered to the Depositor and the Indenture Trustee an Officer’s
            Certificate and an Opinion of Counsel, each stating that all conditions
            precedent provided for in this Indenture relating to the defeasance contemplated
            by this Section have been complied with.

           

          Section
            4.03.  Application of Trust Money.  All monies
            deposited with the Indenture Trustee pursuant to this Article shall be held
            in and applied by the Indenture Trustee, in accordance with the provisions
            of
            the Notes and this Indenture, to the payment, either directly or through
            any
            Paying Agent, to the Holders of the Notes for the payment or redemption
            of which
            such monies have been deposited with the Indenture Trustee, of all sums
            due and
            to become due thereon for principal and interest, but such monies need
            not be
            segregated from other funds except to the extent required herein or in
            the Sale
            and Servicing Agreement or required by law.

           

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

           

          
            
              
              

            

            
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          ARTICLE
            FIVE

           

          EVENTS
            OF
            DEFAULT; REMEDIES

           

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

           

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

           

          (ii)                 default
            in the payment of the principal of any Note on its Final Scheduled Distribution
            Date;

           

          (iii)                 default
            in the observance or performance of any material covenant or agreement
            of the
            Issuer made in this Indenture (other than a covenant or agreement, a
            default in
            the observance or performance of which is specifically dealt with elsewhere
            in
            this Section) and such default shall continue or not be cured for a period
            of
            60 days after there shall have been given, by registered or certified mail,
            to the Issuer by the Depositor or the Indenture Trustee or to the Issuer,
            the
            Depositor and the Indenture Trustee, by the Holders of Notes evidencing
            not less
            than 25% of the Note Balance of the Controlling Class, a written notice
            specifying such default and requiring it to be remedied and stating that
            such
            notice is a “Notice of Default” hereunder;

           

          (iv)                 any
            representation or warranty of the Issuer made in this Indenture or in
            any
            certificate or other writing delivered pursuant hereto or in connection
            herewith
            proving to have been incorrect in any material respect as of the time
            when the
            same shall have been made, and the circumstance or condition in respect
            of which
            such representation or warranty was incorrect shall not have been eliminated
            or
            otherwise cured for a period of 30 days after there shall have been given,
            by registered or certified mail, to the Issuer by the Depositor or the
            Indenture
            Trustee or to the Issuer, the Depositor and the Indenture Trustee by
            the Holders
            of Notes evidencing not less than 25% of the Note Balance of the Controlling
            Class, a written notice specifying such incorrect representation or warranty
            and
            requiring it to be remedied and stating that such notice is a notice
            of Default
            hereunder;

           

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

           

          
            
              
              

            

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

           

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

           

          Section
            5.02.  Acceleration of Maturity; Rescission and
            Annulment.

           

          (a)           If
            an Event of Default shall have occurred and be continuing, the Indenture
            Trustee
            or the Holders of Notes evidencing not less than 51% of the Note Balance
            of the
            Controlling Class may, upon prior written notice to each Rating Agency,
            declare the Notes to be immediately due and payable by written notice
            to the
            Issuer (and to the Indenture Trustee if given by Noteholders), the Depositor
            and
            the Master Servicer, and upon any such declaration the unpaid principal
            amount
            of the Notes, together with accrued and unpaid interest thereon through
            the date
            of acceleration, shall become immediately due and payable.

           

          (b)           If
            the Notes have been declared immediately due and payable following an
            Event of
            Default, before a judgment or decree for payment of the amount due has
            been
            obtained by the Indenture Trustee as hereinafter provided in this Article,
            the
            Holders of Notes evidencing not less than 51% of the Note Balance of
            the
            Controlling Class, by written notice to the Issuer, the Depositor and
            the
            Indenture Trustee, may rescind and annul such declaration of acceleration
            and
            its consequences if:

           

          (i)                 the
            Issuer has paid or deposited with the Indenture Trustee a sum sufficient
            to pay
            all payments of principal of and interest on the Notes and all other
            amounts
            that would then be due hereunder or upon the Notes if the Event of Default
            giving rise to such acceleration had not occurred; and

           

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

           

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

           

          
            
              
              

            

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

           

          (a)           If
            a default is made in the payment of (i) any interest on any Note of the
            Controlling Class when the same becomes due and payable, and such default
            continues for a period of five days, or (ii) the principal of any Note on
            the related Final Scheduled Distribution Date, the Issuer will, upon
            demand of
            the Indenture Trustee, pay to it, for the benefit of the Noteholders,
            the entire
            amount then due and payable on such Notes for principal and interest,
            with
            interest upon the overdue principal at the applicable Interest Rate and,
            to the
            extent payment at such rate of interest shall be legally enforceable,
            upon
            overdue installments of interest at the applicable Interest Rate and,
            in
            addition thereto, such further amount as shall be sufficient to cover
            the costs
            and expenses of collection, including the reasonable compensation, expenses,
            disbursements and advances of the Indenture Trustee and its agents and
            counsel
            and other amounts due and owing to the Indenture Trustee pursuant to
            Section 6.07.

           

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

           

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

           

          (d)           If
            there shall be pending, relative to the Issuer or any other obligor upon
            the
            Notes or any Person having or claiming an ownership interest in the Trust
            Estate, Proceedings under Title 11 of the United States Code or any other
            applicable federal or State bankruptcy, insolvency or other similar law,
            or if a
            receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
            sequestrator or similar official shall have been appointed for or taken
            possession of the Issuer or its property or such other obligor or Person,
            or if
            there shall be pending any other comparable judicial Proceedings relative
            to the
            Issuer or other obligor upon the Notes, or to the creditors or property
            of the
            Issuer or such other obligor, the Indenture Trustee, irrespective of
            whether the
            principal of any Notes shall then be due and payable as therein expressed
            or by
            declaration or otherwise and irrespective of whether the Indenture Trustee
            shall
            have made any demand pursuant to the provisions of this Section, shall
            be
            entitled and empowered, by intervention in such Proceedings or
            otherwise:

           

          (i)                 to
            file and prove a claim or claims for the whole amount of principal and
            interest
            owing and unpaid in respect of the Notes and to file such other papers
            or
            documents as may be necessary or advisable in order to have the claims
            of the
            Indenture Trustee (including any claim for reasonable compensation to
            the
            Indenture Trustee and each predecessor Indenture Trustee), and their
            respective
            agents and attorneys, and for all expenses and other amounts due and
            owing to
            the Indenture Trustee pursuant to Section 6.07 and of the Noteholders
            allowed in such Proceedings;

           

          
            
              
              

            

            
              42

              
                

              

            

            
              
              

            

          

           

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

           

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

           

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

           

          and
            any
            trustee, receiver, liquidator, custodian or other similar official in
            any such
            Proceeding is hereby authorized by each of the Noteholders to make payments
            to
            the Indenture Trustee and, in the event that the Indenture Trustee shall
            consent
            to the making of payments directly to the Noteholders, to pay to the
            Indenture
            Trustee such amounts as shall be sufficient to cover reasonable compensation
            to
            the Indenture Trustee, each predecessor Indenture Trustee and their respective
            agents and attorneys, and all other expenses and amounts due and owing
            to the
            Indenture Trustee pursuant to Section 6.07.

           

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

           

          (f)           All
            rights of action and of asserting claims under this Indenture, or under
            any of
            the Notes, may be enforced by the Indenture Trustee without the possession
            of
            any of the Notes or the production thereof in any trial or other Proceedings
            relative thereto, and any such action or Proceedings instituted by the
            Indenture
            Trustee shall be brought in its own name as trustee of an express trust,
            and any
            recovery of judgment, subject to the payment of the expenses, disbursements
            and
            compensation of the Indenture Trustee, each predecessor Indenture Trustee
            and
            their respective agents and attorneys, shall be for the ratable benefit
            of the
            Noteholders.

           

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

           

          
            
              
              

            

            
              43

              
                

              

            

            
              
              

            

          

           

          Section
            5.04.  Remedies.

           

          (a)           If
            the Notes have been declared to be immediately due and payable following
            an
            Event of Default, the Indenture Trustee may, or at the written direction
            of the
            Holders of Notes evidencing not less than 51% of the Note Balance of
            the
            Controlling Class shall take one or more of the following actions as
            so directed
            (subject to Sections 5.02 and 5.05):

           

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

           

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

           

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

           

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

           

          provided,
            however, that the Indenture Trustee may not sell or otherwise liquidate
            the
            Trust Estate at the direction of the Noteholders following an Event of
            Default,
            other than an Event of Default described in Section 5.01(i) or (ii),
            unless: (A) the Holders of Notes evidencing 100% of the Note Balance
            consent thereto, (B) the proceeds of such sale or liquidation will be
            sufficient to pay in full the Note Balance and all accrued but unpaid
            interest
            on the Outstanding Notes or (C) the Indenture Trustee determines that the
            Trust Estate will not continue to provide sufficient funds for the payment
            of
            principal of and interest on the Notes as they would have become due if the
            Notes had not been declared immediately due and payable, and the Indenture
            Trustee obtains the consent of the Holders of Notes evidencing not less
            than
            662⁄3% of the Note Balance of the Controlling Class.  In determining
            such sufficiency or insufficiency with respect to clauses (B) and (C), the
            Indenture Trustee may, but need not, obtain and rely upon an opinion
            of an
            Independent investment banking or accounting firm of national reputation
            as to
            the feasibility of such proposed action and as to the sufficiency of
            the Trust
            Estate for such purpose.

           

          (b)           If
            the Indenture Trustee collects any money or property pursuant to this
            Section as
            a result of selling or liquidating the Trust Estate, it shall pay out
            such money
            or property (together with all Available Collections and all amounts
            on deposit
            in the Accounts) on the related Distribution Date or other date fixed
            pursuant
            to Section 5.04(c) in the order of priority set forth in
            Section 2.08(f).

           

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

           

          
            
              
              

            

            
              44

              
                

              

            

            
              
              

            

          

           

          Section
            5.05.  Optional Preservation of the Receivables.  If
            the Notes have been declared to be due and payable under Section 5.02
            following an Event of Default and such declaration and its consequences
            have not
            been rescinded and annulled, the Indenture Trustee may, but need
            not,  elect to maintain possession of the Trust Estate and apply
            proceeds as if there had been no declaration of acceleration; provided
            however,
            that the Available Funds shall be applied in accordance with such declaration
            of
            acceleration in the manner specified in Section 2.08(f).  It is
            the desire of the parties hereto and the Noteholders that there be at
            all times
            sufficient funds for the payment of principal of and interest on the
            Notes and
            the Indenture Trustee shall take such desire into account when determining
            whether or not to maintain possession of the Trust Estate.  In
            determining whether to maintain possession of the Trust Estate, the Indenture
            Trustee may, but need not, obtain and rely upon an opinion of an Independent
            investment banking or accounting firm of national reputation as to the
            feasibility of such proposed action and as to the sufficiency of the
            Trust
            Estate for such purpose.

           

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

           

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

           

          (b)           the
            Holders of Notes evidencing not less than 25% of the Note Balance of
            the
            Controlling Class have made written request to the Indenture Trustee to
            institute such Proceeding in respect of such Event of Default in its
            own name as
            Indenture Trustee hereunder;

           

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

           

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

           

          (e)           no
            direction inconsistent with such written request has been given to the
            Indenture
            Trustee during such 60-day period by the Holders of Notes evidencing
            not less
            than 51% of the Note Balance of the Controlling Class.

           

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

           

          In
            the
            event the Indenture Trustee shall receive conflicting or inconsistent
            requests
            and indemnity from two or more groups of Holders of Notes, each evidencing
            less
            than 51% of the Note Balance of the Controlling Class, the Indenture
            Trustee in
            its sole discretion may determine what action, if any, shall be taken,
            notwithstanding any other provisions of this Indenture.

           

           

          
            
              
              

            

            
              45

              
                

              

            

            
              
              

            

          

           

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

           

          Section
            5.08.  Restoration of Rights and Remedies.  If the
            Indenture Trustee or any Noteholder has instituted any Proceeding to
            enforce any
            right or remedy under this Indenture and such Proceeding has been discontinued
            or abandoned for any reason or has been determined adversely to the Indenture
            Trustee or such Noteholder, then and in every such case the Issuer, the
            Indenture Trustee and the Noteholders shall, subject to any determination
            in
            such Proceeding, be restored severally and respectively to their former
            positions hereunder, and thereafter all rights and remedies of the Indenture
            Trustee and the Noteholders shall continue as though no such Proceeding
            had been
            instituted.

           

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

           

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

           

          Section
            5.11.  Control by Noteholders of the Controlling
            Class.  The Holders of Notes evidencing not less than 51% of the
            Note Balance of the Controlling Class shall have the right to direct
            the time,
            method and place of conducting any Proceeding for any remedy available
            to the
            Indenture Trustee with respect to the Notes or exercising any trust or
            power
            conferred on the Indenture Trustee; provided, however, that:

           

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

           

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

           

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

           

          
            
              
              

            

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

           

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

           

          Section
            5.12.  Waiver of Past Defaults.  Prior to the
            declaration of the acceleration of the maturity of the Notes as provided
            in
            Section 5.02, the Holders of Notes evidencing not less than 51% of the Note
            Balance of the Controlling Class may, on behalf of all Noteholders, waive
            any past Default or Event of Default and its consequences except a Default
            or
            Event of Default (i) in payment of principal of or interest on any of the
            Notes or (ii) in respect of a covenant or provision hereof that cannot be
            amended, supplemented or modified without the consent of all the
            Noteholders.  Upon any such waiver, the Issuer, the Indenture Trustee
            and the Noteholders shall be restored to their former positions and rights
            hereunder, respectively; but no such waiver shall extend to any subsequent
            or
            other Default or Event of Default or impair any right consequent
            thereto.  Upon any such waiver, such Default or Event of Default shall
            cease to exist and be deemed to have been cured and not to have occurred,
            and
            any Event of Default arising therefrom shall be deemed to have been cured
            and
            not to have occurred, for every purpose of this Indenture, but no such
            waiver
            shall extend to any subsequent or other Default or Event of Default or
            impair
            any right consequent thereto.

           

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

           

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

           

          
            
              
              

            

            
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          Section
            5.15.  Action on Notes.  The Indenture Trustee’s
            right to seek and recover judgment on the Notes or under this Indenture
            shall
            not be affected by the seeking, obtaining or application of any other
            relief
            under or with respect to this Indenture.  Neither the lien of this
            Indenture nor any rights or remedies of the Indenture Trustee or the
            Noteholders
            shall be impaired by the recovery of any judgment by the Indenture Trustee
            against the Issuer or by the levy of any execution under such judgment
            upon any
            portion of the Trust Estate or upon any of the assets of the
            Issuer.  Any money or property collected by the Indenture Trustee
            shall be applied in accordance with Section 5.04(b).

           

          Section
            5.16.  Performance and Enforcement of Certain
            Obligations.

           

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

           

          (b)           If
            an Event of Default shall have occurred and be continuing, the Indenture
            Trustee
            may, and at the direction (which direction shall be in writing or by
            telephone
            (confirmed in writing promptly thereafter)) of Holders of Notes evidencing
            not
            less than 662⁄3% of the Note Balance of the Controlling Class shall, exercise all
            rights, remedies, powers, privileges and claims of the Issuer against
            the
            Depositor, the Seller or the Master Servicer under or in connection with
            the
            Sale and Servicing Agreement or against the Seller under or in connection
            with
            the Receivables Purchase Agreement, including the right or power to take
            any
            action to compel or secure performance or observance by the Depositor,
            the
            Seller or the Master Servicer, as the case may be, of its obligations
            to the
            Issuer thereunder and to give any consent, request, notice, direction,
            approval,
            extension or waiver under the Sale and Servicing Agreement or the Receivables
            Purchase Agreement, as the case may be, and any right of the Issuer to
            take such
            action shall be suspended.

           

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

           

          
            
              
              

            

            
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          (d)           If
            an Event of Default shall have occurred and be continuing, the Indenture
            Trustee
            may, and at the direction (which direction shall be in writing or by
            telephone
            (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing
            not less than 662⁄3% of the Note Balance of the Controlling Class shall, exercise
            all rights, remedies, powers, privileges and claims of the Depositor
            against the
            Seller under or in connection with the Receivables Purchase Agreement,
            including
            the right or power to take any action to compel or secure performance
            or
            observance by the Seller of its obligations to the Depositor thereunder
            and to
            give any consent, request, notice, direction, approval, extension or
            waiver
            under the Receivables Purchase Agreement, and any right of the Depositor
            to take
            such action shall be suspended.

           

          
            
              
              

            

            
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          ARTICLE
            SIX 

           

          THE
            INDENTURE TRUSTEE

           

          Section
            6.01.  Duties of Indenture Trustee.

           

          (a)           If
            an Event of Default shall have occurred and be continuing, the Indenture
            Trustee
            shall exercise the rights and powers vested in it by this Indenture and
            use the
            same degree of care and skill in their exercise as a prudent person would
            exercise or use under the circumstances in the conduct of such Person’s own
            affairs; provided, however, that if the Indenture Trustee shall assume
            the
            duties of the Master Servicer, pursuant to Section 3.07(e), the Indenture
            Trustee in performing such duties shall use the degree of care and skill
            customarily exercised by a prudent institutional servicer, with respect
            to
            retail motor vehicle installment sale contracts and installment loans
            that it
            administers or services, as the case may be, for itself or others.

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

           

          
            
              
              

            

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

           

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

           

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

           

          (i)           The
            Indenture Trustee shall not be charged with knowledge of any Event of
            Default
            unless either (i) a Responsible Officer of the Indenture Trustee shall have
            actual knowledge of such Event of Default or (ii) written notice of such
            Event of Default shall have been given to the Indenture Trustee in accordance
            with the provisions of this Indenture.

           

          Section
            6.02.  Rights of Indenture Trustee.

           

          (a)           The
            Indenture Trustee may rely on any document believed by it to be genuine
            and to
            have been signed or presented by the proper Person.  The Indenture
            Trustee need not investigate any fact, calculation or matter stated in
            any such
            document.  Notwithstanding the foregoing, the Indenture Trustee, upon
            receipt of all resolutions, certificates, statements, opinions, reports,
            documents, orders or other instruments furnished to the Indenture Trustee
            that
            shall be specifically required to be furnished pursuant to any provision
            of this
            Indenture, shall examine them to determine whether they comply as to
            form to the
            requirements of this Indenture.

           

          (b)           Before
            the Indenture Trustee acts or refrains from acting, it may request and
            be
            entitled to receive an Officer’s Certificate or an Opinion of
            Counsel.  The Indenture Trustee shall not be liable for any action it
            takes or omits to take in good faith in reliance on an Officer’s Certificate or
            Opinion of Counsel unless it is proved that the Indenture Trustee was
            negligent
            in such reliance.

           

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

           

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

           

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

           

          
            
              
              

            

            
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          (f)           The
            Indenture Trustee shall be under no obligation to exercise any of the
            rights or
            powers vested in it by this Indenture at the request or direction of
            any of the
            Noteholders pursuant to this Indenture, unless such Noteholders shall
            have
            offered to the Indenture Trustee security or indemnity satisfactory to
            it
            against the costs, expenses and liabilities which might be incurred by
            it in
            compliance with such request or direction.

           

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

           

          Section
            6.04.  Indenture Trustee’s
            Disclaimer.  The Indenture Trustee shall not be
            (i) responsible for and makes no representation as to the validity or
            adequacy of this Indenture or the Notes, (ii) accountable for the Issuer’s
            use of the proceeds from the Notes and (iii) responsible for any statement
            of the Issuer in this Indenture or in any document issued in connection
            with the
            sale of the Notes or in the Notes other than the Indenture Trustee’s certificate
            of authentication.

           

          Section
            6.05.  Notice of Defaults.  If a Default occurs and
            is continuing and if it is known to a Responsible Officer of the Indenture
            Trustee, the Indenture Trustee shall mail to each Noteholder notice of
            such
            Default within 30 days after it occurs.  Except in the case of a
            Default in payment of principal of or interest on any Note (including
            payments
            pursuant to the mandatory redemption provisions of such Note), the Indenture
            Trustee may withhold the notice to the Noteholders if and so long as
            a committee
            of its Responsible Officers in good faith determines that withholding
            the notice
            is in the interests of Noteholders.

           

          Section
            6.06.  Reports by Indenture Trustee to
            Noteholders.  The Indenture Trustee shall deliver, within a
            reasonable period of time after the end of each calendar year, to each
            Person
            who at any time during such calendar year was a Noteholder, such information
            furnished to the Indenture Trustee as may be required to enable such
            Person to
            prepare its federal and State income tax returns.

           

          Section
            6.07.  Compensation and Indemnity.

           

          (a)           The
            Administrator, on behalf of the Issuer, shall pay or cause to be paid
            to the
            Indenture Trustee from time to time reasonable compensation for its
            services.  The Indenture Trustee’s compensation shall not be limited
            by any law on compensation of a trustee of an express trust.  The
            Administrator on behalf of the Issuer, shall reimburse the Indenture
            Trustee for
            all expenses, advances and disbursements reasonably incurred or made
            by it,
            including costs of collection, in addition to the compensation for its
            services;
            provided, however, that the Administrator need not reimburse the Indenture
            Trustee for any expense incurred through the Indenture Trustee’s willful
            misconduct, negligence, or bad faith.  Such expenses shall include the
            reasonable compensation and expenses, disbursements and advances of the
            Indenture Trustee’s agents, counsel, accountants and experts.  The
            Administrator, on behalf of the Issuer, shall indemnify the Indenture
            Trustee
            for, and hold it and its officers, directors, employees, representatives
            and
            agents, harmless against, any and all loss, liability or expense (including
            reasonable attorneys’ fees and expenses) incurred by it in connection with the
            administration of this trust and the performance of its duties hereunder;
            provided, however, that the Administrator need not indemnify the Indenture
            Trustee for, or hold it harmless against, any such loss, liability or
            expense
            incurred through the Indenture Trustee’s willful misconduct, negligence, or bad
            faith.  The Indenture Trustee shall notify the Issuer and the
            Administrator promptly of any claim for which it may seek
            indemnity.  Any failure by the Indenture Trustee to so notify the
            Issuer and the Administrator shall not, however, relieve the Administrator
            of
            its obligations hereunder.  The Administrator, on behalf of the
            Issuer, shall defend any such claim.  The Indenture Trustee may have
            separate counsel in connection with the defense of any such claim, and
            the
            Administrator, on behalf of the Issuer, shall pay the fees and expenses
            of such
            counsel.  Neither the Issuer nor the Administrator need reimburse any
            expense or indemnify against any loss, liability or expense incurred
            by the
            Indenture Trustee through the Indenture Trustee’s own willful misconduct,
            negligence or bad faith.  The Administrator may delegate any of its
            foregoing obligations to the Master Servicer with prior notice to the
            Issuer and
            the Indenture Trustee.

           

          
            
              
              

            

            
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          (b)           The
            payment obligations to the Indenture Trustee pursuant to this Section
            shall
            survive the resignation or removal of the Indenture Trustee and the discharge
            of
            this Indenture.  When the Indenture Trustee incurs fees or expenses
            after the occurrence of a Default specified in Section 5.01(v) or
            (vi) with respect to the Issuer, such fees and expenses are intended to
            constitute expenses of administration under Title 11 of the United States
            Code or any other applicable federal or State bankruptcy, insolvency
            or similar
            law.

           

          Section
            6.08.  Replacement of Indenture Trustee.

           

          (a)           No
            resignation or removal of the Indenture Trustee and no appointment of
            a
            successor Indenture Trustee shall become effective until the acceptance
            of
            appointment by the successor Indenture Trustee pursuant to this
            Section.  The Indenture Trustee may resign at any time by so notifying
            the Issuer, the Depositor and the Noteholders, and will provide all
            information reasonably requested by the Depositor in order to comply
            with its
            reporting obligation under Item 6.02 of Form 8-K under the Exchange Act,
            with
            respect to the resignation of the Indenture Trustee.  The Holders of
            Notes evidencing not less than 51% of the Note Balance of the Notes may
            remove the Indenture Trustee without cause by notifying the Indenture
            Trustee
            (with a copy to the Issuer, the Depositor and the Rating Agencies) of
            such
            removal and, following such removal, may appoint a successor Indenture
            Trustee.  The Issuer shall remove the Indenture Trustee
            if:

           

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

           

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

           

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

           

          
            
              
              

            

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

           

          The
            Depositor may remove the Indenture
            Trustee if the Indenture Trustee fails to comply with Section 3.07(e),
            Section 6.08 or Section 6.09 with respect to notice to or providing information
            to the Depositor, or with Article Nine of the Sale and Servicing Agreement,
            in
            each case if such failure continues for the lesser or 10 days or such
            period in
            which the applicable Exchange Act Report can be timely filed (without
            taking
            into account any extensions).  If the Indenture Trustee resigns or is
            removed or if a vacancy exists in the office of the Indenture Trustee
            for any
            reason (the Indenture Trustee in such event being referred to herein
            as the
            retiring Indenture Trustee), the Administrator shall promptly appoint
            a
            successor Indenture Trustee and notify the Depositor such
            appointment.

           

          (b)           Any
            successor Indenture Trustee shall deliver a written acceptance of its
            appointment to the retiring Indenture Trustee, the Issuer and the
            Depositor and shall also provide all information reasonably requested by
            the Depositor in order to comply with its reporting obligation under
            the
            Exchange Act with respect to the replacement Indenture Trustee.  Upon
            delivery of such written acceptance, the resignation or removal of the
            retiring
            Indenture Trustee shall become effective, and the successor Indenture
            Trustee
            shall have all the rights, powers and duties of the Indenture Trustee
            under this
            Indenture.  The successor Indenture Trustee shall mail a notice of its
            succession to the Noteholders.  The retiring Indenture Trustee shall
            promptly transfer all property held by it as Indenture Trustee to the
            successor
            Indenture Trustee.

           

          (c)           If
            a successor Indenture Trustee does not take office within 60 days after the
            retiring Indenture Trustee resigns or is removed, the retiring Indenture
            Trustee, the Issuer or the Holders of Notes evidencing not less than
            51% of the
            Note Balance of the Controlling Class may petition any court of competent
            jurisdiction for the appointment of a successor Indenture Trustee.  If
            the Indenture Trustee fails to comply with Section 6.11, any Noteholder may
            petition any court of competent jurisdiction for the removal of the Indenture
            Trustee and the appointment of a successor Indenture Trustee.

           

          (d)           Notwithstanding
            the replacement of the Indenture Trustee pursuant to this Section, the
            Issuer’s
            and the Administrator’s obligations under Section 6.07 shall continue for
            the benefit of the retiring Indenture Trustee.

           

          Section
            6.09.  Successor Indenture Trustee by Merger.

           

          (a)           If
            the Indenture Trustee consolidates with, merges or converts into, or
            transfers
            all or substantially all its corporate trust business or assets to, another
            corporation or banking association, the resulting, surviving or transferee
            corporation or banking association, without any further act, shall be
            the
            successor Indenture Trustee; provided, however, that such corporation
            or banking
            association must be otherwise qualified and eligible under
            Section 6.11.  The Indenture Trustee shall provide the Rating
            Agencies and the Depositor with prior written notice of any such
            transaction and shall provide the Depositor with written notice of such
            event no
            later than five Business Days after the effective date of such merger,
            together
            with the information reasonably requested by the Depositor in order to
            comply
            with its reporting obligation under the Exchange Act with respect to
            a successor
            Indenture Trustee.

           

          
            
              
              

            

            
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          (b)           If
            at the time such successor or successors by consolidation, merger or
            conversion
            to the Indenture Trustee shall succeed to the trusts created by this
            Indenture
            any of the Notes shall have been authenticated but not delivered, any
            such
            successor to the Indenture Trustee may adopt the certificate of authentication
            of any predecessor trustee and deliver such Notes so authenticated; and
            in case
            at that time any of the Notes shall not have been authenticated, any
            such
            successor to the Indenture Trustee may authenticate such Notes either
            in the
            name of any predecessor trustee or in the name of the successor to the
            Indenture
            Trustee.  In all such cases such certificates shall have the full
            force which the Notes or this Indenture provide that the certificate
            of the
            Indenture Trustee shall have.

           

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

           

          (a)           Notwithstanding
            any other provision of this Indenture, at any time, for the purpose of
            meeting
            any legal requirement of any jurisdiction in which any part of the Trust
            Estate
            may at the time be located, the Indenture Trustee and the Administrator,
            acting
            jointly, shall have the power and may execute and deliver an instrument
            to
            appoint one or more Persons to act as a co-trustee or co-trustees, jointly
            with
            the Indenture Trustee, or separate trustee or separate trustees, of all
            or any
            part of the Trust Estate, and to vest in such Person or Persons, in such
            capacity and for the benefit of the Noteholders, such title to the Trust
            Estate
            or any part thereof, and, subject to the other provisions of this Section,
            such
            powers, duties, obligations, rights and trusts as the Indenture Trustee
            may
            consider necessary or desirable.  No co-trustee or separate trustee
            under this Indenture shall be required to meet the terms of eligibility
            as a
            successor trustee under Section 6.11 and no notice of the appointment of
            any co-trustee or separate trustee shall be required under
            Section 6.08.

           

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

           

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

           

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

           

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

           

          
            
              
              

            

            
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          (d)           Any
            separate trustee or co-trustee may at any time constitute the Indenture
            Trustee,
            its agent or attorney-in-fact with full power and authority, to the extent
            permitted by law, to do any lawful act under or in respect of this Indenture
            on
            its behalf and in its name.  If any separate trustee or co-trustee
            shall die, become incapable of acting, resign or be removed, all of its
            estates,
            properties, rights, remedies and trusts shall vest in and be exercised
            by the
            Indenture Trustee, to the extent permitted by law, without the appointment
            of a
            new or successor trustee.

           

          Section
            6.11.  Eligibility; Disqualification.  The Indenture
            Trustee shall at all times satisfy the requirements of TIA
            Section 310(a).  The Indenture Trustee or its parent shall have a
            combined capital and surplus of at least $50,000,000 as set forth in
            its most
            recent published annual report of condition and shall have a long term
            debt
            rating of investment grade by each Rating Agency or shall otherwise be
            acceptable to each Rating Agency.  The Indenture Trustee shall comply
            with TIA Section 310(b).

           

          If
            at any
            time following the occurrence of an Event of Default which shall not
            have been
            cured or waived, the Indenture Trustee shall ascertain that it has a
            conflict of
            interest (as defined in TIA Section 310(b)), with respect to one or more
            Classes
            of Notes, then within 90 days after ascertaining such conflict of interest,
            unless authorized by the Commission, the Indenture Trustee shall either
            eliminate such conflict of interest or, except as otherwise provided in TIA
            Section 310(b), resign with respect to such Class or Classes of Notes in
            accordance with Section 6.08, and the Issuer shall appoint a successor
            Indenture Trustee for each such Class, as applicable, so that there will
            be one
            or more separate Indenture Trustees, as necessary, for any Class or Classes
            of Notes as to which the retiring Indenture Trustee had a conflict of
            interest.  In the event the Indenture Trustee fails to comply with the
            terms of the preceding sentence, the Indenture Trustee shall comply with
            clauses
            (ii) and (iii) of TIA Section 310(b).

           

          In
            the
            case of the appointment pursuant to this Section of a successor Indenture
            Trustee with respect to one or more Classes of Notes, the Issuer, the
            retiring
            Indenture Trustee and the successor Indenture Trustee with respect to
            such Class
            of Notes shall execute and deliver an indenture supplemental hereto wherein
            each
            successor Indenture Trustee shall accept such appointment and which
            (i) shall contain such provisions as shall be necessary or desirable to
            transfer and confirm to, and to vest in, the successor Indenture Trustee
            all the
            rights, powers, trusts and duties of the retiring Indenture Trustee with
            respect
            to the Notes of the Class to which the appointment of such successor
            Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not
            retiring with respect to all Classes of Notes, shall contain such provisions
            as
            shall be deemed necessary or desirable to confirm that all rights, powers,
            trusts and duties of the retiring Indenture Trustee with respect to the
            Notes of
            each Class as to which the retiring Indenture Trustee is not retiring
            shall
            continue to be vested in the Indenture Trustee and (iii) shall add to or
            change any of the provisions of this Indenture as shall be necessary
            to provide
            for or facilitate the administration of the trusts hereunder by more
            than one
            Indenture Trustee, it being understood that nothing herein or in such
            supplemental indenture shall constitute such Indenture Trustees co-trustees
            of
            the same trust and that each such Indenture Trustee shall be a trustee
            of a
            trust or trusts hereunder separate and apart from any trust or trusts
            hereunder
            administered by any other such Indenture Trustee; and upon the removal
            of the
            retiring Indenture Trustee shall become effective to the extent provided
            herein.

           

          
            
              
              

            

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

           

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

           

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

           

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

           

          (c)           this
            Indenture is an enforceable obligation of the Indenture Trustee.

           

          
            
              
              

            

            
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          ARTICLE
            SEVEN 

           

          NOTEHOLDERS’
            LISTS AND REPORTS

           

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

           

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

           

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

           

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

           

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

           

          (d)           The
            Indenture Trustee will provide to Securityholders the reports, certificates,
            opinions and documents specified in Section 3.14 of the Sale and Servicing
            Agreement, upon written request to the Indenture Trustee.

           

          Section
            7.03.  Reports by Issuer.

           

          (a)           The
            Issuer shall:

           

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

           

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

           

          
            
              
              

            

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

           

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

           

          Section
            7.04.  Reports by Indenture Trustee.

           

          (a)           If
            required by TIA Section 313(a), within 60 days after each December 15
            beginning with December 15, 2007, the Indenture Trustee shall mail to
            each
            Noteholder as required by TIA Section 313(c), a brief report dated as
            of such
            date that complies with TIA Section 313(a).  The Indenture
            Trustee shall also comply with TIA Section 313(b).

           

          (b)           The
            Indenture Trustee shall provide to the Administrator and the Master Servicer,
            to
            be filed by the Administrator or the Master Servicer with the Commission
            and
            each stock exchange, if any, on which the Notes are listed, a copy of
            each
            report mailed to Noteholders pursuant to this Indenture.  The Issuer
            shall notify the Indenture Trustee if and when the Notes are listed on
            any stock
            exchange.

           

          
            
              
              

            

            
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          ARTICLE
            EIGHT

           

          ACCOUNTS,
            DISBURSEMENTS AND RELEASES

           

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

           

          Section
            8.02.  Accounts.

           

          (a)           On
            or before the Closing Date, the Issuer shall cause the Master Servicer
            to
            establish and maintain, at an Eligible Institution, which shall initially
            be the
            Indenture Trustee, in the name of the Indenture Trustee, for the benefit
            of the
            Securityholders, the Master Servicer, the Trustees and the Paying Agent,
            the Collection Account as provided in Section 4.01(a) of the Sale and
            Servicing Agreement.  On or before each Distribution Date, the Master
            Servicer shall deposit in the Collection Account all amounts required
            to be
            deposited therein with respect to the preceding Collection Period as
            provided in
            Sections 4.05 and 4.08 of the Sale and Servicing
            Agreement.  On each Distribution Date, the Indenture Trustee
            shall apply or cause to be applied the amount on deposit in the Collection
            Account on such Distribution Date in accordance with Section 2.08(a) (or
            following the acceleration of the Notes after the occurrence of an Event
            of
            Default, in accordance with Section 2.08(f)).

           

          (b)           On
            or before the Closing Date, the Issuer shall cause the Master Servicer
            to
            establish and maintain, at Wachovia Bank in the name of the Indenture
            Trustee,
            for the benefit of the Securityholders, the Reserve Fund as provided
            in Sections
            4.01 and 4.02 of the Sale and Servicing Agreement.  On or before each
            Distribution Date, upon receipt of instructions from the Master Servicer
            pursuant to Section 4.09(c) of the Sale and Servicing Agreement, the
            Indenture Trustee, directly or through the Paying Agent, shall withdraw
            or cause
            to be withdrawn from the Reserve Fund and deposit in the Collection Account,
            the
            Reserve Fund Draw Amount, if any, for such Distribution Date.

           

          (c)           On
            or before the Closing Date, the Issuer shall cause the Master Servicer
            to
            establish and maintain, at an Eligible Institution, which shall initially
            be the
            Indenture Trustee, in the name of the Indenture Trustee, for the benefit
            of the
            Noteholders, the Master Servicer, the Trustees and the Paying Agent,
            the Note
            Payment Account as provided in Section 4.01(a) of the Sale and Servicing
            Agreement.  On each Distribution Date, the Indenture Trustee shall,
            directly or through the Paying Agent, apply or cause to be applied the
            amount on
            deposit in the Note Payment Account on such Distribution Date in accordance
            with
            Section 2.08.

           

          
            
              
              

            

            
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          Section
            8.03.  General Provisions Regarding Accounts.

           

          (a)           So
            long as no Default or Event of Default shall have occurred and be continuing,
            all or a portion of the funds in the Accounts shall be invested by the
            Master
            Servicer or the Indenture Trustee at the written direction of the Master
            Servicer, as applicable, in Eligible Investments as provided in Sections
            4.01 of
            the Sale and Servicing Agreement.  All income or other gain (net of
            losses and investment expenses) from investments of monies deposited
            in the
            Accounts shall be withdrawn (or caused to be withdrawn) by the Indenture
            Trustee, from such accounts and distributed (but only under the circumstances
            set forth in the Sale and Servicing Agreement) as provided in
            Sections 4.01, 4.02, 4.06, 4.07, 4.08 and 4.09 of the Sale and Servicing
            Agreement.  The Master Servicer shall not and shall not direct the
            Indenture Trustee to make any investment of any funds or to sell any
            investment
            held in any of the Accounts unless the security interest granted and
            perfected
            in such account will continue to be perfected in such investment or the
            proceeds
            of such sale, in either case without any further action by any Person,
            and, in
            connection with any direction to the Indenture Trustee to make any such
            investment or sale, if requested by the Indenture Trustee, the Issuer
            shall
            deliver to the Indenture Trustee an Opinion of Counsel, acceptable to
            the
            Indenture Trustee, to such effect.

           

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

           

          (c)           If
            (i) the Master Servicer shall have failed to give written investment
            directions for any funds on deposit in the Accounts to the Indenture
            Trustee by
            11:00 A.M., New York City time (or such other time as may be agreed upon by
            the Issuer and the Indenture Trustee), on the related Deposit Date or
            (ii) a Default or Event of Default shall have occurred and be continuing
            with respect to the Notes but the Notes shall not have been declared
            due and
            payable pursuant to Section 5.02 or (iii) if the Notes shall have been
            declared due and payable following an Event of Default but amounts collected
            or
            receivable from the Trust Estate are being applied in accordance with
            Section 5.05 as if there had not been such a declaration, then the
            Indenture Trustee upon actual knowledge by a Responsible Officer of the
            Indenture Trustee of such event shall, to the fullest extent practicable,
            invest
            and reinvest funds in the Accounts in the one or more Eligible Investments
            listed in clause (vii) of the definition of the term “Eligible
            Investments”.

           

          Section
            8.04.  Release of Trust Estate.

           

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

           

           

          
            
              
              

            

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

           

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

           

          
            
              
              

            

            
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          ARTICLE
            NINE 

           

          SUPPLEMENTAL
            INDENTURES

           

          Section
            9.01.  Supplemental Indentures Without Consent of
            Noteholders.

           

          (a)           The
            Issuer and the Indenture Trustee, when authorized by an Issuer Order,
            may,
            without the consent of any Holders of any Notes but with prior written
            notice to
            the Rating Agencies, at any time and from time to time, enter into one
            or more
            indentures supplemental hereto, in form satisfactory to the Indenture
            Trustee,
            for any of the following purposes:

           

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

           

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

           

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

           

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

           

          (v)                 to
            cure any ambiguity, to correct or supplement any provision herein or
            in any
            supplemental indenture that may be inconsistent with any other provision
            herein
            or in any supplemental indenture or in any (i) offering document used in
            connection with the initial offer and sale of the Notes or to add any
            provisions
            to or change in any manner or eliminate any of the provisions of this
            Indenture
            which will not be inconsistent with other provisions of this Indenture
            or
            (ii) other Basic Document with respect to matters or questions arising
            under this Indenture or in any supplemental indenture;

           

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

           

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

           

          provided,
            however, that no such supplemental indenture (i) may materially adversely
            affect the interests of any Noteholder and (ii) will be permitted unless an
            Opinion of Counsel is delivered to the Indenture Trustee to the effect
            that such
            supplemental indenture will not cause the Issuer to be characterized
            for federal
            income tax purposes as an association or publicly traded partnership
            taxable as
            a corporation or otherwise have any material adverse impact on the federal
            income taxation of any Notes Outstanding or any Noteholder.  The
            Indenture Trustee is hereby authorized to join in the execution of any
            such
            supplemental indenture and to make any further appropriate agreements
            and
            stipulations that may be therein contained.

           

           

          
            
              
              

            

            
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          A
            supplemental indenture shall be
            deemed not to materially adversely affect the interests of any Noteholder
            if the
            Person requesting such supplemental indenture (i) has delivered no fewer
            than
            ten days prior written notice of such supplemental indenture to each
            Rating
            Agency and (ii) obtains and delivers to the Indenture Trustee an Opinion
            of
            Counsel to the effect that the supplemental indenture would not materially
            adversely affect the interests of any Noteholder.

           

          Section
            9.02.  Supplemental Indentures With Consent of
            Noteholders.  The Issuer and the Indenture Trustee, when
            authorized by an Issuer Order, may, with the consent of the Holders of
            Notes
            evidencing not less than 51% of the Note Balance of the Controlling Class
            and
            with prior written notice to the Rating Agencies, by Act of such Holders
            delivered to the Issuer and the Indenture Trustee, at any time and from
            time to
            time enter into one or more indentures supplemental hereto for the purpose
            of
            adding any provisions to, or changing in any manner or eliminating any
            of the
            provisions of, this Indenture or modifying in any manner the rights of
            the
            Holders of the Notes under this Indenture; provided, however, that (i)
            the
            Rating Agency Condition shall have been satisfied with respect such action
            and
            (ii) no such supplemental indenture will be permitted unless an Opinion
            of
            Counsel is delivered to the Indenture Trustee to the effect that such
            supplemental indenture will not cause the Issuer to be characterized
            for federal
            income tax purposes as an association or publicly traded partnership
            taxable as
            a corporation or otherwise have any material adverse impact on the federal
            income taxation of any Notes Outstanding or any Noteholder; and, provided
            further, that no such supplemental indenture may, without the consent
            of the
            Holder of each Outstanding Note, to the extent any such Person is materially
            and
            adversely affected by such supplemental indenture:

           

          (a)           change
            any Final Scheduled Distribution Date or the date of payment of any installment
            of principal of or interest on any Note, or reduce the principal amount
            thereof,
            the Interest Rate applicable thereto or the Redemption Price with respect
            thereto, change the provisions of this Indenture relating to the application
            of
            collections on, or the proceeds of the sale of, the Trust Estate to payment
            of
            principal of or interest on the Notes, or change any place of payment
            where, or
            the coin or currency in which, any Note or the interest thereon is
            payable;

           

          (b)           impair
            the right to institute suit for the enforcement of the provisions of
            this
            Indenture requiring the application of available funds, as provided in
            Article Five, to the payment of any amount due on the Notes on or after the
            respective due dates thereof (or, in the case of redemption, on or after
            the
            Redemption Date);

           

          (c)           reduce
            the percentage of the Note Balance or the Note Balance of the Controlling
            Class,
            the consent of the Holders of Notes of which is required for any such
            supplemental indenture, or the consent of the Holders of Notes of which
            is
            required for any waiver of compliance with the provisions of this Indenture
            or
            of defaults hereunder and their consequences as provided in this
            Indenture;

           

           

          
            
              
              

            

            
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          (d)           modify
            or alter (A) the provisions of the proviso to the definition of the term
“Outstanding”, (B) the definition of the term “Note Balance” or
            (C) the definition of the term “Controlling Class”;

           

          (e)           reduce
            the percentage of the Note Balance required to direct the Indenture Trustee
            to
            sell or liquidate the Trust Estate pursuant to Section 5.04 if the proceeds
            of such sale would be insufficient to pay in full the principal amount
            of and
            accrued but unpaid interest on the Notes;

           

          (f)           reduce
            the percentage of the Note Balance of the Controlling Class the consent of
            the Holders of Notes of which is required for any such supplemental indenture
            amending the provisions of this Indenture which specify the applicable
            percentage of the Note Balance of the Controlling Class the consent of
            which is required for such supplemental indenture or the amendment of
            any other
            Basic Document;

           

          (g)           affect
            the calculation of the amount of any interest on or principal of the
            Notes
            payable on any Distribution Date (including the calculation of any of
            the
            individual components of such calculation);

           

          (h)           modify
            any of the provisions of this Indenture in such a manner as to affect
            the rights
            of the Holders of the Notes to the benefit of any provisions for the
            mandatory
            redemption of the Notes; or

           

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

           

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

           

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

           

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

           

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

           

          
            
              
              

            

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

           

          Section
            9.04.  Effect of Supplemental Indenture.  Upon the
            execution of any supple­mental indenture pursuant to the provisions hereof,
            this Indenture shall be and shall be deemed to be modified and amended
            in
            accordance therewith with respect to the Notes affected thereby, and
            the
            respective rights, limitations of rights, obligations, duties, liabilities
            and
            immunities under this Indenture of the Indenture Trustee, the Issuer
            and the
            Noteholders shall thereafter be determined, exercised and enforced hereunder
            subject in all respects to such modifications and amendments, and all
            the terms
            and conditions of any such supplemental indenture shall be and be deemed
            to be
            part of the terms and conditions of this Indenture for any and all
            purposes.

           

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

           

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

           

           

          
            
              
              

            

            
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          ARTICLE
            TEN

           

          REDEMPTION
            OF NOTES

           

          Section
            10.01.  Redemption.

           

          (a)           The
            Notes are subject to redemption in whole, but not in part, at the direction
            of
            the Seller pursuant to Section 8.01 of the Sale and Servicing Agreement, on
            any Distribution Date on which the Seller exercises its option to purchase
            the
            assets of the Issuer pursuant to said Section, and the amount paid by
            the Seller
            shall be treated as collections in respect of the Receivables and applied
            to pay
            all amounts due to the Master Servicer under the Sale and Servicing Agreement,
            the Total Trustee Fees and the unpaid principal amount of the Notes plus
            accrued
            and unpaid interest thereon.  The Seller or the Issuer shall furnish
            each Rating Agency notice of such redemption.  If the Notes are
            to be redeemed pursuant to this Section, the Seller shall furnish notice
            of such
            redemption to the Master Servicer, the Indenture Trustee, the Depositor and
            the Rating Agencies, not later than 30 days prior to the Redemption Date
            and the Issuer shall deposit one Business Day prior to the Redemption
            Date with
            the Indenture Trustee in the Note Payment Account the Redemption Price
            of the
            Notes to be redeemed (all or a portion of which deposit may be made from
            Available Funds), whereupon all such Notes shall be due and payable on
            the
            Redemption Date upon the furnishing of a notice complying with
            Section 10.02 to each Noteholder.

           

          (b)           In
            the event that the assets of the Issuer are purchased by the Seller pursuant
            to
            Section 8.01(a) of the Sale and Servicing Agreement, all amounts on deposit
            in the Note Payment Account shall be paid to the Noteholders up to the
            unpaid
            principal amount of the Notes and all accrued and unpaid interest
            thereon.  If such amounts are to be paid to Noteholders pursuant to
            this Section, the Issuer shall, to the extent practicable, furnish or
            cause the
            Seller to furnish notice of such event to the Depositor, the Indenture
            Trustee and the Rating Agencies, not later than 30 days prior to the
            Redemption Date, whereupon all such amounts shall be payable on the Redemption
            Date.

           

          Section
            10.02.  Form of Redemption Notice.  Notice of
            redemption of the Notes under Section 10.01 shall be given by the Indenture
            Trustee by first-class mail, postage prepaid, or by facsimile transmitted
            promptly following receipt of notice from the Issuer or the Seller pursuant
            to
            Section 10.01(a), but not later than ten days prior to the applicable
            Redemption Date to each Noteholder, as of the close of business on the
            Record
            Date preceding the applicable Redemption Date, at such Noteholder’s address or
            facsimile number appearing in the Note Register.

           

          All
            notices of redemption shall state:

           

          (i)                 the
            Redemption Date;

           

          (ii)                 the
            Redemption Price;

           

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

           

          
            
              
              

            

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

           

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

           

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

           

          
            
              
              

            

            
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          ARTICLE
            ELEVEN 

           

          MISCELLANEOUS

           

          Section
            11.01.  Compliance Certificates and Opinions, etc.

           

          (a)           Upon
            any application or request by the Issuer to the Indenture Trustee to
            take any
            action under any provision of this Indenture, the Issuer shall furnish
            to the
            Indenture Trustee (i) an Officer’s Certificate stating that all conditions
            precedent, if any, provided for in this Indenture relating to the proposed
            action have been complied with, (ii) an Opinion of Counsel stating that in
            the opinion of such counsel all such conditions precedent, if any, have
            been
            complied with and (iii) if required by Section 11.01(b)(ii) or the TIA
            or an
            Independent Certificate, except that, in the case of any such application
            or
            request as to which the furnishing of such documents is specifically
            required by
            any provision of this Indenture, no additional certificate or opinion
            need be
            furnished.

           

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

           

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

           

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

           

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

           

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

           

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

           

          (ii)                 Whenever
            the Issuer is required to furnish to the Indenture Trustee an Officer’s
            Certificate certifying or stating the opinion of any signer thereof as
            to the
            matters described in clause (i) above, the Issuer shall also furnish
            to the Indenture Trustee an Independent Certificate as to the same matters,
            if
            the fair value to the Issuer of the property or securities to be so deposited
            and of all other such securities made the basis of any such withdrawal
            or
            release since the commencement of the then-current fiscal year of the
            Issuer, as
            set forth in the certificates furnished pursuant to clause (i) above
            and this clause (ii), is 10% or more of the Note Balance, but such a
            certificate need not be furnished with respect to any property or securities
            so
            deposited, if the fair value thereof to the Issuer as set forth in the
            related
            Officer’s Certificate is less than $25,000 or less than 1% of the Note
            Balance.

           

          
            
              
              

            

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

           

          (iv)                 Whenever
            the Issuer is required to furnish to the Indenture Trustee an Officer’s
            Certificate certifying or stating the opinion of any signer thereof as
            to the
            matters described in clause (iii) above, the Issuer shall also furnish
            to the Indenture Trustee an Independent Certificate as to the same matters
            if
            the fair value of the property or securities and of all other property
            (other
            than property described in clauses (A) or (B) of
            Section 11.01(b)(v)) released from the lien of this Indenture since the
            commencement of the then-current calendar year, as set forth in the certificates
            required by clause (iii) above and this clause (iv), equals 10%
            or more of the Note Balance, but such certificate need not be furnished
            in the
            case of any release of property or securities if the fair value thereof
            as set
            forth in the related Officer’s Certificate is less than $25,000 or less than 1%
            of the Note Balance at the time of such release.

           

          (v)                 Notwithstanding
            Section 2.13 or any other provision of this Section, the Issuer may,
            without compliance with the requirements of the other provisions of this
            Section, (A) collect, liquidate, sell or otherwise dispose of Receivables
            and Financed Vehicles as and to the extent permitted or required by the
            Basic
            Documents and (B) make cash payments out of the Accounts as and to the
            extent permitted or required by the Basic Documents.

           

          Section
            11.02.  Form of Documents Delivered to Indenture
            Trustee.

           

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

           

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

           

          
            
              
              

            

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

           

          (d)           Whenever
            in this Indenture, in connection with any application or certificate
            or report
            to the Indenture Trustee, it is provided that the Issuer shall deliver
            any
            document as a condition of the granting of such application, or as evidence
            of
            the Issuer’s compliance with any term hereof, it is intended that the truth and
            accuracy, at the time of the granting of such application or at the effective
            date of such certificate or report (as the case may be), of the facts
            and
            opinions stated in such document shall in such case be conditions precedent
            to
            the right of the Issuer to have such application granted or to the sufficiency
            of such certificate or report.  The foregoing shall not, however, be
            construed to affect the Indenture Trustee’s right to rely upon the truth and
            accuracy of any statement or opinion contained in any such document as
            provided
            in Article Six.

           

          Section
            11.03.  Acts of Noteholders.

           

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

           

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

           

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

           

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

           

          
            
              
              

            

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

           

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

           

          (b)           the
            Issuer by the Indenture Trustee or any Noteholder shall be sufficient
            for every
            purpose hereunder if in writing and sent by first-class mail, postage
            prepaid,
            overnight courier or facsimile (followed by original) to the Issuer addressed
            to: Wachovia Auto Owner Trust 2007-A, in care of Wilmington Trust Company,
            1100
            North Market Street, Wilmington, Delaware 19890-1605, Attention: Corporate
            Trust
            Administration (with a copy to the Administrator, 301 S. College Street,
            8th
            Floor, NC5578, Charlotte, North Carolina 28288-5578, Attention: ABS Deal
            Administration), or at any other address previously furnished in writing
            to the
            Indenture Trustee by the Issuer or the Administrator; the Issuer shall
            promptly
            transmit any notice received by it from the Noteholders to the Indenture
            Trustee; or

           

          (c)           the
            Depositor by the Indenture Trustee, the Master Servicer or any Noteholder,
            shall
            be sufficient for every purpose hereunder if in writing and sent by first-class
            mail, postage prepaid, overnight courier or facsimile (followed by original)
            to
            the Depositor addressed to WDS Receivables LLC, 444 East Warm Springs
            Road,
            Suite 118, Las Vegas, Nevada 89119, Attention: Treasury ABS Department
            or at any
            other address previously furnished in writing to the Indenture Trustee
            by the
            Depositor.

           

          Notices
            required to be given to each Rating Agency, as applicable, by the Issuer,
            the
            Indenture Trustee or the Owner Trustee shall be in writing, personally
            delivered, telecopied, mailed by certified mail, return receipt requested,
            or
            sent by electronic delivery in the case of (i) Moody’s, at Moody’s Investors
            Service, Inc., ABS Monitoring Department, 99 Church Street, New York,
            New York
            10007 (e-mail:  ServicerReports@Moodys.com) and
            (ii) Standard & Poor’s, at Standard & Poor’s Ratings
            Services, a Division of The McGraw-Hill Companies, Inc., 55 Water Street,
            New York, New York 10041, Attention: Asset Backed Surveillance Department
            (e-mail: Servicer_Reports@sandp.com); or at such other address as shall
            be
            designated by written notice to the other parties.

           

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

           

          
            
              
              

            

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

           

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

           

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

           

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

           

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

           

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

           

          Section
            11.08.  Effect of Headings and Table of
            Contents.  The Article and Section headings herein and the
            Table of Contents are for convenience only and shall not affect the meaning
            or
            interpretation of the terms or provisions hereof.

           

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

           

           

          
            
              
              

            

            
              73

              
                

              

            

            
              
              

            

          

           

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

           

          Section
            11.11.  Benefits of Indenture; Third Party
            Beneficiaries.  Nothing in this Indenture or in the Notes, express
            or implied, shall give to any Person, other than the parties hereto and
            their
            successors hereunder and the Noteholders, and any other party secured
            hereunder,
            and any other Person with an ownership interest in any part of the Trust
            Estate,
            any benefit or any legal or equitable right, remedy or claim under this
            Indenture.  Notwithstanding the foregoing, this Indenture shall inure
            to the benefit of and be binding upon the parties hereto, and the Owner
            Trustee,
            the Noteholders, the Certificateholders and their respective successors
            and
            permitted assigns shall be third party beneficiaries.  Except as
            otherwise provided in this Article, no other Person shall have any right
            or
            obligation hereunder.

           

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

           

          SECTION
            11.13.  GOVERNING LAW.  THIS INDENTURE SHALL BE
            CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
            REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF
            THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES
            OF THE
            PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

           

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

           

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

           

          Section
            11.16.  Trust Obligation.  Except as otherwise
            provided in Section 3.07(e), no recourse may be taken, directly or
            indirectly, with respect to the obligations of the Issuer, the Owner
            Trustee or
            the Indenture Trustee on the Notes or under this Indenture or any certificate
            or
            other writing delivered in connection herewith or therewith, against
            (i) the Indenture Trustee or the Owner Trustee in its individual capacity,
            (ii) any owner of a beneficial interest in the Issuer or (iii) any
            partner, owner, beneficiary, agent, officer, director, employee or agent
            of the
            Indenture Trustee or the Owner Trustee in its individual capacity, any
            holder of
            a beneficial interest in the Issuer, the Owner Trustee or the Indenture
            Trustee
            or of any successor or assign of the Indenture Trustee or the Owner Trustee
            in
            its individual capacity, except as any such Person may have expressly
            agreed (it
            being understood that the Indenture Trustee, except as otherwise provided
            in
            Section 3.07(e), and the Owner Trustee have no such obligations in their
            individual capacities) and except that any such partner, owner or beneficiary
            shall be fully liable, to the extent provided by applicable law, for
            any unpaid
            consideration for stock, unpaid capital contribution or failure to pay
            any
            installment or call owing to such entity.  For all purposes of this
            Indenture, in the performance of any duties or obligations of the Issuer
            hereunder, the Owner Trustee shall be subject to, and entitled to the
            benefits
            of, the terms and provisions of Articles Six, Seven and Eight of the Trust
            Agreement.

           

          
            
              
              

            

            
              74

              
                

              

            

            
              
              

            

          

           

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

           

          Section
            11.18.  Inspection.  The Issuer shall, with
            reasonable prior notice, permit any representative of the Indenture Trustee,
            during the Issuer’s normal business hours, to examine the books of account,
            records, reports and other papers of the Issuer, to make copies and extracts
            therefrom, to cause such books to be audited by Independent certified
            public
            accountants, and to discuss the Issuer’s affairs, finances and accounts with the
            Issuer’s officers, employees, and Independent certified public accountants,
            all
            at such reasonable times and as often as may be reasonably
            requested.  The Indenture Trustee shall and shall cause its
            representatives to hold in confidence all such information except to
            the extent
            disclosure may be required by law (and all reasonable applications for
            confidential treatment are unavailing) and except to the extent that
            the
            Indenture Trustee may reasonably determine that such disclosure is consistent
            with its obligations hereunder.

           

          Section
            11.19.  Subordination Agreement.  Each Noteholder, by
            accepting a Note, hereby covenants and agrees that, to the extent it
            is deemed
            to have any interest in any assets of the Depositor, or a securitization
            vehicle
            (other than the Issuer) related to the Depositor, dedicated to other
            debt
            obligations of the Depositor or debt obligations of any other securitization
            vehicle (other than the Issuer) related to the Depositor, its interest
            in those
            assets is subordinate to claims or rights of such other debtholders to
            those
            other assets.  Furthermore, each Noteholder, by accepting a Note,
            hereby covenants and agrees that such agreement constitutes a subordination
            agreement for purposes of Section 510(a) of the Bankruptcy
            Code.

           

          Section
            11.20.  Security Interest Matters.

           

          (a)           This
            Indenture creates a valid and continuing “security interest” (as defined in the
            UCC) in the Receivables in favor of the Indenture Trustee, which security
            interest is prior to all other Liens and is enforceable as such as against
            creditors of and purchasers from the Issuer.  With respect to each
            Receivable, the Issuer has taken all steps necessary to perfect its security
            interest against the related Obligor in the related Financed
            Vehicle.

           

          
            
              
              

            

            
              75

              
                

              

            

            
              
              

            

          

           

          (b)           The
            Receivables constitute “tangible chattel paper” (as defined in the
            UCC).  The Issuer has caused or will cause on or prior to the Closing
            Date the filing of all appropriate financing statements in the proper
            filing
            offices in the appropriate jurisdictions under applicable law necessary
            to
            perfect the security interest in the Receivables granted to the Indenture
            Trustee hereunder.  Other than the security interest granted to the
            Indenture Trustee hereunder, the Issuer has not pledged, assigned, sold,
            granted
            a security interest in or otherwise conveyed any of the
            Receivables.  The Issuer has not authorized the filing of and is not
            aware of any financing statements against the Issuer that include a description
            of collateral covering the Receivables other than any financing statement
            relating to the security interest granted to the Indenture Trustee hereunder
            or
            that has been terminated.  The motor vehicle retail installment sale
            contracts and installment loans that constitute or evidence the Receivables
            do
            not have any marks or notations indicating that they have been pledged,
            assigned
            or otherwise conveyed to any Person other than the Depositor, the Issuer
            or the
            Indenture Trustee.  The Issuer is not aware of any judgment or tax
            lien filings against the Issuer.

           

          (c)           All
            financing statements filed or to be filed against the Issuer in favor
            of the
            Indenture Trustee contain a statement substantially to the following
            effect: “A
            purchase of or security interest in any collateral described in this
            financing
            statement will violate the rights of the Indenture Trustee”.

           

          
            
              
              

            

            
              76

              
                

              

            

            
              
              

            

          

           

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

           

          
            	 	
                    WACHOVIA
                      AUTO OWNER TRUST 2007-A,

                     

                    By:WILMINGTON
                      TRUST COMPANY,

                        not
                      in
                      its individual capacity but solely as 

                        Owner Trustee

                     

                     

                    By:/s/
                      Patricia A.
                      Evans                                               
                      

                    Name:
                      Patricia A. Evans

                    Title:
                      Vice President

                     

                  
	 	
                    U.S.
                      BANK NATIONAL ASSOCIATION,

                    not
                      in its individual capacity but solely as Indenture 

                    Trustee

                     

                     

                    By:/s/
                      Shannon M.
                      Rantz                                               
                      

                    Name:
                      Shannon M. Rantz

                    Title:
                      Vice President

                  

          

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          EXHIBIT A

           

          FORM
            OF
            CLASS [A-1] [A-2] [A-3] [A-4] [B] NOTE

           

          [FOR
            CLASS A NOTES] THE ACQUISITION OF THE NOTES BY, OR ON BEHALF OF, OR WITH
            THE
            ASSETS OF ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO THE FIDUCIARY RESPONSIBILITY
            PROVISIONS OF ERISA OR ANY “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL
            REVENUE CODE OF 1986, AS AMENDED (THE “INTERNAL REVENUE CODE”) OR ANY ENTITY
            PART OR ALL OF THE ASSETS OF WHICH CONSTITUTE ASSETS OF ANY SUCH EMPLOYEE
            BENEFIT PLAN OR PLAN BY REASON OF DEPARTMENT OF LABOR REGULATION SECTION
            2510.3-101 OR OTHERWISE, OR ANY GOVERNMENTAL, CHURCH OR OTHER PLAN SUBJECT
            TO
            FEDERAL, STATE, LOCAL OR NON-U.S. LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY
            RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
            ACT OF
            1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE IS
            PROHIBITED UNLESS SUCH PURCHASE, HOLDING AND SUBSEQUENT DISPOSITION OF
            THE NOTES
            WOULD NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION
            406 OF
            ERISA OR UNDER SECTION 4975 OF THE INTERNAL REVENUE CODE (OR IN THE CASE
            OF A
            GOVERNMENTAL, CHURCH OR OTHER PLAN, VIOLATE ANY SUBSTANTIALLY SIMILAR
            FEDERAL,
            STATE, LOCAL OR NON-U.S. LAW). EACH BENEFICIAL OWNER OF THIS NOTE WILL
            BE DEEMED
            TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE
            INDENTURE.

           

          [FOR
            CLASS A NOTES] [A FIDUCIARY OF A BENEFIT PLAN PURCHASING THE CLASS [A-1]
            [A-2]
            [A-3] [A-4] [B] NOTES WITH THE ASSETS OF A BENEFIT PLAN IS DEEMED TO
            REPRESENT
            THAT THE PURCHASE OF ONE OR MORE NOTES IS CONSISTENT WITH ITS FIDUCIARY
            DUTIES
            UNDER ERISA AND DOES NOT RESULT IN A NONEXEMPT PROHIBITED TRANSACTION
            AS DEFINED
            IN SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.]

           

          [FOR
            CLASS B NOTES] [THE CLASS B NOTES MAY NOT BE ACQUIRED BY, OR ON BEHALF
            OF, OR
            WITH THE ASSETS OF ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO THE FIDUCIARY
            RESPONSIBILITY PROVISIONS OF ERISA OR ANY “PLAN” SUBJECT TO SECTION 4975 OF THE
            INTERNAL REVENUE CODE, OR ANY ENTITY PART OR ALL OF THE ASSETS OF WHICH
            CONSTITUTE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON
            OF
            DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, ERISA SECTION 3(42)
            OR
            OTHERWISE, OR ANY GOVERNMENTAL, CHURCH OR OTHER PLAN SUBJECT TO FEDERAL,
            STATE,
            LOCAL OR NON-U.S. LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY
            PROVISIONS OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE.]

           

           

          
            
              
              

            

            
              A-1

              
                

              

            

            
              
              

            

          

           

          

           

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

           

          TRANSFERS
            OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
            TO
            NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
            TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE
            IN
            ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED
            TO
            HEREIN.

           

          PRINCIPAL
            OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN.  ACCORDINGLY, THE
            OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
            SHOWN
            ON THE FACE HEREOF.  ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS
            CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE TRUSTEE.

           

          THE
            FAILURE TO PROVIDE THE ISSUING ENTITY AND THE INDENTURE TRUSTEE WITH
            THE
            APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL
            REVENUE SERVICE FORM W-9 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF
            A PERSON
            THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF
            THE INTERNAL REVENUE CODE, OR AN APPROPRIATE INTERNAL REVENUE SERVICE
            FORM W-8
            (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS NOT A
“UNITED
            STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE
            CODE) MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL BACK-UP WITHHOLDING
            UPON
            PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE.

           

          [FOR
            CLASS A-2 , A-3 AND A-4 NOTES] THIS NOTE IS SUBORDINATED IN RIGHT OF
            PAYMENT TO THE CLASS A-1 NOTES [, THE CLASS A-2 NOTES, THE CLASS A-3
            NOTES] AS DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.]

           

          [FOR
            CLASS B NOTES] THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE
            CLASS A NOTES AS DESCRIBED IN THE INDENTURE REFERRED TO
            HEREIN.]

           

          THIS
            NOTE
            IS NOT A DEPOSIT OR OBLIGATION OF OR AN INTEREST IN WACHOVIA DEALER SERVICES,
            INC. OR ANY OF ITS AFFILIATES.  THIS NOTE IS NOT GUARANTEED OR INSURED
            BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL ENTITY
            OR FUND
            OF THE UNITED STATES.

           

           

          
            
              
              

            

            
              A-2

              
                

              

            

            
              
              

            

          

           

          
            	
                    REGISTERED

                  	
                    $___________

                  
	
                    No. R-A1-1
                      [R-A2-1] [R-A3-1]

                  	
                    CUSIP
                      NO. ___________

                  
	
                    [R-A4-1][R-B-1]

                  	
                     ISIN
                      NO. ___________

                  

          

          

           

          WACHOVIA
            AUTO OWNER TRUST 2007-A

          _____%
            CLASS A-1 [A-2] [A-3][A-4] [B] ASSET BACKED NOTE

           

          Wachovia
            Auto Owner Trust 2007-A, a statutory trust organized and existing under
            the laws
            of the State of Delaware (the “Issuer”), for value received, hereby promises to
            pay to Cede & Co., or its registered assigns, the principal sum of
            ___________________ DOLLARS ($___________), payable to the extent described
            in
            the Indenture referred to on the reverse hereof on each Distribution
            Date;
            provided, however, that the entire unpaid principal amount of this Note
            shall be
            payable on the earlier of _______________, 200__ (the “Class A-1 [A-2]
            [A-3][A-3][B] Final Scheduled Distribution Date”) and the Redemption Date,
            if any, selected pursuant to the Indenture.

           

          The
            Issuer will pay interest on this Note at the rate per annum shown above
            on each
            Distribution Date until the principal of this Note is paid or made available
            for
            payment, on the principal amount of this Note outstanding on the preceding
            Distribution Date (after giving effect to all payments of principal made
            on such
            preceding Distribution Date), or on the Closing Date in the case of the
            first
            Distribution Date or if no interest has yet been paid, subject to certain
            limitations contained in the Indenture.  Interest on this Note will
            accrue for each Distribution Date from, and including, the most recent
            Distribution Date on which interest has been paid (or, in the case of
            the first
            Distribution Date or if no interest has yet been paid, from and including
            the
            Closing Date), to but excluding such current Distribution Date.  [For
            Class [A-1] Notes: Interest will be computed on the basis of the actual
            number
            of days during the related Interest Period divided by 360.]  [For
            Class A-2, A-3, A-4 and B Notes: Interest on this Note will accrue for each
            Distribution Date from and including the 20th day
            of the prior
            month (or from and including the Closing Date, in the case of the first
            Distribution Date or if no interest has yet been paid) to but excluding
            the
            20th day
            of the
            current month.  Interest will be computed on the basis of a 360-day
            year consisting of twelve 30-day months.]  The Issuer shall pay
            interest on overdue installments of interest at the interest rate shown
            above to
            the extent lawful.  Such principal and interest on this Note shall be
            paid in the manner specified on the reverse hereof.

           

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

           

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

           

           

          
            
              
              

            

            
              A-3

              
                

              

            

            
              
              

            

          

           

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

           

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

           

          
            	
                    Date:
                      June 28, 2007

                  	
                    WACHOVIA
                      AUTO OWNER TRUST 2007-A

                     

                    By:     
                      WILMINGTON TRUST COMPANY,

                        not
                      in
                      its individual capacity but solely as 

                        Owner Trustee
                      under the Trust Agreement

                     

                     

                     

                    By:_______________________________________

                    Authorized
                      Signatory

                     

                  

          

          

          INDENTURE
            TRUSTEE’S CERTIFICATE OF AUTHENTICATION

           

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

           

          
            	
                    Date:
                      June 28, 2007

                     

                  	
                    U.S.
                      BANK NATIONAL ASSOCIATION,

                    not
                      in its individual capacity but solely as Indenture 

                    Trustee,

                     

                     

                     

                    By:________________________________________

                    Authorized
                      Signatory

                     

                  

          

          

          

          
            
              
              

            

            
              A-4

              
                

              

            

            
              
              

            

             

          

          [REVERSE
            OF CLASS A-1 [A-2] [A-3] [A-4][B] NOTE]

           

          This
            Note
            is one of a duly authorized issue of Notes of the Issuer, designated
            as its
            _____% Class A-1 [A-2] [A-3] [A-4] [B] Asset Backed Notes (the
“Class [___] Notes”), all issued under the Indenture, dated as of June 1,
            2007 (the “Indenture”), between the Issuer and U.S. Bank National Association,
            as trustee (the “Indenture Trustee”), to which Indenture and all indentures
            supplemental thereto reference is hereby made for a statement of the
            respective
            rights and obligations thereunder of the Issuer, the Indenture Trustee
            and the
            Noteholders.  The Notes are subject to all terms of the
            Indenture.  Capitalized terms used herein that are not otherwise
            defined shall have the meanings ascribed thereto in the Indenture, which
            also
            contains rules as to construction that shall be applicable hereto.

           

          The
            Class A-1 Notes, the Class A-2 Notes, the Class A-3
            Notes, the Class A-4 Notes and the Class B Notes (collectively,
            the “Notes”) are, except as otherwise provided in the Indenture or in the Sale
            and Servicing Agreement, equally and ratably secured by the Collateral
            pledged
            as security therefor as provided in the Indenture.

           

          Principal
            payable on the Class [A-1] [A-2] [A-3][A-4] [B] Notes will be paid on
            each Distribution Date in the amount specified in the Indenture and in
            the Sale
            and Servicing Agreement.  As described above, the entire unpaid
            principal amount of this Note will be payable on the earlier of the
            Class [A-1] [A-2] [A-3][A-4] [B] Final Scheduled Distribution Date and
            the Redemption Date, if any, selected pursuant to the
            Indenture.  Notwithstanding the foregoing, under certain
            circumstances, the entire unpaid principal amount of the Class [A-1] [A-2]
            [A-3][A-4] [B] Notes shall be due and payable following the occurrence and
            continuance of an Event of Default, if the Indenture Trustee or the Holders
            of
            Notes evidencing not less than 51% of the Note Balance of the Controlling
            Class have declared the Notes to be immediately due and payable in the
            manner provided in Section 5.02 of the Indenture.  All principal
            payments on the Class [A-1] [A-2] [A-3][A-4] [B] Notes shall be made pro
            rata to the Class [A-1] [A-2] [A-3][A-4] [B] Noteholders entitled
            thereto.

           

          Payments
            of principal and interest on this Note due and payable on each Distribution
            Date
            or Redemption Date shall be made by check mailed to the Person whose
            name
            appears as the registered Noteholder (or one or more Predecessor Notes)
            on the
            Note Register as of the close of business on the related Record Date,
            except
            that with respect to Notes registered on the Record Date in the name
            of the
            nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available
            funds to
            the account designated by such nominee.  Such checks shall be mailed
            to the Person entitled thereto at the address of such Person as it appears
            on
            the Note Register as of the applicable Record Date without requiring
            that this
            Note be submitted for notation of payment.  Any reduction in the
            principal amount of this Note (or any one or more Predecessor Notes)
            effected by
            any payments made on any Distribution Date or Redemption Date shall be
            binding
            upon all future Noteholders of this Note and of any Note issued upon
            the
            registration of transfer hereof or in exchange hereof or in lieu hereof,
            whether
            or not noted hereon.  If funds are expected to be available, as
            provided in the Indenture, for payment in full of the remaining unpaid
            principal
            amount of this Note on a Distribution Date or Redemption Date, then the
            Indenture Trustee, in the name of and on behalf of the Issuer, will notify
            the
            Person who was the registered Noteholder as of the Record Date preceding
            such
            Distribution Date or Redemption Date by notice mailed within 30 days of
            such Distribution Date or Redemption Date and the amount then due and
            payable
            shall be payable only upon presentation and surrender of this Note at
            the
            Corporate Trust Office of the Indenture Trustee or at the office of the
            Indenture Trustee’s agent appointed for such purposes located in the City of New
            York.

           

          
            
              
              

            

            
              A-5

              
                

              

            

            
              
              

            

          

           

          As
            provided in the Indenture, the Notes may be redeemed, in whole but not
            in part,
            in the manner and to the extent described in the Indenture and the Sale
            and
            Servicing Agreement.

           

          As
            provided in the Indenture and subject to the limitations set forth therein
            and
            on the face hereof, the transfer of this Note may be registered on the
            Note
            Register upon surrender of this Note for registration of transfer at
            the office
            or agency designated by the Issuer pursuant to the Indenture, duly endorsed
            by,
            or accompanied by a written instrument of transfer in form satisfactory
            to the
            Indenture Trustee duly executed by, the Noteholder or such Noteholder’s attorney
            duly authorized in writing, with such signature guaranteed by an “eligible
            guarantor institution” meeting the requirements of the Note Registrar, all in
            accordance with the Exchange Act, and thereupon one or more new Notes
            of
            authorized denominations and in the same aggregate principal amount will
            be
            issued to the designated transferee or transferees.  No service charge
            will be charged for any registration of transfer or exchange of this
            Note, but
            the transferor may be required to pay a sum sufficient to cover any tax
            or other
            governmental charge that may be imposed in connection with any such registration
            of transfer or exchange.

           

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

           

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

           

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

           

          
            
              
              

            

            
              A-6

              
                

              

            

            
              
              

            

          

           

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

           

          The
            Indenture permits, with certain exceptions as therein provided, the amendment
            thereof and the modification of the rights and obligations of the Issuer
            and the
            rights of the Noteholders under the Indenture at any time by the Issuer
            with the
            consent of the Holders of Notes representing at least 51% of the Note
            Balance of
            the Controlling Class.  The Indenture also contains provisions
            permitting the Noteholders representing specified percentages of the
            Note
            Balance of the Controlling Class, on behalf of all Noteholders, to waive
            compliance by the Issuer with certain provisions of the Indenture and
            certain
            past defaults under the Indenture and their consequences.  Any such
            consent or waiver by the Noteholder of this Note (or any one of more
            Predecessor
            Notes) shall be conclusive and binding upon such Noteholder and upon
            all future
            Noteholders of this Note and of any Note issued upon the registration
            of
            transfer hereof or in exchange hereof or in lieu hereof whether or not
            notation
            of such consent or waiver is made upon this Note.  The Indenture also
            permits the Issuer and the Indenture Trustee to amend or waive certain
            terms and
            conditions set forth in the Indenture without the consent of the
            Noteholders.

           

          The
            Indenture permits the Issuer, under certain circumstances, to consolidate
            or
            merge with or into another Person, subject to the rights of the Indenture
            Trustee and the Noteholders under the Indenture.

           

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

           

          THIS
            NOTE
            AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
            STATE OF
            NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
            THAN
            SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
            AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED
            IN
            ACCORDANCE WITH SUCH LAWS.

           

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

           

          
            
              
              

            

            
              A-7

              
                

              

            

            
              
              

            

          

           

          ASSIGNMENT

           

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

           

          _________________________________________________________________________________________________________________

          

           

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

           

          
            _________________________________________________________________________________________________________________

          

          (name
            and
            address of assignee)

           

          
            _________________________________________________________________________________________________________________________________

          

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

           

          

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

           

          Dated:
            ____________________________________               
___________________________________________*

           

          Signature
            Guaranteed:

           

          ___________________________________________*

           

          
_______________________

          
            
              	
                      *

                    	
                      NOTICE:  The
                        signature to this assignment must correspond with the name
                        of the
                        registered owner as it appears on the face of the within
                        Note in every
                        particular, without alteration, enlargement or any change
                        whatsoever.  Such signature must be guaranteed by an “eligible
                        guarantor institution” meeting the require­ments of the Note
                        Registrar.

                    

            

             

            
              A-9

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