Document:

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                                                                    EXHIBIT 10.1

                                  $175,000,000

                   FIRST AMENDED AND RESTATED CREDIT AGREEMENT

                            Dated as of May 23, 2003

                                      Among

                   REINSURANCE GROUP OF AMERICA, INCORPORATED

                 THE BANKS LISTED ON THE SIGNATURE PAGES HEREOF

                              THE BANK OF NEW YORK
                             as Administrative Agent

                              Bank of America, N.A.
                               Fleet National Bank
                            as Co-Syndication Agents

                          KeyBank National Association
                             as Documentation Agent

                            BNY CAPITAL MARKETS, INC.
                                as Lead Arranger

                                       and

                            BNY CAPITAL MARKETS, INC.
                                 as Book Runner

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                                Table of Contents

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                                                       ARTICLE 1

                                                    CREDIT FACILITY

Section 1.01.     Commitment to Lend.............................................................................   1
Section 1.02.     Manner of Borrowing............................................................................   1
Section 1.03.     Interest.......................................................................................   2
                  (a)   Rates ...................................................................................   2
                  (b)   Payment..................................................................................   3
                  (c)   Conversion and Continuation..............................................................   3
                  (d)   Maximum Interest Rate....................................................................   4
Section 1.04.     Repayment......................................................................................   4
Section 1.05.     Prepayments....................................................................................   4
                  (a)   Optional Prepayments.....................................................................   4
                  (b)   Mandatory Partial Repayment..............................................................   4
Section 1.06.     Limitation on Types of Loans...................................................................   5
Section 1.07.     Changes in Commitments.........................................................................   5
                  (a)   Optional Reduction.......................................................................   5
                  (b)   Automatic Reduction......................................................................   5
Section 1.08.     Fees...........................................................................................   5
                  (a)   Facility Fees............................................................................   5
                  (b)   Administrative Agent's Fees..............................................................   5
                  (c)   Utilization Fees.........................................................................   5
                  (d)   Fees Non-Refundable......................................................................   6
Section 1.09.     Computation of Interest and Fees...............................................................   6
Section 1.10.     Evidence of Indebtedness.......................................................................   6
Section 1.11.     Payments by the Borrower.......................................................................   6
                  (a)   Time, Place and Manner...................................................................   6
                  (b)   No Reductions............................................................................   6
                  (c)   Taxes....................................................................................   6
                  (d)   Taxes Payable by the Administrative Agent or any Bank....................................   7
                  (e)   Exemption from U.S. Withholding Taxes....................................................   7
                  (f)   Authorization to Charge Accounts.........................................................   8
                  (g)   Extension of Payment Dates...............................................................   8
Section 1.12.     Distribution of Payments by the Administrative Agent...........................................   8
Section 1.13.     Pro Rata Treatment.............................................................................   9
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                                                       ARTICLE 2

                                  CONDITIONS TO EFFECTIVENESS OF AGREEMENT AND LOANS

Section 2.01.     Conditions to Effectiveness of Agreement and Initial Loans....................................    9
Section 2.02.     Conditions to Each Loan.......................................................................   10

                                                       ARTICLE 3

                                        CERTAIN REPRESENTATIONS AND WARRANTIES

Section 3.01.     Organization; Power; Qualification............................................................   11
Section 3.02.     Subsidiaries..................................................................................   11
Section 3.03.     Authorization; Enforceability; Required Consents; Absence of Conflicts........................   11
Section 3.04.     Taxes.........................................................................................   12
Section 3.05.     Litigation....................................................................................   12
Section 3.06.     Burdensome Provisions.........................................................................   12
Section 3.07.     No Adverse Change or Event....................................................................   12
Section 3.08.     Additional Adverse Facts......................................................................   12
Section 3.09.     Investment Company Act........................................................................   13
Section 3.10.     Pari Passu Status.............................................................................   13

                                                       ARTICLE 4

                                                   CERTAIN COVENANTS

Section 4.01.     Preservation of Existence.....................................................................   13
Section 4.02.     Preservation of Rights and Properties.........................................................   13
Section 4.03.     Business Activities...........................................................................   13
Section 4.04.     Payment of Taxes and Liabilities..............................................................   13
Section 4.05.     Compliance With Applicable Laws and Contracts.................................................   13
Section 4.06.     Preservation of Loan Document Enforceability..................................................   13
Section 4.07.     Insurance.....................................................................................   14
Section 4.08.     Use of Proceeds...............................................................................   14
Section 4.09.     Indebtedness..................................................................................   14
Section 4.10.     Guaranties....................................................................................   14
Section 4.11.     Liens.........................................................................................   14
Section 4.12.     Restricted Payments...........................................................................   14
Section 4.13.     Merger or Consolidation.......................................................................   14
Section 4.14.     Disposition of Assets.........................................................................   15
Section 4.15.     Taxes of Other Persons........................................................................   15
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Section 4.16.     Benefit Plans.................................................................................   15
Section 4.17.     Transactions with Affiliates..................................................................   15
Section 4.18.     Limitation on Restrictive Covenants...........................................................   15
Section 4.19.     Issuance or Disposition of Capital Securities.................................................   15
Section 4.20.     Acquisitions..................................................................................   16
Section 4.21.     Ratio of Consolidated Indebtedness to Consolidated Net Worth..................................   16
Section 4.22.     Statutory Surplus.............................................................................   16
Section 4.23.     Minimum Total Adjusted Capital................................................................   16

                                                       ARTICLE 5

                                                      INFORMATION

Section 5.01.     Information to Be Furnished...................................................................   16
                  (a)   Quarterly Financial Statements..........................................................   16
                  (b)   Year-End Financial Statements...........................................................   17
                  (c)   Officer's Certificate as to Financial Statements and Defaults...........................   17
                  (d)   Statutory Statements....................................................................   17
                  (e)   Year-End Statutory Statements...........................................................   18
                  (f)   Reports and Filings.....................................................................   18
                  (g)   Requested Information...................................................................   18
                  (h)   Notice of Defaults, Material Adverse Changes and Other Matters..........................   18
Section 5.02.     Accuracy of Financial Statements and Information..............................................   19
                  (a)   Historical Financial Statements.........................................................   19
                  (b)   Future Financial Statements.............................................................   19
                  (c)   Historical Information..................................................................   19
                  (d)   Future Information......................................................................   20
Section 5.03.     Additional Covenants Relating to Disclosure...................................................   20
                  (a)   Accounting Methods and Financial Records................................................   20
                  (b)   Fiscal Year.............................................................................   20
                  (c)   Visits, Inspections and Discussions.....................................................   20
Section 5.04.     Authorization of Third Parties to Deliver Information and Discuss Affairs.....................   21

                                                       ARTICLE 6

                                                        DEFAULT

Section 6.01.     Events of Default.............................................................................   21
Section 6.02.     Remedies upon Event of Default................................................................   24
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                                                       ARTICLE 7

                                         ADDITIONAL CREDIT FACILITY PROVISIONS

Section 7.01.     Mandatory Suspension and Conversion of Eurodollar Rate Loans..................................   24
Section 7.02.     Regulatory Changes............................................................................   25
Section 7.03.     Capital Requirements..........................................................................   26
Section 7.04.     Funding Losses................................................................................   26
Section 7.05.     Certain Determinations........................................................................   26
Section 7.06.     Change of Lending Office......................................................................   27

                                                       ARTICLE 8

                                               THE ADMINISTRATIVE AGENT

Section 8.01.     Appointment and Powers........................................................................   27
Section 8.02.     Limitation on Administrative Agent's Liability................................................   27
Section 8.03.     Certain Actions...............................................................................   28
                  (a)   Defaults................................................................................   28
                  (b)   Change of Control.......................................................................   28
Section 8.04.     Rights as a Bank..............................................................................   28
Section 8.05.     Indemnification...............................................................................   29
Section 8.06.     Non-Reliance on Administrative Agent and Other Banks..........................................   29
Section 8.07.     Resignation of the Administrative Agent.......................................................   29

                                                       ARTICLE 9

                                                     MISCELLANEOUS

Section 9.01.     Notices and Deliveries........................................................................   30
                  (a)   Manner of Delivery......................................................................   30
                  (b)   Addresses...............................................................................   30
                  (c)   Effectiveness...........................................................................   31
                  (d)   Reasonable Notice.......................................................................   32
Section 9.02.     Expenses; Indemnification.....................................................................   32
Section 9.03.     Amounts Payable Due upon Request for Payment..................................................   33
Section 9.04.     Remedies of the Essence.......................................................................   33
Section 9.05.     Rights Cumulative.............................................................................   33
Section 9.06.     Amendments; Waivers...........................................................................   33
Section 9.07.     Set-Off; Suspension of Payment and Performance................................................   34
Section 9.08.     Sharing of Recoveries.........................................................................   34
Section 9.09.     Assignments and Participations................................................................   35
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                  (a)   Assignments.............................................................................   35
                  (b)   Participations..........................................................................   36
Section 9.10.     Governing Law.................................................................................   36
Section 9.11.     Judicial Proceedings; Waiver of Jury Trial....................................................   36
Section 9.12.     LIMITATION OF LIABILITY.......................................................................   37
Section 9.13.     Severability of Provisions....................................................................   37
Section 9.14.     Counterparts..................................................................................   37
Section 9.15.     Survival of Obligations.......................................................................   37
Section 9.16.     Entire Agreement..............................................................................   37
Section 9.17.     Successors and Assigns........................................................................   37
Section 9.18.     Registered Notes..............................................................................   38
Section 9.19.     No Obligations................................................................................   38
Section 9.20.     No Fiduciary Relationship Established By Loan Documents.......................................   38
Section 9.21.     Conditions to Effectiveness...................................................................   38

                                                      ARTICLE 10

                                                    INTERPRETATION

Section 10.01.    Defined Terms.................................................................................   38
Section 10.02.    Other Interpretive Provisions.................................................................   54
Section 10.03.    Accounting Matters............................................................................   55
Section 10.04.    Representations and Warranties................................................................   56
Section 10.05.    Captions......................................................................................   56
Section 10.06.    Interpretation of Related Documents...........................................................   56
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Annex A                    Bank Commitments And Notice Addresses
Schedule 1.02              Form of Notice of Borrowing
Schedule 1.03(c)(iv)       Form of Notice of Conversion Or Continuation
Schedule 1.05(a)           Form of Notice of Prepayment
Schedule 1.11(e)           Form of Non-US Bank Certificate
Schedule 2.01(a)(i)        Form of Borrower's Secretary's Certificate
Schedule 2.01(a)(vi)       Form of officer's Certificate Regarding Negotiations
Schedule 3.02              Schedule of Subsidiaries
Schedule 4.10              Schedule of Existing Guaranties
Schedule 4.11              Schedule of Existing Liens
Schedule 4.16              Schedule of Existing Benefit Plans
Schedule 4.18              Schedule of Existing Restrictive Covenants
Schedule 5.02(a)           Schedule of Historical Financial Information
Schedule 10.01             Description of Trust Preferred Securities Transaction
                             And Related Documentation
Exhibit A                  Form of Promissory Note

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         FIRST AMENDED AND RESTATED CREDIT AGREEMENT, dated as of May 23, 2003,
among REINSURANCE GROUP OF AMERICA, INCORPORATED, as Borrower, the BANKS, THE
BANK OF NEW YORK, as Administrative Agent, Bank of America, N.A. and Fleet
National Bank, as Co-Syndication Agents and KeyBank National Association, as
Documentation Agent.

         WHEREAS, the Borrower, the several banks listed on the signature pages
thereof (each a "2000 Bank"), and The Bank of New York, as Administrative Agent,
Bank of America, N.A., as Syndication Agent, Fleet Bank Boston, as Documentation
Agent and Royal Bank of Canada, as Co-Agent entered into that certain Credit
Agreement dated as of May 24, 2000 (as amended to but not including the date
hereof, the "Existing Credit Agreement"); and

         WHEREAS, the Banks wish to extend, and certain of the Banks, pursuant
to the Existing Credit Agreement, have extended, credit to the Borrower by the
making of loans to the Borrower and the Borrower has requested that the Existing
Credit Agreement be amended and restated in its entirety pursuant to this
Agreement in order to provide for such loans and the other matters contained
herein.

         NOW, THEREFORE, the Borrower, the Banks, The Bank of New York, as
Administrative Agent, Bank of America, N.A. and Fleet National Bank, as
Co-Syndication Agents and KeyBank National Association, as Documentation Agent,
agree that the Existing Credit Agreement shall be amended and restated in its
entirety as follows (with certain terms used herein being defined in Article
10):

                                   ARTICLE 1

                                 CREDIT FACILITY

         Section 1.01. Commitment to Lend. Upon the terms and subject to the
conditions of this Agreement, each Bank severally agrees to make, from time to
time during the period from the Agreement Date through the Termination Date, one
or more Loans to the Borrower in an aggregate unpaid principal amount not
exceeding at any time such Bank's Commitment at such time. Subject to Section
1.06 and the other terms and conditions of this Agreement, the Loans may, at the
option of the Borrower, be made as, and from time to time continued as or
converted into, Base Rate Loans or Eurodollar Rate Loans of any permitted Type,
or any combination thereof. The aggregate amount of the Commitments on the
Agreement Date is $175,000,000.

         Section 1.02. Manner of Borrowing. (a) The Borrower shall give the
Administrative Agent notice (which shall be irrevocable) no later than 11:00
a.m. on, in the case of Base Rate Loans, the requested date for the making of
such Loans, and, in the case of Eurodollar Rate Loans, the third Eurodollar
Business Day, before the requested date for the making of such Loans. Each such
notice shall be in the form of Schedule 1.02 and shall specify (i) the requested
date for the making of the requested Loans, which shall be, in the case of Base
Rate Loans, a Business Day and, in the case of Eurodollar Rate Loans, a
Eurodollar Business Day, (ii) the Type or Types of Loans requested and (iii) the
amount of each such Type of Loan, the aggregate of which amounts for all Types
of Loans requested shall be not less than the lesser of (x) $2,500,000 and
integral multiples of $500,000 in excess thereof and (y) the aggregate amount of

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the unused Commitments. Upon receipt of any such notice, the Administrative
Agent shall promptly notify each Bank of the contents thereof and of the amount
and Type of each Loan to be made by such Bank on the requested date specified
therein.

                  (b)      Not later than 1:00 p.m. on each requested date for
the making of Loans, each Bank shall, if it has received the notice contemplated
by Section 1.02(a) in a timely fashion, make available to the Administrative
Agent, in Dollars in funds immediately available to the Administrative Agent at
the Administrative Agent's Office, the Loans to be made by such Bank on such
date. Any Bank's failure to make any Loan to be made by it on the requested date
therefor shall not relieve any other Bank of its obligation to make any Loan to
be made by such other Bank on such date, but such other Bank shall not be liable
for such failure.

                  (c)      If a Bank shall have received notice of the making of
Loans in accordance with Section 1.02(a) hereof, then unless the Administrative
Agent shall have received notice from a Bank prior to 1:00 p.m. on the requested
date for the making of any Loans that such Bank will not make available to the
Administrative Agent the Loans requested to be made by such Bank on such date,
the Administrative Agent may assume that such Bank has made such Loans available
to the Administrative Agent on such date in accordance with Section 1.02(b) and
the Administrative Agent in its sole discretion may, in reliance upon such
assumption, make available to the Borrower on such date a corresponding amount
on behalf of such Bank. If and to the extent such Bank shall not have so made
available to the Administrative Agent the Loans requested to be made by such
Bank on such date and the Administrative Agent shall have so made available to
the Borrower a corresponding amount on behalf of such Bank, such Bank shall, on
demand, pay to the Administrative Agent such corresponding amount together with
interest thereon, for each day from the date such amount shall have been so made
available by the Administrative Agent to the Borrower until the date such amount
shall have been repaid to the Administrative Agent, at the Federal Funds Rate
until (and including) the third Business Day after demand is made and thereafter
at the Base Rate. If such Bank does not pay such corresponding amount promptly
upon the Administrative Agent's demand therefor, the Administrative Agent may
notify the Borrower and the Borrower shall immediately repay such corresponding
amount to the Administrative Agent together with accrued interest thereon at the
applicable rate or rates provided in Section 1.03(a).

                  (d)      All Loans made available to the Administrative Agent
in accordance with Section 1.02(b) shall be disbursed by the Administrative
Agent not later than 1:00 p.m. on the requested date therefor in Dollars in
funds immediately available to the Borrower by credit to an account of the
Borrower at the Administrative Agent's Office or in such other manner as may
have been specified in the applicable notice and as shall be acceptable to the
Administrative Agent.

         Section 1.03. Interest. (a) Rates. (i) Subject to Section 1.03(a)(ii),
(A) each Loan shall bear interest on the outstanding principal amount thereof at
a rate per annum equal to (1) so long as it is a Base Rate Loan, the Base Rate
as in effect from time to time plus the Applicable Base Rate Margin and (2) so
long as it is a Eurodollar Rate Loan, the applicable Adjusted Eurodollar Rate
plus the Applicable Eurodollar Rate Margin and (B) each other amount due and
payable under the Loan Documents shall, to the maximum extent permitted by
Applicable Law, bear

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interest at a rate per annum equal to the Base Rate as in effect from time to
time plus the Applicable Base Rate Margin.

                    (ii)   During an Event of Default (and whether before or
         after judgment), each Loan (whether or not due) and, to the maximum
         extent permitted by Applicable Law, each other amount due and payable
         under the Loan Documents shall bear interest at a rate per annum equal
         to the applicable Post-Default Rate.

                  (b)      Payment. Interest shall be payable, in the case of
(i) Loans that are (A) Base Rate Loans, on each Interest Payment Date and (B)
Eurodollar Rate Loans, on the last day of each applicable Interest Period (and,
if an Interest Period is longer than three months, at intervals of three months
after the first day of such Interest Period), (ii) any Loan, when such Loan
shall be due (whether at maturity, by reason of notice of prepayment or
acceleration or otherwise) or converted, but only to the extent then accrued on
the amount then so due or converted, and (iii) all other amounts due and payable
under the Loan Documents, on demand. Interest at the Post-Default Rate shall be
payable on demand.

                  (c)      Conversion and Continuation. (i) All or any part of
the principal amount of Loans of any Type may, on any Business Day, be converted
into any other Type or Types of Loans, except that (A) Eurodollar Rate Loans may
be converted only on the last day of an applicable Interest Period and (B) Base
Rate Loans may be converted into Eurodollar Rate Loans only on a Eurodollar
Business Day.

                    (ii)   Base Rate Loans shall continue as Base Rate Loans
         unless and until such Loans are converted into Loans of another Type.
         Eurodollar Rate Loans of any Type shall continue as Loans of such Type
         until the end of the then current Interest Period therefor, at which
         time they shall be automatically converted into Base Rate Loans unless
         the Borrower shall have given the Administrative Agent notice in
         accordance with Section 1.03(c)(iv) requesting either that such Loans
         continue as Loans of such Type for another Interest Period or that such
         Loans be converted into Loans of another Type at the end of such
         Interest Period.

                    (iii)  Notwithstanding anything to the contrary contained in
         Section 1.03(c)(i) or (ii), during a Default, the Administrative Agent
         may notify the Borrower that Loans may only be converted into or
         continued as Loans of certain specified Types and, thereafter, until no
         Default shall continue to exist, Loans may not be converted into or
         continued as Loans of any Type other than one or more of such specified
         Types.

                    (iv)   The Borrower shall give the Administrative Agent
         notice (which shall be irrevocable) of each conversion of Loans or
         continuation of Eurodollar Rate Loans no later than 11:00 a.m. on, in
         the case of a conversion into Base Rate Loans, the Business Day of,
         and, in the case of a conversion into or continuation of Eurodollar
         Rate Loans, the third Eurodollar Business Day before, the requested
         date of such conversion or continuation. Each notice of conversion or
         continuation shall be in the form of Schedule 1.03(c)(iv) and shall
         specify (A) the requested date of such conversion or continuation, (B)
         the amount and Type and, in the case of Eurodollar Rate Loans, the last
         day of the applicable Interest Period of the Loans to be converted or
         continued and (C) the amount

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         and Type or Types of Loans into which such Loans are to be converted or
         as which such Loans are to be continued. Upon receipt of any such
         notice, the Administrative Agent shall promptly notify each Bank of (x)
         the contents thereof, (y) the amount and Type and, in the case of
         Eurodollar Rate Loans, the last day of the applicable Interest Period
         of each Loan to be converted or continued by such Bank and (z) the
         amount and Type or Types of Loans into which such Loans are to be
         converted or as which such Loans are to be continued.

                  (d)      Maximum Interest Rate. Nothing contained in the Loan
Documents shall require the Borrower at any time to pay interest at a rate
exceeding the Maximum Permissible Rate. If interest payable by the Borrower on
any date would exceed the maximum amount permitted by the Maximum Permissible
Rate, such interest payment shall automatically be reduced to such maximum
permitted amount, and interest for any subsequent period, to the extent less
than the maximum amount permitted for such period by the Maximum Permissible
Rate, shall be increased by the unpaid amount of such reduction. Any interest
actually received for any period in excess of such maximum amount permitted for
such period shall be deemed to have been applied as a prepayment of the Loans.

         Section 1.04. Repayment. The Loans shall mature and become due and
payable, and shall be repaid by the Borrower, in full on the Termination Date.

         Section 1.05. Prepayments. (a) Optional Prepayments. The Borrower may,
at any time and from time to time, prepay the Loans in whole or in part, without
premium or penalty (but subject to Section 7.04), except that any partial
prepayment shall be in an aggregate principal amount of at least $2,500,000 and
integral multiples of $500,000 in excess thereof. The Borrower shall give the
Administrative Agent notice of each prepayment pursuant to this Section 1.05(a)
no later than 11:00 a.m. on, in the case of a prepayment of Base Rate Loans, the
Business Day of, and, in the case of a prepayment of Eurodollar Rate Loans, the
third Eurodollar Business Day before, the date of such prepayment. Each such
notice of prepayment shall be in the form of Schedule 1.05(a) and shall specify
(i) the date such prepayment is to be made and (ii) the amount and Type and, in
the case of Eurodollar Rate Loans, the last day of the applicable Interest
Period of the Loans to be prepaid. Upon receipt of any such notice, the
Administrative Agent shall promptly notify each Bank of the contents thereof and
the amount and Type and, in the case of Eurodollar Rate Loans, the last day of
the applicable Interest Period of each Loan of such Bank to be prepaid. Amounts
to be prepaid pursuant to this Section 1.05(a) shall irrevocably be due and
payable on the date specified in the applicable notice of prepayment, together
with interest thereon as provided in Section 1.03(b).

                  (b)      Mandatory Partial Repayment. If a Change of Control
shall be deemed to have occurred and one or more Banks shall have delivered a
Repayment Notice, the Administrative Agent, upon notice to the Borrower, shall
require the Borrower to, and the Borrower shall, prepay no later than the
fifteenth day following the date such notice is given, the principal of and
interest on the Loans and the Notes of, and all other amounts owing under the
Loan Documents to, each such Bank specified in such notice; provided, however,
that if Banks constituting the Required Banks shall have delivered Repayment
Notices, the Administrative Agent, upon notice to the Borrower, shall require
the Borrower to, and the Borrower shall,

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prepay, no later than the fifteenth day following the date such notice is given,
the principal of and interest on the Loans and the Notes and all other amounts
owing under the Loan Documents.

         Section 1.06. Limitation on Types of Loans. Notwithstanding anything to
the contrary contained in this Agreement, the Borrower shall borrow, prepay,
convert and continue Loans in a manner such that (a) the aggregate principal
amount of Eurodollar Rate Loans of the same Type and having the same Interest
Period shall at all times be not less than $1,000,000, (b) there shall not be,
at any one time, more than six Interest Periods in effect with respect to
Eurodollar Rate Loans of all Types and (c) no payment of Eurodollar Rate Loans
will have to be made prior to the last day of an applicable Interest Period in
order to repay the Loans in the amounts and (subject to Section 1.11(e)) on the
dates specified in Section 1.04.

         Section 1.07. Changes in Commitments. (a) Optional Reduction. The
Borrower may reduce the Commitments by giving the Administrative Agent notice
(which shall be irrevocable) thereof no later than 11:00 a.m. on the fifth
Business Day before the requested date of such reduction, except that, (a) each
partial reduction of the Commitments shall be in an aggregate amount of
$10,000,000 or an integral multiple of $5,000,000 in excess thereof and (b) no
reduction may reduce the Commitments to an amount less than the aggregate amount
of Loans outstanding. Upon receipt of any such notice, the Administrative Agent
shall promptly notify each Bank of the contents thereof and the amount to which
such Bank's Commitment is to be reduced.

                  (b)      Automatic Reduction. If the Administrative Agent
shall require that the Loans be prepaid in accordance with Section 1.05(b), the
Commitment of each Bank to whom such prepayment is due and payable shall
immediately terminate without further action by the Administrative Agent or any
Bank.

         Section 1.08. Fees. (a) Facility Fees. The Borrower shall pay to the
Administrative Agent for the account of each Bank a facility fee on the daily
amount of such Bank's Commitment for each day from Agreement Date through the
Termination Date at a rate per annum equal to the Applicable Facility Fee,
payable on successive Interest Payment Dates, on the Termination Date and on the
date of any reduction of such Commitment (to the extent accrued and unpaid on
the amount of the reduction).

                  (b)      Administrative Agent's Fees. The Borrower shall pay
to the Administrative Agent, for its own account the fees payable under the
Agent's Fee Letter. Such fees shall be payable in the amounts and at the times
provided therein.

                  (c)      Utilization Fees. The Borrower shall pay to the
Administrative Agent for the account of each Bank a utilization fee in the
amount equal to 0.125% per annum of the daily amount of the utilized Commitments
for each day on which the utilized Commitments exceed 33.3% of the Commitments,
payable on successive Interest Payment Dates, on the Termination Date and on the
date of repayment or prepayment of the Loans (if the utilized Commitments
exceeded 33.3% immediately prior to such repayment or prepayment of the amount
so being repaid or prepaid).

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                  (d)      Fees Non-Refundable. None of the fees payable under
this Section 1.08 shall be refundable in whole or in part.

         Section 1.09. Computation of Interest and Fees. Interest, the facility
fees and the utilization fees shall be computed on the basis of a year of 360
days and paid for the actual number of days elapsed. Interest for any period
shall be calculated from and including the first day thereof to but excluding
the last day thereof.

         Section 1.10. Evidence of Indebtedness. Each Bank's Loans and the
Borrower's obligation to repay such Loans with interest in accordance with the
terms of this Agreement shall be evidenced by this Agreement, the records of
such Bank and a single Note payable to the order of such Bank which, at the
request of a Bank with respect to its Note in accordance with Section 9.18, may
be a Registered Note. The records of each Bank shall be prima facie evidence of
such Bank's Loans and accrued interest thereon and of all payments made in
respect thereof.

         Section 1.11. Payments by the Borrower. (a) Time, Place and Manner. All
payments due to the Administrative Agent under the Loan Documents shall be made
to the Administrative Agent at the Administrative Agent's Office or at such
other address as the Administrative Agent may designate by notice to the
Borrower. All payments due to any Bank under the Loan Documents shall, in the
case of payments on account of principal of or interest on the Loans or fees, be
made to the Administrative Agent at the Administrative Agent's Office and, in
the case of all other payments, be made directly to such Bank at its Domestic
Lending Office or at such other address as such Bank may designate by notice to
the Borrower. All payments due to any Bank under the Loan Documents, whether
made to the Administrative Agent or directly to such Bank, shall be made for the
account of, in the case of payments in respect of Eurodollar Rate Loans, such
Bank's Eurodollar Lending Office and, in the case of all other payments, such
Bank's Domestic Lending Office. A payment by the Borrower shall not be deemed to
have been made on any day unless such payment has been received by the required
Person, at the required place of payment, in Dollars in funds immediately
available to such Person at such place, no later than 1:00 p.m. on such day.

                  (b)      No Reductions. All payments due to the Administrative
Agent or any Bank under the Loan Documents, and all other terms, conditions,
covenants and agreements to be observed and performed by the Borrower
thereunder, shall be made, observed or performed by the Borrower without any
reduction or deduction whatsoever, including any reduction or deduction for any
set-off, recoupment, counterclaim (whether sounding in tort, contract or
otherwise) or Tax, except, subject to Section 1.11(c), for any withholding or
deduction for Taxes required to be withheld or deducted under Applicable Law.

                  (c)      Taxes. If under Applicable Law any Tax is required to
be withheld or deducted by the Borrower from, or is otherwise payable by the
Borrower in connection with, any payment to the Administrative Agent or any Bank
under the Loan Documents, the Borrower (i) shall (A), if so required, withhold
or deduct the amount of such Tax from such payment and, in any case, pay such
Tax to the appropriate taxing authority in accordance with Applicable Law and
(B) indemnify the Administrative Agent and such Bank in accordance with the
provisions of Section 9.02(d) against its failure so to do and (ii) shall pay to
the Administrative Agent or such Bank, as applicable, such additional amounts as
may be necessary so that the net amount

                                       6

<PAGE>

received by the Administrative Agent or such Bank with respect to such payment,
after withholding or deducting all Taxes required to be withheld or deducted by
the Borrower, is equal to the full amount payable under the Loan Documents. If
any Tax is withheld or deducted by the Borrower from, or is otherwise payable by
the Borrower in connection with, any payment payable to the Administrative Agent
or any Bank under the Loan Documents, the Borrower shall, as soon as possible
after the date of such payment, furnish to the Administrative Agent or such
Bank, as applicable, the original or a certified copy of a receipt for such Tax
from the applicable taxing authority. If any payment due to the Administrative
Agent or any Bank under the Loan Documents is or is expected to be made without
withholding or deducting therefrom, or otherwise paying in connection therewith,
any Tax payable by the Borrower to any taxing authority, the Borrower shall,
within 30 days after any request from the Administrative Agent or such Bank, as
applicable, furnish to the Administrative Agent or such Bank a certificate from
such taxing authority, or an opinion of counsel acceptable to the Administrative
Agent or such Bank, in either case stating that no Tax payable to such taxing
authority was or is, as the case may be, required to be withheld or deducted
from, or otherwise paid by the Borrower in connection with, such payment.

                  (d)      Taxes Payable by the Administrative Agent or any
Bank. The Borrower shall, promptly upon request by the Administrative Agent or
any Bank for the payment thereof, pay to the Administrative Agent or such Bank,
as the case may be, (i) all Taxes (other than Bank Taxes) payable by the
Administrative Agent or such Bank, as the case may be, with respect to any
payment due to the Administrative Agent or such Bank under the Loan Documents
and (ii) all Taxes payable by the Administrative Agent or such Bank as a result
of payments made by such Borrower (whether made to a taxing authority or to the
Administrative Agent or such Bank) pursuant to this Section 1.11(d).

                  (e)      Exemption from U.S. Withholding Taxes. There shall be
submitted to the Borrower and the Administrative Agent, (i) on or before the
first date that interest or fees are payable to such Bank under the Loan
Documents, (A) if at the time the same are applicable, (1) by each Bank that is
not a United States Person, two duly completed and signed copies of Internal
Revenue Service Form W-8BEN, W8ECI or W-8IMY in any such case entitling such
Bank to a complete exemption from withholding of any United States federal
income taxes on all amounts to be received by such Bank under the Loan
Documents, or (2) by each Bank that is a Non-US Bank, (x) a duly completed
Internal Revenue Service Form W-8BEN and (y) a certification substantially in
the Form of Schedule 1.11(e) that such Bank is a Non-US Bank or (B) if at the
time all of the foregoing are inapplicable, duly completed and signed copies of
such form, if any, as entitles such Bank to exemption from withholding of United
States federal income taxes to the maximum extent to which such Bank is then
entitled under Applicable Law, and (ii) from time to time thereafter, prior to
the expiration or obsolescence of any previously delivered form or upon any
previously delivered form becoming inaccurate or inapplicable, such further duly
completed and signed copies of such form, if any, as entitles such Bank to
exemption from withholding of United States federal income taxes to the maximum
extent to which such Bank is then entitled under Applicable Law; provided,
however, that if a form provided by a Bank at the time such Bank first becomes a
party to this Agreement indicates a United States withholding tax in excess of
zero, withholding tax at such rate shall be considered excluded from Taxes and
provided further that if a Bank is not eligible to provide a form at the time
such Bank first becomes a party to this Agreement, withholding tax at the full
applicable

                                       7

<PAGE>

statutory rate shall be considered excluded from Taxes. Each Bank shall promptly
notify the Borrower and the Administrative Agent if (A) it is required to
withdraw or cancel any form or certificate previously submitted by it or any
such form or certificate has otherwise become ineffective or inaccurate or (B)
payments to it are or will be subject to withholding of United States federal
income taxes to a greater extent than the extent to which payments to it were
previously subject. Upon the request of the Borrower or the Administrative
Agent, each Bank that is a United States Person shall from time to time submit
to the Borrower and the Administrative Agent a certificate to the effect that it
is such a United States Person and a duly completed Internal Revenue Service
Form W-9.

                  (f)      Authorization to Charge Accounts. The Borrower hereby
authorizes the Administrative Agent and each Bank, if and to the extent any
amount payable by the Borrower under the Loan Documents (whether payable to such
Person or to any other Person that is the Administrative Agent or a Bank) is not
otherwise paid when due, to charge such amount against any or all of the
accounts of the Borrower with such Person or any of its Affiliates (whether
maintained at a branch or office located within or without the United States),
with the Borrower remaining liable for any deficiency.

                  (g)      Extension of Payment Dates. Whenever any payment to
the Administrative Agent or any Bank under the Loan Documents would otherwise be
due (except by reason of acceleration) on a day that is not a Business Day, or,
in the case of payments of the principal of Eurodollar Rate Loans, a Eurodollar
Business Day, such payment shall instead be due on the next succeeding Business
or Eurodollar Business Day, as the case may be, unless, in the case of a payment
of the principal of Eurodollar Rate Loans, such extension would cause payment to
be due in the next succeeding calendar month, in which case such due date shall
be advanced to the next preceding Eurodollar Business Day. If the date any
payment under the Loan Documents is due is extended (whether by operation of
this Section 1.11(g), any Loan Document, Applicable Law or otherwise), such
payment shall bear interest for such extended time at the rate of interest
applicable hereunder.

         Section 1.12. Distribution of Payments by the Administrative Agent. (a)
The Administrative Agent shall promptly distribute to each Bank its ratable
share of each payment received by the Administrative Agent under the Loan
Documents for the account of the Banks by credit to an account of such Bank at
the Administrative Agent's Office or by wire transfer to an account of such Bank
at an office of any other commercial bank located in the United States.

                  (b)      Unless the Administrative Agent shall have received
notice from the Borrower prior 11:00 a.m. on to the date on which any payment is
due to the Banks under the Loan Documents that the Borrower will not make such
payment in full, the Administrative Agent may assume that the Borrower has made
such payment in full to the Administrative Agent on such date and the
Administrative Agent in its sole discretion may, in reliance upon such
assumption, cause to be distributed to each Bank on such due date a
corresponding amount with respect to the amount then due such Bank. If and to
the extent the Borrower shall not have so made such payment in full to the
Administrative Agent and the Administrative Agent shall have so distributed to
any Bank a corresponding amount, such Bank shall, on demand, repay to the
Administrative Agent the amount so distributed together with interest thereon,
for each day from the date such amount is distributed to such Bank until the
date such Bank repays such amount to

                                       8

<PAGE>

the Administrative Agent, at the Federal Funds Rate until (and including) the
third Business Day after demand is made and thereafter at the Base Rate.

         Section 1.13. Pro Rata Treatment. Except to the extent otherwise
provided herein, (a) Loans of each Type to be made on any day shall be made by
the Banks pro rata in accordance with their respective Commitments, (b) Loans of
the Banks shall be converted and continued pro rata in accordance with their
respective amounts of Loans of the Type and, in the case of Eurodollar Rate
Loans, having the Interest Period being so converted or continued, (c) each
reduction in the Commitments shall be made pro rata in accordance with the
respective amounts thereof and (d) each payment of the principal of or interest
on the Loans or of fees shall be made for the account of the Banks pro rata in
accordance with the respective amounts thereof then due and payable.

                                   ARTICLE 2

               CONDITIONS TO EFFECTIVENESS of AGREEMENT and LOANS

         Section 2.01. Conditions to Effectiveness of Agreement and Initial
Loans. The effectiveness of this Agreement and the obligation of each Bank to
make its initial Loan under this Agreement is subject to the determination of
each Bank, in its sole and absolute discretion, that each of the following
conditions has been fulfilled:

                  (a)      the Administrative Agent shall have received each of
the following, in form and substance and, in the case of the materials referred
to in clauses (i), (ii), (iii) and (vi), certified in a manner satisfactory to
the Administrative Agent:

                    (i)    a certificate of the secretary or an assistant
         secretary of the Borrower, dated the Agreement Date, substantially in
         the form of Schedule 2.01(a)(i), to which shall be attached copies of
         the resolutions and by-laws referred to in such certificate;

                    (ii)   a copy of the certificate of incorporation of the
         Borrower, certified, as of a recent date, by the Secretary of State or
         other appropriate official of the Borrower's jurisdiction of
         incorporation;

                    (iii)  a good standing certificate with respect to the
         Borrower, issued as of a recent date by the Secretary of State or other
         appropriate official of such Person's jurisdiction of incorporation;

                    (iv)   an opinion of the General Counsel for the Borrower,
         dated the Agreement Date, as to such matters as the Banks may
         reasonably request;

                    (v)    an opinion of counsel for the Administrative Agent,
         dated the Agreement Date, as to the enforceability of the Loan
         Documents;

                    (vi)   a certificate in the form of Schedule 2.01(a)(vi),
         with such changes as the Administrative Agent shall approve;

                    (vii)  a duly executed Note for each Bank;

                                       9

<PAGE>

                    (viii) such additional materials as any Bank may have
         requested pursuant to Section 5.01(g);

                  (b)      all fees payable on or prior to the Agreement Date
pursuant to Section 1.08, and all amounts payable pursuant to Section 9.02 for
which invoices have been delivered to the Borrower on or prior to such date,
including, but not limited to, fees and expenses of legal counsel to the
Administrative Agent, shall have been paid in full or arrangements satisfactory
to the Administrative Agent shall have been made to cause them to be paid in
full concurrently with the effectiveness of this Agreement.

                  (c)      The Borrower shall have requested initial Loans
hereunder to be made on the Agreement Date in such amounts as necessary such
that after the making of such Loans (i) all loans, fees, expenses and other
amounts owing under the Existing Credit Agreement to any 2000 Bank which is not
a Bank hereunder shall have been paid in full and (ii) the outstanding Loans
hereunder shall be held by Banks pro rata based on their respective Commitments.

         Section 2.02. Conditions to Each Loan. The obligation of each Bank to
make each Loan requested to be made by it, including its initial Loan, is
subject to each of the following conditions being fulfilled:

                  (a)      the Administrative Agent shall have received a notice
of borrowing with respect to such Loan complying with the requirements of
Section 1.02;

                  (b)      each Representation and Warranty shall be true and
correct at and as of the time such Loan is to be made, both with and without
giving effect to such Loan and all other Loans to be made at such time and to
the application of the proceeds thereof;

                  (c)      no Default shall have occurred and be continuing at
the time such Loan is to be made or would result from the making of such Loan
and all other Loans to be made at such time or from the application of the
proceeds thereof;

                  (d)      such Bank shall have received such Information as it
may have requested pursuant to Section 5.01(g);

                  (e)      such Loan will not contravene any Applicable Law
applicable to such Bank; and

                  (f)      no Change of Control shall be deemed to have
occurred.

         Except to the extent that the Borrower shall have disclosed in the
notice of borrowing, or in a subsequent notice given to the Banks prior to 5:00
p.m. on the Business Day before the requested date for the making of the
requested Loans, that a condition specified in clause (b) or (c) above will not
be fulfilled as of the requested time for the making of such Loans, the Borrower
shall be deemed to have made a Representation and Warranty as of the time of the
making of such Loans that the conditions specified in such clauses have been
fulfilled as of such time. No such disclosure by the Borrower that a condition
specified in clause (b) or (c) above will not be fulfilled as of the requested
time for the making of the requested Loans shall affect

                                       10

<PAGE>

the right of each Bank to not make the Loans requested to be made by it if, in
such Bank's determination, such condition has not been fulfilled at such time.

                                   ARTICLE 3

                     CERTAIN REPRESENTATIONS AND WARRANTIES

         In order to induce each Bank to enter into this Agreement and to make
each Loan requested to be made by it, the Borrower represents and warrants as
follows:

         Section 3.01. Organization; Power; Qualification. The Borrower and each
Subsidiary are corporations (or, in the case of RGA Capital Trust I, RGA Sigma
Reinsurance SPC and RGA Financial Group, L.L.C., legal entities) duly organized,
validly existing and in good standing under the laws of their respective
jurisdictions of incorporation or organization, have the power and authority to
own their respective properties and to carry on their respective businesses as
now being and hereafter proposed to be conducted and are duly qualified and in
good standing, and are authorized to do business, in all jurisdictions in which
the character of their respective properties or the nature of their respective
businesses requires such qualification or authorization, except for failures in
respect of any of the foregoing which, singly or in the aggregate, have not had
and will not have a Materially Adverse Effect on (x) the Borrower and the
Consolidated Subsidiaries taken as a whole or (y) any Loan Document.

         Section 3.02. Subsidiaries. Schedule 3.02 sets forth, as of the
Agreement Date, all of the Subsidiaries, their jurisdictions of incorporation or
organization and the percentages of the various classes of their Capital
Securities owned by the Borrower or another Subsidiary and indicates which
Subsidiaries are Consolidated Subsidiaries. The Borrower or another Subsidiary,
as the case may be, has the unrestricted right to vote, and (subject to
limitations imposed by Applicable Law) to receive dividends and distributions
on, all Capital Securities indicated on Schedule 3.02 as owned by the Borrower
or such Subsidiary. Except as provided on Schedule 3.02, all such Capital
Securities have been duly authorized and issued and are fully paid and
nonassessable.

         Section 3.03. Authorization; Enforceability; Required Consents; Absence
of Conflicts. The Borrower has the power, and has taken all necessary action
(including, if a corporation, any necessary stockholder action) to authorize it,
to execute, deliver and perform in accordance with their respective terms the
Loan Documents and to borrow hereunder in the unused amount of the Commitments.
This Agreement has been, and each of the other Loan Documents when delivered to
the Administrative Agent will have been, duly executed and delivered by the
Borrower and is, or when so delivered will be, a legal, valid and binding
agreement of the Borrower, enforceable against the Borrower in accordance with
its terms, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally. The execution, delivery and performance in
accordance with their respective terms by the Borrower of the Loan Documents,
and each borrowing hereunder, whether or not in the amount of the unused
Commitments, do not and (absent any change in any Applicable Law or applicable
Contract) will not (a) require any Governmental Approval or any other consent or
approval, including any consent or approval of the stockholders of the Borrower
or any Subsidiary, to have been obtained or any Governmental Registration to
have been made,

                                       11

<PAGE>

or (b) violate, conflict with, result in a breach of, constitute a default
under, or result in or require the creation of any Lien upon any assets of the
Borrower or any Material Subsidiary under, (i) any Contract to which the
Borrower or such Subsidiary is a party or by which the Borrower or such
Subsidiary or any of their respective properties may be bound or (ii) any
Applicable Law.

         Section 3.04. Taxes. Each of the Borrower, each Material Subsidiary and
each Domestic Subsidiary has (a) filed all Tax returns required to have been
filed by it under Applicable Law, (b) paid all Taxes that are due and payable by
it or have been assessed against it except for Taxes the failure to have paid
which does not contravene Section 4.04 and (c) to the extent required by
Generally Accepted Accounting Principles, reserved against all Taxes that are
payable by it but are not yet due or that are due and payable by it or have been
assessed against it but have not yet been paid except for failures in respect of
any of the foregoing which, singly or in the aggregate, have not had and will
not have a Materially Adverse Effect on (x) the Borrower and the Consolidated
Subsidiaries taken as a whole or (y) any Loan Document.

         Section 3.05. Litigation. There are not, in any court or before any
arbitrator of any kind or before or by any governmental or non-governmental
body, any actions, suits or proceedings pending or threatened (nor, to the
knowledge of the Borrower and its Subsidiaries, is there any basis therefor)
against or in any other way relating to or affecting (a) the Borrower or any
Subsidiary or any of their respective businesses or properties or (b) any Loan
Document, except actions, suits or proceedings that, if adversely determined,
would not, singly or in the aggregate, have a Materially Adverse Effect on (x)
the Borrower and the Consolidated Subsidiaries taken as a whole or (y) any Loan
Document.

         Section 3.06. Burdensome Provisions. Neither the Borrower nor any
Subsidiary is a party to or bound by any Contract or Applicable Law, compliance
with which might have a Materially Adverse Effect on (a) the Borrower and the
Consolidated Subsidiaries taken as a whole or (b) any Loan Document.

         Section 3.07. No Adverse Change or Event. Since December 31, 2002, no
change in the business, assets, Liabilities, financial condition, results of
operations or business prospects of the Borrower or any Subsidiary has occurred,
and no event has occurred or failed to occur, that has had or might have, either
alone or in conjunction with all other such changes, events and failures, a
Materially Adverse Effect on (a) the Borrower and the Consolidated Subsidiaries
taken as a whole or (b) any Loan Document. Such an adverse change may have
occurred, and such an event may have occurred or failed to occur, at any
particular time notwithstanding the fact that at such time no Default shall have
occurred and be continuing.

         Section 3.08. Additional Adverse Facts. No fact or circumstance is
known to the Borrower, as of the Agreement Date, that, either alone or in
conjunction with all other such facts and circumstances, has had or might have
(so far as the Borrower and its Subsidiaries can foresee) a Materially Adverse
Effect on (a) the Borrower and the Consolidated Subsidiaries taken as a whole or
(b) any Loan Document. If a fact or circumstance disclosed on the Schedules
hereto should in the future have a Materially Adverse Effect on (x) the Borrower
and the Consolidated Subsidiaries taken as a whole or (y) any Loan Document,
such Materially Adverse Effect shall be a change or event subject to Section
3.07 notwithstanding such disclosure.

                                       12

<PAGE>

         Section 3.09. Investment Company Act. Neither the Borrower nor any
Subsidiary is an "investment company" or a Person "controlled" by an "investment
company", within the meaning of the Investment Company Act of 1940.

         Section 3.10. Pari Passu Status. The Loans and other obligations of the
Borrower to the Banks under the Loan Documents will at all times rank at least
pari passu in priority of payment with all of the Borrower's other unsecured
Indebtedness.

                                   ARTICLE 4

                                CERTAIN COVENANTS

              From the Agreement Date and until the Repayment Date,

A.       The Borrower shall and shall cause each Subsidiary to:

         Section 4.01. Preservation of Existence. Preserve and maintain its
corporate existence or, in the case of entities that are not corporations,
preserve and maintain its existence as a legal entity under the laws of the
jurisdiction in which it is organized, except that this Section 4.01 shall not
apply to termination of its existence pursuant to a merger or consolidation to
which Section 4.13 does not apply or to the termination of the corporate
existence of any Subsidiary that is not a Material Subsidiary.

         Section 4.02. Preservation of Rights and Properties. (a) Preserve and
maintain all of its franchises, licenses, rights and privileges under Contract
and Applicable Law material to the proper conduct of its business; and (b)
preserve and maintain in good repair, working order and condition, excepting
ordinary wear and tear and damage due to casualty, all of its tangible property
material to the proper conduct of its business.

         Section 4.03. Business Activities. Engage only in businesses in
substantially the same fields as the businesses conducted by the Borrower and
its Subsidiaries on the Agreement Date.

         Section 4.04. Payment of Taxes and Liabilities. Pay or discharge before
they become delinquent all Taxes and all Liabilities that are or might become
Liens on any of its properties, except that this Section 4.04 shall not apply to
Taxes and Liabilities that are being contested in good faith by appropriate
proceedings and for which adequate reserves, in an amount not less than the
amount required by Generally Accepted Accounting Principles, have been provided.

         Section 4.05. Compliance With Applicable Laws and Contracts. Comply
with all Applicable Laws and the terms of all Contracts to which it is a party
or by which it or any of its properties may be bound, except that this Section
4.05 shall not apply to any non-compliance that (a) has been excused or
expressly waived under the relative Applicable Law or Contract or (b) either
alone or when aggregated with all other such non-compliances, would not have a
Materially Adverse Effect on the Borrower and its Consolidated Subsidiaries
taken as a whole.

         Section 4.06. Preservation of Loan Document Enforceability. Take all
actions (including obtaining or making, as the case may be, and maintaining in
full force and effect all consents and Governmental Approvals and Governmental
Registrations) that are required so that

                                       13

<PAGE>

its obligations under the Loan Documents will at all times be legal, valid and
binding and enforceable in accordance with their respective terms.

         Section 4.07. Insurance. Maintain insurance with responsible insurance
companies against at least such risks and in at least such amounts as is
customarily maintained by similar businesses, or as may be required by
Applicable Law.

         Section 4.08. Use of Proceeds. Use the proceeds of the Loans only for
general corporate purposes. None of the proceeds of any of the Loans shall be
used to purchase or carry, or to reduce or retire or refinance any credit
incurred to purchase or carry, any margin stock (within the meaning of
Regulation U and Regulation X) or to extend credit to others for the purpose of
purchasing or carrying any margin stock. If requested by any Bank, the Borrower
shall complete and sign Part I of a copy of Federal Reserve Form U-1 referred to
in Regulation U and deliver such copy to such Bank.

B.       The Borrower shall not, and shall not permit any Subsidiary to,
directly or indirectly:

         Section 4.09. Indebtedness. Have any Indebtedness, at any time, except
that this Section 4.09 shall not apply to (a) the Loans and (b) other
Indebtedness provided that both prior to, and after giving effect to, the
incurrence of such Indebtedness no Default would exist.

         Section 4.10. Guaranties. Be obligated, at any time, in respect of any
Guaranty, except that this Section 4.10 shall not apply to (a) Existing
Guaranties and (b) Permitted Guaranties.

         Section 4.11. Liens. Permit to exist, at any time, any Lien upon any of
its properties or assets of any character, whether now owned or hereafter
acquired, or upon any income or profits therefrom, except that this Section 4.11
shall not apply to Permitted Liens, provided, however, that if, notwithstanding
this Section 4.11, any Lien to which this Section is applicable shall be created
or arise, the Liabilities of the Borrower under the Loan Documents shall
automatically be secured by such Lien equally and ratably with the other
Liabilities secured thereby, and the holder of such other Liabilities, by
accepting such Lien, shall be deemed to have agreed thereto and to share with
the Banks, on that basis, the proceeds of such Lien, whether or not the Banks'
security interest shall be perfected, provided further, however, that
notwithstanding such equal and ratable securing and sharing, the existence of
such Lien shall constitute a Default by the Borrower in the performance or
observance of this Section 4.11.

         Section 4.12. Restricted Payments. Make or declare or otherwise become
obligated to make any Restricted Payment, except that this Section 4.12 shall
not apply to any Restricted Payment if at both the time of the declaration or
other incurrence of the obligation to make such Restricted Payment, if any, and
the time of the making thereof, and immediately after giving effect thereto, a
Default would not exist. This Section 4.12 shall not prohibit the payment of a
dividend that constitutes a Restricted Payment if such Restricted Payment is
made within 45 days of the declaration thereof and if this Section 4.12 did not
apply to such Restricted Payment at the time of its declaration.

         Section 4.13. Merger or Consolidation. Merge or consolidate with any
Person, except that, if after giving effect thereto no Default would exist, this
Section 4.13 shall not apply to (a) any merger or consolidation of the Borrower
with any one or more Persons, provided that the

                                       14

<PAGE>

Borrower shall be the continuing Person, and (b) any merger or consolidation of
any Subsidiary with any one or more other Subsidiaries, provided that, if either
such Subsidiary is a Wholly Owned Subsidiary, the continuing Person shall, after
giving effect to such merger or consolidation, be a Wholly Owned Subsidiary.

         Section 4.14. Disposition of Assets. Sell, lease, license, transfer or
otherwise dispose of, in a single transaction or a series of transactions, all
or a substantial portion of the assets of (i) the Borrower, (ii) RGA Re, (iii)
RGA Canada or (iv) RCM.

         Section 4.15. Taxes of Other Persons. (a) File a consolidated tax
return with any other Person other than, in the case of the Borrower, a
Consolidated Subsidiary and, in the case of any such Subsidiary, the Borrower or
a Consolidated Subsidiary, or (b) except as required by Applicable Law, pay or
enter into any Contract (except for reimbursements of Taxes to ceding insurance
or reinsurance companies pursuant to expense reimbursement clauses which are
accepted as standard industry practice and are entered into in the normal course
of business) to pay any Taxes owing by any Person other than the Borrower or a
Consolidated Subsidiary.

         Section 4.16. Benefit Plans. (a) Have, or permit any of its ERISA
Affiliates to have, any Benefit Plan other than an Existing Benefit Plan; (b)
permit any Existing Benefit Plan to be amended in any manner that would cause
the aggregate Unfunded Benefit Liabilities under all Existing Benefit Plans to
exceed $10,000,000; or (c) permit any Existing Benefit Plan to have a Funded
Current Liability Percentage of less than 60%.

         Section 4.17. Transactions with Affiliates. Effect any transaction with
any Affiliate that is (a) outside the ordinary course of business and not
otherwise explicitly permitted under the Loan Documents or (b) on a basis less
favorable than would at the time be obtainable for a comparable transaction in
arm's-length dealing with an unrelated third party.

         Section 4.18. Limitation on Restrictive Covenants. Permit to exist, at
any time, any consensual restriction limiting the ability (whether by covenant,
event of default, subordination or otherwise) of any Material Subsidiary to (a)
pay dividends or make any other distributions on shares of its Capital
Securities held by the Borrower or any other Subsidiary, (b) pay any obligation
owed to the Borrower or any other Subsidiary, (c) make any loans or advances to
or investments in the Borrower or in any other Subsidiary, (d) transfer any of
its property or assets to the Borrower or any other Subsidiary or (e) create any
Lien upon its property or assets whether now owned or hereafter acquired or upon
any income or profits therefrom, except that this Section 4.18 shall not apply
to Permitted Restrictive Covenants.

         Section 4.19. Issuance or Disposition of Capital Securities. Issue any
of its Capital Securities or sell, transfer or otherwise dispose of any Capital
Securities of any Subsidiary, except that this Section 4.19 shall not apply to
(a) any issuance by the Borrower of any of its Capital Securities, (b) any
issuance by a Subsidiary of any of its Capital Securities to the Borrower or a
Wholly Owned Subsidiary, (c) any issuance by a Subsidiary of any of its Capital
Securities to the holders of the common stock of such Subsidiary made pro rata
to the relative amounts of such common stock held by such holders, (d) any
disposition by the Borrower or any Subsidiary of any Capital Securities of a
Subsidiary to the Borrower or a Wholly Owned

                                       15

<PAGE>

Subsidiary, (e) any issuance by a Subsidiary that is not a Material Subsidiary
of less than 50% of its Capital Securities, and (f) any issuance by an RGA Trust
of Trust Preferred Securities.

         Section 4.20. Acquisitions. Acquire any business or property from, or
Capital Security (other than any Capital Security of a Subsidiary) of, or be a
party to any acquisition of, any Person except that this Section 4.20 shall not
apply to (i) purchases or acquisitions of any Person or any property of any
Person to the extent that the aggregate purchase price of any particular such
purchase or acquisition, or group or series of related purchases or acquisitions
shall not exceed 25%, and the aggregate purchase price for such purchase or
acquisition, or group or series of related purchases or acquisitions together
with all other purchases or acquisitions pursuant to this Section 4.20 shall not
exceed 35%, of the Consolidated Net Worth of the Borrower immediately prior to
such purchase or acquisition or (ii) purchases or acquisitions of specified
groups or blocks of insurance policies from other insurance companies in
transactions not involving the acquisition of the Capital Securities of such
other insurance companies.

C.       The Borrower shall not:

         Section 4.21. Ratio of Consolidated Indebtedness to Consolidated Net
Worth. Permit Consolidated Indebtedness to exceed 35% of the sum of (a)
Consolidated Indebtedness and (b) Consolidated Net Worth at any time.

         Section 4.22. Statutory Surplus. Permit the combined Surplus of RCM and
RGA Canada to be less than 80% of the sum of (a) the combined Surplus of RGA Re
and RGA Canada at December 31, 2002 and (b) the sum of any contribution made to
the capital or surplus of RGA Canada after December 31, 2002 and the greater of
(i) any contributions made to the capital or surplus of RGA Re and (ii) any
contributions, net of approximately simultaneous surplus note interest payments,
made to the capital or surplus of RCM, in each case, after December 31, 2002;
provided, however, if RGA Canada becomes a Wholly Owned Subsidiary of an
Insurance Company (which is a Wholly Owned Subsidiary of the Borrower), the
Borrower and the Administrative Agent agree to enter into discussions with a
view toward amending this Section 4.22 so as to equitably reflect such change
with the desired result that the criteria for evaluating the financial condition
of the Borrower under this Section 4.22 shall be the same after such change as
if such change had not been made.

         Section 4.23. Minimum Total Adjusted Capital. Permit the Total Adjusted
Capital of each U.S.-domiciled Insurance Company that is a Subsidiary at any
time to be less than 175% of the Company Action Level Risk Based Capital for
such Insurance Company.

                                    ARTICLE 5

                                   INFORMATION

         Section 5.01. Information to Be Furnished. From the Agreement Date and
until the Repayment Date, the Borrower shall furnish to each Bank (directly or
by providing sufficient copies of such Information to the Administrative Agent):

              (a)      Quarterly Financial Statements. As soon as available and
in any event within 60 days after the close of each of the first three quarterly
accounting periods in each fiscal

                                       16

<PAGE>

year of the Borrower, commencing with the quarterly period ended March 31, 2003,
unaudited consolidated and consolidating balance sheets of the Borrower and the
Consolidated Subsidiaries as at the end of such quarterly period and the related
unaudited consolidated and consolidating statements of income, retained earnings
and consolidated cash flows of the Borrower and the Consolidated Subsidiaries in
accordance with Generally Accepted Accounting Principles for such quarterly
period (except in the case of the statement of cash flows) and for the elapsed
portion of the fiscal year ended with the last day of such quarterly period,
setting forth in each case in comparative form the figures for the corresponding
periods of the previous fiscal year.

              (b)      Year-End Financial Statements. As soon as available and
in any event within 90 days after the end of each fiscal year of the Borrower,
commencing with the fiscal year ending December 31, 2003, (i) audited
consolidated statements of income, retained earnings and changes in financial
position (or statement of cash flow, as the case may be) of the Borrower and its
Consolidated Subsidiaries, for such year and the related audited consolidated
balance sheet of the Borrower and its Consolidated Subsidiaries, as at the end
of such year, setting forth in each case in comparative form the corresponding
consolidated figures and figures of the Borrower for the preceding fiscal year
of the Borrower and (ii) an opinion thereon of independent certified public
accountants of recognized national standing, which opinion shall state that said
consolidated financial statements fairly present in all material respects the
consolidated financial condition and results of operations of the Borrower and
its Consolidated Subsidiaries in accordance with Generally Accepted Accounting
Principles, as at the end of, and for, such fiscal year.

              (c)      Officer's Certificate as to Financial Statements and
Defaults. At the time that financial statements are furnished pursuant to
Section 5.01(a) or 5.01(b), a certificate of the president or chief financial
officer of the Borrower (i) certifying as to the correctness of the
representations and warranties with respect to such financial statements set
forth in Section 5.02(b), (ii) setting forth any changes in and departures from
Generally Accepted Accounting Principles, (iii) setting forth the calculations
required to establish whether or not the Borrower was in compliance with
Sections 4.21, 4.22, and 4.23, (iv) specifying the Subsidiaries that are, or
shall be deemed to be, Material Subsidiaries in accordance with the definition
thereof and (v) certifying that, based on an examination sufficient to enable
the certifying officer to make an informed statement, no Default exists or, if a
Default does exist, specifying the same by Section, giving the date the same
occurred and the steps being taken by the Borrower or a Subsidiary with respect
thereto.

              (d)      Statutory Statements. As soon as available and in any
event no later than the later of (i) 60 days after the close of each of the
applicable accounting periods for which such Insurance Company is required to
prepare and file Statutory Statements (other than the period ending on the last
day of a fiscal year), commencing with any such period ending on or after March
31, 2003 and (ii) the time such Statutory Statements of the Insurance Companies
are filed with the appropriate regulatory authorities, unaudited summary
Statutory Statements (prepared in accordance with SAP) of RGA Re, RGA Canada,
RCM and any other Insurance Company requested by a Bank (comparable from fiscal
period to fiscal period) for each such fiscal period, accompanied by a
certificate of the president or chief financial officer of the Borrower, which
certificate shall state that such financial statements present the financial
condition of such Insurance Companies in accordance with SAP.

                                       17

<PAGE>

              (e)      Year-End Statutory Statements. As soon as available and
in any event no later than the later of (i) 90 days after the end of each fiscal
year of the Borrower commencing with the fiscal year ending December 31, 2003
and (ii) the time the same are filed with the appropriate regulatory
authorities, the unaudited and audited annual Statutory Statement of RGA Re, RGA
Canada, RCM and such other Insurance Companies as requested by a Bank (prepared
in accordance with SAP) for such year and as filed with the insurance department
of the applicable jurisdiction, accompanied by (i) a certificate of the
president or chief financial officer of the Borrower stating that said Statutory
Statement presents the financial condition of such Insurance Company in
accordance with SAP and (ii) a certificate of the valuation actuary of such
Insurance Company, affirming the adequacy of reserves taken by such Insurance
Company as at the end of such fiscal year.

              (f)      Reports and Filings. (i) Promptly upon receipt thereof,
copies of all reports, if any, submitted to the Borrower or any Material
Subsidiary, or the Board of Directors of the Borrower or any Material
Subsidiary, by its independent certified public accountants, including any
management letter; (ii) as soon as practicable, copies of all such financial
statements and reports as the Borrower or any Subsidiary shall send to its
stockholders and of all registration statements and all regular or periodic
reports that the Borrower or any Subsidiary shall file, or may be required to
file, with the Securities and Exchange Commission or any successor commission.

              (g)      Requested Information. From time to time and promptly
upon reasonable request of any Bank, such Information regarding the Loan
Documents, the Loans or the business, assets, Liabilities, financial condition,
results of operations or business prospects of the Borrower and the Subsidiaries
as such Bank may request, in each case in form and substance and certified in a
manner reasonably satisfactory to the requesting Bank.

              (h)      Notice of Defaults, Material Adverse Changes and Other
Matters. Prompt notice of:

                 (i)   any Default,

                 (ii)  the threatening or commencement of, or the occurrence or
nonoccurrence of any change or event relating to, any action, suit or proceeding
that would cause the Representation and Warranty contained in Section 3.05 to be
incorrect if made at such time,

                 (iii) the occurrence or nonoccurrence of any change or event
that would cause the Representation and Warranty contained in Section 3.07 to be
incorrect if made at such time,

                 (iv)  any reduction in the rating given by any nationally
recognized rating agency to any securities issued by the Borrower or any of its
Subsidiaries (including any change in the S&P Rating or the Moody's Rating),

                 (v)   any event or condition referred to in clauses (i) through
(vii) of Section 6.01(h), whether or not such event or condition shall
constitute an Event of Default, and

                                       18

<PAGE>

                 (vi)  any Change of Control being deemed to have occurred.

         Section 5.02. Accuracy of Financial Statements and Information. (a)
Historical Financial Statements. The Borrower hereby represents and warrants
that (i) Schedule 5.02(a) sets forth a complete and correct list of the
financial statements submitted by the Borrower to the Banks in order to induce
them to execute and deliver this Agreement, (ii) such financial statements are
complete and correct and present fairly, in accordance with Generally Accepted
Accounting Principles or SAP, as applicable, the consolidated and, in the case
of any such financial statements prepared in accordance with Generally Accepted
Accounting Principles, the consolidating financial position of the Borrower
and/or the Consolidated Subsidiaries as at their respective dates and the
consolidated and, in the case of any such financial statements prepared in
accordance with Generally Accepted Accounting Principles, the consolidating
results of operations, retained earnings and, as applicable, changes in
financial position or cash flows of the Borrower and/or such Subsidiaries for
the respective periods to which such statements relate, and (iii) except as
disclosed or reflected in such financial statements, as at December 31, 2002,
neither the Borrower nor any Subsidiary had any Liability, contingent or
otherwise, or any unrealized or anticipated loss, that, singly or in the
aggregate, has had or might have a Materially Adverse Effect on the Borrower and
the Consolidated Subsidiaries taken as a whole.

              (b)      Future Financial Statements. The financial statements
delivered pursuant to Section 5.01(a), (b), (d) and (e) shall be complete and
correct and present fairly, in accordance with Generally Accepted Accounting
Principles (except for changes therein or departures therefrom that are
described in the certificate or report accompanying such statements and that
have been approved in writing by the Borrower's then current independent
certified public accountants) or SAP, as applicable, the consolidated and, in
the case of any such financial statements prepared in accordance with Generally
Accepted Accounting Principles, the consolidating financial position of the
Borrower and/or the Consolidated Subsidiaries, as applicable, as at their
respective dates and the consolidated and, in the case of any such financial
statements prepared in accordance with Generally Accepted Accounting Principles,
the consolidating results of operations, retained earnings and cash flows of the
Borrower and/or such Subsidiaries, as applicable, for the respective periods to
which such statements relate, and the furnishing of the same to the Banks shall
constitute a representation and warranty by the Borrower made on the date the
same are furnished to the Banks to that effect and to the further effect that,
except as disclosed or reflected in such financial statements, as at the
respective dates thereof, neither the Borrower nor any Subsidiary had any
Liability, contingent or otherwise, or any unrealized or anticipated loss, that,
singly or in the aggregate, has had or might have a Materially Adverse Effect on
the Borrower and the Consolidated Subsidiaries taken as a whole.

              (c)      Historical Information. The Borrower hereby represents
and warrants that all Information furnished to the Administrative Agent or the
Banks by or on behalf of the Borrower prior to the Agreement Date in connection
with or pursuant to the Loan Documents and the relationships established
thereunder, at the time the same was so furnished, but in the case of
Information dated as of a prior date, as of such date, (i) in the case of any
Information prepared in the ordinary course of business, was complete and
correct in the light of the purpose prepared, and, in the case of any
Information the preparation of which was requested by any Bank, was complete and
correct in all material respects to the extent necessary to give such Bank true
and accurate knowledge of the subject matter thereof, (ii) did not contain any
untrue

                                       19

<PAGE>

statement of a material fact, and (iii) did not omit to state a material fact
necessary in order to make the statements contained therein not misleading in
the light of the circumstances under which they were made.

              (d)      Future Information. All Information furnished to the
Administrative Agent or the Banks by or on behalf of the Borrower on or after
the Agreement Date in connection with or pursuant to the Loan Documents or in
connection with or pursuant to any amendment or modification of, or waiver of
rights under, the Loan Documents, shall, at the time the same is so furnished,
but in the case of Information dated as of a prior date, as of such date, (i) in
the case of any Information prepared in the ordinary course of business, be
complete and correct in the light of the purpose prepared, and, in the case of
any Information required by the terms of the Loan Documents or the preparation
of which was requested by any Bank, be complete and correct to the extent
necessary to give such Bank true and accurate knowledge of the subject matter
thereof, (ii) not contain any untrue statement of a material fact, and (iii) not
omit to state a material fact necessary in order to make the statements
contained therein not misleading in the light of the circumstances under which
they were made, and the furnishing of the same to the Administrative Agent or
any Bank shall constitute a representation and warranty by the Borrower made on
the date the same are so furnished to the effect specified in clauses (i), (ii)
and (iii).

         Section 5.03. Additional Covenants Relating to Disclosure. From the
Agreement Date and until the Repayment Date, the Borrower shall and shall cause
each Subsidiary to:

              (a)      Accounting Methods and Financial Records. Maintain a
system of accounting, and keep such books, records and accounts (which shall be
true and complete), as may be required or necessary to permit (i) the
preparation of financial statements required to be delivered pursuant to Section
5.01(a), 5.01(b), 5.01(d) and 5.01(e) and (ii) the determination of the
compliance of the Borrower with the terms of the Loan Documents.

              (b)      Fiscal Year. Maintain the same opening and closing dates
for each fiscal year as for the fiscal year reflected in the Base Financial
Statements or, if the opening and closing dates for the fiscal year reflected in
the Base Financial Statements were determined pursuant to a formula, determine
the opening and closing dates for each fiscal year pursuant to the same formula.

              (c)      Visits, Inspections and Discussions. Permit, or, in the
case of premises, property, books, records or Persons not within its immediate
control, promptly take such actions as are necessary or desirable in order to
permit, representatives (whether or not officers or employees) of any Bank, from
time to time, upon reasonable written notice (with such Bank responsible for its
own out-of-pocket expenses) as often as may be reasonably requested, during
normal business hours to (i) visit any of its premises or property or any
premises or property of others on which any of its property or books and records
(or books and records of others relating to it) may be located, (ii) inspect,
and verify the amount, character and condition of, any of its property, (iii)
review and make extracts from its books and records and books and records of
others relating to it, including management letters prepared by its independent
certified public accountants, and (iv) discuss with any Person (including its
principal officers, independent certified public accountants, suppliers,
customers, debtors and other creditors) its business,

                                       20

<PAGE>

assets, Liabilities, financial condition, results of operation and business
prospects. The Agent and each Bank agree to keep confidential, in accordance
with its customary procedures for handling confidential information of the same
nature, any non-public information supplied to it by or on behalf of the
Borrower or any of its Subsidiaries pursuant to this Section 5.03(c) except that
this Section shall not apply to the disclosure of any such information: (a)(i)
to the extent required by (A) Applicable Law or (B) judicial process or (ii) to
any regulatory authority; (b) to (i) the Agent, any of the Banks or any other
party to any of the Loan Documents; (ii) any of their respective Affiliates, or
(iii) any director, officer, employee or agent, including accountants, legal
counsel and other advisers, of any Person referred to in (i) or (ii) of this
clause (b); (c) to any Person in connection with the exercise by such Bank of
its rights under Section 9.09; (d) in connection with (i) the exercise of any
remedy under any Loan Document or (ii) any action, suit or other proceeding with
respect to any Loan Document or any Loan Document Related Claim, or in
anticipation of or preparation for any such proceeding; (e) that has become
publicly available, otherwise than as a result of a breach by the Agent or such
Bank of this Section; or (f) with the consent of the Borrower; provided that in
the case of any disclosure to any Person referred to in clauses (b)(ii) or (iii)
or (c), such Person has been instructed to keep such information confidential.
Notwithstanding anything to the contrary set forth herein or in any other
agreement to which any the parties hereto are parties or by which they are
bound, the Administrative Agent and each Bank may disclose to any and all
persons, without limitation of any kind, any information with respect to the
U.S. federal income tax treatment and U.S. federal income tax structure of the
transactions contemplated hereby and all materials of any kind (including
opinions or other tax analyses) that are provided to the Administrative Agent or
such Bank relating to such tax treatment and tax structure.

         Section 5.04. Authorization of Third Parties to Deliver Information and
Discuss Affairs. The Borrower hereby authorizes and directs each Person whose
preparation or delivery to the Administrative Agent or the Banks of any opinion,
report or other Information is a condition or covenant under the Loan Documents
(including under Article 2 or this Article 5) to so prepare or deliver such
Information for the benefit of the Administrative Agent and the Banks. The
Borrower further authorizes and directs all Persons (a) to furnish to the Banks
any Information regarding the matters referred to in Section 5.01(g) that any
Bank may reasonably request, (b) to permit representatives of any Bank to make
the visits, inspections, reviews and extracts of premises, property, books and
records within their possession and control contemplated by Section 5.03(c) and
(c) to discuss with representatives of any Bank the matters referred to in
Section 5.03(c). The Borrower agrees to promptly execute and deliver from time
to time such further authorizations to effect the purposes of this Section 5.04
as the Administrative Agent or any Bank may reasonably request.

                                    ARTICLE 6

                                     DEFAULT

         Section 6.01. Events of Default. Each of the following shall constitute
an Event of Default, whatever the reason for such event and whether it shall be
voluntary or involuntary, or within or without the control of the Borrower or
any Subsidiary, or be effected by operation of law or pursuant to any judgment
or order of any court or any order, rule or regulation of any governmental or
nongovernmental body:

                                       21

<PAGE>

             (a)       (i) Any payment of principal of any of the Loans or the
Notes shall not be made when and as due (whether at maturity, by reason of
notice of prepayment or acceleration or otherwise) and in accordance with the
terms of this Agreement and the Notes or (ii) any payment of interest on any of
the Loans or the Notes or of fees or any other amount (other than amounts
referred to in clause (a)(i) of this Section) shall not be made when and as due
in accordance with the terms of this Agreement and the Notes and such default
shall continue unremedied for a period of 3 Business Days;

              (b)      Any Representation and Warranty shall at any time prove
to have been incorrect or misleading in any material respect when made;

              (c)      The Borrower shall default in the performance or
observance of:

                 (i)   any term, covenant, condition or agreement contained in
         Section 4.01 (insofar as such Section requires the preservation of the
         corporate existence of the Borrower), 4.03, 4.06, 4.09 through 4.20,
         4.22, 4.23, 5.01(h)(i), 5.03(b) or 5.03(c); or

                 (ii)  any term, covenant, condition or agreement contained in
         this Agreement (other than a term, covenant, condition or agreement a
         default in the performance or observance of which is elsewhere in this
         Section specifically dealt with) and, if capable of being remedied,
         such default shall continue unremedied for a period of 30 days;

              (d)      (i) The Borrower or any Subsidiary shall fail to pay, in
accordance with its terms and when due and payable, after giving effect to any
applicable grace period, any of the principal of or interest on any of its
Indebtedness (other than the Loans) having a then outstanding principal amount
in the aggregate in excess of $25,000,000, (ii) the maturity of any such
Indebtedness shall, in whole or in part, have been accelerated, or any such
Indebtedness shall, in whole or in part, have been required to be prepaid or
repurchased prior to the stated maturity thereof, in accordance with the
provisions of any Contract evidencing, providing for the creation of or
concerning such Indebtedness, or (iii) (A) any event shall have occurred and be
continuing that permits (or, with the passage of time or the giving of notice or
both, would permit) any holder or holders of such Indebtedness, any trustee or
agent acting on behalf of such holder or holders or any other Person so to
accelerate such maturity or require any such prepayment and (B) if the Contract
evidencing, providing for the creation of or concerning such Indebtedness
provides for a cure period for such event, such event shall not be cured prior
to the end of such cure period or such shorter period of time as the
Administrative Agent may specify;

              (e)      Since December 31, 2002, any change in the business,
assets, Liabilities, financial condition, results of operations or business
prospects of the Borrower or any Subsidiary shall have occurred, or any event
shall have occurred or failed to occur, that has had or might have, either alone
or in conjunction with all other such changes, events and failures, a Materially
Adverse Effect on (i) the Borrower and the Consolidated Subsidiaries taken as a
whole or (ii) any Loan Document;

              (f)      (i) The Borrower or any Material Subsidiary or any
Domestic Subsidiary shall (A) commence a voluntary case under the federal
bankruptcy laws (as now or hereafter in effect), (B) file a petition seeking to
take advantage of any other laws, domestic or foreign,

                                       22

<PAGE>

relating to bankruptcy, insolvency, reorganization, winding up or composition or
adjustment of debts, (C) consent to or fail to contest within 10 days of the
filing of, and in a manner seeking the dismissal of, a petition filed against it
in an involuntary case under such bankruptcy laws or other laws, (D) apply for,
or consent to, or fail to contest within 10 days of the filing of, and in a
manner seeking the dismissal of, the appointment of, or the taking of possession
by, a receiver, custodian, trustee, liquidator or the like of itself or of a
substantial part of its assets, domestic or foreign, (E) admit in writing its
inability to pay, or generally not be paying, its debts (other than those that
are the subject of bona fide disputes) as they become due, (F) make a general
assignment for the benefit of creditors, or (G) take any action for the purpose
of effecting any of the foregoing (including the passage by the Board of
Directors of the Borrower or any such Subsidiary of a resolution approving,
authorizing or directing any of the foregoing actions);

                 (ii)  (A) A case or other proceeding shall be commenced against
         the Borrower or any Material Subsidiary or any Domestic Subsidiary
         seeking (1) relief under the federal bankruptcy laws (as now or
         hereafter in effect) or under any other laws, domestic or foreign,
         relating to bankruptcy, insolvency, reorganization, winding up or
         composition or adjustment of debts, or (2) the appointment of a
         trustee, receiver, custodian, liquidator or the like of the Borrower or
         any Subsidiary, or of all or any substantial part of the assets,
         domestic or foreign, of the Borrower or any Subsidiary, and such case
         or proceeding shall continue undismissed and unstayed for a period of
         60 days, or (B) an order granting the relief requested in such case or
         proceeding against the Borrower or any such Subsidiary (including an
         order for relief under such federal bankruptcy laws) shall be entered;

              (g)      A judgment or order shall be entered against the Borrower
or any Material Subsidiary or any Domestic Subsidiary by any court, and (i) in
the case of a judgment or order for the payment of money, either (A) such
judgment or order shall continue undischarged and unstayed for a period of 10
days in which the aggregate amount of all such judgments and orders exceeds
$25,000,000 or (B) enforcement proceedings shall have been commenced upon such
judgment or order and (ii) in the case of any judgment or order for other than
the payment of money, such judgment or order could, in the reasonable judgment
of the Required Banks, together with all other such judgments or orders, have a
Materially Adverse Effect on the Borrower and the Consolidated Subsidiaries
taken as a whole;

              (h)      (i) Any Termination Event shall occur with respect to any
Benefit Plan of the Borrower, any Subsidiary or any of their respective ERISA
Affiliates, (ii) any Accumulated Funding Deficiency, whether or not waived,
shall exist with respect to any such Benefit Plan, (iii) any Person shall engage
in any Prohibited Transaction involving any such Benefit Plan, (iv) the
Borrower, any Subsidiary or any of their respective ERISA Affiliates shall be in
"default" (as defined in ERISA Section 4219(c)(5)) with respect to payments
owing to any such Benefit Plan that is a Multiemployer Benefit Plan as a result
of such Person's complete or partial withdrawal (as described in ERISA Section
4203 or 4205) therefrom, (v) the Borrower, any Subsidiary or any of their
respective ERISA Affiliates shall fail to pay when due an amount that is payable
by it to the PBGC or to any such Benefit Plan under Title IV of ERISA, (vi) a
proceeding shall be instituted by a fiduciary of any such Benefit Plan against
the Borrower, any Subsidiary or any of their respective ERISA Affiliates to
enforce ERISA Section 515 and such proceeding shall not have been dismissed
within 30 days thereafter, or (vii) any other event or condition shall occur or

                                       23

<PAGE>

exist with respect to any such Benefit Plan, except that no event or condition
referred to in clauses (i) through (vii) shall constitute an Event of Default if
it, together with all other such events or conditions at the time existing, has
not subjected, and in the reasonable determination of the Required Banks will
not subject, the Borrower or any Subsidiary to any Liability that, alone or in
the aggregate with all such Liabilities for all such Persons, exceeds
$10,000,000;

              (i)      The Borrower or any of its Affiliates asserts, or the
Borrower or any of its Affiliates or any other Person institutes any proceedings
seeking to establish, that any provision of the Loan Documents is invalid, not
binding or unenforceable;

              (j)      (i) Any Applicable Insurance Regulatory Authority shall
commence a case or other proceeding against the Borrower or any Material
Subsidiary or any Domestic Subsidiary seeking the appointment of a trustee,
receiver, custodian, administrator, liquidator or the like of the Borrower or
any such Subsidiary, or of all or any substantial part of the assets, domestic
or foreign, of the Borrower or any such Subsidiary, or an order granting the
relief requested in such case or proceeding against the Borrower or any such
Subsidiary shall be entered or (ii) RGA Canada shall fail to meet the Minimum
Continuing Capital and Surplus requirement as set by the Office of the
Superintendent of Financial Institutions, Canada; or

              (k)      Any of RGA Re, RCM or RGA Canada shall cease to be a
Wholly-Owned Subsidiary of the Borrower.

         Section 6.02. Remedies upon Event of Default. During the continuance of
any Event of Default (other than one specified in Section 6.01(f)) and in every
such event, the Administrative Agent, upon notice to the Borrower, may do either
or both of the following: (a) declare, in whole or, from time to time, in part,
the principal of and interest on the Loans and the Notes and all other amounts
owing under the Loan Documents to be, and the Loans and the Notes and all such
other amounts shall thereupon and to that extent become, due and payable and (b)
terminate, in whole or, from time to time, in part, the Commitments. Upon the
occurrence of an Event of Default specified in Section 6.01(f), automatically
and without any notice to the Borrower, (a) the principal of and interest on the
Loans and the Notes and all other amounts owing under the Loan Documents shall
be due and payable and (b) the Commitments shall terminate. Presentment, demand,
protest or notice of any kind (other than the notice provided for in the first
sentence of this Section 6.02) are hereby expressly waived.

                                   ARTICLE 7

                      ADDITIONAL CREDIT FACILITY PROVISIONS

         Section 7.01. Mandatory Suspension and Conversion of Eurodollar Rate
Loans. A Bank's obligations to make, continue or convert into Eurodollar Rate
Loans of any Type shall be suspended, all such Bank's outstanding Loans of that
Type shall be converted on the last day of their applicable Interest Periods
(or, if earlier, in the case of clause (c) below, on the last day such Bank may
lawfully continue to maintain Loans of that Type or, in the case of clause (d)
below, on the day determined by such Bank to be the last Business Day before the
effective date of the applicable restriction) into, and all pending requests for
the making or continuation of or

                                       24

<PAGE>

conversion into Loans of such Type by such Bank shall be deemed requests for,
Base Rate Loans, if:

              (a)      on or prior to the determination of an interest rate for
a Eurodollar Rate Loan of that Type for any Interest Period, the Administrative
Agent determines that for any reason appropriate information is not available to
it for purposes of determining the Adjusted Eurodollar Rate for such Interest
Period;

              (b)      on or prior to the first day of any Interest Period for a
Eurodollar Rate Loan of that Type, such Bank determines that the Adjusted
Eurodollar Rate as determined by the Administrative Agent for such Interest
Period would not accurately reflect the cost to such Bank of making, continuing
or converting into a Eurodollar Rate Loan of such Type for such Interest Period;

              (c)      at any time such Bank determines that any Regulatory
Change Enacted after the Agreement Date makes it unlawful or impracticable for
such Bank or its applicable Lending Office to make, continue or convert into any
Eurodollar Rate Loan of that Type, or to comply with its obligations hereunder
in respect thereof; or

              (d)      such Bank determines that, by reason of any Regulatory
Change Enacted after the Agreement Date, such Bank or its applicable Lending
Office is restricted, directly or indirectly, in the amount that it may hold of
(i) a category of liabilities that includes deposits by reference to which, or
on the basis of which, the interest rate applicable to Eurodollar Rate Loans of
that Type is directly or indirectly determined or (ii) the category of assets
that includes Eurodollar Rate Loans of that Type.

If, as a result of this Section 7.01, any Loan of any Bank that would otherwise
be made or maintained as or converted into a Eurodollar Rate Loan of any Type
for any Interest Period is instead made or maintained as or converted into a
Base Rate Loan, then, unless the corresponding Loan of each of the other Banks
is also to be made or maintained as or converted into a Base Rate Loan, such
Loan shall be treated as being a Eurodollar Rate Loan of such Type for such
Interest Period for all purposes of this Agreement (including the timing,
application and proration among the Banks of interest payments, conversions and
prepayments) except for the calculation of the interest rate borne by such Loan.
The Administrative Agent shall promptly notify the Borrower and each Bank of the
existence or occurrence of any condition or circumstance specified in clause (a)
above, and each Bank shall promptly notify the Borrower and the Administrative
Agent of the existence or occurrence of any condition or circumstance specified
in clause (b), (c) or (d) above applicable to such Bank's Loans, but the failure
by the Administrative Agent or such Bank to give any such notice shall not
affect such Bank's rights hereunder.

         Section 7.02. Regulatory Changes. If in the reasonable determination of
any Bank (a) any Regulatory Change Enacted after the Agreement Date shall
directly or indirectly (i) reduce the amount of any sum received or receivable
by such Bank with respect to any Loan or the return to be earned by such Bank on
any Loan, (ii) impose a cost on such Bank or any Affiliate of such Bank that is
attributable to the making, funding or maintaining of, or such Bank's commitment
to make, any Loan, (iii) require such Bank or any Affiliate of such Bank to make

                                       25

<PAGE>

any payment on or calculated by reference to the gross amount of any amount
received by such Bank under any Loan Document or (iv) reduce, or have the effect
of reducing, the rate of return on any capital of such Bank or any Affiliate of
such Bank that such Bank or such Affiliate is required to maintain on account of
any Loan or such Bank's commitment to make any Loan and (b) such reduction,
increased cost or payment shall not be fully compensated for by an adjustment in
the applicable rates of interest payable under the Loan Documents, then the
Borrower shall pay to such Bank such additional amounts as such Bank reasonably
determines will, together with any adjustment in the applicable rates of
interest payable hereunder, fully compensate for such reduction, increased cost
or payment. Such additional amounts shall be payable, in the case of those
applicable to prior periods, within 15 days after request by such Bank for such
payment and, in the case of those applicable to future periods, on the dates
specified, or determined in accordance with a method specified, by such Bank.
Each Bank will promptly notify the Borrower of any determination made by it
referred to in clauses (a) and (b) above, but the failure to give such notice
shall not affect such Bank's right to compensation.

         Section 7.03. Capital Requirements. If in the determination of any Bank
any Regulatory Change relating to capital adequacy Enacted after the Agreement
Date requires such Bank, or any Affiliate of such Bank, to maintain capital on
account of any Loan or such Bank's Commitment in a greater amount than such Bank
or such Affiliate would otherwise have maintained on account of such Loan or
Commitment, then, upon request by such Bank, the Borrower shall from time to
time thereafter pay to such Bank such additional amounts as such Bank reasonably
determines will fully compensate for any reduction in the rate of return on the
capital that such Bank or such Affiliate is so required to maintain on account
of such Loan or Commitment. Such additional amounts shall be payable, in the
case of those applicable to prior periods, within 15 days after request by such
Bank for such payment and, in the case of those relating to future periods, on
the dates specified, or determined in accordance with a method specified, by
such Bank.

         Section 7.04. Funding Losses. The Borrower shall pay to each Bank, upon
request, such amount or amounts as such Bank reasonably determines are necessary
to compensate it for any loss, cost or expense incurred by it as a result of (a)
any payment, prepayment or conversion of a Eurodollar Rate Loan on a date other
than the last day of an Interest Period for such Eurodollar Rate Loan or (b) a
Eurodollar Rate Loan for any reason not being made or converted, or any payment
of principal thereof or interest thereon not being made, on the date therefor
determined in accordance with the applicable provisions of this Agreement. At
the election of such Bank, and without limiting the generality of the foregoing,
but without duplication, such compensation on account of losses may include an
amount equal to the excess of (i) the interest that would have been received
from the Borrower under this Agreement on any amounts to be reemployed during an
Interest Period or its remaining portion over (ii) the interest component of the
return that such Bank determines it could have obtained had it placed such
amount on deposit in the interbank Dollar market selected by it for a period
equal to such Interest Period or its remaining portion.

         Section 7.05. Certain Determinations. In making the determinations
contemplated by Sections 7.01, 7.02, 7.03, and 7.04, each Bank may make such
estimates, assumptions, allocations and the like that such Bank in good faith
determines to be appropriate, and such Bank's selection thereof in accordance
with this Section 7.05, and the determinations made by

                                       26

<PAGE>

such Bank on the basis thereof, shall be final, binding and conclusive upon the
Borrower, except, in the case of such determinations, for manifest errors in
computation or transmission. Each Bank shall furnish to the Borrower upon
request a certificate outlining in reasonable detail the computation of any
amounts claimed by it under Sections 7.02, 7.03 and 7.04 and the assumptions
underlying such computations.

         Section 7.06. Change of Lending Office. If an event occurs with respect
to a Lending Office of any Bank that obligates the Borrower to pay any amount
under Section 1.11(c) or (d), makes operable the provisions of clause (c) or (d)
of Section 7.01 or entitles such Bank to make a claim under Section 7.02 or
7.03, such Bank shall, if requested by the Borrower, use reasonable efforts to
designate another Lending Office or Offices the designation of which will reduce
the amount the Borrower is so obligated to pay, eliminate such operability or
reduce the amount such Bank is so entitled to claim, provided that such
designation would not, in the sole and absolute discretion of such Bank, be
disadvantageous to such Bank in any manner or contrary to such Bank's policies.
Each Bank may at any time and from time to time change any Lending Office and
shall give notice of any such change to the Administrative Agent and the
Borrower. Except in the case of a change in Lending Offices made at the request
of the Borrower, the designation of a new Lending Office by any Bank shall not
obligate the Borrower to pay any amount to such Bank under Section 1.11(c) or
(d), make operable the provisions of clause (c) or (d) of Section 7.01 or
entitle such Bank to make a claim under Section 7.02 or 7.03 if such obligation,
the operability of such clause or such claim results solely from such
designation and not from a Regulatory Change Enacted thereafter.

                                   ARTICLE 8

                            THE ADMINISTRATIVE AGENT

         Section 8.01. Appointment and Powers. Each Bank hereby irrevocably
appoints and authorizes The Bank of New York, and The Bank of New York hereby
agrees, to act as the agent for such Bank under the Loan Documents with such
powers as are delegated to the Administrative Agent by the terms thereof,
together with such other powers as are reasonably incidental thereto. The
Administrative Agent's duties shall be purely ministerial and it shall have no
duties or responsibilities except those expressly set forth in the Loan
Documents. The Administrative Agent shall not be required under any
circumstances to take any action that, in its judgment, (a) is contrary to any
provision of the Loan Documents or Applicable Law or (b) would expose it to any
Liability or expense against which it has not been indemnified to its
satisfaction. The Administrative Agent shall not, by reason of its serving as
the Administrative Agent, be a trustee or other fiduciary for any Bank.

         Section 8.02. Limitation on Administrative Agent's Liability. Neither
the Administrative Agent nor any of its directors, officers, employees or agents
shall be liable or responsible for any action taken or omitted to be taken by it
or them under or in connection with the Loan Documents, except for its or their
own gross negligence, willful misconduct or knowing violations of law. The
Administrative Agent shall not be responsible to any Bank for (a) any recitals,
statements, representations or warranties contained in the Loan Documents or in
any certificate or other document referred to or provided for in, or received by
any of the Banks under, the Loan Documents, (b) the validity, effectiveness or
enforceability of the Loan

                                       27

<PAGE>

Documents or any such certificate or other document or (c) any failure by the
Borrower to perform any of its obligations under the Loan Documents. The
Administrative Agent may employ agents and attorneys-in-fact and shall not be
responsible for the negligence or misconduct of any such agents or
attorneys-in-fact so long as the Administrative Agent was not grossly negligent
in selecting or directing such agents or attorneys-in-fact. The Administrative
Agent shall be entitled to rely upon any certification, notice or other
communication (including any thereof by telephone, telex, telecopier, telegram
or cable) believed by it to be genuine and correct and to have been signed or
given by or on behalf of the proper Person or Persons, and upon advice and
statements of legal counsel, independent accountants and other experts selected
by the Administrative Agent. As to any matters not expressly provided for by the
Loan Documents, the Administrative Agent shall in all cases be fully protected
in acting, or in refraining from acting, under the Loan Documents in accordance
with instructions signed by the Required Banks, and such instructions of the
Required Banks and any action taken or failure to act pursuant thereto shall be
binding on all of the Banks.

         Section 8.03. Certain Actions. (a) Defaults. The Administrative Agent
shall not be deemed to have knowledge of the occurrence of a Default (other than
the non-payment to it of principal of or interest on Loans or fees) unless the
Administrative Agent has received notice from a Bank or the Borrower specifying
such Default and stating that such notice is a "Notice of Default". In the event
that the Administrative Agent has knowledge of such a non-payment or receives
such a notice of the occurrence of a Default, the Administrative Agent shall
give prompt notice thereof to the Banks. In the event of any Default, the
Administrative Agent shall (a) in the case of a Default that constitutes an
Event of Default, take either or both of the actions referred to in clauses (a)
and (b) of the first sentence of Section 6.02 if so directed by the Required
Banks and (b) in the case of any Default, take such other action with respect to
such Default as shall be reasonably directed by the Required Banks. Unless and
until the Administrative Agent shall have received such directions, in the event
of any Default, the Administrative Agent may (but shall not be obligated to)
take such action, or refrain from taking such action, with respect to such
Default as it shall deem advisable in the best interests of the Banks.

              (b)      Change of Control. The Administrative Agent shall not be
deemed to have knowledge that a Change of Control shall be deemed to have
occurred unless the Administrative Agent has received notice from a Bank or the
Borrower specifying such Change of Control. In the event that the Administrative
Agent receives such a notice of the occurrence of a Change of Control, the
Administrative Agent shall give prompt notice thereof to the Banks. No later
than the fifteenth day after such notice is given to the Banks, any Bank may
request, in a notice to the Administrative Agent (a "Repayment Notice"), that
its Loans be repaid and its Commitment be terminated and, on the earlier to
occur of (x) the fifteenth day after notice is given to the Banks by the
Administrative Agent and (y) the date on which the Administrative Agent shall
have received Repayment Notices from Banks constituting the Required Banks, the
Administrative Agent shall take the actions referred to in Section 1.05(b) as so
requested.

         Section 8.04. Rights as a Bank. If the Administrative Agent is also a
Bank, the Administrative Agent shall, in its capacity as a Bank, have the same
rights and powers under the Loan Documents as any other Bank and may exercise
the same as though it were not acting as the Administrative Agent, and the term
"Bank" or "Banks" shall include such Person in its individual capacity. Each
Person acting as the Administrative Agent (whether or not such

                                       28

<PAGE>

Person is a Bank) and its Affiliates may (without having to account therefor to
any Bank) accept deposits from, lend money to and generally engage in any kind
of banking, trust or other business with the Borrower and its Affiliates as if
it were not acting as the Administrative Agent, and such Person and its
Affiliates may accept fees and other consideration from the Borrower and its
Affiliates for services in connection with the Loan Documents or otherwise
without having to account for the same to the Banks.

         Section 8.05. Indemnification. The Banks agree to indemnify the
Administrative Agent (to the extent not reimbursed by the Borrower hereunder),
ratably on the basis of the respective principal amounts of the Loans
outstanding made by the Banks (or, if no Loans are at the time outstanding,
ratably on the basis of their respective Commitments), for any and all
Liabilities, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind and nature whatsoever that may be imposed
on, incurred by or asserted against the Administrative Agent (including the
costs and expenses that the Borrower is obligated to pay hereunder) in any way
relating to or arising out of the Loan Documents or any other documents
contemplated thereby or referred to therein or the transactions contemplated
thereby or the enforcement of any of the terms thereof or of any such other
documents, provided that no Bank shall be liable for any of the foregoing to the
extent (a) they are subject to the indemnity contemplated by the last sentence
of Section 9.09(b) or (b) they arise from gross negligence, willful misconduct
or knowing violations of law by the Administrative Agent.

         Section 8.06. Non-Reliance on Administrative Agent and Other Banks.
Each Bank agrees that it has made and will continue to make, independently and
without reliance on the Administrative Agent or any other Bank, and based on
such documents and information as it deems appropriate, its own credit analysis
of the Borrower and its own decision to enter into the Loan Documents and to
take or refrain from taking any action in connection therewith. The
Administrative Agent shall not be required to keep itself informed as to the
performance or observance by the Borrower of the Loan Documents or any other
document referred to or provided for therein or to inspect the properties or
books of the Borrower or any Subsidiary. Except for notices, reports and other
documents and information expressly required to be furnished to the Banks by the
Administrative Agent under the Loan Documents, the Administrative Agent shall
have no obligation to provide any Bank with any information concerning the
business, status or condition of the Borrower or any Subsidiary or the Loan
Documents that may come into the possession of the Administrative Agent or any
of its Affiliates.

         Section 8.07. Resignation of the Administrative Agent. The
Administrative Agent may at any time give notice of its resignation to the Banks
and the Borrower. Upon receipt of any such notice of resignation, the Required
Banks may, after consultation with the Borrower, appoint a successor
Administrative Agent. If no successor Administrative Agent shall have been so
appointed by the Required Banks and shall have accepted such appointment within
30 days after the retiring Administrative Agent's giving of notice of
resignation, then the retiring Administrative Agent may, on behalf of the Banks
and after consultation with the Borrower, appoint a successor Administrative
Agent. Upon the acceptance by any Person of its appointment as a successor
Administrative Agent, such Person shall thereupon succeed to and become vested
with all the rights, powers, privileges, duties and obligations of the retiring
Administrative Agent and the retiring Administrative Agent shall be discharged
from its duties

                                       29

<PAGE>

and obligations as Administrative Agent under the Loan Documents. After any
retiring Administrative Agent's resignation as Administrative Agent, the
provisions of this Article 8 shall continue in effect for its benefit in respect
of any actions taken or omitted to be taken by it while it was acting as the
Administrative Agent.

                                   ARTICLE 9

                                 MISCELLANEOUS

         Section 9.01. Notices and Deliveries. (a) Manner of Delivery. All
notices, communications and materials (including all Information) to be given or
delivered pursuant to the Loan Documents shall, except in those cases where
giving notice by telephone is expressly permitted, be given or delivered in
writing (which shall include telecopy transmissions). Notices under Sections
1.02, 1.03(c), 1.05, 1.07 and 6.02 may be by telephone, promptly, in the case of
each such notice, confirmed in writing; provided, however that the failure to
make such written confirmation with respect to any notice under Section 6.02
shall not change the time of the effectiveness of such notice as provided in
Section 9.01(c). In the event of a discrepancy between any telephonic notice and
any written confirmation thereof, such written confirmation shall be deemed the
effective notice except to the extent that the Administrative Agent has acted in
reliance on such telephonic notice.

              (b)      Addresses. All notices, communications and materials to
be given or delivered pursuant to the Loan Documents shall be given or delivered
at the following respective addresses and telecopier and telephone numbers and
to the attention of the following individuals or departments:

                 (i)   if to the Borrower, to it at:

                       Reinsurance Group of America, Incorporated
                       1370 Timberlake Manor Parkway
                       Chesterfield, MO 63017
                       Telecopier No.: (636) 736-7160
                       Telephone No.: (636) 736-7362
                       Attention: Controller

                       with a copy to:

                       Reinsurance Group of America, Incorporated
                       1370 Timberlake Manor Parkway
                       Chesterfield, MO 63017
                       Telecopier No.: (636) 736-7886
                       Telephone No.: (636) 736-7486
                       Attention: General Counsel

                 (ii)  if to the Administrative Agent, to it at:

                                       30

<PAGE>

                       The Bank of New York
                       One Wall St. - 18th Floor
                       New York, NY 10286
                       Telecopier No.: (212) 635-6365
                       Telephone No.: (212) 635-4699
                       Attention: Ramona Washington, Agency Function
                       Administration

                       with a copy to:

                       The Bank of New York
                       One Wall St. - 17th Floor
                       New York, NY 10286
                       Telecopier No.: (212) 809-9520
                       Telephone No.: (212) 635-6407
                       Attention: Benjamin Balkind

                 (iii) if to any Bank (including in its capacity as
                       Co-Syndication Agent or Documentation Agent) to it at the
                       address or telex , telecopier or telephone number and to
                       the attention of the individual or department, set forth
                       below such Bank's name under the heading "Notice Address"
                       on Annex A or, in the case of a Bank that becomes a Bank
                       pursuant to an assignment, set forth under the heading
                       "Notice Address" in the Notice of Assignment given to the
                       Borrower and the Administrative Agent with respect to
                       such assignment;

or at such other address or telecopier or telephone number or to the attention
of such other individual or department as the party to which such information
pertains may hereafter specify for the purpose in a notice specifically
captioned "Notice of Change of Address" given to (x) if the party to which such
information pertains is the Borrower, the Administrative Agent and each Bank,
(y) if the party to which such information pertains is the Administrative Agent,
the Borrower and each Bank and (z) if the party to which such information
pertains is a Bank, the Borrower and the Administrative Agent.

              (c)      Effectiveness. Each notice and communication and any
material to be given or delivered pursuant to the Loan Documents shall be deemed
so given or delivered (i) if sent by registered or certified mail, postage
prepaid, return receipt requested, on the third Business Day after such notice,
communication or material, addressed as above provided, is delivered to a United
States post office and a receipt therefor is issued thereby, (ii) if sent by any
other means of physical delivery, when such notice, communication or material is
delivered to the appropriate address as above provided, (iii) if sent by
telecopier, when such notice, communication or material is transmitted to the
appropriate telecopier number as above provided and is received at such number
and (iv) if given by telephone, when communicated to the individual or any
member of the department specified as the individual or department to whose
attention notices, communications and materials are to be given or delivered,
or, in the case of notice by the Administrative Agent to the Borrower under
Section 6.02 given by telephone as above provided, if any individual or any
member of the department to whose attention notices, communications and
materials are to be given or delivered is unavailable at the time, to any other

                                       31

<PAGE>

officer or employee of the Borrower, except that (x) notices of a change of
address, telecopier or telephone number or individual or department to whose
attention notices, communications and materials are to be given or delivered
shall not be deemed given until received and (y) notices, communications and
materials to be given or delivered to the Administrative Agent or any Bank
pursuant to Sections 1.02, 1.03(c), 1.05, 1.07 and 1.12(b) and Article 4 shall
not be deemed given or delivered until received by the officer of the
Administrative Agent or such Bank responsible, at the time, for the
administration of this Agreement.

              (d)      Reasonable Notice. Any requirement under Applicable Law
of reasonable notice by the Administrative Agent or the Banks to the Borrower of
any event in connection with, or in any way related to, the Loan Documents or
the exercise by the Administrative Agent or the Banks of any of their rights
thereunder shall be met if notice of such event is given to the Borrower in the
manner prescribed above at least 10 days before (i) the date of such event or
(ii) the date after which such event will occur.

         Section 9.02. Expenses; Indemnification. Whether or not any Loans are
made hereunder, the Borrower shall:

              (a)      pay or reimburse the Administrative Agent and each Bank
for all transfer, documentary, stamp and similar taxes, and all recording and
filing fees and taxes, payable in connection with, arising out of, or in any way
related to, the execution, delivery and performance of the Loan Documents or the
making of the Loans;

              (b)      pay or reimburse the Administrative Agent for all costs
and expenses (including fees and disbursements of legal counsel, appraisers,
accountants and other experts employed or retained by the Administrative Agent)
incurred by the Administrative Agent in connection with, arising out of, or in
any way related to (i) the negotiation, preparation, execution and delivery of
(A) the Loan Documents and (B) whether or not executed, any waiver, amendment or
consent thereunder or thereto, (ii) the administration of and any operations
under the Loan Documents, (iii) consulting with respect to any matter in any way
arising out of, related to, or connected with, the Loan Documents, including (A)
the protection, preservation, exercise or enforcement of any of the rights of
the Administrative Agent or the Banks under or related to the Loan Documents or
(B) the performance of any of the obligations of the Administrative Agent or the
Banks under or related to the Loan Documents or (iv) protecting, preserving,
exercising or enforcing any of the rights of the Administrative Agent or the
Banks under or related to the Loan Documents;

              (c)      pay or reimburse each Bank for all costs and expenses
(including fees and disbursements of legal counsel and other experts employed or
retained by such Bank) incurred by such Bank in connection with, arising out of,
or in any way related to protecting, preserving, exercising or enforcing any of
its rights under or related to the Loan Documents; and

              (d)      indemnify and hold each Indemnified Person harmless from
and against all losses (including judgments, penalties and fines) suffered, and
pay or reimburse each Indemnified Person for all costs and expenses (including
fees and disbursements of legal counsel and other experts employed or retained
by such Indemnified Person) incurred, by such Indemnified Person in connection
with, arising out of, or in any way related to (i) any Loan

                                       32

<PAGE>

Document Related Claim (whether asserted by such Indemnified Person or the
Borrower or any other Person), including the prosecution or defense thereof and
any litigation or proceeding with respect thereto (whether or not, in the case
of any such litigation or proceeding, such Indemnified Person is a party
thereto), or (ii) any investigation, governmental or otherwise, arising out of,
related to, or in any way connected with, the Loan Documents or the
relationships established thereunder, except that the foregoing indemnity shall
not be applicable to any loss suffered by any Indemnified Person to the extent
such loss is determined by a judgment of a court that is binding on the Borrower
and such Indemnified Person, final and not subject to review on appeal, to be
the result of acts or omissions on the part of such Indemnified Person
constituting (x) gross negligence, (y) willful misconduct or (z) knowing
violations of law.

         Section 9.03. Amounts Payable Due upon Request for Payment. All amounts
payable by the Borrower under Section 9.02 and under the other provisions of the
Loan Documents shall, except as otherwise expressly provided, be immediately due
upon request for the payment thereof.

         Section 9.04. Remedies of the Essence. The various rights and remedies
of the Administrative Agent and the Banks under the Loan Documents are of the
essence of those agreements, and the Administrative Agent and the Banks shall be
entitled to obtain a decree requiring specific performance of each such right
and remedy.

         Section 9.05. Rights Cumulative. Each of the rights and remedies of the
Administrative Agent and the Banks under the Loan Documents shall be in addition
to all of their other rights and remedies under the Loan Documents and
Applicable Law, and nothing in the Loan Documents shall be construed as limiting
any such rights or remedies.

         Section 9.06. Amendments; Waivers. (i) Any term, covenant, agreement or
condition of the Loan Documents may be amended, and any right under the Loan
Documents may be waived, if, but only if, such amendment or waiver is in writing
and is signed by the Required Banks and, if the rights and duties of the
Administrative Agent, any Co-Syndication Agent or the Documentation Agent are
affected thereby, by such Person and, in the case of an amendment, by the
Borrower; provided, however, that no amendment or waiver shall be effective,
unless in writing and signed by each Bank, to the extent it (1) changes the
amount of such Bank's Commitment, (2) reduces the principal of or the rate of
interest on such Bank's Loans or Note or the fees or other amounts payable to
such Bank hereunder, (3) postpones any date fixed (otherwise than as a result of
a prepayment pursuant to Section) for any payment of principal of or interest on
such Bank's Loans or Note or the fees or other amounts payable to such Bank
hereunder or (4) amends Section 1.13, this Section 9.06, the definition of
"Required Banks" or any other provision of this Agreement requiring the consent
or other action of all of the Banks.

              (ii)     (A) (1) Unless otherwise specified in an amendment or
         waiver, an amendment or waiver under the Loan Documents shall be
         effective only in the specific instance and for the specific purpose
         for which given.

                           (2) By entering into an amendment with, or giving a
              waiver under, a section of the Loan Documents, the Banks shall not
              be deemed to have, or to have intended to have, (aa) waived any
              rights that they, or any of them, then

                                       33

<PAGE>

              or thereafter may have under any other provisions of the Loan
              Documents and (bb) if such amendment or waiver was occasioned by a
              particular fact or facts, accepted that fact or those facts for
              any other purpose or Section of the Loan Documents, including
              Section 3.07 hereof, so that, for purposes of Section 3.07, if
              such fact or facts has had or could have, either alone, or
              together with other facts, a Materially Adverse Effect, such
              Materially Adverse Effect shall be a change or event subject to
              Section 3.07, notwithstanding such amendment or waiver.

              (iii)    No election not to exercise, failure to exercise or delay
         in exercising any right, nor any course of dealing or performance,
         shall operate as a waiver of any right of the Administrative Agent or
         any Bank under the Loan Documents or Applicable Law, nor shall any
         single or partial exercise of any such right preclude any other or
         further exercise thereof or the exercise of any other right of the
         Administrative Agent or any Bank under the Loan Documents or Applicable
         Law.

         Section 9.07. Set-Off; Suspension of Payment and Performance. The
Administrative Agent and each Bank is hereby authorized by the Borrower, at any
time and from time to time, without notice, (a) during any Event of Default, to
set off against, and to appropriate and apply to the payment of, the Liabilities
of the Borrower under the Loan Documents (whether owing to such Person or to any
other Person that is the Administrative Agent or a Bank and whether matured or
unmatured, fixed or contingent or liquidated or unliquidated) any and all
Liabilities owing by such Person or any of its Affiliates to the Borrower
(whether payable in Dollars or any other currency, whether matured or unmatured
and, in the case of Liabilities that are deposits, whether general or special,
time or demand and however evidenced and whether maintained at a branch or
office located within or without the United States) and (b) during any Default,
to suspend the payment and performance of such Liabilities owing by such Person
or its Affiliates in an amount of the Loans plus interest accrued thereon and
other amounts then due and payable under the Loan Documents and, in the case of
Liabilities that are deposits, to the extent necessary, to return as unpaid for
insufficient funds any and all checks and other items drawn against such
deposits.

         Section 9.08. Sharing of Recoveries. (a) Each Bank agrees that, if,
for any reason, including as a result of (i) the exercise of any right of
counterclaim, set-off, banker's lien or similar right, (ii) its claim in any
applicable bankruptcy, insolvency or other similar law being deemed secured by a
Debt owed by it to the Borrower, including a claim deemed secured under Section
506 of the Bankruptcy Code, or (iii) the allocation of payments by the
Administrative Agent or the Borrower in a manner contrary to the provisions of
Section 1.13, such Bank shall receive payment of a proportion of the aggregate
amount due and payable to it hereunder as principal of or interest on the Loans
or fees that is greater than the proportion received by any other Bank in
respect of the aggregate of such amounts due and payable to such other Bank
hereunder, then the Bank receiving such proportionately greater payment shall
purchase participations (which it shall be deemed to have done simultaneously
upon the receipt of such payment) in the rights of the other Banks hereunder so
that all such recoveries with respect to such amounts due and payable hereunder
(net of costs of collection) shall be pro rata; provided that if all or part of
such proportionately greater payment received by the purchasing Bank is
thereafter recovered by or on behalf of the Borrower from such Bank, such
purchases shall be rescinded and the purchase prices paid for such
participations shall be returned to such Bank to

                                       34

<PAGE>

the extent of such recovery, but without interest (unless the purchasing Bank is
required to pay interest on the amount recovered to the Person recovering such
amount, in which case the selling Bank shall be required to pay interest at a
like rate). So long as the purchasing Bank has not advised it to the contrary,
each selling Bank may assume, for purposes of Section 9.09(b), that no Tax is
required to withheld or deducted by the Borrower from, or is otherwise payable
by the Borrower in connection with, any payment by the Borrower to or for the
account of such Bank under the Loan Documents. The Borrower expressly consents
to the foregoing arrangements and agrees that any holder of a participation in
any rights hereunder so purchased or acquired pursuant to this Section 9.08(a)
shall, with respect to such participation, be entitled to all of the rights of a
Bank hereunder including but not limited to rights under Sections 1.11(c) and
(d), 7.02, 7.03, 7.04, 7.05, 7.06, 7.07 9.02 and 9.07 (subject to any condition
imposed on a Bank hereunder with respect thereto, including delivery of the
forms and certificates required under Section 1.11(e)) and may exercise any and
all rights of set-off with respect to such participation as fully as though the
Borrower were directly indebted to the holder of such participation for Loans in
the amount of such participation.

              (b)      Each Bank agrees to exercise any right of counterclaim,
set-off, banker's lien or similar right that it may have in respect of the
Borrower in a manner so as to apportion the amount subject to such exercise, on
a pro rata basis, between (i) obligations of the Borrower for amounts subject to
the sharing provisions of Section 9.08(a) and (ii) other Liabilities of the
Borrower.

         Section 9.09. Assignments and Participations. (a) Assignments. (i) The
Borrower may not assign any of its rights or obligations under the Loan
Documents without the prior written consent of each Bank, and no assignment of
any such obligation shall release the Borrower therefrom unless each Bank shall
have consented to such release in a writing specifically referring to the
obligation from which the Borrower is to be released.

                 (ii)  Each Bank may from time to time assign any or all of its
         rights and obligations under the Loan Documents to one or more Persons,
         without the consent of the Borrower; provided that, except in the case
         of the grant of an assignment to a Federal Reserve Bank (which may be
         made without condition or restriction), no such assignment shall be
         effective unless (A) the assignment is consented to by the Borrower
         (unless an Event of Default exists or such assignment is to a Bank) and
         the Administrative Agent (in each case, such consent not to be
         unreasonably withheld or delayed), (B) the assignment is to an Eligible
         Assignee or is consented to by the Borrower (unless an Event of Default
         exists) and the Administrative Agent, (C) the assignment shall involve
         the assignment of not less than $5,000,000 (and integral multiples of
         $5,000,000 in excess thereof) of the assignor Bank's Commitment, (D) a
         Notice of Assignment with respect to the assignment, duly executed by
         the assignor and the assignee, shall have been given to the Borrower
         (unless an Event of Default exists) and the Administrative Agent, (E)
         except in the case of an assignment by the Bank that is the
         Administrative Agent, the Administrative Agent shall have been paid an
         assignment fee of $3,500 and (F) in the case of an assignment of a
         Registered Note, such Registered Note shall have been surrendered for
         registration of assignment duly endorsed by (or accompanied by a
         written instrument of assignment duly executed by) the Registered
         Holder and such assignment shall be recorded on the Register. Upon any
         effective assignment, the assignor shall be

                                       35

<PAGE>

         released from the obligations so assigned and, in the case of an
         assignment of all of its Loans and Commitment, shall cease to be a
         Bank. In the event of any effective assignment by a Bank, the Borrower
         shall, against (except in the case of a partial assignment) receipt of
         the existing Note of the assignor Bank, issue a new Note to the
         assignee Bank.

              (b)      Participations. Each Bank may from time to time sell or
otherwise grant participations in any or all of its rights and obligations under
the Loan Documents without the consent of the Borrower, the Administrative
Agent, any Co-Syndication Agent, the Documentation Agent or any other Bank. In
the event of any such grant by a Bank of a participation, such Bank's
obligations under the Loan Documents to the other parties thereto shall remain
unchanged, such Bank shall remain solely responsible for the performance
thereof, and the Borrower, the Administrative Agent and the other Banks may
continue to deal solely and directly with such Bank in connection with such
Bank's rights and obligations thereunder. Each holder of a participation in any
rights under the Loan Documents, if and to the extent the applicable
participation agreement so provides, shall, with respect to such participation,
be entitled to all of the rights of a Bank as fully as though it were a Bank
under Sections 1.11(c) and (d), 7.02, 7.03, 7.04, 7.05, 7.06, 7.07, 9.02 and
9.07 (subject to any conditions imposed on a Bank hereunder with respect thereto
including delivery of the forms and certificates required under Section 1.11(e))
and may exercise any and all rights of set-off with respect to such
participation as fully as though the Borrower were directly indebted to the
holder of such participation for Loans in the amount of such participation;
provided, however, that no holder of a participation shall be entitled to any
amounts that would otherwise be payable to it with respect to its participation
under Sections 1.11(c) and (d) or 7.02 unless (x) such amounts are payable in
respect of a Regulatory Change Enacted after the date the applicable
participation agreement was executed or (y) such amounts would have been payable
to the Bank that granted such participation if such participation had not been
granted. Each Bank selling or granting a participation shall indemnify the
Borrower and the Administrative Agent for any Taxes and Liabilities that they
may sustain as a result of such Bank's failure to withhold and pay any Taxes
applicable to payments by such Bank to its participant in respect of such
participation.

         Section 9.10. Governing Law. The rights and duties of the Borrower, the
Administrative Agent, any Co-Syndication Agent, the Documentation Agent and the
Banks under this Agreement and the Notes (including matters relating to the
Maximum Permissible Rate), and the other Loan Documents, shall pursuant to New
York General Obligations Law 5-1401 be governed by the law of the State of New
York.

         Section 9.11. Judicial Proceedings; Waiver of Jury Trial. Any judicial
proceeding brought against the Borrower with respect to any Loan Document
Related Claim may be brought in any court of competent jurisdiction in the City
of New York, and, by execution and delivery of this Agreement, the Borrower (a)
accepts, generally and unconditionally, the nonexclusive jurisdiction of such
courts and any related appellate court and irrevocably agrees to be bound by any
judgment rendered thereby in connection with any Loan Document Related Claim and
(b) irrevocably waives any objection it may now or hereafter have as to the
venue of any such proceeding brought in such a court or that such a court is an
inconvenient forum. The Borrower hereby waives personal service of process and
consents that service of process upon it may be made by certified or registered
mail, return receipt requested, at its address specified or

                                       36

<PAGE>

determined in accordance with the provisions of Section 9.01(b), and service so
made shall be deemed completed on the third Business Day after such service is
deposited in the mail. Nothing herein shall affect the right of the
Administrative Agent, any Bank or any other Indemnified Person to serve process
in any other manner permitted by law or shall limit the right of the
Administrative Agent, any Bank or any other Indemnified Person to bring
proceedings against the Borrower in the courts of any other jurisdiction. Any
judicial proceeding by the Borrower against the Administrative Agent or any Bank
involving any Loan Document Related Claim shall be brought only in a court
located in, in the case of the Administrative Agent, the City and State of New
York and, in the case of a Bank, the jurisdiction in which such Bank's principal
United States office is located. THE BORROWER, THE ADMINISTRATIVE AGENT, THE
CO-SYNDICATION AGENTS, THE DOCUMENTATION AGENT AND EACH BANK HEREBY WAIVE TRIAL
BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY LOAN DOCUMENT RELATED CLAIM.

         Section 9.12. LIMITATION OF LIABILITY. THE ADMINISTRATIVE AGENT, THE
CO-SYNDICATION AGENTS, THE DOCUMENTATION AGENT, EACH BANK AND ANY OTHER
INDEMNIFIED PERSON SHALL NOT HAVE ANY LIABILITY WITH RESPECT TO, AND THE
BORROWER HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR, ANY SPECIAL,
INDIRECT OR CONSEQUENTIAL, AND, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW,
PUNITIVE, DAMAGES SUFFERED BY THE BORROWER IN CONNECTION WITH ANY LOAN DOCUMENT
RELATED CLAIM.

         Section 9.13. Severability of Provisions. Any provision of the Loan
Documents that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions thereof or
affecting the validity or enforceability of such provision in any other
jurisdiction. To the extent permitted by Applicable Law, the Borrower hereby
waives any provision of Applicable Law that renders any provision of the Loan
Documents prohibited or unenforceable in any respect.

         Section 9.14. Counterparts. This Agreement may be signed in any
number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto were upon the same instrument.

         Section 9.15. Survival of Obligations. The rights and obligations of
the Borrower, the Administrative Agent, the Banks and the other Indemnified
Persons under Sections 1.11(c) and (d), 8.05, 9.02, 9.11 and 9.12 shall survive
the Repayment Date.

         Section 9.16. Entire Agreement. This Agreement and the Notes embody the
entire agreement among the Borrower, the Administrative Agent, the
Co-Syndication Agents, the Documentation Agent and the Banks relating to the
subject matter hereof and supersede all prior agreements, representations and
understandings, if any, relating to the subject matter hereof.

        Section 9.17. Successors and Assigns. All of the provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

                                       37

<PAGE>

         Section 9.18. Registered Notes. A Bank that is a Non-US Bank and that
has complied with Section 1.11(e) may have its Note issued as a Registered Note,
and for this purpose the Borrower shall cause to be maintained a Register and
the Borrower hereby designates the Administrative Agent as its agent for
purposes of maintaining such Register. Once issued, Registered Notes may not be
exchanged for Notes that are not Registered Notes and the ownership of
Registered Notes, and of the Loans evidenced thereby, may be transferred only in
accordance with the provisions of Section 9.09(a)(ii)(F).

         Section 9.19. No Obligations. None of the Co-Syndication Agents or the
Documentation Agent shall have any liability or obligation whatsoever to the
Borrower or any Bank at any time under this Agreement other than its obligations
as a Bank hereunder.

         Section 9.20. No Fiduciary Relationship Established By Loan Documents.
The relationship between the Borrower and the Banks is that of DEBTOR and
CREDITOR. The Loan Documents are not intended to, and do not, establish a
FIDUCIARY relationship, nor does a FIDUCIARY relationship otherwise exist,
between the Borrower on the one hand, and Administrative Agent and the Banks, on
the other hand. The parties hereto have dealt at arm's length in negotiating the
Loan Documents.

         Section 9.21. Conditions to Effectiveness. (a) This Agreement shall
become effective on the date hereof (the "Effective Date"), provided that (i)
this Agreement shall have been duly executed by the parties hereto and (ii) the
conditions precedent to the initial Loans under Article 2 hereof shall have been
satisfied, at which time the Existing Credit Agreement shall be amended and
restated by this Agreement. If no Effective Date shall occur, the Existing
Credit Agreement shall remain in full force and effect according to its terms.

              (b)      Upon the Effective Date, each 2000 Bank shall be released
from all duties and obligations under the Existing Credit Agreement and, except
in the case of any Bank, shall have no further duties or obligations under this
Agreement.

                                   ARTICLE 10

                                 INTERPRETATION

         Section 10.01. Defined Terms. For the purposes of this Agreement:

         "2000 Bank" has the meaning ascribed to that term in the Recitals
hereto.

         "Accumulated Funding Deficiency" has the meaning ascribed to that term
in Section 302 of ERISA.

         "Adjusted Eurodollar Rate" means, for any Interest Period, a rate per
annum (rounded upward, if necessary, to the next higher 1/16 of 1%) equal to the
rate obtained by dividing (a) the Eurodollar Rate for such Interest Period by
(b) a percentage equal to 1 minus the Reserve Requirement in effect from time to
time during such Interest Period.

         "Administrative Agent" means The Bank of New York, as agent for the
Banks under the Loan Documents, and any successor Administrative Agent appointed
pursuant to Section 8.07.

                                       38

<PAGE>

         "Administrative Agent's Office" means the address of the Administrative
Agent specified in or determined in accordance with the provisions of Section
9.01(b).

         "Affiliate" means, with respect to a Person, any other Person that,
directly or indirectly through one or more intermediaries, Controls, or is
Controlled by, or is under common Control with, such first Person; unless
otherwise specified, "Affiliate" means an Affiliate of the Borrower.

         "Agent's Fee Letter" means the letter agreement dated March 26, 2003
between the Borrower, The Bank of New York and BNY Capital Markets, Inc.

         "Agreement" means this First Amended and Restated Credit Agreement,
including all schedules, annexes and exhibits hereto.

         "Agreement Date" means the date as of which this Agreement is dated.

         "Applicable Base Rate Margin", "Applicable Eurodollar Rate Margin" and
"Applicable Facility Fee" mean, as of any day, the percentages determined by
reference to the applicable Pricing Level based on the applicable S&P Rating and
the Moody's Rating of the Borrower in effect on such date as set forth below:

<TABLE>
<CAPTION>
  PRICING LEVEL     APPLICABLE BASE RATE MARGIN   APPLICABLE EURODOLLAR MARGIN  APPLICABLE FACILITY FEE
--------------------------------------------------------------------------------------------------------
<S>                 <C>                           <C>                           <C>
Pricing Level I               0.0%                          0.4000%                     0.1000%
--------------------------------------------------------------------------------------------------------
Pricing Level II              0.0%                          0.5000%                     0.1250%
--------------------------------------------------------------------------------------------------------
Pricing Level III             0.0%                          0.6000%                     0.1500%
--------------------------------------------------------------------------------------------------------
Pricing Level IV              0.0%                          0.8000%                     0.2000%
--------------------------------------------------------------------------------------------------------
Pricing Level V               0.0%                          1.0000%                     0.2500%
--------------------------------------------------------------------------------------------------------
Pricing Level VI              0.0%                          1.3000%                     0.3250%
--------------------------------------------------------------------------------------------------------
</TABLE>

         For purposes hereof,

         "Pricing Level I" means, and shall be applicable, if the S&P Rating is
A+ or higher or the Moody's Rating is A1 or higher;

         "Pricing Level II" means, and shall be applicable, if the S&P Rating is
A or A- or the Moody's Rating is A2 or A3;

         "Pricing Level III" means, and shall be applicable, if the S&P Rating
is BBB+ or the Moody's Rating is Baa1;

         "Pricing Level IV" means, and shall be applicable, if the S&P Rating is
BBB or the Moody's Rating is Baa2;

         "Pricing Level V" means, and shall be applicable, if the S&P Rating is
BBB- or the Moody's Rating is Baa3; and

                                       39

<PAGE>

         "Pricing Level VI" means, and shall be applicable, if the S&P Rating is
less than BBB- and the Moody's Rating is less than Baa3;

         provided that:

         (a)      If on such date the Moody's Rating and S&P Rating are split
rated such that more than one Pricing Level would apply, the Applicable Base
Rate Margin, Applicable Eurodollar Rate Margin or Applicable Facility Fee, as
applicable, shall be determined as follows: (i) if the Moody's Rating differs by
one ratings category from the S&P Rating, the Pricing Level based on the higher
rating will apply and (ii) if the Moody's Rating differs by more than one
ratings category from the S&P Rating, the Pricing Level based on one rating
category below the higher of such ratings will apply; and

         (b)      If on such date (i) neither an S&P Rating nor a Moody's rating
is available or (ii) an Event of Default has occurred and is continuing, Pricing
Level VI shall apply.

         "Applicable Insurance Regulatory Authority" means, for any Insurance
Company, the insurance commission or similar administrative authority or agency
of the jurisdiction in which such Person is domiciled.

         "Applicable Law" means, anything in Section 9.10 to the contrary
notwithstanding, (a) all applicable common law and principles of equity and (b)
all applicable provisions of all (i) constitutions, statutes, rules, regulations
and orders of governmental bodies, (ii) Governmental Approvals and Governmental
Registrations and (iii) orders, decisions, judgments and decrees.

         "Bank" means (a) any Person listed as a "Bank" on the signature pages
hereof, and (b) any Person (other than the Borrower or any of its' Affiliates)
that has been assigned any or all of the rights or obligations of a Bank
pursuant to Section 9.09(a).

         "Bank Tax" means any net income or franchise tax imposed upon any Bank
by any jurisdiction (or political subdivision thereof) in which such Bank or any
of its Lending Offices is located, or imposed on any Bank as a result of a
present or former connection between such Bank and the jurisdiction of the
governmental authority imposing such tax or any political subdivision or taxing
authority thereof or therein (other than any such connection arising solely from
such Bank having executed, delivered or performed its obligations or received
payment under or enforced, this Agreement or any Note).

         "Base Financial Statements" means the financial statements of the
Borrower and the Consolidated Subsidiaries referred to in Schedule 5.02(a).

         "Base Rate" means, for any day, a rate per annum equal to the higher of
(a) the Prime Rate in effect on such day and (b) the sum of the Federal Funds
Rate in effect on such day plus 0.50%.

         "Base Rate Loan" means any Loan the interest on which is, or is to be,
as the context may require, computed on the basis of the Base Rate.

                                       40

<PAGE>

         "Benefit Plan" of any Person, means, at any time, any employee benefit
plan (including a Multiemployer Benefit Plan), the funding requirements of which
(under Section 302 of ERISA or Section 412 of the Code) are, or at any time
within six years immediately preceding the time in question were, in whole or in
part, the responsibility of such Person.

         "Borrower" means Reinsurance Group of America, Incorporated, a Missouri
corporation.

         "Business Day" means any day other than a Saturday, Sunday or other day
on which banks in New York City are authorized to close.

         "Capital Security" means, with respect to any Person, (a) any share of
capital stock of or other unit of ownership interest in such Person or (b) any
security convertible into, or any option, warrant or other right to acquire, any
share of capital stock of or other unit of ownership interest in such Person.

         "Change of Control" with respect to the Borrower, shall be deemed to
have occurred if at any time (i) Metropolitan Life Insurance Company ceases to
own, directly or indirectly more than 40% of the Capital Securities of the
Borrower entitled to vote in elections of the Board of Directors of the Borrower
or (ii) Metropolitan Life Insurance Company ceases to have the power, directly
or indirectly, to elect the majority of the Board of Directors of the Borrower.

         "Co-Syndication Agents" means Bank of America, N.A. and Fleet National
Bank, as syndication agents for the Banks under the Loan Documents.

         "Code" means the Internal Revenue Code of 1986.

         "Commitment" of any Bank means (i) the amount set forth opposite such
Bank's name under the heading "Commitment" on Annex A or, in the case of a Bank
that becomes a Bank pursuant to an assignment, the amount of the assignor's
Commitment assigned to such Bank, in either case, as the same may be reduced,
increased or added from time to time pursuant to Section 1.07 or increased or
reduced from time to time pursuant to assignments in accordance with Section
9.09(a), or (ii) as the context may require, the obligation of such Bank to make
Loans in an aggregate unpaid principal amount not exceeding such amount.

         "Company Action Level Risk Based Capital" shall have the meaning
ascribed thereto in the Model Act.

         "Consolidated Indebtedness" means, at any time, the consolidated
Indebtedness of the Borrower and the Consolidated Subsidiaries as of such time;
provided, however, for purposes of calculating the covenant contained in Section
4.21, Consolidated Indebtedness shall not include (i) the obligation of the
Borrower or any Subsidiary that is an Insurance Company under letters of credit
to the extent undrawn supporting the liability of such Subsidiary in respect of
any reinsurance underwritten by such Subsidiary, (ii) the obligation of the
Borrower under any Insurance Subsidiary Guaranty to the extent no demand has
been made or deemed made on such Insurance Subsidiary Guaranty and (iii) the
aggregate outstanding Indebtedness evidenced by the Trust Preferred Securities
to the extent the accreted value of such Indebtedness does not exceed the TPS
Exclusion Amount.

                                       41

<PAGE>

         "Consolidated Net Worth" means, at any time, without duplication, the
consolidated stockholders' equity of the Borrower and the Consolidated
Subsidiaries (without giving effect to any adjustment made pursuant to FASB 115)
less their consolidated Mandatorily Redeemable Stock (except to the extent
deducted in determining such consolidated stockholders' equity) plus the
aggregate outstanding amount of Trust Preferred Securities not in excess of the
TPS Exclusion Amount, in each case, as of such time.

         "Consolidated Subsidiary" means a Subsidiary which is such by virtue of
clause (a) of the definition thereof.

         "Contract" means (a) any agreement (whether bilateral or unilateral or
executory or non-executory and whether a Person entitled to rights thereunder is
so entitled directly or as a third-party beneficiary), including an indenture,
lease or license, (b) any deed or other instrument of conveyance, (c) any
certificate of incorporation or charter and (d) any by-law.

         "Control" means, with respect to a Person, possession by another
Person, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such first Person, whether through the ownership
of voting securities, by contract or otherwise. The words "Controlling" and
"Controlled" have correlative meanings.

         "Debt" means any Liability that constitutes "debt" or "Debt" under
section 101(11) of the Bankruptcy Code or under the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any analogous Applicable
Law.

         "Default" means any condition or event that constitutes an Event of
Default or that with the giving of notice or lapse of time or both would, unless
cured or waived, become an Event of Default.

         "Documentation Agent" means KeyBank National Association, as
documentation agent for the Banks under the Loan Documents.

         "Dollars" and the sign "$" mean lawful money of the United States of
America.

         "Domestic Lending Office" of any Bank means (a) the branch or office of
such Bank set forth below such Bank's name under the heading "Domestic Lending
Office" on Annex A or, in the case of a Bank that becomes a Bank pursuant to an
assignment, the branch or office of such Bank set forth under the heading
"Domestic Lending Office" in the Notice of Assignment given to the Borrower and
the Administrative Agent with respect to such assignment or (b) such other
branch or office of such Bank designated by such Bank from time to time as the
branch or office at which its Base Rate Loans are to be made or maintained.

         "Domestic Subsidiary" means any Subsidiary organized and existing under
the laws of the United States, any state thereof or the District of Columbia.

         "Eligible Assignee" means (a) any commercial bank, savings and loan
institution or savings bank organized under the laws of the United States, or
any state thereof, and having combined capital and surplus in excess of
$100,000,000, (b) any commercial bank organized under the laws of any other
country that is a member of the Organization for Economic

                                       42

<PAGE>

Cooperation and Development ("OECD"), or a political subdivision of any such
country, and having combined capital and surplus (or the equivalent thereof
under the accounting principles applicable thereto) in excess of $100,000,000,
provided that such bank is acting through a branch, agency or Affiliate located
in the country in which it is organized or another country that is also a member
of the OECD, (c) the central bank of any country that is a member of the OECD or
(d) any insurance company, pension fund, mutual fund or other financial
institution of recognized standing.

         "Enacted", as applied to a Regulatory Change, means the date such
Regulatory Change first becomes effective or is implemented or first required or
expected to be complied with, whether the same is (a) the result of an enactment
by a government or any agency or political subdivision thereof, a determination
of a court or regulatory authority, a request or directive of a regulatory
authority, or otherwise or (b) enacted, adopted, issued or proposed before or
after the Agreement Date.

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

         "ERISA Affiliate" means, with respect to any Person, any other Person,
including a Subsidiary or other Affiliate of such first Person, that is a member
of any group of organizations within the meaning of Code Sections 414(b), (c),
(m) or (o) of which such first Person is a member.

         "Eurodollar Business Day" means any Business Day on which dealings in
Dollar deposits are carried on in the London interbank market and on which
commercial banks are open for domestic and international business (including
dealings in Dollar deposits) in London, England.

         "Eurodollar Lending Office" of any Bank means (a) the branch or office
of such Bank set forth below such Bank's name under the heading "Eurodollar
Lending Office" on Annex A or, in the case of a Bank that becomes a Bank
pursuant to an assignment, the branch or office of such Bank set forth under the
heading "Eurodollar Lending Office" in the Notice of Assignment given to the
Borrower and the Administrative Agent with respect to such assignment or (b)
such other branch or office of such Bank designated by such Bank from time to
time as the branch or office at which its Eurodollar Rate Loans are to be made
or maintained.

         "Eurodollar Rate" means, for any Interest Period, the rate per annum
determined by the Administrative Agent to be the rate at which the
Administrative Agent offered or would have offered to place with first-class
banks in the London interbank market deposits in Dollars in amounts comparable
to the Eurodollar Rate Loan to which such Interest Period applies, for a period
equal to such Interest Period, at 11:00 a.m. (London time) on the second
Eurodollar Business Day before the first day of such Interest Period.

         "Eurodollar Rate Loan" means any Loan the interest on which is, or is
to be, as the context may require, computed on the basis of the Adjusted
Eurodollar Rate.

         "Event of Default" means any of the events specified in Section 6.01.

         "Existing Benefit Plan" means any Benefit Plan listed on Schedule 4.16.

                                       43

<PAGE>

         "Existing Credit Agreement" has the meaning ascribed to that term in
the Recitals hereto.

         "Existing Guaranty" means (a) any Guaranty outstanding on the Agreement
Date, to the extent set forth on Schedule 4.10, and (b) any Guaranty that
constitutes a renewal, extension or replacement of an Existing Guaranty, but
only if (i) at the time such Guaranty is entered into and immediately after
giving effect thereto, no Default would exist, (ii) such Guaranty is binding
only on the obligor or obligors under the Guaranty so renewed, extended or
replaced, (iii) the principal amount of the obligations Guaranteed by such
Guaranty does not exceed the principal amount of the obligations Guaranteed by
the Guaranty so renewed, extended or replaced at the time of such renewal,
extension or replacement and (iv) the obligations Guaranteed by such Guaranty
bear interest at a rate per annum not exceeding the rate borne by the
obligations Guaranteed by the Guaranty so renewed, extended or replaced except
for any increase that is commercially reasonable at the time of such increase.

         "Federal Funds Rate" means, for any day, the weighted average of the
rates on overnight federal funds transactions with members of the Federal
Reserve System arranged by federal funds brokers, as published for such day (or,
if such day is not a Business Day, for the next preceding Business Day) by the
Federal Reserve Bank of New York or, if such rate is not so published for any
day that is a Business Day, the average of quotations for such day on such
transactions received by the Administrative Agent from three federal funds
brokers of recognized standing selected by the Administrative Agent.

         "Funded Current Liability Percentage" has the meaning ascribed to that
term in Code Section 401(a)(29).

         "Generally Accepted Accounting Principles" means (a) in the case of the
Base Financial Statements, generally accepted accounting principles at the time
of the issuance of the Base Financial Statements and (b) in all other cases,
generally accepted accounting principles as in effect from time to time in the
United States.

         "Governmental Approval" means any authority, consent, approval, license
(or the like) or exemption (or the like) of any governmental unit.

         "Governmental Registration" means any registration or filing (or the
like) with, or report or notice (or the like) to, any governmental unit.

         "Guaranty" of any Person means any obligation, contingent or otherwise,
of such Person (a) to pay any Liability of any other Person or to otherwise
protect, or having the practical effect of protecting, the holder of any such
Liability against loss (whether such obligation arises by virtue of such Person
being a partner of a partnership or participant in a joint venture or by
agreement to pay, to keep well, to purchase assets, goods, securities or
services or to take or pay, or otherwise) or (b) incurred in connection with the
issuance by a third Person of a Guaranty of any Liability of any other Person
(whether such obligation arises by agreement to reimburse or indemnify such
third Person or otherwise). The word "Guarantee" when used as a verb has the
correlative meaning.

                                       44

<PAGE>

         "Indebtedness" of any Person means (in each case, whether such
obligation is with full or limited recourse) (a) any obligation of such Person
for borrowed money, (b) any obligation of such Person evidenced by a bond,
debenture, note or other similar instrument, (c) any obligation of such Person
to pay the deferred purchase price of property or services, except a trade
account payable that arises in the ordinary course of business but only if and
so long as the same is payable on customary trade terms, (d) any obligation of
such Person as lessee under a capital lease, (e) any Mandatorily Redeemable
Stock of such Person owned by any Person other than such Person or an
Wholly-Owned Subsidiary of such Person (the amount of such Mandatorily
Redeemable Stock to be determined for this purpose as the higher of the
liquidation preference of and the amount payable upon redemption of such
Mandatorily Redeemable Stock), (f) any obligation, contingent or otherwise, of
such Person to reimburse any other Person in respect of amounts paid under a
letter of credit or other Guaranty issued by such other Person other than any
such reimbursement obligation in respect of performance bonds and letters of
credit to provide security for worker's compensation claims incurred in the
ordinary course of business to the extent that such reimbursement obligation
does not remain outstanding after it becomes non-contingent, (g) any obligation
with respect to an interest rate or currency swap or similar obligation
obligating such Person to make payments, whether periodically or upon the
happening of a contingency, except that if any agreement relating to such
obligation provides for the netting of amounts payable by and to such Person
thereunder or if any such agreement provides for the simultaneous payment of
amounts by and to such Person, then in each such case, the amount of such
obligation shall be the net amount thereof, (h) any Indebtedness of others
secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) a Lien on any asset of such Person
and (i) any Indebtedness of others Guaranteed by such Person.

         "Indemnified Person" means any Person that is, or at any time was, the
Administrative Agent, a Co-Syndication Agent, the Documentation Agent, a Bank,
an Affiliate of the Administrative Agent, a Co-Syndication Agent, the
Documentation Agent or a Bank or a director, officer, employee or agent of any
such Person.

         "Information" means data, certificates, reports, statements (including
financial statements), opinions of counsel, documents and other information.

         "Insurance Company" shall mean any Subsidiary which is engaged
primarily in the underwriting of insurance or reinsurance.

         "Insurance Subsidiary Guaranty" means any Guaranty issued by the
Borrower guaranteeing the liability of any Subsidiary that is an Insurance
Company in respect of any reinsurance underwritten by such Subsidiary.

         "Interest Payment Date" means June 30, September 30, December 31 and
March 31 of each year.

         "Interest Period" means a period commencing, in the case of the first
Interest Period applicable to a Eurodollar Rate Loan, on the date of the making
of, or conversion into, such Loan, and, in the case of each subsequent,
successive Interest Period applicable thereto, on the last day of the
immediately preceding Interest Period, and ending, depending on the Type of

                                       45

<PAGE>

Loan, on the same day in the first, second, third or sixth calendar month
thereafter, except that (a) any Interest Period that would otherwise end on a
day that is not a Eurodollar Business Day shall be extended to the next
succeeding Eurodollar Business Day unless such Eurodollar Business Day falls in
another calendar month, in which case such Interest Period shall end on the next
preceding Eurodollar Business Day and (b) any Interest Period that begins on the
last Eurodollar Business Day of a calendar month (or on a day for which there is
no numerically corresponding day in the calendar month in which such Interest
Period ends) shall end on the last Eurodollar Business Day of a calendar month.

         "Investment" of any Person means (a) any Capital Security, evidence of
Indebtedness or other security or instrument issued by any other Person, (b) any
loan, advance or extension of credit to (including Guaranties of Liabilities
of), or any contribution to the capital of, any other Person and (c) any other
investment in any other Person. An Investment shall be deemed to be
"outstanding", except to the extent that it has been paid or otherwise satisfied
in cash or the Person making such Investment has received cash in consideration
for the sale thereof, notwithstanding the fact that such Investment may
otherwise have been forgiven, released, canceled or otherwise nullified.

         "Lending Office" of any Bank means the Domestic Lending Office or the
Eurodollar Lending Office of such Bank.

         "Liability" of any Person means (in each case, whether with full or
limited recourse) any indebtedness, liability, obligation, covenant or duty of
or binding upon, or any term or condition to be observed by or binding upon,
such Person or any of its assets, of any kind, nature or description, direct or
indirect, absolute or contingent, due or not due, contractual or tortious,
liquidated or unliquidated, whether arising under Contract, Applicable Law, or
otherwise, whether now existing or hereafter arising, and whether for the
payment of money or the performance or non-performance of any act.

         "Lien" means, with respect to (a) any property or asset, including any
investment property, (or any income or profits therefrom) of any Person (in each
case whether the same is consensual or nonconsensual or arises by Contract,
operation of law, legal process or otherwise) (i) any mortgage, lien, pledge,
attachment, levy or other security interest of any kind thereupon or in respect
thereof or (ii) any other arrangement, express or implied, under which the same
is subordinated, transferred, sequestered or otherwise identified so as to
subject the same to, or make the same available for, the payment or performance
of any Liability in priority to the payment of the ordinary, unsecured
Liabilities of such Person, or (b), in the case of any investment property, any
Contract or other arrangement, express or implied, under which any Person has
the right to control such investment property. For the purposes of this
Agreement, a Person shall be deemed to own subject to a Lien any asset that it
has acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, capital lease or other title retention agreement
relating to such asset.

         "Loan" means any amount advanced by a Bank pursuant to Section 1.01.

         "Loan Document Related Claim" means any claim or dispute (whether
arising under Applicable Law, including any "environmental" or similar law,
under Contract or otherwise and,

                                       46

<PAGE>

in the case of any proceeding relating to any such claim or dispute, whether
civil, criminal, administrative or otherwise) in any way arising out of, related
to, or connected with, the Loan Documents, the relationships established
thereunder or any actions or conduct thereunder or with respect thereto, whether
such claim or dispute arises or is asserted before or after the Agreement Date
or before or after the Repayment Date.

         "Loan Documents" means (a) this Agreement and the Notes and (b) all
other agreements, documents and instruments relating to, arising out of, or in
any way connected with (i) any agreement, document or instrument referred to in
clause (a), (ii) any other agreement, document or instrument referred to in this
clause (b) or (iii) any of the transactions contemplated by any agreement,
document or instrument referred to in clause (a) or in this clause (b).

         "Mandatorily Redeemable Stock" means, with respect to any Person, any
share of such Person's capital stock to the extent that it is (a) redeemable,
payable or required to be purchased or otherwise retired or extinguished, or
convertible into any Indebtedness or other Liability of such Person, (i) at a
fixed or determinable date, whether by operation of a sinking fund or otherwise,
(ii) at the option of any Person other than such Person or (iii) upon the
occurrence of a condition not solely within the control of such Person, such as
a redemption required to be made out of future earnings or (b) convertible into
Mandatorily Redeemable Stock.

         "Materially Adverse Effect" means, (a) with respect to any Person, any
materially adverse effect on such Person's business, assets, Liabilities,
financial condition, results of operations or business prospects, (b) with
respect to a group of Persons "taken as a whole", any materially adverse effect
on such Persons' business, assets, Liabilities, financial conditions, results of
operations or business prospects taken as a whole on, where appropriate, a
consolidated basis in accordance with Generally Accepted Accounting Principles
and (c) with respect to any Loan Document, any adverse effect, WHETHER OR NOT
MATERIAL, on the binding nature, validity or enforceability thereof as an
obligation of the Borrower.

         "Material Subsidiary" means RGA Re, RCM, RGA Canada, RGA Barbados and
any other Subsidiary as to which (a) the aggregate gross revenues of itself and
its Subsidiaries (as determined on a consolidated basis in accordance with
Generally Accepted Accounting Principles) for its most recently ended fiscal
year are greater than or equal to 10% of the aggregate gross revenues of the
Borrower and its Consolidated Subsidiaries (as determined on a consolidated
basis in accordance with Generally Accepted Accounting Principles) for such
fiscal year or (b) the total assets of itself and its Subsidiaries (as
determined on a consolidated basis in accordance with Generally Accepted
Accounting Principles) at such time are greater than or equal to 10% of the
aggregate assets of the Borrower and its Subsidiaries (as determined on a
consolidated basis in accordance with Generally Accepted Accounting Principles)
at such time.

         "Maximum Permissible Rate" means, with respect to interest payable on
any amount, the rate of interest on such amount that, if exceeded, could, under
Applicable Law, result in (a) civil or criminal penalties being imposed on the
payee or (b) the payee's being unable to enforce payment of (or, if collected,
to retain) all or any part of such amount or the interest payable thereon.

                                       47

<PAGE>

         "Model Act" shall mean the Risk-Based Capital for Life and/or Health
Insurers Model Act and the rules, regulations and procedures prescribed from
time to time by the NAIC with respect thereto, in each case as amended, modified
or supplemented from time to time by the NAIC.

         "Moody's Rating" means at any time, the senior unsecured long term debt
rating of the Borrower as most recently announced by Moody's Investor Service,
Inc. or any successor thereto.

         "Multiemployer Benefit Plan" means any Benefit Plan that is a
multiemployer plan as defined in Section 4001(a)(3) of ERISA.

         "NAIC" means the National Association of Insurance Commissioners or any
successor thereto.

         "Non-US Bank" means a Person that is not a United States Person and
that is not described in Section 881(c)(3) of the Code.

         "Note" means any note in the form of Exhibit A and includes such a note
that is a Registered Note.

         "Notice of Assignment" means any notice to the Borrower and the
Administrative Agent with respect to an assignment pursuant to Section 9.09(a)
setting forth the name of the assignor, the name of the assignee, a description
of the rights and obligation defined, the effective date of the assignment and,
if the assignee is not already a Bank, the assignee's address for notices and
Lending Office addresses.

         "PBGC" means the Pension Benefit Guaranty Corporation.

         "Permitted Guaranty" means any Guaranty that (a) is an endorsement of a
check for collection in the ordinary course of business, (b) is a Guaranty of
and only of the obligations of the Borrower under the Loan Documents, (c)
constitutes Indebtedness for purposes of calculating the covenant in Section
4.21, (d) is a Trust Guaranty, (e) is an Insurance Subsidiary Guaranty or (f) is
a Guaranty, not otherwise specifically covered in this definition, of
Liabilities of a Subsidiary in an aggregate amount at any time outstanding not
exceeding $25,000,000.

         "Permitted Lien" means (a) any Lien securing and only securing the
obligations of the Borrower under the Loan Documents; (b) any Lien securing a
tax, assessment or other governmental charge or levy or the claim of a
materialman, mechanic, carrier, warehouseman or landlord for labor, materials,
supplies or rentals incurred in the ordinary course of business, but only if
payment thereof shall not at the time be required to be made in accordance with
Section 4.04 and foreclosure, distraint, sale or other similar proceedings shall
not have been commenced; (c) any Lien on the properties and assets of a
Subsidiary of the Borrower securing an obligation owing to the Borrower; (d) any
Lien consisting of a deposit or pledge made in the ordinary course of business
in connection with, or to secure payment of, obligations under workers'
compensation, unemployment insurance or similar legislation; (e) any Lien
arising pursuant to an order of attachment, distraint or similar legal process
arising in connection with legal proceedings, but only if and so long as the
execution or other enforcement thereof is not

                                       48

<PAGE>

unstayed for more than 20 days; (f) any Lien existing on (i) any property or
asset of any Person at the time such Person becomes a Subsidiary or (ii) any
property or asset at the time such property or asset is acquired by the Borrower
or a Subsidiary, but only, in the case of either (i) or (ii), if and so long as
(A) such Lien was not created in contemplation of such Person becoming a
Subsidiary or such property or asset being acquired, (B) such Lien is and will
remain confined to the property or asset subject to it at the time such Person
becomes a Subsidiary or such property or asset is acquired and to fixed
improvements thereafter erected on such property or asset, (C) such Lien secures
only the obligation secured thereby at the time such Person becomes a Subsidiary
or such property or asset is acquired and (D) the obligation secured by such
Lien is not in default; (g) any Lien in existence on the Agreement Date to the
extent set forth on Schedule 4.11, but only, in the case of each such Lien, to
the extent it secures an obligation outstanding on the Agreement Date to the
extent set forth on such Schedule; (h) any Lien securing Purchase Money
Indebtedness but only if, in the case of each such Lien, (i) such Lien shall at
all times be confined solely to the property or asset the purchase price of
which was financed through the incurrence of the Purchase Money Indebtedness
secured by such Lien and to fixed improvements thereafter erected on such
property or asset and (ii) such Lien attached to such property or asset within
30 days of the acquisition of such property or asset; (i) any Lien pursuant to a
capital lease but only if, in the case of each such Lien, such Lien shall at all
times be confined solely to the property or asset financed through the capital
lease secured by such Lien; (j) any Lien on Investments and cash balances of any
Insurance Company (other than any Capital Securities of any Subsidiary) securing
obligations of such Person in respect of (i) letters of credit obtained in the
ordinary course of business to support reinsurance liabilities of any Insurance
Company and/or (ii) trust arrangements formed in the ordinary course of business
for the benefit of cedents to secure reinsurance recoverables owed to them by
any Insurance Company; (k) nonconsensual Liens incurred in the ordinary course
of business in favor of financial intermediaries and clearing agents pending
clearance of payments for Investment; (l) Liens arising solely by virtue of any
statutory or common law provision relating to banker's liens, rights of set-off
or similar rights and remedies as to deposit accounts or other funds maintained
with a creditor depository institution; provided, that (i) such deposit account
is not a dedicated cash collateral account and is not subject to restrictions
against access by the Borrower in excess of those set forth by regulations
promulgated by the Board of Governors of the United States Federal Reserve
System, and (ii) such deposit account is not intended by the Borrower or any
Subsidiary to provide collateral to the depository institution; (m) Liens
consisting of deposits made by any Insurance Company with the insurance
regulatory authority in its jurisdiction of formation or other statutory Liens
or Liens or claims imposed or required by applicable insurance law or regulation
against the assets of any Insurance Company, in each case in favor of all
policyholders of such Insurance Company and in the ordinary course of such
Insurance Company's business; or (n) any Lien constituting a renewal, extension
or replacement of a Lien constituting a Permitted Lien by virtue of clauses (f)
through (m) of this definition, but only if (i) at the time such Lien is granted
and immediately after giving effect thereto, no Default would exist, (ii) such
Lien is limited to all or a part of the property or asset that was subject to
the Lien so renewed, extended or replaced and to fixed improvements thereafter
erected on such property or asset, (iii) the principal amount of the obligations
secured by such Lien does not exceed the principal amount of the obligations
secured by the Lien so renewed, extended or replaced and (iv) the obligations
secured by such Lien bear interest at a rate per annum not exceeding the rate

                                       49

<PAGE>

borne by the obligations secured by the Lien so renewed, extended or replaced
except for any increase that is commercially reasonable at the time of such
increase.

         "Permitted Restrictive Covenant" means (a) any covenant or restriction
contained in any Loan Document, (b) any covenant or restriction binding upon any
Person at the time such Person becomes a Subsidiary of the Borrower if the same
is not created in contemplation thereof, (c) any covenant or restriction of the
type contained in Section 4.11 that is contained in any Contract evidencing or
providing for the creation of or concerning Purchase Money Indebtedness so long
as such covenant or restriction is limited to the property purchased therewith,
(d) any covenant or restriction described in Schedule 4.18, but only to the
extent such covenant or restriction is there identified by specific reference to
the provision of the Contract in which such covenant or restriction is
contained, (e) any covenant or restriction requiring the approval of the
Applicable Insurance Regulatory Authority prior to the making of payments by RGA
Re under (i) the 7.35% surplus note dated December 15, 1997 made by RGA Re or
(ii) the 7.08% surplus note dated December 11, 1998 made by RGA Re, (f) any
covenant or restriction of the type contained in Section 4.11 that is contained
in (i) the documents governing the senior notes issued by the Borrower on or
about March 22, 1996, or (ii) the indenture governing the senior notes issued by
the Borrower on or about December 18, 2001, in each case to the extent such
covenant or restriction limits the ability of any Subsidiary to create any Lien
on the Capital Securities of any other Subsidiary held by such Subsidiary, or
(g) any covenant or restriction that (i) is not more burdensome than an existing
Permitted Restrictive Covenant that is such by virtue of clause (b), (c), (d),
(e) or (g), (ii) is contained in a Contract constituting a renewal, extension or
replacement of the Contract in which such existing Permitted Restrictive
Covenant is contained and (iii) is binding only on the Person or Persons bound
by such existing Permitted Restrictive Covenant.

         "Person" means any individual, sole proprietorship, corporation,
partnership, trust, limited liability company, unincorporated organization,
mutual company, joint stock company, estate, union, employee organization,
government or any agency or political subdivision thereof or, for the purpose of
the definition of "ERISA Affiliate", any trade or business.

         "Post-Default Rate" means the rate otherwise applicable under Section
1.03(a)(i) plus 2%.

         "Prime Rate" means the prime commercial lending rate of The Bank of New
York, as publicly announced to be in effect from time to time. The Prime Rate
shall be adjusted automatically, without notice, on the effective date of any
change in such prime commercial lending rate. The Prime Rate is not necessarily
The Bank of New York's lowest rate of interest.

         "Prohibited Transaction" means any transaction that is prohibited under
Code Section 4975 or ERISA Section 406 and not exempt under Code Section 4975 or
ERISA Section 408.

         "Purchase Money Indebtedness" means (a) Indebtedness of the Borrower or
its Subsidiaries incurred to finance part or all of (but not more than) the
purchase price of a tangible asset, provided that (i) neither the Borrower nor
any Subsidiary had at any time prior to such purchase any interest in such asset
other than a security interest or an interest as lessee under an operating lease
and (ii) such Indebtedness is incurred within 30 days after such purchase or (b)
Indebtedness that (i) constitutes a renewal, extension or refunding of, but not
an increase in the

                                       50

<PAGE>

principal amount of, Purchase Money Indebtedness that is such by virtue of
clause (a) or (b) and (ii) bears interest at a rate per annum that is
commercially reasonable at the time such Indebtedness is incurred.

         "RCM" means Reinsurance Company of Missouri, Incorporated, a Missouri
corporation.

         "Register" means a register kept at the Administrative Agent's office
by the Administrative Agent on behalf of the Borrower, at no extra charge to the
Borrower, on which the Administrative Agent records the names of the Registered
Holders of Registered Notes.

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

         "Registered Note" means a Note the name of the holder of which has been
recorded on the Register. The registration of a Note shall constitute the
registration of the Loan evidenced thereby.

         "Regulation D" means Regulation D of the Board of Governors of the
Federal Reserve System.

         "Regulation U" means Regulation U of the Board of Governors of the
Federal Reserve System.

         "Regulation X" means Regulation X of the Board of Governors of the
Federal Reserve System.

         "Regulatory Change" means any Applicable Law, interpretation,
directive, determination, request or guideline (whether or not having the force
of law), or any change therein or in the administration or enforcement thereof,
that is Enacted after the Agreement Date, including any such that imposes,
increases or modifies any Tax, Reserve Requirement, insurance charge, special
deposit requirement, assessment or capital adequacy requirement.

         "Repayment Date" means the later of (a) the termination of the
Commitments (whether as a result of the occurrence of the Termination Date,
reduction to zero pursuant to Section 1.07 or termination pursuant to Section
6.02) and (b) the payment in full of the Loans and all other amounts payable or
accrued hereunder.

         "Repayment Notice" shall have the meaning ascribed thereto in Section
8.03(b).

         "Reportable Event" means, with respect to any Benefit Plan of any
Person, (a) the occurrence of any of the events set forth in ERISA Section
4043(c), other than an event as to which the requirement of 30 days' notice, or
the penalty for failure to provide such notice, has been waived by the PBGC, (b)
the existence of conditions sufficient to require advance notice to the PBGC
pursuant to ERISA Section 4043(b), (c) the occurrence of any of the events set
forth in ERISA Sections 4062(e) or 4063(a) or the regulations thereunder, (d)
any event requiring such Person or any of its ERISA Affiliates to provide
security to such Benefit Plan under Code Section 401(a)(29) or (e) any failure
to make a payment required by Code Section 412(m) with respect to such Benefit
Plan.

                                       51

<PAGE>

         "Representation and Warranty" means any representation or warranty made
pursuant to or under (a) Section 2.02, Article 3, Section 5.02 or any other
provision of this Agreement or (b) any amendment to, or waiver of rights under,
this Agreement, WHETHER OR NOT, IN THE CASE OF ANY REPRESENTATION OR WARRANTY
REFERRED TO IN CLAUSE (a) OR (b) OF THIS DEFINITION (EXCEPT, IN EACH CASE, TO
THE EXTENT OTHERWISE EXPRESSLY PROVIDED), THE INFORMATION THAT IS THE SUBJECT
MATTER THEREOF IS WITHIN THE KNOWLEDGE OF THE BORROWER.

         "Required Banks" means, at any time, Banks having at least 51% of the
aggregate amount of the Commitments or, if the Commitments shall have expired or
been terminated, Banks having at least 51% of the aggregate amount of the Loans
outstanding.

         "Reserve Requirement" means, at any time, the then current maximum rate
for which reserves (including any marginal, supplemental or emergency reserve)
are required to be maintained under Regulation D by member banks of the Federal
Reserve System in New York City with deposits exceeding five billion Dollars
against "Eurocurrency liabilities", as that term is used in Regulation D. The
Adjusted Eurodollar Rate shall be adjusted automatically on and as of the
effective date of any change in the Reserve Requirement.

         "Restricted Payment" means any payment with respect to or on account of
any of the Borrower's Capital Securities, including any dividend or other
distribution on, any payment of interest on or principal of, and any payment on
account of any purchase, redemption, retirement, exchange, defeasance or
conversion of, or on account of any claim relating to or arising out of the
offer, sale or purchase of, any such Capital Securities. For the purposes of
this definition, a "payment" shall include the transfer of any asset or the
incurrence of any Indebtedness or other Liability (the amount of any such
payment to be the fair market value of such asset or the amount of such
obligation, respectively) but shall not include the issuance by the Borrower to
the holder of a class or series of a class of its any capital stock of shares of
the same class and, if applicable, series, other than, in any case, Mandatorily
Redeemable Stock.

         "RGA Barbados" means RGA Reinsurance Company (Barbados) Ltd., a
Barbados corporation.

         "RGA Canada" means RGA Life Reinsurance Company of Canada, a company
organized under the laws of Canada.

         "RGA Re" means RGA Reinsurance Company, a corporation organized under
the laws of the state of Missouri.

         "RGA Trust" means either RGA Capital Trust I or RGA Capital Trust II,
in each case a Wholly Owned Subsidiary of the Borrower formed solely for the
purpose of issuing Trust Preferred Securities.

         "SAP" means, for any Insurance Company, the statutory accounting
procedures or practices prescribed or permitted by the Applicable Insurance
Regulatory Authority applied on a consistent basis.

                                       52

<PAGE>

         "S&P Rating" means, at any time, the senior unsecured long term debt
rating of the Borrower as most recently announced by Standard & Poor's Ratings
Group, a division of The McGraw-Hill Companies, Inc. or any successor thereto.

         "Statutory Statement" means, for any Insurance Company, for any fiscal
year of such Insurance Company, the most recent annual statement required to be
filed with the Applicable Insurance Regulatory Authority and, for any fiscal
quarter or other applicable period of such Insurance Company, the statement
required by Section 5.01(d), which statement shall be prepared in accordance
with SAP.

         "Subsidiary" means, with respect to any Person at any time, (a) any
other Person the accounts of which would be consolidated with those of such
first Person in its consolidated financial statements as of such time, and (b)
any other Person (i) that is, at such time, Controlled by, or (ii) securities of
which having ordinary voting power to elect a majority of the board of directors
(or other persons having similar functions), or other ownership interests of
which ordinarily constituting a majority voting interest, are at such time,
directly or indirectly, owned or controlled by such first Person, or by such
first Person and one or more of its Subsidiaries; unless otherwise specified,
"Subsidiary" means a Subsidiary of the Borrower.

         "Surplus" shall mean, for any Insurance Company, on any date, the
amount (determined in accordance with SAP) of such Person's surplus as at the
last day of the fiscal quarter of such Person ending on or most recently ended
prior to such date.

         "Tax" means any federal, state or foreign tax, assessment or other
governmental charge (including any withholding tax) upon a Person or upon its
assets, revenues, income or profits.

         "Termination Date" means the third anniversary of the Agreement Date.

         "Termination Event" means, with respect to any Benefit Plan, (a) any
Reportable Event with respect to such Benefit Plan, (b) the termination of such
Benefit Plan, or the filing of a notice of intent to terminate such Benefit
Plan, or the treatment of any amendment to such Benefit Plan as a termination
under ERISA Section 4041(c), (c) the institution of proceedings to terminate
such Benefit Plan under ERISA Section 4042 or (d) the appointment of a trustee
to administer such Benefit Plan under ERISA Section 4042.

         "Total Adjusted Capital" shall have the meaning ascribed thereto in the
Model Act.

         "TPS Exclusion Amount" means, on the date of determination, an amount
equal to 15% of the sum of (i) the accreted value of the Trust Preferred
Securities outstanding on such date, (ii) Consolidated Indebtedness as of such
date (excluding, to the extent otherwise included, the Trust Preferred
Securities) and (iii) the Consolidated Net Worth as of such date (excluding, to
the extent otherwise included, the Trust Preferred Securities).

         "Trust Guaranty" means the guarantee issued by the Borrower in
connection with the Trust Preferred Securities Transaction substantially as
described on Schedule 10.01 hereto.

         "Trust Preferred Securities" means the Trust Preferred Securities
referred to and substantially as described on Schedule 10.01 hereto.

                                       53

<PAGE>

         "Trust Preferred Securities Documentation" means the agreements,
instruments and other documents pursuant to which the RGA Trust is established
and funded and the Trust Preferred Securities are issued, in each case
substantially in the form and substance as described on Schedule 10.01 hereto,
as reasonably determined by the Administrative Agent, as such documentation may
be waived, amended or otherwise modified from time to time with the consent of
the Administrative Agent, which consent will not be unreasonably withheld.

         "Trust Preferred Securities Transaction" means the transactions leading
to the issuance of the Trust Preferred Securities, including the formation of
the Trust, the issuance of the Trust Guaranty and the issuance of the Trust
Preferred Securities.

         "Type" means, with respect to Loans, any of the following, each of
which shall be deemed to be a different "Type" of Loan: Base Rate Loans,
Eurodollar Rate Loans having a one-month Interest Period, Eurodollar Rate Loans
having a two-month Interest Period, Eurodollar Rate Loans having a three-month
Interest Period and Eurodollar Rate Loans having a six-month Interest Period.
Any Eurodollar Rate Loan having an Interest Period that differs from the
duration specified for a Type of Eurodollar Rate Loan listed above solely as a
result of the operation of clauses (a) and (b) of the definition of "Interest
Period" shall be deemed to be a Loan of such above-listed Type notwithstanding
such difference in duration of Interest Periods.

         "Unfunded Benefit Liabilities" means, with respect to any Benefit Plan
at any time, the amount of unfunded benefit liabilities of such Benefit Plan at
such time as determined under ERISA Section 4001(a)(18).

         "United States Person" means a corporation, partnership or other entity
created, organized or incorporated under the laws of the United States of
America, a state thereof, or the District of Columbia.

         "Wholly Owned Subsidiary" means, with respect to any Person, any
Subsidiary of such Person all of the Capital Securities of which (except
directors' qualifying shares) are, directly or indirectly, owned or Controlled
by such Person or one or more Wholly Owned Subsidiaries of such Person or by
such Person and one or more of such Subsidiaries; unless otherwise specified,
"Wholly Owned Subsidiary" means a Wholly Owned Subsidiary of the Borrower.

         Section 10.02. Other Interpretive Provisions. (a) Except as otherwise
specified herein, all references herein (i) to any Person shall be deemed to
include such Person's successors and assigns, (ii) to any Applicable Law defined
or referred to herein shall be deemed references to such Applicable Law or any
successor Applicable Law as the same may have been or may be amended or
supplemented from time to time and (iii) to any Loan Document or other Contract
defined or referred to herein shall be deemed references to (A) in the case of
any such Loan Document, such Loan Document as the terms thereof may have been or
may be amended, supplemented, waived or otherwise modified from time to time,
and (B) in the case of any other Contract, such Contract as in effect on the
Agreement Date.

                  (b)      When used in this Agreement, the words "herein",
"hereof" and "hereunder" and words of similar import shall refer to this
Agreement as a whole and not to any provision of this Agreement, and the words
"Article", "Section", "Annex", "Schedule" and

                                       54

<PAGE>

"Exhibit" shall refer to Articles and Sections of, and Annexes, Schedules and
Exhibits to, this Agreement unless otherwise specified.

                  (c)      Whenever the context so requires, the neuter gender
includes the masculine or feminine, the masculine gender includes the feminine,
and the singular number includes the plural, and vice versa.

                  (d)      Any item or list of items set forth following the
word "including", "include" or "includes" is set forth only for the purpose of
indicating that, regardless of whatever other items are in the category in which
such item or items are "included", such item or items are in such category, and
shall not be construed as indicating that the items in the category in which
such item or items are "included" are limited to such items or to items similar
to such items.

                  (e)      Each authorization in favor of the Administrative
Agent, the Banks or any other Person granted by or pursuant to this Agreement
shall be deemed to be irrevocable and coupled with an interest.

                  (f)      Except as otherwise specified herein, all references
to the time of day shall be deemed to be to New York City time as then in
effect.

         Section 10.03. Accounting Matters. (a) Unless otherwise specified
herein, all accounting determinations hereunder and all computations utilized by
the Borrower in complying with the covenants contained herein shall be made, all
accounting terms used herein shall be interpreted, and all financial statements
required to be delivered hereunder shall be prepared, in accordance with
Generally Accepted Accounting Principles, or in the case of an Insurance
Company, statutory accounting principles, except, in the case of such financial
statements prepared in accordance with Generally Accepted Accounting Principles,
for departures from Generally Accepted Accounting Principles that may from time
to time be approved in writing by the independent certified public accountants
who are at the time, in accordance with Section 5.01(b) reporting on the
Borrower's financial statements.

                  (b)      If any changes in Generally Accepted Accounting
Principles or, in the case of an Insurance Company, statutory accounting
principles from those used in the preparation of the Base Financial Statements
are hereafter required or permitted and are adopted by the Borrower with the
agreement of its independent certified public accountants and such changes
result or could result (for any present or future period) in a change in the
method of calculation of any of the financial covenants, standards or terms in
or relating to such covenants, the parties hereto agree to enter into
discussions with a view to amending such provisions so as to equitably reflect
such changes with the desired result that the criteria for evaluating the
financial condition of the Borrower and its Subsidiaries shall be the same after
such changes as if such changes had not been made, provided, that no change to
Generally Accepted Accounting Principles or such statutory accounting principles
that would affect or could affect (for any present or future period) the method
of calculation of any of said financial covenants, standards or terms shall be
given effect in such calculations until such provisions are amended, in a manner
satisfactory to the Borrower and the Required Banks, to so reflect such change
to Generally Accepted Accounting Principles or such statutory accounting
principles.

                                       55

<PAGE>

                  Section 10.04. Representations and Warranties. All
Representations and Warranties shall be deemed made (a) in the case of any
Representation and Warranty contained in this Agreement at the time of its
initial execution and delivery, at and as of the Agreement Date, (b) in the case
of any Representation and Warranty contained in this Agreement or any other
document at the time any Loan is made, at and as of such time and (c) in the
case of any particular Representation and Warranty, wherever contained, at such
other time or times as such Representation and Warranty is made or deemed made
in accordance with the provisions of this Agreement or the document pursuant to,
under or in connection with which such Representation and Warranty is made or
deemed made.

                  Section 10.05. Captions. Captions to Articles, Sections and
subsections of, and Annexes, Schedules and Exhibits to, this Agreement are
included for convenience of reference only and shall not constitute a part of
this Agreement for any other purpose or in any way affect the meaning or
construction of any provision of this Agreement.

                  Section 10.06. Interpretation of Related Documents. Except as
otherwise specified therein, terms that are defined herein that are used in
Notes, certificates, opinions and other documents delivered in connection
herewith shall have the meanings ascribed to them herein and such documents
shall be otherwise interpreted in accordance with the provisions of this Article
10.

         [the remainder of this page has intentionally been left blank]

                                       56

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers all as of the Agreement Date.

                              REINSURANCE GROUP OF AMERICA,
                                INCORPORATED

                              By:        /s/ Todd C. Larson
                                  --------------------------
                                  Name: Todd C. Larson
                                  Title: Senior Vice President, Controller, and
                                           Treasurer

<PAGE>

                                  THE BANK OF NEW YORK
                                    as Administrative Agent and as a Bank

                                  By:     /s/ Evan Glass
                                     -------------------
                                     Name: Evan Glass
                                     Title: Vice President

<PAGE>

                                  BANK OF AMERICA, N.A.
                                    as Co-Syndication Agent and as a Bank

                                  By:    /s/ Leslie Nannen
                                      --------------------
                                      Name: Leslie Nannen
                                      Title: Vice President

<PAGE>

                                  FLEET BANK BOSTON
                                    as Co-Syndication Agent and as a Bank

                                  By: /s/ Esteban V. Koosau
                                      ---------------------
                                      Name: Esteban V. Koosau
                                      Title: Senior Associate

<PAGE>

                                  KEYBANK NATIONAL ASSOCIATION
                                    as Documentation Agent and as a Bank

                                  By: /s/ Mary K. Young
                                      -----------------
                                      Name: Mary K. Young
                                      Title: Vice President

<PAGE>

                                  ROYAL BANK OF CANADA
                                    as a Bank

                                  By:  /s/ Gabriella King
                                      -------------------
                                      Name: Gabriella King
                                      Title: Senior Manager

<PAGE>

                                  STATE STREET BANK AND TRUST
                                    COMPANY
                                    as a Bank

                                  By: /s/ Lise Anne Boutiette
                                      ------------------------
                                      Name: Lise Anne Boutiette
                                      Title: Vice President

<PAGE>

                                                                         ANNEX A

Banks, Lending Offices
and Notice Addresses                                          Commitments
THE BANK OF NEW YORK                                          $35,000,000

Domestic Lending Office:
One Wall Street
New York, New York 10286

Eurodollar Lending Office:
One Wall Street
New York, New York 10286

Notice Address for Credit Issues:
One Wall St. - 17th Floor
New York, NY 10286
Telecopier No.: (212) 809-9520
Telephone No.: (212) 635-6407
Attention: Gordon Berger/ Benjamin Balkind

Notice Address for other issues:
One Wall St. - 18th Floor
New York, NY 10286
Telecopier No.: (212) 635-6365
Telephone No.: (212) 635-4699
Attention: Ramona Washington, Agency Function Administration

<PAGE>

Banks, Lending Offices
and Notice Addresses                                          Commitments
BANK OF AMERICA, N.A.                                         $35,000,000

Domestic Lending Office:
1850 Gateway Blvd.
CA4-706-05-11
Concord, CA 94520-3282

Eurodollar Lending Office:
1850 Gateway Blvd.
CA4-706-05-11
Concord, CA 94520-3282

Notice Address for Credit Issues:
901 Main St. - 66th Floor
Dallas, TX 75202
Telecopier No.: (214) 209-3742
Telephone No.: (214) 209-0619
Attention: Leslie Nannen

Notice Address for other issues:
1850 Gateway Blvd.
CA4-706-05-11
Concord, CA 94520-3282
Telecopier No.: (925) 675-8312
Telephone No.: (888) 969-9238
Attention: Anna Finn

<PAGE>

Banks, Lending Offices
and Notice Addresses                                          Commitments
FLEET NATIONAL BANK                                           $35,000,000

Domestic Lending Office:
Financial Institutions
100 Federal St. - MA DE 10010H
Boston, MA 02110

Eurodollar Lending Office:
Financial Institutions
777 Main St. - CT EH 40225C
Hartford, CT 06115

Notice Address for Credit Issues:
Financial Institutions
100 Federal St. - MA DE 10010H
Boston, MA 02110
Telecopier No.: (617) 434-1096
Telephone No.: (617) 434-3778
Attention: David A. Bosselait, CCM, Director

Notice Address for other issues:
Financial Institutions
777 Main St. - CT EH 40225C
Hartford, CT 06115
Telecopier No.: (860) 986-1264
Telephone No.: (860) 986-5769/ 4616
Attention: Laura McDonough/ Emily Jones

<PAGE>

Banks, Lending Offices
and Notice Addresses                                          Commitments
KEYBANK NATIONAL ASSOCIATION                                  $35,000,000

Domestic Lending Office:
127 Public Square
Cleveland, Ohio 44114

Telecopier No.: (216) 689-4981
Telephone No.: (216) 689-4448
Attention: Laura Binkley

Eurodollar Lending Office:
127 Public Square
Cleveland, Ohio 44114

Telecopier No.: (216) 689-4981
Telephone No.: (216) 689-4448
Attention: Laura Binkley

Notice Address for Credit Issues:
127 Public Square
Cleveland, Ohio 44114

Telecopier No.: (216) 689-4981
Telephone No.: (216) 689-4443
Attention: Mary Young

Notice Address for other issues:
127 Public Square
Cleveland, Ohio 44114

Telecopier No.: (216) 689-4981
Telephone No.: (216) 689-4443
Attention: Mary Young

<PAGE>

Banks, Lending Offices
 and Notice Addresses                                         Commitments
ROYAL BANK OF CANADA                                          $20,000,000

Domestic Lending Office:
New York Branch
1 Liberty Plaza - 3rd Floor
New York, NY 10006-1404

Eurodollar Lending Office:
New York Branch
1 Liberty Plaza - 3rd Floor
New York, NY 10006-1404

Notice Address for All Issues:
Royal Bank of Canada
New York Branch
One Liberty Plaza, 3rd Floor
New York, New York 10006-1404
Attention: Karim Amr
Telephone No.: (212) 428-6369
Facsimile No.: (212) 428-2372

WITH A COPY OF ALL NOTICES TO:
Royal Bank of Canada
One Liberty Plaza, 3rd Floor
New York, New York 10006-1404
Attention: Gabriella King
Telephone No.: (212) 428-6318
Facsimile No.: (212) 428-6201

<PAGE>

Banks, Lending Offices
and Notice Addresses                                          Commitments
STATE STREET BANK AND TRUST COMPANY                           $15,000,000

Domestic Lending Office:
225 Franklin Street
Boston, MA 02110

Eurodollar Lending Office:
225 Franklin Street
Boston, MA 02110

Notice Address for Credit Issues:
State Street Bank and Trust Company
Insurance Credit Services
2 Avenue de Lafayette-LCC2N
Boston, MA 02111

Telecopier No.: 617-662-3778
Telephone No.: 617-662-3262
Attention: Lise Anne Boutiette, VP

Notice Address for other issues:
State Street Bank and Trust Company
Insurance Credit Services
2 Avenue de Lafayette-LCC2N
Boston, MA 02111

Telecopier No.: 617-662-3778
Telephone No.: 617-662-3262
Attention: Lise Anne Boutiette, VP

<PAGE>

                                                                   Schedule 1.02

                           FORM OF NOTICE OF BORROWING

The Bank of New York
One Wall St. - 18th Floor
New York, NY 10286
Attention: Ramona Washington, Agency Function Administration

The Bank of New York
One Wall St. - 17th Floor
New York, NY 10286
Attention: Benjamin Balkind

Date:

Ladies and Gentlemen:

         Reference is made to the First Amended and Restated Credit Agreement,
dated as of May 23, 2003, among Reinsurance Group of America, Incorporated, the
banks listed on the signature pages thereof, The Bank of New York, as
Administrative Agent, Bank of America, N.A. and Fleet National Bank, as
Co-Syndication Agents and KeyBank National Association, as Documentation Agent
(as in effect on the date hereof, the "Credit Agreement"). The undersigned
hereby gives notice pursuant to Section 1.02 of the Credit Agreement of its
request to have the following Loans made to it on [insert requested date of
borrowing]:

<TABLE>
<CAPTION>
           Type of Loan(1)                                   Amount
           ---------------                                   ------
<S>                                                      <C>
_______________________________________                  ______________

_______________________________________                  ______________

_______________________________________                  ______________
</TABLE>

         [Please disburse the proceeds of the Loans by [insert requested method
of disbursement].](2)

------------------------
(1)      Be sure to specify the duration of the Interest Period in the case of
         Eurodollar Rate Loans (e.g., one-month Eurodollar Rate).

(2)      Include and complete this sentence if the proceeds of the requested
         Loans are to be disbursed in a manner other than by credit to an
         account of the Borrower at the Administrative Agent's Office.

<PAGE>

         The undersigned represents and warrants that (a) the borrowing
requested hereby complies with the requirements of the Credit Agreement and (b)
[except to the extent set forth on Annex A hereto,]3 (i) each Representation and
Warranty is true and correct at and as of the date hereof and (except to the
extent the undersigned gives notice to the Banks to the contrary prior to 5:00
p.m. on the Business Day before the requested date for the making of the Loans)
will be true and correct at and as of the time the Loans are made, in each case
both with and without giving effect to the Loans and the application of the
proceeds thereof, and (ii) no Default has occurred and is continuing as of the
date hereof or would result from the making of the Loans or from the application
of the proceeds thereof if the Loans were made on the date hereof, and (except
to the extent the undersigned gives notice to the Banks to the contrary prior to
5:00 p.m. on the Business Day before the requested date for the making of the
Loans) no Default will have occurred and be continuing at the time the Loans are
to be made or would result from the making of the Loans or from the application
of the proceeds thereof.

                                         REINSURANCE GROUP OF AMERICA,
                                           INCORPORATED

                                         By: ___________________________________
                                             Name:
                                             Title:

------------------------
(3)      If the representation and warranty in either clause (b)(i) or (b)(ii)
         would be incorrect, include the material in brackets and set forth the
         reasons such representation and warranty would be incorrect on an
         attachment labeled Annex A.

<PAGE>

                                                            Schedule 1.03(c)(iv)

                  FORM OF NOTICE OF CONVERSION OR CONTINUATION

The Bank of New York
One Wall St. - 18th Floor
New York, NY 10286
Attention: Ramona Washington, Agency Function Administration

The Bank of New York
One Wall St. - 17th Floor
New York, NY 10286
Attention: Benjamin Balkind

Date:

Ladies and Gentlemen:

         Reference is made to the First Amended and Restated Credit Agreement,
dated as of May 23, 2003, among Reinsurance Group of America, Incorporated, the
banks listed on the signature pages thereof, The Bank of New York, as
Administrative Agent, Bank of America, N.A. and Fleet National Bank, as
Co-Syndication Agents and KeyBank National Association, as Documentation Agent
(as in effect on the date hereof, the "Credit Agreement"). The undersigned
hereby gives notice pursuant to Section 1.03(c)(iv) of the Credit Agreement of
its desire to convert or continue the Loans specified below into or as Loans of
the Types and in the amounts specified below on [insert date of conversion or
continuation]:

<TABLE>
<CAPTION>
              Loans to be Converted or Continued                           Converted or Continued Loans
--------------------------------------------------------------        --------------------------------------
                          Last Day of
                            Current
Type of Loan(1)         Interest Period             Amount              Type of Loan(1)           Amount
------------            ---------------             ------              ------------              ------
<S>                     <C>                     <C>                    <C>                    <C>
______________          _______________         ______________         ______________         ______________

______________          _______________         ______________         ______________         ______________

______________          _______________         ______________         ______________         ______________
</TABLE>

         The undersigned represents and warrants that conversions and
continuations requested hereby comply with the requirements of the Credit
Agreement.

------------------------
(1)      Be sure to specify the duration of the Interest Period in the case of
         Eurodollar Rate Loans (e.g., one-month Eurodollar Rate).

<PAGE>

                                         REINSURANCE GROUP OF AMERICA,
                                           INCORPORATED

                                         By: ___________________________________
                                             Name:
                                             Title:

<PAGE>

                                                                Schedule 1.05(a)

                          FORM OF NOTICE OF PREPAYMENT

The Bank of New York
One Wall St. - 18th Floor
New York, NY 10286
Attention: Ramona Washington, Agency Function Administration

The Bank of New York
One Wall St. - 17th Floor
New York, NY 10286
Attention: Benjamin Balkind

Date:

Ladies and Gentlemen:

         Reference is made to the First Amended and Restated Credit Agreement,
dated as of May 23, 2003, among Reinsurance Group of America, Incorporated, the
banks listed on the signature pages thereof, The Bank of New York, as
Administrative Agent, Bank of America, N.A. and Fleet National Bank, as
Co-Syndication Agents and KeyBank National Association, as Documentation Agent
(as in effect on the date hereof, the "Credit Agreement"). The undersigned
hereby gives notice pursuant to Section 1.05 of the Credit Agreement that it
will prepay the Loans specified below on [insert date of prepayment]:

<TABLE>
<CAPTION>
                                                        Last Day of
                                                          Current
         Type of Loan(1)                               Interest Period                 Amount
         ------------                                  ---------------                 ------
<S>                                                    <C>                         <C>
______________________________________                 ________________            _______________

______________________________________                 ________________            _______________

______________________________________                 ________________            _______________
</TABLE>

         The undersigned represents and warrants that the prepayment requested
hereby complies with the requirements of the Credit Agreement.

                                         REINSURANCE GROUP OF AMERICA,
                                           INCORPORATED

------------------------
(1)      Be sure to specify the duration of the Interest Period in the case of
         Eurodollar Rate Loans (e.g., one-month Eurodollar Rate).

<PAGE>

                                         By: ___________________________________
                                             Name:
                                             Title:

<PAGE>

                                                                Schedule 1.11(e)

                         Form of Non-US Bank Certificate

Reinsurance Group of America, Incorporated
The Bank of New York

Gentlemen:
         Reference is made to the First Amended and Restated Credit Agreement,
dated as of May 23, 2003, among Reinsurance Group of America, Incorporated, the
banks listed on the signature pages thereof, The Bank of New York, as
Administrative Agent, Bank of America, N.A. and Fleet National Bank, as
Co-Syndication Agents and KeyBank National Association, as Documentation Agent.
Terms used herein that are defined in such Credit Agreement are used with the
meanings therein ascribed to them.

         The undersigned hereby (a) certifies to the Borrower and the
Administrative Agent that (i) it is a Non-US Bank and (ii) it is entitled to
submit an Internal Revenue Service Form W-8 and (b) agrees to indemnify and
defend the Borrower and the Administrative Agent from, and hold each of them
harmless against, any and all losses, liabilities, claims, damages, and expenses
of any kind arising out of, resulting from, or in any way connected with the
certification made pursuant to clause (a) being incorrect.

                                         Very truly yours,
                                         [Bank]

                                         By: ___________________________________
                                             Name:
                                             Title:

<PAGE>

                                                             Schedule 2.01(a)(i)

                   REINSURANCE GROUP OF AMERICA, INCORPORATED

                   FORM OF CERTIFICATE AS TO RESOLUTIONS, ETC.

         I, __________, [Assistant] Secretary of Reinsurance Group of America,
Incorporated, a Missouri corporation (the "Borrower"), hereby certify, pursuant
to Section 2.01(a)(i) of the Credit Agreement dated as of May 23, 2003 among
Reinsurance Group of America, Incorporated, the banks listed on the signature
pages thereof, The Bank of New York, as Administrative Agent, Bank of America,
N.A. and Fleet National Bank, as Co-Syndication Agents and KeyBank National
Association, as Documentation Agent, that:

                  1.       The below named persons have been duly elected (or
         appointed) and have duly qualified as, and on this day are, officers of
         the Borrower holding their respective offices below set opposite their
         names, and the signatures below set opposite their names are their
         genuine signatures:

<TABLE>
<CAPTION>
          Name                      Office                  Signature
          ----                      ------                  ---------
<S>                                 <C>               <C>
[Insert names and offices                             ________________________

of persons authorized to sign                         ________________________

the Loan Documents]                                   ________________________
</TABLE>

                  2.       Attached as Annex A is a true and correct copy of
         resolutions duly adopted by the Board of Directors of the Borrower.
         Such resolutions have not been amended, modified or revoked and are in
         full force and effect on the date hereof.

                  3.       The execution and delivery of [List Loan Documents to
         which the Company is a party], in each case as executed and delivered
         on behalf of the Borrower, was approved by the Board of Directors of
         the Borrower.

                  4.       There has been no amendment to the Certificate of
         Incorporation of the Borrower since __________, 200__.(1)

                  5.       Attached as Annex B is a true and correct copy of the
         By-laws of the Borrower as in effect on __________, 200_(2) and at all
         subsequent times to and including the date hereof.

---------------------
(1)      Insert date of the Secretary of State's Certificate of Incorporation
         required by Section 3.01(a)(ii).

(2)      Insert date of the Board of Directors' meeting adopting the resolutions
         referred to in paragraph 2(a).

<PAGE>

         IN WITNESS WHEREOF, I have signed this certificate this __ day of
__________, 200__.

                                         _______________________________________
                                                [Assistant] Secretary
         I, __________, [title] of the Borrower, hereby certify that [name of
the above [Assistant] Secretary] has been duly elected or appointed and has been
duly qualified as, and on this day is, [Assistant] Secretary of the Borrower,
and the signature in paragraph 1 above is his genuine signature.

         IN WITNESS WHEREOF, I have signed this certificate this __ day of
__________, 200__.

                                         _______________________________________
                                                        [Title]

<PAGE>

                                                            Schedule 2.01(a)(vi)

                            [Letterhead of Borrower]

                   FORM OF CERTIFICATE OF NEGOTIATING OFFICER

                                                          Dated ________________

         Reinsurance Group of America, Incorporated (the "Borrower") is today
entering into a Credit Agreement, dated as of __________ (the "Credit
Agreement") with the banks listed on the signature pages thereof (the "Banks"),
The Bank of New York, as Administrative Agent (the "Administrative Agent"), Bank
of America, N.A. and Fleet National Bank, as Co-Syndication Agents and KeyBank
National Association, as Documentation Agent. I am the [title] of the Borrower
and the officer who was principally involved in negotiating the Credit
Agreement.

         I hereby confirm that I have read the Loan Documents and that I
understand that it requires the Borrower to waive any rights it may have to
trial by jury and to claim any special, indirect and consequential damages. I
also confirm that I understand that the Credit Agreement and the Notes embody
the entire agreement among the Borrower, the Administrative Agent and the Banks
and supersedes all prior agreements, representations and understandings relating
to the subject matter thereof.

         I further confirm that I have reviewed my understanding of the Credit
Agreement with the General Counsel of the Borrower who have acted as lawyers for
the Borrower in the transaction.

         Finally, I confirm that in the course of negotiating the Credit
Agreement I worked principally with ______________ and neither [s/he] nor any
other representative of the Administrative Agent or any Bank, nor the lawyers
for the Administrative Agent or any Bank, made any representations to me that
are inconsistent with the terms and provisions of the Credit Agreement.

<PAGE>

                                                                   Schedule 3.02

                            SCHEDULE OF SUBSIDIARIES

<PAGE>

                                                                   Schedule 4.10

                         SCHEDULE OF EXISTING GUARANTIES

<PAGE>

                                                                   Schedule 4.11

                           SCHEDULE OF EXISTING LIENS

Obligation                                              Secured Collateral

<PAGE>

                                                                   Schedule 4.16

                       SCHEDULE OF EXISTING BENEFIT PLANS

<PAGE>

                                                                   Schedule 4.18

                   SCHEDULE OF EXISTING RESTRICTIVE COVENANTS

<PAGE>

                                                                Schedule 5.02(a)

                  SCHEDULE OF HISTORICAL FINANCIAL INFORMATION

<PAGE>

                                                                  Schedule 10.01

              DESCRIPTION OF TRUST PREFERRED SECURITIES TRANSACTION

                            AND RELATED DOCUMENTATION

<PAGE>

                                                                       EXHIBIT A

                   REINSURANCE GROUP OF AMERICA, INCORPORATED

                                 PROMISSORY NOTE

                                                         _______________, 200___

         FOR VALUE RECEIVED, REINSURANCE GROUP OF AMERICA, INCORPORATED (the
"Borrower") hereby promises to pay to the order of __________ (the "Bank"), for
the account of its applicable Lending Office, the unpaid principal amount of
each Loan made by such Bank under the Credit Agreement referred to below, on the
dates and in the amounts specified in Section 1.04 of such Credit Agreement, and
to pay interest on the principal amount of each such Loan on the dates and at
the rates specified in Section 1.03 of such Credit Agreement. All payments due
the Bank hereunder shall be made to the Bank at the place, in the type of money
and funds and in the manner specified in Section 1.11 of such Credit Agreement.

         Each holder hereof is authorized to endorse on the grid attached
hereto, or on a continuation thereof, each Loan of the Bank and each payment,
with respect thereto.

         Presentment, demand, protest, notice of dishonor and notice of intent
to accelerate are hereby waived by the undersigned.

         This Promissory Note evidences Loans made under, and is entitled to the
benefits of, the First Amended and Restated Credit Agreement, dated as of May
23, 2003, among the Borrower, the banks listed on the signature pages thereof,
The Bank of New York, as Administrative Agent, Bank of America, N.A. and Fleet
National Bank, as Co-Syndication Agents and KeyBank National Association, as
Documentation Agent, as the same may be amended from time to time. Reference is
made to such Credit Agreement, as so amended, for provisions relating to the
prepayment and the acceleration of the maturity hereof.

         This Promissory Note shall, pursuant to New York General Obligations
Law Section 5-1401, be governed by the law of the State of New York.

         [This is a Registered Note, and it and the Loans evidenced hereby may
be assigned or otherwise transferred in whole or in part only by registration of
such assignment or transfer on the Register and compliance with the other
requirements provided for in the Credit Agreement.]

                                         REINSURANCE GROUP OF AMERICA,
                                           INCORPORATED

                                         By: ___________________________________
                                             Name:
                                             Title:

<PAGE>

                                      GRID
                                 PROMISSORY NOTE

<TABLE>
<CAPTION>
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                             Amount of                    Amount of                    Notation
 Date                          Loan                   Principal Repaid                  Made By
 ----                          ----                   ----------------                  -------
<S>                          <C>                      <C>                              <C>
_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

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_______________________________________________________________________________________________
</TABLE>

                                       1<PAGE>
                                                                  EXECUTION COPY

                   HONDA AUTO RECEIVABLES 2003-2 OWNER TRUST,
                                   as Issuer,

                                       and

                                 CITIBANK, N.A.,
                              as Indenture Trustee

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

                                    INDENTURE

                             Dated as of May 1, 2003

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

<PAGE>

                             CROSS REFERENCE TABLE*

TIA Section                                                    Indenture Section
-----------                                                    -----------------

310      (a)(1).................................................     6.11
         (a)(2).................................................     6.11
         (a)(3).................................................  6.10; 6.11
         (a)(4).................................................     N/A**
         (a)(5).................................................     6.11
         (b)....................................................  6.08; 6.11
         (c)....................................................     N/A
311      (a)....................................................     6.12
         (b)....................................................     6.12
         (c)....................................................     N.A.
312      (a)....................................................     7.01
         (b)....................................................     7.02
         (c)....................................................     7.02
313      (a)....................................................     7.04
         (b)(1).................................................     7.04
         (b)(2).................................................     7.04
         (c).................................................... 7.04; 11.05
         (d)....................................................     7.04
314      (a)....................................................     7.03
         (b)....................................................    11.15
         (c)(1).................................................    11.01
         (c)(2).................................................    11.01
         (c)(3).................................................    11.01
         (d)....................................................    11.01
         (e)....................................................    11.01
         (f)....................................................    11.01
315      (a)....................................................     6.01
         (b).................................................... 6.05; 11.01
         (c)....................................................     6.01
         (d)....................................................     6.01
         (e)....................................................     5.13
316      (a)....................................................     1.01
         (a)(1)(A)..............................................     5.11
         (a)(1)(B)..............................................     5.12
         (a)(2).................................................     N.A.
         (b)....................................................     5.07
         (c)....................................................     N.A.

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

** N.A. means Not Applicable.

                                       i

<PAGE>

317      (a)(1).................................................     5.03
         (a)(2).................................................     5.03
         (b)....................................................     3.03
318      (a)....................................................    11.07

                                       ii

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                               Page
                                                                                                               ----

                                   ARTICLE ONE
                   DEFINITIONS AND INCORPORATION BY REFERENCE

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

                                   ARTICLE TWO
                                    THE NOTES

   Section 2.01.     Form  9
   Section 2.02.     Execution, Authentication and Delivery.......................................................9
   Section 2.03.     Temporary Notes.............................................................................10
   Section 2.04.     Registration, Registration of Transfer and Exchange.........................................10
   Section 2.05.     Mutilated, Destroyed, Lost or Stolen Notes..................................................11
   Section 2.06.     Persons Deemed Owner........................................................................12
   Section 2.07.     Payment of Principal and Interest, Defaulted Interest.......................................12
   Section 2.08.     Cancellation................................................................................13
   Section 2.09.     Book-Entry Notes............................................................................14
   Section 2.10.     Notices to Clearing Agency..................................................................14
   Section 2.11.     Definitive Notes............................................................................14
   Section 2.12.     Release of Collateral.......................................................................15
   Section 2.13.     Tax Treatment...............................................................................15
   Section 2.14.     Employee Benefit Plans......................................................................15

                                  ARTICLE THREE
                                    COVENANTS

   Section 3.01.     Payment of Principal and Interest...........................................................16
   Section 3.02.     Maintenance of Office or Agency.............................................................16
   Section 3.03.     Money for Payments to be Held in Trust......................................................16
   Section 3.04.     Existence...................................................................................18
   Section 3.05.     Protection of Owner Trust Estate............................................................18
   Section 3.06.     Opinions as to Owner Trust Estate...........................................................18
   Section 3.07.     Performance of Obligations; Servicing of Receivables........................................19
   Section 3.08.     Negative Covenants......................................................................... 20
   Section 3.09.     Annual Statement as to Compliance...........................................................21
   Section 3.10.     Issuer May Consolidate, etc., Only on Certain Terms.........................................21
   Section 3.11.     Successor or Transferee.....................................................................23
   Section 3.12.     No Other Business...........................................................................23
   Section 3.13.     No Borrowing................................................................................23

                                       iii
<PAGE>

   Section 3.14.     Servicer's Obligations......................................................................24
   Section 3.15.     Guarantees, Loans, Advances and Other Liabilities...........................................24
   Section 3.16.     Capital Expenditures....................................................................... 24
   Section 3.17.     Removal of Administrator....................................................................24
   Section 3.18.     Restricted Payments.........................................................................24
   Section 3.19.     Notice of Events of Default.................................................................24
   Section 3.20.     Further Instruments and Acts................................................................24
   Section 3.21.     Compliance with Laws........................................................................24
   Section 3.22.     Amendments of Sale and Servicing Agreement and Trust Agreement..............................25

                                  ARTICLE FOUR
                           SATISFACTION AND DISCHARGE

   Section 4.01.     Satisfaction and Discharge of Indenture.....................................................25
   Section 4.02.     Application of Trust Money..................................................................26
   Section 4.03.     Repayment of Monies Held by Paying Agent....................................................26

                                  ARTICLE FIVE
                                    REMEDIES

   Section 5.01.     Events of Default...........................................................................26
   Section 5.02.     Acceleration of Maturity, Rescission and Annulment..........................................27
   Section 5.03.     Collection of Indebtedness and Suits for Enforcement by Indenture Trustee...................28
   Section 5.04.     Remedies, Priorities........................................................................30
   Section 5.05.     Optional Preservation of the Receivables....................................................32
   Section 5.06.     Limitation of Suits........................................................................ 32
   Section 5.07.     Unconditional Rights of Noteholders to Receive Principal and Interest.......................33
   Section 5.08.     Restoration of Rights and Remedies..........................................................33
   Section 5.09.     Rights and Remedies Cumulative..............................................................33
   Section 5.10.     Delay or Omission Not a Waiver..............................................................33
   Section 5.11.     Control by Noteholders......................................................................33
   Section 5.12.     Waiver of Past Defaults.................................................................... 34
   Section 5.13.     Undertaking for Costs.......................................................................34
   Section 5.14.     Waiver of Stay or Extension Laws............................................................34
   Section 5.15.     Action on Notes.............................................................................35
   Section 5.16.     Performance and Enforcement of Certain Obligations..........................................35

                                   ARTICLE SIX
                              THE INDENTURE TRUSTEE

   Section 6.01.     Duties of Indenture Trustee.................................................................35
   Section 6.02.     Rights of Indenture Trustee.................................................................37
   Section 6.03.     Individual Rights of Indenture Trustee......................................................38
   Section 6.04.     Indenture Trustee's Disclaimer..............................................................38
   Section 6.05.     Notice of Defaults..........................................................................39
   Section 6.06.     Reports by Indenture Trustee to Holders.....................................................39

                                    iv

<PAGE>

   Section 6.07.     Compensation and Indemnity..................................................................39
   Section 6.08.     Replacement of Indenture Trustee............................................................40
   Section 6.09.     Successor Indenture Trustee by Merger.......................................................41
   Section 6.10.     Appointment of Co-Trustee or Separate Trustee...............................................41
   Section 6.11.     Eligibility, Disqualification...............................................................43
   Section 6.12.     Preferential Collection of Claims Against Issuer............................................43
   Section 6.13.     Representations and Warranties of Indenture Trustee.........................................43

                                  ARTICLE SEVEN
                         NOTEHOLDERS' LISTS AND REPORTS

   Section 7.01.     Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders......................44
   Section 7.02.     Preservation of Information; Communications,
                     Reports and Certain Documents to Noteholders................................................44
   Section 7.03.     Reports by Issuer...........................................................................44
   Section 7.04.     Reports by Indenture Trustee................................................................45

                                  ARTICLE EIGHT
                      ACCOUNTS, DISBURSEMENTS AND RELEASES

   Section 8.01.     Collection of Money.........................................................................45
   Section 8.02.     Accounts....................................................................................46
   Section 8.03.     General Provisions Regarding Accounts.......................................................47
   Section 8.04.     Release of Owner Trust Estate...............................................................47
   Section 8.05.     Opinion of Counsel..........................................................................48

                                  ARTICLE NINE
                             SUPPLEMENTAL INDENTURES

   Section 9.01.     Supplemental Indentures Without Consent of Noteholders......................................48
   Section 9.02.     Supplemental Indentures With Consent of Noteholders........................................ 49
   Section 9.03.     Execution of Supplemental Indentures........................................................51
   Section 9.04.     Effect of Supplemental Indenture............................................................51
   Section 9.05.     Conformity with Trust Indenture Act.........................................................51
   Section 9.06.     Reference in Notes to Supplemental Indentures...............................................51

                                   ARTICLE TEN
                               REDEMPTION OF NOTES

   Section 10.01.    Redemption..................................................................................51
   Section 10.02.    Form of Redemption Notice...................................................................52
   Section 10.03.    Notes Payable on Redemption Date............................................................52

                                        v
<PAGE>

                                 ARTICLE ELEVEN
                                  MISCELLANEOUS

   Section 11.01.    Compliance Certificates and Opinions, etc...................................................52
   Section 11.02.    Form of Documents Delivered to Indenture Trustee............................................54
   Section 11.03.    Acts of Noteholders.........................................................................55
   Section 11.04.    Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.............................55
   Section 11.05.    Notices to Noteholders; Waiver..............................................................56
   Section 11.06.    Alternate Payment and Notice Provisions.....................................................57
   Section 11.07.    Conflict with Trust Indenture Act...........................................................57
   Section 11.08.    Effect of Headings and Table of Contents....................................................57
   Section 11.09.    Successors and Assigns......................................................................57
   Section 11.10.    Separability................................................................................57
   Section 11.11.    Benefits of Indenture.......................................................................57
   Section 11.12.    Legal Holidays..............................................................................57
   Section 11.13.    Governing Law...............................................................................58
   Section 11.14.    Counterparts................................................................................58
   Section 11.15.    Recording of Indenture......................................................................58
   Section 11.16.    Trust Obligation............................................................................58
   Section 11.17.    No Petition.................................................................................58
   Section 11.18.    Inspection..................................................................................59
   Section 11.19.    Confidentiality.............................................................................59
   Section 11.20.    Federal Tax Treatment.......................................................................60
</TABLE>

SCHEDULES

Schedule A - Schedule of Receivables                                SA-1

                                    EXHIBITS

Exhibit A-1 - Form of Note                                          A-1
Exhibit B-1 - Form of Note Depository Agreement                     B-1

                                       vi
<PAGE>

         This Indenture, dated as of May 1, 2003, is between Honda Auto
Receivables 2003-2 Owner Trust, a Delaware statutory trust (the "Issuer"), and
Citibank, N.A., as indenture trustee (the "Indenture Trustee").

         Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the holders of the Issuer's Class A-1 1.23313%
Asset Backed Notes (the "Class A-1 Notes"), Class A-2 1.34% Asset Backed Notes
(the "Class A-2 Notes"), Class A-3 1.69% Asset Backed Notes (the "Class A-3
Notes") and Class A-4 2.16% Asset Backed Notes (the "Class A-4 Notes" and,
together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes,
the "Notes"):

                                 GRANTING CLAUSE

         The Issuer hereby Grants to the Indenture Trustee at the Closing Date,
on behalf of and for the benefit of the Holders of the Notes, without recourse,
all of the Issuer's right, title and interest in, to and under (i) the
Receivables and all monies due thereon and received thereon on and after May 1,
2003; (ii) the security interests in the Financed Vehicles; (iii) any proceeds
of any physical damage insurance policies covering the Financed Vehicles and in
any proceeds of any credit life or credit disability insurance policies relating
to the Receivables or the Obligors; (iv) any proceeds of Dealer Recourse; (v)
the right to realize upon any property (including the right to receive future
Liquidation Proceeds) that shall have secured a Receivable and have been
repossessed by or on behalf of the Issuer; (vi) all funds, and all investment
property, from time to time carried in or credited to the Accounts, including
the Reserve Fund Initial Deposit and the Yield Supplement Account Deposit and in
all investment income and proceeds thereof; (vii) the rights of the Seller under
the Receivables Purchase Agreement and the rights of the Issuer under the Sale
and Servicing Agreement; (viii) any Servicer Letter of Credit; and (ix) all
payments on or under and all proceeds of every kind and nature whatsoever in
respect of any or all of the foregoing, including all proceeds of the conversion
thereof, voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights
to payment of any and every kind and other forms of obligations and receivables,
instruments and other property which at any time constitute all or part of or
are included in the proceeds of any of the foregoing as each such term is
defined in Section 1.01 (collectively, the "Collateral").

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

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

<PAGE>

                                  ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         Section 1.01. Definitions.

         (a) Except as otherwise specified herein or as the context may
otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Indenture.

         "Act" shall have the meaning specified in Section 11.03(a).

         "Administration Agreement" means the Administration Agreement, dated as
of May 1, 2003, among the Administrator, the Issuer, the Depositor and the
Indenture Trustee.

         "Administrator" means AHFC or any successor Administrator under the
Administration Agreement.

         "AHFC" means American Honda Finance Corporation, and its successors.

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

         "Book-Entry Notes" means a beneficial interest in the Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.09.

         "Business Day" means any day other than a Saturday, a Sunday or a day
on which banking institutions or trust companies in Los Angeles, California,
Wilmington, Delaware, Chicago, Illinois or New York, New York are authorized or
obligated by law, regulation, executive order or governmental decree to remain
closed.

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

         "Class" means all Notes whose form is identical except for variation in
denomination, principal amount or owner.

         "Class A-1 Final Payment Date" means June 11, 2004.

                                       2
<PAGE>

         "Class A-1 Interest Rate" means 1.23313% per annum (computed on the
basis of the actual number of days in the related Interest Accrual Period
divided by 360).

         "Class A-1 Notes" means the Class A-1 1.23313% Asset Backed Notes,
substantially in the form of Exhibit A.

         "Class A-2 Interest Rate" means 1.34% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

         "Class A-2 Notes" means the Class A-2 1.34% Asset Backed Notes,
substantially in the form of Exhibit A.

         "Class A-3 Interest Rate" means 1.69% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

         "Class A-3 Notes" means the Class A-3 1.69% Asset Backed Notes,
substantially in the form of Exhibit A.

         "Class A-4 Interest Rate" means 2.16% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

         "Class A-4 Notes" means the Class A-4 2.16% Asset Backed Notes,
substantially in the form of Exhibit A.

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

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

         "Closing Date" means May 21, 2003.

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

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

         "Corporate Trust Office" means an office of the Indenture Trustee at
which at any particular time its corporate trust business shall be administered,
which office at the date of execution of this Indenture is located at 111 Wall
Street, 14th Floor, New York, New York 10005, Attention: Structured Finance
Group: Honda Auto Receivables 2003-2 Owner Trust, or at such other address as
the Indenture Trustee may designate from time to time by notice to the
Noteholders and the Issuer, or the principal corporate trust office of any
successor Indenture Trustee at the address designated by such successor
Indenture Trustee by notice to the Noteholders and the Issuer.

                                       3
<PAGE>

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

         "Definitive Notes" shall have the meaning specified in Section 2.11.

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

         "Event of Default" shall have the meaning specified in Section 5.01.

         "Executive Officer" means, with respect to any corporation or
depository institution, the Chief Executive Officer, Chief Operating Officer,
Chief Financial Officer, President, Executive Vice President, any Vice
President, the Secretary or the Treasurer of such corporation or depository
institution; and with respect to any partnership, any general partner thereof.

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

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

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

         "Indenture Trustee" means Citibank, N.A., a national banking
association, as Indenture Trustee under this Indenture, or any successor
Indenture Trustee under this Indenture.

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

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

                                       4
<PAGE>

         "Interest Accrual Period" means, subject to Section 11.12 hereof, with
respect to any Payment Date and (i) the Class A-1 Notes, the period from and
including the immediately preceding Payment Date (or, in the case of the first
Payment Date, the Closing Date) to but excluding such Payment Date and (ii) the
Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, the period from and
including the twenty-first day of the prior month (or, in the case of the first
Payment Date, the Closing Date) to but excluding the twenty-first day of the
month of such Payment Date.

         "Interest Rate" means the Class A-1 Interest Rate, the Class A-2
Interest Rate, the Class A-3 Interest Rate or the Class A-4 Interest Rate, as
applicable.

         "Issuer" means Honda Auto Receivables 2003-2 Owner Trust until a
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein and required by the TIA, each other obligor on
the Notes.

         "Issuer Order" or "Issuer Request" means a written order or request
signed in the name of the Issuer by any Authorized Officer and delivered to the
Indenture Trustee.

         "Note Depository Agreement" means the agreement dated May 21, 2003,
among the Issuer, the Indenture Trustee and The Depository Trust Company, as the
initial Clearing Agency, relating to the Notes, substantially in the form of
Exhibit B hereto.

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

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

         "Note Register" and "Note Registrar" shall have the respective meanings
specified in Section 2.04.

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

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

         "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be an employee of
or counsel to the Issuer and who shall be satisfactory to the Indenture Trustee,
and which opinion or opinions shall be addressed to the Indenture Trustee as
Indenture Trustee, shall comply with any applicable

                                       5
<PAGE>

requirements of Section 11.01 and shall be in form and substance satisfactory to
the Indenture Trustee.

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

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

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

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

provided, that in determining whether the Holders of the requisite Outstanding
Amount have given any request, demand, authorization, direction, notice, consent
or waiver hereunder or under any other Basic Document, Notes owned by the
Issuer, any other obligor upon the Notes, the Seller or any of their respective
Affiliates shall be disregarded and deemed not to be Outstanding, except that,
in determining whether the Indenture Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent or waiver,
only Notes that the Indenture Trustee knows to be so owned shall be so
disregarded. Notes so owned that have been pledged in good faith may be regarded
as Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee's right so to act with respect to such Notes and that the
pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any
Affiliate of any of their respective Affiliates.

         "Outstanding Amount" means, except as otherwise indicated by the
context, the aggregate principal amount of all Notes of all Classes Outstanding
at the date of determination.

         "Owner Trust Estate" means the Grant of the Collateral to the Indenture
Trustee under this Indenture, including all proceeds thereof.

         "Owner Trustee" means U.S. Bank Trust National Association, not in its
individual capacity but solely as Owner Trustee under the Trust Agreement, or
any successor Owner Trustee under the Trust Agreement.

         "Paying Agent" means the Indenture Trustee or any other Person that
meets the eligibility standards for the Indenture Trustee specified in Section
6.11 and is authorized by the Issuer to make payments to and distributions from
the Collection Account and the Note Distribution Account, including payments of
principal of or interest on the Notes on behalf of the Issuer.

                                       6
<PAGE>

         "Payment Date" means the twenty-first calendar day of each month,
commencing June 2003, or if such day is not a Business Day, then the next
succeeding Business Day.

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

         "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.05 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

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

         "Protected Purchaser" shall have the meaning set forth in Article 8 of
the UCC.

         "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given ten days (or such shorter period as is
acceptable to each Rating Agency) prior notice thereof and that each Rating
Agency shall have notified the Seller, the Servicer, the Indenture Trustee and
the Owner Trustee in writing that such action will not result in a
qualification, reduction or withdrawal of the then current rating of the Notes.

         "Record Date" means, with respect to a Payment Date or Redemption Date,
the day immediately preceding such Payment Date or Redemption Date or, if
Definitive Notes have been issued, the close of business on the last day of the
month immediately preceding the month in which such Payment Date or Redemption
Date occurs.

         "Redemption Date" means, in the case of a redemption of the Notes
pursuant to Section 10.01, the Payment Date specified by the Servicer or the
Issuer pursuant to Section 10.01.

         "Redemption Price" means, in the case of a redemption of the Notes
pursuant to Section 10.01, an amount equal to the unpaid principal amount of the
Notes redeemed plus accrued and unpaid interest thereon at the weighted average
of the Interest Rates for each Class of Notes being so redeemed to but excluding
the Redemption Date.

         "Registered Holder" means the Person in whose name a Note is registered
on the Note Register on the applicable Record Date.

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of May 1, 2003, between the Issuer, the Seller and the Servicer.

         "Schedule of Receivables" means the list of the Receivables set forth
in Schedule A hereto.

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

                                       7
<PAGE>

         "Servicer" means American Honda Finance Corporation, in its capacity as
servicer under the Sale and Servicing Agreement, and any Successor Servicer
thereunder.

         "State" means any one of the 50 states of the United States or the
District of Columbia.

         "Seller" means American Honda Receivables Corp., in its capacity as
seller under the Sale and Servicing Agreement, and its successors.

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

         "UCC" means, unless the context otherwise requires, the Uniform
Commercial Code, as in effect in the relevant jurisdiction, as amended from time
to time.

         "United States" means the United States of America.

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

         Section 1.02. 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:

         "Commission" means the Securities and Exchange Commission.

         "indenture securities" means the Notes.

         "indenture security holder" means a Noteholder.

         "indenture to be qualified" means this Indenture.

         "indenture trustee" or "institutional trustee" means the Indenture
Trustee.

         "obligor" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

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

         Section 1.03. Rules of Construction. Unless the context otherwise
requires: (i) a term has the meaning assigned to it; (ii) an accounting term not
otherwise defined has the meaning assigned to it in accordance with generally
accepted accounting principles as in effect from time to time; (iii) "or" is not
exclusive; (iv) "including" means including without limitation; (v) words in the
singular include the plural and words in the plural include the singular; (vi)
any agreement, instrument or statute defined or referred to herein or in any
instrument or certificate delivered in

                                       8
<PAGE>

connection herewith means such agreement, instrument or statute as from time to
time amended, modified or supplemented and includes (in the case of agreements
or instruments) references to all attachments thereto and instruments
incorporated therein; (vii) references to a Person are also to its permitted
successors and assigns; (viii) the words "hereof', "herein" and "hereunder" and
words of similar import when used in this Indenture shall refer to this
Indenture as a whole and not to any particular provision of this Indenture; (ix)
the term "proceeds" shall have the meaning set forth in the applicable UCC; and
(x) Section, subsection and Schedule references contained in this Indenture are
references to Sections, subsections and Schedules in or to this Indenture unless
otherwise specified.

                                   ARTICLE TWO

                                    THE NOTES

         Section 2.01. Form. The Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes, in each case together with the Indenture
Trustee's certificate of authentication, shall be in substantially the form set
forth in Exhibit A, with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture, and may
have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of the Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Note.

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

         Each Note shall be dated the date of its authentication. The terms of
the Notes are the terms of this Indenture.

         Section 2.02. Execution, Authentication and Delivery. The Notes shall
be executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile. Notes bearing the manual or facsimile signature of individuals who
were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

         The Indenture Trustee shall, upon Issuer Order, authenticate and
deliver for original issue the following aggregate principal amount of Notes:
(i) $383,000,000 of Class A-1 Notes, (ii) $430,000,000 of Class A-2 Notes, (iii)
$428,000,000 of Class A-3 Notes and (iv) $308,740,000 of Class A-4 Notes. The
aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes
and Class A-4 Notes outstanding at any time may not exceed such respective
amounts except as provided in Section 2.05.

                                       9
<PAGE>

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

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

         Section 2.03. Temporary Notes. Pending the preparation of Definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee shall authenticate and deliver, temporary Notes that are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the Definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

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

         Section 2.04. Registration, Registration of Transfer and Exchange. The
Issuer shall cause to be kept a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers of Notes. The
Indenture Trustee initially shall be the "Note Registrar" for the purpose of
registering Notes and transfers of Notes as herein provided. Upon any
resignation of any Note Registrar, the Issuer shall promptly appoint a successor
or, if it elects not to make such an appointment, assume the duties of Note
Registrar.

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

         Upon surrender for registration of transfer of any Note at the office
or agency of the Issuer to be maintained as provided in Section 3.02, provided
that the requirements of Section 8-401 of the UCC are met, the Issuer shall
execute, and the Indenture Trustee shall authenticate and the Noteholder shall
obtain from the Indenture Trustee, in the name of the designated

                                       10
<PAGE>

transferee or transferees, one or more new Notes of the same Class in any
authorized denominations, of a like aggregate principal amount.

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

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

         Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent's Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with
the Exchange Act.

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

         The preceding provisions of this Section notwithstanding, the Issuer
shall not be required to make and the Note Registrar need not register transfers
or exchanges of Notes selected for redemption or of any Note for a period of 15
days preceding the due date for any payment with respect to the Note.

         Section 2.05. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless and (iii) the requirements of Section 8-405 of the UCC are met, then,
in the absence of notice to the Issuer, the Note Registrar or the Indenture
Trustee that such Note has been acquired by a Protected Purchaser, the Issuer
shall execute, and upon its written request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of the same Class; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated
Note, shall have become or within seven days shall be due and payable, or shall
have been called for redemption, instead of issuing a replacement Note, the
Issuer may pay such destroyed, lost or stolen Note when so due or

                                       11
<PAGE>

payable or upon the Redemption Date without surrender thereof. If, after the
delivery of such replacement Note or payment of a destroyed, lost or stolen Note
pursuant to the proviso to the preceding sentence, a Protected Purchaser of the
original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Issuer and the Indenture Trustee shall be
entitled to recover such replacement Note (or such payment) from the Person to
whom it was delivered or any Person taking such replacement Note from such
Person to whom such replacement Note was delivered or any assignee of such
Person, except a protected purchaser, and shall be entitled to recover upon the
security or indemnity provided therefor to the extent of any loss, damage, cost
or expense incurred by the Issuer or the Indenture Trustee in connection
therewith.

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

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

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

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

         Section 2.07. Payment of Principal and Interest, Defaulted Interest.

         (a) Each Class of Notes shall accrue interest at the related Interest
Rate, and such interest shall be due and payable on each Payment Date as
specified therein, subject to Sections 3.01 and 11.12 hereof. Any installment of
interest or principal, if any, payable on any Note that is punctually paid or
duly provided for by the Issuer on the applicable Payment Date shall be paid to
the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the Record Date by check mailed first-class postage prepaid to
such Person's address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.11,
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will
be made by wire transfer in immediately available funds to the account
designated

                                       12
<PAGE>

by such nominee and except for the final installment of principal payable with
respect to such Note on a Payment Date, a Redemption Date or on the related
Final Scheduled Payment Date, as the case may be (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.01), which shall
be payable as provided below. The funds represented by any such checks returned
undelivered shall be held in accordance with Section 3.03.

         (b) The principal of each Note shall be payable as provided in Section
8.02(d) hereof. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
related Final Payment Date or the date on which an Event of Default shall have
occurred and be continuing, if the Indenture Trustee or Holders of the Notes
representing not less than a majority of the Outstanding Amount have declared
the Notes to be immediately due and payable in the manner provided in Section
5.02. All principal payments on each Class of Notes shall be made pro rata to
the Noteholders of such Class entitled thereto. The Indenture Trustee shall
notify the Person in whose name a Note is registered at the close of business 5
Business Days preceding the Payment Date on which the Issuer expects that the
final installment of principal of and interest on such Note will be paid. Such
notice shall be mailed or transmitted by facsimile prior to such final Payment
Date and shall specify that such final installment will be payable only upon
presentation and surrender of such Note and shall specify the place where such
Note may be presented and surrendered for payment of such installment. Notices
in connection with redemptions of Notes shall be mailed to Noteholders as
provided in Section 10.02. In addition, the Administrator shall notify each
Rating Agency upon the final payment of interest and principal of each Class of
Notes, and upon the termination of the Trust, in each case pursuant to Section
1.02(a)(iii) of the Administration Agreement.

         (c) If the Issuer defaults in a payment of interest on the Notes, the
Issuer shall pay defaulted interest (plus interest on such defaulted interest to
the extent lawful) at the applicable Interest Rate in any lawful manner. The
Issuer may pay such defaulted interest to the Persons who are Noteholders on a
subsequent special record date, which date shall be at least five Business Days
prior to the next payment date. The Issuer shall fix or cause to be fixed any
such special record date and related payment date, and, at least 15 days before
any such special record date, the Issuer shall mail to each Noteholder a notice
that states the special record date, the payment date and the amount of
defaulted interest to be paid.

         Section 2.08. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section, except as expressly permitted
by this Indenture. All cancelled Notes may be held or disposed of by the
Indenture Trustee in accordance with its standard retention or disposal policy
as in effect at the time unless the Issuer shall direct by an Issuer Order that
they be destroyed or returned to it; provided, that such Issuer Order is timely
and the Notes have not been previously disposed of by the Indenture Trustee.

                                       13
<PAGE>

         Section 2.09. Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of a typewritten Note or Notes representing the Book-Entry
Notes, to be delivered to the Indenture Trustee, as agent for The Depository
Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The
Book-Entry Notes shall be registered initially on the Note Register in the name
of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner
will receive a definitive Note representing such Note Owner's interest in such
Note, except as provided in Section 2.11. Unless and until definitive, fully
registered Notes (the "Definitive Notes") have been issued to such Note Owners
pursuant to Section 2.11:

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

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

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

              (iv) the rights of Note Owners shall be exercised only through the
         Clearing Agency and shall be limited to those established by law and
         agreements between such Note Owners and the Clearing Agency and/or the
         Clearing Agency Participants. Pursuant to the Note Depository
         Agreement, unless and until Definitive Notes are issued pursuant to
         Section 2.11, the Clearing Agency will make book-entry transfers among
         the Clearing Agency Participants and receive and transmit payments of
         principal of and interest on the Notes to such Clearing Agency
         Participants; and

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

         Section 2.10. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to
Section 2.11, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Holders of the Notes to the
Clearing Agency, and shall have no obligation to such Note Owners.

         Section 2.11. Definitive Notes. If (i)(A) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes and (B) neither the Indenture Trustee nor the Administrator is able to
locate a qualified successor, (ii) the Administrator at its option advises the
Indenture Trustee in writing that it elects to terminate the book-entry system
through

                                       14
<PAGE>

the Clearing Agency or (iii) after the occurrence of an Event of Default or a
Servicer Default, Owners of Book-Entry Notes representing beneficial interests
aggregating at least a majority of the Outstanding Amount of such Notes advise
the Indenture Trustee and the Clearing Agency Participants through the Clearing
Agency, in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interests of such Note Owners, then, in
each case, the Indenture Trustee shall notify all Note Owners of the related
Class of Notes through the Clearing Agency of the occurrence of any such event
and of the availability of Definitive Notes of the related Class of Notes to
Note Owners requesting the same. Upon surrender to the Indenture Trustee of the
Note or Notes representing the Book-Entry Notes by the Clearing Agency,
accompanied by registration instructions, the Issuer shall execute and the
Indenture Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or
the Indenture Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Notes of a Class, the
Indenture Trustee shall recognize the Holders of the Definitive Notes as
Noteholders hereunder.

         Section 2.12. Release of Collateral. Subject to Section 11.01 and the
terms of the other Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and Independent
Certificates in accordance with TIA (sections) 314(c) and 314(d)(1) or an
Opinion of Counsel in lieu of such Independent Certificates to the effect that
the TIA does not require any such Independent Certificates.

         Section 2.13. Tax Treatment. The Issuer has entered into this
Indenture, and the Notes will be issued, with the intention that, for all
purposes including federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Owner Trust Estate. The Issuer, by entering into this Indenture,
and each Noteholder, by its acceptance of a Note (and each Note Owner by its
acceptance of an interest in the applicable Book-Entry Note), agree to treat the
Notes for all purposes including federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuer.

         Section 2.14. Employee Benefit Plans. The transfer of a Definitive Note
shall not be registered unless the prospective transferee has represented in
writing to the Indenture Trustee that either (i) it is not a Benefit Plan and is
not acting on behalf of or investing the assets of a Benefit Plan or (ii) its
acquisition and holding of the Definitive Note will be covered by a United
States Department of Labor prohibited transaction class exemption. Any Person
that acquires a beneficial interest in a Book-Entry Note with the assets of a
Benefit Plan shall be deemed to represent that its acquisition and holding of
such beneficial interest is covered by a United States Department of Labor
prohibited transaction class exemption.

                                       15
<PAGE>

                                  ARTICLE THREE

                                    COVENANTS

         Section 3.01. Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the
foregoing, subject to Section 8.02(c), the Issuer will cause to be distributed
all amounts on deposit in the Note Distribution Account on a Payment Date
deposited therein in accordance with Section 8.02(d). Amounts properly withheld
under the Code by any Person from a payment to any Noteholder of interest and/or
principal shall be considered as having been paid by the Issuer to such
Noteholder for all purposes of this Indenture.

         Section 3.02. Maintenance of Office or Agency. The Issuer will maintain
in the Borough of Manhattan, The City of New York, an office or agency where
Notes may be surrendered for registration of transfer or exchange, and where
notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby initially appoints the Indenture
Trustee to serve as its agent for the foregoing purposes. The Issuer will give
prompt written notice to the Indenture Trustee of the location, and of any
change in the location, of any such office or agency. If at any time the Issuer
shall fail to maintain any such office or agency or shall fail to furnish the
Indenture Trustee with the address thereof, such surrenders, notices and demands
may be made or served at the Corporate Trust Office, and the Issuer hereby
appoints the Indenture Trustee as its agent to receive all such surrenders,
notices and demands, provided that the Indenture Trustee shall not serve as an
agent or office for the purpose of service of process on behalf of the Issuer.

         Section 3.03. Money for Payments to be Held in Trust. As provided in
Sections 5.04 and 8.02, all payments of amounts due and payable with respect to
any Notes that are to be made from amounts withdrawn from the Collection Account
and the Note Distribution Account pursuant to Section 8.02(c) shall be made on
behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no
amounts so withdrawn from the Collection Account and the Note Distribution
Account for payments of Notes shall be paid over to the Issuer except as
provided in this Section.

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

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

                                       16
<PAGE>

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

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

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

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

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

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

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

                                       17
<PAGE>

interest in monies due and payable but not claimed is determinable from the
records of the Indenture Trustee or of any Paying Agent, at the last address of
record for each such Holder).

         Section 3.04. Existence. The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other State or of the United States, in
which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Owner Trust Estate, including all
licenses required under the Pennsylvania Motor Vehicle Sales Finance Act, MD.
Fin. Inst. Code Ann., Title 11, Subtitle 4 and Conn. Gen. Stat. Section 668-2 in
connection with this Agreement and the other Basic Documents and the
transactions contemplated hereby and thereby until such time as the Issuer shall
terminate in accordance with the terms hereof.

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

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

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

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

              (iv) enforce any of the Collateral;

              (v) preserve and defend title to the Owner Trust Estate and the
         rights of the Indenture Trustee and the Noteholders in such Owner Trust
         Estate against the claims of all persons and parties; or

              (vi) pay all taxes or assessments levied or assessed upon the
         Owner Trust Estate when due.

         Section 3.06. Opinions as to Owner Trust Estate.

         (a) Promptly after the execution and delivery of this Indenture, the
Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the
effect that, in the opinion of such

                                       18
<PAGE>

counsel, either (i) all financing statements and continuation statements have
been executed and filed that are necessary to create and continue the Indenture
Trustee's first priority perfected security interest in the collateral for the
benefit of the Noteholders, and reciting the details of such filings or
referring to prior Opinions of Counsel in which such details are given, or (ii)
no such action shall be necessary to perfect such security interest.

         (b) Within 90 days after the beginning of each fiscal year of the
Issuer beginning with the first fiscal year beginning more than three months
after the Cutoff Date, the Issuer shall furnish to the Indenture Trustee an
Opinion of Counsel, dated as of a date during such 90-day period, to the effect
that, in the opinion of such counsel, either (i) all financing statements and
continuation statements have been executed and filed that are necessary to
create and continue the Indenture Trustee's first priority perfected security
interest in the collateral for the benefit of the Noteholders, and reciting the
details of such filings or referring to prior Opinions of Counsel in which such
details are given, or (ii) no such action shall be necessary to perfect such
security interest.

         Section 3.07. Performance of Obligations; Servicing of Receivables.

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

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

         (c) The Issuer will and will cause the Administrator to, punctually
perform and observe all of its obligations and agreements contained in this
Indenture, the other Basic Documents and in the instruments and agreements
included in the Owner Trust Estate, including but not limited to filing or
causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture and the other Basic
Documents in accordance with and within the time periods provided for herein and
therein. Except as otherwise expressly provided therein, the Issuer shall not
waive, amend, modify, supplement or terminate any Basic Document or any
provision thereof without the written consent of the Indenture Trustee or the
Holders of at least a majority of the Outstanding Amount or such greater
percentage as may be specified in the particular provision.

         (d) If the Issuer shall have knowledge of the occurrence of a Servicer
Default, the Issuer shall promptly provide written notice to a Responsible
Officer of the Indenture Trustee and to each Rating Agency thereof, and shall
specify in such notice the action, if any, the Issuer is taking with respect of
such default. If a Servicer Default shall arise from the failure of the Servicer
to perform any of its duties or obligations under the Sale and Servicing
Agreement with

                                       19
<PAGE>

respect to the Receivables, the Issuer shall take all reasonable steps available
to it to remedy such failure.

         (e) As promptly as possible after the giving of notice of termination
to the Servicer of the Servicer's rights and powers pursuant to Section 7.01 of
the Sale and Servicing Agreement, the Indenture Trustee shall appoint a
Successor Servicer, and such Successor Servicer shall accept its appointment by
a written assumption in a form acceptable to the Indenture Trustee. In the event
that a Successor Servicer has not been appointed and accepted its appointment at
the time when the Servicer ceases to act as Servicer, the Indenture Trustee
without further action shall automatically be appointed the Successor Servicer.
The Indenture Trustee may resign as the Servicer by giving written notice of
such resignation to the Issuer and in such event will be released from such
duties and obligations, such release not to be effective until the date a new
servicer enters into a servicing agreement as provided below. Upon delivery of
any such notice to the Issuer, the Issuer shall obtain a new servicer as the
Successor Servicer under the Sale and Servicing Agreement. Any Successor
Servicer other than the Indenture Trustee shall (i) be an established financial
institution having a net worth of not less than $50,000,000 and whose regular
business includes the servicing of motor vehicle receivables and (ii) enter into
a servicing agreement with the Issuer and the Seller having substantially the
same provisions as the provisions of the Sale and Servicing Agreement applicable
to the Servicer. If within 30 days after the delivery of the notice referred to
above, the Issuer shall not have obtained such a new servicer, the Indenture
Trustee may appoint, or may petition a court of competent jurisdiction to
appoint, a Successor Servicer. In connection with any such appointment, the
Issuer may make such arrangements for the compensation of such successor as it
and such successor shall agree, subject to the limitations set forth below and
in the Sale and Servicing Agreement, and in accordance with Section 7.02 of the
Sale and Servicing Agreement, the Issuer and the Seller shall enter into an
agreement with such successor for the servicing of the Receivables (such
agreement to be in form and substance satisfactory to the Indenture Trustee). If
the Indenture Trustee shall succeed to the Servicer's duties as servicer of the
Receivables as provided herein, it shall do so in its individual capacity and
not in its capacity as Indenture Trustee and, accordingly, the provisions of
Article Six shall be inapplicable to the Indenture Trustee in its duties as the
successor to the Servicer and the servicing of the Receivables. In case the
Indenture Trustee shall become successor to the Servicer under the Sale and
Servicing Agreement, the Indenture Trustee shall be entitled to appoint as
Servicer any one of its Affiliates or agents, provided that it shall be fully
liable for the actions and omissions of such Affiliate or agent in such capacity
as Successor Servicer.

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

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

                                       20
<PAGE>

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

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

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

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

         Section 3.09. Annual Statement as to Compliance. The Issuer will
deliver to the Indenture Trustee, within 120 days after the end of each fiscal
year of the Issuer (commencing with the fiscal year ended March 2004), an
Officer's Certificate stating, as to the Authorized Officer signing such
Officer's Certificate, that:

              (i) a review of the activities of the Issuer during such year and
         of its performance under this Indenture has been made under such
         Authorized Officer's supervision; and

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

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

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

                                       21
<PAGE>

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

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

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

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

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

              (vi) the Issuer shall have delivered to the Indenture Trustee an
         Officer's Certificate and an Opinion of Counsel (which shall describe
         the actions taken as required by clause (v) above or that no actions
         will be taken) each stating that such consolidation or merger comply
         with this Article and that all conditions precedent herein provided for
         relating to such transaction have been complied with (including any
         filing required by the Exchange Act).

         (b) The Issuer shall not convey or transfer all or substantially all of
its properties or assets, including those included in the Owner Trust Estate, to
any Person (except as expressly permitted by the Basic Documents), unless:

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

                                       22
<PAGE>

         indenture that such Person (or if a group of Persons, then one
         specified Person) shall make all filings with the Commission (and any
         other appropriate Person) required by the Exchange Act in connection
         with the Notes;

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

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

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

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

              (vi) the Issuer shall have delivered to the Indenture Trustee an
         Officer's Certificate and an Opinion of Counsel (which shall describe
         the actions taken as required by clause (v) above or that no actions
         will be taken) each stating that such conveyance or transfer and such
         supplemental indenture comply with this Article and that all conditions
         precedent herein provided for relating to such transaction have been
         complied with (including any filing required by the Exchange Act).

         Section 3.11. Successor or Transferee.

         (a) Upon any consolidation or merger of the Issuer in accordance with
Section 310(a), the Person formed by or surviving such consolidation or merger
(if other than the Issuer) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with the same
effect as if such Person had been named as the Issuer herein.

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

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

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

                                       23
<PAGE>

         Section 3.14. Servicer's Obligations. The Issuer shall cause the
Servicer to comply with Sections 3.10, 3.11, 3.12, 4.10 and Article Eight of the
Sale and Servicing Agreement.

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

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

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

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

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

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

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

                                       24
<PAGE>

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

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

         Section 4.01. Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08,
3.10, 3.12, 3.13, 3.20 and 3.22, (v) the rights, obligations and immunities of
the Indenture Trustee hereunder (including the rights of the Indenture Trustee
under Section 6.07 and the obligations of the Indenture Trustee under Section
4.02) and (vi) the rights of Noteholders as beneficiaries hereof with respect to
the property so deposited with the Indenture Trustee payable to all or any of
them, and the Indenture Trustee, on written demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when

              (i) either

                   (A) all Notes theretofore authenticated and delivered (other
              than (i) Notes that have been destroyed, lost or stolen and that
              have been replaced or paid as provided in Section 2.05 and (ii)
              Notes for whose payment money has theretofore been deposited in
              trust or segregated and held in trust by the Issuer and thereafter
              repaid to the Issuer or discharged from such trust, as provided in
              Section 3.03) have been delivered to the Indenture Trustee for
              cancellation; or

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

                        (1) have become due and payable,

                        (2) will become due and payable at the Class A-4 Final
                   Payment Date within one year, or

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

              and the Issuer, in the case of clauses (1), (2) or (3) above, has
              irrevocably deposited or caused to be irrevocably deposited with
              the Indenture Trustee cash or direct obligations of or obligations
              guaranteed by the United States (which will mature prior to the
              date such amounts are payable), in trust for such purpose, in an

                                       25
<PAGE>

              amount sufficient to pay and discharge the entire indebtedness on
              such Notes not theretofore delivered to the Indenture Trustee for
              cancellation when due to the related Final Payment Date or
              Redemption Date (if Notes shall have been called for redemption
              pursuant to Section 10.01), as the case may be;

              (ii) the Issuer has paid or performed or caused to be paid or
         performed all amounts and obligations which the Issuer may owe to or on
         behalf of the Indenture Trustee for the benefit of the Noteholders
         under this Indenture or the Notes; and

              (iii) the Issuer has delivered to the Indenture Trustee an
         Officer's Certificate, an Opinion of Counsel and (if required by the
         TIA or the Indenture Trustee) an Independent Certificate from a firm of
         certified public accountants, each meeting the applicable requirements
         of Section 11.01 (a) and, subject to Section 11.02, each stating that
         all conditions precedent herein provided for relating to the
         satisfaction and discharge of this Indenture have been complied with.

         Section 4.02. Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to Section 4.01 shall be held in trust in a
segregated non-interest bearing account and applied by it, in accordance with
the provisions of the Notes and this Indenture, to the payment, either directly
or through any Paying Agent, as the Indenture Trustee may determine, to the
Holders of the particular Notes for the payment or redemption of which such
monies have been deposited with the Indenture Trustee, of all sums due and to
become due thereon for principal and interest; but such monies need not be
segregated from other funds of the Issuer except to the extent required herein
or in the Sale and Servicing Agreement or required by law.

         Section 4.03. Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies then held by any Paying Agent other than the Indenture Trustee under
the provisions of this Indenture with respect to such Notes shall, upon demand
of the Issuer, be paid to the Indenture Trustee to be held and applied according
to Section 3.03 and thereupon such Paying Agent shall be released from all
further liability with respect to such monies.

                                  ARTICLE FIVE

                                    REMEDIES

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

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

                                       26
<PAGE>

              (ii) default by the Issuer in the payment of the principal of or
         any installment of the principal of any Note when the same becomes due
         and payable;

              (iii) default in the observance or performance of any covenant or
         agreement of the Issuer made in this Indenture (other than a covenant
         or agreement, a default in the observance or performance of which is
         elsewhere in this Section specifically dealt with), or any
         representation or warranty of the Issuer made in this Indenture or in
         any certificate or other writing delivered pursuant hereto or in
         connection herewith proving to have been incorrect in any material
         respect as of the time when the same shall have been made, and such
         default shall continue or not be cured, or the circumstance or
         condition in respect of which such misrepresentation or warranty was
         incorrect shall not have been eliminated or otherwise cured, for a
         period of 30 days after there shall have been given, by registered or
         certified mail, to the Issuer by the Indenture Trustee or to the Issuer
         and the Indenture Trustee by the Holders of at least 25% of the
         Outstanding Amount, a written notice specifying such default or
         incorrect representation or warranty and requiring it to be remedied
         and stating that such notice is a "Notice of Default" hereunder;

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

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

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

         Section 5.02. Acceleration of Maturity, Rescission and Annulment.

         (a) If an Event of Default should occur and be continuing, then and in
every such case the Indenture Trustee or the Holders of Notes representing not
less than a majority of the Outstanding Amount may declare all the Notes to be
immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such

                                       27
<PAGE>

declaration the unpaid principal amount of such Notes, together with accrued and
unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.

         (b) At any time after such declaration of acceleration of maturity has
been made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article provided, the
Holders of Notes representing a majority of the Outstanding Amount, by written
notice to the Issuer and the Indenture Trustee, may rescind and annul such
declaration and its consequences if:

              (i) the Issuer has paid or deposited with the Indenture Trustee a
         sum sufficient to pay:

                   (A) all payments of principal of and interest on all Notes
              and all other amounts that would then be due hereunder or upon
              such Notes if the Event of Default giving rise to such
              acceleration had not occurred; and

                   (B) all sums paid or advanced by the Indenture Trustee
              hereunder and the reasonable compensation, expenses, disbursements
              and advances of the Indenture Trustee and its agents and counsel;
              and

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

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

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

         (a) The Issuer covenants that if the Notes are accelerated following
the occurrence of an Event of Default, the Issuer will, upon demand of the
Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the
whole amount then due and payable on such Notes for principal and interest, with
interest on the overdue principal and, to the extent payment at such rate of
interest shall be legally enforceable, on overdue installments of interest at
the related Interest Rate and, in addition thereto, such further amount as shall
be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

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

         (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.04, in its discretion,
proceed to protect and enforce its

                                       28
<PAGE>

rights and the rights of the Noteholders, by such appropriate Proceedings as the
Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by law.

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

              (i) to file and prove a claim or claims for the entire amount of
         principal and interest owing and unpaid in respect of the Notes and to
         file such other papers or documents as may be necessary or advisable in
         order to have the claims of the Indenture Trustee (including any claim
         for reasonable compensation to the Indenture Trustee and each
         predecessor Indenture Trustee, and their respective agents, attorneys
         and counsel, and for reimbursement of all expenses and liabilities
         incurred, and all advances made, by the Indenture Trustee and each
         predecessor Indenture Trustee, except as a result of negligence or bad
         faith) and of the Noteholders allowed in such Proceedings;

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

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

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

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

                                       29
<PAGE>

advances made, by the Indenture Trustee and each predecessor Indenture Trustee
except as a result of negligence or bad faith.

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

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

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

         Section 5.04. Remedies, Priorities.

         (a) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may do one or more of the following (subject to Sections 5.02
and 5.05):

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

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

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

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

                                       30
<PAGE>

provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Owner Trust Estate following an Event of Default, other than an
Event of Default described in Section 5.01(i) or (ii), unless (A) the Holders of
100% of the Outstanding Amount consent thereto, (B) the proceeds of such sale or
liquidation distributable to the Noteholders are sufficient to discharge in full
all amounts then due and unpaid upon such Notes for principal and interest or
(C) the Indenture Trustee determines that the Owner Trust Estate will not
continue to provide sufficient funds for the payment of principal of and
interest on the Notes as would have become due if the Notes had not been
declared due and payable, and the Indenture Trustee obtains the consent of
Holders of 66 2/3% of the Outstanding Amount. In determining such sufficiency or
insufficiency with respect to clause (B) and (C) above, the Indenture Trustee
may, but need not, obtain, at the expense of the Issuer, and rely upon an
opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Owner Trust Estate for such purpose.

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

              (i) to the Indenture Trustee and the Owner Trustee, any amounts
         due under the Trust Agreement or Section 6.07 hereof;

              (ii) to the Servicer, for amounts due and unpaid in respect of
         Nonrecoverable Advances under the Sale and Servicing Agreement;

              (iii) to the Servicer, for amounts due and unpaid in respect of
         the Total Servicing Fee under the Sale and Servicing Agreement;

              (iv) to the Holders of the Notes of each Class, the Note Interest
         Distributable Amount ratably in proportion to the Note Interest
         Distributable Amount for each Class at their respective Interest Rates;

              (v) to the Holders of Notes of all Classes, the outstanding
         principal amount of the Notes, pro rata in proportion to the
         Outstanding principal amount of each Class;

              (vi) to the Holders of the Trust Certificates, the Certificate
         Interest Distributable Amount;

              (vii) to the Holders of the Trust Certificates, the outstanding
         principal amount of the Trust Certificates; and

              (viii) to the Seller, any remaining amount.

The Indenture Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section. At least 15 days before such record date,
the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that
states the record date, the payment date and the amount to be paid.

                                       31
<PAGE>

         Section 5.05. Optional Preservation of the Receivables. If the Notes
have been declared to be due and payable under Section 5.02 following an Event
of Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, but need not, elect to maintain possession
of the Owner Trust Estate. It is the desire of the parties hereto and the
Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes, and the Indenture Trustee shall take
such desire into account when determining whether or not to maintain possession
of the Owner Trust Estate. In determining whether to maintain possession of the
Owner Trust Estate, the Indenture Trustee may, but need not, obtain, at the
expense of the Issuer, and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Owner Trust Estate for such
purpose.

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

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

              (ii) the Holders of not less than 25% of the Outstanding Amount
         have made written request to the Indenture Trustee to institute such
         Proceeding in respect of such Event of Default in its own name as
         Indenture Trustee hereunder;

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

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

              (v) no direction inconsistent with such written request has been
         given to the Indenture Trustee during such 60-day period by the Holders
         of a majority of the Outstanding Amount.

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

         In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than a majority of the Outstanding Amount, the Indenture
Trustee in its sole discretion may determine what action, if any, shall be
taken, notwithstanding any other provisions of this Indenture. The Indenture
Trustee shall not be liable for any such determination made in good faith.

                                       32
<PAGE>

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

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

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

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

         Section 5.11. Control by Noteholders. The Holders of Notes representing
a majority of the Outstanding Amount shall have the right to direct the time,
method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided that:

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

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

              (iii) if the conditions set forth in Section 5.05 have been
         satisfied and the Indenture Trustee elects to retain the Owner Trust
         Estate pursuant to such Section, then

                                       33
<PAGE>

         any direction to the Indenture Trustee by the Holders of Notes
         representing less than 100% of the Outstanding Amount to sell or
         liquidate the Owner Trust Estate shall be of no force and effect; and

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

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

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

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

         Section 5.14. Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or

                                       34
<PAGE>

impede the execution of any power herein granted to the Indenture Trustee, but
will suffer and permit the execution of every such power as though no such law
had been enacted.

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

         Section 5.16. Performance and Enforcement of Certain Obligations.

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

         (b) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in
writing) of the Holders of 66 2/3% of the Outstanding Amount shall, exercise all
rights, remedies, powers, privileges and claims of the Issuer against the Seller
or the Servicer under or in connection with the Sale and Servicing Agreement,
including the right or power to take any action to compel or secure performance
or observance by the Seller or the Servicer, of each of their obligations to the
Issuer thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale and Servicing Agreement, and any right of the
Issuer to take such action shall be suspended.

                                   ARTICLE SIX

                              THE INDENTURE TRUSTEE

         Section 6.01. Duties of Indenture Trustee.

         (a) If an Event of Default has occurred and is continuing of which a
Responsible Officer of the Indenture Trustee has actual knowledge, the Indenture
Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person
would exercise or use under the circumstances in the conduct of such person's
own affairs; provided, however, that if the Indenture Trustee shall assume the
duties of the Servicer pursuant to Section 3.07(e), the Indenture Trustee in
performing such

                                       35
<PAGE>

duties shall use the degree of care and skill customarily exercised by a prudent
institutional servicer with respect to installment sale contracts that it
services for itself or others.

         (b) Except during the continuance of an Event of Default of which a
Responsible Officer of the Indenture Trustee has actual knowledge:

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

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

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

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

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

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

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

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

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

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

                                       36
<PAGE>

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

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

         (j) The Indenture Trustee shall have no duty (A) to see to any
recording, filing, or depositing of this Indenture or any agreement referred to
herein or any financing statement or continuation statement evidencing a
security interest, or to see to the maintenance of any such recording or filing
or depositing or to any rerecording, refiling or redepositing of any thereof,
(B) to see to any insurance, (C) to see to the payment or discharge of any tax,
assessment, or other governmental charge or any lien or encumbrance of any kind
owing with respect to, assessed or levied against, any part of the Owner Trust
Estate, or (D) to confirm or verify the contents of any reports or certificates
of the Servicer delivered to the Indenture Trustee pursuant to this Indenture
believed by the Indenture Trustee to be genuine and to have been signed or
presented by the proper party or parties.

         Section 6.02. Rights of Indenture Trustee.

         (a) Except as otherwise provided in the second succeeding sentence, the
Indenture Trustee may conclusively rely on, and shall be protected in acting or
refraining from acting upon, any resolution, Officer's Certificate, Opinion of
Counsel, certificate of auditors, Independent Certificate or any other document
believed by it to be genuine and to have been signed or presented by the proper
person. The Indenture Trustee need not investigate any fact, calculation or
matter stated in the document. Notwithstanding the foregoing, the Indenture
Trustee, upon receipt of all resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Indenture
Trustee that shall be specifically required to be furnished pursuant to any
provision of this Indenture, shall examine them to determine whether they comply
as to form to the requirements of this Indenture.

         (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel. The Indenture Trustee
shall not be liable for any action it takes or omits to take in good faith in
reliance on an Officer's Certificate or Opinion of Counsel.

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

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

                                       37
<PAGE>

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

         (f) The Indenture Trustee shall be under no obligation to exercise any
of the trusts or powers vested in it by this Indenture or to institute, conduct
or defend any litigation hereunder or in relation hereto at the request, order
or direction of any of the Noteholders, pursuant to the provisions of this
Indenture, unless such Noteholders shall have offered to the Indenture Trustee
security or indemnity reasonably satisfactory to the Indenture Trustee against
the costs, expenses and liabilities which may be incurred therein or thereby;
provided, however, nothing contained herein shall, however, relieve the
Indenture Trustee of the obligation, upon the occurrence of an Event of Default
of which a Responsible Officer of the Indenture Trustee shall have actual
knowledge (which has not been cured), to exercise such of the rights and powers
vested in it by this Indenture, and to use the same degree of care and skill in
their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

         (g) The right of the Indenture Trustee to perform any discretionary act
enumerated in this Indenture shall not be construed as a duty, and the Indenture
Trustee shall not be answerable in the performance of such act for other than
its negligence or willful misconduct.

         (h) The Indenture Trustee shall not be required to give any bond or
surety in respect of the execution of the Owner Trust Estate created hereby or
the powers granted hereunder.

         (i) All rights of action and claims under this Indenture or the Note
may be prosecuted and enforced by the Indenture Trustee without the possession
of any of the Notes or the production thereof in any proceeding relating
thereto, any such proceeding instituted by the Indenture Trustee shall be
brought in its own name or in its capacity as Indenture Trustee. Any recovery of
judgment shall, after provision for the payments to the Indenture Trustee
provided for in Section 6.07, be for the ratable benefit of the Noteholders in
respect of which such judgment has been recovered.

         Section 6.03. Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or its Affiliates with the same
rights it would have if it were not Indenture Trustee. Any Paying Agent, Note
Registrar, co-registrar or co-paying agent may do the same with like rights.
However, the Indenture Trustee must comply with Sections 6.11 and 6.12.

         Section 6.04. Indenture Trustee's Disclaimer. The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Owner Trust Estate or the Notes, it shall not be
accountable for the Issuer's use of the proceeds from the Notes, and it shall
not be responsible for any statement of the Issuer in this Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Indenture Trustee's certificate of authentication. The Indenture
Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time

                                       38
<PAGE>

or to otherwise perfect or maintain the perfection of any security interest or
lien granted to it hereunder or to record this Indenture.

         Section 6.05. Notice of Defaults. If a Default occurs and is continuing
and if it is known to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder notice of the Default within 90
days after it occurs. Except in the case of a Default in payment of principal of
or interest on any Note (including payments pursuant to the mandatory redemption
provisions of such Note), the Indenture Trustee may withhold the notice if and
so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders.

         Section 6.06. Reports by Indenture Trustee to Holders. The Indenture
Trustee may make any statements which it is required to provide available to the
applicable Noteholders, including, without limitation, all information as may be
required to enable each Noteholder to prepare its respective federal and state
income tax returns (and, at its option, any additional files containing the same
information in an alternative format), via http://www.sf.citidirect.com. The
Indenture Trustee shall have the right to change the way such statements are
distributed in order to make such distribution more convenient and/or more
accessible to the above parties and the Indenture Trustee shall provide timely
and adequate notification to all above parties regarding any such changes;
provided, however, that the Indenture Trustee will also mail copies of any such
statements to any requesting Noteholders.

         Section 6.07. Compensation and Indemnity. The Issuer shall, or shall
cause the Administrator to, (i) pay to the Indenture Trustee from time to time
reasonable compensation for its services, which compensation shall not be
limited by any law on compensation of a trustee of an express trust, (ii)
reimburse the Indenture Trustee for all reasonable out-of-pocket expenses
incurred or made by it, including without limitation, costs of collection, in
addition to the compensation for its services, which expenses shall include the
reasonable compensation and expenses, disbursements and advances of the
Indenture Trustee's agents, counsel, accountants and experts and (iii) indemnify
the Indenture Trustee and its officers, directors, employees and agents against
any and all loss, liability or expense (including reasonable attorneys' fees and
expenses) incurred by it in connection with the administration of this trust and
the performance of its duties hereunder not resulting from its own willful
misconduct, negligence or bad faith. The Indenture Trustee shall notify the
Issuer and the Administrator promptly of any claim for which it may seek
indemnity. Failure by the Indenture Trustee to so notify the Issuer and the
Administrator shall not relieve the Issuer or the Administrator of its
obligations hereunder. The Issuer shall, or shall cause the Administrator to,
defend any such claim, and the Indenture Trustee may have separate counsel and
the Issuer shall, or shall cause the Administrator to, pay the fees and expenses
of such counsel. Neither the Issuer nor the Administrator need reimburse any
expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee through the Indenture Trustee's own willful misconduct,
negligence or bad faith.

         The Issuer's payment obligations to the Indenture Trustee pursuant to
this Section shall survive the discharge of this Indenture or the earlier
resignation or discharge of the Indenture Trustee and shall extend to any
co-trustee or separate trustee appointed pursuant to Section 6.10 hereunder.
When the Indenture Trustee incurs expenses after the occurrence of a Default

                                       39
<PAGE>

specified in Section 5.01 (iv) or (v) with respect to the Issuer, the expenses
are intended to constitute expenses of administration under Title 11 of the
United States Code or any other applicable federal or state bankruptcy,
insolvency or similar law.

         Anything in this Indenture to the contrary notwithstanding, in no event
shall the Indenture Trustee be liable for special, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost
profits, other than interest due but not paid on the Notes), even if the
Indenture Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

         Section 6.08. Replacement of Indenture Trustee. No resignation or
removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section. The Indenture Trustee may
resign at any time by so notifying the Issuer. Noteholders representing a
majority of the Outstanding Amount may remove the Indenture Trustee at any time
and appoint a successor Indenture Trustee by so notifying the Indenture Trustee
in writing. The Issuer shall remove the Indenture Trustee if:

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

              (ii) a court having jurisdiction in the premises in respect of the
         Indenture Trustee in an involuntary case or proceeding under federal or
         state banking or bankruptcy laws, as now or hereafter constituted, or
         any other applicable federal or state bankruptcy, insolvency or other
         similar law, shall have entered a decree or order granting relief or
         appointing a receiver, liquidator, assignee, custodian, trustee,
         conservator, sequestrator (or similar official) for the Indenture
         Trustee or for any substantial part of the Indenture Trustee's
         property, or ordering the winding-up or liquidation of the Indenture
         Trustee's affairs, provided any such decree or order shall have
         continued unstayed and in effect for a period of 30 consecutive days;

              (iii) the Indenture Trustee commences a voluntary case under any
         federal or state banking or bankruptcy laws, as now or hereafter
         constituted, or any other applicable federal or state bankruptcy,
         insolvency or other similar law, or consents to the appointment of or
         taking possession by a receiver, liquidator, assignee, custodian,
         trustee, conservator, sequestrator or other similar official for the
         Indenture Trustee or for any substantial part of the Indenture
         Trustee's property, or makes any assignment for the benefit of
         creditors or fails generally to pay its debts as such debts become due
         or takes any corporate action in furtherance of any of the foregoing;
         or

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

         If the Indenture Trustee resigns or is removed or if a vacancy exists
in the office of the Indenture Trustee for any reason (the Indenture Trustee in
such event being referred to herein as the retiring Indenture Trustee), the
Issuer shall promptly appoint a successor Indenture Trustee.

         A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring

                                       40
<PAGE>

Indenture Trustee shall become effective, and the successor Indenture Trustee
shall have all the rights, powers and duties of the Indenture Trustee under this
Indenture. The successor Indenture Trustee shall mail a notice of its succession
to the Noteholders. The retiring Indenture Trustee shall promptly transfer all
property held by it as Indenture Trustee to the successor Indenture Trustee.

         If a successor Indenture Trustee does not take office within 60 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Amount
may petition any court of competent jurisdiction for the appointment of a
successor Indenture Trustee.

         If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder may petition any court of competent jurisdiction for the removal of
the Indenture Trustee and the appointment of a successor Indenture Trustee.

         Any resignation or removal of the Indenture Trustee and appointment of
a successor Indenture Trustee pursuant to the provisions of this Section shall
not become effective until acceptance of appointment by the successor Indenture
Trustee pursuant to this Section and payment of all fees and expenses owed to
the outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture
Trustee pursuant to this Section, the Issuer's and the Administrator's
obligations under Section 6.07 shall continue for the benefit of the retiring
Indenture Trustee.

         Section 6.09. Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates or merges with, converts or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation shall, without
any further act, be the successor Indenture Trustee; provided, that such
corporation or banking association shall be otherwise qualified and eligible
under Section 6.11. The Indenture Trustee shall provide each Rating Agency prior
written notice of any such transaction.

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

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

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

                                       41
<PAGE>

Persons to act as a co-trustee or co-trustees, or separate trustee or separate
trustees, of all or any part of the Trust, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to
the Owner Trust Estate or any part thereof, and, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the
Indenture Trustee may consider necessary or desirable. If the Administrator
shall not have joined in such appointment within 15 days after its receipt of a
request to do so, the Indenture Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.08.

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

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

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

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

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

         (d) Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee, its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of
this Indenture on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all

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<PAGE>

of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

         Section 6.11. Eligibility, Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA (section)310(a). The
Indenture Trustee shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of
condition, and the time deposits of the Indenture Trustee shall be rated at
least A-1 by Standard & Poor's and P-1 by Moody's. The Indenture Trustee shall
comply with TIA (section)310(b); provided, however, that there shall be excluded
from the operation of TIA (section)310(b)(1) any indenture or indentures under
which other securities of the Issuer are outstanding if the requirements for
such exclusion set forth in TIA (section)310(b)(1) are met.

         In the event that, (A) the Indenture Trustee (i) or any of its
directors or executive officers is an underwriter, or (ii) directly or
indirectly, controls or is controlled by, or is in common control with, an
underwriter; and (B) an Event of Default occurs, the Indenture Trustee shall
comply with TIA (section)310(b). For this purpose only and pursuant to TIA
(section)310(b), an "underwriter" means any person who, within one year prior to
the occurrence of the Event of Default, was an underwriter of any of the notes
outstanding at the time of such Event of Default.

         Section 6.12. Preferential Collection of Claims Against Issuer. The
Indenture Trustee shall comply with TIA (section)311 (a), excluding any creditor
relationship listed in TIA (section)311(b). An Indenture Trustee who has
resigned or been removed shall be subject to TIA (section)31l(a) to the extent
indicated.

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

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

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

              (iii) assuming the necessary authorization, execution and delivery
         thereof by the other parties thereto, the duties and obligations of the
         Indenture Trustee under the Indenture constitute the valid, legal and
         binding obligations of the Indenture Trustee enforceable in accordance
         with its terms except as enforcement may be limited by bankruptcy,
         insolvency, reorganization or similar laws or equitable principles
         limiting creditors' rights generally, and provided that no
         representation is expressed as to the availability of equitable
         remedies;

              (iv) that to the best knowledge of the Indenture Trustee, the
         Indenture Trustee is not in breach of or default under any law or
         administrative rule or regulation of the United States of America or
         any department, division, agency or instrumentality thereof,

                                       43
<PAGE>

         or any applicable court or administrative decree or order, and which
         would materially impair the ability of the Indenture Trustee to perform
         its obligations under the Indenture; and

              (v) that to the best knowledge of the Indenture Trustee, no
         authorization, consent or other order of any state or federal
         government authority or agency having jurisdiction over the trust
         powers of the Indenture Trustee are required to be obtained by the
         Indenture Trustee for the valid authorization, execution and delivery
         by the Indenture Trustee of the Indenture or the authentication of the
         Notes.

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

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

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

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

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

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

         (d) The Indenture Trustee will provide to Securityholders the reports,
certificates, opinions and documents specified in Section 3.15 of the Sale and
Servicing Agreement, upon written request to the Indenture Trustee.

         Section 7.03. Reports by Issuer.

         (a) The Issuer shall:

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<PAGE>

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

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

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

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

         Section 7.04. Reports by Indenture Trustee. If required by TIA
(section)313(a), within 60 days after each December 15 beginning with December
15, 2003, the Indenture Trustee shall mail to each Noteholder as required by TIA
(section) 313(c) a brief report dated as of such date that complies with TIA
(section)313(a). The Indenture Trustee also shall comply with TIA
(section)313(b).

         A copy of each report at the time of its mailing to Noteholders shall
be filed by the Indenture Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer shall notify the Indenture
Trustee in writing if and when the Notes are listed on any stock exchange.

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

                                       45
<PAGE>

         Section 8.02. Accounts.

         (a) Pursuant to Section 4.01 of the Sale and Servicing Agreement, there
has been established and there shall be maintained an Eligible Account
(initially at Citibank, N.A.) in the name, and under the sole dominion and
control, of the Indenture Trustee until the Outstanding Amount has been reduced
to zero, and thereafter, in the name, and under the sole dominion and control,
of the Owner Trustee, which is designated as the Yield Supplement Account.

         (b) On or prior to the Closing Date, the Issuer shall cause the
Servicer to establish and maintain, in the name of the Indenture Trustee,
Eligible Accounts for the benefit of the (i) Securityholders, the Collection
Account, the Yield Supplement Account and the Payahead Account, and (ii)
Noteholders, the Note Distribution Account and the Reserve Fund as provided in
Section 4.01 of the Sale and Servicing Agreement.

         (c) On or before each Payment Date, with respect to the preceding
Collection Period, all amounts required to be deposited in the Collection
Account will be deposited as provided in Sections 4.02 and 4.05 of the Sale and
Servicing Agreement. On or before each Payment Date, all amounts required to be
deposited in the Note Distribution Account with respect to the preceding
Collection Period pursuant to Sections 4.06 and 4.07 of the Sale and Servicing
Agreement will be transferred from the Collection Account, the Reserve Fund, the
Payahead Account and/or the Yield Supplement Account to the Note Distribution
Account.

         (d) On each Payment Date and Redemption Date, the Indenture Trustee
shall distribute all amounts on deposit in the Note Distribution Account to
Noteholders in respect of the Notes to the extent of amounts due and unpaid on
the Notes for principal and interest (including any premium) in the amounts and
order as set forth in the Servicer's certificate which shall be in the following
amounts and in the following order of priority (except as otherwise provided in
Section 5.04(b)):

              (i) the Note Interest Distributable Amount; provided, that if
         there are not sufficient funds in the Note Distribution Account to pay
         the allocable portion of the Note Interest Distribution Amount with
         respect to each Class of Notes, the amount in the Note Distribution
         Account shall be applied to the payment of such amount pro rata on the
         basis of the total Note Interest Distributable Amount due on the Notes;

              (ii) the Note Principal Distributable Amount (first to the Class
         A-1 Notes until the Class A-1 Notes are paid in full, second to the
         Class A-2 Notes until paid in full, third to the Class A-3 Notes until
         paid in full, and fourth to the Class A-4 Notes until paid in full);

              (iii) notwithstanding clause (ii) above, on each Payment Date
         after the Notes have been accelerated as provided in Section 5.02(a)
         following the occurrence of an Event of Default, until such time as the
         Notes have been paid in full, the Note Principal Distributable Amount
         shall be paid first to the Class A-1 Notes until the Class A-1 Notes
         are paid in full and then to the Class A-2, Class A-3 and Class A-4
         Notes on a pro rata basis based on the Outstanding Amount of each such
         Class of Notes; and

                                       46
<PAGE>

              (iv) in the event that there are insufficient funds in the Note
         Distribution Account, an amount will be withdrawn from the Reserve Fund
         pursuant to Section 4.07(b) of the Sale and Servicing Agreement.

         Section 8.03. General Provisions Regarding Accounts.

         (a) So long as no Default or Event of Default shall have occurred and
be continuing, all or a portion of the funds in the Accounts shall be invested
in Eligible Investments and reinvested by the Indenture Trustee upon the written
direction of the Servicer, subject to the provisions of Section 4.01(b) of the
Sale and Servicing Agreement. Except as otherwise provided in Section 4.01 (b)
of the Sale and Servicing Agreement, all income or other gain from investments
of monies deposited in the Accounts shall be paid to the Servicer, and any loss
resulting from such investments shall be charged to the related Account.

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

         (c) If (i) the Servicer shall have failed to give investment directions
for any funds on deposit in the Accounts to the Indenture Trustee by 2:00 P.M.,
New York Time (or such other time as may be agreed by the Issuer and the
Indenture Trustee) on any Business Day or (ii) to the knowledge of a Responsible
Officer of the Indenture Trustee a Default or Event of Default shall have
occurred and be continuing with respect to the Notes but the Notes shall not
have been declared due and payable pursuant to Section 5.02 or (iii) if such
Notes shall have been declared due and payable following an Event of Default but
amounts collected or receivable from the Owner Trust Estate are being applied in
accordance with Section 5.05 as if there had not been such a declaration, then
the Indenture Trustee upon actual knowledge by a Responsible Officer of such
event shall, in the case of clause (i) above, maintain such funds in cash or, in
the case of clauses (ii) or (iii) above, to the fullest extent practicable,
invest and reinvest funds in the Accounts in the Eligible Investment listed in
clause (vii) of the definition thereof.

         Section 8.04. Release of Owner Trust Estate.

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

         (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid, release any remaining portion of the Owner Trust Estate that secured
the Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit

                                       47
<PAGE>

in the Accounts. The Indenture Trustee shall release property from the lien of
this Indenture pursuant to this Section 8.04(b) only upon receipt of an Issuer
Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if
required by the TIA) Independent Certificates in accordance with TIA
(section)(section)314(c) and 314(d)(1) meeting the applicable requirements of
Section 11.01.

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

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

         Section 9.01. Supplemental Indentures Without Consent of Noteholders.

         (a) Without the consent of the Holders of any Notes but with prior
notice to each Rating Agency, the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, at any time and from time to time, may enter into
one or more indentures supplemental hereto (which shall conform to the
provisions of the TIA as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

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

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

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

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

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<PAGE>

              (v) to cure any ambiguity, to correct or supplement any provision
         herein or in any supplemental indenture that may be inconsistent with
         any other provision herein or in any supplemental indenture or the
         other Basic Documents or to make any other provisions with respect to
         matters or questions arising under this Indenture or in any
         supplemental indenture; provided, that such action shall not adversely
         affect the interests of the Holders of the Notes;

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

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

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

         (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes but with
prior notice to each Rating Agency, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder.

         Section 9.02. Supplemental Indentures With Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to each Rating Agency and with the written consent of the
Holders of not less than a majority of the Outstanding Amount, by Act of such
Holders delivered to the Issuer and the Indenture Trustee, enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions
of, this Indenture or of modifying in any manner the rights of the Holders of
the Notes under this Indenture; provided, however, that no such supplemental
indenture shall, without the written consent of the Holder of each Outstanding
Note affected thereby:

              (i) change the date of payment of any installment of principal of
         or interest on any Note, or reduce the principal amount thereof, the
         Interest Rate thereon or the Redemption Price with respect thereto,
         change the provisions of this Indenture relating to the application of
         collections on, or the proceeds of the sale of, the Owner Trust Estate
         to payment of principal of or interest on the Notes, or change any
         place of payment where, or the coin or currency in which, any Note or
         the interest thereon is payable, or impair the right to institute suit
         for the enforcement of the provisions of this Indenture requiring the
         application of funds available therefor, as provided in Article Five,
         to the payment of any

                                       49
<PAGE>

         such amount due on the Notes on or after the respective due dates
         thereof (or, in the case of redemption, on or after the Redemption
         Date);

              (ii) reduce the percentage of the Outstanding Amount, the consent
         of the Holders of which is required for any such supplemental
         indenture, or the consent of the Holders of which is required for any
         waiver of compliance with certain provisions of this Indenture or
         certain defaults hereunder and their consequences provided for in this
         Indenture;

              (iii) modify or alter the provisions of the proviso to the
         definition of the term "Outstanding";

              (iv) reduce the percentage of the Outstanding Amount required to
         direct the Indenture Trustee to direct the Issuer to sell or liquidate
         the Owner Trust Estate pursuant to Section 5.04 or amend the provisions
         of this Article which specify the percentage of the Outstanding Amount
         required to amend this Indenture or the other Basic Documents;

              (v) modify any provision of this Section except to increase any
         percentage specified herein or provide that certain additional
         provisions of this Indenture or the Basic Documents cannot be modified
         or waived without the consent of the Holder of each Outstanding Note
         affected thereby;

              (vi) modify any of the provisions of this Indenture in such manner
         as to affect the calculation of the amount of any payment of interest
         or principal due on any Note on any Payment Date (including the
         calculation of any of the individual components of such calculation) or
         affect the rights of the Holders of Notes to the benefit of any
         provisions for the mandatory redemption of the Notes contained herein;
         or

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

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

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

         Promptly after the execution by the Issuer and the Indenture Trustee of
any supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Indenture Trustee to mail such

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<PAGE>

notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

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

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

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

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

                                   ARTICLE TEN

                               REDEMPTION OF NOTES

         Section 10.01. Redemption. The Outstanding Notes are subject to
redemption in whole, but not in part, pursuant to Section 8.01 of the Sale and
Servicing Agreement, on any Payment Date on which the Servicer exercises its
option to purchase the Owner Trust Estate pursuant to said Section, for a
purchase price equal to the Redemption Price; provided that the Issuer has
available funds sufficient to pay the Redemption Price. The Servicer or the
Issuer shall furnish each Rating Agency notice of such redemption. If the
outstanding Notes are to be

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<PAGE>

redeemed pursuant to this Section, the Servicer or the Issuer shall furnish
written notice of such election to the Indenture Trustee not later than 20 days
prior to the Redemption Date and the Issuer shall deposit by 8:00 A.M., Los
Angeles time, on the Redemption Date with the Indenture Trustee in the Note
Distribution Account the Redemption Price of the Notes to be redeemed, whereupon
all such Notes shall be due and payable on the Redemption Date upon the
furnishing of a notice complying with Section 10.02 to each Holder of the Notes.

         Section 10.02. Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted not later than ten days
prior to the applicable Redemption Date to each Holder of Notes, as of the close
of business on the Record Date preceding the applicable Redemption Date, at such
Holder's address or facsimile number appearing in the Note Register.

         All notices of redemption shall state:

              (i) the Redemption Date;

              (ii) the Redemption Price;

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

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

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

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

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

         Section 11.01. Compliance Certificates and Opinions, etc.

         (a) Upon any application or request by the Issuer to the Indenture
Trustee to take any action under any provision of this Indenture, the Issuer
shall furnish to the Indenture Trustee (i) an Officer's Certificate stating that
all conditions precedent, if any, provided for in this Indenture

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<PAGE>

relating to the proposed action have been complied with, (ii) an Opinion of
Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with and (iii) (if required by the TIA) an
Independent Certificate from a firm of certified public accountants meeting the
applicable requirements of this Section, except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

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

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

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

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

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

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

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

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<PAGE>

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

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

              (v) Notwithstanding Section 2.10 or any other provision of this
         Section, the Issuer may, without compliance with the requirements of
         the other provisions of this Section, (A) collect, liquidate, sell or
         otherwise dispose of Receivables and Financed Vehicles as and to the
         extent permitted or required by the Basic Documents and (B) make cash
         payments out of the Accounts as and to the extent permitted or required
         by the Basic Documents, so long as the Issuer shall deliver to the
         Indenture Trustee every six months, commencing December 15, 2003 an
         Officer's Certificate of the Issuer stating that all the dispositions
         of Collateral described in clauses (A) and (B) above that occurred
         during the preceding six calendar months or, in the case of the first
         Officer's Certificate, the preceding four calendar months were in the
         ordinary course of the Issuer's business and that the proceeds thereof
         were applied in accordance with the Basic Documents.

         Section 11.02. Form of Documents Delivered to Indenture Trustee. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

         Any certificate or opinion of an Authorized Officer of the Issuer may
be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which such officer's
certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or

                                       54
<PAGE>

representations by, an officer or officers of the Servicer, the Seller, the
Issuer or the Administrator, stating that the information with respect to such
factual matters is in the possession of the Servicer, the Seller, the Issuer or
the Administrator, unless such counsel knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.

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

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

         Section 11.03. Acts of Noteholders.

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

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

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

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

         Section 11.04. Notices, etc., to Indenture Trustee, Issuer and Rating
Agencies. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other

                                       55
<PAGE>

documents provided or permitted by this Indenture shall be in writing and if
such request, demand, authorization, direction, notice, consent, waiver or Act
of Noteholders is to be made upon, given or furnished to or filed with:

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

              (ii) the Issuer by the Indenture Trustee or by any Noteholder
         shall be sufficient for every purpose hereunder if in writing and
         mailed first-class, postage prepaid, overnight courier or facsimile
         (followed by original) to the Issuer addressed to: Honda Auto
         Receivables 2003-2 Owner Trust, in care of U.S. Bank Trust National
         Association, 400 North Michigan Avenue, 2nd Floor, Chicago, Illinois
         60611, Attention: Patricia M. Child or at any other address previously
         furnished in writing to the Indenture Trustee by the Issuer or the
         Administrator. The Issuer shall promptly transmit any notice received
         by it from the Noteholders to the Indenture Trustee.

         Notices required to be given to each Rating Agency by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, couriered or mailed by certified mail, return receipt requested, to
(i) in the case of Fitch, at the following address: One State Street Plaza, New
York, New York 10004, Attention: Asset Backed Surveillance Department, (ii) in
the case of Moody's, at the following address: Moody's Investors Service, Inc.,
ABS Monitoring Department, 99 Church Street, New York, New York 10007 or (iii)
in the case of Standard & Poor's, at the following address: Standard & Poor's
Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water
Street, New York, New York 10041, Attention of Asset Backed Surveillance
Department; or at such other address as shall be designated by written notice to
the other parties.

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

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

         In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders

                                       56
<PAGE>

when such notice is required to be given pursuant to any provision of this
Indenture, then any manner of giving such notice as shall be satisfactory to the
Indenture Trustee shall be deemed to be a sufficient giving of such notice.

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

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

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

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

         Section 11.08. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

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

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

         Section 11.11. Benefits of Indenture. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Owner Trust Estate, any benefit or any legal or equitable right, remedy
or claim under this Indenture.

         Section 11.12. Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Note's or this

                                       57
<PAGE>

Indenture) payment need not be made on such date, but may be made on the next
succeeding Business Day with the same force and effect as if made on the date on
which nominally due, and no interest shall accrue for the period from and after
any such nominal date.

         Section 11.13. Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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

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

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

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

                                       58
<PAGE>

         Section 11.18. Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuer's affairs, finances and accounts with the Issuer's
officers, employees and Independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. Notwithstanding
anything herein to the contrary, the foregoing shall not be construed to
prohibit (i) the disclosure of any and all information that is or becomes
publicly known, or information obtained by the Indenture Trustee from sources
other than the Servicer or the Issuer, (ii) the disclosure of any and all
information (A) if required to do so by any applicable law, rule or regulation,
(B) to any government agency or regulatory body having or claiming authority to
regulate or oversee any aspects of the Indenture Trustee's business or that of
its affiliates, (C) pursuant to any subpoena, civil investigative demand or
similar demand or request of any court, regulatory authority, arbitrator or
arbitration to which the Indenture Trustee or any affiliate or an officer,
director, employer or shareholder thereof is a party, (D) in any preliminary or
final offering circular, registration statement or contract or other document
pertaining to the transactions contemplated by the Agreement approved in advance
by the Servicer or the Issuer or (E) to any affiliate, independent or internal
auditor, agent, employee or attorney of the Indenture Trustee having a need to
know the same, provided that the Indenture Trustee advises such recipient of the
confidential nature of the information being disclosed, or (iii) any other
disclosure authorized by the Servicer or the Issuer.

         Section 11.19. Confidentiality. The Indenture Trustee hereby agrees to
hold and treat all Confidential Information (as defined below) provided to it in
connection with the offering of the Notes in confidence and in accordance with
this Section 11.19, and will implement and maintain safeguards in accordance
with the "Interagency Guidelines Establishing Standards for Safeguarding
Customer Information" as required by Appendix B to 12 CFR, Chapter I, Part 30,
to further assure the confidentiality of such Confidential Information. Such
Confidential Information will not, without the prior written consent of the
Servicer, be disclosed or used by the Indenture Trustee or by its subsidiaries
or, affiliates, or its or their directors, officers, employees, agents or
controlling persons or agents or advisors (collectively, the "Information
Recipients") other than for the purposes of (i) structuring the securitization
transaction and the facilitating the issuance of the Notes, or (ii) in
connection with the performance of its required due diligence on the
Receivables. Disclosure that is not in violation of the Right to Financial
Privacy Act of 1978, as amended, the Gramm-Leach-Bliley Act of 1999, as amended,
(the "G-L-B Act") or other applicable law by the Indenture Trustee of any
Confidential Information at the request of its outside auditors or governmental
regulatory authorities in connection with an examination of the Indenture
Trustee by any such authority or for the purposes specified in above shall not
constitute a breach of its obligations under this Section 11.19, and shall not
require the prior consent of the Servicer.

         As used herein, "Confidential Information" means non-public personal
information (as defined in the G-L-B Act and its enabling regulations issued by
the Federal Trade Commission) regarding obligors on the Receivables that is
identified as such by the Servicer. Confidential Information shall not include
information which (i) is or becomes generally available to the public other than
as a result of disclosure by the Indenture Trustee or any of its Information

                                       59
<PAGE>

Recipients; (ii) was available to the Indenture Trustee on a non-confidential
basis from a person or entity other than the Servicer prior to its disclosure to
the Indenture Trustee; (iii) is requested to be disclosed by a governmental
authority or related governmental, administrative, or regulatory or
self-regulatory agencies having or claiming authority to regulate or oversee any
aspect of the Indenture Trustee's business or that of its affiliates or is
otherwise required by law or by legal or regulatory process to be disclosed;
(iv) becomes available to the Indenture Trustee on a non-confidential basis from
a person or entity other than the Servicer who, to the best knowledge of the
Indenture Trustee, is not otherwise bound by a confidentiality agreement with
the Servicer, and is not otherwise prohibited from transmitting the information
to the Indenture Trustee; or (v) the Servicer provides written permission to the
Indenture Trustee to release.

         Section 11.20. Federal Tax Treatment. Notwithstanding anything to the
contrary contained in this Agreement or any document delivered herewith, all
persons may disclose to any and all persons, without limitation of any kind, the
federal income tax treatment of the Notes, any fact relevant to understanding
the federal tax treatment of the Notes, and all materials of any kind (including
opinions or other tax analyses) relating to such federal tax treatment.

                                       60
<PAGE>

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

                                 HONDA AUTO RECEIVABLES 2003-2 OWNER TRUST,

                                 By:

                                 U.S. BANK TRUST NATIONAL ASSOCIATION, not in
                                 its individual capacity but solely as Owner
                                 Trustee on behalf of the Trust,

                                 By: /s/ Patricia M. Child
                                     ------------------------------------------
                                     Name:  Patricia M. Child
                                     Title: Vice President

                                 CITIBANK, N.A., not in its individual capacity
                                 but solely as Indenture Trustee,

                                 By: /s/ Kristen Driscoll
                                     ------------------------------------------
                                     Name: Kristen Driscoll

<PAGE>

STATE OF Chicago                            )
         -------------------------------
                                            ) ss

COUNTY OF Cook                              )
         -------------------------------

         On May 20, 2003 before me, Jacqueline Rios, Notary Public, personally
appeared Patricia Child

        [X] personally known to me, or

        [ ] proved to me on the basis of satisfactory evidence to be the
            person(s) whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that she executed the same in her authorized capacity,
and that by her signature on the instrument the person, or the entity upon
behalf of which such person acted, executed the instrument.

WITNESS my hand and official seal.

Signature         /s/ Jacqueline Rios                                     [Seal]
                  --------------------------------------------

<PAGE>

STATE OF New York                           )
         -------------------------------
                                            ) ss

COUNTY OF  Kings                            )
         -------------------------------

         On May 29, 2003 before me, Nanette Murphy, Notary Public, personally
appeared Kristen Driscoll

        [X] personally known to me, or

        [ ] proved to me on the basis of satisfactory evidence to be the
            person(s) whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that she executed the same in her authorized capacity,
and that by her signature on the instrument the person, or the entity upon
behalf of which such person acted, executed the instrument.

WITNESS my hand and official seal.

Signature         /s/ Nanette Murphy                                   [Seal]
                  --------------------------------------------

<PAGE>
                                                                      SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                    Provided to the Owner Trustee at Closing

                                      SA-1

<PAGE>

                                                                       EXHIBIT A

                                  FORM OF NOTE

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

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                    $__________

No. R-__                                                      CUSIP NO. _______

                    HONDA AUTO RECEIVABLES 2003-2 OWNER TRUST

             ____% ASSET BACKED NOTES, CLASS [A-1] [A-2] [A-3] [A-4]

         Honda Auto Receivables 2003-2 Owner Trust, a statutory trust organized
and existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of _____________________ Dollars ($__________), payable to the
extent described in the Indenture referred to on the reverse hereof on each
Payment Date; provided, however, that the entire unpaid principal amount of this
Note shall be payable on the earlier of ________________ ___, 20__ (the "Class
[A-1] [A-2] [A-3] [A-4] Final Payment Date") and the Redemption Date, if any,
selected pursuant to the Indenture.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), or on the Closing Date in the case of the first
Payment Date or if no interest has yet been paid, subject to certain limitations
contained in the Indenture. [[Interest on this Class A-1 Note will accrue for
each Payment Date from and including the immediately preceding Payment Date (or,
in the case of the first Payment Date, the Closing Date), to but excluding such
Payment Date]. [Interest on this [Class A-2,] [Class A-3,] [Class A-4] Note will
accrue for each Payment Date from and including the twenty-

                                      A-1
<PAGE>

first day of the prior month (or, in the case of the first Payment Date, the
Closing Date) to but excluding the twenty-first day of the month of such Payment
Date] and will be computed on the basis of [the actual number of days in the
Interest Accrual Period with respect to the Class A-1 Notes divided by 360] [a
360-day year consisting of twelve 30-day months in the case of the Class A-2,
Class A-3 and Class A-4 Notes]. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

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

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

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

                                       A-2
<PAGE>

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

Date:                        HONDA AUTO RECEIVABLES 2003-2 OWNER TRUST,

                             By: U.S. BANK TRUST NATIONAL ASSOCIATION, not in
                                 its individual capacity but solely as Owner
                                 Trustee on behalf of the Trust,

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

                                      A-3
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                            CITIBANK, N.A., not in its individual capacity
                                 but solely as Indenture Trustee,

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

                                      A-4

<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its ___% Asset Backed Notes, Class [A- 1 ] [A-2] [A-3] [A-4] (the
"Class [A-1] [A-2] [A-3] [A-4] Notes"), all issued under the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Holders of the Notes. The Notes are subject to all
terms of the Indenture. Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Indenture.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture and in the Sale and Servicing Agreement. As
described above, the entire unpaid principal amount of this Note will be payable
on the earlier of the Class [A-1] [A-2] [A-3] [A-4] Final Payment Date and the
Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the
foregoing, under certain circumstances, the entire unpaid principal amount of
the Class [A-1] [A-2] [A-3] [A-4] Notes shall be due and payable following the
occurrence and continuance of an Event of Default, as described in the
Indenture. All principal payments on the Class [A-1] [A-2] [A-3] [A-4] Notes
shall be made pro rata to the Class [A-1] [A-2] [A-3] [A-4] Noteholders entitled
thereto.

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

         As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of

                                      A-5
<PAGE>

this Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder hereof or such Holder's attorney duly authorized in
writing, with such signature guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar, which requirements include
membership or participation in the Securities Transfer Agent's Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended, and thereupon
one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

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

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

         Any Person that acquires a beneficial interest in this Note with the
assets of a Benefit Plan shall be deemed to represent that its acquisition and
holding of such beneficial interest is covered by a United States Department of
Labor prohibited transaction class exemption.

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

                                      A-6
<PAGE>

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

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

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

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

                                      A-7
<PAGE>

                                   ASSIGNMENT

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

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

--------------------------------------------------------------------------------
                         (name and address of assignee)

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

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

Dated:                                                                         *
      ................................        .................................
                                              Signature Guaranteed:            *

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

----------------
* NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                      A-8

<PAGE>

                                                                       EXHIBIT B

                        FORM OF NOTE DEPOSITORY AGREEMENT
                       [On File with Dewey Ballantine LLP]

                                       B-1

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