Document:

<PAGE>

                                                                    EXHIBIT 10.3

                                                               EXECUTION VERSION

                           CONSENT AND AMENDMENT NO. 4

      This CONSENT AND AMENDMENT NO. 4 (this "Agreement") dated as of July 8,
2005 is among Holly Energy Partners - Operating, L.P., successor to HEP
Operating Company, L.P. (the "Borrower"), the Existing Guarantors (as defined
below), the Banks (as defined in the Credit Agreement (as defined below)), and
Union Bank of California, N.A., as administrative agent for such Banks (in such
capacity, the "Administrative Agent").

                                    RECITALS

      A. The Borrower, the Banks, and the Administrative Agent are parties to
the Credit Agreement dated as of July 7, 2004, as amended by the Consent and
Omnibus Amendment dated as of July 30, 2004, by the Consent, Waiver and
Amendment No. 2 dated as of February 28, 2005, and by the Waiver and Amendment
dated as of June 17, 2005 (as so amended, the "Credit Agreement").

      B. In connection with such Credit Agreement, the undersigned Subsidiaries
of the Borrower (the "Existing Guarantors") executed and delivered a Guaranty
Agreement dated as of July 13, 2004 (as the same has been supplemented and as
the same may be further amended, modified or supplemented from time to time, the
"Guaranty") in favor of the Administrative Agent for the benefit of the
Beneficiaries (as defined therein).

      C. The Borrower, Holly Energy Partners, L.P., a Delaware limited
partnership (the "Limited Partner"), and HEP Pipeline, L.L.C., a Delaware
limited liability company ("HEP"), as buyer parties have entered into a Purchase
and Sale Agreement dated as of July 6, 2005 (the "Acquisition Agreement") with
Holly Corporation, a Delaware corporation ("Parent"), Navajo Pipeline Co., L.P.,
a Delaware limited partnership ("Navajo Pipeline") and Navajo Refining Company,
L.P., a Delaware limited partnership ("Navajo Refining") as seller parties,
pursuant to which the Limited Partner and/or certain of its Subsidiaries will
acquire (the "Acquisition") certain pipelines and related assets (the "Acquired
Assets"), which Acquired Assets will, pursuant to a Contribution Agreement dated
as of July 8, 2005 (the "Contribution Agreement") among the Borrower, the
Limited Partner and HEP, as transferee parties, and Parent, Navajo Pipeline and
Navajo Refining, as transferor parties, be contributed to and owned by HEP after
the Acquisition.

      D. Prior to the closing of, and to partially finance, the Acquisition, the
Limited Partner and Holly Energy Finance Corp. ("Finance Corp") issued
$35,000,000 of unsecured 6.25% Senior Notes due 2015 which are guaranteed by all
wholly owned domestic subsidiaries of the Limited Partner and Finance Corp

      E. The Borrower has requested that the Banks (i) expressly consent to the
Acquisition, and (ii) amend the Credit Agreement to (a) permit a junior security
interest in the Acquired Assets in favor of the Parent, and (b) make certain
other changes to the Credit Agreement.

<PAGE>

      F. Subject to the terms and conditions set forth herein, the Banks are
willing to make the consent and amendments set forth herein.

      THEREFORE, the Borrower, the Existing Guarantors, the Required Banks, and
the Administrative Agent hereby agree as follows:

                                   ARTICLE I.
                                  DEFINITIONS

      SECTION 1.01 TERMS DEFINED ABOVE. As used in this Agreement, each of the
terms defined in the opening paragraph and the Recitals above shall have the
meanings assigned to such terms therein.

      SECTION 1.02 TERMS DEFINED IN THE CREDIT AGREEMENT. Each term defined in
the Credit Agreement and used herein without definition shall have the meaning
assigned to such term in the Credit Agreement, unless expressly provided to the
contrary.

      SECTION 1.03 OTHER DEFINITIONAL PROVISIONS. The words "hereby", "herein",
"hereinafter", "hereof", "hereto" and "hereunder" when used in this Agreement
shall refer to this Agreement as a whole and not to any particular Article,
Section, subsection or provision of this Agreement. Section, subsection and
Exhibit references herein are to such Sections, subsections and Exhibits to this
Agreement unless otherwise specified. All titles or headings to Articles,
Sections, subsections or other divisions of this Agreement or the exhibits
hereto, if any, are only for the convenience of the parties and shall not be
construed to have any effect or meaning with respect to the other content of
such Articles, Sections, subsections, other divisions or exhibits, such other
content being controlling as the agreement among the parties hereto. Whenever
the context requires, reference herein made to the single number shall be
understood to include the plural; and likewise, the plural shall be understood
to include the singular. Words denoting sex shall be construed to include the
masculine, feminine and neuter, when such construction is appropriate; and
specific enumeration shall not exclude the general but shall be construed as
cumulative. Definitions of terms defined in the singular or plural shall be
equally applicable to the plural or singular, as the case may be, unless
otherwise indicated.

                                   ARTICLE II.
                             CONSENT AND AMENDMENTS

      SECTION 2.01 CONSENT. To the extent necessary and provided that (a) the
Acquisition is in compliance with the terms of the Credit Agreement and (b) the
conditions set forth in Article IV below are met, the Banks hereby consent to
the Acquisition and the transactions contemplated by the Acquisition Agreement
and the Contribution Agreement.

      SECTION 2.02 AMENDMENTS TO CREDIT AGREEMENT. Effective as of the Effective
Date, the Credit Agreement shall hereby be amended as follows:

            (a) The following definitions shall be inserted in alphabetical
order in Section 1.01 of the Credit Agreement:

                                      -2-

<PAGE>

            "Alon Contribution Agreement" means the Contribution Agreement dated
      as of January 25, 2005 among T & R Assets, Inc., Fin-Tex Pipe Line
      Company, and Alon USA Refining, Inc., as transferors, and Alon Pipeline
      Assets, LLC, Alon Pipeline Logistics, LLC, Alon USA, Inc., Alon USA, LP,
      the Limited Partner and certain of its Subsidiaries.

            "Amendment No. 4" means Consent and Amendment No. 4 to this
      Agreement dated as of July 8, 2005.

            "HC Acquisition Closing Date" means the date upon which the
      "Acquisition" as defined in Amendment No. 4 is consummated.

            "HC Contribution Agreement" means the Contribution Agreement dated
      as of July 8, 2005 among the Parent, Navajo Pipeline Co., L.P., a Delaware
      limited partnership, and Navajo Refining Company, L.P., a Delaware limited
      partnership, as transferor parties, and the Limited Partner, the Borrower
      and HEP Pipeline, L.L.C., a Delaware limited liability company as
      transferee parties.

            "HC Mortgage" means the Mortgage and Deed of Trust (with Security
      Agreement and Financing Statement) dated as of the HC Acquisition Closing
      Date made by HEP Pipeline, L.L.C., a Delaware limited liability company,
      to John N. Patterson, as Trustee for the benefit of the Parent.

            "HC Pipelines Agreement" means the Pipelines Agreement dated as of
      the HC Acquisition Closing Date among the Borrower, the Parent, the
      Limited Partner, Navajo Refining Company, L.P., a Delaware limited
      partnership, HEP Pipeline, L.L.C., a Delaware limited liability company,
      HEP Logistics Holdings, Holly Logistic Services, and the General Partner.

            "HC Purchase and Sale Agreement" means the Purchase and Sale
      Agreement dated as of July 6, 2005 among the Parent, Navajo Pipeline Co.,
      a Delaware limited partnership, and Navajo Refining Company, L.P., a
      Delaware limited partnership, as seller parties, and the Limited Partner,
      the Borrower and HEP Pipeline, L.L.C., a Delaware limited liability
      company, as buyer parties.

            (b) The definition of "Contribution Agreement" in Section 1.01 of
the Credit Agreement is amended to be the defined term "Initial Contribution
Agreement", and such term shall be realphabetized. The rest of the definition
shall remain unchanged and all references to "Contribution Agreement" existing
in the Credit Agreement and the other Credit Documents prior to the date of this
Agreement shall be changed to refer instead to the "Initial Contribution
Agreement."

            (c) The definition of "Interest Coverage Ratio" in Section 1.01 of
the Credit Agreement is hereby amended by adding the following sentence to the
end of such definition:

To the extent that the EBITDA included in the calculation of the Interest
Coverage Ratio for any period shall include pro forma amounts in connection with
the Acquisition of any Person during

                                      -3-

<PAGE>

such period, the Interest Expense shall also include pro forma amounts with
respect to the Interest Expense of such Person.

            (d) The definition of "Material Contracts" in Section 1.01 of the
Credit Agreement is amended and restated to read in its entirety as follows:

            "Material Contracts" means, collectively, (a) the Borrower
      Partnership Agreement, the Intercompany Pipelines and Terminals Agreement,
      the Omnibus Agreement, the Initial Contribution Agreement, the Alon
      Contribution Agreement, the Alon Mortgage, the Alon Pipelines and
      Terminals Agreement, the HC Contribution Agreement, the HC Mortgage, the
      HC Purchase and Sale Agreement, and the HC Pipelines Agreement, and (b)
      any other material documents, agreements or instruments related to any of
      the foregoing (i) to which the Borrower or any of its Subsidiaries is a
      party, and (ii) which, if terminated or cancelled, could reasonably be
      expected to have a Material Adverse Effect.

            (e) The definition of "Pipeline Systems" in Section 1.01 of the
Credit Agreement is amended and restated to read in its entirety as follows:

            "Pipeline Systems" means (a) the approximately 780 miles of Refined
      Products pipelines located in New Mexico, Texas and Utah that are owned or
      leased by Borrower or any of its Subsidiaries and that are used by
      Borrower and its Subsidiaries in the Business, (b) the 249-mile Refined
      Products pipeline owned by the Restricted Subsidiary which is used in the
      Business to transport liquid petroleum gases from the western part of the
      state of Texas to the border between the state of Texas and Mexico near El
      Paso, (c) the Refined Product Pipelines (as defined and described in the
      Alon Pipelines and Terminals Agreement) that are owned by HEP Pipeline and
      that are used in the Business, (d) the Intermediate Product Pipelines (as
      defined and described in the HC Pipelines Agreement) that are owned by HEP
      Pipeline, L.L.C., a Delaware limited liability company, and that are used
      in the Business, and (e) any other pipelines owned or leased by the
      Borrower or any Subsidiary of the Borrower that are used in the Business.

            (f) The definition of "Tangible Net Worth" in Section 1.01 of the
Credit Agreement is hereby deleted.

            (g) The following clause (k) is added to the end of Section 6.01 of
the Credit Agreement:

      (k) In favor of the Parent (or any assignee or successor thereto) securing
certain obligations under the HC Pipelines Agreement, pursuant to the HC
Mortgage, so long as such Liens are subordinated to the Liens on the same assets
securing the Obligations on terms not less advantageous to the Administrative
Agent and the Banks than those contained in the Subordination, Non-Disturbance
and Attornment Agreement executed by the Administrative Agent and the Parent as
of the date of the consummation of the Acquisition (as defined in Amendment No.
4).

            (h) Section 6.12 of the Credit Agreement is amended and restated to
read in its entirety as follows:

                                      -4-

<PAGE>

            Section 6.12. Reserved. Reserved.

            (i) Section 7.01(d)(iv) of the Credit Agreement is amended and
restated to read in its entirety as follows:

            (iv) (A) Any default or event of default shall have occurred under
      any of the Material Contracts which has not been cured within any
      applicable grace period and which default or event of default could
      reasonably be expected to have a Material Adverse Effect, (B) any of the
      Material Contracts (other than the Alon Mortgage or the HC Mortgage) shall
      have terminated, or (C) any Person other than the Limited Partner or any
      of its Subsidiaries takes (or notifies the Limited Partner or any of its
      Subsidiaries that it intends to take) remedial action under the Alon
      Mortgage, the Alon Pipelines and Terminals Agreement, the HC Mortgage or
      the HC Pipelines Agreement (or any successor or replacement agreement to
      the foregoing) that constitutes or could reasonably be expected to take
      the form of the purchase, occupation, or operation of any of the
      applicable Pipeline Systems or Terminals by a Person other than the
      Borrower or its wholly owned Subsidiaries.

            (j) Exhibit D to the Credit Agreement is deleted and replaced with
Exhibit D attached hereto.

                                  ARTICLE III.
                    REPRESENTATIONS, WARRANTIES AND COVENANTS

      SECTION 3.01 BORROWER REPRESENTATIONS AND WARRANTIES. The Borrower
represents and warrants that: (a) the representations and warranties contained
in the Credit Agreement and the representations and warranties contained in the
other Credit Documents are true and correct in all material respects on and as
of the Effective Date as if made on as and as of such date, except to the extent
that such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct as of such earlier date; (b) no
Default has occurred which is continuing; (c) the execution, delivery and
performance of this Agreement are within the partnership power and authority of
the Borrower and have been duly authorized by appropriate partnership action and
proceedings; (d) this Agreement constitutes the legal, valid, and binding
obligation of the Borrower enforceable in accordance with its terms, except as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, or
similar laws affecting the rights of creditors generally and general principles
of equity; (e) there are no governmental or other third party consents, licenses
and approvals required to be obtained by the Borrower in connection with the
execution, delivery, performance of this Agreement by the Borrower or the
validity and enforceability of this Agreement against the Borrower; and (f) the
Liens under the Security Documents are valid and subsisting and secure
Borrower's obligations under the Credit Documents.

      SECTION 3.02 EXISTING GUARANTORS' REPRESENTATIONS AND WARRANTIES. Each
Existing Guarantor represents and warrants that: (a) the representations and
warranties of such Guarantor contained in the Guaranty and the representations
and warranties contained in the other Credit Documents to which such Existing
Guarantor is a party are true and correct in all material respects on and as of
the Effective Date as if made on as and as of such date, except to the extent

                                      -5-

<PAGE>

that such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct as of such earlier date; (b) no
Default has occurred which is continuing; (c) the execution, delivery and
performance of this Agreement are within the corporate or other organizational
power and authority of such Existing Guarantor and have been duly authorized by
appropriate action and proceedings; (d) this Agreement constitutes the legal,
valid, and binding obligation of such Existing Guarantor enforceable in
accordance with its terms, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting the rights of
creditors generally and general principles of equity; (e) there are no
governmental or other third party consents, licenses and approvals required to
be obtained by such Existing Guarantor in connection with the execution,
delivery or performance of this Agreement by such Existing Guarantor or the
validity and enforceability of this Agreement against such Existing Guarantor;
(f) it has no defenses to the enforcement of its Guaranty; and (g) the Liens
under the Security Documents to which such Existing Guarantor is a party are
valid and subsisting and secure such Existing Guarantor's obligations under the
Credit Documents.

      SECTION 3.03 COVENANTS. The Borrower at its expense will, and will cause
each Existing Guarantor to, promptly execute and deliver to the Administrative
Agent upon reasonable request all such documents, agreements and instruments to
state more fully the security obligations set out in any of the Security
Documents, or to perfect, protect or preserve any Liens created pursuant to any
of the Security Documents, or to make any recordings, to file any notices or
obtain any consents, all as may be necessary or appropriate to grant or perfect
a first lien in each Existing Guarantor's assets. The Borrower hereby authorizes
the Administrative Agent to file any amendments to financing statements without
the signature of the Borrower to the extent permitted by applicable law in order
to perfect or maintain the perfection of any security interest granted under any
of the Credit Documents. Without limiting the foregoing:

            (a) promptly after the closing of the Acquisition but in any event
not more than five days after the Effective Date (or, with respect to any
Acquired Assets not being acquired and conveyed to HEP on the Effective Date,
within five days after such acquisition by, and conveyance to, HEP of the
applicable Acquired Assets), the Borrower will at its expense deliver or cause
to be delivered to the Administrative Agent (i) Mortgages duly executed and
delivered by HEP in favor of the Administrative Agent for the benefit of the
Secured Parties (as defined therein) covering all real property assets included
in the applicable Acquired Assets, including, without limitation, those certain
Acquired Assets consisting of real property located in Eddy and Lea Counties,
New Mexico, (ii) a legal opinion of counsel to HEP licensed in New Mexico (which
counsel shall be acceptable to the Administrative Agent) with respect to the
Mortgages described in the preceding clause (i) in form and substance
satisfactory to the Administrative Agent and the Required Banks, and including,
without limitation, opinions regarding the enforceability of such Mortgages and
the validity and perfection of the Liens created thereby, and (iii) complete and
correct copies of any amendments to the Acquisition Agreement or the
Contribution Agreement not previously delivered to the Administrative Agent;
provided that, if HEP shall not have, within 90 days of the date of this
Agreement, (A) acquired substantially all of the Acquired Assets, (B) delivered
the Mortgages, opinions and other documents required by this Section 3.03(a),
and (C) caused the Administrative Agent to have an Acceptable Security Interest
in such Acquired Assets for the benefit of itself and the Banks (it being
understood, however, that if the legal opinions referred to above contain no
requirement or qualification regarding the need to obtain consents in order to
create or perfect the Liens granted under such

                                      -6-

<PAGE>

Mortgages, then HEP shall not be required to obtain such consents in order to
comply with this clause (C)), then an Event of Default shall be deemed to have
occurred under the Credit Agreement.

            (b) promptly after the closing of the Acquisition, the Borrower will
at its expense deliver or cause to be delivered to the Administrative Agent
complete and correct copies of any material bills of sale, material assignments,
and other material documents or agreements executed in connection with the
Acquisition and not previously delivered to the Administrative Agent.

                                   ARTICLE IV.
                                   CONDITIONS

      The consent provided herein shall become effective and enforceable against
the parties hereto, and the Credit Agreement shall be amended as provided
herein, upon the date all of the following conditions precedent have been met
(the "Effective Date"):

      SECTION 4.01 DOCUMENTS. The Administrative Agent shall have received each
of the following:

            (a) this Agreement duly and validly executed and delivered by duly
authorized officers of the Borrower, the Existing Guarantors, the Administrative
Agent, and the Required Banks; and

            (b) a fully executed copy, certified by the Limited Partner, of the
Contribution Agreement and the Acquisition Agreement, together with all of their
respective exhibits, schedules, and amendments thereto.

      SECTION 4.02 NO DEFAULT. No Default shall have occurred which is
continuing as of the Effective Date.

      SECTION 4.03 REPRESENTATIONS. The representations and warranties in this
Agreement shall be true and correct in all material respects as of the Effective
Date.

      SECTION 4.04 FEES. The Borrower shall have paid all reasonable fees and
expenses of the Administrative Agent's outside legal counsel pursuant to all
invoices presented to the Borrower for payment not less than one Business Day
prior to the Effective Date. Additionally, the Borrower shall pay to the
Administrative Agent for the benefit of the Banks approving this Agreement in an
aggregate amount equal to .05% on each Bank's respective Commitment, such fee to
be due and payable on the date this Agreement is executed by the Administrative
Agent and the Required Banks.

                                      -7-

<PAGE>

                                   ARTICLE V.
                                  MISCELLANEOUS

      SECTION 5.01 EFFECT ON CREDIT DOCUMENTS; ACKNOWLEDGMENTS.

            (a) The Borrower acknowledges that on the date hereof all
Obligations are payable without defense, offset, counterclaim or recoupment.

            (b) The Administrative Agent, the Issuing Banks, and the Banks
hereby expressly reserve all of their rights, remedies, and claims under the
Credit Documents. Nothing in this Agreement shall constitute a waiver or
relinquishment of (i) any Default or Event of Default under any of the Credit
Documents, (ii) any of the agreements, terms or conditions contained in any of
the Credit Documents, (iii) any rights or remedies of the Administrative Agent,
the Issuing Bank or any Bank with respect to the Credit Documents, or (iv) the
rights of the Administrative Agent, any Issuing Bank or any Bank to collect the
full amounts owing to them under the Credit Documents.

            (c) Each of the Borrower, the Existing Guarantors, Administrative
Agent, Issuing Banks, and Banks does hereby adopt, ratify, and confirm the
Credit Agreement and each other Credit Document, as amended hereby, and
acknowledges and agrees that the Credit Agreement and each other Credit
Document, as amended hereby, is and remains in full force and effect, and the
Borrower and the Existing Guarantors acknowledge and agree that their respective
liabilities under the Credit Agreement and the other Credit Documents are not
impaired in any respect by this Agreement.

            (d) From and after the Effective Date, all references to the Credit
Agreement and the Credit Documents shall mean such Credit Agreement and such
Credit Documents as amended by this Agreement.

            (e) This Agreement is a Credit Document for the purposes of the
provisions of the other Credit Documents. Without limiting the foregoing, any
breach of representations, warranties, and covenants under this Agreement shall
be a Default or Event of Default, as applicable, under the Credit Agreement.

      SECTION 5.02 REAFFIRMATION OF THE GUARANTY. Each Existing Guarantor hereby
ratifies, confirms, acknowledges and agrees that its obligations under the
Guaranty are in full force and effect and that such Existing Guarantor continues
to unconditionally and irrevocably guarantee the full and punctual payment, when
due, whether at stated maturity or earlier by acceleration or otherwise, all of
the Guaranteed Obligations (as defined in the Guaranty), as such Guaranteed
Obligations may have been amended by this Agreement, and its execution and
delivery of this Agreement does not indicate or establish an approval or consent
requirement by such Existing Guarantor under the Guaranty in connection with the
execution and delivery of amendments to the Credit Agreement, the Notes or any
of the other Credit Documents (other than the Guaranty or any other Credit
Document to which such Existing Guarantor is a party).

      SECTION 5.03 COUNTERPARTS. This Agreement may be signed in any number of
counterparts, each of which shall be an original and all of which, taken
together, constitute a

                                      -8-

<PAGE>

single instrument. This Agreement may be executed by facsimile signature and all
such signatures shall be effective as originals.

      SECTION 5.04 SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns permitted pursuant to the Credit Agreement.

      SECTION 5.05 INVALIDITY. In the event that any one or more of the
provisions contained in this Agreement shall for any reason be held invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this Agreement.

      SECTION 5.06 GOVERNING LAW. This Agreement shall be deemed to be a
contract made under and shall be governed by and construed in accordance with
the laws of the State of Texas.

      SECTION 5.07 ENTIRE AGREEMENT. THIS AGREEMENT, THE CREDIT AGREEMENT AS
AMENDED BY THIS AGREEMENT, THE NOTES, AND THE OTHER CREDIT DOCUMENTS CONSTITUTE
THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT
MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT
THERETO.

            THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

                         [SIGNATURES BEGIN ON NEXT PAGE]

                                      -9-

<PAGE>

         EXECUTED effective as of the date first above written.

                             BORROWER:

                             HOLLY ENERGY PARTNERS - OPERATING, L.P., a Delaware
                             limited partnership

                                 By: HEP Logistics GP, L.L.C., a Delaware
                                 limited liability company, its General Partner

                                     By: Holly Energy Partners, L.P., a Delaware
                                     limited partnership, its Managing Member

                                         By: HEP Logistics Holdings, L.P., a
                                         Delaware limited partnership, its
                                         General Partner

                                             By: Holly Logistic Services,
                                             L.L.C., a Delaware limited
                                             liability company, its General
                                             Partner

                                                 By: /s/ Stephen J. McDonnell
                                                     ---------------------------
                                                 Name:  Stephen J. McDonnell
                                                 Title: Vice President and Chief
                                                        Executive Officer

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

EXISTING GUARANTORS:
                             HEP PIPELINE GP, L.L.C., a Delaware
                                      limited liability company
                             HEP REFINING GP, L.L.C., a Delaware
                                      limited liability company
                             HEP MOUNTAIN HOME, L.L.C., a Delaware
                                      limited liability company
                             HEP PIPELINE, L.L.C., a Delaware
                                      limited liability company
                             HEP REFINING, L.L.C., a Delaware
                                      limited liability company
                             HEP WOODS CROSS, L.L.C., a Delaware
                                      limited liability company

                             Each by: Holly Energy Partners - Operating, L.P., a
                                      Delaware limited partnership and its Sole
                                      Member

                                 By: HEP Logistics GP, L.L.C., a Delaware
                                 limited liability company, its General Partner

                                     By: Holly Energy Partners, L.P., a Delaware
                                     limited partnership, its Managing Member

                                         By: HEP Logistics Holdings, L.P., a
                                         Delaware limited partnership, its
                                         General Partner

                                             By: Holly Logistic Services,
                                             L.L.C., a Delaware limited
                                             liability company, its General
                                             Partner

                                                 By: /s/ Stephen J. McDonnell
                                                     ---------------------------
                                                 Name:  Stephen J. McDonnell
                                                 Title: Vice President and
                                                        Chief Financial Officer

                             HOLLY ENERGY FINANCE CORP., a Delaware corporation

                             By: /s/ Stephen J. McDonnell
                                 ------------------------------
                             Name:  Stephen J. McDonnell
                             Title: Vice President and
                                    Chief Financial Officer

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

                             HEP NAVAJO SOUTHERN, L.P., a Delaware limited
                                      partnership
                             HEP PIPELINE ASSETS, LIMITED PARTNERSHIP,
                                      a Delaware limited partnership
                             HEP FIN-TEX/TRUST-RIVER, L.P., a Texas limited
                                      partnership

                             Each by: HEP Pipeline GP, L.L.C., a Delaware
                                      limited liability company and its General
                                      Partner

                                 By: Holly Energy Partners - Operating, L.P., a
                                 Delaware limited partnership and its Sole
                                 Member

                                     By: HEP Logistics GP, L.L.C., a Delaware
                                     limited liability company, its General
                                     Partner

                                         By: Holly Energy Partners, L.P., a
                                         Delaware limited partnership, its
                                         Managing Member

                                             By: HEP Logistics Holdings, L.P., a
                                             Delaware limited partnership, its
                                             General Partner

                                                 By: Holly Logistic Services,
                                                 L.L.C., a Delaware limited
                                                 liability company, its General
                                                 Partner

                                                  By: /s/ Stephen J. McDonnell
                                                      --------------------------
                                                  Name:  Stephen J. McDonnell
                                                  Title: Vice President and
                                                         Chief Financial Officer

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

                             HOLLY ENERGY PARTNERS, L.P., a Delaware limited
                                      partnership

                                 By: HEP Logistics Holdings, L.P., a Delaware
                                 limited partnership, its General Partner

                                     By: Holly Logistic Services, L.L.C., a
                                     Delaware limited liability company, its
                                     General Partner

                                         By: /s/ Stephen J. McDonnell
                                             -----------------------------------
                                         Name:  Stephen J. McDonnell
                                         Title: Vice President and
                                                Chief Financial Officer

                             HEP REFINING ASSETS, L.P., a Delaware limited
                                      partnership

                                 By: HEP Refining GP, L.L.C., a Delaware limited
                                 liability company and its General Partner

                                     By: Holly Energy Partners - Operating,
                                     L.P., a Delaware limited partnership and
                                     its Sole Member

                                         By: HEP Logistics GP, L.L.C., a
                                         Delaware limited liability company, its
                                         General Partner

                                             By: Holly Energy Partners, L.P., a
                                             Delaware limited partnership, its
                                             Managing Member

                                                 By: HEP Logistics Holdings,
                                                 L.P., a Delaware limited
                                                 partnership, its General
                                                 Partner

                                                  By: Holly Logistic Services,
                                                  L.L.C., a Delaware limited
                                                  liability company, its General
                                                  Partner

                                                  By: /s/ Stephen J. McDonnell
                                                      ------------------------
                                                  Name:  Stephen J. McDonnell
                                                  Title: Vice President and
                                                         Chief Financial Officer

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

                             HEP LOGISTICS GP, L.L.C., a Delaware limited
                                      liability company

                                 By: Holly Energy Partners, L.P., a Delaware
                                 limited partnership, its Managing Member

                                     By: HEP Logistics Holdings, L.P., a
                                     Delaware limited partnership, its General
                                     Partner

                                         By: Holly Logistic Services, L.L.C., a
                                         Delaware limited liability company, its
                                         General Partner

                                             By: /s/ Stephen J. McDonnell
                                                 -------------------------------
                                             Name:  Stephen J. McDonnell
                                             Title: Vice President and
                                                    Chief Financial Officer

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

                             ADMINISTRATIVE AGENT:

                             UNION BANK OF CALIFORNIA, N.A.

                             By: /s/ Sean Murphy
                                 ----------------------------------------
                                 Sean Murphy, Vice President

                             BANKS:

                             UNION BANK OF CALIFORNIA, N.A.

                             By: /s/ Sean Murphy
                                 ----------------------------------------
                                 Sean Murphy, Vice President

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

                             BANK OF AMERICA, NATIONAL ASSOCIATION

                             By: /s/ Claire M. Liu
                                 ---------------------------------------
                             Name:  Claire M. Liu
                             Title: Senior Vice President

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

                             GUARANTY BANK

                             By: /s/ Jim R. Hamilton
                                 ---------------------------------------
                             Name:  Jim R. Hamilton
                             Title: Senior Vice President

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

                             FORTIS CAPITAL CORP.

                             By: /s/ Kathleen de Lathauwer
                                 ---------------------------------------
                             Name:  Kathleen de Latheuwer
                             Title: Senior Vice President

                             By: /s/ Casey Lowary
                                 ---------------------------------------
                             Name:  Casey Lowary
                             Title: Senior Vice President

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

                             WELLS FARGO BANK, NATIONAL ASSOCIATION

                             By: /s/ Reed V. Thompson
                                 ---------------------------------------
                             Name:  Reed V. Thompson
                             Title: Vice President

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

                             U.S. BANK NATIONAL ASSOCIATION

                             By: /s/ Mark E. Thompson
                                 ---------------------------------------
                             Name:  Mark E. Thompson
                             Title: Vice President

              Signature page to Consent, Waiver and Amendment No. 4

<PAGE>

                                    EXHIBIT D
                               TO CREDIT AGREEMENT

                         FORM OF COMPLIANCE CERTIFICATE

              FOR THE PERIOD FROM _______, 200__ TO ________, 200__

      This certificate dated as of ______________, _______ is prepared pursuant
to the Credit Agreement dated as of July 7, 2004 (as amended, supplemented or
otherwise modified from time to time, the "Credit Agreement") among Holly Energy
Partners - Operating, L.P. (f/k/a HEP OPERATING COMPANY, L.P.) a Delaware
limited partnership ("Borrower"), the lenders party thereto (the "Banks"), the
Banks issuing letters of credit thereunder from time to time (the "Issuing
Banks") and UNION BANK OF CALIFORNIA, N.A., as administrative agent for such
Banks and Issuing Banks (in such capacity, the "Administrative Agent"). Unless
otherwise defined in this certificate, capitalized terms that are defined in the
Credit Agreement shall have the meanings assigned to them by the Credit
Agreement.

      The undersigned hereby certifies (a) that no Default or Event of Default
has occurred or is continuing, (b) that all of the representations and
warranties made by the Borrower and the Guarantors contained in the Credit
Agreement and in each of the other Credit Documents are true and correct in all
material respects on and as of the date hereof, and (c) that as of the last day
of the previous fiscal quarter, the following statements, amounts, and
calculations were true and correct:

I. Section 6.10 Leverage Ratio.

      (a) Consolidated Funded Debt                              $_______________

      (b) Consolidated Net Income (1)

      (c) Interest Expense (2)                                  $_______________

      (d) taxes, depreciation, amortization, and other
          non-cash items                                        $_______________

      (e) EBITDA = (b) + (c)(3) + (d)(4)                        $____________(5)

--------------------------
      (1) The Consolidated net income of the Borrower and its Subsidiaries, as
determined in accordance with GAAP consistently applied, excluding, however, any
net gain or loss from extraordinary or non-recurring items (including, but not
limit to, any net gain or loss during such period arising from the sale,
exchange or other disposition of capital assets other than in the ordinary
course of business).

      (2) For the Borrower and its Subsidiaries determined on a Consolidated
basis, for any period, the total interest, letter of credit fees, and other fees
incurred in connection with any Debt for such period, whether paid or accrued,
including, without limitation, all commissions, discounts and other fees and
charges owed with respect to letters of credit and bankers' acceptance
financing, all as determined in conformity with GAAP.

      (3) To the extent deducted in determining Consolidated Net Income.

                            Exhibit D - Page 1 of 3

<PAGE>

      Leverage Ratio = (a) divided by (e)                       ________________

      Maximum Leverage Ratio                                    3.50 to 1.00

      Compliance                                                Yes       No

II. Section 6.11 Interest Coverage Ratio

      (a) EBITDA (see I(e) above)                               _____________(5)

      (b) Interest Expense(6)                                   _____________(7)

      Leverage Ratio = (a) divided by (b)                       ________________

      Minimum Interest Coverage Ratio                           3.50 to 1.00

      Compliance                                                Yes       No

------------------------
      (4) To the extent deducted in determining Consolidated Net Income.

      (5) For each fiscal quarter, EBITDA shall be measured for the four fiscal
quarter period then ended. The results of operations of all Persons in which the
Borrower or any of its Subsidiaries owns less than all of the Equity Interests
of such Person (including the Restricted Subsidiary) shall only be included in
EBITDA to the extent that the Borrower or any other wholly-owned Subsidiary of
the Borrower actually receives cash distributions in respect of its ownership
interests in such Person during such period for which EBITDA is being
calculated.

      (6) The total interest, letter of credit fees, and other fees incurred in
connection with any Debt for such period, whether paid or accrued, including,
without limitation, all commissions, discounts and other fees and charges owed
with respect to letters of credit and bankers' acceptance financing, all as
determined in conformity with GAAP.

      (7) For each fiscal quarter, Interest Expense shall be measured for the
four fiscal quarter period then ended.

                            Exhibit D - Page 2 of 3

<PAGE>

      IN WITNESS THEREOF, I have hereto signed my name to this Compliance
Certificate as of _________________, 20____.

                             HOLLY ENERGY PARTNERS - OPERATING, L.P., a Delaware
                             limited partnership

                                 By: HEP Logistics GP, L.L.C., a Delaware
                                 limited liability company, its General Partner

                                     By: Holly Energy Partners, L.P., a Delaware
                                     limited partnership, its Managing Member

                                         By: HEP Logistics Holdings, L.P., a
                                         Delaware limited partnership, its
                                         General Partner

                                             By: Holly Logistic Services,
                                             L.L.C., a Delaware limited
                                             liability company, its General
                                             Partner

                                             By: _______________________________
                                             Name: _____________________________
                                             Title: ____________________________

                            Exhibit D - Page 3 of 3<PAGE>

                                                                     EXHIBIT 4.1

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

                          ---------------------------
                             TRIAD ACQUISITION CORP.

                           to be merged with and into

                           TRIAD FINANCIAL CORPORATION

                          11.125% SENIOR NOTES DUE 2013

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

                                    INDENTURE

                           Dated as of April 29, 2005

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

                            JPMORGAN CHASE BANK, N.A.

                                     Trustee

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

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

<PAGE>

                             CROSS-REFERENCE TABLE*

<TABLE>
<CAPTION>
Trust Indenture
 Act Section                                                                     Indenture Section
<S>                                                                              <C>
310(a)(1).................................................................             7.10
   (a)(2).................................................................             7.10
   (a)(3).................................................................             N.A.
   (a)(4).................................................................             N.A.
   (a)(5).................................................................             7.10
   (b)....................................................................             7.10
   (c)....................................................................             N.A.
311(a)....................................................................             7.11
   (b)....................................................................             7.11
   (c)....................................................................             N.A.
312(a)....................................................................             2.05
   (b)....................................................................            12.03
   (c)....................................................................            12.03
313(a)....................................................................             7.06
   (b)(1).................................................................             N.A.
   (b)(2).................................................................          7.06; 7.07
   (c)....................................................................         7.06; 12.02
   (d)....................................................................             7.06
314(a)....................................................................      4.03;12.02; 12.05
   (b)....................................................................             N.A.
   (c)(1).................................................................            12.04
   (c)(2).................................................................            12.04
   (c)(3).................................................................             N.A.
   (d)....................................................................             N.A.
   (e)....................................................................            12.05
   (f)....................................................................             N.A.
315(a)....................................................................             7.01
   (b)....................................................................         7.05; 12.02
   (c)....................................................................             7.01
   (d)....................................................................             7.01
   (e)....................................................................             6.11
316(a) (last sentence)....................................................             2.09
   (a)(1)(A)..............................................................             6.05
   (a)(1)(B)..............................................................             6.04
   (a)(2).................................................................             N.A.
   (b)....................................................................             6.07
   (c)....................................................................             2.12
317(a)(1).................................................................             6.08
   (a)(2).................................................................             6.09
   (b)....................................................................             2.04
318(a)....................................................................            12.01
   (b)....................................................................             N.A.
   (c)....................................................................            12.01
</TABLE>

N.A. means not applicable.

* This Cross Reference Table is not part of the Indenture.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                                Page
<S>                                                                                                             <C>
                                                      ARTICLE 1
                                            DEFINITIONS AND INCORPORATION
                                                    BY REFERENCEC
Section 1.01       Definitions................................................................................     1
Section 1.02       Other Definitions..........................................................................    24
Section 1.03       Incorporation by Reference of Trust Indenture Act..........................................    24
Section 1.04       Rules of Construction......................................................................    25

                                                     ARTICLE 2
                                                     THE NOTES

Section 2.01       Form and Dating............................................................................    25
Section 2.02       Execution and Authentication...............................................................    26
Section 2.03       Registrar and Paying Agent.................................................................    27
Section 2.04       Paying Agent to Hold Money in Trust........................................................    27
Section 2.05       Holder Lists...............................................................................    27
Section 2.06       Transfer and Exchange......................................................................    28
Section 2.07       Replacement Notes..........................................................................    39
Section 2.08       Outstanding Notes..........................................................................    40
Section 2.09       Treasury Notes.............................................................................    40
Section 2.10       Temporary Notes............................................................................    40
Section 2.11       Cancellation...............................................................................    40
Section 2.12       Persons Deemed Owners......................................................................    41
Section 2.13       CUSIP Numbers..............................................................................    41

                                                     ARTICLE 3
                                             REDEMPTION AND PREPAYMENT

Section 3.01       Notices to Trustee.........................................................................    41
Section 3.02       Selection of Notes to Be Redeemed or Purchased.............................................    41
Section 3.03       Notice of Redemption.......................................................................    42
Section 3.04       Effect of Notice of Redemption.............................................................    43
Section 3.05       Deposit of Redemption or Purchase Price....................................................    43
Section 3.06       Notes Redeemed or Purchased in Part........................................................    43
Section 3.07       Optional Redemption........................................................................    43
Section 3.08       Mandatory Redemption.......................................................................    44
Section 3.09       Offer to Purchase by Application of Excess Proceeds........................................    44

                                                     ARTICLE 4
                                                     COVENANTS

Section 4.01       Payment of Notes...........................................................................    46
Section 4.02       Maintenance of Office or Agency............................................................    46
Section 4.03       Reports....................................................................................    47
Section 4.04       Compliance Certificate.....................................................................    47
Section 4.05       Taxes......................................................................................    48
Section 4.06       Stay, Extension and Usury Laws.............................................................    48
Section 4.07       Restricted Payments........................................................................    48
Section 4.08       Dividend and Other Payment Restrictions Affecting Subsidiaries.............................    52
Section 4.09       Incurrence of Indebtedness and Issuance of Preferred Stock.................................    54
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                                                                                                               <C>
Section 4.10       Asset Sales................................................................................    57
Section 4.11       Transactions with Affiliates...............................................................    59
Section 4.12       Liens......................................................................................    61
Section 4.13       Business Activities........................................................................    61
Section 4.14       Corporate Existence........................................................................    61
Section 4.15       Offer to Repurchase Upon Change of Control.................................................    61
Section 4.16       Incurrence of Indebtedness and Issuance of Guarantees by Restricted Subsidiaries...........    63
Section 4.17       Payments for Consent.......................................................................    64
Section 4.18       Designation of Restricted and Unrestricted Subsidiaries....................................    64
Section 4.19       Limitation on Investment Company Status....................................................    65

                                                     ARTICLE 5
                                                     SUCCESSORS

Section 5.01       Merger, Consolidation, or Sale of Assets...................................................    65
Section 5.02       Successor Corporation Substituted..........................................................    66

                                                     ARTICLE 6
                                               DEFAULTS AND REMEDIES

Section 6.01       Events of Default..........................................................................    67
Section 6.02       Acceleration...............................................................................    68
Section 6.03       Other Remedies.............................................................................    69
Section 6.04       Waiver of Past Defaults....................................................................    69
Section 6.05       Control by Majority........................................................................    69
Section 6.06       Limitation on Suits........................................................................    69
Section 6.07       Rights of Holders of Notes to Receive Payment..............................................    70
Section 6.08       Collection Suit by Trustee.................................................................    70
Section 6.09       Trustee May File Proofs of Claim...........................................................    70
Section 6.10       Priorities.................................................................................    71
Section 6.11       Undertaking for Costs......................................................................    71

                                                     ARTICLE 7
                                                      TRUSTEE

Section 7.01       Duties of Trustee..........................................................................    71
Section 7.02       Rights of Trustee..........................................................................    72
Section 7.03       Individual Rights of Trustee...............................................................    73
Section 7.04       Trustee's Disclaimer.......................................................................    73
Section 7.05       Notice of Defaults.........................................................................    73
Section 7.06       Reports by Trustee to Holders of the Notes.................................................    73
Section 7.07       Compensation and Indemnity.................................................................    74
Section 7.08       Replacement of Trustee.....................................................................    74
Section 7.09       Successor Trustee by Merger, etc...........................................................    75
Section 7.10       Eligibility; Disqualification..............................................................    75
Section 7.11       Preferential Collection of Claims Against Company..........................................    76

                                                     ARTICLE 8
                                      LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01       Option to Effect Legal Defeasance or Covenant Defeasance...................................    76
Section 8.02       Legal Defeasance and Discharge.............................................................    76
Section 8.03       Covenant Defeasance........................................................................    76
Section 8.04       Conditions to Legal or Covenant Defeasance.................................................    77
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                                               <C>
Section 8.05       Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
                   Provisions.................................................................................    78
Section 8.06       Repayment to Company.......................................................................    79
Section 8.07       Reinstatement..............................................................................    79

                                                     ARTICLE 9
                                          AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01       Without Consent of Holders of Notes........................................................    79
Section 9.02       With Consent of Holders of Notes...........................................................    80
Section 9.03       Compliance with Trust Indenture Act........................................................    81
Section 9.04       Revocation and Effect of Consents..........................................................    81
Section 9.05       Notation on or Exchange of Notes...........................................................    81
Section 9.06       Trustee to Sign Amendments, etc............................................................    82

                                                     ARTICLE 10
                                                  NOTE GUARANTEES

Section 10.01.     Guarantee..................................................................................    82
Section 10.02.     Limitation on Guarantor Liability..........................................................    83
Section 10.03.     Execution and Delivery of Subsidiary Guarantee.............................................    83
Section 10.04.     Guarantors May Consolidate, etc., on Certain Terms.........................................    84
Section 10.05.     Releases...................................................................................    85

                                                     ARTICLE 11
                                             SATISFACTION AND DISCHARGE

Section 11.01      Satisfaction and Discharge.................................................................    85
Section 11.02      Application of Trust Money.................................................................    86

                                                     ARTICLE 12
                                                   MISCELLANEOUS

Section 12.01      Trust Indenture Act Controls...............................................................    87
Section 12.02      Notices....................................................................................    87
Section 12.03      Communication by Holders of Notes with Other Holders of Notes..............................    88
Section 12.04      Certificate and Opinion as to Conditions Precedent.........................................    88
Section 12.05      Statements Required in Certificate or Opinion..............................................    88
Section 12.06      Rules by Trustee and Agents................................................................    88
Section 12.07      No Personal Liability of Directors, Officers, Employees and Stockholders...................    88
Section 12.08      Governing Law..............................................................................    89
Section 12.09      No Adverse Interpretation of Other Agreements..............................................    89
Section 12.10      Successors.................................................................................    89
Section 12.11      Severability...............................................................................    89
Section 12.12      Counterpart Originals......................................................................    89
Section 12.13      Table of Contents, Headings, etc...........................................................    89
</TABLE>

                                    EXHIBITS

Exhibit A1      FORM OF NOTE

Exhibit A2      FORM OF REGULATIONS TEMPORARY GLOBAL NOTE

Exhibit B       FORM OF CERTIFICATE OF TRANSFER

Exhibit C       FORM OF CERTIFICATE OF EXCHANGE

Exhibit D       FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED
                INVESTOR

                                      iii
<PAGE>

Exhibit E       FORM OF NOTATION OF GUARANTEE

Exhibit F       FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT
                GUARANTORS

Exhibit G       FORM OF SUPPLEMENTAL INDENTURE FOR SUCCESSOR TO THE COMPANY

                                       iv
<PAGE>

      INDENTURE dated as of April 29, 2005 between Triad Acquisition Corp., a
Delaware corporation, and JPMorgan Chase Bank, N.A., as trustee. Triad
Acquisition Corp. is a wholly-owned subsidiary of Triad Holdings, Inc., a
Delaware corporation ("Holdings"). Pursuant to a stock purchase agreement dated
as of December 23, 2004 (the "Stock Purchase Agreement"), among Holdings, Ford
Motor Credit Corporation, Fairlane Credit LLC and Triad Financial Corporation,
on the date hereof Triad Acquisition Corp. will acquire Triad Financial
Corporation, a California corporation. In addition, pursuant to an agreement and
plan of merger between Triad Acquisition Corp. and Triad Financial Corporation,
dated the date hereof, Triad Acquisition Corp. will be merged with and into
Triad Financial Corporation on the date hereof, with Triad Financial Corporation
being the surviving entity and a wholly-owned subsidiary of Holdings. Upon
consummation of the merger, Triad Financial Corporation will succeed to Triad
Acquisition Corp. as the issuer of the Notes issued pursuant to this Indenture
and, pursuant to a supplemental indenture to this Indenture substantially in the
form set forth in Exhibit G hereto, dated the date hereof, among Triad Financial
Corporation and the Trustee, will assume all of the obligations of Triad
Acquisition Corp. under the Notes and this Indenture. Capitalized terms used in
this preamble but not defined herein have the meanings set forth in Article I
hereof.

      The Company (as defined) and the Trustee agree as follows for the benefit
of each other and for the equal and ratable benefit of the Holders (as defined)
of the 11.125% Senior Notes due 2013 (the "Notes"):

                                    ARTICLE 1
                          DEFINITIONS AND INCORPORATION
                                  BY REFERENCE

Section 1.01 Definitions.

      "144A Global Note" means a Global Note substantially in the form of
Exhibit A1 hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the
Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 144A.

      "Accredited Investor" means any Institutional Accredited Investor and any
other Person that is an "accredited investor" as defined in Rule 501(a)(4) or
(5) under the Securities Act.

      "Acquired Debt" means, with respect to any specified Person:

      (1)   Indebtedness of any other Person existing at the time such other
            Person is merged with or into or became a Subsidiary of such
            specified Person, whether or not such Indebtedness is incurred in
            connection with, or in contemplation of, such other Person merging
            with or into, or becoming a Restricted Subsidiary of, such specified
            Person; and

      (2)   Indebtedness secured by a Lien encumbering any asset acquired by
            such specified Person.

      "Acquisition Agreement" means that certain Stock Purchase Agreement among
Fairlane Credit LLC, Ford Motor Credit Company, Triad Acquisition Corp. and
Triad Holdings, Inc., dated as of December 23, 2004.

      "Acquisition Closing Date" means the date on which the Acquisition
Transactions are consummated in accordance with the Acquisition Agreement, which
date may occur on, before or after the date of this Indenture.

                                       1
<PAGE>

      "Acquisition Transactions" means the transactions contemplated by the
Acquisition Agreement, including the offering of the Notes and the merger of
Triad Acquisition Corp. with and into Triad Financial Corporation.

      "Additional Notes" means additional Notes (other than the Initial Notes)
issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof, as
part of the same series as the Initial Notes.

      "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, "control,"
as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise; provided that beneficial ownership of 10% or more of the
Voting Stock of a Person will be deemed to be control. For purposes of this
definition, the terms "controlling," "controlled by" and "under common control
with" have correlative meanings.

      "Agent" means any Registrar, co-registrar, Paying Agent or additional
paying agent.

      "AI Global Note" means a Global Note substantially in the form of Exhibit
A1 hereto bearing the Global Note Legend and the Private Placement Legend and
deposited with or on behalf of and registered in the name of the Depositary or
its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes sold to Accredited Investors.

      "Applicable Premium" means, with respect to any Note on any redemption
date the excess of:

      (1)   the present value at such redemption date of (i) the redemption
            price of the Note at May 1, 2010 (such redemption price being set
            forth in the table appearing in Section 3.07 hereof) plus (ii) all
            required interest payments due on the Note through May 1, 2010
            (excluding accrued but unpaid interest to the redemption date),
            computed using a discount rate equal to the Treasury Rate as of such
            redemption date plus 75 basis points; over

      (2)   the principal amount of the Note.

      "Applicable Procedures" means, with respect to any transfer or exchange of
or for beneficial interests in any Global Note, the rules and procedures of the
Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

      "Asset Sale" means:

      (1)   the sale, lease, conveyance or other disposition of any assets or
            rights (including, without limitation, by way of a sale and
            leaseback) other than pledges or sales of Receivables or Residual
            Interests in connection with Receivables Funding Arrangements;
            provided that the sale, lease, conveyance or other disposition of
            all or substantially all of the assets of the Company and its
            Restricted Subsidiaries taken as a whole will be governed by the
            provisions of this Indenture described in Section 4.15 hereof and/or
            the provisions described in Section 5.01 hereof and not by the
            provisions of Section 4.10 hereof; and

      (2)   the issuance of Equity Interests in any of the Company's Restricted
            Subsidiaries or the sale of Equity Interests in any of its
            Restricted Subsidiaries.

                                       2
<PAGE>

      Notwithstanding the preceding, none of the following items will be deemed
to be an Asset Sale:

      (1)   any single transaction or series of related transactions that
            involves assets or Equity Interests having a Fair Market Value of
            less than $1.0 million;

      (2)   a transfer of assets or Equity Interests between or among the
            Company and its Restricted Subsidiaries;

      (3)   an issuance of Equity Interests by a Restricted Subsidiary of the
            Company to the Company or to a Restricted Subsidiary of the Company;

      (4)   the sale or lease of products, services or accounts receivable or
            the licensing of intellectual property, in each case in the ordinary
            course of business (including, without limitation, sales of
            repossessed vehicles), and any sale or other disposition of damaged,
            worn-out or obsolete assets in the ordinary course of business;

      (5)   the sale or other disposition of cash or Cash Equivalents;

      (6)   any sale or other disposition of Receivables pursuant to a Whole
            Loan Sale, but only to the extent that the proceeds thereof are used
            to repay Indebtedness under Warehouse Facilities;

      (7)   any sale or other disposition of Receivables pursuant to a
            Charge-Off Sale, but only to the extent that the proceeds thereof
            are used to repay Indebtedness under Securitizations and/or Residual
            Facilities; and

      (8)   a Restricted Payment that does not violate the covenant described in
            Section 4.07 hereof or a Permitted Investment.

      "Bankruptcy Law" means Title 11, U.S. Code or any similar federal or state
law for the relief of debtors.

      "Beneficial Owner" has the meaning assigned to such term in Rule 13d-3 and
Rule 13d-5 under the Exchange Act, except that in calculating the beneficial
ownership of any particular "person" (as that term is used in Section 13(d)(3)
of the Exchange Act), such "person" will be deemed to have beneficial ownership
of all securities that such "person" has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is
exercisable only after the passage of time. The terms "Beneficially Owns" and
"Beneficially Owned" have a corresponding meaning.

      "Board of Directors" means:

      (1)   with respect to a corporation, the board of directors of the
            corporation or any committee thereof duly authorized to act on
            behalf of such board;

      (2)   with respect to a partnership, the Board of Directors of the general
            partner of the partnership;

      (3)   with respect to a limited liability company, the managing member,
            manager or members or any controlling committee of managing members
            or managers thereof; and

                                       3
<PAGE>

      (4)   with respect to any other Person, the board or committee of such
            Person serving a similar function.

      "Broker-Dealer" has the meaning set forth in the Registration Rights
Agreement.

      "Business Day" means any day other than a Legal Holiday.

      "Capital Lease Obligation" means, at the time any determination is to be
made, the amount of the liability in respect of a capital lease that would at
that time be required to be capitalized on a balance sheet prepared in
accordance with GAAP, and the Stated Maturity thereof will be the date of the
last payment of rent or any other amount due under such lease prior to the first
date upon which such lease may be prepaid by the lessee without payment of a
penalty.

      "Capital Stock" means:

      (1)   in the case of a corporation, corporate stock;

      (2)   in the case of an association or business entity, any and all
            shares, interests, participations, rights or other equivalents
            (however designated) of corporate stock;

      (3)   in the case of a partnership or limited liability company,
            partnership interests (whether general or limited) or membership
            interests; and

      (4)   any other interest or participation that confers on a Person the
            right to receive a share of the profits and losses of, or
            distributions of assets of, the issuing Person, but excluding from
            all of the foregoing any debt securities convertible into Capital
            Stock, whether or not such debt securities include any right of
            participation with Capital Stock.

      "Cash Equivalents" means:

      (1)   United States dollars;

      (2)   securities issued or directly and fully guaranteed or insured by the
            United States or Canadian government or any agency or
            instrumentality of the United States or Canadian government
            (provided that the full faith and credit of the United States or
            Canada is pledged in support of those securities) having maturities
            of not more than twelve months from the date of acquisition;

      (3)   certificates of deposit and eurodollar time deposits with maturities
            of twelve months or less from the date of acquisition, bankers'
            acceptances with maturities not exceeding twelve months and
            overnight bank deposits, in each case, with any commercial bank
            incorporated under the laws of the United States, any state thereof,
            the District of Columbia, Canada or any province or territory
            thereof, having capital and surplus in excess of $500.0 million and
            a Thomson Bank Watch Rating of "B" or better or with any lender
            party to the Warehouse Facilities or Residual Facilities;

      (4)   repurchase obligations or securities lending arrangements with a
            term of not more than seven days for underlying securities of the
            types described in clauses (2) and (3) above entered into with any
            financial institution meeting the qualifications specified in clause
            (3) above;

                                       4
<PAGE>

      (5)   commercial paper having one of the two highest ratings obtainable
            from S&P or Moody's, or asset-backed securities having a rating of
            at least "A" from S&P or "A2" from Moody's, and in each case,
            maturing within six months after the date of acquisition;

      (6)   demand or time deposits accounts used in the ordinary course of
            business with overseas branches of commercial banks incorporated
            under the laws of the United States of America, any state thereof,
            the District of Columbia, Canada or any province or territory
            thereof; provided that such commercial bank has, at the time of the
            Company's or such Restricted Subsidiary's Investment therein, (a)
            capital, surplus and undivided profits (as of the date of such
            institution's most recently published financial statements) in
            excess of $100.0 million and (b) the long-term unsecured debt
            obligations (other than such obligations rated on the basis of the
            credit of a Person other than such institution) of such institution,
            at the time of the Company's or any Restricted Subsidiary's
            Investment therein, are rated at least "A" from S&P or "A2" from
            Moody's;

      (7)   obligations (including, but not limited to demand or time deposits,
            bankers' acceptances and certificates of deposit) issued or
            guaranteed by a depository institution or trust company incorporated
            under the laws of the United States of America, any state thereof,
            the District of Columbia, Canada or any province or territory
            thereof; provided that (a) such instrument has a final maturity not
            more than one year from the date of purchase thereof by the Company
            or any Restricted Subsidiary of the Company and (b) such depository
            institution or trust company has, at the time of the Company's or
            such Restricted Subsidiary's Investment therein or contractual
            commitment providing for such Investment, (i) capital, surplus and
            undivided profits (as of the date of such institution's most
            recently published financial statements) in excess of $100.0 million
            and (ii) the long-term unsecured debt obligations (other than such
            obligations rated on the basis of the credit of a Person other than
            such institution) of such institution, at the time of the Company's
            or such Restricted Subsidiary's Investment therein or contractual
            commitment providing for such Investment, are rated at least "A"
            from S&P or "A2" from Moody's; and

      (8)   money market funds at least 95% of the assets of which constitute
            Cash Equivalents of the kinds described in clauses (1) through (7)
            of this definition.

      "Change of Control" means the occurrence of any of the following:

      (1)   the direct or indirect sale, lease, transfer, conveyance or other
            disposition (other than by way of merger or consolidation), in one
            or a series of related transactions, of all or substantially all of
            the properties or assets of the Company and its Subsidiaries taken
            as a whole to any "person" (as that term is used in Section 13(d) of
            the Exchange Act) other than a Principal or a Related Party of a
            Principal;

      (2)   the adoption of a plan relating to the liquidation or dissolution of
            the Company;

      (3)   the consummation of any transaction (including, without limitation,
            any merger or consolidation), the result of which is that any
            "person" (as defined above), other than the Principals and their
            Related Parties, becomes the Beneficial Owner, directly or
            indirectly, of more than 50% of the Voting Stock of the Company,
            measured by voting power rather than number of shares; or

                                       5
<PAGE>

      (4)   after an initial public offering of the Company or any direct or
            indirect parent of the Company, the first day on which a majority of
            the members of the Board of Directors of the Company are not
            Continuing Directors.

      "Change of Control Offer" has the meaning assigned to that term in this
Indenture.

      "Charge-Off Sale" means any sale of any Receivables that have been
charged-off by the Company, or any deficiency balances or rights or collateral
related to any such charged-off Receivables.

      "Clean-Up Call Transaction" means, with respect to a Securitization, an
optional repurchase of the remaining Receivables by the Company as servicer from
a Securitization Trust when the outstanding principal balance of the remaining
Receivables is less than or equal to a certain percentage of the original pool
balance of the Receivables.

      "Clearstream" means Clearstream Banking, S.A.

      "Company" means Triad Acquisition Corp., and, from and after the merger on
the Acquisition Closing Date of Triad Acquisition Corp. with and into Triad
Financial Corporation, a California corporation ("Triad Financial"), with Triad
Financial as the surviving entity, Triad Financial, and any and all successors
thereto.

      "Consolidated Indebtedness" means, with respect to any Person as of any
date of determination, the sum, without duplication, of (i) the total amount of
Indebtedness of such Person and its Restricted Subsidiaries, plus (ii) the total
amount of Indebtedness of any other Person, to the extent that such Indebtedness
has been Guaranteed by the referent Person or one or more of its Restricted
Subsidiaries, plus (iii) the aggregate liquidation value of all Disqualified
Stock of such Person and all preferred stock of Restricted Subsidiaries of such
Person, less (iv) Cash Equivalents of such Person and its Restricted
Subsidiaries in an aggregate amount not to exceed $10.0 million, in each case,
determined on a consolidated basis in accordance with GAAP.

      "Consolidated Leverage Ratio" means, with respect to any Person, as of any
date of determination, the ratio of:

      (1)   the Consolidated Indebtedness of such Person as of such date,
            excluding, however, (a) all Permitted Warehouse Debt and permitted
            Guarantees thereof, (b) all Permitted Securitization Debt and
            permitted Guarantees thereof, (c) all Hedging Obligations that
            constitute Permitted Debt and (d) up to 85% of all Consolidated
            Indebtedness under the HFI Term Loan, in each case then outstanding,
            to

      (2)   the Consolidated Net Worth of such Person as of such date.

      "Consolidated Net Income" means, with respect to any specified Person for
any period, the aggregate of the Net Income of such Person and its Restricted
Subsidiaries for such period, on a consolidated basis, determined in accordance
with GAAP; provided that:

      (1) the Net Income of any Person that is not a Restricted Subsidiary or
      that is accounted for by the equity method of accounting will be included
      only to the extent of the amount of dividends or similar distributions
      paid in cash to the specified Person or a Restricted Subsidiary of the
      Person;

                                       6
<PAGE>

      (2) the Net Income of any Restricted Subsidiary will be excluded to the
      extent that the declaration or payment of dividends or similar
      distributions by that Restricted Subsidiary of that Net Income is not at
      the date of determination permitted without any prior governmental
      approval (that has not been obtained) or, directly or indirectly, by
      operation of the terms of its charter or any agreement, instrument,
      judgment, decree, order, statute, rule or governmental regulation
      applicable to that Restricted Subsidiary or its stockholders;

      (3) the cumulative effect of a change in accounting principles will be
      excluded;

      (4) notwithstanding clause (1) above, the Net Income of any Unrestricted
      Subsidiary will be excluded, whether or not distributed to the specified
      Person or one of its Subsidiaries;

      (5) any non-cash goodwill or other intangible asset impairment charges
      incurred subsequent to the date of this Indenture resulting from the
      application of SFAS No. 142 or any other non-cash asset impairment charges
      incurred subsequent to the date of this Indenture resulting from the
      application of SFAS No. 144 will be excluded;

      (6) non-recurring costs and expenses incurred in connection with the
      consummation of the Transactions in an aggregate amount not to exceed
      $10.0 million will be excluded;

      (7) any non-cash compensation charges, including any such charges arising
      from stock options, restricted stock grants or other equity-incentive
      programs will be excluded; and

      (8) any gain or loss on sale recognized in accounting for transfers and
      servicing of financial assets in connection with any Securitization
      (whether resulting from application of SFAS No. 140 (or any principles of
      superseded SFAS No. 125) or otherwise) will be excluded (and the income
      (loss) from such Securitization shall be included as if those assets and
      liabilities of such Securitization remained on the consolidated balance
      sheet of such Person).

      "Consolidated Net Worth" means, with respect to any specified Person as of
any date, the sum of:

      (1)   the consolidated equity of the common stockholders of such Person
            and its consolidated Subsidiaries as of such date; plus

      (2)   the respective amounts reported on such Person's balance sheet as of
            such date with respect to any series of preferred stock (other than
            Disqualified Stock) that by its terms is not entitled to the payment
            of dividends unless such dividends may be declared and paid only out
            of net earnings in respect of the year of such declaration and
            payment, but only to the extent of any cash received by such Person
            upon issuance of such preferred stock less (x) all write-ups (other
            than write-ups resulting from foreign currency translations,
            write-ups of tangible assets of a going concern business made within
            12 months after the acquisition of such business and write-ups of
            Residual Interests in Securitizations owned on the date of this
            Indenture) subsequent to the date of this Indenture in the book
            value of any asset owned by such Person or a consolidated Subsidiary
            of such Person, (y) all investments as of such date in
            unconsolidated Subsidiaries and in Persons that are not Subsidiaries
            (except, in each case, Permitted Investments), and (z) all
            unamortized debt discount and expense and unamortized deferred
            charges as of such date, all of the foregoing determined in
            accordance with GAAP.

                                       7
<PAGE>

      "Continuing Directors" means, as of any date of determination, any member
of the Board of Directors of the Company who:

      (1)   was a member of such Board of Directors on the Acquisition Closing
            Date after giving effect to the Acquisition Transactions; or

      (2)   was nominated for election or elected to such Board of Directors
            with the approval of a majority of the Continuing Directors who were
            members of such Board of Directors at the time of such nomination or
            election.

      "Corporate Trust Office of the Trustee" will be at the address of the
Trustee specified in Section 12.02 hereof or such other address as to which the
Trustee may give notice to the Company.

      "Contract Acquisition Fees" means, with respect to any Eligible
Receivables as of any date, the discount or cash payments received by the
Company from dealers and other Persons with respect to the Eligible Receivables
purchased from such dealer or other Person and owned by the Company or its
Restricted Subsidiaries as of such date.

      "Credit Enhancement Agreements" means, collectively, any documents,
instruments, guarantees or agreements entered into by the Company, any of its
Restricted Subsidiaries, or any other Receivables Entity of the Company for the
purpose of providing credit support for any Receivables Entity of the Company or
any of their respective Indebtedness or asset-backed securities.

      "Custodian" means the Trustee, as custodian with respect to the Notes in
global form, or any successor entity thereto.

      "Default" means any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default.

      "Definitive Note" means a certificated Note registered in the name of the
Holder thereof and issued in accordance with Section 2.06 hereof, substantially
in the form of Exhibit A1 hereto except that such Note shall not bear the Global
Note Legend and shall not have the "Schedule of Exchanges of Interests in the
Global Note" attached thereto.

      "Depositary" means, with respect to the Notes issuable or issued in whole
or in part in global form, the Person specified in Section 2.03 hereof as the
Depositary with respect to the Notes, and any and all successors thereto
appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture.

      "Disqualified Stock" means any Capital Stock that, by its terms (or by the
terms of any security into which it is convertible, or for which it is
exchangeable, in each case, at the option of the holder of the Capital Stock),
or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or redeemable at the option
of the holder of the Capital Stock, in whole or in part, on or prior to the date
that is 91 days after the date on which the Notes mature. Notwithstanding the
preceding sentence, any Capital Stock that would constitute Disqualified Stock
solely because the holders of the Capital Stock have the right to require the
Company to repurchase such Capital Stock upon the occurrence of a change of
control or an asset sale will not constitute Disqualified Stock if the terms of
such Capital Stock provide that the Company may not repurchase or redeem any
such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 4.07 hereof. The amount of Disqualified Stock
deemed to be outstanding at any time for purposes of this Indenture will be the
maximum amount that the Company and its Restricted Subsidiaries may

                                       8
<PAGE>

become obligated to pay upon the maturity of, or pursuant to any mandatory
redemption provisions of, such Disqualified Stock, exclusive of accrued
dividends. In addition, the Company may designate any preferred stock of the
Company that would not otherwise constitute "Disqualified Stock" pursuant to the
preceding sentence to be Disqualified Stock for purposes of this Indenture;
provided that (1) such designated Disqualified Stock is issued to Persons that
are not Affiliates of the Company, (2) the issuance of such designated
Disqualified Stock complies with the covenant set forth in Section 4.09 hereof,
(3) such designation is made on the date that such designated Disqualified Stock
is issued by delivery of an Officers' Certificate to the trustee making such
designation, and (4) such designation may not subsequently be changed.

      "Eligible Receivables" means, at any time, all Receivables owned by the
Company or any of its Restricted Subsidiaries that meet the sale or loan
eligibility criteria set forth in a Warehouse Facility pursuant to which the
applicable Receivables were financed; excluding, however, any Receivables that
are pledged to secure borrowings under a Residual Facility and excluding any
such Receivables held by a Securitization Trust.

      "Equity Interests" means Capital Stock and all warrants, options or other
rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).

      "Euroclear" means Euroclear Bank, S.A./N.V., as operator of the Euroclear
system.

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

      "Exchange Notes" means the Notes issued in the Exchange Offer pursuant to
Section 2.06(f) hereof.

      "Exchange Offer" has the meaning set forth in the Registration Rights
Agreement.

      "Exchange Offer Registration Statement" has the meaning set forth in the
Registration Rights Agreement.

      "Existing Indebtedness" means Indebtedness of the Company and its
Subsidiaries in existence on the Acquisition Closing Date, until such amounts
are repaid.

      "Fair Market Value" means the value that would be paid by a willing buyer
to an unaffiliated willing seller in a transaction not involving distress or
necessity of either party, determined in good faith by the Board of Directors of
the Company (unless otherwise provided in this Indenture).

      "GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the accounting
profession, which are in effect as of the date of this Indenture.

      "Global Note Legend" means the legend set forth in Section 2.06(g)(2)
hereof, which is required to be placed on all Global Notes issued under this
Indenture.

      "Global Notes" means, individually and collectively, each of the
Restricted Global Notes and the Unrestricted Global Notes deposited with or on
behalf of and registered in the name of the Depository or its nominee,
substantially in the form of Exhibit A1 hereto and that bears the Global Note
Legend and that

                                       9
<PAGE>

has the "Schedule of Exchanges of Interests in the Global Note" attached
thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4),
2.06(d)(2) or 2.06(f) hereof.

      "Government Securities" means direct obligations of, or obligations
guaranteed by, the United States of America, and the payment for which the
United States pledges its full faith and credit.

      "Guarantee" means a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or
indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).

      "Guarantor" means any Subsidiary that executes a Subsidiary Guarantee in
accordance with provisions of this Indenture and its successors and assigns.

      "Hedging Obligations" means, with respect to any specified Person, the
obligations of such Person under:

      (1)   interest rate swap agreements (whether from fixed to floating or
            from floating to fixed), interest rate cap agreements and interest
            rate collar agreements;

      (2)   other agreements or arrangements designed to manage or hedge
            interest rates or interest rate risk; and

      (3)   other agreements or arrangements designed to manage, hedge or
            protect such Person against fluctuations in currency exchange rates
            or commodity prices.

      "HFI Term Loan" means Indebtedness evidenced by that certain Note and HFI
Loan and Security Agreement, dated as of the Acquisition Closing Date, between
Triad Financial Corporation and Ford Motor Credit Company, the proceeds of which
are used to finance certain Receivables of the Company as of the Acquisition
Closing Date that are classified as "held for investment" on the Company's books
and records.

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

      "Indebtedness" means, with respect to any specified Person, any
indebtedness of such Person (excluding accrued expenses and trade payables),
whether or not contingent:

      (1)   in respect of borrowed money;

      (2)   evidenced by bonds, notes, debentures or similar instruments or
            letters of credit (or reimbursement agreements in respect thereof);

      (3)   in respect of banker's acceptances;

      (4)   representing Capital Lease Obligations;

      (5)   representing the balance deferred and unpaid of the purchase price
            of any property or services due more than six months after such
            property is acquired or such services are completed; or

                                       10
<PAGE>

      (6)   representing any Hedging Obligations,

if and to the extent any of the preceding items (other than letters of credit
and Hedging Obligations) would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term
"Indebtedness" includes all Indebtedness of others secured by a Lien on any
asset of the specified Person (whether or not such Indebtedness is assumed by
the specified Person) and, to the extent not otherwise included, the Guarantee
by the specified Person of any Indebtedness of any other Person.

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

      "Indirect Participant" means a Person who holds a beneficial interest in a
Global Note through a Participant.

      "Initial Notes" means the first $150,000,000 aggregate principal amount of
Notes issued under this Indenture on the date hereof.

      "Initial Public Offering" means the issuance and sale of common equity
securities of the Company, or any direct or indirect parent of the Company (but
only to the extent that the proceeds thereof are contributed to the common
equity capital of the Company), pursuant to a firm commitment underwritten
public offering pursuant to an effective registration statement under the
Securities Act.

      "Initial Purchasers" means Goldman, Sachs & Co. and Citigroup Global
Markets Inc.

      "Institutional Accredited Investor" means an institution that is an
"accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act, who is not also a QIB.

      "Investments" means, with respect to any Person, all direct or indirect
investments by such Person in other Persons (including Affiliates) in the forms
of loans (including Guarantees or other obligations), advances or capital
contributions (excluding commission, travel and similar advances to officers and
employees made in the ordinary course of business), purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP. If the Company
or any Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any direct or indirect Subsidiary of the Company such that, after
giving effect to any such sale or disposition, such Person is no longer a
Subsidiary of the Company, the Company will be deemed to have made an Investment
on the date of any such sale or disposition equal to the Fair Market Value of
the Company's Investments in such Subsidiary that were not sold or disposed of
in an amount determined as provided in the final paragraph of Section 4.07
hereof. The acquisition by the Company or any Subsidiary of the Company of a
Person that holds an Investment in a third Person will be deemed to be an
Investment by the Company or such Subsidiary in such third Person in an amount
equal to the Fair Market Value of the Investments held by the acquired Person in
such third Person in an amount determined as provided in the final paragraph of
Section 4.07 hereof. Except as otherwise provided in this Indenture, the amount
of an Investment will be determined at the time the Investment is made and
without giving effect to subsequent changes in value.

      "Joinder Agreement" means the joinder agreement, dated the Acquisition
Closing Date, among the Initial Purchasers and Triad Financial Corporation,
pursuant to which Triad Financial Corporation will assume all of the liabilities
and obligations of Triad Acquisition Corp. under each of (a) the purchase

                                       11
<PAGE>

agreement among Triad Acquisition Corp. and the Initial Purchasers and (b) the
Registration Rights Agreement, in each case, as if it were an original party
thereto.

      "Legal Holiday" means a Saturday, a Sunday or a day on which banking
institutions in the City of New York or at a place of payment are authorized by
law, regulation or executive order to remain closed. If a payment date is a
Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue on
such payment for the intervening period.

      "Letter of Transmittal" means the letter of transmittal to be prepared by
the Company and sent to all Holders of the Notes for use by such Holders in
connection with the Exchange Offer.

      "Lien" means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law,
including any conditional sale or other title retention agreement, any lease in
the nature thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing statement under
the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

      "Management Agreement" means that certain Management Agreement between the
Company, Parent, Triad Holdings, LLC and Hunter's Glen/Ford Ltd. dated as of the
Acquisition Closing Date.

      "Moody's" means Moody's Investors Service, Inc.

      "Net Income" means, with respect to any specified Person, the net income
(loss) of such Person, determined in accordance with GAAP and before any
reduction in respect of preferred stock dividends or accretion, excluding,
however:

      (1)   any gain or loss, together with any related provision for taxes on
            such gain or loss, realized in connection with: (a) any Asset Sale
            (without regard to the $1.0 million threshold in the definition
            thereof); or (b) the disposition of any securities by such Person or
            any of its Restricted Subsidiaries or the extinguishment of any
            Indebtedness of such Person or any of its Restricted Subsidiaries;
            and

      (2)   any extraordinary gain or loss, together with any related provision
            for taxes on such extraordinary gain or loss.

      "Net Proceeds" means the aggregate cash proceeds received by the Company
or any of its Restricted Subsidiaries in respect of any Asset Sale (including,
without limitation, any cash received upon the sale or other disposition of any
non-cash consideration received in any Asset Sale), net of the direct costs
relating to such Asset Sale, including, without limitation, legal, accounting
and investment banking fees, and sales commissions, and any relocation expenses
incurred as a result of the Asset Sale, taxes paid or payable as a result of the
Asset Sale, in each case, after taking into account any available tax credits or
deductions and any tax sharing arrangements, and amounts required to be applied
to the repayment of Indebtedness, other than Indebtedness under a Residual
Facility or the HFI Term Loan, secured by a Lien on the asset or assets that
were the subject of such Asset Sale and any reserve for adjustment in respect of
the sale price of such asset or assets, or liabilities associated with such
asset or assets, in each case established in accordance with GAAP.

                                       12
<PAGE>

      "Non-Recourse Debt" means Indebtedness:

      (1)   as to which neither the Company nor any of its Restricted
            Subsidiaries (a) provides credit support of any kind (including any
            undertaking, agreement or instrument that would constitute
            Indebtedness), (b) is directly or indirectly liable as a guarantor
            or otherwise, or (c) constitutes the lender;

      (2)   no default with respect to which (including any rights that the
            holders of the Indebtedness may have to take enforcement action
            against an Unrestricted Subsidiary) would permit upon notice, lapse
            of time or both any holder of any other Indebtedness of the Company
            or any of its Restricted Subsidiaries to declare a default on such
            other Indebtedness or cause the payment of the Indebtedness to be
            accelerated or payable prior to its Stated Maturity; and

      (3)   as to which the lenders have been notified in writing that they will
            not have any recourse to the stock or assets of the Company or any
            of its Restricted Subsidiaries.

      "Non-U.S. Person" means a Person who is not a U.S. Person.

      "Notes" has the meaning assigned to it in the preamble to this Indenture.
The Initial Notes and the Additional Notes shall be treated as a single class
for all purposes under this Indenture, and unless the context otherwise
requires, all references to the Notes shall include the Initial Notes and any
Additional Notes.

      "Obligations" means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.

      "Officer" means, with respect to any Person, the Chairman of the Board,
the Chief Executive Officer, the President, the Chief Operating Officer, the
Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller,
the Secretary or any Vice-President of such Person.

      "Officers' Certificate" means a certificate signed on behalf of the
Company by two Officers of the Company, one of whom must be the principal
executive officer, the principal financial officer, the treasurer or the
principal accounting officer of the Company, that meets the requirements of
Section 12.05 hereof.

      "Opinion of Counsel" means an opinion from legal counsel who is reasonably
acceptable to the Trustee, that meets the requirements of Section 12.05 hereof.
The counsel may be an employee of or counsel to the Company, any Subsidiary of
the Company or the Trustee.

      "Parent" means Triad Holdings, Inc., a Delaware corporation and, as of the
Acquisition Closing Date, the holder of record of all of the Company's
outstanding capital stock, and any successor thereto.

      "Participant" means, with respect to the Depositary, Euroclear or
Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and
Clearstream).

      "Permitted Business" means any business that derives a majority of its
revenues from purchasing, originating, brokering and marketing, pooling and
selling, securitizing and servicing Receivables, and entering into agreements
and engaging in transactions involving consumer lending or financing or
otherwise incidental to the foregoing and activities that are reasonably
similar, ancillary or related to, or a reasonable extension or expansion of, the
business in which the Company and its

                                       13
<PAGE>

Restricted Subsidiaries are engaged on the date this Indenture (including,
without limitation, servicing third-party Receivables).

      "Permitted Investments" means:

      (1)   any Investment in the Company or in a Restricted Subsidiary of the
            Company;

      (2)   any Investment in Receivables;

      (3)   any Investment in Cash Equivalents;

      (4)   any Investment by the Company or any Restricted Subsidiary of the
            Company in a Person, if as a result of such Investment:

            (a) such Person becomes a Restricted Subsidiary of the Company; or

            (b) such Person is merged, consolidated or amalgamated with or into,
            or transfers or conveys substantially all of its assets to, or is
            liquidated into, the Company or a Restricted Subsidiary of the
            Company;

      (5)   any Investment made as a result of the receipt of non-cash
            consideration from an Asset Sale that was made pursuant to and in
            compliance with the covenant described in Section 4.10 hereof;

      (6)   (any Investment made solely in exchange for the issuance of Equity
            Interests (other than Disqualified Stock) of the Company;

      (7)   any Investments received in compromise or resolution of (A)
            obligations of trade creditors, suppliers or customers that were
            incurred in the ordinary course of business of the Company or any of
            its Restricted Subsidiaries, including pursuant to any plan of
            reorganization or similar arrangement upon the bankruptcy or
            insolvency of any trade creditor, supplier or customer; or (B)
            litigation, arbitration or other disputes with Persons who are not
            Affiliates;

      (8)   Investments represented by Hedging Obligations;

      (9)   loans or advances to employees made in the ordinary course of
            business of the Company or any Restricted Subsidiary of the Company
            in an aggregate principal amount not to exceed $2.0 million at any
            one time outstanding;

      (10)  repurchases of the Notes or Exchange Notes;

      (11)  Investments by the Company or any of its Restricted Subsidiaries in
            Receivables Entities in the ordinary course of business in
            connection with or arising out of Receivables Funding Arrangements;

      (12)  Clean-Up Call Transactions by the Company or any of its Restricted
            Subsidiaries, but only if 75% or more of the aggregate principal
            amount of the original asset-backed securities of such
            Securitization Trust have previously been retired;

                                       14
<PAGE>

      (13)  Investments in existence on the Acquisition Closing Date, and any
            amendment, modification, restatement, supplement, extension,
            renewal, refunding, replacement or refinancing, in whole or in part,
            thereof;

      (14)  Guarantees otherwise permitted by the terms of this Indenture;

      (15)  any Investment by the Company or any of its Restricted Subsidiaries
            resulting from the acquisition by the Company or any of its
            Restricted Subsidiaries of a Person that, at the time of such
            acquisition, held instruments constituting Investments that were not
            made in connection with or in contemplation of such acquisition; and

      (16)  other Investments by the Company or any of its Restricted
            Subsidiaries in any Person other than an Affiliate of the Company
            having an aggregate Fair Market Value (measured on the date each
            such Investment was made and without giving effect to subsequent
            changes in value), when taken together with all other Investments
            made pursuant to this clause (16) that are at the time outstanding,
            not to exceed $15.0 million; provided, however, that if an
            Investment pursuant to this clause (16) is made in any Person that
            is not a Restricted Subsidiary of the Company at the date of the
            making of the Investment and such Person becomes a Restricted
            Subsidiary after such date, such Investment will thereafter be
            deemed to have been made pursuant to clause (1) above, and will
            cease to have been made pursuant to this clause (16).

      "Permitted Liens" means:

      (1)   Liens on assets of the Company or any of its Restricted Subsidiaries
            securing Indebtedness and other Obligations under Residual
            Facilities or permitted Guarantees thereof in accordance with
            Section 4.09(a) hereof or clause (5) of the definition of Permitted
            Debt;

      (2)   Liens on Receivables and the proceeds thereof to secure Permitted
            Warehouse Debt or permitted Guarantees thereof;

      (3)   Liens on Receivables and the proceeds thereof incurred in connection
            with Securitizations or permitted Guarantees thereof;

      (4)   Liens on spread accounts and credit enhancement assets, Liens on the
            stock of Restricted Subsidiaries of the Company substantially all of
            the assets of which are spread accounts and credit enhancement
            assets and Liens on interests in Securitization Trusts, in each case
            incurred in connection with Credit Enhancement Agreements;

      (5)   Liens securing Hedging Obligations that relate to Indebtedness that
            is otherwise permitted to be incurred under this Indenture;

      (6)   Liens in favor of the Company or any Guarantor;

      (7)   Liens existing on the date of this Indenture;

      (8)   Liens on property of a Person existing at the time such Person is
            merged with or into or consolidated with the Company or any
            Subsidiary of the Company; provided that such Liens were in
            existence prior to the contemplation of such merger or consolidation
            and do

                                       15
<PAGE>

            not extend to any assets other than those of the Person merged into
            or consolidated with the Company or the Subsidiary;

      (9)   Liens on property (including Capital Stock) existing at the time of
            acquisition of the property by the Company or any Subsidiary of the
            Company; provided that such Liens were in existence prior to such
            acquisition, and not incurred in contemplation of such acquisition;

      (10)  Liens to secure the performance of statutory obligations, surety or
            appeal bonds, performance bonds or other obligations of a like
            nature incurred in the ordinary course of business;

      (11)  Liens to secure Indebtedness (including Capital Lease Obligations)
            permitted by Section 4.09(b)(8) hereof covering only the assets
            acquired with or financed by such Indebtedness;

      (12)  Liens for taxes, assessments or governmental charges or claims that
            are not yet delinquent or that are being contested in good faith by
            appropriate proceedings promptly instituted and diligently
            concluded; provided that any reserve or other appropriate provision
            as is required in conformity with GAAP has been made therefor;

      (13)  Liens imposed by law, such as carriers', warehousemen's, landlord's
            and mechanics' Liens, in each case, incurred in the ordinary course
            of business;

      (14)  survey exceptions, easements or reservations of, or rights of others
            for, licenses, rights-of-way, sewers, electric lines, telegraph and
            telephone lines and other similar purposes, or zoning or other
            restrictions as to the use of real property that were not incurred
            in connection with Indebtedness and that do not in the aggregate
            materially adversely affect the value of said properties or
            materially impair their use in the operation of the business of such
            Person;

      (15)  Liens created for the benefit of (or to secure) the Notes;

      (16)  Liens to secure any Permitted Refinancing Indebtedness permitted to
            be incurred under this Indenture; provided, however, that:

            (a)   the new Lien will be limited to all or part of the same
                  property and assets that secured or, under the written
                  agreements pursuant to which the original Lien arose, could
                  secure the original Lien (plus improvements and accessions to,
                  such property or proceeds or distributions thereof); and

            (b)   the Indebtedness secured by the new Lien is not increased to
                  any amount greater than the sum of (x) the outstanding
                  principal amount, or, if greater, committed amount, of the
                  Permitted Refinancing Indebtedness and (y) an amount necessary
                  to pay any fees and expenses, including premiums, related to
                  such renewal, refunding, refinancing, replacement, defeasance
                  or discharge;

      (17)  Liens incurred or deposits made in the ordinary course of business
            in connection with workers' compensation, unemployment insurance and
            other types of social security, including any Lien securing letters
            of credit issued in the ordinary course or business consistent with
            past practice in connection therewith, or to secure the performance
            of

                                       16
<PAGE>

            tenders, statutory obligations, surety and appeal bonds, bids,
            leases, government contacts, performance and return-of-money bonds
            and other similar obligations (exclusive of obligations for the
            payment of borrowed money);

      (18)  Liens upon specific items of inventory or other goods and proceeds
            of any Person securing such Person's obligations in respect of
            bankers' acceptances issued or created for the account of such
            Person to facilitate the purchase, shipment, or storage of such
            inventory or other goods;

      (19)  Liens encumbering deposits made to secure obligations arising from
            statutory, regulatory, contractual, or warranty requirements of the
            Company or any of its Restricted Subsidiaries, including rights of
            offset and set-off;

      (20)  leases or subleases granted to others that do not materially
            interfere with the ordinary course of business of the Company and
            its Restricted Subsidiaries;

      (21)  Liens arising from filing Uniform Commercial Code financing
            statements regarding Whole Loan Sales, Charge-Off Sales or leases;

      (22)  Liens in favor of customs and revenue authorities arising as a
            matter of law to secure payment of customs duties in connection with
            the importation of goods; and

      (23)  Liens incurred in the ordinary course of business of the Company or
            any Restricted Subsidiary of the Company with respect to obligations
            that do not exceed $5.0 million at any one time outstanding.

      "Permitted Payments to Parent" means, without duplication as to amounts:

      (1)   payments, advances, loans or expense reimbursements made to any
            direct or indirect parent company of the Company to permit the
            parent company to pay reasonable general operating, accounting,
            legal, corporate reporting and administrative expenses of the parent
            company when due, in an aggregate amount not to exceed (A) $1.0
            million per annum prior to the consummation of an Initial Public
            Offering by the Company or any direct or indirect parent of the
            Company or (B) $2.0 million per annum after the consummation of an
            Initial Public Offering by the Company or any direct or indirect
            parent of the Company; and

      (2)   for so long as the Company is a member of a group filing a
            consolidated or combined tax return with the Parent, payments to the
            Parent in respect of an allocable portion of the tax liabilities of
            such group that is attributable to the Company and its Subsidiaries
            ("Tax Payments"). The Tax Payments will not exceed the lesser of (i)
            the amount of the relevant tax (including any penalties and
            interest) that the Company would owe if the Company were filing a
            separate tax return (or a separate consolidated or combined return
            with its Subsidiaries that are members of the consolidated or
            combined group), taking into account any carryovers and carrybacks
            of tax attributes (such as net operating losses) of the Company and
            such Subsidiaries from other taxable years and (ii) the net amount
            of the relevant tax that the Parent actually owes to the appropriate
            taxing authority. Any Tax Payments received from the Company will be
            paid over to the appropriate taxing authority within 30 days of the
            Parent's receipt of such Tax Payments or refunded to the Company.

                                       17
<PAGE>

      "Permitted Refinancing Indebtedness" means any Indebtedness of the Company
or any of its Restricted Subsidiaries issued in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or
discharge other Indebtedness of the Company or any of its Restricted
Subsidiaries (other than intercompany Indebtedness); provided that:

      (1)   the principal amount (or accreted value, if applicable) of such
            Permitted Refinancing Indebtedness does not exceed the principal
            amount (or accreted value, if applicable) of the Indebtedness
            renewed, refunded, refinanced, replaced, defeased or discharged
            (plus all accrued interest on the Indebtedness and the amount of all
            fees and expenses, including premiums, incurred in connection
            therewith);

      (2)   such Permitted Refinancing Indebtedness has a final maturity date
            later than the final maturity date of, and has a Weighted Average
            Life to Maturity equal to or greater than the Weighted Average Life
            to Maturity of, the Indebtedness being renewed, refunded,
            refinanced, replaced, defeased or discharged;

      (3)   if the Indebtedness being renewed, refunded, refinanced, replaced,
            defeased or discharged is subordinated in right of payment to the
            Notes, such Permitted Refinancing Indebtedness is subordinated in
            right of payment to, the Notes on terms at least as favorable to the
            holders of Notes as those contained in the documentation governing
            the Indebtedness being renewed, refunded, refinanced, replaced,
            defeased or discharged; and

      (4)   such Indebtedness is incurred either by the Company, any Subsidiary
            Guarantor or by the Restricted Subsidiary who is the obligor on the
            Indebtedness being renewed, refunded, refinanced, replaced, defeased
            or discharged.

      "Permitted Securitization Debt" means any and all Indebtedness of the
Company or a Restricted Subsidiary of the Company outstanding from time to time
under one or more Securitizations.

      "Permitted Warehouse Debt" means any and all Indebtedness of the Company
or a Restricted Subsidiary of the Company outstanding from time to time under
one or more Warehouse Facilities.

      "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited
liability company or government or other entity.

      "Principals" means GS Capital Partners 2000, L.P., GTCR Golder Rauner,
L.L.C., Hunter's Glen/Ford Ltd. and each of their respective Affiliates.

      "Private Placement Legend" means the legend set forth in Section
2.06(g)(1) hereof to be placed on all Notes issued under this Indenture except
where otherwise permitted by the provisions of this Indenture.

      "QIB" means a "qualified institutional buyer" as defined in Rule 144A.

      "Qualified Equity Offering" means any public sale of common stock of the
Company or any of its direct or indirect parent corporations, other than public
offerings with respect to the Company's or any direct or indirect parent
corporation's common stock registered on Form S-8.

                                       18
<PAGE>

      "Receivables" means:

      (1)   consumer installment sale contracts and loans evidenced by
            promissory notes secured by new and used automobiles, light-duty
            trucks and other motor vehicles;

      (2)   other consumer installment sale contracts, lease contracts, credit,
            debit or charge card receivables; and

      (3)   loans secured by residential mortgages;

in the case of each of the clauses (1), (2) and (3), that are purchased or
originated or otherwise acquired in the ordinary course of business by the
Company or any Restricted Subsidiary of the Company; provided, however, that for
purposes of determining the amount of a Receivable at any time, such amount will
be determined in accordance with GAAP, consistently applied, as of the most
recent practicable date.

      "Receivables Entity" means any Residual SPE, Warehouse SPE, Securitization
Trust or any other Restricted Subsidiary of the Company established for the
purpose of engaging in Receivables Funding Arrangements.

      "Receivables Funding Arrangement" means any Warehouse Facility, Residual
Facility, Securitization, the HFI Term Loan or any other arrangement pursuant to
which the Company or any of its Restricted Subsidiaries incurs Indebtedness
secured by Receivables or interests in Receivables.

      "Registration Rights Agreement" means the Exchange and Registration Rights
Agreement, dated as of April 29, 2005, among Triad Acquisition Corp. and the
other parties named on the signature pages thereof, as such agreement may be
amended, modified or supplemented from time to time, including without
limitation by means of the Joinder Agreement, and, with respect to any
Additional Notes, one or more registration rights agreements between the Company
and the other parties thereto, as such agreement(s) may be amended, modified or
supplemented from time to time, relating to rights given by the Company to the
purchasers of Additional Notes to register such Additional Notes under the
Securities Act.

      "Regulation S" means Regulation S promulgated under the Securities Act.

      "Regulation S Global Note" means a Regulation S Temporary Global Note or
Regulation S Permanent Global Note, as appropriate.

      "Regulation S Permanent Global Note" means a permanent Global Note in the
form of Exhibit A1 hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name
of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Regulation S Temporary Global Note upon
expiration of the Restricted Period.

      "Regulation S Temporary Global Note" means a temporary Global Note in the
form of Exhibit A2 hereto deposited with or on behalf of and registered in the
name of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes initially sold in reliance on Rule 903
of Regulation S.

      "Related Party" means, with respect to each of the Principals:

      (1)   any investment fund controlled by or under common control with such
            Principal;

                                       19
<PAGE>

      (2)   any spouse or lineal descendent (including by adoption and
            stepchildren) of Gerald J. Ford; or

      (3)   any trust, corporation, partnership, limited liability company or
            other entity, the beneficiaries, stockholders, partners, members,
            owners beneficially holding a 50% or more controlling interest of
            which consist of any one or more Principals and/or such other
            Persons referred to in the immediately preceding clause (1) or (2).

      "Residual Facility" means any funding arrangement with any Person (whether
a financial institution, lender or other purchaser) under which advances are
made to the Company or any of its Restricted Subsidiaries based upon Residual
Interests, in each case, as amended, restated, modified, renewed, refunded,
replaced (whether upon or after termination or otherwise) or refinanced
(including by means of sales of debt securities to institutional investors) in
whole or in part from time to time.

      "Residual Interests" means:

      (1)   any residual, subordinated or interest-only strip class of
            asset-backed securities that are issued in connection with a
            Securitization;

      (2)   as of any date of determination, the excess of (a) the aggregate
            principal balance of all Eligible Receivables under a Warehouse
            Facility as of such date over (b) the borrowing base as of such date
            under the Warehouse Facility; or

      (3)   other residual or subordinated interests in any Securitization Trust
            or Warehouse Facility.

      "Residual SPE" means any Person (whether or not a Restricted Subsidiary)
engaged in the business of acquiring, holding and selling Residual Interests and
issuing notes or other securities or borrowing funds in connection with a
Residual Facility, which notes, securities or borrowings are backed by Residual
Interests. As of the date of this Indenture, Triad Financial Residual Special
Purpose LLC will be deemed to satisfy the requirements of the foregoing
definition.

      "Responsible Officer," when used with respect to the Trustee, means any
officer within the Corporate Trust Administration of the Trustee (or any
successor group of the Trustee, including any Vice President, Assistant Vice
President, Assistant Treasurer, Assistant Secretary, Trust Officer or any other
officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and in each case, having
direct responsibility for the administration of this Indenture, and also, with
respect to a particular matter, any other officer to whom such matter is
referred because of such officer's knowledge or and familiarity with the
particular subject.)

      "Restricted Definitive Note" means a Definitive Note bearing the Private
Placement Legend.

      "Restricted Global Note" means a Global Note bearing the Private Placement
Legend.

      "Restricted Investment" means an Investment other than a Permitted
Investment.

      "Restricted Period" means the 40-day distribution compliance period as
defined in Regulation S.

      "Restricted Subsidiary" of a Person means any Subsidiary of the referent
Person that is not an Unrestricted Subsidiary.

                                       20
<PAGE>

      "Rule 144" means Rule 144 promulgated under the Securities Act.

      "Rule 144A" means Rule 144A promulgated under the Securities Act.

      "Rule 903" means Rule 903 promulgated under the Securities Act.

      "Rule 904" means Rule 904 promulgated under the Securities Act.

      "S&P" means Standard & Poor's Ratings Group.

      "SEC" means the Securities and Exchange Commission.

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

      "Securitization" means any transaction or series of transactions pursuant
to which the Company or any Restricted Subsidiary of the Company sells, conveys,
assigns or otherwise transfers to a Securitization Trust (in the case of a
transfer by the Company or any of its Restricted Subsidiaries) or any other
Person (in case of a transfer by a Securitization Trust), or grants a security
interest in, any Receivables (whether now existing or arising or acquired in the
future) of the Company or any of its Restricted Subsidiaries and any assets
related thereto (including, without limitation, all collateral securing such
Receivables, all contracts and contract rights and all guarantees or other
obligations in respect of such Receivables, proceeds of such Receivables and
other assets (including contract rights) that are customarily transferred or in
respect of which security interests are customarily transferred or granted in
connection with asset securitization transactions involving Receivables), and
such Securitization Trust or other Person finances the acquisition of such
Receivables with (1) cash, (2) the issuance to the Company or any Restricted
Subsidiary of the Company of the Residual Interests and/or (3) the proceeds from
the sale or collection of Receivables.

      "Securitization Trust" means any Person (whether or not a Subsidiary of
the Company) (i) established for the purpose of issuing asset-backed securities
in connection with a Securitization and (ii) any special purpose Subsidiary of
the Company formed exclusively for the purpose of satisfying the requirements of
Credit Enhancement Agreements and regardless of whether such Subsidiary is an
issuer of securities; provided that such Person is not an obligor with respect
to any Indebtedness of the Company other than under Credit Enhancement
Agreements. As of the date of this Indenture, Triad Automobile Receivables Trust
2002-A, Triad Automobile Receivables Trust 2002-1, Triad Automobile Receivables
Trust 2003-A, Triad Automobile Receivables Trust 2003-B and Triad Automobile
Receivables Trust 2004-A will be deemed to satisfy the requirements of the
foregoing definition.

      "Shelf Registration Statement" means the Shelf Registration Statement as
defined in the Registration Rights Agreement.

      "Significant Subsidiary" means any Subsidiary that would be a "significant
subsidiary" as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act, as such Regulation is in effect on the date of
this Indenture.

      "Special Interest" means all liquidated damages then owing pursuant to the
Registration Rights Agreement.

      "Standard Securitization Undertakings" means representations, warranties,
covenants, repurchase obligations and indemnities entered into by the Company or
any Subsidiaries of the Company

                                       21
<PAGE>

that are reasonably customary for a seller or servicer of assets transferred in
connection with a Securitization.

      "Stated Maturity" means, with respect to any installment of interest or
principal on any series of Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the documentation governing
such Indebtedness as of the date of this Indenture, and will not include any
contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.

      "Stockholders' Agreement" means that certain stockholders' agreement among
Parent, James M. Landy and Triad LLC dated as of the Acquisition Closing Date.

      "Subsidiary" means, with respect to any specified Person:

      (1)   any corporation, limited liability company, association or other
            business entity of which more than 50% of the total voting power of
            shares of Capital Stock entitled (without regard to the occurrence
            of any contingency and after giving effect to any voting agreement
            or stockholders' agreement that effectively transfers voting power)
            to vote in the election of directors, managers or trustees of the
            corporation, association or other business entity is at the time
            owned or controlled, directly or indirectly, by that Person or one
            or more of the other Subsidiaries of that Person (or a combination
            thereof);

      (2)   any business trust or statutory trust in respect to which the
            Company or any other Subsidiary is the beneficial owner of the
            residual interest; and

      (3)   any partnership (a) the sole general partner or the managing general
            partner of which is such Person or a Subsidiary of such Person or
            (b) the only general partners of which are that Person or one or
            more Subsidiaries of that Person (or any combination thereof).

      "Subsidiary Guarantee" means the Guarantee by each Guarantor of the
Company's obligations under this Indenture and on the Notes, executed in
accordance with this Indenture or any supplemental indenture to this Indenture.

      "TIA" means the Trust Indenture Act of 1939, as amended (15 U.S.C.
Sections 77aaa-77bbbb).

      "Transactions" has the meaning set forth in the Offering Circular.

      "Treasury Rate" means, as of any redemption date, the yield to maturity as
of such redemption date of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve
Statistical Release H.15 (519) that has become publicly available at least two
business days prior to the redemption date (or, if such Statistical Release is
no longer published, any publicly available source of similar market data)) most
nearly equal to the period from the redemption date to May 1, 2010; provided,
however, that if the period from the redemption date to May 1, 2010, is less
than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year will be used.

      "Trustee" means JPMorgan Chase Bank, N.A. until a successor replaces it in
accordance with the applicable provisions of this Indenture and thereafter means
the successor serving hereunder.

      "Unrestricted Definitive Note" means a Definitive Note that does not bear
and is not required to bear the Private Placement Legend.

                                       22
<PAGE>

      "Unrestricted Global Note" means a Global Note that does not bear and is
not required to bear the Private Placement Legend.

      "Unrestricted Subsidiary" means any Subsidiary of the Company that is
designated by the Board of Directors of the Company as an Unrestricted
Subsidiary pursuant to a resolution of the Board of Directors, but only to the
extent that such Subsidiary:

      (1)   has no Indebtedness other than Non-Recourse Debt;

      (2)   except as permitted by Section 4.11 hereof, is not party to any
            agreement, contract, arrangement or understanding with the Company
            or any Restricted Subsidiary of the Company unless the terms of any
            such agreement, contract, arrangement or understanding are no less
            favorable to the Company or such Restricted Subsidiary than those
            that might be obtained at the time from Persons who are not
            Affiliates of the Company;

      (3)   is a Person with respect to which neither the Company nor any of its
            Restricted Subsidiaries has any direct or indirect obligation (a) to
            subscribe for additional Equity Interests or (b) to maintain or
            preserve such Person's financial condition or to cause such Person
            to achieve any specified levels of operating results; and

      (4)   has not guaranteed or otherwise directly or indirectly provided
            credit support for any Indebtedness of the Company or any of its
            Restricted Subsidiaries.

      "U.S. Person" means a U.S. Person as defined in Rule 902(k) promulgated
under the Securities Act.

      "Voting Stock" of any specified Person as of any date means the Capital
Stock of such Person that is at the time entitled to vote in the election of the
Board of Directors of such Person.

      "Warehouse Facility" means any funding arrangement, other than a Residual
Facility, the HFI Term Loan or a Securitization, with any Person (whether a
financial institution, lender or other purchaser) under which advances are made
to a Warehouse SPE to the extent (and only to the extent) permitted under such
funding arrangement (including the borrowing base limitations thereunder) and
the proceeds of which are used exclusively to purchase Eligible Receivables from
the Company or any of its Restricted Subsidiaries and to pay the related
expenses of such Warehouse SPE, in each case, as amended, restated, modified,
renewed, refunded, replaced (whether upon or after termination or otherwise) or
refinanced (including by means of sales of debt securities to institutional
investors) in whole or in part from time to time.

      "Warehouse SPE" means any Person (whether or not a Restricted Subsidiary
of the Company) established for the purpose of owning Receivables and issuing
notes or other securities or borrowing from lenders in connection with a
Warehouse Facility, which notes and securities are backed by specified
Receivables purchased by such Person from the Company or any of its Restricted
Subsidiaries. As of the date of this Indenture, Triad Financial Warehouse
Special Purpose LLC and Triad Automobile Receivables Warehouse Trust will be
deemed to satisfy the requirements of the foregoing definition.

      "Weighted Average Life to Maturity" means, when applied to any
Indebtedness at any date, the number of years obtained by dividing:

                                       23
<PAGE>

      (1)   the sum of the products obtained by multiplying (a) the amount of
            each then remaining installment, sinking fund, serial maturity or
            other required payments of principal, including payment at final
            maturity, in respect of the Indebtedness, by (b) the number of years
            (calculated to the nearest one-twelfth) that will elapse between
            such date and the making of such payment; by

      (2)   the then outstanding principal amount of such Indebtedness.

      "Whole Loan Sale" means a sale of Receivables on a "whole loan" basis to
any Person (whether a financial institution or other purchaser).

Section 1.02 Other Definitions.

<TABLE>
<CAPTION>
                                                                                        Defined in
Term                                                                                     Section
----                                                                                    ----------
<S>                                                                                     <C>
"Affiliate Transaction".............................................................       4.11
"Asset Sale Offer"..................................................................       3.09
"Authentication Order"..............................................................       2.02
"Change of Control Offer"...........................................................       4.15
"Change of Control Payment".........................................................       4.15
"Change of Control Payment Date"....................................................       4.15
"Covenant Defeasance"...............................................................       8.03
"DTC"...............................................................................       2.03
"Event of Default"..................................................................       6.01
"Excess Proceeds"...................................................................       4.10
"incur".............................................................................       4.09
"Legal Defeasance"..................................................................       8.02
"Offer Amount"......................................................................       3.09
"Offer Period"......................................................................       3.09
"Paying Agent"......................................................................       2.03
"Permitted Debt"....................................................................       4.09
"Payment Default" ..................................................................       6.01
"Purchase Date".....................................................................       3.09
"Redemption Date" ..................................................................       3.07
"Registrar".........................................................................       2.03
"Restricted Payments"...............................................................       4.07
</TABLE>

Section 1.03 Incorporation by Reference of Trust Indenture Act.

      Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture.

      The following TIA terms used in this Indenture have the following
meanings:

      "indenture securities" means the Notes;

      "indenture security Holder" means a Holder of a Note;

      "indenture to be qualified" means this Indenture;

                                       24
<PAGE>

      "indenture trustee" or "institutional trustee" means the Trustee; and

      "obligor" on the Notes means the Company and any successor obligor upon
the Notes.

      All other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule under the TIA
have the meanings so assigned to them.

Section 1.04 Rules of Construction.

      Unless the context otherwise requires:

            (1) a term has the meaning assigned to it;

            (2) an accounting term not otherwise defined has the meaning
      assigned to it in accordance with GAAP;

            (3) "or" is not exclusive;

            (4) words in the singular include the plural, and in the plural
      include the singular;

            (5) "will" shall be interpreted to express a command;

            (6) provisions apply to successive events and transactions; and

            (7) references to sections of or rules under the Securities Act will
      be deemed to include substitute, replacement of successor sections or
      rules adopted by the SEC from time to time.

                                   ARTICLE 2
                                   THE NOTES

Section 2.01 Form and Dating.

      (a) General. The Notes and the Trustee's certificate of authentication
will be substantially in the form of Exhibits A1 and A2 hereto. The Notes may
have notations, legends or endorsements required by law, stock exchange rule or
usage. Each Note will be dated the date of its authentication. The Notes shall
be in denominations of $2,000 and integral multiples of $1,000 in excess of
$2,000.

      The terms and provisions contained in the Notes will constitute, and are
hereby expressly made, a part of this Indenture and the Company and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms
and provisions and to be bound thereby. However, to the extent any provision of
any Note conflicts with the express provisions of this Indenture, the provisions
of this Indenture shall govern and be controlling.

      (b) Global Notes. Notes in global form will be substantially in the form
of Exhibits A1 or A2 hereto (including the Global Note Legend thereon and the
"Schedule of Exchanges of Interests in the Global Note" attached thereto). Notes
issued in definitive form will be substantially in the form of Exhibit A1 hereto
(but without the Global Note Legend thereon and without the "Schedule of
Exchanges of Interests in the Global Note" attached thereto). Each Global Note
will represent such of the outstanding Notes as will be specified therein and
each shall provide that it represents the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time
be reduced or

                                       25
<PAGE>

increased, as appropriate, to reflect exchanges and redemptions. Any endorsement
of a Global Note to reflect the amount of any increase or decrease in the
aggregate principal amount of outstanding Notes represented thereby will be made
by the Trustee or the Custodian, at the direction of the Trustee, in accordance
with instructions given by the Holder thereof as required by Section 2.06
hereof.

      (c) Temporary Global Notes. Notes offered and sold in reliance on
Regulation S will be issued initially in the form of the Regulation S Temporary
Global Note, which will be deposited on behalf of the purchasers of the Notes
represented thereby with the Trustee, at its New York office, as custodian for
the Depositary, and registered in the name of the Depositary or the nominee of
the Depositary for the accounts of designated agents holding on behalf of
Euroclear or Clearstream, duly executed by the Company and authenticated by the
Trustee as hereinafter provided. The Restricted Period will be terminated upon
the receipt by the Trustee of:

            (1) a written certificate from the Depositary, together with copies
      of certificates from Euroclear and Clearstream certifying that they have
      received certification of non-United States beneficial ownership of 100%
      of the aggregate principal amount of the Regulation S Temporary Global
      Note (except to the extent of any beneficial owners thereof who acquired
      an interest therein during the Restricted Period pursuant to another
      exemption from registration under the Securities Act and who will take
      delivery of a beneficial ownership interest in a 144A Global Note or an AI
      Global Note bearing a Private Placement Legend, all as contemplated by
      Section 2.06(b) hereof); and

            (2) an Officers' Certificate from the Company.

      Following the termination of the Restricted Period, beneficial interests
in the Regulation S Temporary Global Note will be exchanged for beneficial
interests in the Regulation S Permanent Global Note pursuant to the Applicable
Procedures. Simultaneously with the authentication of the Regulation S Permanent
Global Note, the Trustee will cancel the Regulation S Temporary Global Note. The
aggregate principal amount of the Regulation S Temporary Global Note and the
Regulation S Permanent Global Note may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depositary
or its nominee, as the case may be, in connection with transfers of interest as
hereinafter provided.

            (3) Euroclear and Clearstream Procedures Applicable. The provisions
      of the "Operating Procedures of the Euroclear System" and "Terms and
      Conditions Governing Use of Euroclear" and the "General Terms and
      Conditions of Clearstream Banking" and "Customer Handbook" of Clearstream
      will be applicable to transfers of beneficial interests in the Regulation
      S Temporary Global Note and the Regulation S Permanent Global Note that
      are held by Participants through Euroclear or Clearstream.

Section 2.02 Execution and Authentication.

      At least one Officer must sign the Notes for the Company by manual or
facsimile signature.

      If an Officer whose signature is on a Note no longer holds that office at
the time a Note is authenticated, the Note will nevertheless be valid.

      A Note will not be valid until authenticated by the manual signature of
the Trustee. The signature will be conclusive evidence that the Note has been
authenticated under this Indenture.

                                       26
<PAGE>

      The Trustee will, upon receipt of a written order of the Company signed by
two Officers (an "Authentication Order"), authenticate Notes for original issue
that may be validly issued under this Indenture, including any Additional Notes.
The aggregate principal amount of Notes outstanding at any time may not exceed
the aggregate principal amount of Notes authorized for issuance by the Company
pursuant to one or more Authentication Orders, except as provided in Section
2.07 hereof.

      The Trustee may appoint an authenticating agent acceptable to the Company
to authenticate Notes. An authenticating agent may authenticate Notes whenever
the Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent has the
same rights as an Agent to deal with Holders or an Affiliate of the Company.

Section 2.03 Registrar and Paying Agent.

      The Company will maintain an office or agency where Notes may be presented
for registration of transfer or for exchange ("Registrar") and an office or
agency where Notes may be presented for payment ("Paying Agent"). The Registrar
will keep a register of the Notes and of their transfer and exchange. The
Company may appoint one or more co-registrars and one or more additional paying
agents. The term "Registrar" includes any co-registrar and the term "Paying
Agent" includes any additional paying agent. The Company may change any Paying
Agent or Registrar without notice to any Holder. The Company will notify the
Trustee in writing of the name and address of any Agent not a party to this
Indenture. If the Company fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Company or any of
its Subsidiaries may act as Paying Agent or Registrar.

      The Company initially appoints The Depository Trust Company ("DTC") to act
as Depositary with respect to the Global Notes.

      The Company initially appoints the Trustee to act as the Registrar and
Paying Agent and to act as Custodian with respect to the Global Notes.

Section 2.04 Paying Agent to Hold Money in Trust.

      The Company will require each Paying Agent other than the Trustee to agree
in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal,
premium or Special Interest, if any, or interest on the Notes, and will notify
the Trustee of any default by the Company in making any such payment. While any
such default continues, the Trustee may require a Paying Agent to pay all money
held by it to the Trustee. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the Trustee, the
Paying Agent (if other than the Company or a Subsidiary) will have no further
liability for the money. If the Company or a Subsidiary acts as Paying Agent, it
will segregate and hold in a separate trust fund for the benefit of the Holders
all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Company, the Trustee will serve as Paying Agent for
the Notes.

Section 2.05 Holder Lists.

      The Trustee will preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
all Holders and shall otherwise comply with TIA Section 312(a). If the Trustee
is not the Registrar, the Company will furnish to the Trustee at least seven
Business Days before each interest payment date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of the Holders of
Notes and the Company shall otherwise comply with TIA Section 312(a).

                                       27
<PAGE>

Section 2.06 Transfer and Exchange.

      (a) Transfer and Exchange of Global Notes. A Global Note may not be
transferred except as a whole by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the
Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Company for Definitive Notes if:

            (1) the Company delivers to the Trustee notice from the Depositary
      that it is unwilling or unable to continue to act as Depositary or that it
      is no longer a clearing agency registered under the Exchange Act and, in
      either case, a successor Depositary is not appointed by the Company within
      120 days after the date of such notice from the Depositary;

            (2) the Company in its sole discretion determines that the Global
      Notes (in whole but not in part) should be exchanged for Definitive Notes
      and delivers a written notice to such effect to the Trustee; provided that
      in no event shall the Regulation S Temporary Global Note be exchanged by
      the Company for Definitive Notes prior to (A) the expiration of the
      Restricted Period and (B) the receipt by the Registrar of any certificates
      required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act; or

            (3) there has occurred and is continuing a Default or Event of
      Default with respect to the Notes.

      Upon the occurrence of either of the preceding events in (1) or (2) above,
Definitive Notes shall be issued in such names as the Depositary shall instruct
the Trustee. Global Notes also may be exchanged or replaced, in whole or in
part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and
delivered in exchange for, or in lieu of, a Global Note or any portion thereof,
pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be
authenticated and delivered in the form of, and shall be, a Global Note. A
Global Note may not be exchanged for another Note other than as provided in this
Section 2.06(a), however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof.

      (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The
transfer and exchange of beneficial interests in the Global Notes will be
effected through the Depositary, in accordance with the provisions of this
Indenture and the Applicable Procedures. Beneficial interests in the Restricted
Global Notes will be subject to restrictions on transfer comparable to those set
forth herein to the extent required by the Securities Act. Transfers of
beneficial interests in the Global Notes also will require compliance with
either subparagraph (1) or (2) below, as applicable, as well as one or more of
the other following subparagraphs, as applicable:

            (1) Transfer of Beneficial Interests in the Same Global Note.
      Beneficial interests in any Restricted Global Note may be transferred to
      Persons who take delivery thereof in the form of a beneficial interest in
      the same Restricted Global Note in accordance with the transfer
      restrictions set forth in the Private Placement Legend; provided, however,
      that prior to the expiration of the Restricted Period, transfers of
      beneficial interests in the Regulation S Temporary Global Note may not be
      made to a U.S. Person or for the account or benefit of a U.S. Person
      (other than an Initial Purchaser). Beneficial interests in any
      Unrestricted Global Note may be transferred to Persons who take delivery
      thereof in the form of a beneficial interest in an Unrestricted Global
      Note. No written orders or instructions shall be required to be delivered
      to the Registrar to effect the transfers described in this Section
      2.06(b)(1).

                                       28
<PAGE>

            (2) All Other Transfers and Exchanges of Beneficial Interests in
      Global Notes. In connection with all transfers and exchanges of beneficial
      interests that are not subject to Section 2.06(b)(1) above, the transferor
      of such beneficial interest must deliver to the Registrar either:

                  (A) both:

                        (i) a written order from a Participant or an Indirect
                  Participant given to the Depositary in accordance with the
                  Applicable Procedures directing the Depositary to credit or
                  cause to be credited a beneficial interest in another Global
                  Note in an amount equal to the beneficial interest to be
                  transferred or exchanged; and

                        (ii) instructions given in accordance with the
                  Applicable Procedures containing information regarding the
                  Participant account to be credited with such increase; or

                  (B) both:

                        (i) a written order from a Participant or an Indirect
                  Participant given to the Depositary in accordance with the
                  Applicable Procedures directing the Depositary to cause to be
                  issued a Definitive Note in an amount equal to the beneficial
                  interest to be transferred or exchanged; and

                        (ii) instructions given by the Depositary to the
                  Registrar containing information regarding the Person in whose
                  name such Definitive Note shall be registered to effect the
                  transfer or exchange referred to in (1) above;

                  provided that in no event shall Definitive Notes be issued
                  upon the transfer or exchange of beneficial interests in the
                  Regulation S Temporary Global Note prior to (A) the expiration
                  of the Restricted Period and (B) the receipt by the Registrar
                  of any certificates required pursuant to Rule 903 under the
                  Securities Act.

Upon consummation of an Exchange Offer by the Company in accordance with Section
2.06(f) hereof, the requirements of this Section 2.06(b)(2) shall be deemed to
have been satisfied upon receipt by the Registrar of the instructions contained
in the Letter of Transmittal delivered by the Holder of such beneficial
interests in the Restricted Global Notes. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes
contained in this Indenture and the Notes or otherwise applicable under the
Securities Act, the Trustee shall adjust the principal amount of the relevant
Global Note(s) pursuant to Section 2.06(h) hereof.

            (3) Transfer of Beneficial Interests to Another Restricted Global
      Note. A beneficial interest in any Restricted Global Note may be
      transferred to a Person who takes delivery thereof in the form of a
      beneficial interest in another Restricted Global Note if the transfer
      complies with the requirements of Section 2.06(b)(2) above and the
      Registrar receives the following:

                  (A) if the transferee will take delivery in the form of a
            beneficial interest in the 144A Global Note, then the transferor
            must deliver a certificate in the form of Exhibit B hereto,
            including the certifications in item (1) thereof;

                  (B) if the transferee will take delivery in the form of a
            beneficial interest in the Regulation S Temporary Global Note or the
            Regulation S Permanent Global Note, then

                                       29
<PAGE>

            the transferor must deliver a certificate in the form of Exhibit B
            hereto, including the certifications in item (2) thereof; and

                  (C) if the transferee will take delivery in the form of a
            beneficial interest in the AI Global Note, then the transferor must
            deliver a certificate in the form of Exhibit B hereto, including the
            certifications, certificates and Opinion of Counsel required by item
            (3) thereof, if applicable.

            (4) Transfer and Exchange of Beneficial Interests in a Restricted
      Global Note for Beneficial Interests in an Unrestricted Global Note. A
      beneficial interest in any Restricted Global Note may be exchanged by any
      holder thereof for a beneficial interest in an Unrestricted Global Note or
      transferred to a Person who takes delivery thereof in the form of a
      beneficial interest in an Unrestricted Global Note if the exchange or
      transfer complies with the requirements of Section 2.06(b)(2) above and:

                  (A) such exchange or transfer is effected pursuant to the
            Exchange Offer in accordance with the Registration Rights Agreement
            and the holder of the beneficial interest to be transferred, in the
            case of an exchange, or the transferee, in the case of a transfer,
            certifies in the applicable Letter of Transmittal that it is not (i)
            a Broker-Dealer, (ii) a Person participating in the distribution of
            the Exchange Notes or (iii) a Person who is an affiliate (as defined
            in Rule 144) of the Company;

                  (B) such transfer is effected pursuant to the Shelf
            Registration Statement in accordance with the Registration Rights
            Agreement;

                  (C) such transfer is effected by a Broker-Dealer pursuant to
            the Exchange Offer Registration Statement in accordance with the
            Registration Rights Agreement; or

                  (D) the Registrar receives the following:

                        (i) if the holder of such beneficial interest in a
                  Restricted Global Note proposes to exchange such beneficial
                  interest for a beneficial interest in an Unrestricted Global
                  Note, a certificate from such holder in the form of Exhibit C
                  hereto, including the certifications in item (1)(a) thereof;
                  or

                        (ii) if the holder of such beneficial interest in a
                  Restricted Global Note proposes to transfer such beneficial
                  interest to a Person who shall take delivery thereof in the
                  form of a beneficial interest in an Unrestricted Global Note,
                  a certificate from such holder in the form of Exhibit B
                  hereto, including the certifications in item (4) thereof;

            and, in each such case set forth in this subparagraph (D), if the
            Registrar so requests or if the Applicable Procedures so require, an
            Opinion of Counsel in form reasonably acceptable to the Registrar to
            the effect that such exchange or transfer is in compliance with the
            Securities Act and that the restrictions on transfer contained
            herein and in the Private Placement Legend are no longer required in
            order to maintain compliance with the Securities Act.

      If any such transfer is effected pursuant to subparagraph (B) or (D) above
at a time when an Unrestricted Global Note has not yet been issued, the Company
shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.02 hereof, the Trustee shall authenticate one or more

                                       30
<PAGE>

Unrestricted Global Notes in an aggregate principal amount equal to the
aggregate principal amount of beneficial interests transferred pursuant to
subparagraph (B) or (D) above.

      Beneficial interests in an Unrestricted Global Note cannot be exchanged
for, or transferred to Persons who take delivery thereof in the form of, a
beneficial interest in a Restricted Global Note.

      (c) Transfer or Exchange of Beneficial Interests for Definitive Notes.

            (1) Beneficial Interests in Restricted Global Notes to Restricted
      Definitive Notes. If any holder of a beneficial interest in a Restricted
      Global Note proposes to exchange such beneficial interest for a Restricted
      Definitive Note or to transfer such beneficial interest to a Person who
      takes delivery thereof in the form of a Restricted Definitive Note, then,
      upon receipt by the Registrar of the following documentation:

                  (A) if the holder of such beneficial interest in a Restricted
            Global Note proposes to exchange such beneficial interest for a
            Restricted Definitive Note, a certificate from such holder in the
            form of Exhibit C hereto, including the certifications in item
            (2)(a) thereof;

                  (B) if such beneficial interest is being transferred to a QIB
            in accordance with Rule 144A, a certificate to the effect set forth
            in Exhibit B hereto, including the certifications in item (1)
            thereof;

                  (C) if such beneficial interest is being transferred to a
            Non-U.S. Person in an offshore transaction in accordance with Rule
            903 or Rule 904, a certificate to the effect set forth in Exhibit B
            hereto, including the certifications in item (2) thereof;

                  (D) if such beneficial interest is being transferred pursuant
            to an exemption from the registration requirements of the Securities
            Act in accordance with Rule 144, a certificate to the effect set
            forth in Exhibit B hereto, including the certifications in item
            (3)(a) thereof;

                  (E) if such beneficial interest is being transferred to an
            Institutional Accredited Investor in reliance on an exemption from
            the registration requirements of the Securities Act other than those
            listed in subparagraphs (B) through (D) above, a certificate to the
            effect set forth in Exhibit B hereto, including the certifications,
            certificates and Opinion of Counsel required by item (3) thereof, if
            applicable;

                  (F) if such beneficial interest is being transferred to the
            Company or any of its Subsidiaries, a certificate to the effect set
            forth in Exhibit B hereto, including the certifications in item
            (3)(b) thereof; or

                  (G) if such beneficial interest is being transferred pursuant
            to an effective registration statement under the Securities Act, a
            certificate to the effect set forth in Exhibit B hereto, including
            the certifications in item (3)(c) thereof,

the Trustee shall cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the
Company shall execute and the Trustee shall authenticate and deliver to the
Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be
registered in such name or names and in such authorized

                                       31
<PAGE>

denomination or denominations as the holder of such beneficial interest shall
instruct the Registrar through instructions from the Depositary and the
Participant or Indirect Participant. The Trustee shall deliver such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive
Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and
shall be subject to all restrictions on transfer contained therein.

            (2) Beneficial Interests in Regulation S Temporary Global Note to
      Definitive Notes. Notwithstanding Sections 2.06(c)(1)(A) and (C) hereof, a
      beneficial interest in the Regulation S Temporary Global Note may not be
      exchanged for a Definitive Note or transferred to a Person who takes
      delivery thereof in the form of a Definitive Note prior to (A) the
      expiration of the Restricted Period and (B) the receipt by the Registrar
      of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the
      Securities Act, except in the case of a transfer pursuant to an exemption
      from the registration requirements of the Securities Act other than Rule
      903 or Rule 904.

            (3) Beneficial Interests in Restricted Global Notes to Unrestricted
      Definitive Notes. A holder of a beneficial interest in a Restricted Global
      Note may exchange such beneficial interest for an Unrestricted Definitive
      Note or may transfer such beneficial interest to a Person who takes
      delivery thereof in the form of an Unrestricted Definitive Note only if:

                  (A) such exchange or transfer is effected pursuant to the
            Exchange Offer in accordance with the Registration Rights Agreement
            and the holder of such beneficial interest, in the case of an
            exchange, or the transferee, in the case of a transfer, certifies in
            the applicable Letter of Transmittal that it is not (i) a
            Broker-Dealer, (ii) a Person participating in the distribution of
            the Exchange Notes or (iii) a Person who is an affiliate (as defined
            in Rule 144) of the Company;

                  (B) such transfer is effected pursuant to the Shelf
            Registration Statement in accordance with the Registration Rights
            Agreement;

                  (C) such transfer is effected by a Broker-Dealer pursuant to
            the Exchange Offer Registration Statement in accordance with the
            Registration Rights Agreement; or

                  (D) the Registrar receives the following:

                        (i) if the holder of such beneficial interest in a
                  Restricted Global Note proposes to exchange such beneficial
                  interest for an Unrestricted Definitive Note, a certificate
                  from such holder in the form of Exhibit C hereto, including
                  the certifications in item (1)(b) thereof; or

                        (ii) if the holder of such beneficial interest in a
                  Restricted Global Note proposes to transfer such beneficial
                  interest to a Person who shall take delivery thereof in the
                  form of an Unrestricted Definitive Note, a certificate from
                  such holder in the form of Exhibit B hereto, including the
                  certifications in item (4) thereof;

            and, in each such case set forth in this subparagraph (D), if the
            Registrar so requests or if the Applicable Procedures so require, an
            Opinion of Counsel in form reasonably acceptable to the Registrar to
            the effect that such exchange or transfer is in compliance with the
            Securities Act and that the restrictions on transfer contained
            herein and in the

                                       32
<PAGE>

            Private Placement Legend are no longer required in order to maintain
            compliance with the Securities Act.

            (4) Beneficial Interests in Unrestricted Global Notes to
      Unrestricted Definitive Notes. If any holder of a beneficial interest in
      an Unrestricted Global Note proposes to exchange such beneficial interest
      for a Definitive Note or to transfer such beneficial interest to a Person
      who takes delivery thereof in the form of a Definitive Note, then, upon
      satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the
      Trustee will cause the aggregate principal amount of the applicable Global
      Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the
      Company will execute and the Trustee will authenticate and deliver to the
      Person designated in the instructions a Definitive Note in the appropriate
      principal amount. Any Definitive Note issued in exchange for a beneficial
      interest pursuant to this Section 2.06(c)(4) will be registered in such
      name or names and in such authorized denomination or denominations as the
      holder of such beneficial interest requests through instructions to the
      Registrar from or through the Depositary and the Participant or Indirect
      Participant. The Trustee will deliver such Definitive Notes to the Persons
      in whose names such Notes are so registered. Any Definitive Note issued in
      exchange for a beneficial interest pursuant to this Section 2.06(c)(4)
      will not bear the Private Placement Legend.

      (d) Transfer and Exchange of Definitive Notes for Beneficial Interests.

            (1) Restricted Definitive Notes to Beneficial Interests in
      Restricted Global Notes. If any Holder of a Restricted Definitive Note
      proposes to exchange such Note for a beneficial interest in a Restricted
      Global Note or to transfer such Restricted Definitive Notes to a Person
      who takes delivery thereof in the form of a beneficial interest in a
      Restricted Global Note, then, upon receipt by the Registrar of the
      following documentation:

                  (A) if the Holder of such Restricted Definitive Note proposes
            to exchange such Note for a beneficial interest in a Restricted
            Global Note, a certificate from such Holder in the form of Exhibit C
            hereto, including the certifications in item (2)(b) thereof;

                  (B) if such Restricted Definitive Note is being transferred to
            a QIB in accordance with Rule 144A, a certificate to the effect set
            forth in Exhibit B hereto, including the certifications in item (1)
            thereof;

                  (C) if such Restricted Definitive Note is being transferred to
            a Non-U.S. Person in an offshore transaction in accordance with Rule
            903 or Rule 904, a certificate to the effect set forth in Exhibit B
            hereto, including the certifications in item (2) thereof;

                  (D) if such Restricted Definitive Note is being transferred
            pursuant to an exemption from the registration requirements of the
            Securities Act in accordance with Rule 144, a certificate to the
            effect set forth in Exhibit B hereto, including the certifications
            in item (3)(a) thereof;

                  (E) if such Restricted Definitive Note is being transferred to
            an Institutional Accredited Investor in reliance on an exemption
            from the registration requirements of the Securities Act other than
            those listed in subparagraphs (B) through (D) above, a certificate
            to the effect set forth in Exhibit B hereto, including the
            certifications, certificates and Opinion of Counsel required by item
            (3) thereof, if applicable;

                                       33
<PAGE>

                  (F) if such Restricted Definitive Note is being transferred to
            the Company or any of its Subsidiaries, a certificate to the effect
            set forth in Exhibit B hereto, including the certifications in item
            (3)(b) thereof; or

                  (G) if such Restricted Definitive Note is being transferred
            pursuant to an effective registration statement under the Securities
            Act, a certificate to the effect set forth in Exhibit B hereto,
            including the certifications in item (3)(c) thereof,

            the Trustee will cancel the Restricted Definitive Note, increase or
            cause to be increased the aggregate principal amount of, in the case
            of clause (A) above, the appropriate Restricted Global Note, in the
            case of clause (B) above, the 144A Global Note, in the case of
            clause (C) above, the Regulation S Global Note, and in all other
            cases, the AI Global Note.

            (2) Restricted Definitive Notes to Beneficial Interests in
      Unrestricted Global Notes. A Holder of a Restricted Definitive Note may
      exchange such Note for a beneficial interest in an Unrestricted Global
      Note or transfer such Restricted Definitive Note to a Person who takes
      delivery thereof in the form of a beneficial interest in an Unrestricted
      Global Note only if:

                  (A) such exchange or transfer is effected pursuant to the
            Exchange Offer in accordance with the Registration Rights Agreement
            and the Holder, in the case of an exchange, or the transferee, in
            the case of a transfer, certifies in the applicable Letter of
            Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
            participating in the distribution of the Exchange Notes or (iii) a
            Person who is an affiliate (as defined in Rule 144) of the Company;

                  (B) such transfer is effected pursuant to the Shelf
            Registration Statement in accordance with the Registration Rights
            Agreement;

                  (C) such transfer is effected by a Broker-Dealer pursuant to
            the Exchange Offer Registration Statement in accordance with the
            Registration Rights Agreement; or

                  (D) the Registrar receives the following:

                        (i) if the Holder of such Definitive Notes proposes to
                  exchange such Notes for a beneficial interest in the
                  Unrestricted Global Note, a certificate from such Holder in
                  the form of Exhibit C hereto, including the certifications in
                  item (1)(c) thereof; or

                        (ii) if the Holder of such Definitive Notes proposes to
                  transfer such Notes to a Person who shall take delivery
                  thereof in the form of a beneficial interest in the
                  Unrestricted Global Note, a certificate from such Holder in
                  the form of Exhibit B hereto, including the certifications in
                  item (4) thereof;

            and, in each such case set forth in this subparagraph (D), if the
            Registrar so requests or if the Applicable Procedures so require, an
            Opinion of Counsel in form reasonably acceptable to the Registrar to
            the effect that such exchange or transfer is in compliance with the
            Securities Act and that the restrictions on transfer contained
            herein and in the Private Placement Legend are no longer required in
            order to maintain compliance with the Securities Act.

                                       34
<PAGE>

            Upon satisfaction of the conditions of any of the subparagraphs in
      this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and
      increase or cause to be increased the aggregate principal amount of the
      Unrestricted Global Note.

            (3) Unrestricted Definitive Notes to Beneficial Interests in
      Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may
      exchange such Note for a beneficial interest in an Unrestricted Global
      Note or transfer such Definitive Notes to a Person who takes delivery
      thereof in the form of a beneficial interest in an Unrestricted Global
      Note at any time. Upon receipt of a request for such an exchange or
      transfer, the Trustee will cancel the applicable Unrestricted Definitive
      Note and increase or cause to be increased the aggregate principal amount
      of one of the Unrestricted Global Notes.

            If any such exchange or transfer from a Definitive Note to a
      beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D)
      or (3) above at a time when an Unrestricted Global Note has not yet been
      issued, the Company will issue and, upon receipt of an Authentication
      Order in accordance with Section 2.02 hereof, the Trustee will
      authenticate one or more Unrestricted Global Notes in an aggregate
      principal amount equal to the principal amount of Definitive Notes so
      transferred.

      (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon
request by a Holder of Definitive Notes and such Holder's compliance with the
provisions of this Section 2.06(e), the Registrar will register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or
exchange, the requesting Holder must present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such Holder or
by its attorney, duly authorized in writing. In addition, the requesting Holder
must provide any additional certifications, documents and information, as
applicable, required pursuant to the following provisions of this Section
2.06(e).

            (1) Restricted Definitive Notes to Restricted Definitive Notes. Any
      Restricted Definitive Note may be transferred to and registered in the
      name of Persons who take delivery thereof in the form of a Restricted
      Definitive Note if the Registrar receives the following:

                  (A) if the transfer will be made pursuant to Rule 144A, then
            the transferor must deliver a certificate in the form of Exhibit B
            hereto, including the certifications in item (1) thereof;

                  (B) if the transfer will be made pursuant to Rule 903 or Rule
            904, then the transferor must deliver a certificate in the form of
            Exhibit B hereto, including the certifications in item (2) thereof;
            and

                  (C) if the transfer will be made pursuant to any other
            exemption from the registration requirements of the Securities Act,
            then the transferor must deliver a certificate in the form of
            Exhibit B hereto, including the certifications, certificates and
            Opinion of Counsel required by item (3) thereof, if applicable.

            (2) Restricted Definitive Notes to Unrestricted Definitive Notes.
      Any Restricted Definitive Note may be exchanged by the Holder thereof for
      an Unrestricted Definitive Note or transferred to a Person or Persons who
      take delivery thereof in the form of an Unrestricted Definitive Note if:

                                       35
<PAGE>

                  (A) such exchange or transfer is effected pursuant to the
            Exchange Offer in accordance with the Registration Rights Agreement
            and the Holder, in the case of an exchange, or the transferee, in
            the case of a transfer, certifies in the applicable Letter of
            Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
            participating in the distribution of the Exchange Notes or (iii) a
            Person who is an affiliate (as defined in Rule 144) of the Company;

                  (B) any such transfer is effected pursuant to the Shelf
            Registration Statement in accordance with the Registration Rights
            Agreement;

                  (C) any such transfer is effected by a Broker-Dealer pursuant
            to the Exchange Offer Registration Statement in accordance with the
            Registration Rights Agreement; or

                  (D) the Registrar receives the following:

                        (i) if the Holder of such Restricted Definitive Notes
                  proposes to exchange such Notes for an Unrestricted Definitive
                  Note, a certificate from such Holder in the form of Exhibit C
                  hereto, including the certifications in item (1)(d) thereof;
                  or

                        (ii) if the Holder of such Restricted Definitive Notes
                  proposes to transfer such Notes to a Person who shall take
                  delivery thereof in the form of an Unrestricted Definitive
                  Note, a certificate from such Holder in the form of Exhibit B
                  hereto, including the certifications in item (4) thereof;

            and, in each such case set forth in this subparagraph (D), if the
            Registrar so requests, an Opinion of Counsel in form reasonably
            acceptable to the Registrar to the effect that such exchange or
            transfer is in compliance with the Securities Act and that the
            restrictions on transfer contained herein and in the Private
            Placement Legend are no longer required in order to maintain
            compliance with the Securities Act.

            (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes.
      A Holder of Unrestricted Definitive Notes may transfer such Notes to a
      Person who takes delivery thereof in the form of an Unrestricted
      Definitive Note. Upon receipt of a request to register such a transfer,
      the Registrar shall register the Unrestricted Definitive Notes pursuant to
      the instructions from the Holder thereof.

      (f) Exchange Offer. Upon the occurrence of the Exchange Offer in
accordance with the Registration Rights Agreement, the Company will issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof,
the Trustee will authenticate:

            (1) one or more Unrestricted Global Notes in an aggregate principal
      amount equal to the principal amount of the beneficial interests in the
      Restricted Global Notes accepted for exchange in the Exchange Offer by
      Persons that certify in the applicable Letters of Transmittal that (A)
      they are not Broker-Dealers, (B) they are not participating in a
      distribution of the Exchange Notes and (C) they are not affiliates (as
      defined in Rule 144) of the Company; and

            (2) Unrestricted Definitive Notes in an aggregate principal amount
      equal to the principal amount of the Restricted Definitive Notes accepted
      for exchange in the Exchange Offer by Persons that certify in the
      applicable Letters of Transmittal that (A) they are not Broker-Dealers,

                                       36
<PAGE>

      (B) they are not participating in a distribution of the Exchange Notes and
      (C) they are not affiliates (as defined in Rule 144) of the Company.

      Concurrently with the issuance of such Notes, the Trustee will cause the
aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Company will execute and the Trustee will
authenticate and deliver to the Persons designated by the Holders of Definitive
Notes so accepted Unrestricted Definitive Notes in the appropriate principal
amount.

      (g) Legends. The following legends will appear on the face of all Global
Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture.

            (1) Private Placement Legend.

                  (A) Except as permitted by subparagraph (B) below, each Global
            Note and each Definitive Note (and all Notes issued in exchange
            therefor or substitution thereof) shall bear the legend in
            substantially the following form:

"THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, (THE ''SECURITIES ACT'') AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT;
PROVIDED THAT ANY REOFFER, RESALE, PLEDGE OR OTHER TRANSFER OF NOTES BY AN
ACCREDITED INVESTOR (OTHER THAN AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7)) MAY ONLY BE MADE PURSUANT TO CLAUSE
(1) OR (5) ABOVE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS."

                  (B) Notwithstanding the foregoing, any Global Note or
            Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3),
            (c)(4), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this Section 2.06
            (and all Notes issued in exchange therefor or substitution thereof)
            will not bear the Private Placement Legend.

            (2) Global Note Legend. Each Global Note will bear a legend in
      substantially the following form:

"THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO

                                       37
<PAGE>

SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."

            (3) Regulation S Temporary Global Note Legend. The Regulation S
      Temporary Global Note will bear a Legend in substantially the following
      form:

"THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE
CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS
SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE
BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED
TO RECEIVE PAYMENT OF INTEREST HEREON."

      (h) Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or
canceled in whole and not in part, each such Global Note will be returned to or
retained and canceled by the Trustee in accordance with Section 2.11 hereof. At
any time prior to such cancellation, if any beneficial interest in a Global Note
is exchanged for or transferred to a Person who will take delivery thereof in
the form of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global Note will be
reduced accordingly and an endorsement will be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note will be increased accordingly and
an endorsement will be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such increase.

      (i) General Provisions Relating to Transfers and Exchanges.

            (1) To permit registrations of transfers and exchanges, the Company
      will execute and the Trustee will authenticate Global Notes and Definitive
      Notes upon receipt of an Authentication Order in accordance with Section
      2.02 hereof or at the Registrar's request.

            (2) No service charge will be made to a Holder of a beneficial
      interest in a Global Note or to a Holder of a Definitive Note for any
      registration of transfer or exchange, but the Company

                                       38
<PAGE>

      may require payment of a sum sufficient to cover any transfer tax or
      similar governmental charge payable in connection therewith (other than
      any such transfer taxes or similar governmental charge payable upon
      exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and
      9.05 hereof).

            (3) The Registrar will not be required to register the transfer of
      or exchange of any Note selected for redemption in whole or in part,
      except the unredeemed portion of any Note being redeemed in part.

            (4) All Global Notes and Definitive Notes issued upon any
      registration of transfer or exchange of Global Notes or Definitive Notes
      will be the valid obligations of the Company, evidencing the same debt,
      and entitled to the same benefits under this Indenture, as the Global
      Notes or Definitive Notes surrendered upon such registration of transfer
      or exchange.

            (5) Neither the Registrar nor the Company will be required:

                  (A) to issue, to register the transfer of or to exchange any
            Notes during a period beginning at the opening of business 15 days
            before the day of any selection of Notes for redemption under
            Section 3.02 hereof and ending at the close of business on the day
            of selection;

                  (B) to register the transfer of or to exchange any Note
            selected for redemption in whole or in part, except the unredeemed
            portion of any Note being redeemed in part; or

                  (C) to register the transfer of or to exchange a Note between
            a record date and the next succeeding interest payment date.

            (6) Prior to due presentment for the registration of a transfer of
      any Note, the Trustee, any Agent and the Company may deem and treat the
      Person in whose name any Note is registered as the absolute owner of such
      Note for the purpose of receiving payment of principal of and interest on
      such Notes and for all other purposes, and none of the Trustee, any Agent
      or the Company shall be affected by notice to the contrary.

            (7) The Trustee will authenticate Global Notes and Definitive Notes
      in accordance with the provisions of Section 2.02 hereof.

            (8) All certifications, certificates and Opinions of Counsel
      required to be submitted to the Registrar pursuant to this Section 2.06 to
      effect a registration of transfer or exchange may be submitted by
      facsimile.

Section 2.07 Replacement Notes.

      If any mutilated Note is surrendered to the Trustee or the Company and the
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, the Company will issue and the Trustee, upon receipt of an
Authentication Order, will authenticate a replacement Note if the Trustee's
requirements are met. If required by the Trustee or the Company, an indemnity
bond must be supplied by the Holder that is sufficient in the judgment of the
Trustee and the Company to protect the Company, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is
replaced. The Company may charge for its expenses in replacing a Note.

                                       39
<PAGE>

      Every replacement Note is an additional obligation of the Company and will
be entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes duly issued hereunder.

Section 2.08 Outstanding Notes.

      The Notes outstanding at any time are all the Notes authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section 2.08
as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not
cease to be outstanding because the Company or an Affiliate of the Company holds
the Note; however, Notes held by the Company or a Subsidiary of the Company
shall not be deemed to be outstanding for purposes of Section 3.07(a) hereof.

      If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a protected purchaser.

      If the principal amount of any Note is considered paid under Section 4.01
hereof, it ceases to be outstanding and interest on it ceases to accrue.

      If the Paying Agent (other than the Company, a Subsidiary or an Affiliate
of any thereof) holds, on a redemption date or maturity date, money sufficient
to pay Notes payable on that date, then on and after that date such Notes will
be deemed to be no longer outstanding and will cease to accrue interest.

Section 2.09 Treasury Notes.

      In determining whether the Holders of the required principal amount of
Notes have concurred in any direction, waiver or consent, Notes owned by the
Company, or by any Person directly or indirectly controlling or controlled by or
under direct or indirect common control with the Company, will be considered as
though not outstanding, except that for the purposes of determining whether the
Trustee will be protected in relying on any such direction, waiver or consent,
only Notes that the Trustee knows are so owned will be so disregarded.

Section 2.10 Temporary Notes.

      Until certificates representing Notes are ready for delivery, the Company
may prepare and the Trustee, upon receipt of an Authentication Order, will
authenticate temporary Notes. Temporary Notes will be substantially in the form
of certificated Notes but may have variations that the Company considers
appropriate for temporary Notes and as may be reasonably acceptable to the
Trustee. Without unreasonable delay, the Company will prepare and the Trustee
will authenticate definitive Notes in exchange for temporary Notes.

      Holders of temporary Notes will be entitled to all of the benefits of this
Indenture.

Section 2.11 Cancellation.

      The Company at any time may deliver Notes to the Trustee for cancellation.
The Registrar and Paying Agent will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no
one else will cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and will destroy canceled Notes
(subject to the record retention requirement of the Exchange Act). Certification
of the destruction of all canceled Notes

                                       40
<PAGE>

will be delivered to the Company. The Company may not issue new Notes to replace
Notes that it has paid or that have been delivered to the Trustee for
cancellation.

Section 2.12 Persons Deemed Owners.

      Prior to due presentment of a Note for registration of transfer and
subject to Section 2.12, the Company, the Trustee, any Paying Agent, any
co-registrar and any Registrar may deem and treat the person in whose name any
Note shall be registered upon the register of Notes kept by the Registrar as the
absolute owner of such Note (whether or not such Note shall be overdue and
notwithstanding any notation of the ownership or other writing thereon made by
anyone other than the Company, any co-registrar or any Registrar) for the
purpose of receiving all payments with respect to such Note and for all other
purposes, and none of the Company, the Trustee, any Paying Agent, any
co-registrar or any Registrar shall be affected by any notice to the contrary.

Section 2.13 CUSIP Numbers.

      The Company, in issuing the Notes, may use one or more "CUSIP" numbers
and, if so, the Trustee shall use such CUSIP numbers in notices of redemption or
exchange as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness or accuracy of any CUSIP
number printed in the notice or on the Notes, and that reliance may be placed
only on the other identification numbers printed on the Notes. The Company shall
notify the Trustee of any change to the CUSIP numbers.

                                   ARTICLE 3
                            REDEMPTION AND PREPAYMENT

Section 3.01 Notices to Trustee.

      If the Company elects to redeem Notes pursuant to the optional redemption
provisions of Section 3.07 hereof, it must furnish to the Trustee, at least 30
days but not more than 60 days before a redemption date, an Officers'
Certificate setting forth:

            (1) the clause of this Indenture pursuant to which the redemption
      shall occur;

            (2) the redemption date;

            (3) the principal amount of Notes to be redeemed; and

            (4) the redemption price.

Section 3.02 Selection of Notes to Be Redeemed or Purchased.

      If less than all of the Notes are to be redeemed or purchased in an offer
to purchase at any time, the Trustee will select Notes for redemption or
purchase on a pro rata basis except:

            (1) if the Notes are listed on any national securities exchange, in
      compliance with the requirements of the principal national securities
      exchange on which the Notes are listed; or

            (2) if otherwise required by law.

                                       41
<PAGE>

      In the event of partial redemption or purchase by lot, the particular
Notes to be redeemed or purchased will be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the redemption or
purchase date by the Trustee from the outstanding Notes not previously called
for redemption or purchase.

      The Trustee will promptly notify the Company in writing of the Notes
selected for redemption or purchase and, in the case of any Note selected for
partial redemption or purchase, the principal amount thereof to be redeemed or
purchased. Notes and portions of Notes selected will be in amounts of $2,000 or
whole multiples of $1,000 in excess of $2,000; except that if all of the Notes
of a Holder are to be redeemed or purchased, the entire outstanding amount of
Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed
or purchased. Except as provided in the preceding sentence, provisions of this
Indenture that apply to Notes called for redemption or purchase also apply to
portions of Notes called for redemption or purchase.

Section 3.03 Notice of Redemption.

      Subject to the provisions of Section 3.09 hereof, at least 30 days but not
more than 60 days before a redemption date, the Company will mail or cause to be
mailed, by first class mail, a notice of redemption to each Holder whose Notes
are to be redeemed at its registered address, except that redemption notices may
be mailed more than 60 days prior to a redemption date if the notice is issued
in connection with a defeasance of the Notes or a satisfaction and discharge of
this Indenture pursuant to Articles 8 or 11 hereof.

      The notice will identify the Notes to be redeemed and will state:

            (1) the redemption date;

            (2) the redemption price;

            (3) if any Note is being redeemed in part, the portion of the
      principal amount of such Note to be redeemed and that, after the
      redemption date upon surrender of such Note, a new Note or Notes in
      principal amount equal to the unredeemed portion will be issued upon
      cancellation of the original Note;

            (4) the name and address of the Paying Agent;

            (5) that Notes called for redemption must be surrendered to the
      Paying Agent to collect the redemption price;

            (6) that, unless the Company defaults in making such redemption
      payment, interest on Notes called for redemption ceases to accrue on and
      after the redemption date;

            (7) the paragraph of the Notes and/or Section of this Indenture
      pursuant to which the Notes called for redemption are being redeemed; and

            (8) that no representation is made as to the correctness or accuracy
      of the CUSIP number, if any, listed in such notice or printed on the
      Notes.

      At the Company's request, the Trustee will give the notice of redemption
in the Company's name and at its expense; provided, however, that the Company
has delivered to the Trustee, at least 45 days prior to the redemption date or
such other period agreeable to the Trustee, an Officers' Certificate

                                       42
<PAGE>

requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in the preceding paragraph.

Section 3.04 Effect of Notice of Redemption.

      Once notice of redemption is mailed in accordance with Section 3.03
hereof, Notes called for redemption become irrevocably due and payable on the
redemption date at the redemption price. A notice of redemption may not be
conditional.

Section 3.05 Deposit of Redemption or Purchase Price.

      One Business Day prior to the redemption or purchase date, the Company
will deposit with the Trustee or with the Paying Agent money sufficient to pay
the redemption or purchase price of and accrued interest and Special Interest,
if any, on all Notes to be redeemed or purchased on that date as may be required
pursuant to the terms hereof. The Trustee or the Paying Agent will promptly
return to the Company any money deposited with the Trustee or the Paying Agent
by the Company in excess of the amounts necessary to pay the redemption or
purchase price of, and accrued interest and Special Interest, if any, on, all
Notes to be redeemed or purchased.

      If the Company complies with the provisions of the preceding paragraph, on
and after the redemption or purchase date, interest will cease to accrue on the
Notes or the portions of Notes called for redemption or purchase. If a Note is
redeemed or purchased on or after an interest record date but on or prior to the
related interest payment date, then any accrued and unpaid interest shall be
paid to the Person in whose name such Note was registered at the close of
business on such record date. If any Note called for redemption or purchase is
not so paid upon surrender for redemption or purchase because of the failure of
the Company to comply with the preceding paragraph, interest shall be paid on
the unpaid principal, from the redemption or purchase date until such principal
is paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided in the Notes and in Section 4.01
hereof.

Section 3.06 Notes Redeemed or Purchased in Part.

      Upon surrender of a Note that is redeemed or purchased in part, the
Company will issue and, upon receipt of an Authentication Order, the Trustee
will authenticate for the Holder at the expense of the Company a new Note equal
in principal amount to the unredeemed or unpurchased portion of the Note
surrendered.

Section 3.07 Optional Redemption.

      (a) At any time prior to May 1, 2008, the Company may on any one or more
occasions redeem up to 35% of the aggregate principal amount of Notes issued
under this Indenture at a redemption price of 111.125% of the principal amount,
plus accrued and unpaid interest and Special Interest, if any, to the redemption
date, with the net cash proceeds of one or more Qualified Equity Offerings of
the Company or any direct or indirect parent of the Company to the extent that
such proceeds are contributed to the Company; provided that:

            (1) at least 65% of the aggregate principal amount of Notes
      originally issued under this Indenture (excluding Notes held by the
      Company and its Subsidiaries) remains outstanding immediately after the
      occurrence of such redemption; and

                                       43
<PAGE>

            (2) the redemption occurs within 90 days of the date of the closing
      of each such Qualified Equity Offering.

      (b) At any time prior to May 1, 2010, the Company may also redeem all or a
part of the Notes, upon not less than 30 nor more than 60 days' prior notice
mailed by first-class mail to each Holder's registered address, at a redemption
price equal to 100% of the principal amount of Notes redeemed plus the
Applicable Premium as of, and accrued and unpaid interest and Special Interest,
if any, to the date of redemption (the "Redemption Date"), subject to the rights
of Holders on the relevant record date to receive interest due on the relevant
interest payment date.

      (c) Except as set forth in Sections 3.07(a) and (b), the Notes will not be
redeemable at the Company's option prior to May 1, 2010.

      (d) On or after May 1, 2010, the Company may redeem all or a part of the
Notes upon not less than 30 nor more than 60 days' notice, at the redemption
prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest and Special Interest, if any, on the Notes redeemed,
to the applicable redemption date, if redeemed during the twelve-month period
beginning on May 1 of the years indicated below, subject to the rights of
Holders on the relevant record date to receive interest on the relevant interest
payment date:

<TABLE>
<CAPTION>
Year                                            Percentage
----                                            ----------
<C>                                             <C>
2010                                             107.000%
2011                                             103.500%
2012 and thereafter..........................    100.000%
</TABLE>

      Unless the Company defaults in the payment of the redemption price,
interest will cease to accrue on the Notes or portions thereof called for
redemption on the applicable redemption date.

      (e) Any redemption pursuant to this Section 3.07 shall be made pursuant to
the provisions of Sections 3.01 through 3.06 hereof.

Section 3.08 Mandatory Redemption.

      The Company is not required to make mandatory redemption or sinking fund
payments with respect to the Notes.

Section 3.09 Offer to Purchase by Application of Excess Proceeds.

      In the event that, pursuant to Section 4.10 hereof, the Company is
required to commence an offer to all Holders to purchase Notes (an "Asset Sale
Offer"), it will follow the procedures specified below.

      The Asset Sale Offer shall be made to all Holders and all holders of other
Indebtedness that is pari passu with the Notes containing provisions similar to
those set forth in this Indenture with respect to offers to purchase or redeem
with the proceeds of sales of assets. The Asset Sale Offer will remain open for
a period of at least 20 Business Days following its commencement and not more
than 30 Business Days, except to the extent that a longer period is required by
applicable law (the "Offer Period"). No later than three Business Days after the
termination of the Offer Period (the "Purchase Date"), the Company will apply
all Excess Proceeds (the "Offer Amount") to the purchase of Notes and such other
pari passu Indebtedness (on a pro rata basis, if applicable) or, if less than
the Offer Amount has been tendered, all Notes and other Indebtedness tendered in
response to the Asset Sale Offer. Payment for any Notes so purchased will be
made in the same manner as interest payments are made.

                                       44
<PAGE>

      If the Purchase Date is on or after an interest record date and on or
before the related interest payment date, any accrued and unpaid interest and
Special Interest, if any, will be paid to the Person in whose name a Note is
registered at the close of business on such record date, and no additional
interest will be payable to Holders who tender Notes pursuant to the Asset Sale
Offer.

      Upon the commencement of an Asset Sale Offer, the Company will send, by
first class mail, a notice to the Trustee and each of the Holders. The notice
will contain all instructions and materials necessary to enable such Holders to
tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the
terms of the Asset Sale Offer, will state:

            (1) that the Asset Sale Offer is being made pursuant to this Section
      3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer
      will remain open;

            (2) the Offer Amount, the purchase price and the Purchase Date;

            (3) that any Note not tendered or accepted for payment will continue
      to accrue interest;

            (4) that, unless the Company defaults in making such payment, any
      Note accepted for payment pursuant to the Asset Sale Offer will cease to
      accrue interest after the Purchase Date;

            (5) that Holders electing to have a Note purchased pursuant to an
      Asset Sale Offer may elect to have Notes purchased in integral multiples
      of $1,000 only;

            (6) that Holders electing to have Notes purchased pursuant to any
      Asset Sale Offer will be required to surrender the Note, with the form
      entitled "Option of Holder to Elect Purchase" attached to the Notes
      completed, or transfer by book-entry transfer, to the Company, a
      Depositary, if appointed by the Company, or a Paying Agent at the address
      specified in the notice at least three days before the Purchase Date;

            (7) that Holders will be entitled to withdraw their election if the
      Company, the Depositary or the Paying Agent, as the case may be, receives,
      not later than the expiration of the Offer Period, a telegram, telex,
      facsimile transmission or letter setting forth the name of the Holder, the
      principal amount of the Note the Holder delivered for purchase and a
      statement that such Holder is withdrawing his election to have such Note
      purchased;

            (8) that, if the aggregate principal amount of Notes and other pari
      passu Indebtedness surrendered by holders thereof exceeds the Offer
      Amount, the Company will select the Notes and other pari passu
      Indebtedness to be purchased on a pro rata basis based on the principal
      amount of Notes and such other pari passu Indebtedness surrendered (with
      such adjustments as may be deemed appropriate by the Company so that only
      Notes in denominations of $2,000, or integral multiples of $1,000 in
      excess of $2,000, will be purchased); and

            (9) that Holders whose Notes were purchased only in part will be
      issued new Notes equal in principal amount to the unpurchased portion of
      the Notes surrendered (or transferred by book-entry transfer).

      On or before the Purchase Date, the Company will, to the extent lawful,
accept for payment, on a pro rata basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer,
or if less than the Offer Amount has been tendered, all Notes tendered, and will
deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officers' Certificate stating that such Notes or portions
thereof were accepted for payment by the Company in

                                       45
<PAGE>

accordance with the terms of this Section 3.09. The Company, the Depositary or
the Paying Agent, as the case may be, will promptly (but in any case not later
than five days after the Purchase Date) mail or deliver to each tendering Holder
an amount equal to the purchase price of the Notes tendered by such Holder and
accepted by the Company for purchase, and the Company will promptly issue a new
Note, and the Trustee, upon written request from the Company, will authenticate
and mail or deliver (or cause to be transferred by book entry) such new Note to
such Holder, in a principal amount equal to any unpurchased portion of the Note
surrendered. Any Note not so accepted shall be promptly mailed or delivered by
the Company to the Holder thereof. The Company will publicly announce the
results of the Asset Sale Offer on the Purchase Date.

      Other than as specifically provided in this Section 3.09, any purchase
pursuant to this Section 3.09 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof.

                                    ARTICLE 4
                                    COVENANTS

Section 4.01 Payment of Notes.

      The Company will pay or cause to be paid the principal of, premium, if
any, and interest and Special Interest, if any, on, the Notes on the dates and
in the manner provided in the Notes. Principal, premium, if any, and interest
and Special Interest, if any will be considered paid on the date due if the
Paying Agent, if other than the Company or a Subsidiary thereof, holds as of
10:00 a.m. Eastern Time on the due date money deposited by the Company in
immediately available funds and designated for and sufficient to pay all
principal, premium, if any, and interest then due. The Company will pay all
Special Interest, if any, in the same manner on the dates and in the amounts set
forth in the Registration Rights Agreement.

Section 4.02 Maintenance of Office or Agency.

      The Company will maintain in the Borough of Manhattan, the City of New
York, an office or agency (which may be an office of the Trustee or an affiliate
of the Trustee, Registrar or co-registrar) where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Company
fails to maintain any such required office or agency or fails to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee.

      The Company may also from time to time designate one or more other offices
or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission will in any manner relieve the Company of
its obligation to maintain an office or agency in the Borough of Manhattan, the
City of New York for such purposes. The Company will give prompt written notice
to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency.

      The Company hereby designates the Corporate Trust Office of the Trustee as
one such office or agency of the Company in accordance with Section 2.03 hereof.

                                       46
<PAGE>

Section 4.03 Reports.

      (a) Whether or not required by the rules and regulations of the SEC, so
long as any Notes are outstanding, the Company will furnish to the Holders of
Notes or cause the Trustee to furnish to the Holders of Notes, within the time
periods specified in the SEC's rules and regulations:

            (1)   all quarterly and annual reports that would be required to be
                  filed with the SEC on Forms 10-Q and 10-K if the Company were
                  required to file such reports; and

            (2)   all current reports that would be required to be filed with
                  the SEC on Form 8-K if the Company were required to file such
                  reports.

      All such reports will be prepared in all material respects in accordance
with all of the rules and regulations applicable to such reports. Each annual
report on Form 10-K will include a report on the Company's consolidated
financial statements by the Company's certified independent accountants. In
addition, following the consummation of the Exchange Offer contemplated by the
Registration Rights Agreement, the Company will file a copy of each of the
reports referred to in clauses (1) and (2) above with the SEC for public
availability within the time periods specified in the rules and regulations
applicable to such reports (unless the SEC will not accept such a filing), will
provide the Trustee with copies of such filings and will post the reports on its
website within those time periods.

      If, at any time after consummation of the Exchange Offer contemplated by
the Registration Rights Agreement, the Company is no longer subject to the
periodic reporting requirements of the Exchange Act for any reason, the Company
will nevertheless continue filing the reports specified in the preceding
paragraphs with the SEC within the time periods specified above unless the SEC
will not accept such a filing. The Company will not take any action for the
purpose of causing the SEC not to accept any such filings. If, notwithstanding
the foregoing, the SEC will not accept the Company's filings for any reason, the
Company will post the reports referred to in the preceding paragraphs on its
website within the time periods that would apply if the Company were required to
file those reports with the SEC.

      (b) If the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries and any such Unrestricted Subsidiary individually, or all
Unrestricted Subsidiaries together, constitutes a Significant Subsidiary, then
the quarterly and annual financial information required by paragraph (a) of this
Section 4.03 will include a reasonably detailed presentation, either on the face
of the financial statements or in the footnotes thereto, of the financial
condition and results of operations of the Company and its Restricted
Subsidiaries separate from the financial condition and results of operations of
the Unrestricted Subsidiaries of the Company.

      (c) For so long as any Notes remain outstanding, if at any time it is not
required to file with the SEC the reports required by paragraphs (a) and (b) of
this Section 4.03, the Company will furnish to the Holders and to securities
analysts and prospective investors, upon their request, the information required
to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

Section 4.04 Compliance Certificate.

      (a) The Company and each Guarantor, if any, (to the extent that such
Guarantor is so required under the TIA) shall deliver to the Trustee, within 90
days after the end of each fiscal year, an Officers' Certificate stating that a
review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to the best of
his or her knowledge the Company has kept, observed, performed and fulfilled
each and every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions of

                                       47
<PAGE>

this Indenture (or, if a Default or Event of Default has occurred, describing
all such Defaults or Events of Default of which he or she may have knowledge and
what action the Company is taking or proposes to take with respect thereto) and
that to the best of his or her knowledge no event has occurred and remains in
existence by reason of which payments on account of the principal of or
interest, if any, on the Notes is prohibited or if such event has occurred, a
description of the event and what action the Company is taking or proposes to
take with respect thereto.

      (b) So long as not contrary to the then current recommendations of the
American Institute of Certified Public Accountants, the year-end financial
statements delivered pursuant to Section 4.03 above shall be accompanied by a
written statement of the Company's independent public accountants (who shall be
a firm of established national reputation) that in making the examination
necessary for certification of such financial statements, nothing has come to
their attention that would lead them to believe that the Company has violated
any provisions of Article 4 or Article 5 hereof or, if any such violation has
occurred, specifying the nature and period of existence thereof, it being
understood that such accountants shall not be liable directly or indirectly to
any Person for any failure to obtain knowledge of any such violation.

      (c) So long as any of the Notes are outstanding, the Company will deliver
to the Trustee, forthwith upon any Officer becoming aware of any Default or
Event of Default, an Officers' Certificate specifying such Default or Event of
Default and what action the Company is taking or proposes to take with respect
thereto.

Section 4.05 Taxes.

      The Company will pay, and will cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies
except such as are contested in good faith and by appropriate proceedings or
where the failure to effect such payment is not adverse in any material respect
to the Holders of the Notes.

Section 4.06 Stay, Extension and Usury Laws.

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

Section 4.07 Restricted Payments.

      (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly:

            (1) declare or pay any dividend or make any other payment or
      distribution on account of the Company's or any of its Restricted
      Subsidiaries' Equity Interests (including, without limitation, any payment
      in connection with any merger or consolidation involving the Company or
      any of its Restricted Subsidiaries) or to the direct or indirect holders
      of the Company's or any of its Restricted Subsidiaries' Equity Interests
      in their capacity as such (other than dividends or distributions payable
      in Equity Interests (other than Disqualified Stock) of the Company and

                                       48
<PAGE>

      other than dividends or distributions payable to the Company or a
      Restricted Subsidiary of the Company);

            (2) purchase, redeem or otherwise acquire or retire for value
      (including, without limitation, in connection with any merger or
      consolidation involving the Company) any Equity Interests of the Company
      or any direct or indirect parent of the Company (other than any such
      Equity Interests owned by the Company or any Restricted Subsidiary of the
      Company);

            (3) make any payment on or with respect to, or purchase, redeem,
      defease or otherwise acquire or retire for value any Indebtedness of the
      Company that is contractually subordinated to the Notes (excluding any
      intercompany Indebtedness between or among the Company and any of its
      Restricted Subsidiaries), except (i) a payment of interest or principal at
      the Stated Maturity thereof or (ii) a payment, purchase, redemption,
      defeasance, acquisition or retirement of any such Indebtedness in
      anticipation of satisfying a sinking fund obligation, principal
      installment or final maturity, in each case, due within one year of the
      date of payment, purchase, redemption, defeasance, acquisition or
      retirement; or

            (4) make any Restricted Investment (all such payments and other
      actions set forth in these clauses (1) through (4) above being
      collectively referred to as "Restricted Payments"),

            unless, at the time of and after giving effect to such Restricted
      Payment:

            (1) no Default or Event of Default has occurred and is continuing or
would occur as a consequence of such Restricted Payment;

            (2) the Company would, at the time of such Restricted Payment and
      after giving pro forma effect thereto, have been permitted to incur at
      least $1.00 of additional Indebtedness pursuant to the Consolidated
      Leverage Ratio test set forth in Section 4.09(a) hereof; and

            (3) such Restricted Payment, together with the aggregate amount of
      all other Restricted Payments made by the Company and its Restricted
      Subsidiaries since the date of this Indenture (excluding Restricted
      Payments permitted by clauses (2), (3), (4), (6), (7), (8), (9), (10),
      (11), (13) and (14) of paragraph (b) of this Section 4.07), is less than
      the sum, without duplication, of:

                  (A) 50% of the Consolidated Net Income of the Company for the
            period (taken as one accounting period) from the Acquisition Closing
            Date to the end of the Company's most recently ended fiscal quarter
            for which internal financial statements are available at the time of
            such Restricted Payment (or, if such Consolidated Net Income for
            such period is a deficit, less 100% of such deficit); provided that,
            if the Consolidated Leverage Ratio of the Company, calculated on a
            pro forma basis after giving effect to any Restricted Payment
            proposed to be made in whole or in part pursuant to this clause
            (3)(a), would have been equal to or greater than 1.5 to 1.0, then
            the aggregate amount of Restricted Payments that the Company and its
            Restricted Subsidiaries are permitted to make in whole or in part
            pursuant to this clause (3)(a) will not exceed 25% of the
            Consolidated Net Income of the Company for the period (taken as one
            accounting period) from the Acquisition Closing Date to the end of
            the Company's most recently ended fiscal quarter for which internal
            financial statements are available at the time of such Restricted
            Payment (or, if such Consolidated Net Income for such period is a
            deficit, less 100% of such deficit); plus

                                       49
<PAGE>

                  (B) 100% of the aggregate net cash proceeds and the Fair
            Market Value, as determined in good faith by the Board of Directors,
            of marketable securities or other property or assets received by the
            Company since the date of this Indenture as a contribution to its
            common equity capital or from the issue or sale of Equity Interests
            of the Company (other than Disqualified Stock) or from the issue or
            sale of convertible or exchangeable Disqualified Stock or
            convertible or exchangeable debt securities of the Company that have
            been converted into or exchanged for such Equity Interests (other
            than Equity Interests (or Disqualified Stock or debt securities)
            sold to a Subsidiary of the Company); plus

                  (C) to the extent that any Restricted Investment that was made
            after the date of this Indenture is sold or otherwise liquidated or
            repaid, 100% of any cash received in connection therewith; plus

                  (D) to the extent that any Unrestricted Subsidiary of the
            Company designated as such after the date of this Indenture is
            redesignated as a Restricted Subsidiary or any Unrestricted
            Subsidiary of the Company merges into or consolidates with the
            Company or any of its Restricted Subsidiaries, in each case after
            the date of this Indenture, the Fair Market Value of such Subsidiary
            as of the date of such redesignation or such merger or
            consolidation; plus

                  (E) 50% of any dividends received by the Company or a
            Restricted Subsidiary of the Company after the date of this
            Indenture from an Unrestricted Subsidiary of the Company, to the
            extent that such dividends were not otherwise included in the
            Consolidated Net Income of the Company for such period; provided
            that, to the extent the percentage permitted in clause (3)(a) above
            is reduced from 50% to 25%, the percentage of dividends received by
            the Company or any of its Restricted Subsidiaries in this clause
            (3)(E) also will be reduced to 25%.

      The preceding provisions of Section 4.07(a) hereof will not prohibit:

            (1) the payment of any dividend or the consummation of any
      irrevocable redemption within 60 days after the date of declaration of the
      dividend or giving of the redemption notice, as the case may be, if at the
      date of declaration or notice, the dividend or redemption payment would
      have complied with the provisions of this Indenture;

            (2) the making of any Restricted Payment in exchange for, or out of
      the net cash proceeds of the sale within 60 days (other than to a
      Subsidiary of the Company) of, Equity Interests of the Company (other than
      Disqualified Stock) or from the contribution within 60 days of common
      equity capital to the Company; provided that the amount of any such net
      cash proceeds that are utilized for any such Restricted Payment will be
      excluded from clause (3)(B) of Section 4.07(a) hereof;

            (3) the repurchase, redemption, defeasance or other acquisition or
      retirement for value of Indebtedness of the Company that is contractually
      subordinated to the Notes with the net cash proceeds from an incurrence
      within 60 days of Permitted Refinancing Indebtedness;

            (4) the payment of any dividend or other distribution (or, in the
      case of any partnership or limited liability company, any similar
      distribution) by a Restricted Subsidiary of the Company to the holders of
      its Equity Interests on a pro rata basis;

                                       50
<PAGE>

            (5) the repurchase, redemption or other acquisition or retirement
      for value of any Equity Interests of the Company or any Restricted
      Subsidiary of the Company or any direct or indirect parent of the Company
      held by any current, future or former officer, director, employee or
      consultant of the Company or any of its Restricted Subsidiaries or any
      direct or indirect parent of the Company pursuant to any equity
      subscription agreement, stock option agreement, management equity or
      employment agreement, shareholders' agreement or similar agreement;
      provided that the aggregate price paid for all such repurchased, redeemed,
      acquired or retired Equity Interests may not exceed $2.0 million in any
      calendar year; provided further that (x) the Company may carry over and
      make in subsequent calendar years, in addition to the $2.0 million amount
      permitted for such calendar year, the amount of such purchases,
      redemptions or other acquisitions or retirements for value permitted to be
      made, but not made, in any preceding calendar year, up to a maximum amount
      of $5.0 million in any calendar year and (y) the maximum amount in any
      calendar year may be increased by an amount not to exceed an amount equal
      to the cash proceeds of key man life insurance policies received by the
      Company and its Restricted Subsidiaries after the date of this Indenture,
      less any amounts previously applied to the payment of Restricted Payments
      pursuant to this clause (5), plus the aggregate cash proceeds received
      from the Company, or its direct or indirect parent to the extent such cash
      proceeds are contributed to the common equity capital of the Company,
      during that calendar year from any reissuance of Equity Interests by the
      Company or any direct or indirect parent of the Company to employees,
      officers and directors of the Company and its Restricted Subsidiaries,
      plus any cash proceeds paid to the Company in connection with the issuance
      or exercise of any management or employee Equity Interests so acquired;

            (6) the repurchase of Equity Interests deemed to occur upon the
      exercise of stock options to the extent such Equity Interests represent a
      portion of the exercise price of those stock options and repurchases of
      Equity Interests deemed to occur upon the withholding of a portion of the
      Equity Interests granted or awarded to an employee, officer, director or
      consultant to pay for the taxes payable by such employee upon such grant
      or award;

            (7) the declaration and payment of regularly scheduled or accrued
      dividends to holders of any class or series of Disqualified Stock of the
      Company or any Restricted Subsidiary of the Company issued on or after the
      date of this Indenture in accordance with the Consolidated Leverage Ratio
      test described in Section 4.09 hereof;

            (8) Permitted Payments to Parent;

            (9) any payments made by the Company in connection with the
      consummation of the Transactions;

            (10) so long as no Default has occurred and is continuing or would
      be caused thereby, the repurchase, redemption or other acquisition or
      retirement for value of Indebtedness that is subordinated to the Notes
      with Excess Proceeds to the extent such Excess Proceeds are permitted to
      be used for general corporate purposes under Section 4.10 hereof, any
      purchase or redemption of Indebtedness of the Company subordinated to the
      Notes that is required to be repurchased or redeemed pursuant to the terms
      thereof as a result of such Asset Sale, at a purchase price not greater
      than 100% of the outstanding principal amount (or accreted amount, in the
      case of any debt issued at a discount from its principal amount at
      maturity) thereof, plus accrued and unpaid interest, if any;

            (11) the repurchase, redemption or other acquisition for value of
      Capital Stock of the Company or any direct or indirect parent of the
      Company representing fractional shares of such

                                       51
<PAGE>

      Capital Stock in connection with a merger, consolidation, amalgamation or
      other combination involving the Company or any direct or indirect parent
      of the Company;

            (12) so long as no Default has occurred and is continuing or would
      be caused thereby, upon the occurrence of a Change of Control and within
      60 days after completion of the offer to repurchase Notes pursuant to the
      covenant described in Section 4.15 hereof (including the purchase of all
      Notes tendered), any purchase or redemption of Indebtedness of the Company
      subordinated to the Notes that is required to be repurchased or redeemed
      pursuant to the terms thereof as a result of such Change of Control, at a
      purchase price not greater than 101% of the outstanding principal amount
      (or accreted amount, in the case of any debt issued at a discount from its
      principal amount at maturity) thereof, plus accrued and unpaid interest,
      if any;

            (13) the repurchase of Receivables by the Company or other payment
      obligations of the Company or any Restricted Subsidiary of the Company
      pursuant to Standard Securitization Undertakings or in connection with a
      Clean-Up Call Transaction; and

            (14) so long as no Default has occurred and is continuing or would
      be caused thereby, other Restricted Payments in an aggregate amount not to
      exceed $25.0 million since the date of this Indenture.

            The amount of all Restricted Payments (other than cash) will be the
      Fair Market Value on the date of the Restricted Payment of the asset(s) or
      securities proposed to be transferred or issued by the Company or such
      Restricted Subsidiary, as the case may be, pursuant to the Restricted
      Payment. The Fair Market Value of any assets or securities that are
      required to be valued by this Section 4.07 will be determined by the Board
      of Directors of the Company whose resolution with respect thereto will be
      delivered to the Trustee. The Board of Directors' determination must be
      based upon an opinion or appraisal issued by an accounting, appraisal or
      investment banking firm of national standing if the Fair Market Value
      exceeds $20.0 million.

Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries.

      (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary to:

            (1) pay dividends or make any other distributions on its Capital
      Stock to the Company or any of its Restricted Subsidiaries, or with
      respect to any other interest or participation in, or measured by, its
      profits, or pay any indebtedness owed to the Company or any of its
      Restricted Subsidiaries;

            (2) make loans or advances to the Company or any of its Restricted
      Subsidiaries; or

            (3) sell, lease or transfer any of its properties or assets to the
Company or any of its Restricted Subsidiaries.

      (b) The restrictions in Section 4.08(a) hereof will not apply to
encumbrances or restrictions existing under or by reason of:

            (1) the requirements of any Receivables Funding Arrangement that are
      exclusively applicable to any Receivables Entity formed in connection
      therewith;

                                       52
<PAGE>

            (2) the requirements of any Credit Enhancement Agreement;

            (3) agreements governing Existing Indebtedness as in effect on the
      date of this Indenture;

            (4) this Indenture and the Notes (including the Exchange Notes);

            (5) applicable law, rule, regulation or order;

            (6) any instrument governing Indebtedness or Capital Stock of a
      Person acquired by the Company or any of its Restricted Subsidiaries as in
      effect at the time of such acquisition (except to the extent such
      Indebtedness or Capital Stock was incurred in connection with or in
      contemplation of such acquisition), which encumbrance or restriction is
      not applicable to any Person, or the properties or assets of any Person,
      other than the Person, or the property or assets of the Person, so
      acquired; provided that, in the case of Indebtedness, such Indebtedness
      was permitted by the terms of this Indenture to be incurred;

            (7) customary non-assignment provisions in contracts and licenses
      entered into in the ordinary course of business;

            (8) purchase money obligations for property acquired in the ordinary
      course of business and Capital Lease Obligations that impose restrictions
      on the property purchased or leased of the nature described in clause (3)
      of Section 4.08(a) hereof;

            (9) any agreement for the sale or other disposition of a Restricted
      Subsidiary that restricts distributions by that Restricted Subsidiary
      pending the sale or other disposition;

            (10) Permitted Refinancing Indebtedness; provided that the
      restrictions contained in the agreements governing such Permitted
      Refinancing Indebtedness are not materially more restrictive, taken as a
      whole, than those contained in the agreements governing the Indebtedness
      being refinanced;

            (11) any Indebtedness secured by a Lien that was otherwise permitted
      to be incurred under the provisions of Sections 4.09 and 4.12 hereof that
      limit the right of the debtor to dispose of the assets subject to such
      Liens;

            (12) provisions limiting the disposition or distribution of assets
      or property in joint venture agreements, asset sale agreements,
      sale-leaseback agreements, stock sale agreements and other similar
      agreements entered into with the approval of the Company's Board of
      Directors, which limitation is applicable only to the assets that are the
      subject of such agreements;

            (13) restrictions on cash or other deposits or net worth imposed by
      customers under contracts entered into in the ordinary course of business;
      and

            (14) any encumbrances or restrictions of the type referred to in
      clauses (1), (2) and (3) of Section 4.08(a) hereof imposed by any
      amendments, modifications, restatements, renewals, increases, supplements,
      refundings, replacements or refinancings of the agreements, contracts,
      instruments or obligations referred to in clauses (1) through (13) of this
      Section 4.08(b); provided that, in the good faith judgment of the
      Company's Board of Directors, the encumbrances and restrictions contained
      in such amendments, modifications, restatements, renewals, increases,
      supplements, refundings, replacements or refinancings are not materially
      more restrictive than the encumbrances or restrictions contained in the
      agreements, contracts, instruments or obligations

                                       53
<PAGE>

      referred to in clauses (1) through (13) of this Section 4.08(b) prior to
      such amendment, modification, restatement, renewal, increase, supplement,
      refunding, replacement or refinancing.

Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock.

      (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable, contingently or otherwise,
with respect to (collectively, "incur") any Indebtedness (including Acquired
Debt), and the Company will not issue any Disqualified Stock and will not permit
any of its Restricted Subsidiaries to issue any shares of preferred stock;
provided, however, that the Company may incur Indebtedness (including Acquired
Debt) or issue Disqualified Stock, if the Consolidated Leverage Ratio of the
Company, calculated on a pro forma basis after giving effect to the incurrence
or issuance of the additional Indebtedness to be incurred or the Disqualified
Stock or preferred stock to be issued, would have been less than 1.50 to 1.00;
provided that, at any time that (a) the Notes are rated less than B3 by Moody's
or less than B- by S&P or (b) either Moody's or S&P publishes a rating, pro
forma for any proposed incurrence of Indebtedness or any other transaction, for
the Notes that is less than B3 or B-, respectively, then in any such case any
Indebtedness incurred (including Acquired Debt) in reliance on this paragraph
that results in the Consolidated Leverage Ratio of the Company exceeding 1.25 to
1.00 must be contractually subordinated in right of payment to the Notes.

      (b) The provisions of Section 4.09(a) hereof will not prohibit the
incurrence of any of the following items of Indebtedness (collectively,
"Permitted Debt"):

      (1) the incurrence by the Company or any of its Restricted Subsidiaries
(including any Warehouse SPE) of Permitted Warehouse Debt under Warehouse
Facilities (including any permitted Guarantees thereof) in an aggregate
principal amount at any time outstanding (with letters of credit being deemed to
have a principal amount equal to the maximum potential liability of the Company
and its Restricted Subsidiaries (including any Warehouse SPE) thereunder) not to
exceed 100% of the aggregate principal amount (exclusive of Contract Acquisition
Fees included therein) of all Eligible Receivables owned by the Company and its
Restricted Subsidiaries (including any Warehouse SPE) (or such Warehouse
Facilities in the case of Permitted Warehouse Debt in the form of repurchase
agreements) at the time of incurrence;

      (2) the incurrence by the Company of Indebtedness under the HFI Term Loan
in an aggregate principal amount not to exceed the aggregate principal amount of
the HFI Loan on the Acquisition Closing Date less the aggregate amount of all
repayments, optional or mandatory, of the principal of the HFI Term Loan (other
than repayments that are concurrently refunded or refinanced) that have been
made by the Company or any of its Restricted Subsidiaries since the date of this
Indenture;

      (3) the existence of Securitizations, regardless of amount, and the
incurrence by the Company or any of its Restricted Subsidiaries (including
Securitization Trusts) of Permitted Securitization Debt thereunder in an
aggregate principal amount at any time outstanding not to exceed 100% of the
aggregate principal amount of all Receivables owned by such Securitization Trust
at such time;

      (4) the incurrence by the Company and its Restricted Subsidiaries of
Indebtedness pursuant to Standard Securitization Undertakings and obligations of
the Company and its Restricted Subsidiaries (including Securitization Trusts)
under Credit Enhancement Agreements;

      (5) the incurrence by the Company and its Restricted Subsidiaries
(including any Residual SPE) of additional Indebtedness and letters of credit
under Residual Facilities in an aggregate principal amount at any time
outstanding under this clause (5) (with letters of credit being deemed to have a

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<PAGE>

principal amount equal to the maximum potential liability of the Company and its
Restricted Subsidiaries (including any Residual SPE) thereunder) not to exceed
$50.0 million;

      (6) the incurrence by the Company and its Restricted Subsidiaries of the
Existing Indebtedness;

      (7) the incurrence by the Company of Indebtedness represented by the Notes
to be issued on the date of this Indenture and the Exchange Notes to be issued
in accordance with the Registration Rights Agreement;

      (8) the incurrence by the Company or any of its Restricted Subsidiaries of
Indebtedness (including Capital Lease Obligations, mortgage financings or
purchase money obligations) incurred for the purpose of financing all or any
part of the purchase price or cost of design, construction, installation,
improvement or lease of property (real or personal), plant or equipment used in
the business of the Company or any of its Restricted Subsidiaries, in an
aggregate principal amount, including all Permitted Refinancing Indebtedness
incurred to renew, refund, refinance, replace, defease or discharge any
Indebtedness incurred pursuant to this clause (8), not to exceed $10.0 million
at any time outstanding;

      (9) the incurrence by the Company or any of its Restricted Subsidiaries of
Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which
are used to renew, refund, refinance, replace, defease or discharge any
Indebtedness (other than intercompany Indebtedness) that was permitted by this
Indenture to be incurred under Section 4.09(a) hereof or clauses (6), (7), (8),
(9) or (19) of this Section 4.09(b);

      (10) the incurrence by the Company or any of its Restricted Subsidiaries
of intercompany Indebtedness between or among the Company and any of its
Restricted Subsidiaries; provided, however, that:

            (A) if the Company is the obligor on such Indebtedness, such
            Indebtedness must be expressly subordinated to the prior payment in
            full in cash of all Obligations then due with respect to the Notes;
            and

            (B) (i) any subsequent issuance or transfer of Equity Interests that
            results in any such Indebtedness being held by a Person other than
            the Company or a Restricted Subsidiary of the Company and (ii) any
            sale or other transfer of any such Indebtedness to a Person that is
            not either the Company or a Restricted Subsidiary of the Company,
            will be deemed, in each case, to constitute an incurrence of such
            Indebtedness by the Company or such Restricted Subsidiary, as the
            case may be, that was not permitted by this clause (10);

      (11) the issuance by any of the Company's Restricted Subsidiaries to the
Company or to any of its Restricted Subsidiaries of shares of preferred stock;
provided, however, that:

            (A) any subsequent issuance or transfer of Equity Interests that
            results in any such preferred stock being held by a Person other
            than the Company or a Restricted Subsidiary of the Company; and

            (B) any sale or other transfer of any such preferred stock to a
            Person that is not either the Company or a Restricted Subsidiary of
            the Company,

will be deemed, in each case, to constitute an issuance of such preferred stock
by such Restricted Subsidiary that was not permitted by this clause (11);

                                       55
<PAGE>

      (12) the incurrence by the Company or any of its Restricted Subsidiaries
of Hedging Obligations (y) for the purpose of fixing, hedging or managing
interest rates with respect to any Indebtedness that is permitted by the terms
of this Indenture to be outstanding or (z) for the purpose of hedging, fixing,
managing or capping interest rates in connection with any completed or pending
Receivables Funding Arrangement;

      (13) the guarantee by the Company or any of its Restricted Subsidiaries of
any Indebtedness of the Company or any of its Restricted Subsidiaries (including
any Receivables Entity) that was permitted to be incurred by another provision
of this Section 4.09; provided that if the Indebtedness being guaranteed is
subordinated to or pari passu with the Notes, then the Guarantee will be
subordinated or pari passu, as applicable, to the same extent as the
Indebtedness guaranteed;

      (14) the incurrence by the Company or any of its Restricted Subsidiaries
of Indebtedness constituting reimbursement obligations with respect to letters
of credit, including without limitation in respect of workers' compensation
claims, self-insurance obligations, bankers' acceptances, performance and surety
bonds and guarantees in the ordinary course of business, or as required from
time to time by law or state licensing or regulatory authorities;

      (15) the incurrence by the Company or any of its Restricted Subsidiaries
of Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently drawn against
insufficient funds, so long as such Indebtedness is covered within five business
days;

      (16) the incurrence by the Company or any of its Restricted Subsidiaries
of Indebtedness arising from agreements of the Company or a Restricted
Subsidiary of the Company providing for indemnification, adjustment or purchase
price or similar obligations, in each case, incurred in connection with the
acquisition or disposition of any business, assets or a Restricted Subsidiary of
the Company in accordance with the terms of this Indenture, other than
guarantees of Indebtedness incurred by any Person acquiring all or any portion
of such business, assets or Restricted Subsidiary for the purposes of financing
such acquisition; provided that, with respect to any such disposition, the
maximum aggregate liability in respect of all such Indebtedness will at no time
exceed the gross proceeds actually received by the Company and its Restricted
Subsidiaries in connection with such disposition;

      (17) the incurrence by the Company or any Guarantor of Indebtedness
evidenced by promissory notes subordinated to the notes issued to current or
former employees, officers, directors or consultants of the Company or any
Subsidiary of the Company (or their respective spouses) in lieu of cash payments
for Equity Interests being repurchased from such Person;

      (18) the incurrence by the Company or any of its Restricted Subsidiaries
of Indebtedness, to the extent the proceeds of such Indebtedness are deposited
and used defease the Notes as described in Article 8 hereof; and

      (19) the incurrence by the Company or any of its Restricted Subsidiaries
of additional Indebtedness in an aggregate principal amount (or accreted value,
as applicable) at any time outstanding, including all Permitted Refinancing
Indebtedness incurred to renew, refund, refinance, replace, defease or discharge
any Indebtedness incurred pursuant to this clause (19), not to exceed $25.0
million.

      The Company will not incur any Indebtedness (including Permitted Debt)
that is contractually subordinated in right of payment to any other Indebtedness
of the Company unless such Indebtedness is also contractually subordinated in
right of payment to the Notes on substantially identical terms; provided,
however, that for purposes of this Section 4.09, including without limitation
Section 4.09(a)

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<PAGE>

hereof, no Indebtedness will be deemed to be contractually subordinated in right
of payment to any other Indebtedness of the Company solely by virtue of being
unsecured or by virtue of being secured on a first or junior Lien basis.

      For purposes of determining compliance with this Section 4.09, in the
event that an item of proposed Indebtedness meets the criteria of more than one
of the categories of Permitted Debt described in clauses (1) through (19) above,
or is entitled to be incurred pursuant to Section 4.09(a) hereof, the Company
will be permitted to classify such item of Indebtedness on the date of its
incurrence, or later reclassify all or a portion of such item of Indebtedness,
in any manner that complies with this Section 4.09. Indebtedness under the HFI
Term Loan outstanding on the date on which Notes are first issued and
authenticated under this Indenture will initially be deemed to have been
incurred on such date in reliance on the exception provided by clause (2) of the
definition of Permitted Debt. Indebtedness incurred from time to time under the
Residual Facilities shall be deemed to be incurred pursuant to Section 4.09(a)
hereof (and not clause (5) of the definition of Permitted Debt) if, at the time
of such incurrence, such Indebtedness could be incurred under Section 4.09(a).
The accrual of interest, the accretion or amortization of original issue
discount, the payment of interest on any Indebtedness in the form of additional
Indebtedness with the same terms, the reclassification of preferred stock as
Indebtedness due to a change in accounting principles, and the payment of
dividends on Disqualified Stock in the form of additional shares of the same
class of Disqualified Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Stock for purposes of this Section
4.09; provided, in each such case, that the amount of any such accrual,
accretion or payment is included in Consolidated Indebtedness for purposes of
the Consolidated Leverage Ratio of the Company as accrued. Notwithstanding any
other provision of this Section 4.09, the maximum amount of Indebtedness that
the Company or any Restricted Subsidiary may incur pursuant to this Section 4.09
will not be deemed to be exceeded solely as a result of fluctuations in exchange
rates or currency values.

            The amount of any Indebtedness outstanding as of any date will be:

            (1) the accreted value of the Indebtedness, in the case of any
Indebtedness issued with original issue discount;

            (2) the principal amount of the Indebtedness, in the case of any
other Indebtedness; and

            (3) in respect of Indebtedness of another Person secured by a Lien
on the assets of the specified Person, the lesser of:

                  (A) the Fair Market Value of such assets at the date of
            determination; and

                  (B) the amount of the Indebtedness of the other Person.

Section 4.10 Asset Sales.

      The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless:

            (1) The Company (or the Restricted Subsidiary, as the case may be)
      receives consideration at the time of the Asset Sale at least equal to the
      Fair Market Value (as determined in good faith by senior management of the
      Company) of the assets or Equity Interests issued or sold or otherwise
      disposed of; and

                                       57
<PAGE>

            (2) at least 75% of the consideration received in the Asset Sale by
      the Company or such Restricted Subsidiary is in the form of cash. For
      purposes of this provision, each of the following will be deemed to be
      cash:

                  (A) any liabilities, as shown on the Company's most recent
            consolidated balance sheet, of the Company or any Restricted
            Subsidiary (other than contingent liabilities and liabilities that
            are by their terms subordinated to the Notes) that are assumed by
            the transferee of any such assets pursuant to a customary novation
            agreement that releases the Company or such Restricted Subsidiary
            from further liability;

                  (B) any securities, notes or other obligations received by the
            Company or any such Restricted Subsidiary from such transferee that
            are converted by the Company or such Restricted Subsidiary into
            cash, to the extent of the cash received in that conversion, within
            180 days following the closing of such Asset Sale; and

                  (C) any stock or assets of the kind referred to in clauses (2)
            or (4) of the next paragraph of this Section 4.10.

      Within 365 days after the receipt of any Net Proceeds from an Asset Sale,
the Company (or the applicable Restricted Subsidiary, as the case may be) may
apply such Net Proceeds, at its option:

            (1) to repay Indebtedness and other Obligations under a Residual
      Facility or the HFI Term Loan;

            (2) to acquire all or substantially all of the assets of, or any
      Capital Stock of, another Permitted Business, if, after giving effect to
      any such acquisition of Capital Stock, the Permitted Business is or
      becomes a Restricted Subsidiary of the Company;

            (3) to make a capital expenditure;

            (4) to acquire other assets that are used or useful in a Permitted
      Business; or

            (5) to make any combination of the applications set forth in the
      immediately preceding clauses (1) through (4).

Pending the final application of any Net Proceeds, the Company may temporarily
reduce revolving credit borrowings under Receivables Funding Arrangements or
otherwise invest the Net Proceeds in any manner that is not prohibited by this
Indenture.

      Any Net Proceeds from Asset Sales that are not applied or invested as
provided in the preceding paragraph of this Section 4.10 will constitute "Excess
Proceeds." When the aggregate amount of Excess Proceeds exceeds $10.0 million,
the Company will make an Asset Sale Offer to all Holders of Notes and, at the
option of the Company (unless otherwise required by the terms thereof), all
holders of other Indebtedness that is pari passu with the Notes containing
provisions similar to those set forth in this Indenture with respect to offers
to purchase or redeem with the proceeds of sales of assets in accordance with
Section 3.09 hereof to purchase the maximum principal amount of Notes and such
other pari passu Indebtedness that may be purchased out of the Excess Proceeds.
The offer price in any Asset Sale Offer will be equal to 100% of the principal
amount plus accrued and unpaid interest and Special Interest, if any, to the
date of purchase, and will be payable in cash. If any Excess Proceeds remain
after consummation of an Asset Sale Offer, the Company may use those Excess
Proceeds for any purpose not otherwise prohibited by this Indenture. If the
aggregate principal amount of Notes and other pari passu

                                       58
<PAGE>

Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess
Proceeds, the Trustee will select the Notes and such other pari passu
Indebtedness to be purchased on a pro rata basis. Upon completion of each Asset
Sale Offer, the amount of Excess Proceeds will be reset at zero.

      The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with each
repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with the provisions of
Section 3.09 hereof or this Section 4.10, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have
breached its obligations under Section 3.09 hereof or this Section 4.10 by
virtue of such compliance.

Section 4.11 Transactions with Affiliates.

      (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or
assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit
of, any Affiliate of the Company (each, an "Affiliate Transaction"), unless:

            (1) the Affiliate Transaction is on terms that are no less favorable
      to the Company or the relevant Restricted Subsidiary than those that would
      have been obtained in a comparable transaction by the Company or such
      Restricted Subsidiary with an unrelated Person; and

            (2) the Company delivers to the Trustee:

                  (A) with respect to any Affiliate Transaction or series of
            related Affiliate Transactions involving aggregate consideration in
            excess of $5.0 million, a resolution of the Board of Directors of
            the Company set forth in an Officers' Certificate certifying that
            such Affiliate Transaction complies with clause (1) of this Section
            4.11(a) and that such Affiliate Transaction has been approved by a
            majority of the disinterested members of the Board of Directors of
            the Company; and

                  (B) with respect to any Affiliate Transaction or series of
            related Affiliate Transactions involving aggregate consideration in
            excess of $20.0 million, an opinion as to the fairness to the
            Company or such Subsidiary of such Affiliate Transaction from a
            financial point of view issued by an accounting, appraisal or
            investment banking firm of national standing.

      (b) The following items will not be deemed to be Affiliate Transactions
and, therefore, will not be subject to the provisions of Section 4.11(a) hereof:

            (1) any employment or other compensation arrangement or agreement,
      employee benefit plan, officer or director indemnification agreement or
      any similar arrangement entered into by the Company or any of its
      Restricted Subsidiaries in the ordinary course of business and payments
      pursuant thereto;

            (2) transactions between or among the Company and/or its Restricted
      Subsidiaries;

                                       59
<PAGE>

            (3) transactions with a Person (other than an Unrestricted
      Subsidiary of the Company) that is an Affiliate of the Company solely
      because the Company owns, directly or through a Restricted Subsidiary, an
      Equity Interest in, or controls, such Person;

            (4) payment of reasonable directors' fees to Persons who are not
      otherwise Affiliates of the Company and the payment of customary
      indemnification to directors and officers of the Company or any direct or
      indirect parent of the Company;

            (5) any issuance of Equity Interests (other than Disqualified Stock)
      of the Company to Affiliates of the Company;

            (6) Restricted Payments that do not violate Section 4.07 hereof;

            (7) loans or advances to employees or consultants in the ordinary
      course of business of the Company or any Restricted Subsidiary of the
      Company in an aggregate principal amount not to exceed $2.0 million at any
      one time outstanding;

            (8) Permitted Payments to Parent;

            (9) any issuance of securities or other payments pursuant to
      employment or other compensation arrangements, stock options and stock
      ownership plans approved by the Board of Directors;

            (10) the grant of stock options, restricted stock, stock
      appreciation rights, phantom stock awards or similar rights to employees,
      directors and consultants approved by the Board of Directors;

            (11) any redemption of Capital Stock held by current or former
      employees, directors or consultants at the time of their death,
      disability, termination of employment or departure from the Board of
      Directors for not in excess of Fair Market Value;

            (12) contracts or agreements with, and payments by the Company or
      any of its Restricted Subsidiaries to, Goldman, Sachs & Co. or any of its
      Affiliates in connection with any financial advisory, financing,
      underwriting or placement services or any other investment banking,
      banking, risk management or similar services (including, without
      limitation, in connection with any Receivables Funding Arrangement), which
      payments are approved by a majority of the Board of Directors in good
      faith;

            (13) transactions pursuant to or contemplated by the Stockholders'
      Agreement as in effect on the Acquisition Closing Date as the same may be
      amended from time to time in any manner no less favorable to the Holders
      of the Notes;

            (14) transactions pursuant to any agreement in effect on the date of
      this Indenture as the same may be amended, modified or replaced from time
      to time in any manner not materially less favorable to the Holders of the
      Notes;

            (15) transactions involving the sale of inventory or services in the
      ordinary course of business from the Company or its Subsidiaries to
      Affiliates of the Principals;

            (16) the payment of customary management, consulting and advisory
      fees and related expenses to the Principals and their Affiliates made
      pursuant to any management, financial

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<PAGE>

      advisory, financing, underwriting or placement agreement (including,
      without limitation, pursuant to the Management Agreement) or in respect of
      other investment banking activities, including without limitation, in
      connection with acquisition or divestitures which are approved by the
      Board of Directors of the Company or such Restricted Subsidiary in good
      faith; provided, however, that all fees payable pursuant to this clause
      (16) do not exceed $5.0 million in the aggregate in any calendar year;

            (17) transactions with customers, clients, suppliers or purchasers
      or sellers of goods or services, in each case in the ordinary course of
      business and otherwise in compliance with the terms of this Indenture that
      are on terms no less favorable than those that would have been obtained in
      a comparable transaction with an unrelated party or that have been
      approved by a majority of the disinterested members of the Board of
      Directors; and

            (18) the transactions contemplated by the Acquisition Agreement, the
      Transactions and the payment of all fees and expenses related to
      consummation thereof.

Section 4.12 Liens.

      The Company will not and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, assume or suffer to
exist or become effective any Lien of any kind (other than Permitted Liens) upon
any of their property or assets, now owned or hereafter acquired, unless all
payments due under this Indenture and the Notes are secured on an equal and
ratable basis with the obligations so secured until such time as such other
obligations (in respect of Indebtedness or otherwise) are no longer secured by a
Lien.

Section 4.13 Business Activities.

      The Company will not, and will not permit any of its Restricted
Subsidiaries to, engage in any business other than Permitted Businesses, except
to such extent as would not be material to the Company and its Restricted
Subsidiaries taken as a whole.

Section 4.14 Corporate Existence.

      Subject to Article 5 hereof, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect:

            (1) its corporate existence, and the corporate, partnership or other
      existence of each of its Subsidiaries, in accordance with the respective
      organizational documents (as the same may be amended from time to time) of
      the Company or any such Subsidiary; and

            (2) the rights (charter and statutory), licenses and franchises of
      the Company and its Subsidiaries; provided, however, that the Company
      shall not be required to preserve any such right, license or franchise, or
      the corporate, partnership or other existence of any of its Subsidiaries,
      if the Board of Directors shall determine that the preservation thereof is
      no longer desirable in the conduct of the business of the Company and its
      Subsidiaries, taken as a whole, and that the loss thereof is not adverse
      in any material respect to the Holders of the Notes.

Section 4.15 Offer to Repurchase Upon Change of Control.

      (a) Upon the occurrence of a Change of Control, the Company will make an
offer (a "Change of Control Offer") to each Holder to repurchase all or any part
(equal to $2,000 or an integral multiple of

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<PAGE>

$1,000 in excess of $2,000) of that Holder's Notes at a purchase price in cash
equal to 101% of the aggregate principal amount of Notes repurchased plus
accrued and unpaid interest and Special Interest, if any, on the Notes
repurchased to the date of purchase, subject to the rights of Holders on the
relevant record date to receive interest due on the relevant interest payment
date the "Change of Control Payment"). Within thirty days following any Change
of Control, the Company will mail a notice to each Holder describing the
transaction or transactions that constitute the Change of Control and stating:

            (1) that the Change of Control Offer is being made pursuant to this
      Section 4.15 and that all Notes tendered will be accepted for payment;

            (2) the purchase price and the purchase date, which shall be no
      earlier than 30 days and no later than 60 days from the date such notice
      is mailed (the "Change of Control Payment Date");

            (3) that any Note not tendered will continue to accrue interest;

            (4) that, unless the Company defaults in the payment of the Change
      of Control Payment, all Notes accepted for payment pursuant to the Change
      of Control Offer will cease to accrue interest after the Change of Control
      Payment Date;

            (5) that Holders electing to have any Notes purchased pursuant to a
      Change of Control Offer will be required to surrender the Notes, with the
      form entitled "Option of Holder to Elect Purchase" attached to the Notes
      completed, or transfer by book-entry transfer, to the Paying Agent at the
      address specified in the notice prior to the close of business on the
      third Business Day preceding the Change of Control Payment Date;

            (6) that Holders will be entitled to withdraw their election if the
      Paying Agent receives, not later than the close of business on the second
      Business Day preceding the Change of Control Payment Date, a telegram,
      telex, facsimile transmission or letter setting forth the name of the
      Holder, the principal amount of Notes delivered for purchase, and a
      statement that such Holder is withdrawing his election to have the Notes
      purchased; and

            (7) that Holders whose Notes are being purchased only in part will
      be issued new Notes equal in principal amount to the unpurchased portion
      of the Notes surrendered, which unpurchased portion must be equal to
      $2,000 in principal amount or an integral multiple of $1,000 in excess of
      $2,000.

      The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change in Control. To the extent that
the provisions of any securities laws or regulations conflict with the
provisions of Sections 3.09 or 4.15 hereof, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have
breached its obligations under Section 3.09 hereof or this Section 4.15 by
virtue of such compliance.

      (b) On the Change of Control Payment Date, the Company will, to the extent
lawful:

      (1)   accept for payment all Notes or portions of Notes properly tendered
            pursuant to the Change of Control Offer;

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      (2)   deposit with the Paying Agent an amount equal to the Change of
            Control Payment in respect of all Notes or portions of Notes
            properly tendered; and

      (3)   deliver or cause to be delivered to the Trustee the Notes properly
            accepted together with an Officers' Certificate stating the
            aggregate principal amount of Notes or portions of Notes being
            purchased by the Company.

      The Paying Agent will promptly mail to each Holder of Notes properly
tendered the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry) to
each Holder a new Note equal in principal amount to any unpurchased portion of
the Notes surrendered, if any; provided that each new Note will be issued in
denominations of $2,000 and integral multiples of $1,000 in excess of $2,000.
The Company will publicly announce the results of the Change of Control Offer on
or as soon as practicable after the Change of Control Payment Date.

      (c) Notwithstanding anything to the contrary in this Section 4.15, the
Company will not be required to make a Change of Control Offer upon a Change of
Control if (1) a third party makes the Change of Control Offer in the manner, at
the times and otherwise in compliance with the requirements set forth in this
Section 4.15 and Section 3.09 hereof, and purchases all Notes properly tendered
and not withdrawn under the Change of Control Offer, or (2) notice of redemption
has been given pursuant to Section 3.07 hereof, unless and until there is a
default in payment of the applicable redemption price. A Change of Control Offer
may be made in advance of a Change of Control, conditional upon consummation of
the Change of Control, if a definitive agreement is in effect for the Change of
Control at the time of making the Change of Control Offer.

Section 4.16 Incurrence of Indebtedness and Issuance of Guarantees by Restricted
Subsidiaries.

      (a) The Company will not permit any of its Restricted Subsidiaries,
      directly or indirectly, to:

            (1) incur any Indebtedness other than Indebtedness under a
            Receivables Funding Arrangement or Credit Enhancement Agreement or
            Indebtedness owed to the Company or another Restricted Subsidiary of
            the Company; or

            (2) Guarantee or pledge any assets to secure the payment of any
            other Indebtedness of the Company or any other Restricted Subsidiary
            of the Company (excluding cross-collateralization between and among
            Receivables Funding Arrangements),

unless, in any such case, the Indebtedness or Guarantee is incurred in
accordance with Section 4.09 hereof and either:

            (1) the Indebtedness incurred or Guaranteed is an aggregate amount
            less than $2.0 million at any time outstanding; or

            (2) such Restricted Subsidiary simultaneously executes and delivers
            a supplemental indenture providing for the Guarantee of the payment
            of the Notes by such Restricted Subsidiary or, if such Restricted
            Subsidiary previously provided such a Subsidiary Guarantee, the
            Subsidiary Guarantee of such Restricted Subsidiary remains in full
            force and effect.

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      (b) The Subsidiary Guarantee of a Guarantor will constitute senior
indebtedness of such Guarantor and, in the case of a Restricted Subsidiary
providing a Guarantee of other Indebtedness of the Company, the Subsidiary
Guarantee will be (1) senior to such Guarantor's Guarantee of or pledge to
secure such other Indebtedness if such other Indebtedness is subordinated to the
Notes, or (2) pari passu with such Guarantor's Guarantee of or pledge to secure
such other Indebtedness if such other Indebtedness is not subordinated to the
Notes.

      (c) The Subsidiary Guarantee of a Guarantor will be automatically and
unconditionally released:

            (1) in connection with any sale or other disposition of all or
            substantially all of the assets of that Guarantor (including by way
            of merger or consolidation) to a Person that is not (either before
            or after giving effect to such transaction) the Company or a
            Restricted Subsidiary of the Company, if the sale or other
            disposition does not violate Sections 3.09 or 4.10 hereof;

            (2) in connection with any sale or other disposition of the Capital
            Stock of that Guarantor to a Person that is not (either before or
            after giving effect to such transaction) the Company or a Restricted
            Subsidiary of the Company so that after such sale the Guarantor
            ceases to be a Subsidiary of the Company or a Restricted Subsidiary
            of the Company, if the sale or other disposition does not violate
            Sections 3.09 or 4.10 hereof;

            (3) if the Company designates any Restricted Subsidiary that is a
            Guarantor to be an Unrestricted Subsidiary in accordance with the
            applicable provisions of this Indenture;

            (4) upon legal defeasance or satisfaction and discharge of this
            Indenture and the Notes as provided in Section 8.02 and Article 11
            hereof; or

            (5) if such Guarantor is released from all underlying Indebtedness
            or Guarantees of Indebtedness giving rise to the execution of a
            Subsidiary Guarantee.

      (d) Notwithstanding Section 4.16(a), if the Company Guarantees
Indebtedness incurred by any of its Restricted Subsidiaries, such Guarantee by
the Company will not require any Restricted Subsidiary to provide a Subsidiary
Guarantee for the Notes.

      (e) The form of such Note Guarantee is attached as Exhibit E hereto.

Section 4.17 Payments for Consent.

      The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an
inducement to any consent, waiver or amendment of any of the terms or provisions
of this Indenture or the Notes unless such consideration is offered to be paid
and is paid to all Holders of the Notes that consent, waive or agree to amend in
the time frame set forth in the solicitation documents relating to such consent,
waiver or agreement.

Section 4.18 Designation of Restricted and Unrestricted Subsidiaries.

      The Board of Directors of the Company may designate any Restricted
Subsidiary to be an Unrestricted Subsidiary if that designation would not cause
a Default. If a Restricted Subsidiary is designated as an Unrestricted
Subsidiary, the aggregate Fair Market Value of all outstanding Investments

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owned by the Company and its Restricted Subsidiaries in the Subsidiary
designated as Unrestricted will be deemed to be an Investment made as of the
time of the designation and will reduce the amount available for Restricted
Payments under Section 4.07 hereof or under one or more clauses of the
definition of Permitted Investments, as determined by the Company. That
designation will only be permitted if the Investment would be permitted at that
time and if the Restricted Subsidiary otherwise meets the definition of an
Unrestricted Subsidiary. The Board of Directors of the Company may redesignate
any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation
would not cause a Default.

      Any designation of a Subsidiary of the Company as an Unrestricted
Subsidiary will be evidenced to the Trustee by filing with the Trustee a
certified copy of a resolution of the Board of Directors giving effect to such
designation and an Officers' Certificate certifying that such designation
complied with the preceding conditions and was permitted by Section 4.07 hereof.
If, at any time, any Unrestricted Subsidiary would fail to meet the preceding
requirements as an Unrestricted Subsidiary, it will thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of
such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the
Company as of such date and, if such Indebtedness is not permitted to be
incurred as of such date under Section 4.09 hereof, the Company will be in
default of such covenant. The Board of Directors of the Company may at any time
designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the
Company; provided that such designation will be deemed to be an incurrence of
Indebtedness by a Restricted Subsidiary of the Company of any outstanding
Indebtedness of such Unrestricted Subsidiary, and such designation will only be
permitted if (1) such Indebtedness would be permitted under the Consolidated
Leverage Ratio test set forth in Section 4.09(a) hereof; and (2) no Default or
Event of Default would be in existence following such designation.

Section 4.19 Limitation on Investment Company Status

      The Company and its Subsidiaries will not take any action, or otherwise
permit to exist any circumstance, that would require the Company to register as
an "investment company" under the Investment Company Act of 1940, as amended.

                                   ARTICLE 5
                                   SUCCESSORS

Section 5.01 Merger, Consolidation, or Sale of Assets.

      The Company will not, directly or indirectly: (1) consolidate or merge
with or into another Person (whether or not the Company is the surviving
corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all
or substantially all of the properties or assets of the Company and its
Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person, unless:

      (1)   either: (A) the Company is the surviving corporation; or (B) the
            Person formed by or surviving any such consolidation or merger (if
            other than the Company) or to which such sale, assignment, transfer,
            lease, conveyance or other disposition has been made is a
            corporation, partnership or limited liability company organized or
            existing under the laws of the United States, any state of the
            United States or the District of Columbia; provided that if the
            Person is a partnership or limited liability company, then a
            corporation wholly owned by such Person organized or existing under
            the laws of the United States, any state of the United States or the
            District of Columbia that does not and will not have any

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            material assets or operations becomes a co-issuer of the Notes
            pursuant to a supplemental indenture substantially in the form set
            forth in this Indenture;

      (2)   the Person formed by or surviving any such consolidation or merger
            (if other than the Company) or the Person to which such sale,
            assignment, transfer, lease, conveyance or other disposition has
            been made assumes all the obligations of the Company under the
            Notes, this Indenture and the Registration Rights Agreement pursuant
            to agreements reasonably satisfactory to the Trustee;

      (3)   immediately after such transaction, no Default or Event of Default
            exists; and

      (4)   the Company or the Person formed by or surviving any such
            consolidation or merger (if other than the Company), or to which
            such sale, assignment, transfer, lease, conveyance or other
            disposition has been made, on the date of such transaction after
            giving pro forma effect thereto and any related financing
            transactions would either:

                  (a)   be permitted to incur at least $1.00 of additional
                        Indebtedness pursuant to the Consolidated Leverage Ratio
                        test set forth in Section 4.09(a) hereof; or

                  (b)   have a Consolidated Leverage Ratio not more than the
                        Consolidated Leverage Ratio of the Company immediately
                        prior to such merger, sale, assignment, transfer
                        conveyance or other disposition, including any related
                        financing transactions.

      This Section 5.01 will not apply to:

      (1)   a merger of the Company with an Affiliate solely for the purpose of
            reincorporating the Company in another jurisdiction; or

      (2)   any consolidation or merger, or any sale, assignment, transfer,
            conveyance, lease or other disposition of assets between or among
            the Company and its Restricted Subsidiaries.

      Upon consummation of the merger of Triad Acquisition Corp. with and into
Triad Financial Corporation on the Acquisition Closing Date, Triad Financial
Corporation will succeed to Triad Acquisition Corp. as the issuer of the Notes
issued pursuant to this Indenture. Promptly thereafter, upon authorization,
execution and delivery of a supplemental indenture to this Indenture
substantially in the form set forth in Exhibit G hereto, dated the Acquisition
Closing Date, among Triad Financial Corporation and the Trustee, and upon
compliance with the provisions of Section 9.01 hereof, Triad Financial
Corporation will assume all of the obligations of Triad Acquisition Corp. under
the Notes and this Indenture and will succeed to and may exercise every right
and power of Triad Acquisition Corp. hereunder and thereunder.

Section 5.02 Successor Corporation Substituted.

      Upon any consolidation or merger, or any sale, assignment, transfer,
lease, conveyance or other disposition of all or substantially all of the
properties or assets of the Company in a transaction that is subject to, and
that complies with the provisions of, Section 5.01 hereof, the successor Person
formed by such consolidation or into or with which the Company is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition is
made shall succeed to, and be substituted for (so that from and after the date
of such consolidation, merger, sale, assignment, transfer, lease, conveyance or

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other disposition, the provisions of this Indenture referring to the "Company"
shall refer instead to the successor Person and not to the Company), and may
exercise every right and power of the Company under this Indenture with the same
effect as if such successor Person had been named as the Company herein;
provided, however, that the predecessor Company shall not be relieved from the
obligation to pay the principal of and interest on the Notes except in the case
of a sale of all of the Company's assets in a transaction that is subject to,
and that complies with the provisions of, Section 5.01 hereof.

                                   ARTICLE 6
                              DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

      Each of the following is an "Event of Default":

      (1)   default for 30 days in the payment when due of interest on, or
            Special Interest, if any, with respect to, the Notes;

      (2)   default in the payment when due (at maturity, upon redemption or
            otherwise) of the principal of, or premium, if any, on, the Notes;

      (3)   failure by the Company or any of its Restricted Subsidiaries for 30
            days after notice to the Company by the Trustee or the Holders of at
            least 25% in aggregate principal amount of the Notes then
            outstanding voting as a single class in accordance with the
            provisions set forth below to comply with the provisions described
            in Sections 4.07, 4.09, 4.10, 4.15 or 5.01 hereof;

      (4)   failure by the Company or any of its Restricted Subsidiaries for 60
            days after notice to the Company by the Trustee or the Holders of at
            least 25% in aggregate principal amount of the Notes then
            outstanding voting as a single class in accordance with Section 6.02
            to comply with any of the agreements in this Indenture other than
            the events that are the subject of clause (1), (2) or (3) of this
            Section 6.01;

      (5)   default under any mortgage, indenture or instrument under which
            there may be issued or by which there may be secured or evidenced
            any Indebtedness for money borrowed by the Company or any of its
            Restricted Subsidiaries (or the payment of which is guaranteed by
            the Company or any of its Restricted Subsidiaries), whether such
            Indebtedness or Guarantee now exists, or is created after the date
            of this Indenture, if that default:

                  (a)   is caused by a failure to pay the principal amount of
                        such Indebtedness at final stated maturity within any
                        applicable grace period provided in such Indebtedness (a
                        "Payment Default"); or

                  (b)   results in the acceleration of such Indebtedness prior
                        to its express maturity, and the principal amount of any
                        such Indebtedness, together with the principal amount of
                        any other such Indebtedness under which there has been a
                        Payment Default or the maturity of which has been so
                        accelerated, aggregates $20.0 million or more;

      (6)   failure by the Company or any of its Restricted Subsidiaries to pay
            final judgments entered by a court or courts of competent
            jurisdiction aggregating in excess of $20.0

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            million, which judgments are not paid, discharged or stayed for a
            period of 60 days after such judgments become final and
            non-appealable;

      (7)   the Company or any of its Restricted Subsidiaries that is a
            Significant Subsidiary or any group of Restricted Subsidiaries of
            the Company that, taken together, would constitute a Significant
            Subsidiary pursuant to or within the meaning of Bankruptcy Law:

                  (a)   commences a voluntary case,

                  (b)   consents to the entry of an order for relief against it
                        in an involuntary case,

                  (c)   consents to the appointment of a custodian of it or for
                        all or substantially all of its property,

                  (d)   makes a general assignment for the benefit of its
                        creditors, or

                  (e)   generally is not paying its debts as they become due;

      (8)   a court of competent jurisdiction enters an order or decree under
            any Bankruptcy Law that:

                  (a)   is for relief against the Company or any of its
                        Restricted Subsidiaries that is a Significant Subsidiary
                        or any group of Restricted Subsidiaries of the Company
                        that, taken together, would constitute a Significant
                        Subsidiary in an involuntary case;

                  (b)   appoints a custodian of the Company or any of its
                        Restricted Subsidiaries that is a Significant Subsidiary
                        or any group of Restricted Subsidiaries of the Company
                        that, taken together, would constitute a Significant
                        Subsidiary or for all or substantially all of the
                        property of the Company or any of its Restricted
                        Subsidiaries that is a Significant Subsidiary or any
                        group of Restricted Subsidiaries of the Company that,
                        taken together, would constitute a Significant
                        Subsidiary; or

                  (c)   orders the liquidation of the Company or any of its
                        Restricted Subsidiaries that is a Significant Subsidiary
                        or any group of Restricted Subsidiaries of the Company
                        that, taken together, would constitute a Significant
                        Subsidiary;

            and the order or decree remains unstayed and in effect for 60
            consecutive days.

Section 6.02 Acceleration.

      In the case of an Event of Default specified in clause (7) or (8) of
Section 6.01 hereof, with respect to the Company, any Restricted Subsidiary of
the Company that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes will become due and payable immediately
without further action or notice. If any other Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the then outstanding Notes may declare all the Notes to be due and
payable immediately.

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      Upon any such declaration, the Notes shall become due and payable
immediately.

      The Holders of a majority in aggregate principal amount of the then
outstanding Notes by written notice to the Trustee may, on behalf of all of the
Holders, rescind an acceleration and its consequences, if the rescission would
not conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal, interest or premium or Special Interest, if
any, that has become due solely because of the acceleration) have been cured or
waived.

Section 6.03 Other Remedies.

      If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium and Special
Interest, if any, and interest on the Notes or to enforce the performance of any
provision of the Notes or this Indenture.

      The Trustee may maintain a proceeding even if it does not possess any of
the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy
accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

Section 6.04 Waiver of Past Defaults.

      Holders of not less than a majority in aggregate principal amount of the
then outstanding Notes by notice to the Trustee may on behalf of the Holders of
all of the Notes waive an existing Default or Event of Default and its
consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium and Special Interest, if any, or interest
on, the Notes (including in connection with an offer to purchase); provided,
however, that the Holders of a majority in aggregate principal amount of the
then outstanding Notes may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration. Upon
any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon.

Section 6.05 Control by Majority.

      Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any
trust or power conferred on it. However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture that the Trustee determines
may be unduly prejudicial to the rights of other Holders of Notes or that may
involve the Trustee in personal liability.

Section 6.06 Limitation on Suits.

      A Holder may pursue a remedy with respect to this Indenture or the Notes
only if:

            (1) such Holder gives to the Trustee written notice that an Event of
      Default is continuing;

            (2) Holders of at least 25% in aggregate principal amount of the
      then outstanding Notes make a written request to the Trustee to pursue the
      remedy;

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            (3) such Holder or Holders offer and, if requested, provide to the
      Trustee security or indemnity reasonably satisfactory to the Trustee
      against any loss, liability or expense;

            (4) the Trustee does not comply with the request within 60 days
      after receipt of the request and the offer of security or indemnity; and

            (5) during such 60-day period, Holders of a majority in aggregate
      principal amount of the then outstanding Notes do not give the Trustee a
      direction inconsistent with such request.

      A Holder of a Note may not use this Indenture to prejudice the rights of
another Holder of a Note or to obtain a preference or priority over another
Holder of a Note.

Section 6.07 Rights of Holders of Notes to Receive Payment.

      Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of principal, premium and Special Interest,
if any, and interest on the Note, on or after the respective due dates expressed
in the Note (including in connection with an offer to purchase), or to bring
suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder.

Section 6.08 Collection Suit by Trustee.

      If an Event of Default specified in Section 6.01(1) or (2) hereof occurs
and is continuing, the Trustee is authorized to recover judgment in its own name
and as trustee of an express trust against the Company for the whole amount of
principal of, premium and Special Interest, if any, and interest remaining
unpaid on, the Notes and interest on overdue principal and, to the extent
lawful, interest and 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 Trustee, its agents and counsel.

Section 6.09 Trustee May File Proofs of Claim.

      The Trustee is authorized 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
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders of the Notes allowed in any judicial proceedings relative to the Company
(or any other obligor upon the Notes), its creditors or its property and shall
be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee, and in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.07 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall
be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be
entitled to receive in such proceeding whether in liquidation or under any plan
of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding.

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Section 6.10 Priorities.

      If the Trustee collects any money pursuant to this Article 6, it shall pay
out the money in the following order:

            First: to the Trustee, its agents and attorneys for amounts due
      under Section 7.07 hereof, including payment of all compensation, expenses
      and liabilities incurred, and all advances made, by the Trustee and the
      costs and expenses of collection;

            Second: to Holders of Notes for amounts due and unpaid on the Notes
      for principal, premium and Special Interest, if any, and interest,
      ratably, without preference or priority of any kind, according to the
      amounts due and payable on the Notes for principal, premium and Special
      Interest, if any and interest, respectively; and

            Third: to the Company or to such party as a court of competent
      jurisdiction shall direct.

      The Trustee may fix a record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.10.

Section 6.11 Undertaking for Costs.

      In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as a Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of
a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in
aggregate principal amount of the then outstanding Notes.

                                   ARTICLE 7
                                    TRUSTEE

Section 7.01 Duties of Trustee.

      (a) If an Event of Default has occurred and is continuing, the Trustee
will exercise such of the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in its exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs.

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

            (1) the duties of the Trustee will be determined solely by the
      express provisions of this Indenture and the Trustee need perform only
      those duties that are specifically set forth in this Indenture and no
      others, and no implied covenants or obligations shall be read into this
      Indenture against the Trustee; and

            (2) in the absence of bad faith on its part, the Trustee may
      conclusively rely, as to the truth of the statements and the correctness
      of the opinions expressed therein, upon certificates or opinions furnished
      to the Trustee and conforming to the requirements of this Indenture.

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      However, the Trustee will examine the certificates and opinions to
      determine whether or not they conform to the requirements of this
      Indenture.

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

            (1) this paragraph does not limit the effect of paragraph (b) of
      this Section 7.01;

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

            (3) the Trustee will 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 6.05 hereof.

      (d) Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee is subject to paragraphs (a),
(b), and (c) of this Section 7.01.

      (e) No provision of this Indenture will require the Trustee to expend or
risk its own funds or incur any liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers, if it has
reasonable grounds to believe that repayment of such funds or indemnity
reasonably satisfactory to it against such risk or liability is not assured to
it. The Trustee will be under no obligation to exercise any of its rights and
powers under this Indenture at the request of any Holders, unless such Holder
has offered to the Trustee security and indemnity satisfactory to the Trustee
against any loss, liability or expense.

      (f) The Trustee will not be liable for interest on any money received by
it except as the Trustee may agree in writing with the Company. Money held in
trust by the Trustee need not be segregated from other funds except to the
extent required by law.

Section 7.02 Rights of Trustee.

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

      (b) Before the Trustee acts or refrains from acting, it may require an
Officers' Certificate or an Opinion of Counsel or both. The Trustee will not be
liable for any action it takes or omits to take in good faith in reliance on
such Officers' Certificate or Opinion of Counsel. The Trustee may consult with
counsel and the written advice of such counsel or any Opinion of Counsel will be
full and complete authorization and protection from liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

      (c) The Trustee may act through its attorneys and agents and will not be
responsible for the misconduct or negligence of any agent appointed with due
care.

      (d) The Trustee will not be liable for any action it takes or omits to
take in good faith that it believes to be authorized or within discretions or
the rights or powers conferred upon it by this Indenture.

      (e) Unless otherwise specifically provided in this Indenture, any demand,
request, direction or notice from the Company will be sufficient if signed by an
Officer of the Company.

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      (f) The Trustee will 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 Holders unless such Holders have offered to the Trustee reasonable indemnity
or security against the losses, liabilities and expenses that might be incurred
by it in compliance with such request or direction.

      (g) The Trustee shall not be required to take notice or be deemed to have
notice or knowledge of any default (except an event of non-payment) or Event of
Default unless a Responsible Officer of the Trustee shall have received written
notice or obtained actual knowledge thereof. In the absence of receipt of such
notice or actual knowledge, the Trustee may conclusively assume that there is no
default or Event of Default.

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

Section 7.03 Individual Rights of Trustee.

      The Trustee in its individual or any other capacity may become the owner
or pledgee of Notes and may otherwise deal with the Company or any Affiliate of
the Company with the same rights it would have if it were not Trustee. However,
in the event that the Trustee acquires any conflicting interest it must
eliminate such conflict within 90 days, apply to the SEC for permission to
continue as trustee (if this Indenture has been qualified under the TIA) or
resign. Any Agent may do the same with like rights and duties. The Trustee is
also subject to Sections 7.10 and 7.11 hereof.

Section 7.04 Trustee's Disclaimer.

      The Trustee will not be responsible for and makes no representation as to
the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Company's use of the proceeds from the Notes or any money
paid to the Company or upon the Company's direction under any provision of this
Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be
responsible for any statement or recital herein or any statement in the Notes or
any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication.

Section 7.05 Notice of Defaults.

      If a Default or Event of Default occurs and is continuing and if it is
known to a Responsible Officer of the Trustee, the Trustee will mail to Holders
of Notes a notice of the Default or Event of Default within 90 days after it
occurs. Except in the case of a Default or Event of Default in payment of
principal of, premium or Special Interest, if any, or interest on, any Note, the
Trustee may withhold the notice if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the
interests of the Holders of the Notes.

Section 7.06 Reports by Trustee to Holders of the Notes.

      (a) Within 60 days after each May 15 beginning with the May 15 following
the date of this Indenture, and for so long as Notes remain outstanding, the
Trustee will mail to the Holders of the Notes a brief report dated as of such
reporting date that complies with TIA Section 313(a) (but if no event described
in TIA Section 313(a) has occurred within the twelve months preceding the
reporting date, no report need be transmitted). The Trustee also will comply
with TIA Section 313(b)(2). The Trustee will also transmit by mail all reports
as required by TIA Section 313(c).

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      (b) A copy of each report at the time of its mailing to the Holders of
Notes will be mailed by the Trustee to the Company and filed by the Trustee with
the SEC and each stock exchange on which the Notes are listed in accordance with
TIA Section 313(d). The Company will promptly notify the Trustee when the Notes
are listed on any stock exchange.

Section 7.07 Compensation and Indemnity.

      (a) The Company will pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder. The
Trustee's compensation will not be limited by any law on compensation of a
trustee of an express trust. The Company will reimburse the Trustee promptly
upon request for all reasonable disbursements, advances and expenses incurred or
made by it in addition to the compensation for its services. Such expenses will
include the reasonable compensation, disbursements and expenses of the Trustee's
agents and counsel.

      (b) The Company and the Guarantors, if any, will indemnify the Trustee
against any and all losses, liabilities or expenses incurred by it arising out
of or in connection with the acceptance or administration of its duties under
this Indenture, including the costs and expenses of enforcing this Indenture
against the Company and the Guarantors, if any, (including this Section 7.07)
and defending itself against any claim (whether asserted by the Company and the
Guarantors, if any,, any Holder or any other Person) or liability in connection
with the exercise or performance of any of its powers or duties hereunder,
except to the extent any such loss, liability or expense may be attributable to
its negligence or bad faith. The Trustee will notify the Company promptly of any
claim for which it may seek indemnity. Failure by the Trustee to so notify the
Company will not relieve the Company and the Guarantors, if any, of its
obligations hereunder. The Company and the Guarantors, if any, will defend the
claim and the Trustee will cooperate in the defense. The Trustee may have
separate counsel and the Company will pay the reasonable fees and expenses of
such counsel. Neither the Company nor any Guarantor need pay for any settlement
made without its consent, which consent will not be unreasonably withheld.

      (c) The obligations of the Company and the Guarantors, if any, under this
Section 7.07 will survive the satisfaction and discharge of this Indenture.

      (d) To secure the Company's and the Guarantors', if any, payment
obligations in this Section 7.07, the Trustee will have a Lien prior to the
Notes on all money or property held or collected by the Trustee, except that
held in trust to pay principal and interest on particular Notes. Such Lien will
survive the satisfaction and discharge of this Indenture.

      (e) When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(7) or (8) hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and
counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

      (f) The Trustee will comply with the provisions of TIA Section 313(b)(2)
to the extent applicable.

Section 7.08 Replacement of Trustee.

      (a) A resignation or removal of the Trustee and appointment of a successor
Trustee will become effective only upon the successor Trustee's acceptance of
appointment as provided in this Section 7.08.

      (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Company. The Holders of a majority
in aggregate principal amount of the then

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outstanding Notes may remove the Trustee by so notifying the Trustee and the
Company in writing. The Company may remove the Trustee if:

            (1) the Trustee fails to comply with Section 7.10 hereof;

            (2) the Trustee is adjudged a bankrupt or an insolvent or an order
      for relief is entered with respect to the Trustee under any Bankruptcy
      Law;

            (3) a custodian or public officer takes charge of the Trustee or its
      property; or

            (4) the Trustee becomes incapable of acting.

      (c) If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, the Company will promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders
of a majority in aggregate principal amount of the then outstanding Notes may
appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

      (d) If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company, or
the Holders of at least 10% in aggregate principal amount of the then
outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

      (e) If the Trustee, after written request by any Holder who has been a
Holder for at least six months, fails to comply with Section 7.10 hereof, such
Holder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

      (f) A successor Trustee will deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the
successor Trustee will have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee will mail a notice of its succession
to Holders. The retiring Trustee will promptly transfer all property held by it
as Trustee to the successor Trustee; provided all sums owing to the Trustee
hereunder have been paid and subject to the Lien provided for in Section 7.07
hereof. Notwithstanding replacement of the Trustee pursuant to this Section
7.08, the Company's obligations under Section 7.07 hereof will continue for the
benefit of the retiring Trustee.

Section 7.09 Successor Trustee by Merger, etc.

      If the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act will be the successor Trustee.

Section 7.10 Eligibility; Disqualification.

      There will at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or
of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $100.0
million as set forth in its most recent published annual report of condition.

      This Indenture will always have a Trustee who satisfies the requirements
of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section
310(b).

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Section 7.11 Preferential Collection of Claims Against Company.

      The Trustee is subject to TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent indicated therein.

                                   ARTICLE 8
                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.

      The Company may at any time, at the option of its Board of Directors
evidenced by a resolution set forth in an Officers' Certificate, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon
compliance with the conditions set forth below in this Article 8.

Section 8.02 Legal Defeasance and Discharge.

      Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company and the Guarantors, if any, will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
be deemed to have been discharged from its obligations with respect to all
outstanding Notes (including the Subsidiary Guarantees, if any), on the date the
conditions set forth below are satisfied (hereinafter, "Legal Defeasance"). For
this purpose, Legal Defeasance means that the Company and the Guarantors, if
any, will be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes (including the Subsidiary Guarantees, if
any), which will thereafter be deemed to be "outstanding" only for the purposes
of Section 8.05 hereof and the other Sections of this Indenture referred to in
clauses (1) and (2) below, and to have satisfied all its other obligations under
such Notes, the Subsidiary Guarantees, if any, and this Indenture (and the
Trustee, on demand of and at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following provisions which
will survive until otherwise terminated or discharged hereunder:

            (1)   the rights of Holders of outstanding Notes to receive payments
                  in respect of the principal of, or interest or premium and
                  Special Interest, if any, on, such Notes when such payments
                  are due from the trust referred to in Section 8.04 hereof;

            (2)   the Company's obligations with respect to such Notes under
                  Article 2 and Section 4.02 hereof;

            (3)   the rights, powers, trusts, duties and immunities of the
                  Trustee hereunder, and the Company's and the Guarantors', if
                  any, obligations in connection therewith; and

            (4)   this Article 8.

      Subject to compliance with this Article 8, the Company may exercise its
option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

Section 8.03 Covenant Defeasance.

      Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Company and each of the Guarantors, if any,
will, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be released from its obligations under the covenants contained in
Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17 and 4.18
hereof and clause (4) of Section 5.01

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<PAGE>

hereof with respect to the outstanding Notes on and after the date the
conditions set forth in Section 8.04 hereof are satisfied (hereinafter,
"Covenant Defeasance"), and the Notes will thereafter be deemed not
"outstanding" for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such
covenants, but will continue to be deemed "outstanding" for all other purposes
hereunder (it being understood that such Notes will not be deemed outstanding
for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes and Subsidiary Guarantees, if any, the Company
and the Guarantors, if any, may omit to comply with and will have no liability
in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to
any such covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document and such omission to comply will
not constitute a Default or an Event of Default under Section 6.01 hereof, but,
except as specified above, the remainder of this Indenture and such Notes and
Subsidiary Guarantees, if any, will be unaffected thereby. In addition, upon the
Company's exercise under Section 8.01 hereof of the option applicable to this
Section 8.03, subject to the satisfaction of the conditions set forth in Section
8.04 hereof, Sections 6.01(3), 6.01(5) and 6.01(6) hereof will not constitute
Events of Default.

Section 8.04 Conditions to Legal or Covenant Defeasance.

      In order to exercise either Legal Defeasance or Covenant Defeasance under
either Section 8.02 or 8.03 hereof:

            (1) the Company must irrevocably deposit with the Trustee, in trust,
      for the benefit of the Holders, cash in U.S. dollars, non-callable
      Government Securities, or a combination thereof, in such amounts as will
      be sufficient, in the opinion of a nationally recognized investment bank,
      appraisal firm, or firm of independent public accountants, to pay the
      principal of, premium and Special Interest, if any, and interest on, the
      outstanding Notes on the stated date for payment thereof or on the
      applicable redemption date, as the case may be, and the Company must
      specify whether the Notes are being defeased to such stated date for
      payment or to a particular redemption date;

            (2) in the case of an election under Section 8.02 hereof, the
      Company must deliver to the Trustee an Opinion of Counsel confirming that:

                  (A) the Company has received from, or there has been published
            by, the Internal Revenue Service a ruling; or

                  (B) since the date of this Indenture, there has been a change
            in the applicable federal income tax law,

            in either case to the effect that, and based thereon such Opinion of
            Counsel shall confirm that, the Holders of the outstanding Notes
            will not recognize income, gain or loss for federal income tax
            purposes as a result of such Legal Defeasance and will be subject to
            federal income tax on the same amounts, in the same manner and at
            the same times as would have been the case if such Legal Defeasance
            had not occurred;

            (3) in the case of an election under Section 8.03 hereof, the
      Company must deliver to the Trustee an Opinion of Counsel confirming that
      the Holders of the outstanding Notes will not recognize income, gain or
      loss for federal income tax purposes as a result of such Covenant
      Defeasance and will be subject to federal income tax on the same amounts,
      in the same manner

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<PAGE>

      and at the same times as would have been the case if such Covenant
      Defeasance had not occurred;

            (4) no Default or Event of Default shall have occurred and be
      continuing on the date of such deposit (other than a Default or Event of
      Default resulting from the borrowing of funds to be applied to such
      deposit) and the deposit will not result in a breach or violation of, or
      constitute a default under, any other instrument to which the Company or
      any Guarantor, if any, is a party or by which the Company or any
      Guarantor, if any, is bound;

            (5) such Legal Defeasance or Covenant Defeasance will not result in
      a breach or violation of, or constitute a default under, any material
      agreement or instrument (other than this Indenture) to which the Company
      or any of its Subsidiaries is a party or by which the Company or any of
      its Subsidiaries is bound;

            (6) the Company must deliver to the Trustee an Officers' Certificate
      stating that the deposit was not made by the Company with the intent of
      preferring the Holders of Notes over the other creditors of the Company
      with the intent of defeating, hindering, delaying or defrauding any
      creditors of the Company or others; and

            (7) the Company must deliver to the Trustee an Officers' Certificate
      and an Opinion of Counsel, each stating that all conditions precedent
      relating to the Legal Defeasance or the Covenant Defeasance have been
      complied with.

Section 8.05 Deposited Money and Government Securities to be Held in Trust;
Other Miscellaneous Provisions.

      Subject to Section 8.06 hereof, all money and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the
"Trustee") pursuant to Section 8.04 hereof in respect of the outstanding Notes
will be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as Paying Agent) as the
Trustee may determine, to the Holders of such Notes of all sums due and to
become due thereon in respect of principal, premium and Special Interest, if
any, and interest, but such money need not be segregated from other funds except
to the extent required by law.

      The Company will pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and
interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

      Notwithstanding anything in this Article 8 to the contrary, the Trustee
will deliver or pay to the Company from time to time upon the request of the
Company any money or non-callable Government Securities held by it as provided
in Section 8.04 hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section
8.04(1) hereof), are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

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Section 8.06 Repayment to Company.

      Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of, premium or Special
Interest, if any, or interest on, any Note and remaining unclaimed for two years
after such principal, premium or Special Interest, if any, or interest has
become due and payable shall be paid to the Company on its request or (if then
held by the Company) will be discharged from such trust; and the Holder of such
Note will thereafter be permitted to look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, will
thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the
Company cause to be published once, in the New York Times and The Wall Street
Journal (national edition), notice that such money remains unclaimed and that,
after a date specified therein, which will not be less than 30 days from the
date of such notification or publication, any unclaimed balance of such money
then remaining will be repaid to the Company.

Section 8.07 Reinstatement.

      If the Trustee or Paying Agent is unable to apply any U.S. dollars or
non-callable Government Securities in accordance with Section 8.02 or 8.03
hereof, as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company's and the Guarantors', if any, obligations under
this Indenture and the Notes and the Subsidiary Guarantees, if any, will be
revived and reinstated as though no deposit had occurred pursuant to Section
8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted
to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the
case may be; provided, however, that, if the Company makes any payment of
principal of, premium or Special Interest, if any, or interest on, any Note
following the reinstatement of its obligations, the Company will be subrogated
to the rights of the Holders of such Notes to receive such payment from the
money held by the Trustee or Paying Agent.

                                   ARTICLE 9
                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 Without Consent of Holders of Notes.

      Notwithstanding Section 9.02 of this Indenture, the Company and the
Trustee may amend or supplement this Indenture or the Notes without the consent
of any Holder of Note:

            (1) to cure any ambiguity, defect or inconsistency;

            (2) to provide for uncertificated Notes in addition to or in place
      of certificated Notes;

            (3) to provide for the assumption of the Company's obligations to
      the Holders of the Notes by a successor to the Company pursuant to Article
      5 hereof;

            (4) to make any change that would provide any additional rights or
      benefits to the Holders of the Notes or that does not adversely affect the
      legal rights hereunder of any Holder;

            (5) to comply with requirements of the SEC in order to effect or
      maintain the qualification of this Indenture under the TIA;

            (6) to conform the text of this Indenture or the Notes to any
      provision of the "Description of Notes" section of the Company's Offering
      Circular dated April 27, 2005, relating to the initial

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<PAGE>

      offering of the Notes, to the extent that such provision in that
      "Description of Notes" was intended to be a verbatim recitation of a
      provision of this Indenture or the Notes;

            (7) to provide for the issuance of Additional Notes in accordance
      with the limitations set forth in this Indenture as of the date hereof; or

            (8) to allow any Restricted Subsidiary of the Company to execute a
      supplemental indenture and/or a Subsidiary Guarantee with respect to the
      Notes.

      Upon the request of the Company accompanied by a resolution of its Board
of Directors authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the Trustee of the documents described in Section
7.02 hereof, the Trustee will join with the Company in the execution of any
amended or supplemental indenture authorized or permitted by the terms of this
Indenture and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee will not be obligated to enter into
such amended or supplemental indenture that affects its own rights, duties or
immunities under this Indenture or otherwise.

Section 9.02 With Consent of Holders of Notes.

      Except as provided below in this Section 9.02, the Company and the Trustee
may amend or supplement this Indenture (including, without limitation, Sections
3.09, 4.10 and 4.15 hereof) and the Notes with the consent of the Holders of at
least a majority in aggregate principal amount of the then outstanding Notes
(including, without limitation, Additional Notes, if any) voting as a single
class (including, without limitation, consents obtained in connection with a
tender offer or exchange offer for, or purchase of, the Notes), and, subject to
Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other
than a Default or Event of Default in the payment of the principal of, premium
or Special Interest, if any, or interest on, the Notes, except a payment default
resulting from an acceleration that has been rescinded) or compliance with any
provision of this Indenture or the Notes may be waived with the consent of the
Holders of a majority in aggregate principal amount of the then outstanding
Notes (including, without limitation, Additional Notes, if any) voting as a
single class (including, without limitation, consents obtained in connection
with a tender offer or exchange offer for, or purchase of, the Notes). Section
2.08 hereof shall determine which Notes are considered to be "outstanding" for
purposes of this Section 9.02.

      Upon the request of the Company accompanied by a resolution of its Board
of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the
Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by
the Trustee of the documents described in Section 7.02 hereof, the Trustee will
join with the Company in the execution of such amended or supplemental indenture
unless such amended or supplemental indenture directly affects the Trustee's own
rights, duties or immunities under this Indenture or otherwise, in which case
the Trustee may in its discretion, but will not be obligated to, enter into such
amended or supplemental Indenture.

      It is not be necessary for the consent of the Holders of Notes under this
Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it is sufficient if such consent approves the
substance thereof.

      After an amendment, supplement or waiver under this Section 9.02 becomes
effective, the Company will mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of
the Company to mail such notice, or any defect therein, will not, however, in
any way impair or affect the validity of any such amended or supplemental
indenture or

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<PAGE>

waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in
aggregate principal amount of the Notes then outstanding voting as a single
class may waive compliance in a particular instance by the Company with any
provision of this Indenture or the Notes. However, without the consent of each
Holder affected, an amendment, supplement or waiver under this Section 9.02 may
not (with respect to any Notes held by a non-consenting Holder):

            (1) reduce the principal amount of Notes whose Holders must consent
      to an amendment, supplement or waiver;

            (2) reduce the principal of or change the fixed maturity of any Note
      or alter or waive any of the provisions with respect to the redemption of
      the Notes (except as provided above with respect to Sections 3.09, 4.10
      and 4.15 hereof);

            (3) reduce the rate of or change the time for payment of interest,
      including default interest, on any Note;

            (4) waive a Default or Event of Default in the payment of principal
      of, or premium or Special Interest, if any, or interest on, the Notes
      (except a rescission of acceleration of the Notes by the Holders of at
      least a majority in aggregate principal amount of the then outstanding
      Notes and a waiver of the payment default that resulted from such
      acceleration);

            (5) make any Note payable in money other than that stated in the
      Notes;

            (6) make any change in the provisions of this Indenture relating to
      waivers of past Defaults or the rights of Holders of Notes to receive
      payments of principal of, or interest or premium or Special Interest, if
      any, on, the Notes;

            (7) waive a redemption payment with respect to any Note (other than
      a payment required by Sections 3.09, 4.10 or 4.15 hereof); or

            (8) make any change in the preceding amendment and waiver
      provisions.

Section 9.03 Compliance with Trust Indenture Act.

      Every amendment or supplement to this Indenture or the Notes will be set
forth in a amended or supplemental indenture that complies with the TIA as then
in effect.

Section 9.04 Revocation and Effect of Consents.

      Until an amendment, supplement or waiver becomes effective, a consent to
it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same
debt as the consenting Holder's Note, even if notation of the consent is not
made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written
notice of revocation before the date the amendment, supplement or waiver becomes
effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

Section 9.05 Notation on or Exchange of Notes.

      The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee

                                       81
<PAGE>

shall, upon receipt of an Authentication Order, authenticate new Notes that
reflect the amendment, supplement or waiver.

      Failure to make the appropriate notation or issue a new Note will not
affect the validity and effect of such amendment, supplement or waiver.

Section 9.06 Trustee to Sign Amendments, etc.

      The Trustee will sign any amended or supplemental indenture authorized
pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company
may not sign an amended or supplemental indenture until the Board of Directors
of the Company approves it. In executing any amended or supplemental indenture,
the Trustee will be entitled to receive and (subject to Section 7.01 hereof)
will be fully protected in relying upon, in addition to the documents required
by Section 12.04 hereof, an Officers' Certificate and an Opinion of Counsel
stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture.

                                   ARTICLE 10
                                 NOTE GUARANTEES

Section 10.01. Guarantee.

      (a) Subject to Section 4.16 and this Article 10, each of the Guarantors
hereby, jointly and severally, unconditionally guarantees to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this
Indenture, the Notes or the obligations of the Company hereunder or thereunder,
that:

            (1) the principal of, premium and Special Interest, if any, and
      interest on, the Notes will be promptly paid in full when due, whether at
      maturity, by acceleration, redemption or otherwise, and interest on the
      overdue principal of and interest on the Notes, if any, if lawful, and all
      other obligations of the Company to the Holders or the Trustee hereunder
      or thereunder will be promptly paid in full or performed, all in
      accordance with the terms hereof and thereof; and

            (2) in case of any extension of time of payment or renewal of any
      Notes or any of such other obligations, that same will be promptly paid in
      full when due or performed in accordance with the terms of the extension
      or renewal, whether at stated maturity, by acceleration or otherwise.

      Failing payment when due of any amount so guaranteed or any performance so
guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a
guarantee of payment and not a guarantee of collection.

      (b) The Guarantors hereby agree that their obligations hereunder are
unconditional, irrespective of the validity, regularity or enforceability of the
Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Company, any action
to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor. Each Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands whatsoever
and covenant that this Note

                                       82
<PAGE>

Guarantee will not be discharged except by complete performance of the
obligations contained in the Notes and this Indenture.

      (c) If any Holder or the Trustee is required by any court or otherwise to
return to the Company, the Guarantors or any custodian, trustee, liquidator or
other similar official acting in relation to either the Company or the
Guarantors, any amount paid by either to the Trustee or such Holder, this Note
Guarantee, to the extent theretofore discharged, will be reinstated in full
force and effect.

      (d) Each Guarantor agrees that it will not be entitled to any right of
subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby. Each
Guarantor further agrees that, as between the Guarantors, on the one hand, and
the Holders and the Trustee, on the other hand, (1) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof
for the purposes of this Subsidiary Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (2) in the event of any declaration of
acceleration of such obligations as provided in Article 6 hereof, such
obligations (whether or not due and payable) will forthwith become due and
payable by the Guarantors for the purpose of this Subsidiary Guarantee. The
Guarantors will have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of
the Holders under the Subsidiary Guarantee.

Section 10.02. Limitation on Guarantor Liability.

      Each Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Subsidiary
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance
for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the
extent applicable to any Subsidiary Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree
that the obligations of such Guarantor will be limited to the maximum amount
that will, after giving effect to such maximum amount and all other contingent
and fixed liabilities of such Guarantor that are relevant under such laws, and
after giving effect to any collections from, rights to receive contribution from
or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under this Article 10, result in the
obligations of such Guarantor under its Subsidiary Guarantee not constituting a
fraudulent transfer or conveyance.

Section 10.03. Execution and Delivery of Subsidiary Guarantee.

      To evidence its Subsidiary Guarantee set forth in Section 10.01 hereof,
each Guarantor hereby agrees that a notation of such Subsidiary Guarantee
substantially in the form attached as Exhibit E hereto will be endorsed by an
Officer of such Guarantor on each Note authenticated and delivered by the
Trustee and that this Indenture will be executed on behalf of such Guarantor by
one of its Officers.

      Each Guarantor hereby agrees that its Subsidiary Guarantee set forth in
Section 10.01 hereof will remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Subsidiary Guarantee.

      If an Officer whose signature is on this Indenture or on the Subsidiary
Guarantee no longer holds that office at the time the Trustee authenticates the
Note on which a Subsidiary Guarantee is endorsed, the Note Guarantee will be
valid nevertheless.

      The delivery of any Note by the Trustee, after the authentication thereof
hereunder, will constitute due delivery of the Subsidiary Guarantee set forth in
this Indenture on behalf of the Guarantors.

                                       83
<PAGE>

      In the event that any Restricted Subsidiary of the Company:

            (1) incurs any Indebtedness other than Indebtedness under a
      Receivables Funding Arrangement or Credit Enhancement Agreement or
      Indebtedness owed to the Company or another Restricted Subsidiary of the
      Company; or

            (2) Guarantees or pledges any assets to secure the payment of any
      other Indebtedness of the Company or any other Restricted Subsidiary of
      the Company (excluding cross-collateralization between and among
      Receivables Funding Arrangements),

if required by Section 4.16 hereof, the Company will cause such Restricted
Subsidiary to comply with the provisions of Section 4.16 hereof and this Article
10 to the fullest extent applicable.

Section 10.04. Guarantors May Consolidate, etc., on Certain Terms.

      Except as otherwise provided in Section 10.05 hereof, no Guarantor may
sell or otherwise dispose of all or substantially all of its assets to, or
consolidate with or merge with or into (whether or not such Guarantor is the
surviving Person) another Person, other than the Company or another Guarantor,
unless:

            (3) immediately after giving effect to such transaction, no Default
      or Event of Default exists; and

            (4) either:

                  (a) subject to Section 10.05 hereof, the Person acquiring the
      property in any such sale or disposition or the Person formed by or
      surviving any such consolidation or merger unconditionally assumes all the
      obligations of that Guarantor under this Indenture, its Subsidiary
      Guarantee and the Registration Rights Agreement on the terms set forth
      herein or therein, pursuant to a supplemental indenture in form and
      substance reasonably satisfactory to the Trustee; or

                  (b) the Net Proceeds of such sale or other disposition are
      applied in accordance with the applicable provisions of this Indenture,
      including without limitation, Section 4.10 hereof.

      In case of any such consolidation, merger, sale or conveyance and upon the
assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the
Subsidiary Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of this Indenture to be
performed by the Guarantor, such successor Person will succeed to and be
substituted for the Guarantor with the same effect as if it had been named
herein as a Guarantor. Such successor Person thereupon may cause to be signed
any or all of the Subsidiary Guarantees to be endorsed upon all of the Notes
issuable hereunder which theretofore shall not have been signed by the Company
and delivered to the Trustee. All the Subsidiary Guarantees so issued will in
all respects have the same legal rank and benefit under this Indenture as the
Subsidiary Guarantees theretofore and thereafter issued in accordance with the
terms of this Indenture as though all of such Subsidiary Guarantees had been
issued at the date of the execution hereof.

      Except as set forth in Articles 4 and 5 hereof, and notwithstanding
clauses 2(a) and (b) above, nothing contained in this Indenture or in any of the
Notes will prevent any consolidation or merger of a Guarantor with or into the
Company or another Guarantor, or will prevent any sale or conveyance of the
property of a Guarantor as an entirety or substantially as an entirety to the
Company or another Guarantor.

                                       84
<PAGE>

Section 10.05. Releases.

      (a) The Subsidiary Guarantee of a Guarantor will be automatically and
unconditionally released:

            (1) in connection with any sale or other disposition of all or
            substantially all of the assets of that Guarantor (including by way
            of merger or consolidation) to a Person that is not (either before
            or after giving effect to such transaction) the Company or a
            Restricted Subsidiary of the Company, if the sale or other
            disposition does not violate Sections 3.09 or 4.10 hereof;

            (2) in connection with any sale or other disposition of the Capital
            Stock of that Guarantor to a Person that is not (either before or
            after giving effect to such transaction) the Company or a Restricted
            Subsidiary of the Company so that after such sale the Guarantor
            ceases to be a Subsidiary of the Company or a Restricted Subsidiary
            of the Company, if the sale or other disposition does not violate
            Sections 3.09 or 4.10 hereof;

            (3) if the Company designates any Restricted Subsidiary that is a
            Guarantor to be an Unrestricted Subsidiary in accordance with the
            applicable provisions of this Indenture;

            (4) upon legal defeasance or satisfaction and discharge of this
            Indenture and the Notes as provided in Section 8.02 and Article 11
            hereof; or

            (5) if such Guarantor is released from all underlying Indebtedness
            or Guarantees of Indebtedness giving rise to the execution of a
            Subsidiary Guarantee.

      Any Guarantor not released from its obligations under its Subsidiary
Guarantee as provided in this Section 10.05 will remain liable for the full
amount of principal of and interest and premium and Special Interest, if any, on
the Notes and for the other obligations of any Guarantor under this Indenture as
provided in this Article 10.

                                   ARTICLE 11
                           SATISFACTION AND DISCHARGE

Section 11.01 Satisfaction and Discharge.

      This Indenture will be discharged and will cease to be of further effect
as to all Notes issued hereunder, when:

            (1) either:

                  (a) all Notes that have been authenticated, except lost,
      stolen or destroyed Notes that have been replaced or paid and Notes for
      whose payment money has theretofore been deposited in trust and thereafter
      repaid to the Company, have been delivered to the Trustee for
      cancellation; or

                  (b) all Notes that have not been delivered to the Trustee for
      cancellation have become due and payable by reason of the mailing of a
      notice of redemption or otherwise or will become due and payable within
      one year and the Company has irrevocably deposited or caused to be
      deposited with the Trustee as trust funds in trust solely for the benefit
      of the Holders, cash in U.S. dollars, non-callable Government Securities,
      or a combination thereof, in such amounts as will be sufficient, without
      consideration of any reinvestment of interest, to pay and discharge the

                                       85
<PAGE>

      entire Indebtedness on the Notes not delivered to the Trustee for
      cancellation for principal, premium and Special Interest, if any, and
      accrued interest to the date of maturity or redemption;

            (2) no Default or Event of Default has occurred and is continuing on
      the date of such deposit (other than a Default or Event of Default
      resulting from the borrowing of funds to be applied to such deposit) and
      the deposit will not result in a breach or violation of, or constitute a
      default under, any other instrument to which the Company is a party or by
      which the Company is bound;

            (3) the Company has paid or caused to be paid all sums payable by it
      under this Indenture; and

            (4) the Company has delivered irrevocable instructions to the
      Trustee under this Indenture to apply the deposited money toward the
      payment of the Notes at maturity or on the redemption date, as the case
      may be.

In addition, the Company must deliver an Officers' Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied.

      Notwithstanding the satisfaction and discharge of this Indenture, if money
has been deposited with the Trustee pursuant to subclause (b) of clause (1) of
this Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will
survive. In addition, nothing in this Section 11.01 will be deemed to discharge
those provisions of Section 7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture.

Section 11.02 Application of Trust Money.

      Subject to the provisions of Section 8.06 hereof, all money deposited with
the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium and Special Interest, if any)
and interest for whose payment such money has been deposited with the Trustee;
but such money need not be segregated from other funds except to the extent
required by law.

      If the Trustee or Paying Agent is unable to apply any money or Government
Securities in accordance with Section 11.01 hereof by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company's obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 11.01 hereof;
provided that if the Company has made any payment of principal of, premium or
Special Interest, if any, or interest on, any Notes because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders
of such Notes to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.

                                       86
<PAGE>

                                   ARTICLE 12
                                  MISCELLANEOUS

Section 12.01 Trust Indenture Act Controls.

      If any provision of this Indenture limits, qualifies or conflicts with the
duties imposed by TIA Section 318(c), the imposed duties will control.

Section 12.02 Notices.

      Any notice or communication by the Company, any Guarantor or the Trustee
to the others is duly given if in writing and delivered in Person or by first
class mail (registered or certified, return receipt requested), facsimile
transmission or overnight air courier guaranteeing next day delivery, to the
others' address:

      If to the Company and/or any Guarantor:

      Triad Financial Corp.
      7711 Center Avenue- Suite 100
      Huntington Beach, California 92647
      Facsimile No.: (714) 934-6062
      Attention: Corporate Secretary

      With a copy to:
      Kirkland & Ellis LLP
      200 East Randolph Drive
      Chicago, Illinois 60601
      Facsimile No.: (312) 861-2200
      Attention: Dennis M. Myers, Esq.

      If to the Trustee:
      JP Morgan Chase
      4 NY Plaza- 15th Floor
      New York, New York, 10001
      Facsimile No.: (212) 623-6166
      Attention: Institutional Trust Services- Triad Financial
                 Corporation-Senior Notes

      The Company, any Guarantor or the Trustee, by notice to the others, may
designate additional or different addresses for subsequent notices or
communications.

      All notices and communications (other than those sent to Holders) will be
deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and
the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery.

      Any notice or communication to a Holder will be mailed by first class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept
by the Registrar. Any notice or communication will also be so mailed to any
Person described in TIA Section 313(c), to the extent required by the TIA.
Failure to mail a notice or communication to a Holder or any defect in it will
not affect its sufficiency with respect to other Holders.

      If a notice or communication is mailed in the manner provided above within
the time prescribed, it is duly given, whether or not the addressee receives it.

                                       87
<PAGE>

      If the Company mails a notice or communication to Holders, it will mail a
copy to the Trustee and each Agent at the same time.

Section 12.03 Communication by Holders of Notes with Other Holders of Notes.

      Holders may communicate pursuant to TIA Section 312(b) with other Holders
with respect to their rights under this Indenture or the Notes. The Company, the
Trustee, the Registrar and anyone else shall have the protection of TIA Section
312(c).

Section 12.04 Certificate and Opinion as to Conditions Precedent.

      Upon any request or application by the Company to the Trustee to take any
action under this Indenture, the Company shall furnish to the Trustee:

            (1) an Officers' Certificate in form and substance reasonably
      satisfactory to the Trustee (which must include the statements set forth
      in Section 12.05 hereof) stating that, in the opinion of the signers, all
      conditions precedent and covenants, if any, provided for in this Indenture
      relating to the proposed action have been satisfied; and

            (2) an Opinion of Counsel in form and substance reasonably
      satisfactory to the Trustee (which must include the statements set forth
      in Section 12.05 hereof) stating that, in the opinion of such counsel, all
      such conditions precedent and covenants have been satisfied.

Section 12.05 Statements Required in Certificate or Opinion.

      Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA Section 314(a)(4)) must comply with the provisions of TIA
Section 314(e) and must include:

            (1) a statement that the Person making such certificate or opinion
      has read such covenant or condition;

            (2) 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;

            (3) a statement that, in the opinion of such Person, he or she has
      made such examination or investigation as is necessary to enable him or
      her to express an informed opinion as to whether or not such covenant or
      condition has been satisfied; and

            (4) a statement as to whether or not, in the opinion of such Person,
      such condition or covenant has been satisfied.

Section 12.06 Rules by Trustee and Agents.

      The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions.

Section 12.07 No Personal Liability of Directors, Officers, Employees and
Stockholders.

      No past, present or future director, officer, employee, incorporator or
stockholder of the Company or any Guarantor, as such, will have any liability
for any obligations of the Company or the Guarantors

                                       88
<PAGE>

under the Notes, this Indenture, the Subsidiary Guarantees or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes.
The waiver may not be effective to waive liabilities under the federal
securities laws.

Section 12.08 Governing Law.

      THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

Section 12.09 No Adverse Interpretation of Other Agreements.

      This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this
Indenture.

Section 12.10 Successors.

      All agreements of the Company in this Indenture and the Notes will bind
its successors. All agreements of the Trustee in this Indenture will bind its
successors. All agreements of each Guarantor in this Indenture will bind its
successors, except as otherwise provided in Section 10.05 hereof.

Section 12.11 Severability.

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

Section 12.12 Counterpart Originals.

      The parties may sign any number of copies of this Indenture. Each signed
copy will be an original, but all of them together represent the same agreement.

Section 12.13 Table of Contents, Headings, etc.

      The Table of Contents, Cross-Reference Table and Headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way
modify or restrict any of the terms or provisions hereof.

                         [Signatures on following page]

                                       89
<PAGE>

                                   SIGNATURES

Dated as of April 29, 2005
                                TRIAD ACQUISITION CORP.

                                By: /s/ J. Randy Staff
                                    --------------------------------------------
                                    Name: J. Randy Staff
                                    Title: Chairman & Chief Executive Officer

                                JPMORGAN CHASE BANK, N.A.

                                By: /s/ L. O'Brien
                                    --------------------------------------------
                                    Name: L. O'Brien
                                    Title: Vice President

<PAGE>

                                 [Face of Note]
--------------------------------------------------------------------------------

                                                         CUSIP/CINS ____________

                          11.125% Senior Notes due 2013

No. ___                                                            $____________

                             TRIAD ACQUISITION CORP.

promises to pay to ______________________________________ or registered assigns,

the principal sum of ___________________________________ DOLLARS on May 1, 2013.

Interest Payment Dates: May 1 and November 1

Record Dates: April 15 and October 15

Dated: ______, 20__

                                         TRIAD ACQUISITION CORP.

                                         By: ___________________________________
                                             Name:
                                             Title:

This is one of the Notes referred to
in the within-mentioned Indenture:

JPMORGAN CHASE BANK, N.A.,
 as Trustee

By: ___________________________________
                Authorized Signatory

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

                                      A1-1
<PAGE>

                                 [Back of Note]
                          11.125% Senior Notes due 2013

[Insert the Global Note Legend, if applicable pursuant to the provisions of the
Indenture]

[Insert the Private Placement Legend, if applicable pursuant to the provisions
of the Indenture]

      Capitalized terms used herein have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated.

            (1) INTEREST. Triad Acquisition Corp., a Delaware corporation
      (together with its successors, the "Company"), promises to pay interest on
      the principal amount of this Note at 11.125% per annum from
      ________________, 20__ until maturity and shall pay the Special Interest,
      if any, payable pursuant to Section 2(d) of the Registration Rights
      Agreement referred to below. The Company will pay interest and Special
      Interest, if any, semi-annually in arrears on May 1 and November 1 of each
      year, or if any such day is not a Business Day, on the next succeeding
      Business Day (each, an "Interest Payment Date"). Interest on the Notes
      will accrue from the most recent date to which interest has been paid or,
      if no interest has been paid, from the date of issuance; provided that if
      there is no existing Default in the payment of interest, and if this Note
      is authenticated between a record date referred to on the face hereof and
      the next succeeding Interest Payment Date, interest shall accrue from such
      next succeeding Interest Payment Date; provided further that the first
      Interest Payment Date shall be _____________, 20__.

            (2) METHOD OF PAYMENT. The Company will pay interest on the Notes
      (except defaulted interest) and Special Interest, if any, to the Persons
      who are registered Holders of Notes at the close of business on the April
      15 or October 15 next preceding the Interest Payment Date, even if such
      Notes are canceled after such record date and on or before such Interest
      Payment Date, except as provided in Section 2.12 of the Indenture with
      respect to defaulted interest. The Notes will be payable as to principal,
      premium and Special Interest, if any, and interest at the office or agency
      of the Company maintained for such purpose within or without the City and
      State of New York, or, at the option of the Company, payment of interest
      and Special Interest, if any, may be made by check mailed to the Holders
      at their addresses set forth in the register of Holders; provided that
      payment by wire transfer of immediately available funds will be required
      with respect to principal of and interest, premium and Special Interest,
      if any, on, all Global Notes and all other Notes the Holders of which will
      have provided wire transfer instructions to the Company or the Paying
      Agent. Such payment will be in such coin or currency of the United States
      of America as at the time of payment is legal tender for payment of public
      and private debts.

            (3) PAYING AGENT AND REGISTRAR. Initially, JPMorgan Chase Bank,
      N.A., the Trustee under the Indenture, will act as Paying Agent and
      Registrar. The Company may change any Paying Agent or Registrar without
      notice to any Holder. The Company or any of its Subsidiaries may act in
      any such capacity.

            (4) INDENTURE. The Company issued the Notes under an Indenture dated
      as of April 29, 2005 (the "Indenture") between the Company and the
      Trustee. The terms of the Notes include those stated in the Indenture and
      those made part of the Indenture by reference to the TIA. The Notes are
      subject to all such terms, and Holders are referred to the Indenture and
      such Act for a statement of such terms. To the extent any provision of
      this Note conflicts with the express provisions of the Indenture, the
      provisions of the Indenture shall govern and be controlling. The

                                      A1-2
<PAGE>

      Notes are unsecured obligations of the Company. The Indenture does not
      limit the aggregate principal amount of Notes that may be issued
      thereunder.

            (5) OPTIONAL REDEMPTION.

                  (a) Except as set forth in subparagraphs (b) and (c) of this
      Paragraph 5, the Company will not have the option to redeem the Notes
      prior to May 1, 2010. On or after May 1, 2010, the Company will have the
      option to redeem all or a part of the Notes upon not less than 30 nor more
      than 60 days' notice, at the redemption prices (expressed as percentages
      of principal amount) set forth below plus accrued and unpaid interest and
      Special Interest, if any, on the Notes redeemed to the applicable
      redemption date, if redeemed during the twelve-month period beginning on
      May 1 of the years indicated below, subject to the rights of Holders on
      the relevant record date to receive interest on the relevant interest
      payment date:

<TABLE>
<CAPTION>
Year                                                          Percentage
----                                                          ----------
<C>                                                           <C>
2010.....................................................     107.000%
2011.....................................................     103.500%
2012 and thereafter......................................     100.000%
</TABLE>

            Unless the Company defaults in the payment of the redemption price,
      interest will cease to accrue on the Notes or portions thereof called for
      redemption on the applicable redemption date.

                  (b) Notwithstanding the provisions of subparagraph (a) of this
      Paragraph 5, at any time prior to May 1, 2008, the Company may on any one
      or more occasions redeem up to 35% of the aggregate principal amount of
      Notes issued under the Indenture with the net cash proceeds of one or more
      Qualified Equity Offerings at a redemption price equal to 111.125% of the
      principal amount at maturity thereof, plus accrued and unpaid interest and
      Special Interest, if any to the redemption date; provided that at least
      65% in aggregate principal amount at maturity of the Notes originally
      issued under the Indenture (excluding Notes held by the Company and its
      Subsidiaries) remains outstanding immediately after the occurrence of such
      redemption and that such redemption occurs within 90 days of the date of
      the closing of such Qualified Equity Offering.

                  (c) At any time prior to May 1, 2010, the Company may also
      redeem all or a part of the Notes, upon not less than 30 nor more than 60
      days' prior notice mailed by first-class mail to each holder's registered
      address, at a redemption price equal to 100% of the principal amount of
      Notes redeemed plus the Applicable Premium set forth in the Indenture as
      of, and accrued and unpaid interest and Special Interest, if any, to the
      date of redemption, subject to the rights of holders of Notes on the
      relevant record date to receive interest due on the relevant interest
      payment date.

            (6) MANDATORY REDEMPTION. The Company is not be required to make
      mandatory redemption or sinking fund payments with respect to the Notes.

            (7) REPURCHASE AT THE OPTION OF HOLDER.

                  (a) If there is a Change of Control, the Company will be
      required to make an offer (a "Change of Control Offer") to each Holder to
      repurchase all or any part (equal to $2,000 or an integral multiple of
      $1,000 in excess of $2,000) of each Holder's Notes at a purchase price in
      cash equal to 101% of the aggregate principal amount thereof plus accrued
      and unpaid interest

                                      A1-3
<PAGE>

      and Special Interest, if any, thereon to the date of purchase, subject to
      the rights of Holders on the relevant record date to receive interest due
      on the relevant interest payment date (the "Change of Control Payment").
      Within 30 days following any Change of Control, the Company will mail a
      notice to each Holder setting forth the procedures governing the Change of
      Control Offer as required by the Indenture.

                  (b) If the Company or a Restricted Subsidiary of the Company
      consummates any Asset Sales, when the aggregate amount of Excess Proceeds
      exceeds $10.0 million, the Company will commence an offer to all Holders
      of Notes and all holders of other Indebtedness that is pari passu with the
      Notes containing provisions similar to those set forth in the Indenture
      with respect to offers to purchase or redeem with the proceeds of sales of
      assets (an "Asset Sale Offer") pursuant to Section 3.09 of the Indenture
      to purchase the maximum principal amount of Notes (including any
      Additional Notes) and such other pari passu Indebtedness that may be
      purchased out of the Excess Proceeds at an offer price in cash in an
      amount equal to 100% of the principal amount thereof plus accrued and
      unpaid interest and Special Interest, if any, thereon to the date of
      purchase, in accordance with the procedures set forth in the Indenture. To
      the extent that the aggregate amount of Notes (including any Additional
      Notes) and other pari passu Indebtedness tendered pursuant to an Asset
      Sale Offer is less than the Excess Proceeds, the Company (or such
      Restricted Subsidiary) may use such deficiency for any purpose not
      otherwise prohibited by the Indenture. If the aggregate principal amount
      of Notes and other pari passu Indebtedness tendered into such Asset Sale
      Offer exceeds the amount of Excess Proceeds, the Trustee shall select the
      Notes and such other pari passu Indebtedness to be purchased on a pro rata
      basis. Holders of Notes that are the subject of an offer to purchase will
      receive an Asset Sale Offer from the Company prior to any related purchase
      date and may elect to have such Notes purchased by completing the form
      entitled "Option of Holder to Elect Purchase" attached to the Notes.

            (8) NOTICE OF REDEMPTION. Notice of redemption will be mailed at
      least 30 days but not more than 60 days before the redemption date to each
      Holder whose Notes are to be redeemed at its registered address, except
      that redemption notices may be mailed more than 60 days prior to a
      redemption date if the notice is issued in connection with a defeasance of
      the Notes or a satisfaction or discharge of the Indenture. Notes in
      denominations larger than $2,000 may be redeemed in part but only in whole
      multiples of $1,000 in excess of $2,000, unless all of the Notes held by a
      Holder are to be redeemed.

            (9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered
      form without coupons in denominations of $2,000 and integral multiples of
      $1,000 in excess of $2,000. The transfer of Notes may be registered and
      Notes may be exchanged as provided in the Indenture. The Registrar and the
      Trustee may require a Holder, among other things, to furnish appropriate
      endorsements and transfer documents and the Company may require a Holder
      to pay any taxes and fees required by law or permitted by the Indenture.
      The Company need not exchange or register the transfer of any Note or
      portion of a Note selected for redemption, except for the unredeemed
      portion of any Note being redeemed in part. Also, the Company need not
      exchange or register the transfer of any Notes for a period of 15 days
      before a selection of Notes to be redeemed or during the period between a
      record date and the corresponding Interest Payment Date.

            (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be
      treated as its owner for all purposes.

            (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain
      exceptions, the Indenture or the Notes may be amended or supplemented with
      the consent of the Holders of at least a

                                      A1-4
<PAGE>

      majority in aggregate principal amount of the then outstanding Notes
      including Additional Notes, if any, voting as a single class, and any
      existing Default or Event or Default or compliance with any provision of
      the Indenture or the Notes may be waived with the consent of the Holders
      of a majority in aggregate principal amount of the then outstanding Notes
      including Additional Notes, if any, voting as a single class. Without the
      consent of any Holder of a Note, the Indenture or the Notes may be amended
      or supplemented to cure any ambiguity, defect or inconsistency; to provide
      for uncertificated Notes in addition to or in place of certificated Notes;
      to provide for the assumption of the Company's obligations to Holders of
      the Notes in case of a merger or consolidation; to make any change that
      would provide any additional rights or benefits to the Holders of the
      Notes or that does not adversely affect the legal rights under the
      Indenture of any such Holder; to comply with the requirements of the SEC
      in order to effect or maintain the qualification of the Indenture under
      the TIA; to conform the text of the Indenture or the Notes to any
      provision of the "Description of Notes" section of the Company's Offering
      Circular dated April 27, 2005, relating to the initial offering of the
      Notes, to the extent that such provision in that "Description of Notes"
      was intended to be a verbatim recitation of a provision of the Indenture
      or the Notes; to provide for the issuance of Additional Notes in
      accordance with the limitations set forth in the Indenture; and to allow
      any Restricted Subsidiary of the Company to execute a supplemental
      indenture with respect to providing a guarantee of the notes.

            (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default
      for 30 days in the payment when due of interest on, or Special Interest,
      if any, with respect to the Notes; (ii) default in the payment when due of
      the principal of, or premium, if any, on, the Notes when the same becomes
      due and payable at maturity, upon redemption (including in connection with
      an offer to purchase) or otherwise, (iii) failure by the Company or any of
      its Restricted Subsidiaries for 30 days after notice to the Company by the
      Trustee or the Holders of at least 25% in aggregate principal amount of
      the Notes including Additional Notes, if any then outstanding voting as a
      single class to comply with Section 4.07, 4.09, 4.10, 4.15 or 5.01 of the
      Indenture; (iv) failure by the Company or any of its Restricted
      Subsidiaries for 60 days after notice to the Company by the Trustee or the
      Holders of at least 25% in aggregate principal amount of the Notes
      including Additional Notes, if any, then outstanding voting as a single
      class to comply with any of the other agreements in the Indenture or the
      Notes; (v) default under certain other agreements relating to Indebtedness
      of the Company which default results in the acceleration of such
      Indebtedness prior to its express maturity; (vi) certain final judgments
      for the payment of money that remain undischarged for a period of 60 days;
      (vii) certain events of bankruptcy or insolvency with respect to the
      Company or any of its Restricted Subsidiaries that is a Significant
      Subsidiary or any group of Restricted Subsidiaries that, taken together,
      would constitute a Significant Subsidiary. If any Event of Default occurs
      and is continuing, the Trustee or the Holders of at least 25% in aggregate
      principal amount of the then outstanding Notes may declare all the Notes
      to be due and payable immediately. Notwithstanding the foregoing, in the
      case of an Event of Default arising from certain events of bankruptcy or
      insolvency, all outstanding Notes will become due and payable immediately
      without further action or notice. Holders may not enforce the Indenture or
      the Notes except as provided in the Indenture. Subject to certain
      limitations, Holders of a majority in aggregate principal amount of the
      then outstanding Notes may direct the Trustee in its exercise of any trust
      or power. The Trustee may withhold from Holders of the Notes notice of any
      continuing Default or Event of Default (except a Default or Event of
      Default relating to the payment of principal or interest or premium or
      Special Interest, if any) if it determines that withholding notice is in
      their interest. The Holders of a majority in aggregate principal amount of
      the then outstanding Notes by notice to the Trustee may, on behalf of the
      Holders of all of the Notes, rescind an acceleration or waive any existing
      Default or Event of Default and its consequences under the Indenture
      except a continuing Default or Event of Default in the payment of interest
      or premium or Special Interest, if any, on, or the principal of, the
      Notes. The Company

                                      A1-5
<PAGE>

      is required to deliver to the Trustee annually a statement regarding
      compliance with the Indenture, and the Company is required, upon becoming
      aware of any Default or Event of Default, to deliver to the Trustee a
      statement specifying such Default or Event of Default.

            (13) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual
      or any other capacity, may make loans to, accept deposits from, and
      perform services for the Company or its Affiliates, and may otherwise deal
      with the Company or its Affiliates, as if it were not the Trustee.

            (14) NO RECOURSE AGAINST OTHERS. A director, officer, employee,
      incorporator or stockholder of the Company, as such, will not have any
      liability for any obligations of the Company under the Notes or the
      Indenture or for any claim based on, in respect of, or by reason of, such
      obligations or their creation. Each Holder by accepting a Note waives and
      releases all such liability. The waiver and release are part of the
      consideration for the issuance of the Notes.

            (15) AUTHENTICATION. This Note will not be valid until authenticated
      by the manual signature of the Trustee or an authenticating agent.

            (16) ABBREVIATIONS. Customary abbreviations may be used in the name
      of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN
      ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
      survivorship and not as tenants in common), CUST (= Custodian), and
      U/G/M/A (= Uniform Gifts to Minors Act).

            (17) ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND
      RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders
      of Notes under the Indenture, Holders of Restricted Global Notes and
      Restricted Definitive Notes will have all the rights set forth in the
      Exchange and Registration Rights Agreement dated as of April 29, 2005,
      between the Company and the other parties named on the signature pages
      thereof or, in the case of Additional Notes, Holders of Restricted Global
      Notes and Restricted Definitive Notes will have the rights set forth in
      one or more registration rights agreements, if any, between the Company
      and the other parties thereto, relating to rights given by the Company to
      the purchasers of any Additional Notes (collectively, the "Registration
      Rights Agreement").

            (18) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
      Committee on Uniform Security Identification Procedures, the Company has
      caused CUSIP numbers to be printed on the Notes, and the Trustee may use
      CUSIP numbers in notices of redemption as a convenience to Holders. No
      representation is made as to the accuracy of such numbers either as
      printed on the Notes or as contained in any notice of redemption, and
      reliance may be placed only on the other identification numbers placed
      thereon.

            (19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL
      GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE SUBSIDIARY
      GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF
      LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
      WOULD BE REQUIRED THEREBY.

                                      A1-6
<PAGE>

      The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture and/or the Registration Rights Agreement.
Requests may be made to:

Triad Acquisition Corp.
7711 Center Ave.- Suite 100
Huntington, California 92647

Attention: General Counsel

                                      A1-7
<PAGE>

                                 ASSIGNMENT FORM

      To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to: __________________________________
            (Insert assignee's legal name)

________________________________________________________________________________
                  (Insert assignee's soc. sec. or tax I.D. no.)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
to transfer this Note on the books of the Company. The agent may substitute
another to act for him.

Date: _______________

                                      Your Signature: __________________________
                                            (Sign exactly as your name appears
                                             on the face of this Note)

Signature Guarantee*: _________________________

*     Participant in a recognized Signature Guarantee Medallion Program (or
other signature guarantor acceptable to the Trustee).

                                      A1-8
<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

      If you want to elect to have this Note purchased by the Company pursuant
to Section 4.10 or 4.15 of the Indenture, check the appropriate box below:

                  [ ]Section 4.10        [ ]Section 4.15

      If you want to elect to have only part of the Note purchased by the
Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the
amount you elect to have purchased:

                                  $_______________

Date: _______________

                                     Your Signature: ___________________________
                                            (Sign exactly as your name appears
                                             on the face of this Note)

                                     Tax Identification No.: ___________________

Signature Guarantee*:  _________________________

*     Participant in a recognized Signature Guarantee Medallion Program (or
other signature guarantor acceptable to the Trustee).

                                      A1-9
<PAGE>

             SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE *

      The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been
made:

<TABLE>
<CAPTION>
                                                               Principal Amount
                  Amount of decrease                          of this Global Note     Signature of
                  in Principal Amount  Amount of increase in    following such     authorized officer
                          of            Principal Amount of      decrease (or         of Trustee or
Date of Exchange   this Global Note       this Global Note         increase)            Custodian
----------------   ----------------       ----------------         ---------            ---------
<S>               <C>                  <C>                    <C>                  <C>
</TABLE>

*    This schedule should be included only if the Note is issued in global form.

                                     A1-10
<PAGE>

                  [Face of Regulation S Temporary Global Note]
--------------------------------------------------------------------------------

                                                           CUSIP/CINS __________

                          11.125% Senior Notes due 2013

No. ___                                                              $__________

                             TRIAD ACQUISITION CORP.

promises to pay to [CEDE & CO.] or registered assigns,

the principal sum of ___________________________________________________ DOLLARS
on May 1, 2013.

Interest Payment Dates: May 1 and November 1

Record Dates: April 15 and October 15

Dated: _______________, 20__

                                            TRIAD ACQUISITION CORP.

                                            By: ________________________________
                                                Name:
                                                Title:

This is one of the Notes referred to
in the within-mentioned Indenture:

JPMORGAN CHASE BANK, N.A.,
  as Trustee

By: ______________________________________
             Authorized Signatory

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

                                      A2-1
<PAGE>

                  [Back of Regulation S Temporary Global Note]
                          11.125% Senior Notes due 2013

THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE
CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS
SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE
BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED
TO RECEIVE PAYMENT OF INTEREST HEREON.

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF TRIAD ACQUISITION CORP.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, [CEDE & CO.], HAS AN INTEREST HEREIN.

"THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, (THE ''SECURITIES ACT'') AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT;
PROVIDED THAT ANY REOFFER, RESALE, PLEDGE OR OTHER TRANSFER OF NOTES BY AN
ACCREDITED

                                      A2-2
<PAGE>

INVESTOR (OTHER THAN AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7)) MAY ONLY BE MADE PURSUANT TO CLAUSE (1) OR (5)
ABOVE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES
OF THE UNITED STATES AND OTHER JURISDICTIONS."

      Capitalized terms used herein have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated.

            (1) INTEREST. Triad Acquisition Corp., a Delaware corporation
      (together with its successors, the "Company"), promises to pay interest on
      the principal amount of this Note at 11.125% per annum from
      ________________, 20__ until maturity and shall pay the Special Interest,
      if any, payable pursuant to Section 2(d) of the Registration Rights
      Agreement referred to below. The Company will pay interest and Special
      Interest, if any, semi-annually in arrears on May 1 and November 1 of each
      year, or if any such day is not a Business Day, on the next succeeding
      Business Day (each, an "Interest Payment Date"). Interest on the Notes
      will accrue from the most recent date to which interest has been paid or,
      if no interest has been paid, from the date of issuance; provided that if
      there is no existing Default in the payment of interest, and if this Note
      is authenticated between a record date referred to on the face hereof and
      the next succeeding Interest Payment Date, interest shall accrue from such
      next succeeding Interest Payment Date; provided further that the first
      Interest Payment Date shall be _____________, 20__.

            (2) METHOD OF PAYMENT. The Company will pay interest on the Notes
      (except defaulted interest) and Special Interest, if any, to the Persons
      who are registered Holders of Notes at the close of business on the April
      15 or October 15 next preceding the Interest Payment Date, even if such
      Notes are canceled after such record date and on or before such Interest
      Payment Date, except as provided in Section 2.12 of the Indenture with
      respect to defaulted interest. The Notes will be payable as to principal,
      premium and Special Interest, if any, and interest at the office or agency
      of the Company maintained for such purpose within or without the City and
      State of New York, or, at the option of the Company, payment of interest
      and Special Interest, if any, may be made by check mailed to the Holders
      at their addresses set forth in the register of Holders; provided that
      payment by wire transfer of immediately available funds will be required
      with respect to principal of and interest, premium and Special Interest,
      if any, on, all Global Notes and all other Notes the Holders of which will
      have provided wire transfer instructions to the Company or the Paying
      Agent. Such payment will be in such coin or currency of the United States
      of America as at the time of payment is legal tender for payment of public
      and private debts.

            (3) PAYING AGENT AND REGISTRAR. Initially, JPMorgan Chase Bank,
      N.A., the Trustee under the Indenture, will act as Paying Agent and
      Registrar. The Company may change any Paying Agent or Registrar without
      notice to any Holder. The Company or any of its Subsidiaries may act in
      any such capacity.

            (4) INDENTURE. The Company issued the Notes under an Indenture dated
      as of April 29, 2005 (the "Indenture") between the Company and the
      Trustee. The terms of the Notes include those stated in the Indenture and
      those made part of the Indenture by reference to the TIA. The Notes are
      subject to all such terms, and Holders are referred to the Indenture and
      such Act for a statement of such terms. To the extent any provision of
      this Note conflicts with the express provisions of the Indenture, the
      provisions of the Indenture shall govern and be controlling. The Notes are
      unsecured obligations of the Company. The Indenture does not limit the
      aggregate principal amount of Notes that may be issued thereunder.

                                      A2-3
<PAGE>

            (5) OPTIONAL REDEMPTION.

                  (a) Except as set forth in subparagraphs (b) and (c) of this
      Paragraph 5, the Company will not have the option to redeem the Notes
      prior to May 1, 2010. On or after May 1, 2010, the Company will have the
      option to redeem all or a part of the Notes upon not less than 30 nor more
      than 60 days' notice, at the redemption prices (expressed as percentages
      of principal amount) set forth below plus accrued and unpaid interest and
      Special Interest, if any, on the Notes redeemed to the applicable
      redemption date, if redeemed during the twelve-month period beginning on
      May 1 of the years indicated below, subject to the rights of Holders on
      the relevant record date to receive interest on the relevant interest
      payment date:

<TABLE>
<CAPTION>
Year                                                                 Percentage
----                                                                 ----------
<C>                                                                  <C>
2010............................................................     107.000%
2011............................................................     103.500%
2012 and thereafter.............................................     100.000%
</TABLE>

            Unless the Company defaults in the payment of the redemption price,
      interest will cease to accrue on the Notes or portions thereof called for
      redemption on the applicable redemption date.

                  (b) Notwithstanding the provisions of subparagraph (a) of this
      Paragraph 5, at any time prior to May 1, 2008, the Company may on any one
      or more occasions redeem up to 35% of the aggregate principal amount of
      Notes issued under the Indenture with the net cash proceeds of one or more
      Qualified Equity Offerings at a redemption price equal to 111.125% of the
      principal amount at maturity thereof, plus accrued and unpaid interest and
      Special Interest, if any to the redemption date; provided that at least
      65% in aggregate principal amount at maturity of the Notes originally
      issued under the Indenture (excluding Notes held by the Company and its
      Subsidiaries) remains outstanding immediately after the occurrence of such
      redemption and that such redemption occurs within 90 days of the date of
      the closing of such Qualified Equity Offering.

                  (c) At any time prior to May 1, 2010, the Company may also
      redeem all or a part of the Notes, upon not less than 30 nor more than 60
      days' prior notice mailed by first-class mail to each holder's registered
      address, at a redemption price equal to 100% of the principal amount of
      Notes redeemed plus the Applicable Premium set forth in the Indenture as
      of, and accrued and unpaid interest and Special Interest, if any, to the
      date of redemption, subject to the rights of holders of Notes on the
      relevant record date to receive interest due on the relevant interest
      payment date.

            (6) MANDATORY REDEMPTION. The Company is not be required to make
      mandatory redemption or sinking fund payments with respect to the Notes.

            (7) REPURCHASE AT THE OPTION OF HOLDER.

                  (a) If there is a Change of Control, the Company will be
      required to make an offer (a "Change of Control Offer") to each Holder to
      repurchase all or any part (equal to $2,000 or an integral multiple of
      $1,000 in excess of $2,000) of each Holder's Notes at a purchase price in
      cash equal to 101% of the aggregate principal amount thereof plus accrued
      and unpaid interest and Special Interest, if any, thereon to the date of
      purchase, subject to the rights of Holders on the relevant record date to
      receive interest due on the relevant interest payment date (the "Change of
      Control Payment"). Within 30 days following any Change of Control, the
      Company will mail a

                                      A2-4
<PAGE>

      notice to each Holder setting forth the procedures governing the Change of
      Control Offer as required by the Indenture.

                  (b) If the Company or a Restricted Subsidiary of the Company
      consummates any Asset Sales, when the aggregate amount of Excess Proceeds
      exceeds $10.0 million, the Company will commence an offer to all Holders
      of Notes and all holders of other Indebtedness that is pari passu with the
      Notes containing provisions similar to those set forth in the Indenture
      with respect to offers to purchase or redeem with the proceeds of sales of
      assets (an "Asset Sale Offer") pursuant to Section 3.09 of the Indenture
      to purchase the maximum principal amount of Notes (including any
      Additional Notes) and such other pari passu Indebtedness that may be
      purchased out of the Excess Proceeds at an offer price in cash in an
      amount equal to 100% of the principal amount thereof plus accrued and
      unpaid interest and Special Interest, if any, thereon to the date of
      purchase, in accordance with the procedures set forth in the Indenture. To
      the extent that the aggregate amount of Notes (including any Additional
      Notes) and other pari passu Indebtedness tendered pursuant to an Asset
      Sale Offer is less than the Excess Proceeds, the Company (or such
      Restricted Subsidiary) may use such deficiency for any purpose not
      otherwise prohibited by the Indenture. If the aggregate principal amount
      of Notes and other pari passu Indebtedness tendered into such Asset Sale
      Offer exceeds the amount of Excess Proceeds, the Trustee shall select the
      Notes and such other pari passu Indebtedness to be purchased on a pro rata
      basis. Holders of Notes that are the subject of an offer to purchase will
      receive an Asset Sale Offer from the Company prior to any related purchase
      date and may elect to have such Notes purchased by completing the form
      entitled "Option of Holder to Elect Purchase" attached to the Notes.

            (8) NOTICE OF REDEMPTION. Notice of redemption will be mailed at
      least 30 days but not more than 60 days before the redemption date to each
      Holder whose Notes are to be redeemed at its registered address, except
      that redemption notices may be mailed more than 60 days prior to a
      redemption date if the notice is issued in connection with a defeasance of
      the Notes or a satisfaction or discharge of the Indenture. Notes in
      denominations larger than $2,000 may be redeemed in part but only in whole
      multiples of $1,000 in excess of $2,000, unless all of the Notes held by a
      Holder are to be redeemed.

            (9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered
      form without coupons in denominations of $2,000 and integral multiples of
      $1,000 in excess of $2,000. The transfer of Notes may be registered and
      Notes may be exchanged as provided in the Indenture. The Registrar and the
      Trustee may require a Holder, among other things, to furnish appropriate
      endorsements and transfer documents and the Company may require a Holder
      to pay any taxes and fees required by law or permitted by the Indenture.
      The Company need not exchange or register the transfer of any Note or
      portion of a Note selected for redemption, except for the unredeemed
      portion of any Note being redeemed in part. Also, the Company need not
      exchange or register the transfer of any Notes for a period of 15 days
      before a selection of Notes to be redeemed or during the period between a
      record date and the corresponding Interest Payment Date.

            (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be
      treated as its owner for all purposes.

            (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain
      exceptions, the Indenture or the Notes may be amended or supplemented with
      the consent of the Holders of at least a majority in aggregate principal
      amount of the then outstanding Notes including Additional Notes, if any,
      voting as a single class, and any existing Default or Event or Default or
      compliance with any provision of the Indenture or the Notes may be waived
      with the consent of the Holders of a

                                      A2-5
<PAGE>

      majority in aggregate principal amount of the then outstanding Notes
      including Additional Notes, if any, voting as a single class. Without the
      consent of any Holder of a Note, the Indenture or the Notes may be amended
      or supplemented to cure any ambiguity, defect or inconsistency; to provide
      for uncertificated Notes in addition to or in place of certificated Notes;
      to provide for the assumption of the Company's obligations to Holders of
      the Notes in case of a merger or consolidation; to make any change that
      would provide any additional rights or benefits to the Holders of the
      Notes or that does not adversely affect the legal rights under the
      Indenture of any such Holder; to comply with the requirements of the SEC
      in order to effect or maintain the qualification of the Indenture under
      the TIA; to conform the text of the Indenture or the Notes to any
      provision of the "Description of Notes" section of the Company's Offering
      Circular dated April 27, 2005, relating to the initial offering of the
      Notes, to the extent that such provision in that "Description of Notes"
      was intended to be a verbatim recitation of a provision of the Indenture
      or the Notes; to provide for the issuance of Additional Notes in
      accordance with the limitations set forth in the Indenture; and to allow
      any Restricted Subsidiary of the Company to execute a supplemental
      indenture with respect to providing a guarantee of the notes.

            (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default
      for 30 days in the payment when due of interest on, or Special Interest,
      if any, with respect to the Notes; (ii) default in the payment when due of
      the principal of, or premium, if any, on, the Notes when the same becomes
      due and payable at maturity, upon redemption (including in connection with
      an offer to purchase) or otherwise, (iii) failure by the Company or any of
      its Restricted Subsidiaries for 30 days after notice to the Company by the
      Trustee or the Holders of at least 25% in aggregate principal amount of
      the Notes including Additional Notes, if any then outstanding voting as a
      single class to comply with Section 4.07, 4.09, 4.10, 4.15 or 5.01 of the
      Indenture; (iv) failure by the Company or any of its Restricted
      Subsidiaries for 60 days after notice to the Company by the Trustee or the
      Holders of at least 25% in aggregate principal amount of the Notes
      including Additional Notes, if any, then outstanding voting as a single
      class to comply with any of the other agreements in the Indenture or the
      Notes; (v) default under certain other agreements relating to Indebtedness
      of the Company which default results in the acceleration of such
      Indebtedness prior to its express maturity; (vi) certain final judgments
      for the payment of money that remain undischarged for a period of 60 days;
      (vii) certain events of bankruptcy or insolvency with respect to the
      Company or any of its Restricted Subsidiaries that is a Significant
      Subsidiary or any group of Restricted Subsidiaries that, taken together,
      would constitute a Significant Subsidiary. If any Event of Default occurs
      and is continuing, the Trustee or the Holders of at least 25% in aggregate
      principal amount of the then outstanding Notes may declare all the Notes
      to be due and payable immediately. Notwithstanding the foregoing, in the
      case of an Event of Default arising from certain events of bankruptcy or
      insolvency, all outstanding Notes will become due and payable immediately
      without further action or notice. Holders may not enforce the Indenture or
      the Notes except as provided in the Indenture. Subject to certain
      limitations, Holders of a majority in aggregate principal amount of the
      then outstanding Notes may direct the Trustee in its exercise of any trust
      or power. The Trustee may withhold from Holders of the Notes notice of any
      continuing Default or Event of Default (except a Default or Event of
      Default relating to the payment of principal or interest or premium or
      Special Interest, if any) if it determines that withholding notice is in
      their interest. The Holders of a majority in aggregate principal amount of
      the then outstanding Notes by notice to the Trustee may, on behalf of the
      Holders of all of the Notes, rescind an acceleration or waive any existing
      Default or Event of Default and its consequences under the Indenture
      except a continuing Default or Event of Default in the payment of interest
      or premium or Special Interest, if any, on, or the principal of, the
      Notes. The Company is required to deliver to the Trustee annually a
      statement regarding compliance with the Indenture, and the Company is
      required, upon becoming aware of any Default or Event of Default, to
      deliver to the Trustee a statement specifying such Default or Event of
      Default.

                                      A2-6
<PAGE>

            (13) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual
      or any other capacity, may make loans to, accept deposits from, and
      perform services for the Company or its Affiliates, and may otherwise deal
      with the Company or its Affiliates, as if it were not the Trustee.

            (14) NO RECOURSE AGAINST OTHERS. A director, officer, employee,
      incorporator or stockholder of the Company, as such, will not have any
      liability for any obligations of the Company under the Notes or the
      Indenture or for any claim based on, in respect of, or by reason of, such
      obligations or their creation. Each Holder by accepting a Note waives and
      releases all such liability. The waiver and release are part of the
      consideration for the issuance of the Notes.

            (15) AUTHENTICATION. This Note will not be valid until authenticated
      by the manual signature of the Trustee or an authenticating agent.

            (16) ABBREVIATIONS. Customary abbreviations may be used in the name
      of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN
      ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
      survivorship and not as tenants in common), CUST (= Custodian), and
      U/G/M/A (= Uniform Gifts to Minors Act).

            (17) ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND
      RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders
      of Notes under the Indenture, Holders of Restricted Global Notes and
      Restricted Definitive Notes will have all the rights set forth in the
      Exchange and Registration Rights Agreement dated as of April 29, 2005,
      between the Company and the other parties named on the signature pages
      thereof or, in the case of Additional Notes, Holders of Restricted Global
      Notes and Restricted Definitive Notes will have the rights set forth in
      one or more registration rights agreements, if any, between the Company
      and the other parties thereto, relating to rights given by the Company to
      the purchasers of any Additional Notes (collectively, the "Registration
      Rights Agreement").

            (18) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
      Committee on Uniform Security Identification Procedures, the Company has
      caused CUSIP numbers to be printed on the Notes, and the Trustee may use
      CUSIP numbers in notices of redemption as a convenience to Holders. No
      representation is made as to the accuracy of such numbers either as
      printed on the Notes or as contained in any notice of redemption, and
      reliance may be placed only on the other identification numbers placed
      thereon.

            (19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL
      GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE SUBSIDIARY
      GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF
      LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
      WOULD BE REQUIRED THEREBY.

      The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture and/or the Registration Rights Agreement.
Requests may be made to:

Triad Acquisition Corp.
7711 Center Ave.- Suite 100
Huntington, California 92647

Attention: General Counsel

                                      A2-7
<PAGE>

                                 ASSIGNMENT FORM

      To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to: __________________________________
                (Insert assignee's legal name)

____________
                  (Insert assignee's soc. sec. or tax I.D. no.)

____________

____________

____________

____________

              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
to transfer this Note on the books of the Company. The agent may substitute
another to act for him.

Date: _______________

                                      Your Signature: __________________________
                                              (Sign exactly as your name
                                               appears on the face of this Note)

Signature Guarantee*: _________________________

*          Participant in a recognized Signature Guarantee Medallion Program (or
other signature guarantor acceptable to the Trustee).

                                      A2-8
<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

      If you want to elect to have this Note purchased by the Company pursuant
to Section 4.10 or 4.15 of the Indenture, check the appropriate box below:

                  [ ]Section 4.10           [ ]Section 4.15

      If you want to elect to have only part of the Note purchased by the
Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the
amount you elect to have purchased:

                                $_______________

Date: _______________

                                      Your Signature: __________________________
                                              (Sign exactly as your name appears
                                                on the face of this Note)

                                      Tax Identification No.: __________________

Signature Guarantee*: _________________________

*          Participant in a recognized Signature Guarantee Medallion Program (or
other signature guarantor acceptable to the Trustee).

                                      A2-9
<PAGE>

        SCHEDULE OF EXCHANGES OF INTERESTS IN THE REGULATION S TEMPORARY
                                  GLOBAL NOTE

      The following exchanges of a part of this Regulation S Temporary Global
Note for an interest in another Global Note, or exchanges of a part of another
other Restricted Global Note for an interest in this Regulation S Temporary
Global Note, have been made:

<TABLE>
<CAPTION>
                                                                  Principal Amount
                  Amount of decrease in  Amount of increase in   of this Global Note    Signature of authorized
                   Principal Amount      Principal Amount of      following such         officer of Trustee or
Date of Exchange  of this Global Note     this Global Note      decrease (or increase)        Custodian
----------------  ---------------------  ---------------------  ----------------------  -----------------------
<S>               <C>                    <C>                    <C>                     <C>
</TABLE>

                                      A2-10
<PAGE>

                                                                       EXHIBIT B

                         FORM OF CERTIFICATE OF TRANSFER

Triad Acquisition Corp.
7711 Center Avenue- Suite 100
Huntington Beach, California 92647

JP Morgan Chase
4 NY Plaza- 15th Floor
New York, New York 10001

      Re: 11.125% Senior Notes due 2013

      Reference is hereby made to the Indenture, dated as of April 29, 2005 (the
"Indenture"), between Triad Acquisition Corp., as issuer (the "Company"), and
JPMorgan Chase Bank, N.A., as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

      ___________________, (the "Transferor") owns and proposes to transfer the
Note[s] or interest in such Note[s] specified in Annex A hereto, in the
principal amount of $___________ in such Note[s] or interests (the "Transfer"),
to ___________________________ (the "Transferee"), as further specified in Annex
A hereto. In connection with the Transfer, the Transferor hereby certifies that:

                             [CHECK ALL THAT APPLY]

      1. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN
THE 144A GLOBAL NOTE OR A RESTRICTED DEFINITIVE NOTE PURSUANT TO RULE 144A. The
Transfer is being effected pursuant to and in accordance with Rule 144A under
the Securities Act of 1933, as amended (the "Securities Act"), and, accordingly,
the Transferor hereby further certifies that the beneficial interest or
Definitive Note is being transferred to a Person that the Transferor reasonably
believes is purchasing the beneficial interest or Definitive Note for its own
account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a
"qualified institutional buyer" within the meaning of Rule 144A in a transaction
meeting the requirements of Rule 144A, and such Transfer is in compliance with
any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the 144A Global Note and/or the Restricted Definitive Note and
in the Indenture and the Securities Act.

      2. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN
THE REGULATION S TEMPORARY GLOBAL NOTE, THE REGULATION S PERMANENT GLOBAL NOTE
OR A RESTRICTED DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that
(i) the Transfer is not being made to a Person in the United States and (x) at
the time the buy order was originated, the Transferee was outside the United
States or such Transferor and any Person acting on its behalf reasonably
believed and believes that the Transferee was outside the United States or (y)
the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on
its behalf knows that the transaction was prearranged with a buyer in the United
States, (ii) no directed selling efforts have been made in contravention of the
requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities
Act (iii) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act and (iv) if the proposed
transfer is being made prior to the expiration of the Restricted Period, the
transfer is not being made to a U.S. Person or for the account or benefit of a
U.S. Person (other than an Initial Purchaser).

                                      B-1
<PAGE>

Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Private Placement
Legend printed on the Regulation S Permanent Global Note, the Regulation S
Temporary Global Note and/or the Restricted Definitive Note and in the Indenture
and the Securities Act.

      3. [ ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
INTEREST IN THE AI GLOBAL NOTE OR A RESTRICTED DEFINITIVE NOTE PURSUANT TO ANY
PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The
Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and
any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one):

            (a) [ ] such Transfer is being effected pursuant to and in
      accordance with Rule 144 under the Securities Act;

                                       or

            (b) [ ] such Transfer is being effected to the Company or a
      subsidiary thereof;

                                       or

            (c) [ ] such Transfer is being effected pursuant to an effective
      registration statement under the Securities Act and in compliance with the
      prospectus delivery requirements of the Securities Act;

                                       or

            (d) [ ] such Transfer is being effected to an Institutional
      Accredited Investor and pursuant to an exemption from the registration
      requirements of the Securities Act other than Rule 144A, Rule 144, Rule
      903 or Rule 904, and the Transferor hereby further certifies that it has
      not engaged in any general solicitation within the meaning of Regulation D
      under the Securities Act and the Transfer complies with the transfer
      restrictions applicable to beneficial interests in a Restricted Global
      Note or Restricted Definitive Notes and the requirements of the exemption
      claimed, which certification is supported by a certificate executed by the
      Transferee in the form of Exhibit D to the Indenture. Upon consummation of
      the proposed transfer in accordance with the terms of the Indenture, the
      transferred beneficial interest or Definitive Note will be subject to the
      restrictions on transfer enumerated in the Private Placement Legend
      printed on the AI Global Note and/or the Restricted Definitive Notes and
      in the Indenture and the Securities Act.

      4. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN
AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

      (a) [ ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is
being effected pursuant to and in accordance with Rule 144 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in the
Private

                                      B-2
<PAGE>

Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

      (b) [ ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is
being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United
States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.

      (c) [ ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer
is being effected pursuant to and in compliance with an exemption from the
registration requirements of the Securities Act other than Rule 144, Rule 903 or
Rule 904 and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any State of the United
States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will not be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture.

      This certificate and the statements contained herein are made for your
benefit and the benefit of the Company.

                                         _______________________________________
                                            [Insert Name of Transferor]

                                         By: ___________________________________
                                             Name:
                                             Title:

      Dated: _______________________

                                      B-3
<PAGE>

                       ANNEX A TO CERTIFICATE OF TRANSFER

1.    The Transferor owns and proposes to transfer the following:

                            [CHECK ONE OF (a) OR (b)]

            (a) [ ] a beneficial interest in the:

                  (i) [ ] 144A Global Note (CUSIP _________), or

                  (ii) [ ] Regulation S Global Note (CUSIP _________), or

                  (iii) [ ] AI Global Note (CUSIP _________); or

            (b) [ ] a Restricted Definitive Note.

2.    After the Transfer the Transferee will hold:

                                   [CHECK ONE]

            (a) [ ] a beneficial interest in the:

                  (i) [ ] 144A Global Note (CUSIP _________), or

                  (ii) [ ] Regulation S Global Note (CUSIP _________), or

                  (iii) [ ] AI Global Note (CUSIP _________); or

                  (iv) [ ] Unrestricted Global Note (CUSIP _________); or

            (b) [ ] a Restricted Definitive Note; or

            (c) [ ] an Unrestricted Definitive Note,

             in accordance with the terms of the Indenture.

                                      B-4
<PAGE>

                                                                       EXHIBIT C

                         FORM OF CERTIFICATE OF EXCHANGE

Triad Acquisition Corp.
7711 Center Avenue- Suite 100
Huntington Beach, California 92647

JP Morgan Chase
4 NY Plaza- 15th Floor
New York, New York 10001

      Re: 11.125% Senior Notes due 2013

                              (CUSIP ____________)

      Reference is hereby made to the Indenture, dated as of April 29, 2005 (the
"Indenture"), between Triad Acquisition Corp., as issuer (the "Company"), and
JPMorgan Chase Bank, N.A., as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

      __________________________, (the "Owner") owns and proposes to exchange
the Note[s] or interest in such Note[s] specified herein, in the principal
amount of $____________ in such Note[s] or interests (the "Exchange"). In
connection with the Exchange, the Owner hereby certifies that:

      1. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A
RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN AN UNRESTRICTED GLOBAL NOTE

      (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection
with the Exchange of the Owner's beneficial interest in a Restricted Global Note
for a beneficial interest in an Unrestricted Global Note in an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner's own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Global
Notes and pursuant to and in accordance with the Securities Act of 1933, as
amended (the "Securities Act"), (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest in
an Unrestricted Global Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

      (b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of
the Owner's beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner's own account without transfer, (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

                                      C-1
<PAGE>

      (c) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL
INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner's Exchange
of a Restricted Definitive Note for a beneficial interest in an Unrestricted
Global Note, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner's own account without transfer, (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to
Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the beneficial interest is being
acquired in compliance with any applicable blue sky securities laws of any state
of the United States.

      (d) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner's Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Unrestricted Definitive Note is being acquired for the Owner's
own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
Unrestricted Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

      2. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN
RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN RESTRICTED GLOBAL NOTES

      (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of
the Owner's beneficial interest in a Restricted Global Note for a Restricted
Definitive Note with an equal principal amount, the Owner hereby certifies that
the Restricted Definitive Note is being acquired for the Owner's own account
without transfer. Upon consummation of the proposed Exchange in accordance with
the terms of the Indenture, the Restricted Definitive Note issued will continue
to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Note and in the Indenture
and the Securities Act.

      (b) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the
Owner's Restricted Definitive Note for a beneficial interest in the [CHECK ONE]
[ ] 144A Global Note, [ ] Regulation S Global Note, [ ]AI Global Note with an
equal principal amount, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner's own account without transfer and (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the beneficial interest
issued will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act.

      This certificate and the statements contained herein are made for your
benefit and the benefit of the Company.

                                         _______________________________________
                                         [Insert Name of Transferor]

                                         By: ___________________________________
                                             Name:
                                             Title:

Dated: ______________________

                                      C-2
<PAGE>

                            FORM OF CERTIFICATE FROM
                   ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Triad Acquisition Corp.
7711 Center Avenue- Suite 100
Huntington Beach, California 92647

JP Morgan Chase
4 NY Plaza- 15th Floor
New York, New York 10001

      Re: 11.125% Senior Notes due 2013

      Reference is hereby made to the Indenture, dated as of April 29, 2005 (the
"Indenture"), between Triad Acquisition Corp., as issuer (the "Company"), and
JPMorgan Chase Bank, N.A., as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

      In connection with our proposed purchase of $____________ aggregate
principal amount of:

      (a) [ ]   a beneficial interest in a Global Note, or

      (b) [ ]   a Definitive Note,

      we confirm that:

      1. We understand that any subsequent transfer of the Notes or any interest
therein is subject to certain restrictions and conditions set forth in the
Indenture and the undersigned agrees to be bound by, and not to resell, pledge
or otherwise transfer the Notes or any interest therein except in compliance
with, such restrictions and conditions and the Securities Act of 1933, as
amended (the "Securities Act").

      2. We understand that the offer and sale of the Notes have not been
registered under the Securities Act, and that the Notes and any interest therein
may not be offered or sold except as permitted in the following sentence. We
agree, on our own behalf and on behalf of any accounts for which we are acting
as hereinafter stated, that if we should sell the Notes or any interest therein,
we will do so only (A) to the Company or any subsidiary thereof, (B) in
accordance with Rule 144A under the Securities Act to a "qualified institutional
buyer" (as defined therein), (C) to an institutional "accredited investor" (as
defined below) that, prior to such transfer, furnishes (or has furnished on its
behalf by a U.S. broker-dealer) to you and to the Company a signed letter
substantially in the form of this letter, (D) outside the United States in
accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant
to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree
to provide to any Person purchasing the Definitive Note or beneficial interest
in a Global Note from us in a transaction meeting the requirements of clauses
(A) through (E) of this paragraph a notice advising such purchaser that resales
thereof are restricted as stated herein.

                                      D-1
<PAGE>

      3. We understand that, on any proposed resale of the Notes or beneficial
interest therein, we will be required to furnish to you and the Company such
certifications, legal opinions and other information as you and the Company may
reasonably require to confirm that the proposed sale complies with the foregoing
restrictions. We further understand that the Notes purchased by us will bear a
legend to the foregoing effect.

      4. We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and we and
any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

      5. We are acquiring the Notes or beneficial interest therein purchased by
us for our own account or for one or more accounts (each of which is an
institutional "accredited investor") as to each of which we exercise sole
investment discretion.

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

                                       _________________________________________
                                          [Insert Name of Accredited Investor]

                                       By: _____________________________________
                                           Name:
                                           Title:

Dated: _______________________

                                      D-1
<PAGE>

                                                                       EXHIBIT E

                          FORM OF NOTATION OF GUARANTEE

      For value received, each Guarantor (which term includes any successor
Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture dated as of April, 29, 2005 (the "Indenture") among
Triad Acquisition Corp., (the "Company"), and JPMorgan Chase Bank, N.A., as
trustee (the "Trustee"), (a) the due and punctual payment of the principal of,
premium and Special Interest, if any, and interest on, the Notes, whether at
maturity, by acceleration, redemption or otherwise, the due and punctual payment
of interest on overdue principal of and interest on the Notes, if any, if
lawful, and the due and punctual performance of all other obligations of the
Company to the Holders or the Trustee all in accordance with the terms of the
Indenture and (b) in case of any extension of time of payment or renewal of any
Notes or any of such other obligations, that the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise. The
obligations of the Guarantors to the Holders of Notes and to the Trustee
pursuant to the Subsidiary Guarantee and the Indenture are expressly set forth
in Article 10 of the Indenture and reference is hereby made to the Indenture for
the precise terms of the Subsidiary Guarantee.

      Capitalized terms used but not defined herein have the meanings given to
them in the Indenture.

                                       [NAME OF GUARANTOR(S)]

                                       By: _____________________________________
                                           Name:
                                           Title:

                                      E-1
<PAGE>

                                                                       EXHIBIT F

                         FORM OF SUPPLEMENTAL INDENTURE
                    TO BE DELIVERED BY SUBSEQUENT GUARANTORS

      Supplemental Indenture (this "Supplemental Indenture"), dated as of
________________, 20__, among __________________ (the "Guaranteeing
Subsidiary"), a subsidiary of Triad Acquisition Corp., a Delaware corporation
(or its permitted successor, the "Company"), the Company, the other Guarantors
(as defined in the Indenture referred to herein) and JPMorgan Chase Bank, N.A.,
as trustee under the Indenture referred to below (the "Trustee").

                               W I T N E S S E T H

      WHEREAS, the Company has heretofore executed and delivered to the Trustee
an indenture (the "Indenture"), dated as of April 29, 2005 providing for the
issuance of 11.125% Senior Notes due 2013 (the "Notes");

      WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally
guarantee all of the Company's Obligations under the Notes and the Indenture on
the terms and conditions set forth herein (the "Note Guarantee"); and

      WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

      NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Notes as follows:

      1. CAPITALIZED TERMS. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

      2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to
provide an unconditional Guarantee on the terms and subject to the conditions
set forth in the Note Guarantee and in the Indenture including but not limited
to Article 10 thereof.

      4. NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiary, as such, shall have any liability for any obligations of the Company
or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the
Indenture or this Supplemental Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder of the
Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. Such waiver may
not be effective to waive liabilities under the federal securities laws and it
is the view of the SEC that such a waiver is against public policy.

      5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

                                       F-1
<PAGE>

      6. COUNTERPARTS. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

      7. EFFECT OF HEADINGS. The Section headings herein are for convenience
only and shall not affect the construction hereof.

      8. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiary and the Company.

                                       F-2
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested, all as of the date first above
written.

      Dated: _______________, 20___

                                         [GUARANTEEING SUBSIDIARY]

                                         By: _______________________________
                                             Name:
                                             Title:

                                         [TRIAD ACQUISITION CORP.]

                                         By: _______________________________
                                             Name:
                                             Title:

                                         [EXISTING GUARANTORS]

                                         By: _______________________________
                                             Name:
                                             Title:

                                         [JPMORGAN CHASE BANK, N.A.],
                                           AS TRUSTEE

                                         By: _______________________________
                                             Authorized Signatory

                                       F-3
<PAGE>

                                                                       EXHIBIT G

                         FORM OF SUPPLEMENTAL INDENTURE
                          FOR SUCCESSOR TO THE COMPANY

                             SUPPLEMENTAL INDENTURE

      SUPPLEMENTAL INDENTURE, dated as of April __, 2005, between Triad
Financial Corporation, a California corporation (the "Company") and JP Morgan
Chase, N.A., as trustee under the Indenture referred to below (the "Trustee").

                              W I T N E S S E T H :

      WHEREAS, Triad Acquisition Corp., a Delaware corporation (the "Issuer")
and the Trustee heretofore executed and delivered an Indenture, dated as of
April 29, 2005 (as heretofore amended and supplemented, the "Indenture"),
providing for the issuance of the 11.125% Senior Notes due 2013 (the "Notes")
(capitalized terms used herein but not otherwise defined have the meanings
ascribed thereto in the Indenture);

      WHEREAS, Section 5.01 of the Indenture provides that upon the execution
and delivery by the Company to the Trustee of this Supplemental Indenture, the
Company shall be the successor to the Issuer under the Indenture and the Notes
and shall succeed to, and be substituted for, and may exercise every right and
power of, the Issuer under the Indenture and the Notes and the Issuer shall be
discharged from all obligations and covenants under the Indenture and the Notes;

      WHEREAS, Section 9.01(3) of the Indenture provides that the Issuer and the
Trustee may amend the Indenture and the Notes without notice to or consent of
any Holders of the Notes in order to comply with Article Five of the Indenture;
and

      WHEREAS, this Supplemental Indenture has been duly authorized by all
necessary corporate action on the part of each of the Company and the Trustee.

      NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the Company
and the Trustee mutually covenant and agree for the equal and ratable benefit of
the Holders as follows:

                                    ARTICLE I
                         ASSUMPTION BY SUCCESSOR COMPANY

      Section 1.1. Assumption of the Notes. The Company hereby expressly assumes
and agrees promptly to pay, perform and discharge when due each and every debt,
obligation, covenant and agreement incurred, made or to be paid, performed or
discharged by the Issuer under the Indenture and the Notes.

      The Company hereby agrees to be bound by all the terms, provisions and
conditions of the Indenture and the Notes and that it shall be the successor to
the Issuer and shall succeed to, and be substituted for, and may exercise every
right and power of, the Issuer, as the predecessor to the Company, under the
Indenture and the Notes.

      Section 1.2 Trustee's Acceptance. The Trustee hereby accepts this
Supplemental Indenture and agrees to perform the same under the terms and
conditions set forth in the Indenture.

                                       G-1
<PAGE>

                                   ARTICLE II
                                  MISCELLANEOUS

      Section 2.1. Effect of Supplemental Indenture. Upon the execution and
delivery of this Supplemental Indenture by the Company and the Trustee, the
Indenture shall be supplemented in accordance herewith, and this Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder
of Notes heretofore or hereafter authenticated and delivered under the Indenture
shall be bound thereby.

      Section 2.2. Indenture Remains in Full Force and Effect. Except as
supplemented hereby, all provisions in the Indenture shall remain in full force
and effect.

      Section 2.3. Indenture and Supplemental Indenture Construed Together. This
Supplemental Indenture is an indenture supplemental to and in implementation of
the Indenture, and the Indenture and this Supplemental Indenture shall
henceforth be read and construed together.

      Section 2.4. Confirmation and Preservation of Indenture. The Indenture as
supplemented by this Supplemental Indenture is in all respects confirmed and
preserved.

      Section 2.5. Conflict with Trust Indenture Act. If any provision of this
Supplemental Indenture limits, qualifies or conflicts with any provision of the
TIA that is required under the TIA to be part of and govern any provision of
this Supplemental Indenture, the provision of the TIA shall control. If any
provision of this Supplemental Indenture modifies or excludes any provision of
the TIA that may be so modified or excluded, the provision of the TIA shall be
deemed to apply to the Indenture as so modified or to be excluded by this
Supplemental Indenture, as the case may be.

      Section 2.6. Severability. In case any provision in this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

      Section 2.7. Benefits of Supplemental Indenture. Nothing in this
Supplemental Indenture or the Notes, express or implied, shall give to any
Person, other than the parties hereto and thereto and their successors hereunder
and thereunder and the Holders of the Notes, any benefit of any legal or
equitable right, remedy or claim under the Indenture, this Supplemental
Indenture or the Notes.

      Section 2.8. Successors. All agreements of the Company in this
Supplemental Indenture shall bind their respective successors. All agreements of
the Trustee in this Supplemental Indenture shall bind its successors.

      Section 2.9. Certain Duties and Responsibilities of the Trustee. In
entering into this Supplemental Indenture, the Trustee shall be entitled to the
benefit of every provision of the Indenture and the Notes relating to the
conduct or affecting the liability or affording protection to the Trustee,
whether or not elsewhere herein so provided.

      Section 2.10. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

                                       G-2
<PAGE>

      Section 2.11. Multiple Originals. The parties may sign any number of
copies of this Supplemental Indenture, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.

      Section 2.12. Headings. The Article and Section headings herein are
inserted for convenience of reference only, are not intended to be considered a
part hereof and shall not modify or restrict any of the terms or provisions
hereof.

      Section 2.13. The Trustee. The Trustee shall not be responsible in any
manner for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
are made by the Company and the Issuer.

      IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed as of the date first written above.

                            [Signature Page Follows]

                                       G-3
<PAGE>

                            TRIAD FINANCIAL CORPORATION

                            By: ________________________________________________
                                Name:    Mike L. Wilhelms
                                Title:   Senior Vice President & Chief Executive
                                         Officer

                            JPMORGAN CHASE, N.A.,
                            as Trustee

                            By: ________________________________________________
                                Name:
                                Title:

                                      G-4

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